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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 20-F
(Mark One)

☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

or

☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2024

or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

or

☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from: to

Commission file number: 001-10533 | Commission file number: 001-34121
Rio Tinto plc | Rio Tinto Limited ABN 96 004 458 404
(Exact Name of Registrant as Specified in Its Charter) | (Exact Name of Registrant as Specified in Its Charter)
England and Wales (Jurisdiction of Incorporation or Organization) | Victoria, Australia (Jurisdiction of Incorporation or Organization)
6 St. James's Square London, SW1Y 4AD, United Kingdom (Address of Principal Executive Offices) | Level 43, 120 Collins Street Melbourne, Victoria 3000, Australia (Address of Principal Executive Offices)

Julie Parent, T: 514-848-8519, E: julie.parent@riotinto.com
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each Class | Trading Symbol | Name of Each Exchange On Which Registered
American Depositary Shares* Ordinary Shares of 10p each** 7.125% Notes due 2028 5.000% Notes due 2033 5.200% Notes due 2040 4.750% Notes due 2042 4.125% Notes due 2042 2.750% Notes due 2051 5.125% Notes due 2053 | RIO | New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange New York Stock Exchange

* | Evidenced by American Depositary Receipts. Each American Depositary Share Represents one Rio Tinto plc Ordinary Shares of 10p each.
** | Not for trading, but only in connection with the listing of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission

Securities registered or to be registered pursuant to Section 12(g) of the Act:

Title of Class |  |  | Title of Class Shares
None |  |  | None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

Title of Class |  |  | Title of Class of Shares
None |  |  | None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period
covered by the annual report:

Title of each class | Rio Tinto plc - Number | Rio Tinto Limited - Number | Title of each class
Ordinary Shares of 10p each | 1,255,944,847 | 371,217,214 | Shares
DLC Dividend Share of 10p | 1 | 1 | DLC Dividend Share
Special Voting Share of 10p | 1 | 1 | Special Voting Share

Indicate by check mark if the registrants are well-known seasoned issuers, as defined in rule 405 of the Securities Act.
Yes ☒ No ☐
If this report is an annual or transition report, indicate by check mark if the registrants are not required to file reports pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934.
Yes ☐ No ☒
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such
reports), and (2) have been subject to such filing requirements for the past 90 days:
Yes ☒ No ☐
Indicate by check mark whether the registrants have submitted electronically every
Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during
the preceding 12 months (or for such shorter period that the registrants were required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, or emerging growth companies. See definition
of “large accelerated filer”, “accelerated filer” and “emerging growth company” and in Rule 12b-2 of the Exchange Act.:

Large Accelerated Filer ☒ | Accelerated Filer ☐ | Non-Accelerated Filer ☐
|  | Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark
if the registrants have elected not to use the extended transition period for complying with any new or revised
financial accounting standards* provided pursuant to Section 13(a) of the Exchange Act. ☐
*The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrants have filed a report on and attestation to their management’s assessment of the
effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.
7262(b)) by the registered public accounting firm that prepared or issued their audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrants included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrants' executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrants have used to prepare the financial statements included in this filing:
US GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒
Other ☐
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the
registrants have elected to follow:
Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange
Act).
Yes ☐ No ☒
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrants have filed all documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes ☐ No ☐

Auditor Name | Auditor Location | Auditor Firm ID
KPMG LLP | London, United Kingdom | 1118
KPMG | Perth, Australia | 1020

Item |  | Form 20-F Caption |  | Location in this document |  | Page
1 |  | Identity of directors, senior management and advisers |  | Not applicable |  | –
2 |  | Offer statistics and expected timetable |  | Not applicable |  | –
3 |  | Key information |  |  |  |
| 3.A - [Reserved] |  | Not applicable |  | –
| 3.B – Capitalisation and indebtedness |  | Not applicable |  | –
| 3.C – Reasons for the offer and use of proceeds |  | Not applicable |  | –
| 3.D – Risk factors |  | Risk factors |  | 91-98
4 |  | Information on the company
|  | 4.A – History and development of the company |  | Contents |  | Cover
|  |  | 2024 at a glance |  | 3
|  |  | Chair’s statement |  | 4
|  |  | From the Chief Executive |  | 5
|  |  | Strategic context |  | 6
|  |  | Our stakeholders |  | 9
|  |  | Progressing our 4 objectives |  | 10-11
|  |  | Key performance indicators |  | 12-14
|  |  | Chief Financial Officer’s statement |  | 15
|  |  | Financial review |  | 16-23
|  |  | Iron Ore |  | 24-25
|  |  | Aluminium |  | 26-27
|  |  | Copper |  | 28-29
|  |  | Minerals |  | 30-31
|  |  | Our approach to ESG |  | 32-87
|  |  | Governance – Additional statutory disclosure – Operating and financial review |  | 146-147
|  |  | Financial statements – Note 1 – Our financial performance by segment – Note 5 – Acquisitions and disposals |  | 167-168 175-176
|  |  | Rio Tinto Financial Information by Business Unit |  | 266-268
|  |  | Shareholder Information – Organisational structure – Nomenclature and financial data – History – Dual-listed companies structure |  | 325 325 325 325-326
|  |  | Additional information – US disclosure – Document on display – Registered offices |  | 334 358
|  | 4.B – Business overview |  | 2024 at a glance |  | 3
|  |  | Chair’s statement |  | 4
|  |  | From the Chief Executive |  | 5
|  |  | Strategic context |  | 6
|  |  | Strategic framework |  | 7
|  |  | Our business model |  | 8
|  |  | Our stakeholders |  | 9
|  |  | Progressing our 4 objectives |  | 10-11
|  |  | Key performance indicators |  | 12-14
|  |  | Chief Financial Officer’s statement |  | 15
|  |  | Financial review |  | 16-23
|  |  | Iron Ore |  | 24-25
|  |  | Aluminium |  | 26-27
|  |  | Copper |  | 28-29
|  |  | Minerals |  | 30-31
|  |  | Our approach to ESG |  | 32-87
|  |  | Governance – Additional statutory disclosure – Government regulations – Environmental regulations |  | 150 150
|  |  | Financial statements Note 6 – Revenue by destination and product |  | 177-178
|  |  | Metals and minerals production |  | 275-276
|  |  | Mineral Resources and Mineral Reserves |  | 277-300
|  |  | Qualified Persons |  | 301
|  |  | Mines and production facilities |  | 302-319
|  |  | Additional information – US disclosure – Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934 |  | 331

Item |  | Form 20-F Caption |  | Location in this document |  | Page
|  | 4.C Organisational structure |  | Financial statements – Note 30 – Principal subsidiaries – Note 31 – Principal joint operations – Note 32 – Entities accounted under the equity method |  | 218-219 219-220 220-222
|  |  | Shareholder Information – Organisational structure – Dual-listed companies structure |  | 325 325-326
|  | 4.D – Property, plants and equipment |  | Key performance indicators |  | 12-14
|  |  | Financial review – Capital projects – Future options |  | 22 23
|  |  | Iron Ore |  | 24-25
|  |  | Aluminium |  | 26-27
|  |  | Copper |  | 28-29
|  |  | Minerals |  | 30-31
|  |  | Our approach to ESG |  | 32-87
|  |  | Governance – Additional statutory disclosure – Environmental regulations – Energy efficiency action |  | 150 150
|  |  | Financial statements Note 13 – Property, plant and equipment |  | 185-189
|  |  | Metals and minerals production |  | 275-276
|  |  | Mineral Resources and Mineral Reserves |  | 277-300
|  |  | Qualified persons |  | 301
|  |  | Mines and production facilities |  | 302-319
|  |  | Additional information – US disclosure – Summary disclosure of operations pursuant to Item 1303 of SK-1300 under Securities Act of 1933 |  | 340
|  |  | Additional information – US disclosure – Individual property disclosure pursuant to Item 1304 of SK-1300 under Securities Act of 1933 |  | 340-356
|  |  | Additional information – US disclosure – Internal controls disclosure pursuant to Item 1305 of SK-1300 under Securities Act of 1933 |  | 356
|  |  | See Exhibit 96.4 |  | –

Item |  | Form 20-F Caption |  | Location in this document |  | Page
4A |  | Unresolved staff comments |  | None |  | –
5 |  | Operating and financial review and prospects
|  | 5.A – Operating results |  | Chair’s statement |  | 4
|  |  | Financial review |  | 16-23
|  |  | Iron Ore |  | 24-25
|  |  | Aluminium |  | 26-27
|  |  | Copper |  | 28-29
|  |  | Minerals |  | 30-31
|  |  | Our approach to ESG |  | 32-87
|  |  | Governance – Additional statutory disclosure – Operating and financial review – Government regulations – Environmental regulations |  | 146-147 150 150
|  |  | Financial statements –h. Impact of Climate Change on the Group –Note 24 – Financial instruments and risk management |  | 157-160 202-207
|  |  | Rio Tinto Financial Information by Business Unit |  | 266-268
|  |  | Alternative Performance Measures |  | 269-273
|  | 5.B – Liquidity and capital resources |  | Financial review – Capital projects – Future options |  | 22 23
|  |  | Copper – Oyu Tolgoi underground project |  | 29
|  |  | Financial statements – Note 14 – Close-down and restoration provisions – Our capital and liquidity – Note 19 - Net debt – Note 20 – Borrowings – Note 21 – Leases – Note 22 – Cash and cash equivalents – Note 23 – Other financial assets and liabilities – Note 24 – Financial instruments and risk management – Note 28 – Post-retirement benefits – Note 36 – Other provisions – Note 37 – Contingencies and commitments |  | 189-193 197 198 198-199 200 201 201-202 202-207 211-217 225 226-228
|  | 5.C – Research and development, patents and licenses, etc. |  | Strategic framework | 7
|  |  | Progressing our 4 objectives |  | 10-11
|  |  | Our approach to ESG - Environment |  | 35-40
|  |  | Governance – Additional statutory disclosure – Exploration, research and development |  | 150
|  |  | Financial statements – Note 7 – Net operating costs (excluding items disclosed separately) – Note 13 - Property, plant and equipment -Impact of climate change on our business - Useful economic lives of our power generating assets |  | 178 185-189 189
|  | 5.D – Trend information |  | 2024 at a glance |  | 3
|  |  | Chair’s statement |  | 4
|  |  | From the Chief Executive |  | 5
|  |  | Strategic context |  | 6
|  |  | Strategic framework |  | 7
|  |  | Our business model |  | 8
|  |  | Our stakeholders |  | 9
|  |  | Progressing our 4 objectives |  | 10-11
|  |  | Key performance indicators |  | 12-14
|  |  | Chief Financial Officer’s statement |  | 15
|  |  | Financial review |  | 16-23
|  |  | Iron Ore |  | 24-25
|  |  | Aluminium |  | 26-27
|  |  | Copper |  | 28-29
|  |  | Minerals |  | 30-31
|  | 5.E – Critical accounting estimates |  | Not Applicable |  | –

Item |  | Form 20-F Caption |  | Location in this document |  | Page
6 |  | Directors, senior management and employees
|  | 6.A – Directors and senior management |  | Governance – Board of Directors – Executive Committee |  | 102-103 104-105
|  |  | Additional statutory disclosure – Directors and executives |  | 149
|  | 6.B – Compensation |  | Governance – Remuneration at a glance – Remuneration principles – Implementation report – Implementation report tables |  | 123-125 126 127-140 141-145
|  |  | Financial statements – Note 26 – Employment costs and provisions – Note 27 – Share-based payments – Note 28 – Post-retirement benefits |  | 208 209-211 211-217
|  | 6.C – Board practices |  | Governance |  | 100-152
|  |  | Governance – Board of Directors – Executive Committee – Audit & Risk Committee report – Remuneration at a glance – Application of and compliance with governance codes and standards |  | 102-103 104-105 113-116 123-125 151-152
|  |  | Shareholder information – Directors – Appointment and removal of Directors |  | 329
|  | 6.D – Employees |  | Our stakeholders – Our people |  | 9
|  |  | Our approach to ESG – Talent, diversity and inclusion |  | 78-80
|  |  | Financial statements – Note 25 – Average number of employees – Note 26 – Employment costs and provisions |  | 208 208
|  |  | Rio Tinto financial Information by Business Unit |  | 266-268
|  | 6.E – Share ownership |  | Governance – Implementation report – Executive Directors’ shareholding – Non-Executive Directors’ share ownership – Other share plans |  | 136 140 140
|  |  | Financial statements - Note 27 – Share-based payments |  | 209-211
|  | 6.F – Disclosure of a registrant’s action to recover erroneously awarded compensation |  | Governance – Remuneration at a glance See Exhibit 96.5 |  | 123-125
7 |  | Major shareholders and related party transactions
| 7.A – Major shareholders |  | Shareholder information - Shareownership – Substantial shareholders in Rio Tinto plc – Substantial shareholders in Rio Tinto Limited – Analysis of ordinary shareholders – Twenty largest registered shareholders |  | 326 326 327 327
| 7.B – Related party transactions |  | Financial review |  | 16-23
|  | Financial statements Note 33 – Related-party transactions |  | 222
| 7.C – Interests of experts and counsel |  | Not applicable |  | –
8 |  | Financial Information
| 8.A – Consolidated statements and other financial information |  | Financial review – Our shareholder returns policy |  | 21
|  | Additional statutory disclosure - Operating and financial review |  | 146-147
|  | Financial statements Note 37 – Contingencies and commitments |  | 226-228
|  | See Item 18 |  | –

Item |  | Form 20-F Caption |  | Location in this document |  | Page
|  | 8.B – Significant changes |  | Financial statements Note 39 – Events after the balance sheet date |  | 229
9 |  | The offer and listing
| 9.A – Offer and listing details |  | Additional statutory disclosure – Operating and financial review |  | 146-147
|  | Shareholder information – Organisational structure – Markets |  | 325 326-327
| 9.B – Plan of distribution |  | Not applicable |  | –
| 9.C – Markets |  | Shareholder information – Markets |  | 326-327
|  | See Exhibit 2.1 |  | –
| 9.D – Selling shareholders |  | Not applicable |  | –
| 9.E – Dilution |  | Not applicable |  | –
| 9.F – Expenses of the issue |  | Not applicable |  | –
10 |  | Additional information
| 10.A – Share capital |  | Not applicable |  | –
| 10.B – Memorandum and articles of association |  | Financial review – Our shareholder returns policy |  | 21
|  | Governance – Application of and compliance with governance codes and standards |  | 151-152
|  | Shareholder information – Dual-listed companies structures – Material contracts – Exchange controls and foreign investment – Directors |  | 325-326 328-329 329 329-330
|  | See Exhibit 2.1 |  | –
| 10.C – Material contracts |  | Financial statements – Our capital and liquidity |  | 197
|  | Shareholder information – Material contracts |  | 328-329
| 10.D – Exchange controls |  | Shareholder information – Exchange controls and foreign investment |  | 329
| 10.E – Taxation |  | Additional information – US disclosure – Taxation |  | 331-333
| 10.F – Dividends and paying agents |  | Not applicable |  | –
| 10.G – Statement by experts |  | Not applicable |  | –
| 10.H – Documents on display |  | Additional information – US disclosure – Document on display |  | 334
| 10.I – Subsidiary information |  | Not applicable |  | –
| 10.J – Annual report to security holders |  | Additional information – US disclosure – Document on display |  | 334
11 |  | Quantitative and qualitative disclosure about market risk |  | Risk factors |  | 91-98
|  | Financial statements Note 24 – Financial instruments and risk management |  | 202-207
|  | Cautionary statement about forward-looking statements |  | 357
12 |  | Description of securities other than equity securities
| 12.A – Debt securities |  | Not applicable |  | –
| 12.B – Warrants and rights |  | Not applicable |  | –
| 12.C – Other securities |  | Not applicable |  | –
| 12.D – American depositary shares |  | Additional information – US disclosure – American Depositary Shares - American depositary receipts (ADRs) |  | 333-334
13 |  | Defaults, dividend arrearages and delinquencies |  | Not applicable |  | –
14 |  | Material modifications to the rights of security holders and use of proceeds |  | Not applicable |  | –
15 |  | Controls and Procedures |  | Governance – Additional statutory disclosure – Disclosure controls and procedures – Management’s report on internal control over financial reporting |  | 151 151
|  | See Item 18 for the Report of the Independent Registered Public Accounting Firm |  | –
16 |  | [Reserved] |  | Not applicable |  | –
16A |  | Audit committee financial expert |  | Governance – Audit & Risk Committee report – US listing requirements – Application of and compliance with governance codes and standards |  | 113 151-152
16B |  | Code of ethics |  | Our approach to ESG – Governance |  | 86-87
16C |  | Principal accountant fees and services |  | Governance – Audit & Risk Committee report – External auditors |  | 115-116
|  | Financial statements – Note 38 – Auditors’ remuneration |  | 228

Item |  | Form 20-F Caption |  | Location in this document |  | Page
16D |  | Exemptions from the listing standards for audit committees |  | Not applicable |  | –
16E |  | Purchase of equity securities by the issuer and affiliated purchasers |  | Governance – Additional statutory disclosure – Purchases |  | 147-148
|  | Financial statements – Note 34 – Share capital |  | 223
16F |  | Change in registrant’s certifying accountant |  | Not applicable |  | –
16G |  | Corporate Governance |  | Governance – Application of and compliance with governance codes and standards |  | 151-152
16H |  | Mine safety disclosure |  | See Exhibit 16.1 |  | –
16I |  | Disclosure regarding foreign jurisdictions that prevent inspections |  | Not applicable |  | –
16J |  | Insider trading policies |  | Dealing in Rio Tinto securities See Exhibit 11.1 |  | 150 –
16K |  | Cybersecurity |  | Our approach to risk management |  | 88-90
|  | Risk factors – Preventing material business disruption and data breaches due to cyber events |  | 94
|  | Additional information – US disclosure – Cybersecurity |  | 335-339
17 |  | Financial statements |  | Not applicable |  | –
18 |  | Financial statements |  | About Rio Tinto |  | 154
|  | About the presentation of our financial statements |  | 154
|  | Group Income Statement |  | 162
|  | Consolidated Statement of Comprehensive Income |  | 163
|  | Consolidated Cash Flow Statement |  | 164
|  | Consolidated Balance Sheet |  | 165
|  | Consolidated Statement of Changes in Equity |  | 166
|  | Financial statements – Notes 1 to 40 |  | 167-229
|  | Report of Independent Registered Public Accounting Firms |  | 246-247
19 |  | Exhibits |  | See Exhibit List at the end of this document |  | –

Other information contained within Rio Tinto’s Annual Report on Form 20-F 2024 (Form 20-F) is not included in this Form 20-F unless
specifically identified above and is furnished to the SEC for information only.

Contents

Strategic report |
Our world today… and looking to the future | 2
2024 at a glance | 3
Chair's statement | 4
From the Chief Executive | 5
Strategic context | 6
Strategic framework | 7
Our business model | 8
Our stakeholders | 9
Progressing our 4 objectives | 10
Key performance indicators | 12
Chief Financial Officer's statement | 15
Financial review | 16
Iron Ore | 24
Aluminium | 26
Copper | 28
Minerals | 30
Our approach to ESG | 32
Environment | 35
Our 2025 Climate Action Plan | 41
Social | 76
Governance | 86
Our approach to risk management | 88
Risk factors | 91
Five-year review | 99
Directors’ report |
Governance |
Chair's introduction | 100
Governance framework | 101
Board of Directors | 102
Executive Committee | 104
Our stakeholders - Section 172(1) statement | 106
Board activities in 2024 | 109
Evaluating our performance | 110
Nominations Committee report | 111
Audit & Risk Committee report | 113
Sustainability Committee report | 117

| On the cover: The Rincon Lithium Project, Argentina, which produced first lithium from the starter plant this year. Lithium is part of our portfolio of materials essential to a low-carbon future.

Remuneration report |
Annual statement by the People & Remuneration Committee Chair | 119
Implementation report | 127
Additional statutory disclosure | 146
Financial statements |
About Rio Tinto | 154
About the presentation of our financial statements | 154
Consolidated primary statements | 162
Notes to the consolidated financial statements | 167
Report of independent registered public accounting firms | 246
Additional financial information |
Financial information by business unit | 266
Alternative performance measures | 269
Production, Reserves, Resources and Operations |
Metals and minerals production | 275
Mineral Resources and Mineral Reserves | 277
Qualified Persons | 301
Mines and production facilities | 302
Additional information |
Shareholder information | 325
US disclosure | 331
Cautionary statement about forward-looking statements | 357
Contact details | 358

References to information on websites in the Form 20-F are included
as an aid to their location and such information is not incorporated in,
and does not form part of, this Form 20-F. We have included any
website as an inactive textual reference.
KPMG's independent assurance report related to sustainability is not
included within this Form 20-F and therefore any references to this
report (or the related assurance services) are not incorporated in, and
do not form part of, this Form 20-F.

Annual Report on Form 20-F 2024 | 1 | riotinto.com

Many of our operations are located on land and
waters that have belonged to Indigenous and
land-connected Peoples for thousands of years.
We respect their ongoing deep connection to,
and their vast knowledge of, the land, water and
environment. We pay our respects to Elders,
both past and present, and acknowledge the
important role Indigenous and land-connected
Peoples play within communities and our business.
We are Rio Tinto, and we’re finding better ways™
We live on a planet that’s changing fast. The energy transition is
an urgent, global challenge that calls for more of the metals and
minerals we produce. This provides us with great opportunity,
but we must supply that demand responsibly, and reduce
emissions across our value chain. It’s why we’re working tirelessly
to find solutions to complex questions, so we can help close the
gaps, as we provide the materials the world needs.

| Find out more about how we’re …
| Accelerating growth | page 22
| Innovating to net zero | page 41
| Evolving our culture | page 78

| On this page: We are rehabilitating the Argyle diamond mine on the traditional lands of the Miriwoong and Gija People in Western Australia.

Annual Report on Form 20-F 2024 | 2 | riotinto.com

Strategic report
Our world today…
and looking to the future
We are active in 35 1 countries,
producing the metals and minerals
the world needs to grow and
decarbonise. Our materials are
used in everyday life, helping people
and societies build homes and
infrastructure, travel and work,
and learn and communicate.

| Listen to our podcast, Things You Can’t Live Without, to discover the role our metals and minerals play, and what needs to happen to create a sustainable future for the items we have come to rely on: riotinto.com/podcast

We have 60,000 2 employees worldwide,
connected by our common purpose.
Our exploration teams in the field, the
colleagues at our project sites and operating
our mines, processing facilities and
infrastructure, those working in our offices
and innovation centres – they bring our
values of care, courage and curiosity to life.
We’re focusing on the materials needed both
now, and for the future. We continue to see
strong traditional drivers of demand, and our
core markets are growing. At the same time,
emerging trends and the energy transition
are opening up new opportunities for us to
deliver profitable growth.
So we’re unlocking the full potential of our
assets, and growing and diversifying our
portfolio, to become Best Operator for today
and tomorrow.
We’re investing in our people, our assets and
our orebodies. We’re exploring in 17
countries, and driving forward with our strong
pipeline of projects so we can deliver the
materials the world needs, safely, sustainably
and for the long term. We’re listening and
partnering so we learn and improve. And
we’re strengthening our culture so our people
feel safe and respected, and empowered to
continue finding better ways™.
Rio Tinto across the globe
Our portfolio includes iron ore, aluminium, bauxite, alumina, copper, titanium dioxide, lithium, borates, salt and diamonds.

| For more information on our mines and production facilities, Mineral Resources and Mineral Reserves around the world, see pages 277 to 300.

Operations and projects 3

Iron Ore | Copper
Aluminium | Minerals

1.Includes our mines and production facilities, main
exploration activities and countries where we have a
significant presence through activities including research
and development, commercial, sales, and corporate
functions.
2.This represents the average number of employees for
the year, including the Group's share of non-managed
operations and joint ventures. Refer to page 208 fo r
more information.
3.The map indicates the location of our global operations
and projects, however it does not identify all individual
facilities included in an operation. It does not include our
offices, research and development centres, and some
processing and shipping facilities. The dots on the map
are indicative and in some locations we have more
assets than visually represented due to the size of the
map. In Western Australia, for example, we operate 17
iron ore mines. For more detail, see the Mines and
production facilities section on pages 274-319.
Operations and projects are indicated according to their
product group. The Iron Ore Company of Canada is an
iron ore operation but is reported under Minerals due to
the management structure. Management responsibility
for the Simandou iron ore project in Guinea during the
build phase of the project falls under the Chief Technical
Officer and it is included in “Other operations”.

Annual Report on Form 20-F 2024 | 3 | riotinto.com

Strategic report
2024 at a glance

Fatalities at managed operations 5 (2023: 0) |  | All-injury frequency rate 0.37 (2023: 0.37) |  | Women in our workforce 25.2% (2023: 24.3%)
Completion rate of "Building Everyday Respect" employee learning module 97.4% (2023: 83.5%) |  | Scope 1 and 2 greenhouse gas emissions 30.7 Mt CO 2 e (2023: 33.9 Mt CO 2 e) (gross adjusted equity emissions) |  | Profit after tax attributable to owners of Rio Tinto 1 $11.6bn (net earnings), (2023: $10.1bn)
Net cash generated from operating activities $15.6bn (2023: $15.2bn) |  | Underlying EBITDA 2 $23.3bn (2023: $23.9bn) |  | Total dividend per share 402.0 cents (2023: 435.0 cents)

2024 consolidated sales revenue: $53.7bn (2023: $54.0bn)
By destination (%)

l | Greater China | l | US | l | Japan | l | Other Asia | l | Europe | l | Canada | l | Australia | l | Other

By reportable segments (%)

l | Iron Ore |  | l | Aluminium |  | l | Copper |  | l | Minerals |

Iron Ore |  |  | Aluminium |  |  | Copper |  |  | Minerals
Underlying EBITDA $16.2bn (2023: $20.0bn) |  |  | Underlying EBITDA $3.7bn (2023: $2.3bn) |  |  | Underlying EBITDA $3.4bn (2023: $2.0bn)3 |  |  | Underlying EBITDA $1.1bn (2023: $1.4bn)
Pilbara iron ore 100% basis of production 328.0Mt (2023: 331.5Mt) |  |  | Bauxite Rio Tinto share of production 58.7Mt (2023: 54.6Mt) | Aluminium Rio Tinto share of production 3,296kt (2023: 3,272kt) |  |  | Mined copper Consolidated basis of production 697kt (2023: 620kt) |  |  | Titanium dioxide slag Rio Tinto share of production 990kt (2023: 1,111kt)

1.All financial values in this Form 20-F are presented in US dollars unless otherwise stated.
2.Underlying EBITDA is a non-IFRS measure. A definition of underlying EBITDA and a reconciliation to its closest IFRS
measure is presented in note 1 (page 168).
3.Comparative information has been adjusted to reflect the movement of Rio Tinto Guinea from the Copper product group to
“Other operations”. Refer to note 1 (page 167) for details.

| For more information on our product groups’ performance, see pages 24-31.

Annual Report on Form 20-F 2024 | 4 | riotinto.com

Strategic report
Chair’s statement

|  | Rio Tinto is optimistic about the coming year. In 2024, we laid out the pathway to a decade of growth, gained clarity on the portfolio, and ensured we are in excellent financial health even as we execute more projects worldwide than ever before. Even with more global volatility, the underlying drivers of population growth, an expanding global middle class, the push for more localised manufacturing, artificial intelligence, and the energy transition continue to underpin demand for what we do.

The world needs the copper, aluminium, iron
ore, and minerals we provide; our business is
evolving in line with this demand, recently
with our lithium business and the proposed
acquisition of Arcadium. Our robust results
and capital discipline demonstrate our ability
to grow organically and inorganically, and to
diversify and decarbonise our business while
creating significant shareholder value. We
have a lot of momentum, and I am confident
we can deliver further value now and in the
long term by following our strategy and
continuing to focus on our 4 key objectives:
to become Best Operator, striving for
impeccable ESG credentials, to excel in
development and to deepen our
social licence.
That said, we are devastated that there were
5 fatalities in the year, a tragic reminder of
why a relentless focus on safety is so
important in our industry. We are committed
to learning from these fatalities to improve
our processes everywhere.
Our purpose in action
As a Board, we have spent a lot of time in
2024 focusing on Rio Tinto’s strategy to
ensure we have the right portfolio of
commodities, clear milestones for success,
and are building capacity to meet the
increasing demand. We have seen this in
action on many site visits. For example, in
March, Ben Wyatt, Dean Dalla Valle and I
visited the Simandou project in Guinea
and witnessed early construction of the 620-
kilometre railway. Less than a year on, we
have signed the co-development
agreements, crushed the first iron ore,
built a 275-metre-long bridge, inaugurated 7
new schools and with a workforce of
over 13,000 people, around 81% of whom
are Guinean.
As we build, we are working with
governments, communities and civil society
groups on biodiversity and socioeconomic
development. We are certainly not perfect,
but we are taking the necessary steps to
deepen our social licence. We cannot solve
our biggest challenges alone, and it is
important that our partnerships are mutually
beneficial for all our stakeholders. A positive
workplace culture is also key to operational
performance. So, while there is still a long
way to go, I am encouraged by the progress
we are making on our culture change
journey.
Well positioned in an uncertain
landscape
We are clearly in a time of significant
geopolitical volatility with conflict, trade
tensions and polarisation at domestic and
international levels. There will be further
volatility in 2025, but we are working on what
is within our control and Rio Tinto is well-
positioned to manage risk. I am confident we
have the right strategy to meet the many
opportunities and navigate the challenges.
Because, ultimately, what we do is
increasingly in demand and will remain so,
despite the hurdles we must deal with along
the way, such as slow permitting.
Decarbonisation is core to our strategy.
We have ambitious targets to reduce our
emissions by 50% by 2030 and reach net
zero by 2050, and getting there will be hard.
But we have developed a roadmap that
should enable us to achieve our targets while
reducing energy uncertainty and improving
the underlying economics for our assets. Our
portfolio of decarbonisation initiatives is
focused on value, giving us confidence that
our investments here are not only better for
the environment, but better for our business
for the long term. Considering the complexity
of the challenges before us, innovation is
becoming an even more important part of our
approach across Rio. This is being driven by
our Chief Innovation Officer and our strong
research and development team, who are
testing future technologies and considering
how we can scale them competitively.
A team effort
In 2025, Rio Tinto will continue to focus on
building a culture where everyone feels safe,
respected and empowered, because that is
how an organisation delivers great
performance. We will also continue to forge
partnerships that enable us to grow and
deliver further attractive shareholder returns.
We cannot do this alone, and I want to thank
every one of our partners, customers,
suppliers, investors, governments,
communities and Indigenous Peoples who
supported us in 2024. Above all, I want to
thank our colleagues across the globe who
are helping us to find better ways to provide
the materials the world needs.
Dominic Barton
Chair
19 February 2025

| Follow Dominic on LinkedIn linkedin.com/in/dominicsbarton

Annual Report on Form 20-F 2024 | 5 | riotinto.com

Strategic report
From the Chief Executive

|  | When I look back at 2024, I am proud of the progress our team has made. The portfolio is evolving, production is growing, and we are developing our technical skills and getting more disciplined at cost management as we focus on becoming Best Operator, learn from building major projects, and advance our decarbonisation agenda.

It is in Rio Tinto’s DNA to deliver quality
assets of scale, at the lowest part of the cost
curve, and to find better ways to provide the
materials the world needs. In 2024 we
tapped into this DNA to deliver profitable,
stable growth and significant shareholder
value. We are unfolding the historic strength
of Rio Tinto, and this strength is clear in our
financial results.
However, we still have much to learn and
improve, including on safety. We are
heartbroken by the loss of our colleagues in
2024, and deeply committed to learning from
every safety event.
Evolving our portfolio
We are continuing to align our portfolio with
the commodities where demand growth is
strongest, including lithium, a cornerstone
mineral of the energy transition. At the
Rincon project in Argentina, we went from
greenfield to first lithium in only 32 months,
and we are now expanding the plant. Along
with the proposed acquisition of Arcadium,
Rincon shows our commitment to building a
world-class battery minerals portfolio.
Building major projects
We are becoming much more skilled as an
organisation at executing projects at scale,
on time and to budget. Simandou has
progressed rapidly and is on track for first
production at mine gate in 2025. At Oyu
Tolgoi, we delivered first ore on the conveyor
to surface in October, and production at the
copper mine is expected to grow by more
than 50% in 2025. In Canada, we are
expanding the use of our low-carbon AP60
aluminium smelting technology. And these
global teams of experienced project-building
professionals are capturing and embedding
their learnings.
Towards Best Operator
We are also determined to realise the full
potential of our existing assets, which means
accelerating the drive to become Best
Operator. We made good progress on this
objective in 2024, achieving consistent iron
ore production in the Pilbara, and reaching
nameplate capacity at the Amrun bauxite
mine. Of course, Best Operator is not only
about production but also cost
competitiveness, and we are becoming more
disciplined at managing our costs.
We will move further and faster on this
objective in 2025, and seek to stabilise
assets such as Iron Ore Company of Canada
and Kennecott, which present huge
opportunities to unlock value. As we go
deeper into our sites with the Safe
Production System (SPS), we see how much
potential there is across our assets.
Impeccable ESG and social licence
Societal factors heavily influence our ability
to operate, which is why we are continuing to
move the dial on impeccable ESG and our
social licence. Decarbonising our business is
deeply physical and complex, but we are
starting to deliver projects to reduce
emissions while retaining value. We can only
achieve our ambitious targets by working
closely with stakeholders, so I was
encouraged by the agreement with the
Queensland Government to support Boyne
Smelters, and our efforts to secure the long-
term future of the Tiwai Point smelter in New
Zealand. It is up to others to judge our
progress, but I do sense we are becoming a
partner of choice globally. We can win more
hearts and minds by actioning our purpose,
finding better ways TM, that are more
sustainable and are mutually beneficial.
Staying the course on culture change
Culture is fundamental to how we realise the
full value of our assets. The release of the
Everyday Respect Progress Review in
November was important, helping us
understand where we are on our culture
change journey. It is unacceptable that
colleagues are still experiencing harmful
behaviours, but we are encouraged that
many believe we are heading in the right
direction. We will stay the course, creating a
culture where everyone feels safe, respected
and empowered.
Delivering growth while creating value
We have considerable momentum heading
into 2025, and all the building blocks for an
incredibly strong, diversified and growing
business. We will continue taking actions that
ensure we remain strong in the short,
medium and long term, while paying
attractive returns to our shareholders.
We will have a laser focus on unlocking the
full potential of our assets as we go deeper
with SPS, deliver improved cost
management, and learn from executing
complex projects. We will improve our culture
and safety processes as part of an
accelerated drive to become Best Operator.
This way, we know we can afford to grow,
decarbonise, and build a portfolio of
materials the world needs, positioning us to
be more competitive as we grow.
Jakob Stausholm
Chief Executive
19 February 2025

| Follow Jakob on LinkedIn linkedin.com/in/jakobstausholm

Annual Report on Form 20-F 2024 | 6 | riotinto.com

Strategic report
Strategic context
Our strategy is informed by a deep analysis of the interplay of global megatrends, explored
through the lens of plausible scenarios. These allow us to explore potential futures for our
industry and inform our portfolio decisions. Our success relies on our ability to strengthen our
resilience to changing externalities while building partnerships and capabilities that enable us to
capture emerging opportunities.

| Our scenario approach We use global scenarios in our strategy and capital allocation processes to stress test our portfolio and investment decisions under alternative macroeconomic settings. These are created collaboratively, using Group- wide expertise to capture important market-specific trends and insights. Our scenario framework focuses on 2 prevailing forces: the speed of global economic growth and the trajectory of climate action, each heavily influenced by global geopolitics, governance and technology. In 2024, we updated our methodology, replacing our 2 former core scenarios (Competitive and Fragmented Leadership) with Conviction and Resilience scenarios, which inform our industry and project evaluations under 2 distinct macroeconomic settings: –Conviction Scenario consists of elements of both our former core scenarios, envisaging a degree of industry fragmentation and increasing government intervention in key markets, but also significant progress in the development and deployment of energy transition technologies, in part driven by heightened global competition. –Resilience Scenario represents a lower-growth world, where prevailing geopolitical uncertainty and populist and nationalist movements result in weaker governance, fragmented global trade, and less effective climate action. Additional scenarios provide sensitivity analysis. These include our Aspirational Leadership scenario, which allows us to explore decisions in a world that remains on track to limit the global average temperature rise to 1.5°C (above pre-industrial levels) by 2100. We also test our analysis against consensus forecasts to explore our level of conviction against the market and identify emerging opportunities and risks. These scenarios allow us to examine the robustness of our investment decisions, identify opportunities for protecting against the downside, gauge against market conviction and evaluate areas where we see upside potential beyond our peers. |

Policy fragmentation and
climate action
In 2024, we continued to see strong
government intervention in the market and
an increasingly fragmented policy landscape
as countries competed to strengthen their
position in key sectors. In the 2 years since
the US Inflation Reduction Act was signed,
tax credits have been announced for a range
of sectors, and hundreds of billions of dollars
of additional investments have been
announced by US and foreign companies.
Other regions have continued to respond
with legislation designed to accelerate
decarbonisation, bolster local manufacturing
and enhance supply security (such as the
recently announced EU Net Zero Industry
Act).
While these initiatives have helped support
the energy transition in some ways, such
as by increasing electric vehicle (EV)
production capacity and renewable projects,
the fragmented climate policy landscape and
current economic uncertainty have hindered
global momentum on decarbonisation.
Global CO 2 emissions are expected to
increase moderately in 2024, in line with the
past 2 years. This is particularly apparent for
sectors that require significant capital to
switch to fossil-fuel alternatives. In 2024,
we have also seen policy support,
particularly in the US, continue to drift away
from climate action and towards sectors
deemed critical to national security, such as
defence, communications and computing.
Western reindustrialisation
To date, Western reindustrialisation in
processing (smelting and refining) and
manufacturing has been limited due to strong
low-cost international competition and the
widening capital intensity gap with China,
where participants continue to hone their
project development and technological
capabilities. To address these challenges,
Western governments have adopted
increasingly protectionist approaches to
support regional competitiveness and reduce
import dependencies for strategic sectors.
In 2024, the US announced tariff increases
on a range of Chinese goods, including
semiconductors and solar cells (tariffs
increased from 25% to 50%), EV batteries
(from 7.5% to 25%) and EVs (from 25% to
100%). The EU also announced an increase
in tariffs on imported EVs from a 10% base
rate to up to 45.3% for some Chinese-built
EVs. Importantly, both the US and EU have
increased tariff and safeguard measures to
ensure their remaining processing base in
steel and aluminium smelting is preserved.
This is vital in reducing raw material supply
bottleneck risks.
Access to materials
In 2024, we also saw continued heightened
fears around raw material supply disruptions,
triggered by escalating conflicts and
retaliatory trade measures (ie increased
tariffs or export quotas on critical minerals).
In response, governments and downstream
participants in key demand jurisdictions (the
US, EU, China, Japan and South Korea)
have shown an appetite to partner with
metals and mining companies to secure new
sources of supply. We have seen 3 key
approaches:
–Reshoring of mining: Governments
have increased subsidy availability and
state support for domestic mining projects
to limit trade exposure risks. However,
attempts to reshore mining have been
limited due to resource quality and capital
constraints and prevailing permitting
challenges, particularly in developed
economies.
–New projects in the “Global South”:
Governments have increased efforts to
forge new bilateral and multi-lateral
partnerships, to help access high-quality
resources in developing economies.
This trend is driving strong competition for
high-quality projects and fuelling demand
for metals and mining partners that can
deliver projects while maintaining
regionally aligned ESG priorities.
–Recycling: For governments and original
equipment manufacturers, recycling
provides a potentially low capital, low risk,
and more socially acceptable pathway to
secure additional supply while continuing
to support the global decarbonisation
agenda. While China has continued to
build scrap-processing capacity and
capabilities (including through the recently
established China Resources Recycling
Group), deindustrialisation, smelter
closures and inadequate collection
schemes in the West have weighed on
progress. To address this, several
governments initiated policies and
strategies in 2024, including Germany’s
National Circular Economy Strategy and
the US’s Battery and Critical Mineral
Recycling Grant Program.

Annual Report on Form 20-F 2024 | 7 | riotinto.com

Strategic report
Strategic framework
Our purpose is
Finding better ways™
to provide the materials the world needs.
This reflects our ambition to grow profitably and take a lead in the energy transition
by innovating and continuously improving.
See examples of how we're bringing our purpose to life at riotinto.com/purpose
Our strategy is how we achieve this.
Growing production of the materials the world needs for the energy transition
while reducing operational emissions and partnering to decarbonise our value chains.
See how our strategy is moving us forward for profitable growth at riotinto.com/strategy
Our 4 objectives give us a clear pathway for driving progress and delivering results,
in line with society's interests.

Become Best Operator, through great teams bringing their best every day, to safely and sustainably realise the full value of our assets. |  | Strive for impeccable ESG credentials by aligning our priorities with society’s expectations and considering safety and sustainability in every decision. |  | Excel in development by shaping our portfolio for the future while progressing our existing project pipeline on time and to budget. |  | Strengthen our social licence by building meaningful partnerships, listening and learning, and earning trust.
See some of the ways we’re progressing our objectives, on pages 10-11.

Our values define how we show up, to build a workplace where everyone,
everywhere feels safe, respected and empowered to have a good day, every day.

We care about: the safety of ourselves and others l creating an environment of trust l our impact on others. |  | We have the courage: to show vulnerability l to speak up and challenge when we can do better l to take ownership of our actions and outcomes. |  | And we have the curiosity: to learn and grow l to problem solve and find opportunities for everyday innovation l to be open to different perspectives.
Our business model helps us deliver value that matters to our stakeholders. See how we do this, and the importance of partnerships in meeting our goals, on pages 8-9.
We ensure effective corporate governance to manage our performance responsibly and sustainably.
We track the progress we’re making to deliver our strategy with measures of our financial, operational, safety and ESG performance. See how we performed against these key performance indicators on pages 12-14. |  | Our Board oversees how we’re managing risk and delivering our strategy. Discover how our Board also monitors our culture to make sure it aligns with our values on page 106. |  | And we have a Remuneration Policy that supports us to deliver our strategy in line with our purpose and values. Find out about the financial, safety, ESG and culture measures it takes into account on page 124.

Annual Report on Form 20-F 2024 | 8 | riotinto.com

Strategic report
Our business model
Across every stage of what we do, our business model helps us deliver value that matters to our
stakeholders.

| 1 | Explore and evaluate We use new and advanced technologies to explore, discover and deliver attractive growth opportunities, with a focus on materials essential for the energy transition.
| 2 | Develop and innovate We are an industry leader in research and development, and partner with customers, technology providers, academia and local communities to develop new projects and more efficient, safer and sustainable production pathways.
| 3 | Mine and process We own and operate mining and processing operations spanning a range of countries and commodities. We are a global industry leader, focused on safe, productive and environmentally responsible performance.
| 4 | Market and deliver We market our products to meet the diverse needs of our customers, with a focus on creating lower-carbon, responsibly sourced and traceable products that help our customers decarbonise. We maximise value for our business, delivering them safely, reliably and efficiently through our global logistics network.
| 5 | Close and repurpose We are responsible operators, delivering value at every stage from discovery to closure. We engage our stakeholders in rehabilitation and social transition planning and in preparation for closure. We review each site's closure plans annually.

| Image: Argyle diamond mine tailings storage facility, Australia. |  |  | For more information about how we deliver value, see riotinto.com/ourbusiness

Annual Report on Form 20-F 2024 | 9 | riotinto.com

Strategic report
Our stakeholders
By engaging openly and transparently with
our stakeholders, listening to and learning
from them, we can better understand each
other’s priorities, and how we can work
together for mutual benefit. We cannot solve
all the challenges we face alone, and we
value the strength these partnerships bring in
helping us meet our goals.
Section 172(1) statement
This stakeholder section, together with our
stakeholder pages in the Governance section
(pages 106-108), explains how the Board
takes account of stakeholder interests. These
comprise our “Section 172(1) statement”.
Our people
55,000 1
Employees across 6 continents
(2023: 55,000)
We are building an environment of trust,
where everyone, everywhere feels safe,
respected and empowered to have a good
day, every day. We do this by creating a safe
and inclusive environment for everyone, by
having a common way of doing what we do
everywhere, and living and leading with our
values every day. In 2024, we conducted the
Everyday Respect Progress Review to
understand the progress we have made, and
areas we need to improve, towards a safe,
respectful and inclusive work environment.
We launched our global recognition program,
RockStars, to celebrate colleagues who
demonstrate our values in action, and
Inclusive Voices, our Employee Resource
Groups, to amplify diverse voices throughout
Rio Tinto.
Our people survey is one of the tools that
helps us understand how our employees
experience working for us. In our most recent
survey conducted in Q4 2024, our employee
satisfaction rating (eSAT) was 74 points (Q4
2023: 74). For more information see page 78.
Communities
27.7%
Increase in spend with Indigenous businesses
in Australia
(2024: A$926m, up from A$725m in 2023)
Communities are the places and the
people who make up where we live, work
and call home. We work in partnership
with communities to understand how our
activities impact their lives, culture, land and
environment, and how we can help create
better social outcomes such as more jobs
and local procurement.
Over the past few years, we have focused on
our own standards of open and transparent
engagement. We are finding better ways TM
to work with communities and Indigenous
Peoples, promoting greater recognition and
inclusion of Indigenous Peoples in our
decision making. We are targeting for all
sites to co-manage cultural heritage with
communities and knowledge holders by
2027. And for all our people to complete
annual human rights awareness training as
part of our Code of Conduct learning.
Civil society organisations
20+
CSOs took part in our 2024 roundtables in
Melbourne, London and Montreal, in person
One way we can help address the world’s
many complex environmental, social and
governance (ESG) challenges, such as
climate change, human rights violations,
bribery and corruption, is through
collaboration with civil society organisations
(CSOs) and other stakeholders. Our senior
leaders regularly engage with CSOs, and
although our opinions may differ from time to
time, we respect different views, and are
open to constructive, fact-based feedback
and challenge from civil society on our
operations and performance across our
business. Our yearly roundtable discussions
with CSOs in Australia, Europe and North
America are one of the ways we make sure
we are listening to civil society perspectives.
Governments
$77bn
Paid in taxes and royalties globally over
the past 10 years
(2023: $76bn)
Governments – national, state and provincial,
and local – are important stakeholders for
our business. They regulate our operations,
are among our commercial partners, and
receive revenue from our taxes and royalties.
Our economic contribution can be significant
for national budgets and local development
priorities, such as job creation and skills
training. We engage with officials on issues
such as how we explore, mine and process
ore; conditions of land tenure; health, safety
and environment; taxation; intellectual
property; competition and foreign investment;
data privacy; conditions of trade and export;
and infrastructure access.
Investors
$6.5 bn
Total dividends declared to shareholders
(2023: $7.1 bn)
Our investors include pension funds,
global fund managers, bondholders, and
tens of thousands of individuals around the
world, including approximately 36,000
Rio Tinto employees.
It is important that we understand our
investors’ needs and their vision for the
company. We therefore communicate and
engage extensively with them throughout the
year, both in person and through virtual
forums across multiple jurisdictions. In
addition to our annual general meetings in
the UK and Australia, we also held our
2024 Investor Seminar in London, where our
Executive Committee provided an update on
our progress against our strategy and how
we are advancing our
decarbonisation program.
Customers
1,730
Customers across multiple industries and countries
(2023: 1,770 2)
Our customers’ needs are central to our
operational decision making. We leverage
insights generated from everything we
buy, sell and move around the world.
We collaborate closely with customers
to ensure we deliver products that meet their
specific requirements and help accelerate
their decarbonisation goals.
Where possible, we partner to co-develop
solutions that support our ESG commitments.
To address customer needs for supply chain
traceability, we have expanded the scope of
our START™ sustainability label to cover
copper cathodes, metal powders and salt.
Similar to our aluminium products, we are now
providing ESG metrics associated with
sourcing and producing these materials from
mine to market.
Suppliers
$31bn
Spent with suppliers globally in 2024
(2023: $29bn 3)
By improving how, and what, we buy we are
able to support our assets to become Best
Operator. This means reducing costs and
improving transactional efficiency while
improving the quality of what we purchase. As
part of this approach, we partner with local
and Indigenous businesses where possible.
This supports our efforts to have a positive
impact where we operate, so that we help to
create stronger communities that support our
operations, while giving them the opportunity
to share in our success.
Working in partnership with our suppliers
helps us to advance our day-to-day
operations to ensure we are delivering
solutions that best support our product
groups. These strong relationships will also
allow us to decarbonise our business faster.
We work hard to build trusted relationships
with our suppliers that align with our values
and strategic objectives.
1.Includes our total workforce based on managed operations (excludes the Group’s share of non-managed operations and joint ventures) as of 31 December 2024, rounded to the nearest 1,000.
2.2023 data has been restated using an updated approach for obtaining customer numbers across product groups. Numbers are for managed entities only.
3.2023 data has been restated to reflect a change in the definition of global supplier spend to include total contestable spend.

Annual Report on Form 20-F 2024 | 10 | riotinto.com

Strategic report
Progressing our 4 objectives
Becoming Best Operator
What we are focusing on
–Eliminating fatalities, preventing catastrophic events and
reducing injuries.
–Executing our strategy to deliver attractive shareholder returns and
build a stronger, more diversified, and growing business.
–Safely and sustainably realising the full value of our assets,
through our Safe Production System (SPS).
In 2024
Safety
–Our all-injury frequency rate (AIFR) was 0.37 in 2024 (consistent
with 0.37 in 2023).
–Tragically, there were 5 fatalities in our business in 2024, and we
continue to see serious events where people are exposed to
potential fatal incidents.
Operational performance
Our overall op erating performance imp roved, and we delivered 1%
production growth and a 3% increase in sales volumes, both on a copper
equivalent basis (based on long-term consensus pricing).
–Some assets continued to face challenges, particularly Iron Ore
Company of Canada, Kennecott and Rio Tinto Iron & Titanium.
At the end of 2024, we had commenced deployment of SPS at 31 (80%)
of our sites. These sites account for over 95% of the production uplift
opportunity identified:
–At our Pilbara iron ore operations, we achieved our SPS target of
5 million tonnes, and Gudai-Darri reached 50Mtpa rates.
–6% year-on-year increase in good anodes produced at Kennecott
(excluding shutdowns and 2023 furnace rebuild).
–Record annual production at Amrun.
Our priorities for the future
Safety
–Continuing to support contractor safety, further integrating
contractors into our safety culture and learning from them.
–Continuing to strengthen our safety control framework to align with
our evolving risk profile.
–Improving the governance of our aviation safety and
assurance programs.
–Further evolving our safety maturity model.
Operational performance
–Continuing to strengthen the business as we execute our strategy
to deliver profitable growth.
–Driving further consistency across our global operations.
Our SPS priorities for 2025:
–Accelerating SPS deployment saturation and maturity.
–Embedding the mindsets and behaviours we need for lasting and
positive cultural change.
–Locking in high performance through our management
performance practices.

Striving for impeccable ESG
What we are focusing on
–Embedding sustainability in our decisions, to support our journey
to becoming Best Operator.
–Striving for impeccable ESG credentials across our work, including
in health, safety and wellbeing, environment and nature,
decarbonisation, communities, diversity, and culture.
–Truly listening to communities so we can find better ways to work
together, and building cultural competency across Rio Tinto.
In 2024
Environment
–We are turning strategy into action on decarbonisation, and this
year committed to carbon abatement projects representing more
than 3 million tonnes of annual emissions.
–We shared our support for the ICMM’s Nature Position Statement,
which sets out ICMM members’ approach to contributing to a
nature-positive future.
–We laid the foundation for our nature strategy and target program,
through consultations with stakeholders.
Social
–We published the findings of an independent, external Progress
Review on our work to deliver sustained workplace cultural
change. It assessed our progress in the 2 years since we
published the Everyday Respect Report, and identified areas that
require our continued effort.
–We strengthened our approach to psychosocial risk management,
running more risk assessments, and helping leaders identify
hazards and implement controls.
–We developed a 3-year human rights learning strategy and a
global learning program to support training for our people in
higher-risk human rights roles.
–We launched Local Voices, our global community perception
monitoring program, to help inform our planning and
decision making.
Governance
–We launched new annual Code of Conduct training.
–We piloted a new Third-Party Risk Management system.
Our priorities for the future
Environment
–We will progress our plans to deliver on our emission-reduction
targets, work with our partners to reduce theirs, and collaborate to
drive meaningful change for our stakeholders.
–We will formalise our nature strategy and approach, and continue
open dialogue on it with our stakeholders.
–Our nature target program will begin in 2025, with a Group target
and site-based improvement programs.
Social
–We will focus on the next stage of our plan to accelerate
culture change.
–We will continue to progress towards our Community and Social
Performance targets, and strengthen our capabilities to become a
better operator and partner.
–We are moving to a model of co-management of cultural heritage.
Governance
–We will explore new ways of providing support to our people, and
encourage more people to speak up.

Annual Report on Form 20-F 2024 | 11 | riotinto.com

Strategic report | Progressing our 4 objectives
Excelling in development
What we are focusing on
–Advancing a range of projects across the business.
–Developing options for the future through our project pipeline,
exploration, mergers and acquisitions, and technology.
In 2024
Project development
–We made significant progress on the mine, rail and port
infrastructure for the Simandou project in Guinea, in collaboration
with our joint venture partners.
–We completed breakthroughs of Shafts 3 and 4 at Oyu Tolgoi, key
to maximising the copper mine’s underground potential.
–We advanced 5 replacement iron ore mine projects in the Pilbara. At
Western Range, our newest mine in the Pilbara, first ore is on plan
for the first half of 2025 and we are now operating our Autonomous
Haulage System trucks. Construction began on our seawater
desalination plant, which will support future water supply for our
coastal operations and communities in the Pilbara.
–Construction began on the expansion of the AP Technology™
AP60 aluminium smelter in Quebec. AP60 smelting technology is
among the most efficient and lowest-carbon technology currently
available at commercial scale.
–The Rincon starter plant in Argentina delivered its first lithium.
Pipeline projects
–We approved the expansion of the Rincon lithium project in
Argentina to 60,000 tonnes per year.
–We continued to advance a range of other studies, including Winu
and Resolution.
Exploration
–We made strong progress on our advanced Exploration projects,
including Kamiesburg (mineral sands), Texas (potash) and Chiri
(diamonds).
–Our Nuevo Cobre project in Chile’s Atacama region, a joint venture
with Corporación Nacional del Cobre de Chile (Codelco), has
delivered encouraging early results.
Innovation
–We established the Rio Tinto Innovation team to accelerate our
innovation efforts, help shape our future business, and make our
assets safer, more efficient and more sustainable. Our Group-wide
approach enables us to focus on the highest impact projects, to
innovate across and between product groups, functions and
geographies, and to work with external partners to bring the
outside world in.
Our priorities for the future
–We will carry on exploring new approaches, technologies, renewable
energy and partnership opportunities. Our aim is to discover, progress
and develop high-quality projects supporting future growth through
the cycle, in close consultation with communities.
–In 2025, we will invest in new partnerships with Chinese suppliers to
trial new construction methods, innovations and technologies –
including artificial intelligence – to develop orebodies faster and
reduce our capital intensity.
–We will manage our pipeline of opportunities to deliver high-quality
growth options, focusing on materials needed in a decarbonising
world, including:
•delivering first ore at Simandou in line with our 2025 plan
•optimising the next tranche of replacement mines in the Pilbara
•completing the Western Range project in the Pilbara
•managing key closure projects at Argyle, Gove and Ranger
•beginning operations at the Rincon starter plant, and beginning
construction of the Rincon expansion plant
•completing the acquisition of Arcadium Lithium and integrating
Arcadium Lithium’s pipeline of development projects, subject to
acquisition completion.
–We will continue building our teams’ capabilities needed to achieve
these.
Strengthening our social licence
Strengthening our social licence underpins each of our objectives,
and our ability to operate.
Our social licence is the extent to which we have the acceptance, support, and trust of multiple
categories of stakeholders in countries that are most relevant to us. These stakeholders include
our workforce, the communities in which we operate, civil society organisations, governments,
investors, customers and suppliers.

| For more on who our stakeholders are, what is important to them, and how we engage and partner, see page 9, and pages 106-108. |  |  | And find out about our 2024 performance, and our future priorities, in relation to: –our people and our culture change journey, on pages 78-79 –our community engagement and social performance, on pages 81-85 –our engagement with civil society and governments, on pages 86-87.

Annual Report on Form 20-F 2024 | 12 | riotinto.com

Strategic report
Key performance indicators
We use a range of financial and non-financial metrics to measure Group performance against our 4 objectives: to be Best Operator; to strive for
impeccable ESG credentials; to excel in development; and to strengthen our social licence.
Alignment to our 4 objectives and associated risks key

l | Best Operator | l | Impeccable ESG | l | Excel in Development | l | Social Licence

All-injury frequency rate
(AIFR)
per 200,000 hours worked
l l
Definition
We define AIFR as the number of injuries per
200,000 hours worked by employees and
contractors at our managed operations. It
includes medical treatment cases, restricted
workday, lost-day injuries, and fatal injuries.
Relevance to strategy
The health, safety and wellbeing of our
employees and contractors is at the heart of
everything we do.
We are committed to a safe work
environment by focusing on eliminating
fatalities, preventing catastrophic events, and
reducing injuries. To support this, we
continue to implement and embed key
programs, including our safety maturity
model (SMM), critical risk management
(CRM), and the Safe Production System
(SPS) - all of which help us to build a
physically and psychologically safe and
healthy workplace, built on trust,
transparency and collaboration.
We also continue to share lessons and
strengthen our partnerships with industry and
associated committees, contracting partners
and local communities to improve health,
safety and wellbeing outcomes.
Link to executive remuneration
AIFR and SMM are included as performance
metrics in the safety component of the short-
term incentive plan (STIP) (see pages 130-133).
Our performance in 2024 and
forward plan
Our AIFR remained at 0.37 in 2024,
consistent with 2023 (2023: 0.37). However,
tragically, there were 5 fatalities in our
business. We remain deeply committed to
learning from these events, while also
continuing to renew our focus on our CRM
program and further evolving our approach
to SMM across our business.
Total shareholder return
(TSR)¹
measured over the preceding 5 years
(using annual average share price)
l l l l
Definition
TSR is a combination of share price
appreciation (using annual average share
price) and dividends paid and reinvested to
show the total return to the shareholder over
the preceding 5 years.
Relevance to strategy
Our strategy aims to maximise shareholder
returns through the commodity cycle, and
TSR is a direct measure of that.
Link to executive remuneration
TSR is reflected in the long-term incentive plan
(LTIP), measured against a mining-based index
(the EMIX Global Mining Index historically and
from 1 August 2023 the S&P Global Mining
Index) and a broader-based index of large
global corporates (the MSCI World Index)
(see page 134).
Our performance in 2024 and
forward plan
TSR performance over the 5-year period was
driven principally by movements in
commodity prices and changes in the global
macro environment. Rio Tinto outperformed
the EMIX/S&P Global Mining Index and
marginally underperformed against the MSCI
World Index over the 5-year period.
We will continue to focus on generating free
cash flow from our operations. This allows us
to return cash to shareholders (short-term
returns) while investing in the business
(long-term returns).
Underlying return on capital
employed (ROCE)
%
l l
Definition
Underlying ROCE is a non-IFRS measure
defined as underlying earnings excluding net
interest divided by average capital employed
(operating assets). For more information and
a reconciliation of underlying ROCE to the
nearest comparable IFRS measure, see
Alternative Performance Measures (pages
269-273).
Relevance to strategy
Our portfolio of low-cost, long-life assets
delivers attractive returns throughout the
cycle and has been reshaped significantly in
recent years. Underlying ROCE measures
how efficiently we generate profits from
investment in our portfolio of assets.
Link to executive remuneration
In the near term, underlying ROCE is
influenced by underlying EBITDA, which is
included in the STIP. Underlying earnings as
a component of ROCE influences TSR,
which is included in the LTIP (see page 134).
Our performance in 2024 and
forward plan
Underlying ROCE decreased by 2
percentage points to 18% in 2024, reflecting
a decrease in underlying earnings, principally
due to lower iron ore prices, combined with
an increase in operating assets due to capital
expenditure on key growth projects and
maintaining our operating capacity.
We remain focused on delivering our
strategy to generate attractive shareholder
returns over the long term as we diversify our
growing business and invest with confidence
in the long-term demand for materials crucial
to the global energy transition.
1.The TSR calculation for each period is based on the change in the calendar-year average share prices for Rio Tinto plc and Rio Tinto Limited over the preceding 5 years. This is consistent with the
methodology used for calculating the vesting outcomes for Performance Share Awards (PSA). The data presented in this chart accounts for the dual corporate structure of Rio Tinto.

Annual Report on Form 20-F 2024 | 13 | riotinto.com

Strategic report | Key performance indicators
Alignment to our 4 objectives and associated risks key

l | Best Operator | l | Impeccable ESG | l | Excel in Development | l | Social Licence

Underlying earnings and
underlying EBITDA
$ millions

|  | Underlying earnings
|  | Underlying EBITDA

l
Definition
Underlying earnings and underlying EBITDA
are non-IFRS measures.
Underlying earnings represents net earnings
attributable to the owners of Rio Tinto,
adjusted to exclude items that do not reflect
the underlying performance of the Group’s
operations. For more information on these
exclusions and a reconciliation to the nearest
IFRS measures, refer to Alternative
Performance Measures (pages 269-273).
Underlying EBITDA is a segmental
performance measure and represents profit
before taxation, net finance items, depreciation
and amortisation, and adjusted for exclusions.
Exclusions from underlying EBITDA and a
reconciliation to the nearest IFRS measures
can be found in note 1.
Relevance to strategy
These financial KPIs measure how well we
are managing costs, increasing productivity
and generating the most revenue from each
of our assets.
Link to executive remuneration
Underlying EBITDA is reflected in the STIP.
In the longer term, both measures influence
TSR, which is the primary measure for the
LTIP (see pages 130-134).
Our performance in 2024 and
forward plan
Underlying earnings of $10.9 billion were
$0.9 billion lower than in 2023. Underlying
EBITDA of $23.3 billion was $0.6 billion lower
than in 2023. The 2% decrease in underlying
EBITDA was primarily due to lower iron ore
prices, partly offset by higher prices for
copper and aluminium, higher copper
volumes and lower market-linked costs.
We remain disciplined and focused on
managing costs across our portfolio as we
continue to generate consistent margins and
maintain attractive shareholder returns.
Net cash generated from
operating activities
$ millions
l
Definition
This KPI refers to cash generated by our
operations after tax and interest, including
dividends received from equity accounted
units and dividends paid to non-controlling
interests in subsidiaries.
Relevance to strategy
This KPI measures our ability to convert
underlying earnings into cash.
Link to executive remuneration
Net cash generated from operating activities
influences the free cash flow measure
included in the STIP. In the longer term, the
measure influences TSR, which is included
in the LTIP (see pages 130-134).
Our performance in 2024 and
forward plan
Net cash generated from operating activities
of $15.6 billion was 3% higher than 2023.
This was driven by improved working capital
management and higher dividends from
Escondida, partly offset by the impact of a
lower iron ore price.
We remain focused on our consistent cash
flow generation as we execute our strategy
to deliver organic growth through our major
projects, while continuing to drive for
efficiencies across our existing assets.
Free cash flow
$ millions
l l
Definition
Free cash flow is a non-IFRS measure
defined as net cash generated from
operating activities minus purchases of
property, plant and equipment, intangibles,
and payments of lease principal, plus
proceeds from the sale of property, plant and
equipment, and intangible assets. For more
information and a reconciliation of free cash
flow to the nearest comparable IFRS
measure, see Alternative Performance
Measures (pages 269-273).
Relevance to strategy
This KPI measures the net cash returned by
the business after the expenditure of
sustaining and growth capital. This cash can
be used for shareholder returns, reducing
debt and other investment.
Link to executive remuneration
Free cash flow is included in the STIP. In the
longer term, the measure influences TSR,
which is included in the LTIP (see pages
130-134).
Our performance in 2024 and
forward plan
Free cash flow decreased by $2.1 billion to
$5.6 billion in 2024, primarily due to
increased capital expenditure as we ramp up
several major growth projects, slightly offset
by increased net cash generated from
operating activities.
We remain focused on our consistent cash
flow generation as we execute our strategy
to deliver organic growth through our major
projects, while continuing to drive for
efficiencies across our existing assets.

Annual Report on Form 20-F 2024 | 14 | riotinto.com

Strategic report | Key performance indicators
Alignment to our 4 objectives and associated risks key

l | Best Operator | l | Impeccable ESG | l | Excel in Development | l | Social Licence

Net (debt)/cash
$ millions

l l
Definition
Net (debt)/cash is a non-IFRS measure
defined as total borrowings plus lease
liabilities less cash and cash equivalents
and other liquid investments, adjusted for
derivatives related to net (debt)/cash
(see note 19 of the financial statements).
For more information and a reconciliation of
net (debt)/cash to the nearest comparable
IFRS measure, see Alternative Performance
Measures (pages 269-273).
Relevance to strategy
This KPI measures how we are managing
our balance sheet and capital structure.
A strong balance sheet gives us the flexibility
to take advantage of opportunities as they
arise and return cash to shareholders.
Link to executive remuneration
Net (debt)/cash is, in part, an outcome of free
cash flow, which itself is reflected in the STIP.
In the longer term, net (debt)/cash influences
TSR, which is reflected in the LTIP
(see pages 130-134).
Our performance in 2024 and
forward plan
Net debt increased by $1.3 billion to
$5.5 billion. This was largely the result of free
cash flow of $5.6 billion, offset by dividends
of $7.0 billion.
We remain focused on our consistent cash
flow generation as we execute our strategy
to deliver organic growth through our major
projects, while continuing to drive for
efficiencies across our existing assets.
Gross Scope 1 and 2
greenhouse gas emissions
(adjusted equity Mt CO 2 e)
l l l
Definition
We measure our Scope 1 and 2 greenhouse
gas emissions on an equity basis. It includes
the equity share of Scope 1 and 2 emissions
from managed and non-managed operations
expressed in million metric tonnes of carbon
dioxide equivalent.
Relevance to strategy
Climate risks and opportunities have formed part
of our strategic thinking and investment
decisions for over 2 decades. The low-carbon
transition is at the heart of our business strategy.
We focus on growing production in the materials
that enable the transition, decarbonising our
operations and partnering with our customers
and suppliers to decarbonise our value chains.
Link to executive remuneration
Climate change is included in our ESG
metrics for executive remuneration with a
weighting of 10% of the STIP (see page
130). We also have a decarbonisation
measure as part of our LTIP with a 20%
weighting. See pages 134-135 for further
information.
Our performance in 2024 and
forward plan
Our adjusted gross Scope 1 and 2 emissions
were 30.7 Mt CO 2 e in 2024, which is 14%
below our 2018 baseline of 35.7Mt CO 2 e. In
2024 we made significant progress and reduced
our emissions by 3.2Mt CO 2 e. This has primarily
been achieved by new renewable energy
contracts, including the limited use of
unbundled renewable energy certificates in
locations where new generating assets are
under development or where power
purchase agreements have been agreed.
In addition we have made commitments to
projects that are expected to deliver
abatement of around 3.6Mt per year in future
periods mostly through renewable electricity
and biofuels. In addition, imminent
investment decisions could deliver further
abatement by 2030 and include new energy
solutions at BSL and fuel-switching and
electrification in the Queensland Alumina
Limited (QAL) and Yarwun
alumina refineries.
For more information, see our Climate Action
Plan on page s 41-75.
Gender diversity
representation of women within
our workforce
l l l
Definition
Includes our total workforce based on
managed operations (excludes the Group’s
share of non-managed operations and
joint ventures)2.
Relevance to strategy
Our sustained performance and growth rely
on having workforce diversity that is
representative of the communities in which
we operate and having a workplace where
people are valued for who they are and
encouraged to contribute to their
full potential.
Link to executive remuneration
In 2024, our target was to have 25.8% of our
workforce represented by women. This
aspiration was included as a measure in our
Group STIP scorecard with a 5% weighting.
For more information see pages 130-133.
Our performance in 2024 and
forward plan
The representation of women at Rio Tinto
increased from 24.3% in 2023 to 25.2% in
2024, which is short of our target of 25.8%.
We saw improvements across all levels of
the organisation, with senior leaders
increasing from 30.1% to 32.0%, and
operations and general support increasing
from 17.7% to 18.9%.
Our target to increase the proportion
of women in our workforce year-on-year
gives us continued focus on both the
attractiveness of Rio Tinto to women and the
environment they work in.
We continue to work to strengthen our
applicant pipeline of women by partnering
with external sector groups and local
technical colleges, universities and
communities, and building awareness of both
Rio Tinto and the mining sector to encourage
more women to apply for vacant roles and
join us. We are working to more deeply
understand the drivers of attrition of women
across the organisation.
1.In 2020, we updated our definition of our total workforce
to include those employees who were unavailable for
work (eg on parental leave) and temporary contractors.
Note: less than 1% of the workforce gender is
undeclared.
2.Baseline reset with definition for 2020 to 2024
gender diversity.

Annual Report on Form 20-F 2024 | 15 | riotinto.com

Strategic report
Chief Financial Officer’s statement
The consistency of our earnings and cash flows gives us confidence
in our ability to invest in disciplined growth while remaining true to our
shareholder returns policy and retaining a strong balance sheet.
Strategy execution delivering strong,
consistent earnings and cash flows
2024 was another year of successful
execution, with our total copper equivalent
production increasing by more than 1% over
2023, on a copper equivalent basis (based on
long-term consensus pricing). This reflected
the ramp-up of the Oyu Tolgoi underground
copper mine and further deployment of our
Safe Production System. We have prioritised
our Best Operator focus on operations that
generate the most cash, with particular
success at our Pilbara iron ore business and
increased operational stability at our
Aluminium operations, including record bauxite
production at Amrun and Gove. We remain
focused on our cost competitiveness while
intensifying efforts to address system
bottlenecks and strategic challenges at
underperforming assets.
For 2024, we are reporting net cash
generated from operating activities of
$15.6 billion, underlying earnings of
$10.9 billion and profit after tax attributable to
owners of Rio Tinto of $11.6 billion.
We ended the year with net debt of
$5.5 billion, which is modest relative to
recent history. This balance sheet strength
enables us to run our business consistently
and maintain investment through the cycle,
offering resilience and creating optionality,
such as our proposed acquisition of
Arcadium. We have chosen not to have a net
debt target, but have a principles-based
approach to anchor the balance sheet
around a single A credit rating.
We are intensifying our focus on becoming
Best Operator and how we are delivering
profitable growth from major projects. We are
derisking our assets through disciplined
execution of our decarbonisation program,
finding ways to lower capital intensity and
increase overall returns. These actions are
creating significant value, enhancing our cash
flows and supporting consistent capital
allocation and balance sheet strength.
Consistent and disciplined capital
allocation
We will continue to allocate the capital
generated by our operations with discipline
and remain committed to attractive
shareholder returns. We have consistently
applied our financial framework, which has
been in place for more than a decade. It is
straightforward and serves us well,
underpinned by our three priorities. Essential
capital expenditure remains the first priority -
sustaining capex to ensure the integrity of our
assets, high-returning replacement projects
and investment for decarbonisation. The
second priority is the ordinary dividend within
our well-established returns policy, where we
now have a nine-year track record of paying
out consistently at the top end of the policy
range at 60% of underlying earnings. The third
involves testing investment in compelling
growth against debt management and further
cash returns to shareholders.
In 2024, our share of capital investment rose
to $9.5 billion, driven by increased
investment in replacement projects, including
Western Range in the Pilbara and AP60 in
Quebec, and the accelerating development
of the Simandou iron ore project in Guinea.
We believe that Simandou's high-grade,
high-quality product will position us well for
the decarbonisation of the steel industry. It is
critical to ensure we have the right,
diversified portfolio to keep creating value for
decades to come, so we can benefit from
increased demand from both traditional
sources and from the energy transition. We
spent $0.9 billion on exploration and
evaluation, with greenfield projects mainly
focused on copper and lithium, while
evaluation prioritised projects with near-term
investment decisions.
We remain very committed to our capital
framework including our dividend policy and
practice. Our financial strength means that
we can reinvest for growth, accelerate our
decarbonisation and continue to pay
attractive dividends through the cycle. For
2024, we are returning 60% of underlying
earnings to shareholders, which equates to a
full-year ordinary dividend of 402 US cents
per share, or $6.5 billion.
Robust financial health as
investments support future cash
flows
Our existing business is generating strong
cash flows, which will be enhanced by the
delivery of our growth projects.
Our strategy is about growing in the
materials the world needs. This will ensure
Rio Tinto remains strong in the short,
medium and long term with the ability to
invest for the long term while also paying
attractive returns.
Net cash generated from operating activities
$15.6 billion
(2023: $15.2 billion)
Profit after tax attributable to owners of Rio
Tinto (net earnings)
$11.6 billion
(2023: $10.1 billion)
Underlying earnings
$10.9 billion
(2023: $11.8 billion)

Peter Cunningham
Chief Financial Officer
19 February 2025

| Follow Peter on LinkedIn linkedin.com/in/peterlcunningham

Annual Report on Form 20-F 2024 | 16 | riotinto.com

Strategic report
Financial review
The Financial review and Business review for the year ended 31 December 2022 can be found on pages 26 to 31 and pages 36 to 72
respectively, of our Form 20-F/A filed with the United States Securities and Exchange Commission on 30 March 2023.
Key financial highlights

Year ended 31 December | 2024 | 2023 | Change
Net cash generated from operating activities (US$ millions) | 15,599 | 15,160 | 3%
Purchases of property, plant and equipment and intangible assets (US$ millions) | 9,621 | 7,086 | 36%
Free cash flow¹ (US$ millions) | 5,553 | 7,657 | (27%)
Consolidated sales revenue (US$ millions) | 53,658 | 54,041 | (1%)
Underlying EBITDA¹ (US$ millions) | 23,314 | 23,892 | (2%)
Profit after tax attributable to owners of Rio Tinto (net earnings) (US$ millions) | 11,552 | 10,058 | 15%
Underlying earnings per share (EPS)¹ (US cents) | 669.5 | 725.0 | (8%)
Ordinary dividend per share (US cents) | 402.0 | 435.0 | (8%)
Underlying return on capital employed (ROCE)¹ | 18% | 20% |
| At 31 December 2024 | At 31 December 2023 |
Net debt¹ (US$ millions) | 5,491 | 4,231 | 30%

1.This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). It is used internally by
management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business
performance of the Group’s operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled “Alternative performance measures” (APMs) and the
detailed reconciliations on pages 269 to 273. Our financial results are prepared in accordance with IFRS — see page 154 for further information.
Financial performance
Income Statement
Net earnings and underlying earnings refer to amounts attributable to
the owners of Rio Tinto. The net profit attributable to the owners of
Rio Tinto in 2024 was $11.6 billion (2023: $10.1 billion).
Financial strength through greater diversification
To provide additional insight into the performance of our business, we
report underlying EBITDA and underlying earnings. Underlying
EBITDA and underlying earnings are non-IFRS measures. For
definitions and a detailed reconciliation of underlying EBITDA and
underlying earnings to the nearest IFRS measures, see pages 168
and 270, respectively.
The principal factors explaining the movements in underlying EBITDA
are set out in this table.

| US$bn
2023 underlying EBITDA | 23.9
Prices | (1.6)
Exchange rates | 0.3
Volumes and mix | 0.2
General inflation (including net impact on provisions) | (0.6)
Energy | 0.2
Operating cash unit costs | 0.6
Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped projects) | 0.3
Non-cash costs/other | 0.1
Change in underlying EBITDA | (0.6)
2024 underlying EBITDA | 23.3

Financial figures are rounded to the nearest $100 million, hence small differences may result
in the totals.
In 2024, we started to see the benefits of our diversified portfolio and
operational improvements. Higher prices for copper, bauxite and
aluminium together with rising copper and bauxite volumes, and our
focus on cost discipline helped to offset much of the impact of the iron
ore price decline, leading to underlying EBITDA of $23.3 billion.
Lower iron ore price partly offset by stronger copper,
bauxite and aluminium
Movements in commodity prices resulted in a $1.6 billion decline in
underlying EBITDA compared with 2023, reflecting the impact of a
lower iron ore price, which was partly offset by higher prices for
bauxite and LME copper and aluminium.
We have included a table of prices and exchange rates on page 330.
The monthly average Platts index for 62% iron fines converted to a
Free on Board (FOB) basis was 11% lower, on average, compared
with 2023.
Average LME prices for copper and aluminium were both 8% higher,
the bauxite index was 26% higher and the gold price was 23% higher
compared with 2023.
The Midwest premium duty paid for aluminium in the US declined by
17% to $427 per tonne.

Annual Report on Form 20-F 2024 | 17 | riotinto.com

Strategic report | Financial review
Marginal benefit from weaker local currencies
Compared with 2023, on average, the US dollar strengthened by 1%
against the Australian and Canadian dollars. Currency movements
increased underlying EBITDA by $0.3 billion relative to 2023.
Rising copper volumes
A 3% rise in copper equivalent sales volumes led to a $0.2 billion
increase in underlying EBITDA. This was underpinned by 25% higher
copper sales volumes, along with increases in gold, driven by the
steady ramp-up of the Oyu Tolgoi underground mine and higher
copper grades at Escondida, which, together with a 7% rise in bauxite
volumes, offset the impact of 1% lower iron ore shipments from the
Pilbara.
Impact of inflation partly offset by lower energy prices
The impact of inflation on our cost base lowered underlying EBITDA
by $0.6 billion. The easing of diesel prices and lower prices for natural
gas partly offset this, with a favourable impact to underlying EBITDA
of $0.2 billion.
Lower market-linked raw material prices, in particular
for aluminium and alumina
We remain focused on cost control, in particular maintaining discipline
on fixed costs. Overall, lower operating cash unit costs benefited
underlying EBITDA by $0.6 billion. This was driven by lower unit costs
in Aluminium from the easing of market-linked raw materials prices,
such as caustic, coke and pitch, in conjunction with higher bauxite
volumes. Higher Copper volumes led to greater cost efficiencies,
where we saw a 27% reduction in Copper C1 net unit costs. Partially
offsetting these were slightly lower volumes in the Pilbara and Iron
Ore Company of Canada (IOC), along with diamonds and titanium
dioxide feedstocks as these businesses managed through weaker
markets, leading to fixed cost inefficiencies.
Continued investment in exploration and evaluation
Our ongoing exploration and evaluation expenditure was $0.9 billion,
compared with $1.4 billion in 2023. The decrease was mainly
attributable to the capitalisation of exploration and evaluation
expenditure for Simandou from October 2023. 2023 also included a
gain on disposal of 55% of our interest in the La Granja copper project
in Peru ($0.2 billion, pre-tax).
Net earnings
The principal factors explaining the movements in underlying earnings and net earnings are set out below.

| US$bn
2023 net earnings | 10.1
Changes in underlying EBITDA (see above) | (0.6)
Increase in depreciation and amortisation (pre-tax) in underlying earnings | (0.8)
Decrease in interest and finance items (pre-tax) in underlying earnings | 0.3
Decrease in tax on underlying earnings | 0.5
Increase in underlying earnings attributable to outside interests | (0.3)
Total changes in underlying earnings | (0.9)
Changes in items excluded from underlying earnings (see below) | 2.4
Movement in impairment charges net of reversals | 0.1
Movement from consolidation and disposal of interests in businesses | 0.9
Movement in closure estimates (non-operating and fully impaired sites) | 1.0
Movement in exchange differences and gains/losses on derivatives | 0.5
Other | (0.1)
2024 net earnings | 11.6

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.
Increase in depreciation
Higher depreciation was due to an increase in capital expenditure in
prior years, production growth at Kennecott and lower capitalised
depreciation, which resulted in underlying earnings being $0.8 billion
lower than 2023.
Modest decrease in tax on underlying earnings
The effective tax rate on underlying earnings of 28% (2023: 30%)
primarily reflects the mix of profits across different jurisdictions. This,
coupled with lower profits, resulted in tax on underlying earnings
being $0.5 billion lower than 2023.
Increase in underlying earnings attributable to outside
interests
In 2024, expenditure at Simandou was capitalised whereas until
September 2023 it was expensed, resulting in a year-on-year
decrease in costs attributable to outside interests following the
capitalisation.

Annual Report on Form 20-F 2024 | 18 | riotinto.com

Strategic report | Financial review
Items excluded from underlying earnings
The differences between underlying earnings and net earnings are set out in this table (all numbers are after tax and exclude amounts
attributable to non-controlling interests).

| 2024 | 2023
Year ended 31 December | US$bn | US$bn
Underlying earnings | 10.9 | 11.8
Items excluded from underlying earnings |  |
Net gains on consolidation and disposal of interests in businesses | 0.9 | –
Impairment charges net of reversals | (0.5) | (0.7)
Foreign exchange and derivative gains/(losses) on net debt and intragroup balances and derivatives not qualifying for hedge accounting | 0.2 | (0.3)
Change in closure estimates (non-operating and fully impaired sites) | (0.1) | (1.1)
Other | 0.2 | 0.4
Total items excluded from underlying earnings | 0.7 | (1.7)
Net earnings | 11.6 | 10.1

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.
On page 270 there is a detailed reconciliation from net earnings to underlying earnings, including pre-tax amounts and additional explanatory
notes. The differences between profit after tax and underlying EBITDA are set out in the table on page 168.
Net gains on consolidation and disposal of interests in businesses of $0.9 billion primarily related to a gain following the increase in ownership of
Tiwai Point Smelter (NZAS), New Zealand, the sale of Sweetwater, a former uranium legacy site in Wyoming, United States, and the sale of
Dampier Salt’s Lake MacLeod operation in Western Australia.
We recognised impairment charges net of reversals of $0.5 billion (after tax), mainly related to our alumina refineries in Queensland: a review
was triggered by studies for the double digestion project indicating increased capital costs. In 2023, we recognised impairment charges net of
reversals of $0.7 billion (after tax), also mainly related to our alumina refineries. The full analysis is set out in note 4 to the consolidated financial
statements.
Foreign exchange and derivative gains were $0.2 billion in 2024 compared to a loss of $0.3 billion in 2023. Exchange losses are largely offset by
currency translation gains recognised in equity and vice-versa. The quantum of US dollar debt is largely unaffected and we will repay it from US
dollar sales receipts.
In 2023, we excluded $1.1 billion of closure cost charges from underlying earnings, of which $850 million related to the closure update
announced by Energy Resources of Australia (ERA) on 12 December 2023. This was considered material and was therefore aggregated with
other closure study updates in the second half of 2023 which were similar in nature. These other updates were at legacy sites and at the Yarwun
alumina refinery, which was expensed due to the impairment earlier in the year.
Net earnings and underlying earnings refer to amounts attributable to the owners of Rio Tinto.

Annual Report on Form 20-F 2024 | 19 | riotinto.com

Strategic report | Financial review
Underlying EBITDA and underlying earnings by product group

| Underlying EBITDA |  | Underlying earnings |
| 2024 | 2023 | Change | 2024 | 2023 | Change
Year ended 31 December | US$bn | US$bn | % | US$bn | US$bn | %
Iron Ore | 16.2 | 20.0 | (19%) | 9.1 | 11.9 | (23%)
Aluminium | 3.7 | 2.3 | 61% | 1.5 | 0.5 | 176%
Copper | 3.4 | 2.0 | 75% | 0.8 | 0.2 | 327%
Minerals | 1.1 | 1.4 | (24%) | 0.1 | 0.3 | (54%)
Reportable segments total | 24.4 | 25.6 | (5%) | 11.5 | 12.9 | (11%)
Simandou iron ore project | – | (0.5) | (96%) | – | (0.2) | (76%)
Other operations | – | (0.1) | –% | (0.2) | (0.3) | (27%)
Central pension costs, share-based payments, insurance and derivatives | 0.2 | 0.2 | (9%) | 0.2 | — | 375%
Restructuring, project and one-off costs | (0.3) | (0.2) | 34% | (0.2) | (0.1) | 59%
Other central costs | (0.8) | (1.0) | (18%) | (0.6) | (0.9) | (29%)
Central exploration and evaluation | (0.2) | (0.1) | 138% | (0.2) | (0.1) | 260%
Net interest |  |  |  | 0.4 | 0.3 | 24%
Total | 23.3 | 23.9 | (2%) | 10.9 | 11.8 | (8%)

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals and period-on-period change. Underlying EBITDA and underlying earnings are non-
IFRS measures used by management to assess the performance of the business and provide additional information which investors may find useful. For more information on our use of non-
IFRS financial measures in this report, see the section entitled "Alternative performance measures" (APMs) and the detailed reconciliations on pages 269 to 273.
Simandou iron ore project
We commenced capitalising qualifying costs attributable to the Simandou project in Guinea from the fourth quarter of 2023. In 2023, we
expensed $0.5 billion.
Central and other costs
Pre-tax central pension costs, share-based payments, insurance and derivatives were a $0.2 billion credit, mainly associated with the premiums
paid by the business to our Captive insurers. This was largely unchanged from 2023: although there was an insurance charge relating to the
Captive's payout of the process safety incidents at Rio Tinto Iron and Titanium (RTIT) and the forest fires at IOC in 2024, this movement was
offset by unrealised derivative gains recognised in 2024 (unrealised loss in 2023).
On a pre-tax basis, restructuring, project and one-off central costs increased modestly as we continue to drive productivity by investing in group-wide
projects.
Other central costs of $0.8 billion(pre-tax) decreased by 18% compared to 2023, reflecting lower costs across a number of our functions
together with higher central recoveries.
On an underlying earnings basis, net interest was a credit of $0.4 billion (2023: credit of $0.3 billion) with the variance between the two years
being additional costs associated with the refinancing of Oyu Tolgoi in 2023.
Sustained investment in greenfield exploration
We have a strong portfolio of greenfield exploration projects in early exploration and studies stages, with activity in 17 countries across eight
commodities. This is reflected in our pre-tax central spend of $0.2 billion. The bulk of this expenditure was focused on copper in Angola,
Australia, Chile, Colombia, Kazakhstan, Papua New Guinea, Peru, the US and Zambia, nickel in Australia, Brazil, Canada and Finland, lithium in
Australia, Brazil, Canada, Finland, Rwanda and the US, potash in Canada, diamonds in Angola, heavy mineral sands in South Africa and rutile-
graphite in Malawi. The Rio Tinto operated Nuevo Cobre joint venture copper project in Chile continues to make good progress with permitting
advancing alongside ongoing geological field programs.

Annual Report on Form 20-F 2024 | 20 | riotinto.com

Strategic report | Financial review
Strong cash flow generation as we invest for the future

| 2024 | 2023
Year ended 31 December | US$bn | US$bn
Net cash generated from operating activities | 15.6 | 15.2
Purchases of property, plant and equipment and intangible assets | (9.6) | (7.1)
Lease principal payments | (0.5) | (0.4)
Free cash flow¹ | 5.6 | 7.7
Dividends paid to equity shareholders | (7.0) | (6.5)
Net funding relating to Simandou (outside of free cash flow) | 0.5 | –
Non Simandou-related acquisitions (mainly Matalco in 2023) | – | (0.8)
Other | (0.3) | (0.4)
Movement in net debt¹ | (1.3) | –

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals.
–$15.6 billion in net cash generated from operating activities, which was 3% higher than 2023, reflects a 67% underlying EBITDA cash
conversion (compared to 63% in 2023). This was driven by favourable working capital movements (+$0.1 billion in 2024; -$0.9 billion in
2023), along with higher dividends from Escondida ($1.0 billion in 2024; $0.6 billion in 2023). We managed our inventory levels down in 2024
to a more optimised level, which included processing concentrate at Kennecott following the smelter rebuild in 2023.
–Taxes paid of $4.2 billion, which were $0.5 billion lower than 2023, mainly reflected lower profits in Australia.
–Purchases of property, plant and equipment and intangible assets (capital expenditure) of $9.6 billion comprised $2.7 billion of growth, $2.5
billion of replacement, $4.2 billion of sustaining and $0.2 billion of decarbonisation capital (in addition to $0.3 billion of decarbonisation spend
in operating costs). We funded our share of capital expenditure in 2024 from internal sources. We will continue to fund our capital program in
accordance with our capital allocation framework.
–$7.0 billion of dividends reflected the 2023 final ordinary and the 2024 interim ordinary dividends.
–In 2024, we received $1.5 billion from CIOH for its share of cash expenditures for the Simandou project and we paid $1.0 billion to WCS to
support funding development of the infrastructure.
–The above movements, together with $0.3 billion of other movements, resulted in an increase in net debt¹ of $1.3 billion in 2024 to $5.5 billion
at 31 December 2024.

Year ended 31 December | 2024 US$m | 2023 US$m
Purchase of property, plant and equipment and intangible assets | 9,621 | 7,086
Funding provided by the group to EAUs(a) | 965 | —
Less: Equity or shareholder loan financing received/due from non-controlling interests(b) | (1,063) | (125)
Rio Tinto share of capital investment | 9,523 | 6,961

(a)In 2024, funding provided by the group to EAUs relates to funding of WCS rail and port entities (WCS) in relation to the Simandou project, consisting of a direct equity investment in WCS of
US$431 million and loans provided totalling US$534 million
(b)In 2024, we received US$1,505 million from Chalco Iron Ore Holdings Ltd (CIOH), of which US$1,063 million relates to CIOH's 47% share of capital expenditure incurred on the Simandou
project and associated funding provided by the Group to EAUs during the year, accounted for on an accrual basis.
–Our share of capital investment in 2024 was $9.5 billion, comprised of capital expenditure of $9.6 billion and funding provided by the group to equity
accounted units for its share of investment of $1.0 billion, net of equity/shareholder loan financing received/due from non-controlling interests of $1.1
billion.
1.This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). It is used internally
by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying
business performance of the Group’s operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled “Alternative performance
measures” (APMs) and the detailed reconciliations on pages 269 to 273. Our financial results are prepared in accordance with IFRS — see page 154 for further information.

Annual Report on Form 20-F 2024 | 21 | riotinto.com

Strategic report | Financial review
Retaining a strong balance sheet
Net debt 1 of $5.5 billion at 31 December 2024 increased by $1.3 billion compared to 2023 year end.
Our net gearing ratio 1 (net debt to total capital) was 9% at 31 December 2024 (31 December 2023: 7%). See page 273.
Our total financing liabilities exc luding net debt derivatives at 31 December 2024 (see page 198) were $13.8 billion (31 December 2023: $14.4
billion) and the weighted average maturity was 11 years. At 31 December 2024, 76% of these liabilities were at floating interest rates (84%
excluding leases). The maximum amount within non-current borrowings maturing in any one cale ndar year is $1.67 billion, which matures in
2033.
We had $8.7 billion in cash and cash equivalents plus other short-term highly liquid investments at 31 December 2024 (31 December 2023:
$10.5 billion).
Provision for closure costs
At 31 December 2024, provisions for close-down and restoration costs and environmental clean-up obligations were $15.7 billion (31 December
2023: $17.2 billion). There was a revision of the closure discount rate to 2.5% (from 2.0%), reflecting expectations of higher yields from long-
dated bonds, including the 30-year US Treasury Inflation Protected Securities, a key input to our closure discount rate. This resulted in a
$1.0 billion decrease, most of which was adjusted against capitalised closure costs, with a $0.2 billion credit reflected in underlying EBITDA
relating to our closed and non-operating sites. The provision further reduced by $1.1 billion due to the strengthening of the US dollar against
local currencies. During the year, there was a $1.1 billion spend against the provision as we advanced our closure activities at Argyle, ERA, the
Gove alumina refinery and other legacy sites, along with progressive closure activity across our operations.
Our shareholder returns policy
The Board is committed to maintaining an appropriate balance between cash returns to shareholders and investment in the business, with the
intention of maximising long-term shareholder value.
At the end of each financial period, the Board determines an appropriate total level of ordinary dividend per share. This takes into account the
results for the financial year, the outlook for our major commodities, the Board’s view of the long-term growth prospects of the business and the
company’s objective of maintaining a strong balance sheet. The intention is that the balance between the interim and final dividend be weighted
to the final dividend.
The Board expects total cash returns to shareholders over the longer term to be in a range of 40% to 60% of underlying earnings in aggregate
through the cycle. Acknowledging the cyclical nature of the industry, it is the Board’s intention to supplement the ordinary dividend with additional
returns to shareholders in periods of strong earnings and cash generation.
Nine-year track record of 60% payout on the ordinary dividend, at top end of range

| 2024 US$bn | 2023 US$bn
Ordinary dividend |  |
Interim⁽ª⁾ | 2.9 | 2.9
Final⁽ª⁾ | 3.7 | 4.2
Full-year ordinary dividend⁽ª⁾ | 6.5 | 7.1
Payout ratio on ordinary dividend | 60% | 60%

(a)Based on weighted average number of shares and declared dividends per share for the respective periods and excluding foreign exchange impacts on payment. Financial figures are
rounded to the nearest $100 million, hence small differences may result in the totals.
As announced on 26 July 2024, we determine Rio Tinto plc and Rio Tinto Limited dividends in US dollars, our reporting currency. Historically, we
have declared and announced these dividends in pounds sterling and Australian dollars, respectively. However, following changes to Rio Tinto
Limited’s constitution approved by shareholders in 2024, we now declare and announce dividends in US dollars.

Ordinary dividend per share declared | 2024 | 2023
Interim (US cents) | 177.0 | 177.0
Final (US cents) | 225.0 | 258.0
Full-year (US cents) | 402.0 | 435.0

The 2024 final ordinary dividend to be paid to our Rio Tinto Limited shareholders will be fully franked. The Board expects Rio Tinto Limited to be
in a position to pay fully franked dividends for the foreseeable future.
On 17 April 2025, we will pay the 2024 final ordinary dividend to holders of Rio Tinto plc and Rio Tinto Limited ordinary shares and holders of Rio
Tinto plc ADRs (American Depositary Receipts) on the register at the close of business on 7 March 2025 (record date). The ex-dividend date for Rio
Tinto plc and Rio Tinto Limited holders is 6 March 2025. For holders of Rio Tinto plc ADRs, the ex-dividend date is 7 March 2025.
Rio Tinto plc and Rio Tinto Limited shareholders may choose to receive their dividend in US dollars, pounds sterling, Australian dollars or New
Zealand dollars. Currency conversions will be based on the prevailing exchange rates seven business days prior to the dividend payment date.
Shareholders must register any changes to their currency elections by 27 March 2025.
ADR holders receive dividends at the declared rate in US dollars.
We will operate our Dividend Reinvestment Plans for the 2024 final dividend (visit riotinto.com for details). Rio Tinto plc and Rio Tinto Limited
shareholders' elections to participate in the Dividend Reinvestment Plans must be received by 27 March 2025. Purchases under the Dividend
Reinvestment Plans are made on or as soon as practicable after the dividend payment date and at prevailing market prices. There is no
discount available.
1.This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). It is used internally
by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying
business performance of the Group’s operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled “Alternative performance
measures” (APMs) and the detailed reconciliations on pages 269 to 273. Our financial results are prepared in accordance with IFRS — see page 154 for further information.

Annual Report on Form 20-F 2024 | 22 | riotinto.com

Strategic report | Financial review
Capital projects

Project (Rio Tinto 100% owned unless otherwise stated) | Total capital cost (100% unless otherwise stated) |  | Status/Milestones
Iron ore |  |  |
Investment in the Western Range iron ore project in Western Australia, a joint venture between Rio Tinto (54%) and China Baowu Steel Group Co. Ltd (46%) in the Pilbara to sustain production of the Pilbara Blend TM from Rio Tinto's existing Paraburdoo hub. | $1.3bn (Rio Tinto share)1 |  | Approved in September 2022, the mine will have a capacity of 25 million tonnes per year. The project includes construction of a primary crusher and an 18 kilometre conveyor connection to the Paraburdoo processing plant. Construction is now 90% complete, with fabrication and overland conveyor belt installation finalised.  We continue to focus on completion of the new crushing and screening facilities, with first ore from that new system on plan for the first half of 2025.
Investment in the Simandou high-grade iron ore project in Guinea in partnership with CIOH, a Chinalco-led consortium (the SimFer joint venture) and co-development of the rail and port infrastructure with Winning Consortium Simandou² (WCS), Baowu and the Republic of Guinea (the partners) for the export of up to 120 million tonnes per year of iron ore mined by SimFer's and WCS's respective mining concessions.³ The SimFer joint venture⁴ will develop, own and operate a 60 million tonne per year⁵ mine in blocks 3 & 4. WCS will construct the project's ~536 kilometre shared dual track main line, a 16 kilometre spur connecting its mine to the mainline as well as the WCS barge port, while SimFer will construct the ~70 kilometre spur line, connecting its mining concession to the main rail line, and the transhipment vessel (TSV) port. The conditions for this investment were satisfied in July 2024. | $6.2bn (Rio Tinto share) |  | Announced in December 2023, first production at the SimFer mine gate is expected in 2025, ramping up over 30 months to a 60 million tonne per year capacity (27 million tonnes Rio Tinto share)⁵. For the SimFer mine, bulk earthworks are progressing to plan. All mine construction contracts are complete, and the two initial crushers are now commissioned, with first ore crushed on 1 January 2025. For the SimFer infrastructure scope, all construction milestones for the period stipulated by the Government of Guinea were achieved. In connection with SimFer’s construction of the ~70 kilometre spur line, which will connect Simandou’s mine operations to the shared mainline, with the arrival of track laying locomotives, 8.5 kilometres of rail was installed. In October 2024, construction of the 275 metre Milo River bridge was completed. Tunnel excavation activity on the SimFer scope is now more than 75% complete, with construction at the port continuing to advance on the TSV wharf and rail car dumper infrastructure. Expectations for delivery of the first TSVs remain on plan.
Aluminium |  |  |
Investment to expand the low-carbon AP60 aluminium smelter at the Complexe Jonquière in Quebec. The investment includes up to $113 million of financial support from the Quebec government. Commissioning is expected in the first half of 2026, with the smelter fully ramped up by the end of that year. Once completed, it is expected to be in the first quartile of the industry operating cost curve. | $1.1bn |  | Approved in June 2023, AP60 expansion construction activities remain on schedule. Once completed, the project will add 96 new AP60 pots, increasing capacity by approximately 160,000 tonnes of primary aluminium per year by the end of 2026. This new capacity, in addition to 30,000 tonnes of new recycling capacity at Arvida expected to open in the fourth quarter of 2025, will offset the 170,000 tonnes of capacity lost through the gradual closure of potrooms at the Arvida smelter from 2024.
Copper |  |  |
Phase two of the south wall pushback to extend mine life at Kennecott in Utah by a further six years. The project largely consists of mine stripping activities and includes some additional infrastructure development, including a tailings facility expansion. The project will allow mining to continue into a new area of the orebody between 2026 and 2032. | $1.8bn |  | Approved in December 2019, stripping commenced in 2020 and will continue through 2027. In March 2023, a further $0.3 billion was approved to primarily mitigate the risk of failure in an area of geotechnical instability known as Revere, necessary to both protect open pit value and enable underground development.
Investment in the Kennecott underground development of the North Rim Skarn (NRS) area. | $0.6bn |  | Approved in June 2023, production from NRS⁶ is expected to commence in mid-2025, delivering around 250,000 tonnes through to 2033⁷. A further $0.1 billion was approved in December 2024 for additional infrastructure and geotechnical controls.
Development of the Oyu Tolgoi underground copper-gold mine in Mongolia (Rio Tinto 66%), which is expected to produce (from the open pit and underground) an average of ~500,000 tonnes⁸ of copper per year from 2028 to 2036. | $7.06bn |  | First ore on the conveyor to surface belt was achieved in October 2024, with the conveyor system now able to transport ore to the surface from a depth of 1,300 metres. Load and production testing of the conveyor system is progressing. Construction works for the concentrator conversion remain on schedule, with commissioning activities commencing in the fourth quarter of 2024 and forecast to be progressively completed through to the second quarter of 2025. Construction of primary crusher 2 is progressing to plan and remains on track to be completed by the end of 2025.
Minerals |  |  |
Expansion of the Rincon project in Argentina to 60,000 tonnes per year of battery grade lithium carbonate, comprised of the 3,000-tonne starter plant and 57,000-tonne expansion plant. The mine is expected to have a 40-year⁹ life and operate in the first quartile of the cost curve. | $2.5bn |  | Approved in December 2024, construction of the expanded plant is scheduled to begin in mid-2025, subject to permitting. First production from the expanded plant is expected in 2028 followed by a three-year ramp-up to full capacity. We released the Rincon Project Mineral Resources and Ore Reserves statement on 4 December 2024.

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 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 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.
7.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.
8.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.
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.

Annual Report on Form 20-F 2024 | 23 | riotinto.com

Strategic report | Financial review
Future options

|  | Status
Iron Ore: Pilbara brownfields |  |
Over the medium term, our Pilbara system capacity remains between 345 and 360 million tonnes per year. Meeting this range, and the planned product mix, will require the approval and delivery of the next tranche of replacement mines over the next five years. |  | We continue to work closely with local communities, Traditional Owners and governments to progress approvals for these new mining projects. We continue to advance our next tranche of Pilbara mine replacement studies at Hope Downs 1 (Hope Downs 2 and Bedded Hilltop), Brockman 4 (Brockman Syncline 1), Greater Nammuldi and West Angelas. Funding for the full execution of the Brockman 4 project was obtained in fourth quarter of 2024. Early works and design are underway for the Brockman 4 and Hope Downs 1 projects. Environmental and heritage approvals are progressing and timelines remain subject to receiving these approvals. The Greater Nammuldi project continues to progress at a rate behind the original development schedule.
Iron Ore: Rhodes Ridge |  |
In October 2022, Rio Tinto (50%) and Wright Prospecting Pty Ltd (50%) agreed to modernise the joint venture covering the Rhodes Ridge project in the Eastern Pilbara, providing a pathway for development utilising Rio Tinto’s rail, port and power infrastructure. |  | In December 2023, we announced approval of a $77 million pre-feasibility study (PFS). The PFS continues to progress with good engagement with Traditional Owners and government. The PFS, which is targeting an initial capacity of up to 40 million tonnes per year, subject to relevant approvals, remains on track to be completed in 2025. First ore is expected by the end of the decade. Longer term, the resource could support a world-class mining hub with a potential capacity of more than 100 million tonnes of high-quality iron ore a year.
Lithium: Jadar |  |
Development of the greenfield Jadar lithium-borates project in Serbia will include an underground mine with associated infrastructure and equipment, as well as a beneficiation chemical processing plant. The Board committed funding in July 2021, subject to receiving all relevant approvals, permits and licences. The studies and capital estimates will need to be updated before project approval. |  | On 16 July 2024, the Constitutional Court of Serbia issued a decision stating the 2022 decree by the Government of Serbia to abolish the Jadar project spatial plan was unconstitutional and illegal. Subsequently, the Government of Serbia has reinstated the spatial plan to its previously adopted form. Following the decisions, we have continued to focus on consultation with all key stakeholders, including providing comprehensive factual information about the project. The application process for obtaining the Exploitation Field Licence (EFL) continued during the fourth quarter of 2024. The EFL is essential for commencing fieldwork, including detailed geotechnical investigations, while cultural heritage and environmental surveys have resumed. The Environmental Impact Assessment process for the scoping and content for the mine progressed through the public consultation phase. This step includes legally mandated consultations, which the project supports, to encourage an open, fact-based dialogue.
Mineral Sands: Zulti South |  |
Development of the Zulti South project at Richards Bay Minerals (RBM) in South Africa (Rio Tinto 74%). |  | Approved in April 2019 to underpin RBM’s supply of zircon and ilmenite over the life of the mine. The project remains on indefinite suspension, while a feasibility study refresh is underway.
Copper: Resolution |  |
The Resolution Copper project is a proposed underground copper mine in the Copper Triangle, in Arizona, US (Rio Tinto 55%). |  | We continue to await a decision from the U.S. Supreme Court on the petition filed by the Apache Stronghold requesting to hear its case to stop the land exchange between Resolution Copper and the federal government. Separately the Supreme Court denied a petition from the San Carlos Apache Tribe, asking the Court to review a decision by the Arizona Supreme Court regarding a water discharge permit issued to Resolution Copper. We continue to progress the Final Environmental Impact Statement with the United States Forest Service, however they have yet to advise on the date of republication. We also advanced partnership discussions with several federally-recognised Native American Tribes. While there is significant local support for the project, we respect the views of groups who oppose it and will continue our efforts to address and mitigate concerns.
Copper: Winu |  |
In late 2017, we discovered copper-gold mineralisation at the Winu project in the Paterson Province in Western Australia. In 2021, we reported our first Indicated Mineral Resource. The pathway remains subject to regulatory and other required approvals. |  | In December 2024, we signed a Term Sheet with Sumitomo Metal Mining for a Joint Venture to deliver the project. A pre-feasibility study with an initial development of processing capacity of up to 10 million tonnes per year is expected to be completed in 2025, along with the submission of an Environmental Review Document under the EPA Environmental Impact Assessment process. Project Agreement negotiations with Nyangumarta and the Martu Traditional Owner Groups remain our priority.
Copper: La Granja |  |
In August 2023, we completed a transaction to form a joint venture with First Quantum Minerals (FQM) that will work to unlock the development of the La Granja project in Peru, one of the largest undeveloped copper deposits in the world, with potential to be a large, long-life operation. |  | FQM acquired a 55% stake for $105 million and will invest up to a further $546 million into the joint venture to sole fund capital and operational costs to take the project through a feasibility study and toward development. All subsequent expenditures will be applied on a pro-rata basis in line with shared ownership. FQM is currently progressing community engagement and engineering studies.
Aluminium: ELYSIS |  |
ELYSIS, our joint venture with Alcoa, supported by Apple, the Government of Canada and the Government of Quebec, is developing a breakthrough inert anode technology that eliminates all direct greenhouse gases from the aluminium smelting process. |  | We will install carbon free aluminium smelting cells at our Arvida smelter in Quebec using the first technology licence issued by the ELYSIS joint venture. We will design, engineer and build a demonstration plant equipped with ten pots operating at 100 kiloamperes (kA), for a total investment of $285 million (Rio Tinto $179 million, Government of Quebec $106 million). The plant will have an annual capacity of 2,500 tonnes of commercial quality aluminium, with first production targeted by 2027. The joint venture is continuing its R&D program to scale up the ELYSIS TM technology. It has begun commissioning the larger prototype 450 kA cells at the Alma smelter, with the start- up sequence set to begin in 2025 (previously 2024).

Annual Report on Form 20-F 2024 | 24 | riotinto.com

Strategic report
Iron Ore

We are one of the world’s leading producers of iron ore, the primary raw material in steelmaking. In the Pilbara region of Western Australia, we operate a network of 17 iron ore mines, 4 port terminals and a rail network spanning nearly 2,000 kilometres. Steel remains essential for ongoing urbanisation and will support the global shift to decarbonise. |  | We also continue our work to build a mentally healthy, safe, and supportive workplace. Our focus is fostering a strong reporting culture where our people feel safe to speak up. We continue to develop the capability of our leaders, empowering them to identify and address psychosocial risks. Our psychosocial incident investigation process and related tools have been developed and tested, with implementation across our operations now well underway, reflecting the importance of these risks. Market insights In 2024, global steel demand reversed its 2023 gains, contracting by -1% year-on- year, as weak construction steel consumption in China outweighed gains in other end-use sectors and regions. China’s steel exports exceeded 110 million tonnes for the first time since 2015, which supported crude steel production. China imported around 1.3 billion tonnes of iron ore for the 5th consecutive year, while port inventories accumulated to 3-year highs of 156 million tonnes. This dynamic was also driven by a record 1.6 billion tonnes of seaborne supply. The major iron ore producers shipped almost 1.23 billion tonnes in 2024, up from 1.21 billion tonnes in 2023, but still below the 1.24 billion tonnes in 2018. Seaborne supply from all other, typically higher-cost, producers hit a new high of 340 million tonnes in 2024. Since around half of this supply was relatively high cost and price elastic, average annual iron ore prices were close to or exceeded $100/dmt FOB Western Australia for the 5th consecutive year.
Snapshot of the year |  | Safety With a focus on preventing fatalities, we have an unwavering commitment to the safety and wellbeing of all workers across our operations. We continue to learn, improve and focus on opportunities to verify and strengthen our critical risk management (CRM) to more effectively prevent fatality risks. We have structured our fatality prevention around risk management to ensure we build capability when undertaking high risk work within our operations. Overall, we maintained a lower frequency of potential fatal incidents (PFIs), which improved slightly to 12 in 2024. Falling objects and potential falls from height accounted for most of these events. Vehicle-related risks, previously our primary exposure, were successfully managed, resulting in zero PFIs related to this risk. Our all-injury frequency rate (AIFR) increased slightly to 0.67 (0.61 in 2023). Our commitment to safety includes the contractor partners who represent a large part of our total workforce. Together, we are finding better ways TM of working safely – enhancing road safety in the Pilbara, introducing innovative tools to reduce injuries and ensuring consistency in training and qualifications. |
AIFR 0.67 (2023: 0.61) |  | Employee numbers 1 16,000 (2023: 16,000)
Net cash generated from operating activities $11.7 bn (2023: $14.0 bn) |  | Scope 1 and 2 GHG emissions (equity Mt CO 2 e) 3.1 Mt (2023: 3.2 Mt)
1.This represents the average number of employees for the year, including the Group's share of non-managed operations and joint ventures. Refer to page 267 for more information.

| Image: Marandoo iron ore mine, Pilbara, Australia. |  |  | For information about decarbonisation efforts in the Iron Ore group, see our 2025 Climate Action Plan, pages 41-75. |  |  | For more on our Iron Ore business, see riotinto.com/ironore

Annual Report on Form 20-F 2024 | 25 | riotinto.com

Strategic report | Iron Ore
Iron Ore

Year ended 31 December | 2024 | 2023 | Change
Pilbara production (million tonnes — 100%) | 328.0 | 331.5 | (1%)
Pilbara shipments (million tonnes — 100%) | 328.6 | 331.8 | (1%)
Salt production (million tonnes — Rio Tinto share)¹ | 5.8 | 6.0 | (3%)
Segmental revenue (US$ millions) | 29,339 | 32,249 | (9%)
Average realised price (US$ per dry metric tonne, FOB basis) | 97.4 | 108.4 | (10%)
Underlying EBITDA (US$ millions) | 16,249 | 19,974 | (19%)
Pilbara underlying FOB EBITDA margin² | 65% | 69% |
Underlying earnings (US$ millions) | 9,097 | 11,882 | (23%)
Net cash generated from operating activities (US$ millions) | 11,652 | 14,045 | (17%)
Capital expenditure (US$ millions)³ | (3,012) | (2,588) | 16%
Free cash flow (US$ millions) | 8,561 | 11,374 | (25%)
Underlying return on capital employed⁴ | 50% | 64% |

Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year on year change.
1.Dampier Salt is reported within Iron Ore, reflecting management responsibility. Iron Ore Company of Canada continues to be reported within Minerals. The Simandou iron ore project in
Guinea reports to the Chief Technical Officer and is reported outside the Reportable segments.
2.The Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara underlying EBITDA divided by Pilbara segmental revenue, excluding freight revenue.
3. Capital expenditure is the net cash outflow on purchases less sales of property, plant and equipment; capitalised evaluation costs; and purchases less sales of other intangible assets.
4.Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average capital employed.
Financial performance
Underlying EBITDA of $16.2 billion was 19%
lower than 2023, primarily due to lower
realised prices ($2.7 billion) and marginally
lower shipments.
Unit costs of $23.0 per tonne were $1.5 per
tonne higher than 2023, driven by lower iron
ore production and inflation.
Our Pilbara operations delivered an
underlying FOB EBITDA margin of 65%,
compared with 69% in 2023, largely due to
the lower iron ore price and lower volumes.
We price the majority of our iron ore sales
(78%) by reference to the average index
price for the month of shipment. In 2024, we
priced approximately 10% of sales with
reference to the prior quarter’s average index
lagged by one month with the remainder sold
either on current quarter average, or other
mechanisms. We made approximately 75%
of sales including freight and 25% on an
FOB basis.
We achieved an average iron ore price of
$89.6 per wet metric tonne (2023: $99.7 per
wet metric tonne) on an FOB basis,
equivalent to $97.4 per dry metric tonne, with
an 8% moisture assumption (2023: $108.4
per dry metric tonne). This compares to the
average price for the monthly average Platts
index for 62% iron fines converted to a FOB
basis of $98.4 per dry metric tonne (2023:
$110.3 per dry metric tonne).
Segmental revenue for our Pilbara
operations included freight revenue of $2.3
billion (2023: $2.1 billion).
Net cash generated from operating activities
of $11.7 billion was 17% lower than 2023,
driven by the same drivers as underlying
EBITDA. After capital investment, which
included $0.4 billion increased investment in
Pilbara replacement projects, free cash flow
of $8.6 billion was $2.8 billion lower than
2023.
Review of operations
Pilbara operations produced 328.0 million
tonnes (100% basis), 1% lower than 2023.
Shipments (100% basis) were also 1% lower.
Production was affected by depletion,
predominantly at Paraburdoo as we
transition to Western Range and
Yandicoogina, as well as higher than
average rainfall. The Safe Production
System target of 5 million tonnes for 2024
was achieved for the second consecutive
year. Gudai-Darri demonstrated 50 million
tonne per annum rates during the fourth
quarter. Sustaining production at these rates
is subject to the timing of approvals for
planned mining areas and heritage
clearances, and continuation of the
debottlenecking program at the main plant.
We grew our portside business in 2024, with
total iron ore sales in China of 29.9 million
tonnes (23.3 million tonnes in 2023). At the
end of December, inventory levels were 7.1
million tonnes (6.4 million tonnes at the end
of December 2023), including 4.9 million
tonnes of Pilbara product. In 2024,
approximately 89% of our portside sales
were either screened or blended in Chinese
ports (86% in 2023).
In December 2024, we completed the sale of
Dampier Salt Limited’s Lake MacLeod
operation to Leichhardt Industrials Group for
consideration of A$375 million.

| For more information about our capital projects and future growth options, see pages 22-23.

Valued partnerships positioning us
for a more sustainable future
Together with the Ngarluma Aboriginal
Corporation, we’re progressing the
development of an 80MW solar farm on
Ngarluma Country, near Karratha, to supply
renewable energy to our Pilbara operations.
When complete, this project has the potential
to reduce the amount of natural gas currently
used for generation across
our Pilbara operations by up to 11%, and
could reduce Rio Tinto’s emissions by up to
120kt CO 2 e.
We're also exploring a renewable energy
project with the Yindjibarndi Energy
Corporation (YEC). Currently in development
by YEC, the project includes 75MW of solar
on a greenfield site located west of
Millstream Chichester National Park on
Yindjibarndi Country.
It’s the first project we’re exploring together
since we signed a memorandum of
understanding to collaborate on a range of
potential renewable energy opportunities,
including wind and solar power, as well as
battery energy storage systems.

| For more information see riotinto.com/pilbararenewables

Annual Report on Form 20-F 2024 | 26 | riotinto.com

Strategic report
Aluminium

As a global leader in low-carbon aluminium, we are uniquely positioned to further decarbonise our business and support the world’s transition towards a lower carbon footprint. A critical material – lightweight and highly recyclable – aluminium is set to play an increasingly vital role in our lives. We’re providing a diversified portfolio of primary and secondary aluminium solutions used to manufacture a wide range of products, including solar panels and transmission lines, jet engines, electric vehicles and smartphones. |  | Market insights After a relatively stable first quarter, the aluminium price rallied in the 2nd quarter due to sanctions against Russian metal but fell in the 3rd quarter on weaker global manufacturing data. The price rose at the end of the quarter after an interest rate cut by the US Federal Reserve and stimulus measures in China, and was supported in the 4th quarter due to high alumina costs. World semi-fabricated demand rose 2% year-on-year. Primary aluminium demand increased at a similar rate. Scrap spreads tightened in 2024 on low inventories and tight availability, resulting in lower margins for secondary producers. Ex-China demand fell in building and construction, and remained weak in automotive, but performed well in packaging and power infrastructure. Global aluminium demand will continue to be driven by the energy transition, particularly electric vehicles, and renewable energy. China is producing aluminium close to its self-imposed capacity cap of approximately 45 million tonnes, while growth in the rest of the world moderated on supply disruptions. Overall, the primary aluminium market was balanced in 2024, with visible inventories at low levels. The alumina price reached a multi-year high in the 4th quarter due to closures, supply disruptions, and constrained bauxite supply in China. The price corrected at the end of the quarter as supply improved but remained at a high level compared to the historical norm. China is the largest import market for bauxite, and seaborne bauxite prices into China performed strongly in 2024. Guinea exports to China increased approximately 10% year-on-year, accounting for around 70% of bauxite exports to China. However, supply growth could not keep pace with demand and China import bauxite prices surged in the 4th quarter.
Snapshot of the year |  | Safety In 2024, our all-injury frequency rate (AIFR) increased from 0.33 to 0.38, largely reflecting challenges at our Kitimat site in Canada. To help address these challenges, we engaged external safety consultants during Q4 to provide targeted support, focused on leadership and stabilising safety performance. Overall, our safety performance generally improved across our Aluminium operations. We continued to focus on uncovering and addressing systemic weaknesses and the root causes of our potential fatal incidents (PFIs). In particular, the focus we started in 2023 to promote more proactive PFI 2 reporting, and to improve the quality of PFI investigations has helped move us from 5 worker injuries in PFI events in 2023 to 2 in 2024. Looking ahead, we remain focused on reducing inherent risks in our business to drive lasting safety impacts for our workforce. By prioritising engineering design, strategic capital investment, and ongoing research, we will continue our work to eliminate hazards and remove people from the areas of greatest safety risk. |
AIFR 0.38 (2023: 0.33) |  | Employee numbers 1 16,000 (2023: 15,000)
Net cash generated from operating activities $3.0 bn (2023: $2.0 bn) |  | Scope 1 and 2 GHG emissions (equity Mt CO 2 e) 23.7 Mt (2023: 25.5 Mt)
1.This represents the average number of employees for the year, including the Group's share of non-managed operations and joint ventures. Refer to page 267 for more information. 2.A proactive PFI is one where there was neither injury nor property damage. Proactive PFIs are leading indicators of safety performance and offer the opportunity to learn from near miss incidents. They reflect a psychologically safe culture.

| Image: Grande-Baie aluminium casting centre, Quebec, Canada. |  |  | For information about decarbonisation efforts in the Aluminium group, see our 2025 Climate Action Plan, pages 41-75. |  |  | For more on our Aluminium business, see riotinto.com/aluminium

Annual Report on Form 20-F 2024 | 27 | riotinto.com

Strategic report | Aluminium
Aluminium

Year ended 31 December | 2024 | 2023 | Change
Bauxite production ('000 tonnes — Rio Tinto share) | 58,653 | 54,619 | 7%
Alumina production ('000 tonnes — Rio Tinto share) | 7,303 | 7,537 | (3%)
Aluminium production ('000 tonnes — Rio Tinto share) | 3,296 | 3,272 | 1%
Segmental revenue (US$ millions) | 13,650 | 12,285 | 11%
Average realised aluminium price (US$ per tonne) | 2,834 | 2,738 | 4%
Underlying EBITDA (US$ millions) | 3,673 | 2,282 | 61%
Underlying EBITDA margin (integrated operations) | 30% | 21% |
Underlying earnings (US$ millions) | 1,483 | 538 | 176%
Net cash generated from operating activities (US$ millions) | 3,032 | 1,980 | 53%
Capital expenditure — excluding EAUs (US$ millions)¹ | (1,694) | (1,331) | 27%
Free cash flow (US$ millions) | 1,302 | 619 | 110%
Underlying return on capital employed² | 10% | 3% |

1.Capital expenditure is the net cash outflow on purchases less sales of property, plant and equipment; capitalised evaluation costs; and purchases less sales of other intangible assets. It
excludes equity accounted units (EAUs).
2.Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average capital employed.
Financial performance
Overall we delivered a significant uplift in
profitability for our Aluminium business with a
61% increase in underlying EBITDA to $3.7
billion, underlying EBITDA margin rising nine
percentage points to 30% and underlying
ROCE of 10%. We saw an 8% increase in
the average LME price with price support
from high alumina costs and the cancellation
of Chinese VAT rebates on the export of
semi-finished goods. Market-related costs for
key materials such as caustic, coke and pitch
moderated with some of this flowing through
to underlying EBITDA, offsetting some of the
impact of a higher alumina price. Higher
bauxite volumes from record annual
production at Gove and Amrun and
increased bauxite pricing were partially offset
by lower alumina production following the
breakage of a third-party gas pipeline in
Queensland.
We achieved an average realised aluminium
price of $2,834 per tonne, 4% higher than
2023. The average realised aluminium price
comprises the LME price, a market premium
and a value-added product (VAP) premium.
The cash LME price averaged $2,419 per
tonne, 8% higher than 2023, while in our key
US market, the Midwest premium duty paid,
which is 59% of our total volumes (2023:
57%), decreased by 17% to $427 per tonne
(2023: $512 per tonne). Our VAP sales
represented 46% of the primary metal we
sold (2023: 46%) and generated product
premiums averaging $295 per tonne of VAP
sold (2023: $354 per tonne).
Our cash generation also improved
significantly, with net cash generated from
operating activities of $3.0 billion, a rise of
53%, compared with 2023. Free cash flow of
$1.3 billion reflected capital investment in the
business of $1.7 billion.
Review of operations
Bauxite production of 58.7 million tonnes was
7% higher than 2023, exceeding our
guidance. We delivered record annual
production at Gove and Amrun following
implementation of the Safe Production
System.
We shipped 40.9 million tonnes of bauxite to
third parties, 10% higher than 2023.
Segmental revenue for bauxite increased
28% to $3.1 billion. This includes freight
revenue of $0.5 billion (2023: $0.5 billion).
Alumina production of 7.3 million tonnes was
3% lower than 2023, due to the impacts to
our Gladstone operations from the breakage
of the third-party operated Queensland Gas
Pipeline in March. Gas supplies to our
Gladstone operations from the third-party
operated Queensland Gas Pipeline were
meeting 100% of our requirements by year-
end.
As the result of sanction measures by the
Australian Government, Rio Tinto has taken
on 100% of capacity of Queensland Alumina
Limited (QAL) for as long as the sanctions
continue. This results in use of Rusal’s 20%
share of capacity by Rio Tinto under the
tolling arrangement with QAL. This additional
output is excluded from the production tables
in this report as QAL remains 80% owned by
Rio Tinto and 20% owned by Rusal.
Aluminium production of 3.3 million tonnes
was 1% higher than 2023. At our New
Zealand Aluminium Smelter (NZAS),
production continued to ramp up following a
previous call from Meridian Energy to reduce
electricity usage in August 2024, for which
we are compensated. As previously reported,
we expect the ramp-up to run through to the
second quarter of 2025.
We completed the previously announced
acquisition of Sumitomo Chemical
Company’s (SCC’s) 20.64% interest in NZAS
on 1 November 2024 and now fully own the
Tiwai Point aluminium smelter.
We also completed the previously
announced acquisition of SCC’s 2.46% stake
in Boyne Smelters Limited (BSL). The
completion of this transaction, along with the
recently completed acquisition of Mitsubishi’s
11.65% stake in BSL, brings Rio Tinto’s total
interest in BSL to 73.5%.
Production is reported including these
changes in ownership from 1 November
2024.

| For more information about our capital projects and future growth options, see pages 22-23.

Installing ELYSIS TM carbon-free
smelting technology
Our ELYSIS joint venture with Alcoa is
progressing the development of a
breakthrough inert anode technology
that eliminates all direct greenhouse
gas (GHG) emissions from the aluminium
smelting process.
In 2024, we announced a $285 million
investment, including $106 million from
the Government of Québec, to build a
demonstration plant equipped with 10 ELYSIS
pots at our Arvida smelter. These pots,
operating at 100kA, replicate the technology
that has successfully produced commercial-
purity aluminium at the ELYSIS Industrial
Research and Development Center. The
demonstration plant will have the capacity to
produce up to 2,500 tonnes of aluminium per
year, with first production targeted by 2027.
This project is part of our phased approach to
support the development of the technology. It
will allow us to conduct further tests and to
build expertise in installing and operating the
ELYSIS™ technology towards future
industrial-scale implementation.

| For more information see riotinto.com/elysis

Annual Report on Form 20-F 2024 | 28 | riotinto.com

Strategic report
Copper

Copper is an essential material for electrification and the global energy transition. By the end of the decade, we aim to deliver 1 million tonnes of copper per year from our global portfolio of assets and projects spanning 4 continents. We are focused on maximising value from our existing assets, delivering profitable growth by unlocking projects, and investing in quality partnerships across the copper value chain. |  | In 2025, we will look to prioritise building care, capability and trust to further improve ongoing risk management efforts and first line assurance implementation. Assurance plans are in progress for Oyu Tolgoi and Kennecott, while Resolution and Winu will also move to implement first line assurance plans for key critical risks. Market insights Copper prices climbed to a record high in late May following a series of high-profile supply disruptions and strong Chinese imports. Financial flows into copper amplified this rally, with copper demand seen as a major beneficiary of both the energy transition and data centre investment for AI. Prices subsequently retreated as supply outperformed expectations, US rate cuts continued to be delayed, and exchange inventory rose to a 4-year high. The refined copper market was in a small surplus across 2024. Supply rose modestly, despite high-profile disruptions early in the year. Production growth from the Democratic Republic of the Congo was notably strong. Demand from data centre and energy-transition exposed segments remained positive despite some headwinds from substitution and thrifting as technologies mature. Traditional segments such as residential construction had a more challenging year. Despite this, copper prices averaged 415 US cents per pound in 2024, up 8% from 385 US cents per pound in 2023. In contrast, copper concentrate was undersupplied in 2024, due to significant smelter capacity additions in China and other Asian countries. Treatment and refining charges fell sharply as a result and turned negative from April until August as smelters competed for material.
Snapshot of the year |  | Safety In 2024, we recorded 24 potential fatal incidents (PFIs), an increase from 22 in 2023. Notable critical risks associated with these events were: fall from height, uncontrolled releases of energy, and falling objects. Our all-injury frequency rate (AIFR) dropped slightly to 0.33, a modest decrease from 0.35 in 2023, with an AIFR of 0.27 for employees, and 0.37 for our contractor workforce. Ongoing monitoring to identify continuous improvement opportunities includes two-way learning with our contractor partners. Our Critical Risk Management program and Safety Maturity Model underpin our absolute focus on preventing fatalities and serious events. During the year, key achievements included simplification of critical control tools, as well as capability building through our Leadership in the Field program. At the asset level, we progressed site- specific hazard exposure reduction strategies, which involved mitigating the potential for exposure to silica dust at Oyu Tolgoi, and to sulphur dioxide at Kennecott. Our Winu project team also piloted a psychosocial risk management framework, reinforcing our commitment to a safe, healthy workplace. |
AIFR 0.33 (2023: 0.35) |  | Employee numbers 1 9,000 (2023: 8,000)
Net cash generated from operating activities $2.6 bn (2023: $0.6 bn)2 |  | Scope 1 and 2 GHG emissions (equity Mt CO 2 e) 1.0 Mt (2023: 1.0 Mt)
1.This represents the average number of employees for the year, including the Group's share of non-managed operations and joint ventures. Refer to page 267 for more information. 2.Comparative information has been adjusted to reflect the movement of Rio Tinto Guinea from the Copper product group to “Other operations”. Refer to note 1 (page 167) for details.

| Image: Oyu Tolgoi, Mongolia. |  |  | For information about decarbonisation efforts in the Copper group, see our 2025 Climate Action Plan, pages 41-75. |  |  | For more on our Copper business, see riotinto.com/copper

Annual Report on Form 20-F 2024 | 29 | riotinto.com

Strategic report | Copper
Copper

Year ended 31 December | 2024 | 2023 | Change
Mined copper production ('000 tonnes — consolidated basis) | 697 | 620 | 13%
Refined copper production ('000 tonnes — Rio Tinto share) | 248 | 175 | 42%
Segmental revenue (US$ millions) | 9,275 | 6,678 | 39%
Average realised copper price (US cents per pound)¹ | 422 | 390 | 8%
Underlying EBITDA (US$ millions)² | 3,437 | 1,960 | 75%
Underlying EBITDA margin (product group operations) | 49% | 42% |
Underlying earnings (US$ millions)² | 811 | 190 | 327%
Net cash generated from operating activities (US$ millions)³ | 2,590 | 596 | 335%
Capital expenditure — excluding EAUs⁴ (US$ millions) | (2,055) | (1,976) | 4%
Free cash flow (US$ millions)² | 526 | (1,386) |
Underlying return on capital employed (product group operations)⁵ | 6% | 3% |

1.Average realised price for all units sold. Realised price does not include the impact of the provisional pricing adjustments, which negatively impacted revenues by $92 million
(2023: $2 million positive).
2.Accountability for Rio Tinto Guinea, our in-country external affairs office, remains with Bold Baatar, and has therefore moved from the Copper product group to “Other operations” following
his change in role to Chief Commercial Officer. Accordingly, prior period amounts have been adjusted for comparability.
3.Net cash generated from operating activities excludes the operating cash flows of equity accounted units (EAUs) but includes dividends from EAUs (Escondida).
4.Capital expenditure is the net cash outflow on purchases less sales of property, plant and equipment, capitalised evaluation costs and purchases less sales of other intangible assets.
It excludes EAUs.
5.Underlying return on capital employed (ROCE) is defined as underlying earnings (product group operations) excluding net interest divided by average capital employed.
Financial performance
Improved financials benefited from the
steady ramp-up at Oyu Tolgoi, the strong
performance at Escondida and the
successful restart of the Kennecott smelter,
following the rebuild in 2023, releasing
working capital through the drawdown of
inventories, enhancing operating cash flow.
Underlying EBITDA increased by 75%
compared with 2023 and free cash flow
turned positive supported by a strong LME
copper price and higher volumes. Overall,
mined copper production rose by 13% and
refined copper production by 42%.
Copper C1 net unit costs, at 142 cents per
pound, reduced by 53 cents per pound, or
27%, from 2023, reflecting cost efficiencies
on the higher mined copper production at
Oyu Tolgoi and Escondida, and higher
refined copper production at Kennecott,
following the smelter rebuild in 2023.
We generated significantly higher net cash
from operating activities of $2.6 billion, which
included higher dividends from Escondida.
Review of operations
Mined copper production, at 697 thousand
tonnes, was 13% higher than 2023, reflecting
the ramp-up of Oyu Tolgoi underground and
increased production from Escondida due to
higher grades fed to the concentrator (0.99%
versus 0.83%). This offset geotechnical
challenges at Kennecott as instabilities in the
pit wall impacted the mining sequence from
the second quarter of 2024.
Refined copper production increased by 42%
to 248 thousand tonnes with the Kennecott
smelter and refinery returning to normal
operations following the successful rebuild in
2023.
Oyu Tolgoi underground project
In 2024, we delivered 6.5 million tonnes of
ore milled from the underground mine at an
average copper head grade of 1.94% and
34.5 million tonnes from the open pit with an
average grade of 0.39%. The ramp-up
remains on track to reach 500 thousand
tonnes of copper production per annum
(100% basis and stated as recoverable
metal) for the Oyu Tolgoi underground and
open pit mines for the years 2028 to 2036 1.
We continue to see good performance from
the underground mine. We completed
drawbell construction at Panel 0, with a total
of 124 drawbells opened. The sinking of
ventilation Shafts 3 and 4 was completed in
April 2024 following the breakthrough to
surface. Both shafts were commissioned in
the second half of 2024.
In November 2024, Oyu Tolgoi successfully
concluded Collective Agreement
negotiations, marking a historic milestone as
the first agreement involving two trade
unions at the operation. The agreement will
remain in effect for the next three years.

| For more information about our capital projects and future growth options, see pages 22-23.

1.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.
Advancing Winu with Sumitomo
Metal Mining
In December, we announced a new
partnership with Sumitomo Metal Mining
(SMM) to deliver the Winu copper-gold
project in Western Australia. Under the Term
Sheet signed between the partners, Rio Tinto
will continue to develop and operate Winu as
the managing partner, with SMM to acquire a
30% equity share. Located in the Great
Sandy Desert, near our Pilbara iron ore
operations, Winu is a low-risk, long-life
deposit that is highly prospective for
expansion. In 2025, alongside finalising the
joint venture definitive agreements, we will
advance regulatory approvals for an initial
processing capacity up to 10Mtpa.
Environmental Review Document
preparation under the Environmental
Protection Authority of Western Australia’s
Environmental Impact Assessment process
will take place in parallel with ongoing Project
Agreement negotiations with the
Nyangumarta People, Traditional Owners
of the land on which the Winu deposit is
situated, and the Martu People, Traditional
Owners of the land home to the
Karlkayn airstrip.
As part of our renewed relationship with
SMM, we have also entered into a letter of
intent to explore broader value chain
opportunities for commercial, technical, and
strategic collaboration across copper, other
base metals and lithium.

| For more information see riotinto.com/winu

Annual Report on Form 20-F 2024 | 30 | riotinto.com

Strategic report
Minerals

Our Minerals portfolio produces materials essential to a low- carbon future from a global suite of assets and projects well- positioned to support the electrification of the world’s economies. We are developing and growing a world-class lithium business at an accelerated pace: producing first lithium from our Rincon Project, Argentina in December. We also produce long-life, high- grade, low-impurity iron ore pellets and concentrate, titanium dioxide, speciality borates and diamonds from our operations in Canada, Madagascar, South Africa and the US. |  | Market insights Titanium dioxide market fundamentals stabilised in 2024, with downstream and midstream producers noting improving sales and margins. Elevated inventories limited feedstock purchases and put downward pressure on prices. Borates demand improved in 2024, evidenced by increasing shipments into key consuming regions. Weakness in pricing resulted from stronger supply availability after supply chain disruptions were cleared. A softer demand and pricing environment for steel impacted the high-grade iron ore fines and pellets segments in 2024. Blast Furnace (BF) steelmakers sought to reduce exposure to higher quality, higher cost inputs, with seaborne pellet consumption falling year-on-year. This resulted in lower BF-grade pellet premiums than seen in 2023. Meanwhile, Direct Reduction grade pellet premiums were supported by stable demand in the MENA (Middle East and North Africa) region which, although cooler than the previous year, continued to support seaborne demand and prices. Lithium carbonate prices remained subdued in 2024, largely due to slower growth in electric vehicle (EV) production despite record sales of 17 million units. While lithium demand and supply grew by about 25% year-on-year, the market faced an oversupply. Increased supply from earlier investments contributed to this imbalance, leading to the suspension of several lithium projects and production cuts by existing producers. Nonetheless, long-term market fundamentals remain strong, supported by government policies and expanding EV adoption. Additional investment will be essential to address future supply shortfalls.
Snapshot of the year |  | Safety Tragically 4 of our colleagues and 2 crew members lost their lives in a plane crash while travelling to our Diavik diamond mine on 23 January. We are currently awaiting the investigation findings from the Transportation Safety Board of Canada, which are expected in 2025. In 2024, the number of potential fatal incidents (PFIs) dropped to 26, compared to 27 in 2023 with the most common involving risk of vehicle collision or rollover and falling objects. We continue to focus our efforts on mitigating these risks, implementing targeted safety measures and corrective actions informed by thorough investigations. Our all-injury frequency rate (AIFR) increased to 0.31, compared to 0.24 in 2023, reflecting an increase in injuries among both employees and contractors. The rate of injuries in our contractor workforce increased from 0.20 in 2023 to 0.27 in 2024, and our employee injury rate rose from 0.28 in 2023 to 0.35 this year. In 2025, we will continue to build on our progress by leveraging the safety maturity model to drive further enhancements. Along with this, we will place a stronger emphasis on health, environmental responsibility, and security to ensure a safer, more productive environment for both our employees and contractor partners. Our commitment to these areas will be key to achieving our goals. |
AIFR 0.31 (2023: 0.24) |  | Employee numbers 1 10,000 (2023: 10,000)
Net cash generated from operating activities $0.7 bn (2023: $0.5 bn) |  | Scope 1 and 2 GHG emissions (equity Mt CO 2 e) 2.3 Mt (2023: 3.7 Mt)
1.This represents the average number of employees for the year, including the Group's share of non-managed operations and joint ventures. Refer to page 267 for more information.

| Image: Richards Bay Minerals operation, South Africa. |  |  | For information about decarbonisation efforts in the Minerals group, see our 2025 Climate Action Plan, pages 41-75. |  |  | For more on the minerals we produce, see riotinto.com/products

Annual Report on Form 20-F 2024 | 31 | riotinto.com

Strategic report | Minerals
Minerals

Year ended 31 December | 2024 | 2023 | Change
Iron ore pellets and concentrates production¹ (million tonnes — Rio Tinto share) | 9.4 | 9.7 | (2%)
Titanium dioxide slag production ('000 tonnes — Rio Tinto share) | 990 | 1,111 | (11%)
Borates production ('000 tonnes — Rio Tinto share) | 504 | 495 | 2%
Diamonds production ('000 carats — Rio Tinto share) | 2,759 | 3,340 | (17%)
Segmental revenue (US$ millions) | 5,531 | 5,934 | (7%)
Underlying EBITDA (US$ millions) | 1,080 | 1,414 | (24%)
Underlying EBITDA margin (product group operations) | 26% | 30% |
Underlying earnings (US$ millions) | 143 | 312 | (54%)
Net cash generated from operating activities (US$ millions) | 705 | 548 | 29%
Capital expenditure (US$ millions)² | (798) | (746) | 7%
Free cash flow (US$ millions) | (126) | (229) | 45%
Underlying return on capital employed (product group operations)³ | 8% | 13% |

1. Iron Ore Company of Canada (IOC) continues to be reported within Minerals.
2.Capital expenditure is the net cash outflow on purchases less sales of property, plant and equipment; capitalised evaluation costs; and purchases less sales of other intangible assets.
3.Underlying return on capital employed (ROCE) is defined as underlying earnings (product group operations) excluding net interest divided by average capital employed.
Financial performance
Underlying EBITDA of $1.1 billion was 24%
lower than 2023, primarily due to lower
pricing across most commodities, in
particular titanium dioxide feedstocks,
borates and iron ore. Underlying demand for
titanium dioxide feedstocks remains soft
while the borates market is recovering from
supply chain disruptions.
Net cash generated from operating activities
of $0.7 billion was 29% higher than 2023,
when a build in working capital took place.
Further investment is being made to develop
our battery minerals business, resulting in
negative free cash flow of $126 million.
Underlying EBITDA and net cash generated
from operating activities in 2024 include $0.2
billion 1 insurance proceeds relating to the
process safety incidents at RTIT and the
forest fires at IOC which took place in 2023.
Review of operations
Production of iron ore pellets and
concentrate at IOC of 9.4 million tonnes was
2% lower than 2023 primarily due to an 11-
day site-wide shutdown driven by forest fires
in mid-July, resulting in a revised mine plan
and maintenance schedule. We also
experienced operational challenges in the
mine and concentrator throughout the year.
Annual rail haulage was 36.4 million tonnes,
7% higher than in 2023, driven by continued
operational improvements to meet increasing
third-party and IOC demand. Our focus
going forward is to stabilise the operation
and achieve safe, cost-effective and
consistent production.
TiO 2 slag production of 990 thousand tonnes
was 11% lower than 2023, primarily due to
reduced market demand. A furnace
reconstruction, starting in the first quarter of
2024, continues at our RTIT Quebec
Operations. Through 2024, we operated six
out of nine furnaces in Quebec and three out
of four at Richards Bay Minerals (RBM).
Borates production was 2% higher than 2023
supported by recovering market demand,
and despite unplanned plant downtime in
April 2024.
Our share of carats recovered was 17%
lower than 2023. Diamond production was
impacted by the tragic plane crash earlier in
2024, as well as cessation of A21 open pit
mining in the third quarter of 2023.
First lithium was produced from the Rincon
project starter plant in Argentina in November
2024. First commercial production is targeted
for the first half of 2025.

| For more information about our capital projects and future growth options, see pages 22-23.

1.There is no overall financial impact to the Rio Tinto
Group, with the offset reflected centrally.
BlueSmelting’s game-changing
potential
In 2024, we continued developing
BlueSmelting™, a groundbreaking ilmenite
reduction technology. BlueSmelting has the
potential to reduce up to 70% of the
Rio Tinto Iron & Titanium (RTIT) Quebec
Operations' global greenhouse gas (GHG)
emissions, representing a decrease of
approximately 670,000 tonnes of CO 2
equivalent compared to 2021 emissions.
BlueSmelting™ technology creates the
possibility of producing high-grade titanium
dioxide feedstock, steel, and metal powders
with a drastically reduced carbon footprint.
The BlueSmelting process being
demonstrated at RTIT Quebec Operations is
a world-first technology, developed in-house,
that adds a step before the traditional
smelting process – pre-reduction – leading to
an overall decrease in the site GHG
emissions. It combines mature in-house
technology, found in other processes used
on-site, with new innovations. BlueSmelting
uses fluid bed reactors to reduce the coal
required for the traditional smelting process,
meaning less coal and electricity are used to
complete the ore reduction.
The BlueSmelting demonstration plant – the
largest of its kind in the world – is capable of
producing up to 40,000 tonnes of ilmenite ore
a year, with drastically fewer emissions.

| For more on BlueSmelting, see riotinto.com/bluesmelting

Annual Report on Form 20-F 2024 | 32 | riotinto.com

Strategic report
Our approach to ESG
As stewards of the lands where we operate, we have a responsibility to safely and sustainably
access the world’s essential materials.
This responsibility underpins everything we
do and drives our commitment to embedding
sustainability considerations into every stage
of our business – from exploration to closure.
To do this, we align our priorities and
performance with society’s evolving
expectations. Each year we complete a
materiality assessment to understand what
ESG topics matter most to our stakeholders
and our business. This process includes
gathering information from internal and
external stakeholders through interviews,
surveys and publicly available information to
understand what impacts, risks and
opportunities are important now and what
they think will be important in the medium to
long term.
It’s essential we manage these ESG topics
well as we strive for impeccable ESG
credentials and a strong social licence, with
the insights gathered through this process
helping us to strengthen our approach and
contribute to the long-term sustainability and
success of our business for all stakeholders.

| For more information see riotinto.com/ sustainabilityapproach

The United Nations Sustainable
Development Goals (UN SDGs)
Our ESG framework describes how we
manage and report externally on these topics
and how we contribute to the UN SDGs,
which are recognised as the global blueprint
for a sustainable future.
The SDGs are a useful reference point,
helping us to prioritise our efforts to align with
society’s expectations and deliver meaningful
impact. We focus on goals we feel are most
relevant to operating our business
responsibly and where we can make the
greatest difference. Our 2 lead goals are
SDG 12 (responsible consumption and
production) and SDG 8 (decent work and
economic growth).
Our operations also contribute to 8 supporting
SDGs (3, 4, 5, 6, 9, 10, 13 and 15), while SDG
17 (partnerships for the goals) reflects our
approach to sustainability and is fundamental
to the way we run our business.
What’s important now
Our internal and external stakeholders are
broadly aligned on 4 highly material ESG
topics: climate change 1; respecting human
rights; cultural heritage management; and
health, safety and wellbeing.
Additional material topics for us as we strive
to build a sustainable business include:
biodiversity and ecosystems; business
integrity and governance; ESG transparency
and disclosure; inclusion, diversity and
equity; local community relations, tailings and
mineral waste management; business
performance; and water management.
What will be important in the future
Stakeholders feel climate change will
continue to increase in importance over the
next decade, alongside biodiversity and
ecosystems; the impact of technology;
respecting human rights; risk management
and cyber security; business integrity and
governance; supply chain transparency; and
end-to-end materials management. Water
management will also remain an important
topic due to the reliance of local communities
and our operations on this increasingly
scarce resource.
1.Includes greenhouse gas emissions reduction, climate
resilience and adaptation, and just transition.
Our ESG framework

Environment |  | Social |  | Governance
Low-intensity materials |  | Environment and nature |  | Mining & metals practices |  | Heritage, culture & Indigenous Peoples |  | Human rights |  | Talent, diversity & inclusion |  | Health, safety & wellbeing |  | Supporting social & economic opportunity |  | Transparent, values-based ethical business
Climate change |  | Water management |  | Tailings & mineral waste management |  | Cultural heritage management |  | Respecting human rights |  | Inclusion, diversity & equity |  | Health, safety & wellbeing |  | Local community relations |  | Business integrity & governance
End-to-end materials management |  | Biodiversity & ecosystems |  | Closure, post- mining & land rehabilitation |  |  |  |  |  | Employment & talent retention |  | Pandemic response & public health |  | Impact of technology |  | ESG transparency & disclosure
Future-proof assets |  | Industrial environment impacts |  |  |  |  |  |  |  |  |  |  |  |  |  | Business performance
Key l Higher materiality l Medium materiality l Lower materiality |  |  |  |  |  |  |  |  |  |  |  |  |  | Risk management & cyber security
|  |  |  |  |  |  |  |  |  |  |  |  | Responsible tax & royalty payments
Each material topic above appears under either the environment, social or governance theme to which it primarily relates. However, there is crossover among ESG themes, meaning some material topics can be relevant to 2 or even all 3 themes. Accordingly, we work with themes and topics holistically, not in silos. |  | Supply chain transparency

Annual Report on Form 20-F 2024 | 33 | riotinto.com

Strategic report | Our approach to ESG
Reporting our performance
Our materiality assessment records the
threshold at which an issue or topic becomes
important enough for us to report on
externally. The importance of a topic is based
on the significance of its impacts on, and
risks and opportunities for, stakeholders. Our
ESG materiality assessment considers our
impacts externally and, conversely, the effect
of external factors on our business.
As an ICMM member, we commit to
reporting on our ESG performance against
the Global Reporting Initiative (GRI)
standards and implementing the ICMM
Performance Expectations (PEs). The ICMM
Mining Principles framework focuses on the
implementation of systems and practices
related to a broad range of ESG areas. In
2022, we disclosed that we prioritised 26 of
our 29 operating assets for validation within
the 3-year cycle (2023-2025). There are now
30 operating assets and we have prioritised
one additional asset for validation in 2025,
thereby resulting in a total of 28 out of our 30
operating assets being prioritised for
validation. Since 2022, we have been
progressing the validations according to plan.
In 2024, on-site third-party validations were
completed for 12 of our priority operating and
refining assets. The validation reports
demonstrate a high level of alignment
between the self-assessment and validation
outcomes, with identification of relevant
areas for improvement. Information for the
2023 and 2024 validation results is
presented in the ICMM PE Summary tab in
the 2024 Sustainability Fact Book. In 2024,
we have also introduced a new tab showing
the Towards Sustainable Mining (TSM)
outcomes for 3 of our Canadian sites and all
of our Pilbara iron ore sites. We have
continued to improve our reporting to meet
additional disclosure requirements, including
the ICMM Social and Economic Reporting
Framework (SERF). In 2024, we have
disclosed our performance against the SERF
indicators in the ICMM SERF tab.
The majority of our ESG reporting is
incorporated into this Form 20-F and
supplemented by our 2024 Sustainability
Fact Book, containing current and historical
data on topics including health, safety,
environment, climate, communities, human
rights, responsible sourcing, ICMM PEs
and transparency.
Governance and assurance
The Sustainability Committee oversees
strategies to manage social and
environmental impacts, risks and
opportunities, including management
processes and standards. The Sustainability
Committee reviews the effectiveness of
management policies and procedures
relating to safety, health, employment
practices (apart from remuneration, which is
the responsibility of the People &
Remuneration Committee), relationships with
neighbouring communities, environment,
tailings, security and human rights, land
access, political involvement and sustainable
development. Given its strategic significance,
climate change is overseen directly by the
Board.

| For more information about our Sustainability Committee see pages 117-118.

This year, the Group’s auditor, KPMG, was
engaged to provide the Directors of Rio Tinto
with assurance on selected sustainability
subject matters. KPMG’s limited assurance
statement satisfies the requirements of
subject matters 1 to 4 of the ICMM
assurance procedure.

Non-financial and sustainability
information statement
The ESG section includes information required
by regulation in relation to:
–Environmental and climate matters,
including Task Force on Climate-Related
Financial Disclosures (TCFD) disclosures
(pages 41-75)
–Our employees (pages 78-80)
–Social matters (pages 76-84)
–Human rights (page 85)
–Corruption and bribery (pages 86-87)
Other related information can be found here:
–Our business model (page 8)
–Non-financial key performance indicators
(page 34)
–Material risks and how they are managed
(pages 91-98).
Notes on data
The data summarised in this ESG section
relates to calendar years. Unless stated
otherwise, parameters are reported for all
managed operations without adjustment for
equity interests. Where possible, we include
data for operations acquired before
1 October of the reporting period. Divested
operations are included in data collection
processes up until the transfer of
management control.

| For more information see our 2024 Sustainability Fact Book at riotinto.com/ sustainabilityreporting

How we report | Annual Report | Tax reports 1 | Human rights statements 2 | Sustainability Fact Book
Linking sustainability to purpose and strategy | l |  |  |
Materiality and material topics | l |  |  |
Climate change | l |  |  | l
Economic contribution | l | l |  | l
Human rights | l |  | l | l
Indigenous Peoples | l |  |  | l
Memberships and certifications |  |  |  | l
Sustainability data and trends |  |  |  | l

1.Includes our Taxes and Royalties Paid Report and Country-by-Country Report.
2.Includes our Modern Slavery Statement and our Voluntary Principles on Security and Human Rights report.

Annual Report on Form 20-F 2024 | 34 | riotinto.com

Strategic report | Our approach to ESG
2024 performance against ESG targets

Targets |  | 2024 performance
Reach zero fatalities and eliminate workplace injuries and catastrophic events. |  | 5 fatalities at managed operations. (2023: 0 fatalities). –All-injury frequency rate (AIFR) at 0.37 (target: 0.38). (2023: 0.37). –1.78 million critical risk management (CRM) verifications. (2023: 1.53 million).
Have all of our businesses identify at least one critical health hazard material to their business and demonstrate a year-on-year reduction of exposure to that hazard. |  | In 2024, 6 of our assets across Rio Tinto achieved an exposure reduction to known health risks (airborne contaminants and noise). (2023: 6 assets).
Reduce the rate of new occupational illnesses each year. |  | 44% increase in the rate of new occupational illnesses since 2023. (2023: 15% increase).
Reduce our absolute Scope 1 and 2 greenhouse gas emissions by 15% by 2025 and by 50% by 2030 (when compared to 2018 levels), and achieve net zero emissions from our operations by 2050.1 |  | The 2024 adjusted gross Scope 1 and 2 baseline emissions are 30.7 Mt CO 2 e, a reduction of 5.0 Mt CO 2 e (14%) relative to our 2018 base year. After carbon credits are applied, the net Scope 1 and 2 emissions are 29.6 Mt CO 2 e, a reduction of 17% against our target. (2023: 5.5%).
Achieve our global Communities and Social Performance (CSP) targets 2 as follows: –Year-on-year increase in contestable spend sourced from suppliers local 3 to our operations. –All sites to co-manage cultural heritage with communities and knowledge holders by 2027. –70% of total social investment to be made through strategic, outcomes-focused partnerships by 2027. –All employees in high-risk human rights roles to complete job-specific human rights training annually by 2024. –All employees to complete general human rights training by 2027. –100 Indigenous leaders in Australia (managers and above) by 2026. |  | –We sourced 14.75% of contestable spend from suppliers local to our operations, a decrease⁴ from 16.80% in 2023. Progress for each product group is included in the 2024 Sustainability Fact Book. –More than 25 sites have completed a Cultural Heritage Maturity Framework self-assessment, to identify existing gaps and establish actions to progress along the maturity continuum 5. Two assets matured in their performance in 2024 (others maintaining their performance from 2023) and 14 assets assessed themselves as L4 (Integrated) or above. –In 2024, more than 44% of current Group-wide social investment initiatives were identified as strategic partnerships, assessed against the strategic partnering self-assessment tool. –In 2024, a new mandatory Human Rights in Action learning program was assigned to higher risk roles, with 85% completions recorded for the year. Other progress updates on human rights learning initiatives are in the 2024 Sustainability Fact Book. –At the end of 2024, we had 61 Indigenous leaders in our business in Australia.
Improve diversity 6 in our business by: –Increasing women in the business (including in senior leadership 7) each year. –Aiming for 50% women in our graduate intake. –Aiming for 30% of our graduate intake to be from places where we are developing new businesses. |  | –25.2% of our workforce were women, up 0.9% from 2023. –33.3% of our executive leaders were women, up 8.3% from 2023. –32% of senior leadership were women, up 1.9% from 2023. –42.8% of Board roles were held by women, up 12% from 2023. –56.6% of our graduate intake were women, up 5% from 2023. –20% of our graduate intake were from places where we are developing new businesses 8, down 17.6% from 2023.
Improve our employee engagement and satisfaction. |  | No change to our employee satisfaction (eSAT 9) score since 2023 (score remains 74). (2023: 1 point increase).

1.Refer to the Climate Action Plan in our Form 20-F for details on how we are progressing towards our greenhouse gas emissions targets.
2.In 2024, we progressed initiatives towards our 2026 CSP targets. We also extended those targets for one year, to conclude in 2027, to accommodate Group-wide productivity and culture
initiatives.
3.We take a site-centric view of the definition of local, which allows operations to establish their own definition, based on a set of common principles. These principles require that each
operation, in defining “local” takes into consideration its geographic, social and economic area of impact as well as ownership. For example, suppliers located within the Pilbara region of
Western Australia are defined as “local” for our iron ore product group's Pilbara Operations. This approach is consistent with international best practice and aligns with the ICMM SERF
guidance.
4.The decrease is due to reductions in commodity rates, cost reduction initiatives, and changes in the supplier mix at some operations.
5.The cultural heritage co-management maturity framework sets out a maturity model consisting of five levels of maturity – from "learning the practice" to "leading practice". A rating of Level 4
(Integrated) reflects functioning co-management with a shared vision and common purpose.
6.From 2021, the definition used to calculate diversity was changed to include people not available for work and contractors (those engaged on temporary contracts to provide services under
the direction of Rio Tinto leaders), excluding project contractors.
7.We define senior leadership as Managing Directors, General Managers, Group Advisers and Chief Advisers.
8.Identifying with a nationality is not mandatory. More than 48% of our graduates have not formally reported a nationality.
9.eSAT (Employee Satisfaction) is a measure of “how happy an employee is to work at Rio Tinto”. It is calculated by averaging the responses on a 1-7 scale and expressing this out of 100.

Annual Report on Form 20-F 2024 | 35 | riotinto.com

Strategic report | Our approach to ESG
Environment
We know our operations, throughout their life cycle and associated value chains,
can impact nature and surrounding environments both directly and indirectly.
We also depend on healthy, functioning ecosystems to provide the resources
we need for our operations and supply chains.
We focus on being responsible stewards of
these shared natural resources, ensuring we
protect the health, safety and livelihoods of
local communities, Indigenous Peoples, our
suppliers and our customers. This includes
managing risks to minimise adverse
environmental impacts from our operations
and playing our part to sustain these shared
ecosystems and natural resources for future
generations.
While mining activities use less than 0.1%1 of
the world’s land, they are often in
ecologically and culturally sensitive areas.
That is why – in addition to our
Environmental Performance Standards,
which apply to all of our business units and
managed operations from exploration
through to post-closure – we have shared
our support for the ICMM’s Nature Position
Statement, and actively engage in several
partnerships that address both our own and
broader regional challenges in the areas
where we operate.
Nature strategy
The global threat of biodiversity loss and
ecosystem collapse is an urgent global
challenge, with the United Nations (UN)
Biodiversity Conference and the Kunming-
Montreal Global Biodiversity Framework
(GBF) underscoring the need for bold action.
Given our extensive land holdings and the
nature of our activities, we have the
opportunity and responsibility to ensure our
environmental performance both aligns with
society’s expectations and contributes to the
restoration of the natural environment. We
are committed to playing our part in
contributing to nature-positive outcomes for
industry and society.
In January 2024, we shared our support for
the ICMM’s Nature Position Statement. This
position sets out ICMM members’ approach
to contributing to a nature-positive future,
guided by GBF 2030 targets and ICMM’s
existing commitments in relation to
Indigenous Peoples, climate change, water,
and respecting human rights in line with the
UN Guiding Principles on Business and
Human Rights (UNGPs).

| At its most fundamental level, nature positive means “ensuring more nature in the world in 2030 than in 2020 and continued recovery after that”.1 |

In addition to our support for the ICMM’s
Nature Position Statement, and our role in
contributing to a nature-positive future, our
operations and decision-making is guided by
the following clear environmental-related
commitments:
–We contribute to the global nature-
positive goal of “halting and reversing
biodiversity loss by 2030 from a 2020
baseline, with a full recovery by 2050”.
–We do not explore or extract resources
within the boundaries of UNESCO World
Heritage sites.
–All reasonable steps will be taken to
ensure future operations adjacent to
World Heritage sites are not incompatible
with the outstanding universal value for
which these sites are listed and do not put
the integrity of these sites at risk.
–We respect legally designated protected
areas and ensure any new operations or
changes to existing operations are not
incompatible with the objectives for which
the protected areas were established.
–We do not undertake deep-sea mining, and
believe it should not take place unless
comprehensive scientific research refutes
currently held evidence that it will
create significant environmental and
socioeconomic implications.
Building on our commitments and recognition
of the critical need for action, in 2024 we laid
the foundation for our nature strategy
through consultations with Indigenous
Peoples groups, investors, civil society
organisations, conservation groups, and our
employees. This strategy will direct our
nature-related activities, detailing our
ambitions, commitments, and targets
program, ensuring we take a focused and
measurable approach.
As we formalise the strategy and approach in
2025, we will continue to maintain an open
dialogue with stakeholders to ensure
society’s expectations inform our actions.
We also continue to develop and invest
in a global portfolio of nature-based solutions
to help address climate change and nature
loss, while generating positive outcomes for
communities in the regions where we
operate.
Nature target program
Our nature target program is a core
component of our nature strategy,
acknowledging the interconnectedness of the
4 natural realms – land, ocean, freshwater,
and atmosphere – and their ties to biodiversity
and society.
Building on the work of our 2023 water target
program, which was recognised externally as
industry-leading, we are widening our focus to
encompass nature more broadly. The
expanded program includes a Group-level
strategic target combined with a set of locally
focused, site-based improvement programs,
developed in collaboration with host
communities, Indigenous Peoples groups,
investors, civil society organisations, and
conservation groups.
Our Group target
Our Group target will focus on the health of our
receiving environments and surrounding
ecosystems for all managed operations
through an online dashboard, focusing on
biodiversity and the realms of nature. T his
expands upon our interactive water
disclosure platform, released in 2023.
If we identify areas for improvement in the
receiving environment or ecosystem health,
we may also consider additional context-
based improvement programs as part of our
future focus.

| Image: The nursery at Richards Bay Minerals, South Africa.

1.ICMM Nature Hub.

Annual Report on Form 20-F 2024 | 36 | riotinto.com

Strategic report | Our approach to ESG | Environment
Our site-based
improvement programs
Our site-based improvement programs,
developed in consultation with stakeholders,
represent a subset of initiatives to drive
performance at operational sites.
These projects will be selected based on their
risk profile, current performance, external
commitments and the interdependencies of
local communities and the environment.
Our nature target program helps us to
enhance the transparency of our nature
risk profile, challenges and management.
Progress on both the Group target and
site-based improvement programs will be
reported annually.
This approach, along with the data needed to
track progress, will help us contribute to a
nature-positive future.
Water
Water is a shared resource critical to
sustaining biodiversity, people and economic
prosperity. Increasingly disrupted weather
patterns and more extreme weather events
due to climate change and a growing world
population, mean efficiently managing water is
more important than ever.
The way we think about water and manage
associated risks reflects the diversity of our
operations and geographic locations. A small
proportion of our assets operate in water-
scarce regions, while others must remove
excess water to allow safe mining operations.
These are examples of the many potential
risks we manage across the life cycle of our
diverse operations.
We share water with the communities and
ecosystems surrounding our operations, and
we aim to avoid permanent impacts on those
water resources by carefully managing the
quality and quantity of the water we use and
return to the environment. This means
balancing the needs of our operations with
those of the local communities and
ecosystems. We do this while considering the
impact of climate change, already felt in the
level of rainfall and water security at some of
our operations. We understand this
responsibility extends beyond the life of
our operations.
To address this complexity, we adopt a
catchment-level approach to developing
potential solutions and managing our
operational risks and impacts. We use 2030
water stress as determined by the World
Resource Institute (WRI) to identify operational
catchments of most concern.
Group water risk profile (percentage of managed operations 1)

Water resource Is there enough water available for environment needs, community needs and our operational use? |  | Our aluminium operations in Gladstone, Queensland, Australia, are supplied with water from Awoonga Dam. Water restrictions could be imposed on the supply in the event of a persistent drought. The water resource risk for these operations is assessed as high.
Water quality and quantity Does the way we manage water on site, or discharge excess water, cause environmental impacts or operational constraints? |  | Our ilmenite mine near Havre-Saint-Pierre (HSP), in Quebec, Canada is surrounded by ecologically and socially significant lakes and water features. The quality and quantity risk for HSP mine is assessed as high and excess water from the mine needs to be carefully managed. To ensure water is released to the environment at a suitable quality, we are working on a multi- year water management improvement project.
Dewatering Does the removal of water from the operational areas of our sites impact regional aquifers or our mine plans? |  | Impacts associated with dewatering and water supply activities in the Pilbara, Western Australia, Australia are recognised as a very high risk for our business. Returning water to the aquifers impacted by our mining activities in a controlled manner is the focus of a number of ongoing studies. We are also continuing to work with Traditional Owners on water management.
Long-term obligations Do our operational activities generate long-term or ongoing obligations related to water? |  | We may sometimes generate impacts that we are required to manage over the long term, such as post-closure pit lakes in the Pilbara, or potential seepage from our waste rock or tailings facilities in our aluminium and copper sites. Our systems and standards aim to ensure that risks are identified early and managed appropriately and responsibly throughout the asset life cycle.

l | Not applicable | l | Low risk | l | Moderate risk | l | High risk | l | Very high risk

1.Due to rounding, the sum may not total 100%.
To manage our water impacts, we first need to
understand the specific risks at more than 50
operating sites, as well as our overall Group
impacts. To do this, we have developed a
water risk framework that considers 4 risk
categories:
–water resource
–water quality and quantity
–dewatering
–long-term obligations.
We use this framework to identify, assess and
manage water risks. This comprehensive
approach extends beyond our mandatory
reporting obligations and allows us to have
relevant conversations about water risks
internally and with stakeholders in the
communities where we operate. In 2024, we
continued to embed the Group water control
library, a suite of critical controls and
associated performance requirements, to
manage our water risks.
Our Group water risk profile shows the level
of exposure against each of the 4 risk
categories. Most of our water risks sit in the
low to moderate range. There are some in
very high and high categories for each.
Regardless of the level of risk, we apply
rigorous standards and processes to
manage them. Above, we give examples of
how the risk framework has been applied
across some of our assets.

Annual Report on Form 20-F 2024 | 37 | riotinto.com

Strategic report | Our approach to ESG | Environment
2024 progress
Our water balance
Our Group water balance outlines where
water was withdrawn from, discharged to,
recycled or reused and consumed at our
operations.
The reported categories correlate with the
requirements of ICMM and the GRI.
We also report on our aggregated water
balance for sites in water-stressed areas. We
assess water stress using the WRI’s
Aqueduct Water Risk Atlas mapping tool.

| For more information see our 2024 Sustainability Fact Book at riotinto.com/sustainabilityreporting

Our water numbers
Our total operational withdrawals for 2024
were 1,230 gigalitres (GL) (2023: 1,169GL).
Freshwater, or category 1 quality,
withdrawals accounted for 412GL or 33% of
this total (2023: 424GL). Freshwater is
generally suitable for consumption with
minimal treatment required. Where possible,
we aim to minimise our extractions from
water sources of this quality.
Total discharges for 2024 were 668GL (2023:
692GL). Total water recycled or reused for
2024 was 300GL (2023: 303GL).
Our activity
In 2024, we completed our 2019-2023 water
targets program by incorporating 2023 water
usage data into our Surface Water Allocation
Disclosure dashboard. We will continue
adding new data to this dashboard to
maintain a rolling 5-year history. We have
also been working on preparing an
expansion of the same dashboard to include
groundwater data, with an aim to release this
update in 2025.
We progressed work on improving our
understanding of the cultural value of water
as part of an initiative being advanced by our
Australian Advisory Group. We also
continued to develop our Water Risk
Framework by enhancing our Group water
control library, as part of our Group-wide
refreshed assurance program.

| For more information see riotinto.com/water

Biodiversity
We depend on healthy ecosystems to run a
sustainable business, and recognise our
responsibility to minimise and mitigate our
impacts on nature. We seek opportunities to
achieve no net loss of biodiversity, and protect
and restore ecosystems where we operate.
We recognise that the interconnected impacts
of climate change and nature loss pose
significant risks both to people and the
environment on which we all rely. Biological
diversity (biodiversity) is the foundation of
healthy ecosystems, which provide valuable
services that directly benefit the environment,
society and industries, including ours. Healthy
ecosystems support vital processes such as
water purification, soil stabilisation and climate
regulation – key aspects that underpin safe
and efficient mining and processing practices.
We also embrace, and are responding to,
increasing societal expectations for
improving our environmental performance,
societal engagement, transparency and
accountability across our value chain.
Managing biodiversity risk
Biodiversity impacts and dependencies are
crucial concepts in understanding the
interconnected relationship between people
and the natural environment, and addressing
these impacts and dependencies are
essential to developing sustainable practices
that conserve biodiversity and support
society.
Biodiversity impacts refer to the effects of
activities on the variety of life in a particular
habitat or ecosystem. While some impacts are
positive, there are several pressures that need
to be managed, including:
–Ecosystems alteration: Urbanisation,
agriculture and industrialisation can
change water course, drainage patterns
and soil composition, affecting ecosystem
functions.
–Pollution: Contaminants such as
chemicals, plastics, or discharges to air
and water can degrade ecosystems,
posing a risk to the health of species.
–Climate change: Shifting climate
patterns and extreme events can disrupt
habitats, forcing species to migrate, adapt
or face extinction.
–Overexploitation: Practices like
excessive fishing, hunting, and plant
harvesting, can reduce species
populations and diversity.
–Invasive species: The introduction of
non-native species can disrupt
ecosystems by out-competing native
species, predating on them, or
introducing new diseases.
–Fragmentation: The division of habitats
into smaller, isolated patches can reduce
species' range and hinder their ability to
reproduce, find food or adapt to
environmental changes.
Biodiversity dependencies consider how
people and society rely on, or hold
connections to, ecosystems, which are vital
for both biodiversity and supporting various
industries, such as mining and processing.
Examples can include:
–Natural regulation: Processes such as
pollination, disease and pest regulation,
water purification, climate regulation, carbon
sequestration and soil stability.
–Essential services: Access to food and
agriculture, raw materials, medicinal
resources, and fresh water.
–Cultural connection: The deep connection
Indigenous and land-connected Peoples
have to, and their vast knowledge of, the
land, water and environment, as well as the
role nature plays in cultural traditions, identity,
and heritage.
–Supporting foundations: Nutrient cycling,
photosynthesis and soil formation.
Understanding these impacts and
dependencies, we continue to assess our
nature-related risks across our operations
and associated activities.
2024 progress
We are active members of ICMM and other
industry associations and working groups
seeking to drive improvements for our
industry. Our involvement in the
ICMM Taskforce on Nature-related Financial
Disclosures (TNFD) Working Group, GRI
Biodiversity Technical Committee and the
ICMM Nature Working Group have also
contributed to the development of important
industry resources, including the ICMM’s
Nature Position Statement, the GRI
Biodiversity Standard, the draft Consolidated
Mining Standard, and the TNFD framework.
We are stronger together in tackling these
challenges. For example, through our
ongoing membership of the ICMM Nature
Working Group and continued engagement
with the Proteus Partnership - a unique
partnership agreement between major
businesses and the UN Environment
Programme World Conservation Monitoring
Centre (UNEP WCMC), which aims to make
global environmental information available to
support better decisions - and our
longstanding partnership with BirdLife
International.
Progress highlights for 2024 include:
–Revised biodiversity priority site
assessment of our operating asset
potential impacts in the areas where we
operate by using global datasets of
threatened species, key biodiversity
areas, and protected areas, developed by
the UNEP WCMC. Refer to the 2024
Sustainability Fact Book for the
assessment outcomes.
–Natural capital assessment pilot for our
Gove operations in the Northern Territory,
Australia to inform the understanding and
development of the natural capital decision-
making process to support nature value
accretion for all stakeholders through the
mine closure process.
–Development of a systematic
methodology and a consultative approach
in understanding biodiversity material
exposures and opportunities across our
value chain.

| For more information see riotinto.com/ biodiversity

Annual Report on Form 20-F 2024 | 38 | riotinto.com

Strategic report | Our approach to ESG | Environment
Land
In 2024, we rehabilitated 37 square kilometres
(km 2) of land, mostly at our bauxite mines in
Australia and iron ore mines and exploration
areas in the Pilbara, Western Australia. We
also developed a geospatial dashboard for
internal use that displays each asset’s
disturbance and rehabilitation footprint, to help
our business better understand the impacts of
our land stewardship performance.
In Mongolia, we have rehabilitated 2.1km 2 of
abandoned mine workings based outside our
operational footprint, along valley floors and
river beds in the Darkhan-Uul province. This
is part of Oyu Tolgoi’s commitment to the
Government of Mongolia’s national
movement to plant one billion trees by 2030.
We built and transitioned to the community 2
tree nurseries in the South Gobi, with a
capacity to produce 750,000 saplings a year.
We planted one million trees and distributed
80,000 trees to Oyu Tolgoi’s employees, and
provided 4 scholarships to students to study
forestry.
In 2024, our land footprint – total disturbed
area – was 1,762 km 2, a decrease of 51km 2
compared to 2023. This includes all
disturbances at our operating assets and
activities, such as exploration activities,
smelters, mines and supporting
infrastructure.
Our rehabilitation teams continue to partner
with research centres and universities to
refine our rehabilitation approaches and
improve outcomes.
At our bauxite mines and refineries, we have
continued trials focusing on transforming
stored tailing material into soils that will
support plant growth. We also continued
trials using satellite and unmanned aerial
vehicle-derived data to test methodologies
aimed at providing insights to support
on-ground monitoring for vegetation and
erosion monitoring of rehabilitation. In
addition, 13 of our operations completed
rehabilitation trials to improve seed
germination, erosion and topsoil quality.

| For more information about our closure work see page 39.

Waste
Waste and residues from our operational
activities are key areas of our environmental
risk management. In 2024, we continued to
focus on managing potential contamination
from these sources.
At some of our long-life assets, we continue to
evaluate waste management practices of the
past that have led to a need for remediation in
the present. We focus on finding better
ways™ to extract maximum value and to
transform waste and by-products from our
operations into materials the world needs. One
example is our work to sustainably extract and
produce high-purity scandium oxide at Sorel-
Tracy and tellurium at Kennecott.
We also continue to look for opportunities to
repurpose items we purchase at the end of
useful life. For example, over the last
2 years, we have partnered with a local
business to recycle end-of-life tyres and
conveyor belts used to move ore from our
operations across northern Australia.
Following a successful trial at the Argyle
diamond mine in 2023, we have expanded
the trial to Yarwun, Weipa and Boyne
Smelters Limited in Queensland.
Some of our assets generate mineral waste
with the potential to be chemically reactive,
requiring careful management to prevent
environmental impacts. We conduct
independent reviews every 4 years to assess
the effectiveness of our risk management
programs and identify areas for
improvement. In 2024, we completed this at
2 sites – Iron Ore Company of Canada (IOC)
mining operations in Labrador City,
Newfoundland and Labrador in Canada, and
QIT Madagascar Minerals (QMM) near Fort
Dauphin in the Anosy region of south-eastern
Madagascar.
Further opportunities to improve mineral
waste management will continue at both
sites in the short and long term.

| For more information about tailings see page 39.

Air quality
Clean air is critical for the health of host
communities and the surrounding
ecosystems. We are working to improve air
quality management, focusing on emissions
of particulate matter and gases from our
operational activities, including mining,
materials handling, processing and
transportation. The potentially hazardous
emissions we monitor at operations are:
–sulphur oxides (SOx), mainly at our
aluminium and copper smelters
–nitrogen oxides (NOx), mainly from
burning fossil fuels
–gaseous fluoride emissions from
aluminium smelters
–respirable particulate emissions (PM 10
and PM 2.5), very fine particles from mining
and processing operations and from
burning fossil fuels.
We focus on reducing emissions at source
by upgrading equipment to use the most
appropriately available technologies, adding
air pollution control equipment, implementing
mitigation measures and using renewable
energy or alternative feed material where
possible. Our air quality management
programs include monitoring, sampling at
source, incident tracking and risk
assessments.
Many of our assets have multi-year air
quality improvement projects in place. For
example, at IOC, there is a multidisciplinary
working group focused on assessing dust
abatement options. We are mitigating dust at
the source by introducing new dust control
technology. The working group is also
exploring new mitigation options to further
limit fugitive dust emissions from
our operations.
We have expanded our air quality monitoring
network at IOC’s mine in Labrador City and at
our Rio Tinto Iron & Titanium Quebec
Operations Sorel-Tracy plant.
In some instances, we exceeded permissible
dust levels at nearby air quality monitoring
stations. We investigated all high dust
concentration events. Most resulted from
unusual forest fires, such as those close to
our operations in Labrador City, Canada,
where exceedances were observed over a
large region. Where IOC was found to have
caused the reporting exceedance, it was due
to calm winds and atmospheric inversions
when contaminants from the induration
stacks cannot disperse in the atmosphere
and remain close to ground level. Improving
our air quality monitoring network over the
coming years will help us to prevent dust
incidents in the future.

Annual Report on Form 20-F 2024 | 39 | riotinto.com

Strategic report | Our approach to ESG | Environment
Operational environment overview

| 2024 | 2023 | 2022 | 2021 | 2020
Significant environmental incidents 1 | 0 | 1 | 1 | 2 | 0
Fines and prosecutions – environment ($’000)2 | 604.8 | 987.0 | 109.8 | 7.4 | 27.4
Land footprint – disturbed (cumulative square kilometres)3 | 1,762 | 1,813 | 1,775 | 1,700 | 1,595
Land footprint – rehabilitated (cumulative square kilometres) | 587 | 552 | 522 | 494 | 490
Mineral waste disposed or stored (million tonnes) | 979 | 983 | 978 | 1,005 | 987
Non-mineral waste disposed or stored (million tonnes) | 0.66 | 0.73 | 0.75 | 0.65 | 0.47
SOx emissions (thousand tonnes) | 74.3 | 72.8 | 66.2 | 70.2 | 75.7
NOx emissions (thousand tonnes) | 64.9 | 67.2 | 64.6 | 62.3 | 65.2
Fluoride emissions (thousand tonnes) | 2.26 | 2.61 | 2.36 | 2.36 | 2.27
Particulate (PM 10) emissions (thousand tonnes) | 169.0 | 169.5 | 146.3 | 142.3 | 143.2

1.Significant environmental incident is an incident with an actual consequence rating of high or very high. We measure and rate incidents according to their actual environmental and
compliance impacts using 5 severity categories: very low, low, moderate, high and very high. Very high and high environmental incidents are usually reported to the relevant product group
head and the Rio Tinto Chief Executive as soon as possible.
2.In 2024, we paid environmental fines from damage to water resources and pollution caused by using sub-standard seepage water for dust suppression on roads at Oyu Tolgoi, Mongolia;
penalty infringement notices associated with maintenance of a failed coke unloader, maintenance of a failed roof manifold, and release of a prescribed water contaminant at Boyne Smelters
Limited, Australia; contaminants release at an unauthorized point and failure to install and maintain required equipment, leading to non-compliance with environmental authority conditions at
Yarwun, Australia; facility acquired equipment without obtaining the required air permit approval at Boron operations, USA; discharge of pollutants into storm drains and surface waters at
Wilmington operations, USA; release of a contaminant into the environment exceeding the legal limit at Havre-Saint-Pierre, Canada; non-compliance with Environmental Quality Act at
Vaudreuil plant, Canada.
3.A reduction in cumulative disturbance from 2023-2024 is a result of the sale of Dampier Salt Limited’s Lake MacLeod operation.
Note: The numbers may change year to year and retrospectively due to reconciliations of data.

Mining and metals practices
Tailings
We engage with stakeholders throughout the
life cycle of our tailings storage facilities, from
design to closure. We also collaborate closely
with external bodies to improve the way
tailings are managed across our industry.
We operate 104 tailings storage facilities (TSFs)
across our global assets. Th i rty-eight are active
TSFs, 24 are inactive and 42 are closed.
We work through technical committees and
joint venture relationships to support leading
practice in tailings management. Our full
tailings disclosure is available on our website.
We periodically update the list of TSFs to
reflect operational and ownership changes.
These include changes due to the transition to
closure or remediation obligations for legacy
assets, and reclassification of facilities.
Our facilities are regulated and permitted and
have been managed for many years to comply
with local laws, regulations, permits, licences
and other requirements. Tailings management
has been included in the Group risk register
since 2010, and our Group safety standard for
tailings and water storage facilities has been in
place since 2015. Our internal assurance
processes verify that our managed TSFs
operate in accordance with this standard,
which we updated in 2021.
Our TSFs have emergen cy response plans –
tested through training exercises in collaboration
with stakeholders such as local emergency
services – and follow strict business resilience
and communication protocols.
2024 progress
We have continued to progress our
implementation of the Global Industry
Standard on Tailings Management (GISTM).
This focuses on preventing tailings facility
failures, reducing the social and environmental
impacts of tailings facilities, and improving
engagement and transparency on tailings with
local communities. We have also assessed
our progress on implementation through self-
assessment and independent audits, using
ICMM’s GISTM Conformance Protocols.
In 2024, we completed implementation work
for the tailings facilities that have a “Very
High” or “Extreme” consequence
classification, except where longer-term
engineering works are required. However,
there is still work to do to embed the changes
made. The product group and Closure
implementation teams continue to work
towards full conformance for the remaining
tailings facilities by August 2025.
In August 2024, in accordance with Principle 15
of the GISTM, we updated our public tailings
disclosures for the “Very High” and “Extreme”
tailings storage facilities we operate.
We also updated our disclosures for the
other tailings facilities we operate that have
lower GISTM consequence classifications,
based on the Investor Mining and Tailings
Safety Initiative (IMTSI) request for public
disclosures on tailings.

| For more information see riotinto.com/ tailings

In 2024, we:
–Continued to regularly convene the Tailings
Management Committee with our designated
Accountable Executives. This provides
coordinated governance of tailings
management practices across the Group.
–Conducted multidisciplinary risk assessments
for all our “Very High” and “Extreme”
consequence facilities.
–Continued to play an active role in the ICMM
tailings working group, which provides
guidance to support the safe, responsible
management of tailings with the goal of
eliminating fatalities and catastrophic events.
Closure and repurposing
We are committed to being responsible
operators throughout the entire life of our
assets, delivering value at every stage – from
discovery to closure.
Today, we plan for the end right from the
beginning, incorporating closure in each
stage of the asset lifecycle in the way we
design, build and operate.
We work with communities, governments
and other stakeholders to complete closure
activities and repurpose and renew sites for
their next use.
At the end of 2024, closure provisions on our
balance sheet totalled $15.7 billion (2023:
$17.2 billion).
2024 progress
In 2024, we continued to mature our closure
practices and develop our expertise through
our approach.
Argyle diamond mine
We are rehabilitating the Argyle diamond
mine on the traditional lands of the
Miriwoong and Gija People in Western
Australia. We have made significant progress
on reprofiling the former processing plant
area and waste rock dumps, as well as
capping the tailings storage facility. We have
reached over 60% overall project completion,
and plans are underway to start removing
the Argyle mine accommodation facilities,
airport and utilities infrastructure in 2025.
We are continuing to review our contracting
strategy to increase work awarded to
Traditional Owner businesses and increased
our spend to A$44.9 million in 2024 (2023:
A$37 million).

Annual Report on Form 20-F 2024 | 40 | riotinto.com

Strategic report | Our approach to ESG | Environment
Gove refinery and residue
disposal areas
In 2024, we reached the halfway mark for the
demolition works at the Gove alumina refinery
in the Northern Territory, which is Australia’s
largest demolition project. We have removed
the refinery’s liquor purification units and other
structures, processing around 63,000 tonnes
of scrap steel for recycling.
The majority of the rehabilitation of the
former tailings dam, Pond 5, is complete,
with the opening of 3 spillways to allow
appropriate drainage from the newly capped
surface. We continue to work closely with
Gumatj and Rirratjingu Traditional Owners,
and the Northern Territory Government, to
plan for a future beyond mining. In 2024, we
spent A$85.5 million with Traditional Owner
businesses (2023: A$94 million).
Ranger Rehabilitation Project
In April 2024, we entered into a Management
Services Agreement (MSA) with Energy
Resources of Australia (ERA) to manage the
Ranger Rehabilitation Project with oversight
from the ERA board. The MSA builds on ERA’s
existing rehabilitation work and allows us to
directly share our technical expertise in
designing, scoping and executing closure
projects, including stakeholder and delivery
partner relationships.
In November 2024, ERA concluded its
entitlement offer and shortfall bookbuild, which
raised A$766.5 million (before costs) to fund
planned rehabilitation activities of the Ranger
Project Area until approximately the third quarter
of 2027. As a result of Rio Tinto taking up its pro
rata entitlements in the entitlement offer and the
level of participation by other ERA shareholders,
we hold approximately 98.43% of ERA’s shares.
As previously stated, we intend to move forward
with compulsory acquisition of all remaining ERA
shares we do not currently own.
Since commencing management of the
Ranger Rehabilitation Project in July 2024, we
have progressed work in Pit 3, preparing the
area for capping using amphirollers to dry the
area and starting the geotextile laying.
We remain committed to the successful
rehabilitation of the Ranger Project Area to a
standard that will establish an environment
similar to the adjacent Kakadu National Park,
a World Heritage site. We continue to work
with all key stakeholders, including the Mirarr
People to complete this important
rehabilitation project.
Legacy assets
We manage over 90 legacy assets in 9
countries and 35 tailings storage facilities
across our portfolio. For more information on
tailings management, see page 39. In 2024,
we progressed our study program to look for
opportunities to further optimise the long-term
management of our legacy portfolio.
Our approach
We proactively manage closure across our
business and make decisions based on the
full picture. This starts with strong
governance and a common approach across
our assets globally.
In 2023, we made it easier for operating assets
to fund progressive closure work to reduce our
impact. In 2024 we saw an increase in
progressive closure spend of 40%. This
important work helps to reduce our impact and
reduces closure costs long term.
We develop asset closure strategies to identify
potential future land uses and focus on
opportunities to reduce closure costs and risks
over the asset life cycle. We completed 4
additional asset closure strategies in 2024,
and now have these in place for 62% of our
active operations. All of our operating sites
have closure plans, and we are developing
closure plans for assets that have an indefinite
life, such as some port facilities. We review
these plans regularly to align with stakeholder
expectations and to incorporate lessons
learned from other closure projects. At
operations with joint ownership structures, we
endeavour to work in partnership with other
asset owners to ensure we consider closure
through asset design, planning
and operations.
A Closure Steering Committee, with
senior representatives from across our
business and chaired by Kellie Parker,
Chief Executive Australia, provides oversight
to our approach and finds opportunities for
improvements and alignment across
the business.
We actively manage risk and find
commercial opportunities within our portfolio.
In 2024:
–We sold our interests in Sweetwater, a
former uranium legacy site in Wyoming,
US, for cash proceeds of $175 million.
This supports the local economy with a
new owner who is actively expanding
operations in the region.
–We signed an agreement with Alteo for
Rio Tinto to be the last operator of the
Mange-Garri bauxite residue disposal
area in France to manage rehabilitation
and support repurposing. Alteo will
continue to operate and retain
responsibility for the Gardanne refinery.
Through targeted research and
development, we work to solve the
challenges of the future to reduce our
liabilities and create better outcomes.
We continued partnering with research and
academic organisations, start-ups and
technology solutions providers to find better
ways to close and repurpose our assets.
These include opportunities to reprocess
mineral and industrial residues, selectively
recover minerals from mine-influenced waters,
augment our knowledge base for closure, and
improve the rehabilitation and revegetation
execution and monitoring.
–We have been progressing our research and
development program, seeking to remediate
and unlock value from our mine-influenced
waters. The initiative rethinks widely
established chemical water treatment
practices. It explores instead the possibility of
extracting selected constituents, including
potentially high-value ones, in a high-quality
form that can be commercialised. We are
building a testbed facility at our Kennecott
copper operations in Utah, US, to conduct
the first technology trials in a real
environment.
–We started a project with the University of
Queensland to develop new ways to
monitor mine residues using drones and
ground sensors, improving safety and
land rehabilitation across mine sites.
–We initiated a broad-acre field trial
investigating the scalability of converting
bauxite tailings into technosol, a growth
medium used for rehabilitation. The objective
is to provide an alternative to imported topsoil
during progressive rehabilitation activities. The
trial builds on previous greenhouse studies
and incorporates local knowledge to define
success criteria.
–We are developing digital tools that help
us track our progress and predict
trajectories towards rehabilitation and
closure completion criteria on mine sites,
and combine in situ and remote sensing.

| For more information about our closure risks see page 94.

Partnering for the future
To meet our commitments now and into the
future we work in partnership:
–We announced two new 5.25MW solar
farms in the Northern Territory, Australia
at our Gove operations, to secure a more
sustainable power supply for the region
beyond mining.
–We progressed our partnership with the
University of British Columbia and Curtin
University to develop the capabilities needed
to support closure in the future through
launching a third unit in the micro-credentials
program. Since the program launched in late
2023, 141 Rio Tinto students have
completed it, and there has been good
uptake from other mining companies and
government agencies.
–We partnered with Curtin University to
support the development of the
Undergraduate Certificate in Land, Sea,
and River First Nation Ranger
Management and Practice, designed to
enhance the skills of Australian Traditional
Owner and Ranger Groups through a
comprehensive range of capability
development options.
–We expanded an end-of-life tyres and belts
recycling trial to Yarwun, Weipa and Boyne
Smelters Limited in Queensland, Australia
to proactively reduce our waste inventory
and explore circular economy
opportunities. This follows successfully
recycling 800 tonnes of end-of-life tyres
and conveyor belts from the Argyle
diamond mine in 2023.

| For more information about closure provisions and financial statements see page 189.

Annual Report on Form 20-F 2024 | 41 | riotinto.com

Strategic report | Our approach to ESG
Our 2025 Climate Action Plan
The materials we produce and
the way we provide them to
society matter. We have
ambitious emissions reduction
targets and are now delivering
against those.
Decarbonisation is good for our business
and gives us confidence in the future. We are
a significant energy user and parts of our
portfolio are hard-to-abate, so it is exciting to
see some real momentum this year, in both
reductions in emissions and project
approvals.
Since we set our targets, we have delivered
5Mt CO 2 e in operational emissions
abatement, and our gross emissions are now
14% below 2018 levels, primarily from
renewable electricity contracts. Additionally,
in 2024 we have committed to abatement
projects, totalling 3.6Mt CO 2 e which are
expected to contribute to our target to reduce
net emissions by 50% by 2030.
The challenge is not straightforward - we
need to navigate a complex, rapidly evolving
regulatory landscape - but we are making
progress and maintaining financial discipline
while we do this. Despite the fragmented
policy landscape, decarbonisation can still be
good economics. Our projects are typically
net present value positive or neutral and
enhance the value of our business by
reducing our exposure to volatile fossil fuel
prices and higher carbon penalty costs.
Our decarbonisation investment process is
rigorous and rational and it aims to secure
structural, long-term, cost-efficient,
low-carbon alternative energy supplies.
We are also supporting our customers
and suppliers in reducing emissions
from our value chain, particularly those
from steelmaking. We are acting now and
investing in breakthroughs such as BioIron™
and electric smelting to scale up these new
technologies.
While we still have a long way to go, I am
proud of the progress our teams have made
so far. Our Climate Action Plan creates long-
term value for our shareholders which is why
we are recommending it for their approval at
our annual general meetings.
Jakob Stausholm
Chief Executive

About this Climate Action Plan and our reporting obligations
Our first Climate Action Plan (CAP) was
approved by investors at our 2022 AGMs. At
that time, we included a commitment to
report on our progress annually and update
the CAP every 3 years. This updated 2025
CAP retains our commitments to
decarbonise our assets and work with
customers and suppliers to reduce our value
chain emissions. It also shows how
the energy transition is at the heart of
our strategy.
The Board will put this updated CAP to
shareholders for a non-binding advisory vote
at the 2025 AGMs.
In 2024, for the first time, we have fully
integrated climate disclosures into our Form
20-F. This aligns with our commitment to
continually improve our reporting and align
with emerging standards, including the
International Sustainability Standards Board
(ISSB) International Financial Reporting
Standard (IFRS) for climate-related
disclosures (S2).
We support the ISSB’s goal to harmonise
disclosures about transition plans, and have
also considered the key principles of the
Transition Plan Taskforce (TPT) Framework
in setting out our CAP. Our reporting is also
guided by the CA100+ Net Zero Company
Benchmark and their Standard for
mining companies.

| Image: The solar photovoltaic and wind power plants at our Diavik diamond mine in Canada's Northwest Territories.

2024 at a glance
Gross Scope 1 and 2 emissions 30.7Mt CO 2 e (adjusted equity), (2023: 33.9Mt CO 2 e) |  | Scope 3 emissions 574.6Mt CO 2 e (2023: 572.5Mt CO 2 e) |  | Percentage electricity from renewable sources 78% (2023: 71%) |  | Total decarbonisation spend $589m (2023: $425m)

Annual Report on Form 20-F 2024 | 42 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Our 2025 Climate Action Plan at a glance
Grow production of materials essential for the energy transition

|  |  |  |  |  | Grow production by ~3% per year
| 287.7Mt | 624kt | 3kt* | 3,296kt |  |
| 2024 production (Rio Tinto share basis, *2025 capacity at Rincon) |  | Ambition for compound annual growth rate for copper equivalent production from 2024 to 2033, including inorganic lithium growth.

| Reduce emissions from our own operations 50% by 2030, net zero by 2050
| Increase renewable power to >90% |  | Develop low-carbon technologies for minerals and metals processing, refining and smelting |  | Invest in sustainable biofuel supply chains. Transition to zero emissions mining vehicles |  | Estimated $5-6 billion decarbonisation capex by 2030
| Invest in and develop nature-based solutions projects in the regions where we operate

| Partner to decarbonise our value chains Helping our customers and suppliers to achieve their targets earlier and reach net zero by 2050
| Steel value chain |  |  |  | Shipping Reach net zero shipping by 2050 |
| Develop existing, emerging and future technologies to decarbonise steel production |  | Invest $200-350m in steel decarbonisation between 2025-2027 |  | Working across our value chains |
| Drive decarbonisation at 50 of our highest- emitting suppliers |  | Partner with bauxite customers to reduce emissions |

Policy |  | People |  | Governance
Actively engage on climate and energy policy aligned with net zero ambitions |  | Embedding just transition principles in our decarbonisation strategy |  | Decarbonisation in short- and long-term incentives Board engagement on climate

Enhancing our physical resilience to a changing climate
Supporting the viability of our assets, our people and communities

Annual Report on Form 20-F 2024 | 43 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Grow production of materials essential for the energy transition
Our portfolio
Copper, lithium, aluminium and high-quality iron ore are fundamental to renewable energy infrastructure, electric vehicles, and energy storage
solutions. This global shift to a low-carbon economy is driving unprecedented demand for our commodities. Our ambition is to grow total
production by ~3% per year on a copper equivalent basis 1.

| Highlights across our portfolio |
| Iron ore –High-grade iron ore from Iron Ore Company of Canada (IOC) and Simandou in Guinea is essential for the production of low-carbon steel. –Investment in the development of our Pilbara operations and the technology needed to produce low-carbon steel. |  | Aluminium –Acquisition of a 50% stake in Matalco in 2023 supports the growing demand for low-carbon and recycled products. –A US$1.1 billion investment in expanding the AP Technology™ AP60 aluminium smelter in Quebec. –Investment in ELYSIS TM technology development and trials. |
| Minerals –The Rincon lithium project in Argentina achieved first production. –Acquisition of the Burra™ Scandium Project in Australia. –Our recent agreement to acquire Arcadium Lithium plc will, subject to acquisition completion, enable us to provide many of the key materials that go into electric vehicle batteries. |  | Copper –Having increased our equity in 2022, the expansion of the Oyu Tolgoi underground mine in Mongolia is a cornerstone of our copper strategy. –Expanding underground mining at Kennecott, targeting an additional 250,000 tonnes of copper production over the next decade 2. –Joint venture with First Quantum Minerals on the La Granja project in Peru, one of the world’s largest undeveloped copper deposits. |

1.Ambition for compound annual growth rate (CAGR) for copper equivalent production from 2024 to 2033, including inorganic lithium growth.
2.The production target of around 250,000 tonnes of additional mined copper over the next 10 years (2023 to 2033) at Kennecott was previously reported in a release to the Australian
Securities Exchange (ASX) dated 20 June 2023 titled “Rio Tinto invests to strengthen copper supply in US”. Rio Tinto confirms that all material assumptions underpinning that production
target continue to apply and have not materially changed.
Using scenarios to identify climate risks and portfolio opportunities
Although climate change presents clear
growth opportunities for our commodities,
it also presents both physical and transition
risks to our portfolio if we fail to align our
business with a net zero future. The
transition to a low-carbon economy impacts
the commodities we produce and how they
are processed in our value chains –
particularly for carbon-intensive steel and
aluminium production. Carbon pricing
regulation is currently applied to our
operations and our customers. Increasing
climate policy ambition can therefore affect
our operational costs, markets and
technology development. Physical risks such
as extreme weather events, rising sea levels
and temperature fluctuations can disrupt our
supply chains, damage infrastructure and
impact the availability and cost of raw
materials.
We use scenarios to identify and assess risks
and opportunities, including climate, that may
affect our business in the medium and long
term. To assess transition risks, we use market
analysis for our short-term outlook, and our
Conviction and Resilience scenarios for our
medium- and long-term assessment. For
physical risks, we use an intermediate and
high emissions scenario. For planning
purposes, we define short-term as up to 2
years, medium-term as 2 to 10 years and long-
term as beyond 10 years.
Our short-term timeframe aligns with our annual
planning process. The medium-term timeframe
aligns to extended planning horizons for our
growth projects and emissions abatement
projects. Our long-term timeframe considers the
full lifespan of our mining assets and
infrastructure, and the continued impact climate
risks and opportunities are expected to have on
the business. Inevitably there is increasing
uncertainty in the assumptions and projections
further into the future, so there is inherent
uncertainty in the assessment of risks and
opportunities presented below.
Short-term assessment: While scenarios
provide a valuable long-term perspective, our
short-term outlook is guided by market analysis.
This allows us to respond swiftly to immediate
market conditions and trends, ensuring we are
agile and competitive in the near term.
Medium- and long-term assessment:
We use these scenarios to:
–Identify and evaluate risks: These
include climate-related physical and
transition risks, both of which can impact
our business model, financial
performance and market positioning.
–Assess opportunities: Explore
opportunities for innovation and
adaptation, such as the development of
low-carbon technologies and the
transition to renewable energy sources.
–Inform strategic planning: Inform our
strategic decisions and investments,
ensuring our business remains resilient
and able to adapt to, and mitigate, the
challenges posed by climate change.
Our scenario approach is reviewed every year as
part of our Group strategy engagement with the
Board. We do not undertake climate modelling
ourselves, rather we determine the approximate
temperature outcomes in 2100 by comparing the
emissions pathways to 2050 in each of our
scenarios with the Shared Socio-Economic
Pathways (SSP) set out in the Intergovernmental
Panel on Climate Change (IPCC) Sixth
Assessment Report. We also consider the
carbon budgets associated with different
temperature outcomes which are inevitably
uncertain.
In 2024, we updated the scenario framework
used to assess the resilience of our business
under different transition-related scenarios.
Our Conviction and Resilience scenarios
translate our beliefs of the future into
macroeconomic drivers and improve our
understanding of policy impacts. These
scenarios underpin our fundamental
assumptions about long-term trends and we
believe they cover a realistic range of future
outcomes. They reflect what we anticipate
will happen rather than our aspirations. Our
core scenarios are crucial in guiding our
investment strategies and overall portfolio
strategy.
Additional scenarios (including our 1.5°C-
aligned Aspirational Leadership scenario) are
used to further evaluate the positive and
negative effects of the energy transition across
our portfolio. By considering various future
scenarios, we can identify risks and
opportunities, adapt to changes, and maintain
a resilient portfolio.
Our short-term carbon pricing assumptions
align with consensus price forecasts in each
region, accounting for transitional assistance,
such as free allocation, where appropriate.
Medium- to long-term carbon prices are
determined by national climate targets, and
our understanding of the marginal abatement
costs and objectives for each scheme.
The temperature outcomes of scenarios and
sensitivities are derived from complex
modelling which continues to evolve and is
inherently uncertain. The emissions
pathways in Conviction and Resilience limit
temperature rises to around 2.1°C, and
around 2.5°C by 2100 respectively, roughly
aligning with IPCC’s intermediate emissions
scenario (SSP2-4.5). We also use the
SSP2-4.5 and highest emissions scenario
(SSP5-8.5) in our bottom-up asset-level
physical risk and resilience assessments.
See pages 66-69 for more information.

Annual Report on Form 20-F 2024 | 44 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan

| Our core scenarios |  |  |
| Conviction This is our “central case” scenario and underlies strategic planning and portfolio investment decisions across the Group. Consequently we limit disclosure of our assumptions in Conviction. In this scenario, countries will decarbonise at a moderate pace, with greater awareness of climate-related physical damage triggering more radical climate action over time. Real gross domestic product (GDP) grows at 2.5% between 2023-2050, but energy intensity of GDP reduces approximately 2.7% per year due to sectoral shifts and greater efficiency. For the next decade, greenhouse gas (GHG) emissions are slightly higher than those in the Resilience scenario due to a higher GDP, but emissions then decline at a rapid rate due to increased low-carbon electrification which supplies around half of final energy by 2050. In Conviction, climate policies become more ambitious and effective over time resulting in a temperature rise of around 2.1°C in 2100. The impact on corporate balance sheets will be mixed - overall, although carbon pricing varies by region, it will increase costs. GDP growth and the global energy transition are expected to increase demand for copper, lithium and aluminium through to 2050. Steel demand is expected to grow more modestly, and incentives to recycle scrap increase. Lower quality iron ore products are expected to receive greater discounts. |  | Resilience Although described as a scenario, Resilience is simply a sensitivity analysis that is designed to test our annual plan and investment proposals. Weaker governance, declining global trade, and lower economic growth lead to less effective climate action. Real GDP growth only averages 1.6% between 2023 and 2050. Lower economic growth and a slower energy transition lead to lower commodity demand and prices across all time periods compared to Conviction. Lower policy ambition and the inability of the international community to tackle carbon leakage without resorting to protectionism leads to climate policies advancing sporadically and in an uncoordinated way. Overall there is only a 30% reduction in GHG emissions by 2050. The result is a temperature rise of around 2.5°C by 2100. Consequently, climate-related weather events and natural disasters become more frequent and severe in this scenario but are met by fragmented and variable policy responses. |

Aspirational Leadership scenario 1.5°C
This scenario reflects our view of a world of high economic growth, significant social change and accelerated climate action that achieves net
zero emissions by mid-century. While GDP growth is similar to that in our Conviction scenario, significantly more ambitious climate policy limits
warming to 1.5°C (aligning with SSP1-1.9). This scenario affects our balance sheet in different ways and is subject to great uncertainty. Overall,
in Aspirational Leadership the Group's economic performance would fall between Conviction and Resilience. While higher scrap use reduces
the medium-term demand for Pilbara products, increased carbon pricing and penalties boost long-term demand for high-grade iron ore.
Aluminium demand growth is limited in the short term, but increases in the longer term. Copper demand grows due to increasing electrification,
strong GDP growth, and accelerated electric vehicle (EV) penetration. These trends also support minerals projects.
Despite global agreements reached in Glasgow and Dubai, emissions today continue to rise, making the 1.5°C goal of the Paris Agreement
unlikely to be achieved. Our operational emissions targets align with 1.5°C, and consequently, so do our decarbonisation investment decisions.
However, we do not use Aspirational Leadership in our broader strategic or investment decision-making and so did not update all the
assumptions Aspirational Leadership in 2024. Overall, based on the Aspirational Leadership scenario pricing outcomes, and with all other
assumptions remaining consistent with those applied to our 2024 financial statements, we do not currently envisage a material adverse impact
of the 1.5°C Paris-aligned sensitivity on asset carrying values, remaining useful life, or closure and rehabilitation provisions for the Group. It is
possible that other factors may arise in the future, which are not known today, that may impact this assessment.
Additional scenario parameters
The next table shows some of the key data points that define our scenarios. The new central case “Conviction” scenario assumes climate policy
ambition is almost equal to that in our previous scenario “Competitive Leadership”. This reflects our observation of higher carbon price
expectations and more concrete national mitigation plans. These data points are derived from our internal macroeconomic and energy models
and form the basis for all our long-term commodity analysis.

Key scenario metrics | Base year | Conviction | Resilience
| 2023 | 2030 | 2023–2050 CAGR | 2030 | 2023–2050 CAGR
Average exposed carbon price, (2023 US$/t CO 2 e)1 | 35 | 78 | 8% | 66 | 5%
Global GHG emissions, Gt CO 2 e | 54 | 55 | -3.2% | 51 | -1.8%
Global CO 2 combustion emissions, Gt CO 2 2 | 33 | 32 | -4.6% | 31 | -2.7%
Global final energy demand, exajoule (EJ) | 398 | 423 | 0.1% | 414 | 0.2%
Electricity share of final energy, % | 27% | 32% | 3.8%3 | 32% | 2.2%3
Non-fossil share of electricity generation, % | 46% | 63% | 6.5%3 | 60% | 4.2%3

1.Simple unweighted average across Australian, European and North American national carbon schemes.
2.While total GHG emissions is the primary metric for estimating global warming, CO 2 combustion emissions give a clearer picture of the energy transition in the power and industrial sectors.
3.Indicates annual % growth of total electricity generation and non-fossil electricity generation.
Transition risks and opportunities are broadly higher in the Conviction scenario than in the Resilience scenario due to greater volatility.
In addition to the demand outlook, the main factors which influence whether operations stand to gain or lose from the energy transition include
how emission-intensive an operation is relative to its industry peers, its geographical location (affecting which climate policies it will be subject
to), and how suitable the product is for downstream decarbonisation.
There are no portfolio adjustments made to the Group’s medium to long-term plan under the various scenarios. Additionally, as our
macroeconomic modelling involves a range of variables, isolating and measuring the impact of specific climate risks and opportunities
is challenging. Therefore, the potential quantitative financial impacts are not disclosed. Furthermore, we do not publish our commodity
price forecasts as this would weaken our position in commercial negotiations and might give rise to concerns from regulators and
market participants. As good practice on scenario analysis and climate modelling evolves, we will continue to evaluate the robustness of our
assessments of climate-related risks and opportunities drawing on more recently published studies and analysis.

Annual Report on Form 20-F 2024 | 45 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Portfolio risks and opportunities in the low-carbon transition

Impact | l | Opportunity/positive impact | l | Neutral/no or minimal impact | l | Risk/negative impact

| Short-medium term (0-10 years) |  | Long-term (beyond 10 years)
Cross- commodity | l T he energy transition contributes to near-term demand growth across most of our commodity portfolio, especially in Conviction. Our ambition is to grow total production by ~3% per year on a copper equivalent basis from 2024 to 2033. l Climate policy-related costs are rising in all regions, but considerably faster in OECD countries. These are likely to rise quickly in Conviction, creating financial incentives to undertake decarbonisation at many of our operations. In Resilience, carbon prices in developing countries increase more slowly. l By 2030, carbon penalties are projected to cost $0.3 billion annually, rising to $0.6 billion by 2040 assuming there is no reduction in our emissions. |  | l Recycling and end-use efficiency improvements put downward pressure on demand, especially in Conviction, displacing some high-cost supply in our key markets. This will not be enough to offset growth in demand for primary supply. l In Conviction, decarbonisation will become increasingly important to gain a social licence to develop new greenfield projects and for existing operations to remain profitable. However, carbon costs will be offset by higher commodity prices, and the potential for low-carbon operations to gain a competitive advantage in some markets. In Aspirational Leadership, demand for transition materials in the long-term offsets slightly lower demand for lower grade iron ore.
Iron ore | l Carbon costs are expected to rise at our Australian operations, but they represent a small component of our overall costs, and will therefore only have a limited impact on our margins during this time period. l Steel producers are protected from rising carbon prices by transitional assistance (eg Europe) or exemption mechanisms (eg China), resulting in a slower rate of transitioning to low- carbon steelmaking. This limits any potential impact on consumer preferences for different kinds of iron ore. l There is lower GDP growth and lower demand for iron ore in Resilience compared with Conviction in the medium and long- term. |  | l Rising carbon prices, especially in Conviction, will become more material at our Australian and Canadian operations, and at the Simandou project approximately a decade later. In Resilience, Simandou is likely to remain unaffected by carbon costs for several decades. l As carbon prices rise, and transitional assistance is phased out, carbon costs on steel producers will increasingly favour low-carbon steelmaking and higher-quality ores. This will increase demand for our high-grade iron ore from the Simandou and Canadian operations which also has lower energy requirements when used in a blast furnace. l The impact of low-carbon steelmaking on the relative economic value of different iron ore products, particularly lower grades, depends on the different technologies that reach a mature phase of development. Although consumer preferences may change, we also have some flexibility to alter our products’ technical specification.
Aluminium | l Carbon costs are expected to rise, particularly at our refineries and smelters in Eastern Australia which currently rely on emission-intensive electricity. This will result in increased energy costs. l Policies to prevent carbon leakage are likely to emerge, supporting the continued production of aluminium in OECD countries, but the implementation is highly uncertain. l The contribution of aluminium to Group EBITDA averaged 11% over the period 2019-23 (using long-run consensus pricing). Given our ambition to diversify our portfolio, we expect its contribution to rise to around 15% by 2033 (on a consistent basis). |  | l In Conviction, carbon prices will push aluminium producers in OECD countries to switch to renewable and zero-carbon power and look for alternatives to current anode technology (eg ELYSIS™). Lower prices in Resilience may delay hard-to-abate decarbonisation by a decade or more l Our hydro-based production in Canada and decarbonisation projects in Australia will find markets in regions with a low-carbon premium such as Europe. l Annual demand for low carbon aluminium in Conviction is projected to be approximately 1.8 times greater by 2050, while demand in demand in Aspirational Leadership is expected to be higher than this.
Copper | l Electrification is supportive of near-term demand for copper, which is crucial to products such as renewable energy infrastructure and electric vehicles. Electric vehicles use 3-4 times more copper than conventional vehicles. l Carbon costs at our operations (in the US, Mongolia, and Chile) are currently low and unlikely be to material until the mid to late 2030s in all scenarios. l The contribution of copper to Group EBITDA averaged 9% over the period 2019-23 (using long-run consensus pricing). Given our ambition to increase copper production, we expect its contribution to rise to around 20% by 2033 (on a consistent basis). |  | l Electrification continues to support copper demand in both scenarios, supporting prices and incentivising growth projects. Electricity consumption growth is almost twice as strong in Conviction due to a higher GDP and a faster energy transition. l Annual copper demand in Conviction is projected to be approximately 1.8 times greater by 2050, while demand in demand in Aspirational Leadership is expected to be higher than this. l Copper smelting is less energy-intensive relative to other metals, further supporting demand.
Minerals | l Increasing use of EVs supports strong growth in the demand for battery minerals such as lithium. l Carbon costs are expected to rise at our mineral operations in South Africa. l Higher demand and prices for transition materials in Conviction and Aspirational Leadership than in Resilience in the medium to long term. l The net impact of climate policy on our diamond business is likely to be minimal as carbon costs are unlikely to be a large fraction of their market value. l Lithium is expected to significantly contribute to the Group’s production growth, and we expect its contribution to rise to over 10% of Group EBITDA by 2033 (using long-run consensus pricing, including inorganic lithium growth). |  | l Even though battery technologies will develop over time, demand for primary lithium supply will be robust, with EVs dominating the market in Conviction over the next couple of decades, especially in China and Europe. l Long-duration energy storage may support demand for lithium and other battery materials, but there are competing alternative technologies. l Carbon costs will increase at energy-intensive titanium dioxide mining and processing operations in South Africa and Canada, making continued use of fossil fuels economically unattractive. l Digital technologies and ride sharing may lower the demand for personal vehicle ownership in some markets. l Lithium demand is expected to grow more than 6 times by 2050 in Conviction.

Annual Report on Form 20-F 2024 | 46 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Strategic alignment with the low-carbon transition
With higher GDP growth and a faster low-carbon transition, our economic performance is stronger in Conviction than in Resilience. Higher
carbon penalties and the potential impact on demand for mid and lower grade iron ore result in weaker economic performance in Aspirational
Leadership than in Conviction. Overall, our portfolio is resilient under scenarios aligned with 1.5°C, 2.1°C and 2.5°C outcomes. The low-carbon
transition is at the heart of our strategy. This mitigates risks associated with stricter carbon regulations and changing consumer preferences and
positions us to capitalise on the growing demand for transition materials.
Transition materials metrics
Our products are classified as key transition materials (KTM) and other transition materials (OTM), aligning with the CA100+ Net Zero Standard
for Diversified Mining Companies. Iron ore and gold are classified as transition neutral materials (TNM). We divested the last of our coal assets
in 2018. Production of KTMs and OTMs increased by 11% and 2% respectively in 2024 on a copper equivalent basis.

Commodity | Classification | Year ended 31 December | Emissions Mt CO 2 e 5,6 | Production 1 | Consolidated sales revenue 2 US$millions | Capital expenditure 3 US$millions | Operating assets 4 US$millions | 2025 guidance Rio Tinto production share, unless otherwise stated
Lithium ('000 tonnes) | KTM | 2024 | – | – | – | 155 | 1,098 | –
2023 | – | – | – | 27 | 834 | –
Copper 7 (mined) ('000 tonnes) | KTM | 2024 | 2024: 1.0 2023: 1.0 | 624 | 2024: 4,728 2023: 3,218 | 2024: 2,055 2023: 1,976 | 2024: 22,124 2023: 21,050 | Copper (mined and refined, consolidated basis): 780 to 850kt
2023 | 562
Copper 7 (refined) ('000 tonnes) | KTM | 2024 | 248
2023 | 175
Silver (mined) ('000 ounces) | OTM | 2024 | 4,236 | 2024: 98 2023: 53
2023 | 3,811
Silver (refined) ('000 ounces) | OTM | 2024 | 2,314
2023 | 1,407
Molybdenum ('000 tonnes) | OTM | 2024 | 3 | 2024: 159 2023: 130
2023 | 2
Gold (mined) ('000 ounces) | TNM | 2024 | 282 | 2024: 797 2023: 476
2023 | 282
Gold (refined) ('000 ounces) | TNM | 2024 | 144
2023 | 74
Aluminium 8 ('000 tonnes) | OTM | 2024 | 16.0 | 3,296 | 9,363 | 1,256 | 12,017 | 3.3 to 3.5Mt
2023 | 17.4 | 3,272 | 9,239 | 847 | 11,919
Alumina 8 ('000 tonnes) | OTM | 2024 | 5.7 | 7,303 | 1,522 | 279 | 804 | 7.4 to 7.8Mt
2023 | 5.8 | 7,537 | 1,204 | 325 | 1,315
Bauxite 8 ('000 tonnes) | OTM | 2024 | 1.0 | 58,653 | 2,110 | 159 | 2,289 | 57 to 59Mt
2023 | 0.9 | 54,619 | 1,533 | 159 | 2,649
Minerals 9 (‘000 tonnes/carats) | OTM/TNM | 2024 | 1.7 | See footnote 10 | 2,954 | 379 | 3,662 | Titanium dioxide slag: 1.0 to 1.2Mt
2023 | 3.2 | 3,242 | 380 | 4,063
Iron ore ('000 tonnes) | TNM | 2024 | 3.7 | 287,676 | 30,804 | 5,108 | 20,903 | IOC 11 iron ore pellets and concentrate: 9.7 to 11.4Mt Pilbara iron ore (shipments, 100% basis): 323 to 338Mt
2023 | 3.7 | 290,171 | 33,772 | 3,193 | 20,594
Thermal and metallurgical coal | Not applicable | 2024 | – | – | – | – | – | –
2023 | – | – | – | – | – | –

Further notes on production and capacity
Mined copper: On track for 1Mt copper production within 5 years.
Lithium carbonate (Rincon 3000): System capacity of 60kt; first production in 2028 with 3 year ramp up to full capacity. The production target of approximately 53kt 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 60kt of
battery grade lithium carbonate per year with debottlenecking and improvement programs scheduled to unlock this additional throughput.
I ron ore (Pilbara System): System capacity of 345-360Mt mid-term.
Notes:
1.Production figures are measured according to Rio Tinto's ownership % share of each site. For further details on the % share, see pag es 275 and 276 w here these have been highlighted.
2.Consolidated sales revenue by product, as defined within Consolidated sales revenue by product on page 179, include 100% of subsidiaries’ consolidated sales revenue and Rio Tinto’s
share of the consolidated sales revenue of joint operations but exclude equity accounted units. The product analysis above does not include certain other products and freight services
disclosed in note 6 on page 179, which are not considered material.
3.Capital expenditure by product is the net cash outflow on purchases less sales of property, plant and equipment, capitalised evaluation costs and purchases less sales of other intangible
assets as derived from the Consolidated Cash Flow Statement. The details provided include 100% of subsidiaries’ capital expenditure and Rio Tinto’s share of the capital expenditure of joint
operations but exclude equity accounted units. The product analysis above excludes amounts that are not directly attributable to individual commodities.
4.Operating assets by product recorded above are the net assets of subsidiaries, joint operations and the Group’s share relating to equity accounted units adjusted for net (debt)/cash and
post-retirement assets and liabilities, net of tax, after the deduction of non-controlling interests. The product analysis above excludes amounts that are not directly attributable to individual
commodities.
5.Scope 1, 2 and 3 emissions are measured on an equity basis and align to the Rio Tinto ownership % share used to record production values. For additional information on our emissions
methodology, see our 2024 Sustainability Fact Book.
6.The emissions in this table are Scope 1 and 2 GHG emissions (market-based) for the operating sites producing the commodity listed. The total differs from the full Group share reported
numbers as these exclude development, closure sites, marine and corporate emissions.
7.Copper production from Oyu Tolgoi, Rio Tinto Kennecott and Escondida has been certified under the Copper Mark system. The Copper Mark certification for Escondida has been obtained
via BHP which is the majority partner.
8.For a list of assets certified under the Aluminium Stewardship Initiative, see our 2024 Sustainability Fact Book.
9.Minerals comprise titanium dioxide slag (OTM), borates (TNM), salt (TNM) and diamonds (TNM).
10.2024 mineral production is as follows:
(a)Titanium dioxide slag (‘000 tonnes): 990 (2023:1,111)
(b)Borates (‘000 tonnes): 504 (2023: 495)
(c)Salt (‘000 tonnes): 5,823 (2023: 5,973)
(d)Diamonds (‘000 carats): 2,759 (2023: 3,340)
11.Iron Ore Company of Canada continues to be reported at Rio Tinto share.

Annual Report on Form 20-F 2024 | 47 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Scope 1 and 2 emissions: Reduce emissions from our own operations
We aim to reduce our net Scope 1 and 2 emissions by 50% by 2030 (relative to 2018 levels),
and to reach net zero by 2050.
We follow the principles of the mitigation
hierarchy, prioritising abatement of emissions
from electricity generation and use, process
emissions and direct fuel consumption. In
line with the IFRS standard on climate-
related disclosures (S2), we report gross and
net emissions separately. Our target applies
to our net operational emissions on an equity
share basis. Our gross Scope 1 and 2
emissions reductions are expected to be at
least 40% by 2030, and the use of carbon
credits towards our target will be limited to
10% of our 2018 baseline. In 2024, our net
emissions include the use of Australian
Carbon Credit Units (ACCUs) by our
Australian assets to comply with the
Safeguard Mechanism in the calendar year
2024 1. Our targets cover more than 95% of
our operational emissions and are calculated
using the market-based Scope 2 method. To
ensure a focus on real reductions and
comparability over time, we adjust our 2018
baseline to exclude emissions reductions
achieved by divesting assets and allow
increases associated with acquisitions.
While there is no universal standard for
determining the alignment of targets with the
Paris Agreement goals, we concluded that
our Scope 1 and 2 target for 2030
was aligned with efforts to limit warming to
1.5°C when we set it in 2021. At that time,
KPMG provided limited assurance over the
alignment of this target with efforts to limit
warming to 1.5°C. Our targets were not
set using a sectoral decarbonisation
approach as there was no sector-specific
methodology then. This remains the
case today.
We use emissions metrics and other
measures to track our progress towards
our targets. We monitor and report this
progress to the Executive Committee
through an internal quarterly reporting
process, which includes operational
emissions and progress on abatement
projects across our decarbonisation
programs. KPMG provided limited assurance
over our 2024 progress reporting against our
Climate Action Plan in addition to its
reasonable assurance of our Scope 1 and 2
emissions, and limited assurance of Scope 3
emissions. KPMG’s statement is included at
the end of the report.

| The 4 most significant sources of operational emissions are: –electricity (purchased and generated) - 37% –carbon anodes in aluminium and reductants in titanium dioxide furnaces - 25% –fossil fuels for heat at our processing plants and alumina refineries - 23% –diesel consumption by our mining equipment and rail fleet - 13%. |

While our asset portfolio has evolved since
2018, as we orient our growth to transition
materials, the share of emissions from our
different commodities has remained stable.
Today, approximately two-thirds of our
emissions are generated from our Aluminium
business.
Our Group-wide consumption of electricity is
approximately 4 times that of other global
diversified mining majors, due to the high
energy intensity of the Aluminium business.
However, 78% of the electricity we use is
from renewable sources and we are making
investment and supply decisions to increase
this to around 90% by 2030.
2024 gross Scope 1 and 2 emissions (adjusted equity basis)
30.7Mt CO 2 e
2023: 33.9Mt CO 2 e (adjusted for acquisitions)

l | Electricity |  | l | Transition |  | l | Processing | l | Other

Note: Emissions are presented on an adjusted equity basis.
1.The compliance period for the Safeguard Mechanism is from 1 July to 30 June and does not align with our calendar year reporting. So the carbon credits used towards our 2024 net
emissions calculation include Australian Carbon Credit Units (ACCUs) that were retired for compliance for the period 1 January to 30 June 2024 plus a projection of the number of ACCUs
we expect to retire for the period 1 July to 31 December 2024. See Nature-based solutions section on pages 56-57 for further detail.

Annual Report on Form 20-F 2024 | 48 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Progress, lessons learned and our approach today
Our approach to decarbonising our operations has evolved since 2021 when we first set our targets and CAP. This is partly due to the challenge
of developing new technologies and implementing large-scale physical infrastructure projects. We have also found opportunities to contract
renewable electricity and use renewable diesel.

Highlights from our 2021 CAP |  | Progress, lessons learned and our approach today
Aim to install 1GW of wind and solar capacity in the Pilbara (using our capital) |  | The emissions reductions we have achieved since 2018 are mostly the result of decarbonising power, but developing large-scale renewables projects in the Pilbara has taken longer. We need time to engage with Traditional Owners and to find appropriate sites. In addition, as we do not expect to deploy battery-electric haul trucks in the Pilbara before 2030, we now estimate we require approximately 600-700MW of renewable power capacity to displace 80% of our gas consumption for power generation. We are making progress and have now completed construction of a 34MW solar power plant at Gudai-Darri along with battery storage at Tom Price. Together with the Ngarluma Aboriginal Corporation, we are progressing the development of an 80MW solar PV facility near Karratha. We are also exploring a renewable energy project with the Yindjibarndi Energy Corporation (YEC) consisting of 75MW of solar on a greenfield site near Millstream Chichester National Park. Beyond the Pilbara, we have made substantial progress on renewables deployment around the world with our own capital investments and through commercial agreements. This includes projects at Kennecott and Diavik, PPAs at Gove, Amrun, QIT Madagascar Minerals, Richards Bay Minerals, Escondida and in the US. In addition, we have procured and retired bundled and unbundled energy attribute certificates (EACs, including Renewable Energy Certificates and Guarantees of Origin) for select locations around the world, though these represent less than 5% of our total electricity use.
Develop green repowering solutions for the Boyne Island and Tomago smelters |  | For our Gladstone assets, we have signed PPAs for a combined 2.2GW of renewable energy, catalysing the development of new large-scale renewable energy in Queensland. Government support for repowering is needed to maintain competitiveness of the highly energy-intensive, low-margin smelters. We secured a standalone support agreement with the Queensland Government in August 2024, and in early 2025, the Australian Government announced an aluminium production credit to help sustain and grow aluminium smelting in Australia. Together these initiatives provide critical support for our Gladstone aluminium operations’ transition to renewable energy. Early in 2024, Tomago launched a Request for Proposal process seeking proposals from market participants for renewable energy and storage solutions. The process highlighted significant cost and schedule complexities in the New South Wales energy market, introducing risks to finding a competitive repowering solution for the Tomago smelter. We continue to partner with industry, energy market participants and governments to identify repowering pathways for a competitive, low-carbon future for aluminium in New South Wales.
Advance the deployment of zero emissions trucks |  | We continue to work with BHP, Caterpillar and Komatsu to accelerate the development of battery-electric haul trucks. In addition we have invested in the deployment of 8 smaller-sized battery-swap electric trucks at Oyu Tolgoi. However, we do not expect wide-scale deployment if large-scale electric trucks before 2030 due to technology maturity globally. Given this slower pace of technology development, we are developing alternative solutions in the interim. We have invested in renewable diesel with Kennecott switching to this in 2024, following the successful transition at our Boron mine in California the year before. We have also started to develop our own biofuel supply with an investment in 3,000 hectares in Queensland, Australia to plant Pongamia saplings.
Advance the use of hydrogen in our alumina refineries |  | Research, development, scale-up and deployment of new low-carbon technology can take decades and can also take longer than expected, particularly for industrial heat and process emissions that are hard to abate. Even if successful developments are unlikely to contribute substantial emissions abatement before 2030 target but will need to be commercially viable for widespread deployment to reach net zero by 2050. We are working with Sumitomo and the Australian Renewable Energy Agency (ARENA) to build a 2.5MW electrolyser at our Yarwun refinery to supply more than 125 tonnes of hydrogen per year and test its use in alumina calcination. In addition, we are progressing double digestion technology at Queensland Alumina Limited. This will involve process changes that can lower the temperature of the process and reduce energy consumption and carbon intensity. Beyond alumina refining, we are also trialling BlueSmelting™ at our RTIT Quebec Operations - a pre-reduction process for ilmenite. Our new joint venture with Aymium, Évolys Québec Inc. will manufacture a biocarbon product sourced from biomass residues, as an alternative for anthracite currently used in ilmenite smelting processes at Rio Tinto’s Critical Minerals and Metallurgical Complex in Sorel-Tracy.
Bring ELYSIS™ to commercial scale by 2024 at our Alma smelter |  | ELYSIS TM is a breakthrough technology that removes the carbon anodes in aluminium smelting - a process that has been used globally for over 100 years. It continues to experience the scaling challenges and learning rates typical of major technology changes. We continue to make progress in developing ELYSIS™ technology with our partners and in 2023 commissioned prototype (100kA) cells at Alma. We continue work to commission commercial scale 450kA cells - this is now expected in 2025, having originally aimed for commissioning in 2023. In addition, we are also investing in the deployment of 10 smaller-scale 100kA cells at Arvida.
Build capability to invest in and develop nature-based solutions projects |  | Our abatement projects continue to be complemented by investment in nature-based solutions and the purchase of high-quality carbon credits. We are also applying our integrity screening criteria to the ACCUs we procure to meet our Safeguard Mechanism obligations in Australia. The IFRS S2 reporting standard now requires that companies with net emissions targets should be explicit about the gross reductions they are targeting and provide the reader with detail on the quality of the carbon credits that are used towards the net emissions targets. The use of carbon credits towards our 2030 target is limited to up to 10% of our 2018 emissions baseline. For more information about our use of offsets, see pages 56-57.
We estimated capital investment in decarbonisation of $7.5bn by 2030 |  | Our target to reduce emissions by 50% by 2030, relative to 2018 levels, remains unchanged. However, we believe achieving this will require less capital investment, which is now estimated at the lower end of $5-6bn over the period 2022-2030, and more operating expenditure. We need to be disciplined about our capital investment and make a commercial case for each mitigation project. Our experience shows that we cannot solve this simply by allocating capital. To accelerate our emissions we will take advantage of commercial solutions that can be ready in the market this decade which includes the use of renewable diesel in our mining fleets, or PPAs for renewable electricity alternatives. Since 2021, our energy contracts have underpinned new investment in wind, solar and energy systems with an aggregate value of over $8bn.
Incorporate climate into the Chief Executive’s short-term incentive plan (STIP) up to 5% of the total |  | Decarbonisation makes up 10% of our STIP today and now applies to 27,000 of our people, including our CEO. It has also been incorporated into senior leadership Performance Share Awards in the long-term incentive plan (LTIP).
Report emissions using a hybrid of location- and market- based approaches |  | In 2023, we updated our reporting methodology and now use market-based Scope 2 emissions in our primary metric and target. Consequently, the Bell Bay Aluminium and ISAL smelters, which are physically co-located and contracted with hydropower facilities, now report emissions under this new methodology.

Annual Report on Form 20-F 2024 | 49 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
We face two underlying challenges in delivering
net reductions in absolute emissions. First,
production growth increases emissions and we
need additional abatement to address this.
This growth may be brownfield (such as in the
Pilbara) or greenfield (such as Simandou).
And secondly, in our existing mining operations,
increasing work indexes, with longer haul
distances and declining ore grades, typical for
the mining sector, mean that more energy is
required to achieve the same level of production
output.
Our adjusted gross Scope 1 and 2 emissions
were 30.7Mt CO 2 e in 2024. In 2024 we made
significant progress and reduced our emissions
by 3.2Mt CO 2 e. This has primarily been
achieved by new renewable energy contracts,
including the limited use of unbundled
renewable energy certificates in locations
where new generating assets are under
development or where power purchase
agreements have been agreed. In addition
we have made commitments to projects that
are expected to deliver abatement of around
3.6Mt CO 2 e per year in future periods mostly
through renewable electricity and biofuels. In
addition, imminent investment decisions could
deliver further abatement by 2030 and include
new energy solutions at BSL and fuel-
switching and electrification in the Queensland
Alumina Limited (QAL) and Yarwun alumina
refineries.
Our 2025 target is to reduce net emissions
by 15% below 2018 levels. In 2023, we
reported that while we expected to have
committed to abatement projects
representing more than 15% of group
emissions, that delivered abatement would
lag this target. Since then, we have executed
a number of commercial partnerships and
transactions that have allowed us to
decarbonise faster. We have now reduced
gross operational emissions, by 14% below
our 2018 levels. After applying high integrity
offsets our net Scope 1 and 2 emissions are
17% below our 2018 baseline.
Progress on abatement will not be linear.
Delays are the result of a range of factors,
including engineering and construction
challenges, pace of development of new
technology and energy systems in the
locations in which we operate, and the need to
carefully balance our ambitions with the needs
of our local communities and stakeholder
groups. In response to this, we continue to
work with our partners, governments and
others to progress abatement opportunities,
and, in parallel, we are adopting commercial
solutions, such as PPAs and biofuels, that can
deliver emissions reductions faster. We
anticipate abatement from these to rise
between 2025 and 2030.
Our roadmap to 2030
Between now and 2030, the most significant
opportunities to reduce our Scope 1 and 2
emissions are to switch the electricity we
generate or purchase to renewables, and to
address process heat emissions from our
alumina refineries. We have a pipeline of
projects and committed investments that
support our 2030 target of a 50% reduction in
emissions. To reach our 2030 target, our single
largest lever – accounting for around one-
quarter of our emissions – is at the Boyne and
Tomago aluminium smelters in our Pacific
Aluminium Operations.
We must also make progress with other key
projects in our pipeline related to renewable
electricity contracts (for example Richards
Bay Minerals PPAs) and alumina processing
heat reductions (for example QAL double
digestion), to meet our 2030 target.
Production growth and growth from new
projects also need to be accommodated
within our absolute emissions reduction
target. Collectively, this represents around
4.6Mt CO 2 e to our baseline to 2030.
In addition, we now expect to use high-quality
carbon credits from nature-based solutions
towards our Scope 1 and 2 net emissions
target to 2030. These will be limited to up to
10% of our 2018 baseline emissions and are
expected to be predominantly carbon credits
(ACCUs) used by our Australian operations for
compliance with the Safeguard Mechanism.
Our emissions reporting will continue to
transparently distinguish between our gross
operational emissions and net emissions for
the Group, as well as meeting transparency
standards regarding the volume and type of
carbon credits retired.
Pathway to 2030 target
(Mt CO 2 e equity basis)

l | Pacific Operations Repowering | l | Renewable Energy | l | Diesel Transition | l | Minerals Processing | l | Alumina Processing | l | Aluminum Anodes | l | Nature-based solutions |  |

1.2022-2024 commitments exclude 1Mt abatement for projects either fully or partially captured in 2024 actuals, including Oyu Tolgoi RECs, Kennecott renewable diesel, Boron renewable
diesel and Gudai-Darri solar.

Annual Report on Form 20-F 2024 | 50 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Our roadmap to 2050
We are targeting net zero emissions from our operations by 2050, with a pathway to net zero for each area of our carbon footprint. This is
challenging given approximately half of our Scope 1 and 2 emissions will require technology breakthroughs, but we are determined to be a
catalyst for their development.
Group decarbonisation pathway 1
(Mt CO 2 e equity basis, 2018 baseline)

l | Electricity | l | Diesel | l | Processing breakthroughs | l | Nature-based solutions | l | Organic growth without decarbonisation 2

1.Totals shown represent 2018 baseline emissions, reflecting increased equity at BSL, NZAS.
2.Baseline emissions extended post-2040 using assumed asset life extensions.
3.Represents net emissions reduction vs 2018 baseline.
By 2030, we expect to have made significant
reductions in our electricity-related emissions
(both Scope 1 and Scope 2). Beyond 2030,
the outlook for emissions abatement is more
uncertain. However, we have achieved
breakthroughs in low-carbon technology that
provide us with at least one visible pathway to
net zero for all our major sources of emissions.
This is a significant achievement. However,
technology development is complex and these
breakthroughs may not all turn out to be
scalable and competitively deployable. As
such, we continue to pilot and demonstrate
these technologies with our partners, while
maintaining research and development
initiatives across industry to find alternatives
that may prove more promising. Given the
uncertain timing of suitable, proven and
commercial-scale technology, our roadmap to
2050 allows for future opportunities to be
defined post-2040.
Carbon removals
By 2050, small sources of hard-to-abate
emissions may remain and will therefore
require carbon removals to achieve net zero.
This may be through natural or technological
removals and storage.
In the short to medium term, we are investing
in high-integrity nature-based solutions in the
regions where we operate, and will
voluntarily retire carbon credits to
complement other decarbonisation
investments (see pages 56-57 for
further detail).
In the medium to long term, technological
removals may offer a more permanent
solution to any remaining emissions from
fossil fuel consumption. We are also
exploring the potential of carbon capture and
mineralisation technologies. In 2024, we
focused on finding the best technologies to
capture the low concentration carbon dioxide
(CO 2) from our aluminium smelters’ flue gas.
This requires either the adaptation of direct air
capture technologies to higher concentration
CO 2 or the adaptation of point source
technologies to lower concentrations. In both
cases, the technology readiness level is often
low.
In early 2025, we signed a partnership
agreement with Hydro to identify and evaluate
carbon capture technologies for future
implementation in the aluminium smelting
process. Separately, in partnership with
Carbfix, the characterisation of the ISAL site
for mineralisation is progressing, aiming for
first injection in 2028.
The assessment of the CO 2 mineralisation
potential of our co-owned Tamarack project in
Minnesota has progressed with the completion
of a 1,137 meter exploratory well. More work is
planned in 2025 to investigate the carbonation
behaviour of the rock.

Annual Report on Form 20-F 2024 | 51 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Action to reduce our emissions
The three main areas of our abatement work are: firstly, developing renewable electricity solutions at our Pacific Aluminium Operations and other
assets that rely on gas or coal-based power; secondly, transitioning away from diesel in trucks, trains and mobile equipment; and thirdly, tackling
hard-to-abate emissions from processing minerals and metals. Additionally, we are developing and investing in nature-based solutions projects.

Progress in 2024 | Action in 2025
Renewable electricity |
Repowering Pacific Aluminium Operations |
–Announced 2 renewable PPAs for 2.2GW to supply our Boyne aluminium smelter in Gladstone and secured in-principle Queensland government support. –Further explored commercial sourcing strategy at Tomago to secure an energy solution for the energy supply contract which expires on 31 December 2028. –Signed long-term PPAs to supply our New Zealand Aluminium Smelters with electricity generators for a total of 572MW of hydro electricity. | –Secure remaining renewable and firming portfolio for Boyne smelter, pending government support. –Continue to engage with governments and energy market participants on the future energy supply for Tomago. –Develop a renewable energy strategy for Gladstone alumina refineries (previously 2024).
Other renewable electricity developments |
–Commenced construction of solar PV at Gove (10MW) and Amrun mine (12MW). –Executed wind Virtual Power Purchase Agreement (VPPA) (78.5MW) at Monte Cristo in the US to abate our regional Scope 2 emissions. –Completed construction and commenced operating Diavik diamond mine solar plant (3MW). –Commissioned a 5MW solar plant and commenced construction of Kennecott solar Phase 2 (25MW). –Signed a 230MW wind PPA at Overberg for Richards Bay Minerals (RBM). –Signed a 140MW wind PPA at Khangela for RBM. –Construction was progressed on the 148MW solar PV project at Bolobedu for RBM (PPA signed in 2022). –Commenced a pilot program for rooftop solar installation at our operations in the Pilbara. –Executed new contracts for EACs across global assets while developing new PPAs and Build Own Operate (BOO) solutions. | –Complete commissioning of solar PV at Amrun and Gove. –Complete construction of Kennecott solar Phase 2 (25MW). –Complete construction of the 16MW wind facility at QIT Madagascar Minerals. –Commence construction of the 230MW wind PPA at Overberg for RBM. –Finalise an agreement to secure energy from a 75MW solar farm being developed by Yindjibarndi Energy Corporation. –Progress development of Karratha Solar Farm (80MW) with Ngarluma Aboriginal Corporation. –Execute additional renewable energy PPAs, while construction continues on the 78.5MW US wind VPPA.
Diesel transition |
–Transitioned 100% of Kennecott heavy mining equipment to renewable diesel (95% of operations transitioned). –Collaborated with BHP on battery-electric haul trucks pilot program, including receipt of trucks for local options and assembly in Western Australia. –Acquired land to pilot production of renewable diesel in Australia, using Pongamia trees. –Developed a partnership with China’s State Power Investment Corporation (SPIC) to demonstrate a fleet of battery swap electric haul trucks and associated infrastructure at Oyu Tolgoi. | –Progress Caterpillar battery-electric haul truck trial at BHP Jimblebar mine site in the Pilbara. –Deploy fleet of battery swap electric trucks at Oyu Tolgoi. –Progress planting of Pongamia saplings in Queensland, Australia.
Processing minerals and metals |
Aluminium anodes |
–Progressed start-up of the industrial scale 450kA ELYSIS™ cells at Alma. –Announced the project at Arvida for 10 ELYSIS™ cells operating at 100kA, a $285 million investment in partnership with Investissement Québec. Significantly progressed on site preparation and ordering long lead items for this project. | –Commission an industrial scale 450kA cell at Alma (previously 2024). –Perform further tests of the 100kA cell at Arvida. Finalise technical package, site preparation and building construction at Arvida for the additional 10 cells.
Alumina processing |
–Completed double digestion pre-feasibility study at QAL. –Completed 95% of detailed design and engineering for the Yarwun Alumina refinery hydrogen calcination project, including awarding major construction packages and commencing electrolyser site works. –Progressed feasibility study for electric boiler project at Vaudreuil after delays due to power requirements and scope changes. –Progressed electric steam and thermal energy storage (TES) studies for refineries. –Executed bio-pellet trials at Yarwun and progressed energy crop growing trials. | –Start QAL double digestion feasibility study (previously 2024). –Begin hydrogen calcination trials at Yarwun. –Final approval of, and commence work on, electric boiler project in Vaudreuil. –Commence small-scale electric calcination pilot in Vaudreuil.
Minerals processing |
–Validated phase 1 of BlueSmelting™ technology for ilmenite ore and safely transitioned from smelter gas to hydrogen. –Established new joint venture Évolys™ to manufacture biocarbon products. –Completed long-term 5% replacement trials to qualify biocarbon as a raw material at RBM and RTIT Quebec Operations. –Completed an industrial trial of replacing coke with biocarbon (25% replacement) for pelletisation. | –Develop bioenergy supply sources (biofuel and biocarbon) to support the industrial ramp-up of the new joint venture Évolys TM. –Complete phase 2 of the BlueSmelting™ technology validation. –Complete the installation and commissioning of an electric boiler at IOC.

Annual Report on Form 20-F 2024 | 52 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan

Progress in 2024 | Action in 2025
Nature-based solutions |
–Feasibility studies completed in Guinea, with South Africa study delayed by elections and now due in mid-2025. –Dual pilot-feasibility approach continued in Madagascar for the protection and restoration of the Tsitongambarika Forest including clean cooking, reforestation and conservation activities, with learnings to be applied to other regions in 2025. –Voluntary agreements finalised, including an investment in the Makira Natural Park REDD+ Project in Northern Madagascar, through a partnership with the Wildlife Conservation Society and Everland. –Finalised ACCU offtake agreements for high-quality human-induced regeneration and with savanna fire management project developers. Invested in the Silva Carbon Origination Fund securing access to large- scale, high-integrity environmental planting ACCUs. –Published details on our project development and carbon credit sourcing strategy, including our due diligence process and planned volumes. | –Assess South Africa feasibility study and move into pilot phase if feasible. –Deliver first cookstoves for Guinea and Madagascar clean cooking pilots. –Begin pilot programs for reforestation in Guinea and Madagascar. –Initiate pilot-feasibility study for a sustainable agro-forestry project in Guinea. –Secure offtake agreement for Argentina native grasslands management carbon project. –Expand our environmental planting ACCU pipeline in Australia.

Operational decarbonisation project tracker
Milestones post-2025 are indicative, based on current goals and plans, subject to investment decisions and so they may change – there is increasing uncertainty further into the future.

Annual Report on Form 20-F 2024 | 53 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Renewable electricity

| 11.5Mt CO 2 e emissions from power generation (2023: 14.2Mt CO 2 e) |  | 28% percentage of Group emissions from electricity at Boyne and Tomago smelters and Gladstone Power Station |  | 78% percentage of electricity from renewable sources (2023: 71%) |  | $79m decarbonisation spend on renewable electricity projects in 2024 |

Repowering Pacific Aluminium Operations
Our Boyne and Tomago Smelters operate in
a third-party-operated coal-based power grid
which is undergoing a complex transition to
renewable generation sources.
Securing long-term renewable power
solutions for the smelters supports the
energy transition required for the Gladstone
region to maintain jobs and increase
opportunities for industrial growth.
Emissions reduction across the aluminium
value chain in Australia is complex. It relies
heavily on the availability of large-scale,
competitive, firmed renewable power,
alongside significant investment,
collaboration and partnership with
governments, technology developers and
industry peers to support innovation
breakthrough. We cannot do this alone.
Contracts for the current supply of electricity
to our Boyne smelter expire in 2029, and for
Tomago by end of 2028, and the smelters
must develop low-cost renewable energy
solutions to maintain their long-term viability.
Decarbonising these assets requires
solutions supported by state and federal
governments.
Our Boyne smelter requires up to
975MW of power, equivalent to 3-4GW
of high-quality wind and solar capacity paired
with appropriate and competitive firming
assets and contracts.
In 2024, we announced PPAs for a combined
2.2GW of renewable energy to repower BSL,
catalysing the development of new large-
scale renewable energy in Queensland.
These comprise 1.1GW of solar electricity
from European Energy’s Upper
Calliope solar farm to be built near Gladstone
and 1.1GW from Windlab’s Bungaban wind
project. Once the projects are developed,
they could generate energy equivalent to
10% of Queensland’s current power
demand.
In August, we made arrangements with the
Queensland Government on a support
package for Boyne Smelter to assist with the
transition to a competitive and repowered
future. These arrangements would come into
effect in 2029. They are supported by the
Australian Government’s aluminium
production credit as announced in early
2025, and contingent on our investment in
further renewable energy and the approval of
our joint venture partners.

Other renewable electricity developments
We rely on renewable and non-renewable
electricity to power our mines, processing
plants and supporting infrastructure. We are
working to displace gas and coal-fired power
with solar PV, wind and other renewable
technologies.
We are focusing on the transition to
renewable energy sources in 5 main regions:
the Pilbara in Western Australia, RBM in
South Africa, bauxite operations in Weipa,
Australia, Kennecott in the US, and Oyu
Tolgoi in Mongolia. Total electricity-related
emissions from these assets were 0.9Mt
CO 2 e in 2024.
In 2024, RBM signed two renewable energy
agreements: a 20-year 140MW wind PPA at
Khangela and a 20-year 230MW wind PPA at
Overberg. We also purchased EACs to cover
the period until these assets are
commissioned. At Kennecott, a 78.5MW
wind VPPA and a 25MW solar PV facility
were approved. Additionally, commissioning
of a 5MW solar PV plant was completed in
2024, after undergoing rectification works
and commissioning throughout the year.
Construction on a second 25MW plant
started in late 2024. At Amrun, a 12MW solar
farm is under construction, and at Gove,
10MW of solar is being built.
Decarbonising the electricity at each of these
locations has varying degrees of complexity,
including whether the power is externally or
internally generated, land access
requirements (including permitting and
Traditional Owner engagement)
and availability of commercial solutions.
A 100MW solar PV facility can require a land
area of approximately 200 hectares,
equivalent to the operating footprint of one of
our mines in the Pilbara. Although
renewables benefit from established
construction methods, are lower technical
risk and relatively low impact on the ground,
the sheer scale of the renewables footprint
means that we must take the time required to
find suitable sites and engage with
Traditional Owners.
We invest our own capital in renewable
energy projects while also using other
renewable energy procurement methods
(such as PPAs and EACs) that align with
global standards and practices. Under the
GHG Protocol, renewable electricity must
either have an EAC or be derived from
renewable generation that is not
contractually committed to another party.
In alignment with the GHG Protocol we
report eligible energy supplies as renewable
and include them in our Scope 2 emissions
reporting.
Group electricity use
(TWh, equity basis)

| 63 | 69 | 75 | 79

Renewable |  | 78%
| 22%

96%

l | Electrification growth
l | Contracted renewables
l | Self generated renewables
l | Renewable Energy Certificates
l | Fossil fuels

Annual Report on Form 20-F 2024 | 54 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Diesel transition

| 4.4Mt CO 2 e Scope 1 and 2 emissions in 2024 (3% decrease from 2023). The Diesel Transition program also addresses marine fuel and some other smaller emissions sources. |  | $64m decarbonisation spend on diesel transition programs in 2024 |  | 5% percentage of global diesel supply transitioned to renewable diesel |  | 1.6 billion litres diesel consumed at our major managed operations in 2024 |

Diesel use from our mobile equipment and
rail fleet represents around 13% of our total
Scope 1 and 2 emissions.
Although electrification is the preferred long-
term solution for reducing diesel emissions, it is
not technically or financially feasible at all
mining operations today, or for all types of
equipment. Electrification is well suited to our
greenfield applications where we have large
fleets, but less so to brownfield operations with
smaller fleets, shorter mine life or other
operational complexities. Complementary
pathways are therefore in development and
include the use of renewable diesel to more
immediately reduce diesel-sourced emissions.
Electrification
The electric vehicles required to support
meaningful emissions reductions for the mining
industry are unique from those deployed in the
transportation or logistics sectors, or consumer
vehicles with fixed routes and operating
conditions. Mining solutions must be adaptable to
changing mine plans, supported by flexible
charging locations and powerful enough to
support intense work cycles with high operating
hours and loads. Most importantly, they need to
be safe, reliable and have sufficient battery
capacity and run-time between charging cycles.
Charging infrastructure must also be dynamic
and support evolving mine plans and equipment
routes which may mean that charging stations
cannot remain permanently in one location or
must be complemented by mobile solutions. The
charging network requires access to sufficient
and reliable renewable energy.
In 2024, we progressed the following
electrification activities:
1)Battery-electric haul truck Pilbara
collaboration: We progressed our
partnership with BHP to test battery-
electric haul trucks in the Pilbara region.
In 2025 and 2026 we will collect data on
battery performance, charging systems,
and overall productivity in Pilbara
conditions, and share the information so
we learn faster.
2)China’s State Power Investment
Corporation (SPIC) partnership: Battery
swapping technology allows a battery-
electric vehicle to quickly exchange a
discharged battery pack for a fully charged
one, instead of recharging the vehicle at a
static charging station. The technology is
already applied on haul trucks in mining
operations across China. The 2-year
project will demonstrate 8 mining haul
trucks (91 tonne payload), 13 batteries
(800kWh), and a robotic battery swap and
charging station in non-production activities
at the Oyu Tolgoi open pit copper mine in
Mongolia.
Renewable diesel
Renewable diesel is a drop-in replacement
fuel that can be used in existing equipment to
significantly reduce emissions. While
renewable diesel presents a compelling
option, widespread adoption depends on
development of a liquid market of sustainable
feedstock. To support this, we are developing
a sourcing strategy for commercially available
renewable diesel from third-party suppliers
while also developing organic supply options
by identifying and cultivating sustainable
feedstocks focusing on Australian-based
options such as Pongamia.
In 2024, we progressed the following
renewable diesel activities:
1)Transitioned Kennecott operations to
renewable diesel, achieving 95% diesel
displacement including all heavy mining
equipment across the mine, concentrator,
smelter, refinery and tailings.
2)Continued renewable diesel use at
Boron following successful trials initiated in
2022.
3)Purchased land for Pongamia seed oil
feedstock generation pilot. We acquired
approximately 3,000 hectares of land in
north Queensland to assess Pongamia
viability and yield. We are partnering with
Midway to oversee the planting and
management of the Pongamia seed farms.
Given the potential timeframes and
challenges associated with large-scale
development and deployment of battery
vehicles in some industries, policies must
support market development and
competitiveness of alternative fuels. The lack
of a liquid market is a key constraint to
widespread and accelerated use of
alternatives to diesel fuels, both physically
and economically. Support is needed to
incentivise the production and use of biofuels
at volume and grow this industry. Incentives
could include support for research and
development, pilot programs and direct
support to landowners to develop advanced
biofuel feedstock crops in suitable areas.

| For further information see our climate briefing paper on transitioning our diesel fleet riotinto.com/climatechange

Processing minerals and metals

| Aluminium anodes 6.9Mt CO 2 e (2023: 7.1Mt CO 2 e) |  | Alumina refining 5.7Mt CO 2 e (2023: 5.8Mt CO 2 e) |  | Minerals processing 1.8Mt CO 2 e (2023: 1.9Mt CO 2 e) |  | $144m decarbonisation spend on processing minerals and metals programs in 2024. |

Aluminium anodes
We are working to develop a breakthrough
aluminium smelting technology with no direct
greenhouse gas emissions.
The ELYSIS™ partnership was established
in 2018 with Alcoa, with support from Apple
and the governments of Canada and
Quebec, to develop the world’s first direct
emissions-free aluminium smelting process
using inert anodes to replace carbon ones.
Work at Alma is now focused on scaling up the
ELYSIS™ technology towards the
demonstration of commercial-size cells.
The smelting cells will operate on an electrical
current of 450kA, which is the commercial
scale for many large, modern aluminium
smelters. As noted above, research and
development is complex and sometimes takes
longer than planned. Commissioning these
cells was originally anticipated in 2023 but is
now expected to be in 2025 due to delays in
installing and commissioning some equipment.
A plan is now in place to complete these crucial
steps, and the fundamentals of the technology
remain sound.
We also aim to grow capacity for our
ELYSIS™ low-carbon smelting technology.
Before 2030 our use of ELYSIS™ carbon free
smelting technology will support new
production and will not address emissions
from existing carbon anodes. For all of our
smelters, the deployment of ELYSIS™
technology is inextricably tied to the
long-term plans for the underlying assets.
For this reason, associated abatement is not
currently reflected in the forecast 2030 plan,
but we expect to phase out the use of carbon
anodes at our smelters beyond 2030.
In June 2024, we announced an investment of
$285 million to build a demonstration plant
using the first ELYSIS™ technology licence, in
partnership with the Government of Quebec.
This plant will be built at the Arvida smelter in
Quebec equipped with 10 carbon-free
aluminium smelting cells operating at 100kA.
The investment will support the ongoing
development of the breakthrough ELYSIS™
technology and allow us to build expertise in its
installation and operation.

Annual Report on Form 20-F 2024 | 55 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Alumina processing
The alumina refineries in Gladstone; Yarwun
and QAL are the largest source of process
heat emissions in the Group. The refineries
are currently reliant on coal and gas to
generate heat for digestion (75% of refinery
emissions) and use in the calcination phase
(25% of refinery emissions) of the process.
The successful reduction of emissions in our
Australian alumina refineries relies heavily on
technology development, capital investment and
the availability of large-scale renewable energy.
Our preferred decarbonisation strategy, based
on technical merit and commercial viability, is a
combination of energy management, fuel
switching and electrification.
We are focused on reducing the emissions of
the digestion phase through 3 main projects:
1)Reducing baseload energy
requirements through double
digestion. In 2024, we completed a
double digestion pre-feasibility study at
QAL. The feasibility study was approved
in Q4 2024 and therefore commencement
of the study work will now occur in 2025.
2)Upgrading energy with heat pumps
and mechanical vapour
recompression (MVR). At QAL, the
order of magnitude study for waste heat
recovery using MVR will commence in Q1
2025 and is planned to complete in Q2
2025. The project is expected to
commence pre-feasibility in Q3 2025.
3)Fuel switching through electric steam
generation (including electric boilers
and thermal energy storage):
–Final approval of the electric boiler
project in Vaudreuil is now expected in
2025.
–At Yarwun, the thermal energy storage
(TES) industrial demonstration project
has seen continued discussion with
the technology supplier Rondo and
Australian Renewable Energy Agency
(ARENA). This project is expected to
move to a feasibility study in 2025,
pending additional support
from ARENA.
–At Yarwun, we executed a bio-pellet trial.
A feedstock growing trial continues in
North Queensland. We are progressing
several partnership opportunities for bio-
based energy supply to Gladstone.
To reduce emissions in the calcination
phase, we are focused on 2 main projects:
1)Substituting natural gas with green
hydrogen. At Yarwun, the design and
engineering for the hydrogen calcination
project have been completed and
construction is in progress. Trials to burn
hydrogen in the calcination process are
planned to commence in the second half
of 2025.
2)Electric calcination. At Vaudreuil, an
electric calcination pilot is planned to
commence in 2025.

| For our climate briefing paper on decarbonising our Australian alumina refineries, see riotinto.com/climatechange

Minerals processing
A large source of our process emissions
arises from processing titanium dioxide
feedstocks (TiO 2) in Canada and
South Africa.
Finding new and innovative technologies to
support the decarbonisation of these facilities
represents both a challenge and an
opportunity. Carbon abatement can be
partially realised by transitioning from fossil
fuels to renewable energy sources for
heating and operating these facilities.
We are partnering with the governments
of Canada and Quebec to support
technological innovations to decarbonise our
operations by up to 70% and strengthen the
critical minerals and metals value chains
through the production of titanium metal and
scandium. The BlueSmelting TM
demonstration plant, which started in April
2023, employs world-first technology
developed by Rio Tinto, to reduce emissions
from RTIT Quebec Operations.
If successful, the technology could be
applied to our RBM operations in South
Africa, which use the same smelting process.
There are other potential applications for
BlueSmelting TM technology in decarbonising
steelmaking.
In 2024, the BlueSmelting TM technology was
fully validated for QMM ilmenite ore at our
RTIT Quebec Operations, and reduction
gas was safely transitioned from smelter
gas to hydrogen. Several ilmenite ores
were tested with hydrogen and the first tests
with iron ore from IOC have been
successfully completed.
Scaling up low carbon technology for minerals
and metals processing is expected to require
significantly more renewable energy. Access to
hydroelectric power in Quebec requires
support from the government-owned provider.
In a tight market, access to this supply could
be limited and the negotiation period can be
time-consuming. Support to streamline
discussions and consideration of the supply of
additional renewable energy to hard-to-abate
Canadian industries, where it can have the
greatest impact, could underpin further
investment in breakthrough technologies.
In 2024, we announced a new joint venture
with Aymium named Évolys. We will
manufacture a metallurgical biocarbon product
to reduce carbon emissions in large-scale
industrial processes. The biocarbon product
will be used at RTIT Quebec Operations as an
alternative to anthracite.
Biocarbon trials were successfully carried out
at RBM and RTIT Quebec Operations sites
this year, thus completing industrial
qualification. And, at IOC, we completed a
plant trial of substituting coke with biocarbon.
In 2025, we aim to develop bioenergy supply
sources (biofuel and biocarbon) to support
the industrial ramp-up of the new joint
venture Évolys TM. We also plan to complete
phase 2 of the BlueSmelting™ technology
validation and the installation and
commissioning of an electric boiler at IOC.

| For further information, see our climate briefing paper on decarbonising our minerals processing riotinto.com/ climatechange

Annual Report on Form 20-F 2024 | 56 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Nature-based solutions

Nature-based solutions and carbon credits decarbonisation spend 1 $70m (2023: $45m)

In 2022, we set up a team dedicated to
developing and investing in nature-based
solutions near our operations, because we
believe they are a win for people, nature and
climate. Over the last 2 years, we developed
our high-integrity criteria - based on our own
standards as well as international best
practice, guidance and principles. We have
identified new projects to develop and existing
ones to scale up, and partnered with NGOs
and other experts to deliver our program.
Today, we are on track to enable 500,000
hectares of high-integrity nature-based
solutions across Argentina, Australia, Guinea,
Madagascar and South Africa by the end of
2025.
These projects are enablers for activities that
support sustainable livelihoods for the
communities where we operate, while
protecting and restoring nature, and
delivering high-quality carbon credits. Our
projects complement structural abatement.
How we use carbon credits
We anticipate that we will retire approximately
1.1 million Australian Carbon Credit Units
(ACCUs) for compliance with the Safeguard
Mechanism for the calendar year 2024.
In alignment with our updated CAP, we will
limit the use of voluntary and compliance
carbon credits towards our 2030 climate target
to up to 10% of our 2018 baseline emissions
(~3.6 million). Carbon credits retired as offsets
towards our climate targets must pass our due
diligence assessment, including meeting our
high-integrity criteria.
See our 2024 Scope 1, 2 and 3 Emissions
Calculation and Climate Methodology report
and our 2024 Sustainability Fact Book for
further detail on our carbon credits retirement
methodology.
How we source carbon credits
We source carbon credits in 3 ways 2:
–We develop new projects – we work with
local partners and communities to develop
and implement new nature-based solutions
projects that address nature loss, while
generating carbon credits and delivering
benefits for local communities.
–We invest in and scale up existing projects
– through commercial investments with
project partners, we provide capital and
support the development and scale-up of
nature-based solutions projects in our
operating regions.
–We source high-integrity carbon credits
through spot carbon credit purchases and
long-term offtake agreements from
nature-based solutions projects that meet
our high-integrity criteria. We aim to
source the highest quality credits
available in the market.
All our investments and purchases are
subject to our high-integrity criteria, which
forms the basis of our due diligence
process 3. To assess projects, we analyse
publicly available data, geospatial data, and
data and models from project developers.
We also hold question and answer sessions
with developers, combined with site
inspections. This information is assessed
against our requirements, and if at any stage
the project fails to meet our criteria, we do
not proceed with the investment.
Our criteria include an assessment of the
potential impact of our projects, seeking to
ensure that they do not result in negative
unintended consequences for people,
communities, their heritage or natural
ecosystems. The risks and opportunities
identified in the assessment must be
addressed, managed, tracked and assessed
periodically during the project.
In 2024, approximately 15% of all projects
assessed met our criteria, highlighting our
commitment to building a high-integrity and
diverse project pipeline for Rio Tinto,
including a variety of methodologies across a
wide range of ecosystems and land uses.
Our high-integrity criteria
In 2024, we updated and expanded our high-
integrity criteria 4, using our own learnings
and the latest international best practice,
guidance and principles, including the Core
Carbon Principles by The Integrity Council
for the Voluntary Carbon Market and the
International Union for Conservation of
Nature Global Standard.
1)Additionality: The project and its outcomes
are made possible by climate finance and
would not have happened otherwise.
2)Quantification: The project can generate
real carbon reductions, removals, or both,
supported by robust accounting practices.
3)Permanence: The project can deliver
permanent carbon reductions, removals,
or both, and reversal risks are realistic
and well-managed.
4)Governance, Social and Ecological
Safeguards: The project takes an
integrated approach to protecting or
restoring nature, or both, while supporting
community livelihoods and respecting
human rights.
5)Sustainable Development and Nature
Positive Outcomes: The project supports
multi-decade sustainability outcomes and a
diverse project pipeline for Rio Tinto.
1.Spend on carbon credits is initially treated as capital and
expensed when these are retired. See pages 157-160 where
we describe our accounting policies and the classification of
climate-related items.
2.In 2024, we updated the way we outline our sourcing strategy,
relative to 2023, in which we referred to the following 3
pathways to securing carbon credits: investment in Australian
Carbon Credit Units; the development of our own voluntary
projects; and commercial agreements with voluntary carbon
credit developers.
3.Compliance market projects delivering credits for
retirement against our net emissions target are tested to
the extent possible with information available. If available
project information is not sufficient to make an informed
assessment, the project will not be considered further or
will be excluded from consideration until such time as
sufficient information becomes available.
We also published more detail about our due
diligence process, including the questions we
ask project developers to evaluate their
projects.

| This information, including specific steps we take when assessing ACCU projects, is available at riotinto.com/naturesolutions

Our voluntary projects
Our development and scale-up projects
include landscape-level protection and
conservation, restoration and land-use
management activities, covering clean
cooking initiatives, reforestation and
afforestation, forest and grassland
management, sustainable forestry and agro-
forestry. These projects follow
the latest available voluntary carbon
market methodologies.
In 2024, in partnership with The Government
of Madagascar, BirdLife International,
Asity Madagascar and other partners,
we continued to support the development of
the Tsitongambarika Forest REDD+5 project in
Southeastern Madagascar through a
$2.1 million investment. And we committed
$16 million to the Makira Natural Park REDD+
Project in the north, through a new partnership
with the Wildlife Conservation Society and
Everland.
In South Africa, we partnered with Peace
Parks Foundation, Sayari Earth and
WILDTRUST to carry out a feasibility
study for a large-scale, landscape level
nature-based solutions project in
KwaZulu-Natal Province. The feasibility
report will be delivered by mid-2025,
when we will decide on the investment.
In Guinea, we completed feasibility work for
a clean cooking, fuel-switching program, now
preparing to move into pilot phase. We also
identified a high-quality reforestation project,
and we are working with local partners to
investigate REDD+ and mangrove
restoration projects.
Through a $2.1 million investment over
2 years, we are also working with BirdLife
International and Aves Argentinas to scale up
a large native grasslands management carbon
project in Argentina.
In Mongolia, we partnered with EarthShot,
URECA and the Wildlife Conservation
Society to investigate opportunities for
sustainable forest management projects.
4.In addition to Additionality, Quantification, Permanence,
and Social and Ecological Safeguards, we now consider
Governance (within the latter) and added Sustainable
Development and Nature Positive Outcomes.
5.United Nations Climate Change: ‘REDD’ stands for ‘Reducing
emissions from deforestation and forest degradation in
developing countries. The ‘+’ stands for additional forest-
related activities that protect the climate, namely sustainable
management of forests and the conservation and
enhancement of forest carbon stocks.

Annual Report on Form 20-F 2024 | 57 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Meeting our regulatory obligations
We operate in many jurisdictions that have
implemented carbon pricing regulations that
cover our Scope 1 emissions. These include
Australia, Canada, California, the
EU and New Zealand where approximately
83% of our Scope 1 emissions or 64%
of our total emissions are covered by
these regulations.
Australia - Safeguard Mechanism
We have significant emissions in Australia,
and are required to comply with the
Safeguard Mechanism. We source high
quality ACCUs from savanna fire
management, human-induced regeneration
(HIR) and environmental planting (EP)
projects, while seeking to:
–Partner for the long term with
Indigenous project developers. These
projects can bring multiple benefits in
addition to fire management and nature
repair, with carbon finance reinvested into
the communities to support training,
employment and enhanced connection to
Country. For example, near our
operations in the Northern Territory we
are supporting Arnhem Land Fire
Abatement, an Aboriginal-created, owned
and operated not-for-profit carbon
business. Closer to our operations in Far
North Queensland, we are supporting
several projects, including the Aurukun
Savanna Burning Project and the Oriners
& Sefton Savanna Burning Project.
–Continuously strengthen our due
diligence process. We use a range of
geospatial tools and approaches to assess
the design and performance of HIR and EP
projects, including satellite imagery
analysis and land cover classification. This
enables us to assess the integrity of
projects by monitoring, verifying and
quantifying vegetation growth and land
cover changes over time. Our site visits
and engagement with developers give us
additional information to support these
assessments.
–Invest in project development to
reduce our overall reliance on spot
transactions, move ACCU costs closer
to the cost of development and have
greater oversight of the integrity of
projects. This includes investing in
carbon developers, such as Australian
Integrated Carbon (in which we have a
14.15% interest) and the Silva Carbon
Origination Fund, one of the first in
Australia to provide investors with access
to large-scale, high-quality carbon credits
from land reforestation projects integrated
with sustainable agriculture.
Other countries
Canadian Provinces have implemented
different carbon pricing regulations, including
the British Columbia Output-Based Pricing
System and the Quebec Cap-and-Trade
System which is linked with California’s. In the
California-Quebec system, offsets may be
used for compliance purposes (limited to a
fixed percentage of the allowances allocated to
each installation).
Our aluminium smelters in Iceland and
New Zealand are covered by Emissions
Trading Systems. Offsets are not eligible
for compliance use under these carbon
pricing regulations.
Carbon credits retired towards net emissions calculation

Project description | Carbon credit type | Project type | Mitigation activity type | Certification scheme | Location | Vintage | Quantity retired for 2024 compliance |  | Quantity held for planned 2024 compliance (retired in 2025)1
Savanna fire management with Traditional Owner co-benefits | ACCU | Nature-based | Avoidance | Clean Energy Regulator | Australia | VY21-25 | 134,838 |  | 137,615
Human-induced regeneration | ACCU | Nature-based | Removal | Clean Energy Regulator | Australia | VY21-25 | 362,344 |  | 464,962
Total | 497,182 |  | 602,577
Total credits counted towards net emission for the current reporting period (year-ended 31 December 2024) |  |  | 1,099,759

1.This is estimated based on our Scope 1 emissions for the period 1 July - 31 December 2024. See our 2024 Sustainability Fact Book and our 2024 Scope 1, 2 and 3 Emissions Calculation
and Climate Methodology for further detail.

Annual Report on Form 20-F 2024 | 58 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Scope 3 emissions: Partner to decarbonise our value chains
In 2024, our Scope 3 emissions were 574.6Mt
CO 2 e (equity basis), approximately 19 times
higher than our Scope 1 and 2 emissions.
This is compared to a restated 2023 number of
572.5 Mt CO 2 e (equity basis).
The majority of these emissions (94%) stem
from customers processing our products,
particularly iron ore (69%) and bauxite and
alumina (23%).
Specifically, emissions related to iron ore
processing were 395.9Mt CO 2 e in 2024,
compared to 399.9Mt CO 2 e in 2023.
Emissions related to bauxite and alumina
processing increased from 127.1Mt CO 2 e
(restated) in 2023 to 134.0Mt CO 2 e in 2024,
mostly as a result of increased bauxite sales.
Many of our customers have set public
targets for their Scope 1 and 2 emissions
(our Scope 3). About 55%1 of our
steel-producing customers by direct iron ore
sales volume have set public targets to reach
net zero or carbon neutrality by 2050.
Meanwhile, nearly 33%1 of our bauxite sales
are to customers with net zero emissions
targets, though only 11% of customers are
aiming for net zero by 2050.
As things stand today, our analysis of our
customers’ targets and their governments’
commitments to reduce their emissions
shows a trajectory for those processing
emissions that approaches net zero by
around 2060. This is driven in large part by
China (80% of Scope 3 emissions), which
has pledged to be carbon neutral by 2060.
Approximately 20% of our emissions come
from countries such as South Korea and
Japan, which have pledged to be net zero by
2050.
We are committed to partnering with
customers and suppliers to help them
achieve their targets earlier, reaching net
zero by 2050. We have not set an overall
Scope 3 emissions target due to the limited
direct influence we have on the
decarbonisation activities of our customers,
required maturation of technology adoption
and grid decarbonisation in customers’ host
countries. Instead, we are holding ourselves
accountable on real and measurable
commitments in the near term, which will
ensure technologies are available to
accelerate the longer-term transition.
Therefore, we have set near-term, action-
oriented, and measurable targets in the
areas where we believe we have agency and
can support meaningful change. We take
accountability and track our progress on
individual projects and partnerships, and stay
deeply connected across the value chain,
ensuring we are up to date on developments
and maintaining ambitious decarbonisation
goals.
Our Scope 3 targets have not been derived
using a sectoral decarbonisation approach.
Instead, we have set these targets based on
what we can achieve practically and
effectively under each category. We engage
KPMG to provide limited assurance on our
Scope 3 emissions calculations and progress
made in relation to the 4 most significant
categories of our Scope 3 footprint: steel and
aluminium value chains, shipping and
procurement.
1.This figure is dependent on our sales mix, so is not
comparable year-on-year.
2024 Scope 3 emissions
574.6Mt CO 2 e
(2023: 572.5Mt CO 2 e)

395.9 | 134.0 | 12. 8 | 8.9 | 22.2 | 0.8

0.4% – DRI
7% – Coke production
9% – Steel converter
20% – Sinter plant
63% – Blast furnace

67% – Smelting electricity
2% – Refining electricity
18% – Smelting anodes & other
13% – Refining process heat

Other customer processing | 59% – Chartered vessels |
| 36% – Raw materials / high emission goods

Iron Ore | Bauxite & Alumina processing |  |  |  |
| Other customer processing |  |  |
| Marine & logistics |  |
| Procurement |
Business travel & waste

Annual Report on Form 20-F 2024 | 59 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Steel value chain

| Steel decarbonisation targets –Support our customers’ ambitions to reduce their carbon emissions from blast furnace-basic oxygen furnace (BF-BOF) process by 20-30% by 2035 1. –Reduce our net Scope 3 emissions from IOC high-grade ores by 50% by 2035 relative to 2022 2. –Commission the Biolron™ pilot plant by 2026 2. –Commission a shaft furnace (DRI) + Electric Smelting Furnace (ESF) pilot plant by 2026, in partnership with a steelmaker. –Finalise study on a beneficiation pilot plant in the Pilbara by 2026. |

Steel is one of the most cost-efficient
construction materials and is essential in low-
carbon infrastructure, transportation and
buildings. With approximately 2 billion tonnes
of crude steel produced globally in 2024, the
industry overall emits over 3.5 billion tonnes
of CO 2 e annually, equivalent to around 8% of
global carbon emissions.
As one of the world’s largest iron ore
producers, we have a key role to play
in decarbonising the steel value chain.
We aim to accelerate the development
and adoption of low-carbon emissions
technologies that both reduce our Scope 3
emissions and future-proof our iron ore
business. Our approach is built on a platform
of collaboration across the value chain. We
are partnering with over 40 partners in about
10 countries to build a portfolio of options,
from iron ore processing to iron and
steelmaking.
We prioritise our project portfolio based on
parameters such as ore suitability, technical
and commercial feasibility, and emissions
abatement potential, to ensure a disciplined
approach to investing capital and effort.
Our strategy is framed under 3 pathways
across different time horizons:
1. Existing pathways
We are actively working with our customers to
help reduce their carbon emissions from the
current blast furnace (BF) process.
Our initiatives include optimising BF burden,
improving energy efficiency, BF slag
optimisation, and carbon capture, utilisation
and storage (CCUS).
2. Emerging pathways
We are supporting early development and
proliferation of emerging low-carbon DRI
projects that use high-grade iron ores, such
as those we produce at IOC, and, in the
future, Simandou. We are committed to
supporting these low-carbon projects that
may otherwise face significant headwinds.
Our approach includes bringing together the
right group of partners, supplying high-grade
ore, bringing our technical and sales and
marketing expertise, and investing in early-
stage projects.
In November 2024, we entered agreements
with GravitHy – an industrial start up
establishing 2 Mtpa production of ultra-low-
carbon DRI in Fos-sur-Mer, France.
GravitHy’s hydrogen-based DRI plant is
expected to start production in 2028.
The facility will feature ultra-low-carbon
hydrogen production infrastructure, enabled
by access to grid-connected nuclear power.
By processing our iron ore with GravitHy,
emissions are reduced by up to 90%
compared to a typical BF-BOF pathway.
3. Future pathways
While low-carbon DRI technology is
established for high-grade ores, there is
currently no economic low-carbon iron and
steelmaking technology for low- and medium-
grade ores, such as those produced in the
Pilbara. Low- and medium-grade iron ore
accounts for more than 80% of global iron ore
supply. Full decarbonisation of the steel
industry therefore depends on the
development and commercial proliferation of
low-carbon ironmaking technologies that use
low- and medium-grade ores.
We are supporting the development of these
technologies with a focus on:
–Beneficiating our ores to remove
impurities before ironmaking.
–Pelletising our ores to improve their
suitability to proven shaft furnace
technology
–Evaluating emerging fluidised bed
technology. This technology may be a
suitable process for our iron ore fines
products, removing the need to pelletise
prior to ironmaking.
–Developing a proprietary ironmaking
process called BioIron™ which uses raw
biomass 3, along with microwave energy, to
convert Pilbara ores into metallic iron. This
has potential to reduce carbon emissions
by up to 95% compared to the BF-BOF if
combined with renewable energy and fast-
growing biomass.
–Jointly developing ESF technology, which
is required for all of the above ironmaking
pathways. The ESF removes impurities
inherent in low- and medium-grade ores,
as a second stage of ironmaking. We are
progressing our partnership with
BlueScope and BHP to build an ESF pilot
facility in Australia. This will initially use
natural gas to reduce iron ore to DRI, but
once operational, the project aims to use
lower-carbon emissions hydrogen to
reduce iron ore. Reductions of up to 80%
in carbon emissions are potentially
achievable, compared to a typical
BF-BOF. We are also working with Baowu
to build an ESF pilot facility in China.

| In 2024, we spent $65 million on steel decarbonisation initiatives. Over the next 3 years, 2025-2027, we plan to spend $200-350 million across our steel decarbonisation portfolio. |

Decarbonisation of the steel sector will not
happen in isolation; all stakeholders along
the steel value chain will need to work
together. Ultimately, Scope 3 emissions
reductions are dependent on the deployment
of these lower-carbon steelmaking
technologies by our customers. A range of
different policies is needed to support
research and development,
first-of-a-kind projects and commercial
deployment of low-carbon steelmaking.

| For more information see our climate briefing paper on decarbonising our iron ore value chain at riotinto.com/climatechange

1.The support will be in the form of direct technical support
and co-developing technology solutions.
2.Subject to funding approval and technical feasibility.
3.Rio Tinto is aware of the complexities around the use of
biomass supply and is working to ensure only
sustainable sources of biomass are used.

Annual Report on Form 20-F 2024 | 60 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Steel decarbonisation projects tracker
Aluminium value chain

| Alumina decarbonisation targets –In 2025, partner with at least 2 bauxite customers with the goal of improving energy efficiency and reducing emissions, focusing on digestion improvement technology; controlling or removing organic compounds from the refining process; and technical options to reduce moisture content in our bauxite. |

We regularly engage with our customers to
understand their ESG priorities and
requirements, and identify and agree on
collaboration opportunities aligned with our
capabilities. Energy efficiency is a key priority
for our customers due to its direct impact on
emissions.
In the alumina refinery process, steam is
used to heat the bauxite slurry in the
digestion unit to high temperatures,
dissolving the alumina in the bauxite. This
digestion process is a crucial aspect of the
overall energy efficiency of the refinery. In
addition, effective organic control is essential
for achieving production rates and producing
quality alumina, especially when processing
Australian bauxites.
More than 85% of our 134.0Mt CO 2 e Scope
3 emissions in the aluminium value chain
come from the electricity- and emissions-
intensive aluminium smelting process.
However, the majority of our product is
processed in China using coal-fired refining
and smelting processes, where we have little
influence over the power source for these
electricity grids.
Our short- to medium-term focus is to help
our customers improve the alumina refining
process to increase energy efficiency and
optimise use of our bauxite 1.
Strong demand for bauxite has resulted in
almost double the number of refineries
processing Rio Tinto bauxite over the past 3
years. As some of our bauxite sales are
made through intermediaries, we have
limited direct interaction with the end
customer. Consequently, we have less
influence and ability to engage on
matters relating to decarbonisation with
these refineries.
In 2024, digestion improvement technology
was successfully implemented at one of our
bauxite customers’ operations. We also
completed an overview and opportunity
assessment of organics technologies, and
conducted customer visits to present the
portfolio of control options.
Another key ESG priority for our bauxite
customers is the significant challenge of
managing bauxite residue. We are supporting
our customers in the development of
processing and reuses for this residue to
reduce the environmental and safety impact of
residue storage. In 2024, we pursued a testing
program with one of our customers on
converting bauxite residue into soil products
for agriculture.
1.This is mostly via sweetening and improved digestion.
In the longer term, this will be mostly through using
renewable energy for the heat source, via hydrogen
calcination and electric boilers.

Annual Report on Form 20-F 2024 | 61 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Shipping

| Shipping decarbonisation targets –Reach net zero shipping by 2050 across our shipping footprint. –Fulfil First Movers Coalition (FMC) pledge of 10% of time-chartered fleet to be running on low-carbon fuels 1 by 2030 and progressing to 100% of time-chartered fleet by 2040 2. –Reduce emissions intensity by 40% by 2025 (5 years ahead of the target set by the I nternational Maritime Organization [IMO]), and deliver 50% intensity reduction by 2030 3. –Enhance accuracy of emissions reporting by using actual voyage data for more than 95% of our cargo shipments by 2024. |

Our Scope 3 emissions from shipping and
logistics are 8.9Mt CO 2 e. Of this, 5.2Mt CO 2 e
(59%) is generated by our chartered fleet,
and around 1.9Mt CO 2 e (21%) comes from
shipping our products, where freight has
been arranged by the purchaser. The
remaining 1.8Mt CO 2 e (20%) comprises
other logistics elements such as truck, rail,
container movement and other logistics-
related emissions. An additional 0.4Mt CO 2 e
of Scope 1 shipping-related emissions is
attributed to the vessels we own.
As a major charterer transporting over
300Mt of bulk products annually with a fleet
of 230 chartered vessels and 17 owned
ships, we recognise our vital role in
decarbonising shipping and partnering with
industry stakeholders to accelerate
this journey.
To reduce emissions from shipping, we focus
on:
Energy efficiency: While in mid-2024 we
achieved a 40% reduction in emissions
intensity against the IMO’s intensity target
baseline year 2008, we ended 2024 with a
39% reduction (up from 37% at end 2023),
primarily by:
–Incorporating larger vessels such as
Newcastlemax (210k deadweight tonnage
(DWT), which have ~10% lower
emissions intensity than standard
Capesize (170-180k DWT).
–Technical modifications to the hull,
propeller, and engine. As we improve the
energy efficiency of our own vessels, we
are also prioritising chartering vessels with
design improvements, including those with
energy-saving devices installed.
–Speed and route optimisation: We
deploy sophisticated weather routing
software and seek to continually optimise
scheduling and reduce unneeded time
waiting in port.
We have completed a recent dry dock
program and energy-saving device
installations on all 17 owned vessels.
In 2025, we plan to trial further energy
efficiency technologies such as shaft
generators and air lubrication systems, while
exploring opportunities to apply these to our
chartered fleet.
Transitional fuels: We continue to explore
opportunities for biofuels and liquefied
natural gas (LNG). In 2024, we introduced 4
additional LNG Newcastlemax dual-fuelled
vessels to our fleet (current total of 9 in the
fleet), capable of delivering up to 15% to
20% CO 2 e emissions reductions compared
to traditional fuel oil.
We continue to work with our partners to
progress commercially viable biofuel bunkering
solutions as well as recycled fuel deployment.
End-state fuels: To achieve our aim of net zero
shipping by 2050, our Marine team is focusing
on end-state fuels. Although there is no clear,
single end-state fuel solution for the shipping
industry, low-carbon methanol and low-carbon
ammonia are considered the more promising
options 4. We progress the availability and
business case for end-state fuels (including
value-chain split of opportunity/risk) through
industry collaboration such as our leadership in
the West Australia – East Asia Iron Ore Green
Corridor.
Additionally, regulation is essential to facilitate
the drive towards net zero shipping. In 2023,
the IMO announced a heightened ambition,
including guidance for net zero shipping “by or
around 2050”, with interim non-binding
emissions reduction targets set for 2030 and
2040. To deliver on the reduction targets, the
IMO is currently working on the development
of a basket of candidate mid-term GHG
reduction measures (eg fuel standard with
GHG pricing mechanism), with a view to
finalising these in 2025, with entry into force in
2027.
Through a range of industry partnerships and
via direct government engagement we seek to
positively shape regulatory measures that are
sufficiently robust to catalyse and accelerate
shipping’s energy transition.
In 2024, we met our target to use actual
voyage data (eg actual fuel consumption)
rather than industry estimates for more than
95% of our cargo shipments 5.
1.Although the FMC currently employs the terminology
“zero-emission” rather than “low-carbon”, with a guiding
principle of delivering a well-to-wake GHG emission
reduction of 80% or more compared to fuel oil, we have
updated our terminology to reflect that these fuels are
unlikely to be fully net zero emissions on a lifecycle basis
over the coming years. While we endeavour to achieve
the guiding principle proposed by the FMC, we may
initially consider fuel pathways with a lesser emission
reduction with consideration to factors such as supply,
availability of technology and regulatory developments
from the IMO.
2.Subject to the availability of technology, supply, safety
standards and a reasonable price premium.
3.Relative to IMO’s 2008 baseline.
4.A range of fuels and technologies are likely to comprise
shipping’s “end state”, which may also include drop-in
biofuels, bio/e-LNG and even fossil fuels which may be
complemented by carbon capture technology.
5.Where Rio Tinto m anages the freight (excluding free on
board shipments).
Procurement
Upstream Scope 3 emissions from
procurement were 22.2Mt CO 2 e (excluding
business travel) in 2024, split between
purchased fuels, goods and services.
The goods and services are further divided
between emissions related to operational

| Procurement decarbonisation targets –Engage with 50 of our highest-emitting suppliers on emissions reduction, focused on driving supplier accountability for setting and delivering against their decarbonisation targets. –Implement decarbonisation evaluation criteria for new sourcing in high-emitting categories 1. |

expenditure purchases (such as caustic,
explosives, coke, pitch) of 14.8Mt CO 2 e,
and capital expenditure purchases (such
as machinery, electrical equipment) of 3.0Mt
CO 2 e. Due to the nature of our businesses,
many of our purchased inputs are from hard-
to-abate sectors, such as caustic, coke, pitch
and steel.
In accordance with Rio Tinto’s stated position
to put the energy transition at the heart of our
strategy, in 2024 we launched our
Sustainable Procurement Principles and
revised Supplier Code of Conduct, outlining
the expectations we have for ourselves and
our suppliers to strive to ensure that the
procurement of our goods and services
aligns with our commitment to strive for
impeccable ESG credentials and responsible
business practices. We expect our suppliers
to share this commitment to environmental
responsibility.
We work with more than 20,000 suppliers
across complex multi-layered supply chains.
To address upstream emissions, we are
taking a systematic approach, prioritising
engagement with 50 of our highest-emitting
suppliers (representing over 40% of our
procurement-related emissions), and
referencing decarbonisation as evaluation
criteria for new sourcing in high-emitting
categories. The prioritisation of suppliers and
categories followed the assessment of the
sources of emissions across the Global
Procurement portfolio (and available
abatement pathways) and deliberately
focuses our efforts on the largest sources.
Ongoing refinement of the measurement and
reporting methodology will inform our
priorities in future.
In 2024, we issued a baseline questionnaire
to inform our engagement with 50 high-
emitting suppliers, and returned a 100%
response rate. We validated and discussed
responses in follow-up supplier
engagements with a focus on understanding
maturity, opportunities for partnership and
improvement opportunities. We have now
developed and implemented decarbonisation
criteria to evaluate new sourcing in high
emissions categories.
In 2025, we will sustain and deepen
engagements with the 50 high-emitting
suppliers, building on 2024 engagements
and continue to reference decarbonisation
criteria to evaluate new sourcing in high
emissions categories.
1.High emitting categories: Raw materials, explosives,
global equipment.

Annual Report on Form 20-F 2024 | 62 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan

Progress in 2024 | Action in 2025
Scope 3 emissions goals and customer engagement We are committed to partnering with customers and suppliers to help achieve their targets earlier, reaching net zero by 2050.
Steel value chain |
Existing pathways |
–Commissioned lump drying plant using innovative microwave technology in Meishan, China with Baowu. –Commissioned low-carbon sintering demonstration facility with Shougang. The facility has proven a ~10% reduction in CO 2 emissions per tonne of sinter and is replicable across the industry. –Commissioned small-scale carbon capture and utilisation (CCU) pilot facility (100m 3/hr) with Shougang. | –Complete construction of large-scale (3,000 m 3/hr) CCU facility with Shougang. –Implement learnings on blast furnace burden optimisation and slag recycling to additional steel mills.
Emerging pathways |
–Entered into an agreement with GravitHy, an early-stage industrial company in France that will produce ultra-low carbon Hot Briquetted Iron (HBI). We will supply high-grade pellets from IOC and manage the sales and marketing of GravitHy’s HBI production. | –Continue to support early development of low-carbon DRI projects that utilise high-grade iron ore, with a focus on locations that are proximate to our operations.
Future pathways |
–Approved spend of US$143 million to build a 1 tonne per hour research and development facility for BioIron™ in Western Australia. Secured location and progressed detailed design and engineering for the pilot plant. –Entered into the NeoSmelt collaboration with BlueScope, Australia’s largest steel maker, and BHP to jointly develop Australia’s first Electric Smelter Furnace (ESF) pilot plant. Commenced pre-feasibility study and confirmed the pilot plant’s location in the Kwinana Industrial Area, Western Australia. –Began lab trials for pelletisation of Pilbara ores with Baowu. –Completed conceptual studies on building a beneficiation plant in the Pilbara. | –Progress construction of the BioIron™ pilot plant in Western Australia. –Complete pre-feasibility study and commence feasibility study for the NeoSmelt ESF pilot plant, subject to stage gate approval. –Undertake ESF trials with Baowu, utilising DRI produced from pellets containing Pilbara ores. –Begin next stage of studies and test work for a beneficiation pilot plant in the Pilbara.
Aluminium value chain |
–Digestion improvement technology successfully implemented at one of our bauxite customers’ operations. –Completed organics technologies overview and opportunity assessment. –Customer visits completed in Q4 2024 to present the portfolio of control options. –Supported Pacific Aluminium Operations in looking at options to reduce bauxite moisture, and provided data and input from a customer perspective. A commercially available technology has been identified for a vacuum stockpile drainage system. A pre-feasibility study has been approved for implementation for Amrun’s bauxite. | –Work with a further customer on implementing digestion improvement technology in 2025. –Work with select customers to improve organics management capabilities. –Continue to support Pacific Aluminium Operations in progressing technical options to reduce moisture content in our bauxite.
Shipping |
–Progressed to a 39% reduction in emissions intensity (from 37% end 2023; relative to IMO’s intensity baseline year 2008). –Completed energy saving device installation program across fleet of 17 owned vessels. Introduced 4 more LNG dual-fuelled vessels into the fleet, bringing our current total to 9. –In conjunction with the Western Australia–East Asia iron ore green corridor, engaged with industry on a process safety deep dive on ammonia used as fuel and supported a ship-to-ship ammonia transfer trial in Western Australia. –Improved emission transparency using actual voyage data for over 95% of our cargo shipments for which we manage shipping, achieving our target. | –Accelerate energy efficiency drive, including through incentivising value-accretive energy saving device installations on chartered vessels. –Partner with stakeholders to progress economic frameworks for the development of the Western Australia-East Asia iron ore green corridor. –Mature ammonia health, safety, environment and communities (HSEC) risk and control framework, ahead of potential ammonia dual-fuel vessel charter.
Procurement |
–Engaged with 50 of our highest-emitting suppliers on emissions reduction, focused on driving supplier accountability for setting and delivering against their decarbonisation targets. –Implemented decarbonisation as evaluation criteria for new sourcing in high-emitting categories. | –Sustain engagements with 50 high-emitting suppliers. –Continue to embed and sustain decarbonisation criteria in standard processes to evaluate new sourcing in high emissions categories.

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Strategic report | Our approach to ESG | Climate Action Plan
Capital allocation and investment framework

| Total decarbonisation spend 1 $589m (2023: $425m) |  | Capital expenditure, investments and carbon credits $283m (2023: $191m) |  | Operational expenditure $306m (2023: $234m) |
| Decarbonisation spend refers to the total cost of delivering our global decarbonisation projects, nature-based solutions and carbon credits, and select scope 3 activities. Expenditure must be incurred for decarbonisation purposes and can be either capital or operating in nature, based on financial accounting principles. 1.Total decarbonisation spend includes costs related to the purchase of offsets, renewable energy certificates, decarbonisation team costs and external decarbonisation investments. |

Decarbonisation investment is derived from
the Group’s capital allocation framework and
aligned to our 2025 and 2030 Scope 1 and 2
emissions targets. We make decisions under
a dedicated evaluation framework which
considers the following:
–impact of the investment on shareholder
value and asset cost base
–level of emissions abatement
–maturity of the technology and
delivery risk
–competitiveness of the investment as per
the marginal abatement cost curve
(MACC) and external benchmark
–policy context
–alternative options on the pathway to net
zero.
We also assess projects against our
approach to a just transition, with
consideration to the impact on employees,
local communities and industry. In line with
our other investment decisions, governance
of decarbonisation investments depends on
the nature and size of the project.
Using this framework, we maintain our
capital expenditure guidance of $5-6 billion
between 2022 and 2030 and $0.5-1 billion in
the period 2024-2026. This includes
voluntary carbon credits and investment in
nature-based solutions projects but excludes
the cost of carbon credits bought for
compliance purposes. We are also
transitioning many of our significant fossil
fuel contracts into various commercial
contracts for renewable PPAs and biofuels.
Rio Tinto applies an internal cost of carbon
when making our investment decisions. This
includes current legislated carbon penalties,
which apply to approximately half of our
emissions, principally in Australia and
Canada, plus future policies that could be
introduced in the regions where we operate.
See page 44 for more detail on our carbon
prices used in our climate change scenarios
and page 73 for our Scope 1 emissions
covered by emissions-limiting regulations.
Our decarbonisation project portfolio is
constantly evolving as new projects are
added following further technical and
commercial assessment. We are targeting
a value accretive pathway to 2030 across the
portfolio. The large scale investment in zero
emissions technologies that is needed to
progress towards our net zero target
will require global carbon pricing or
green premiums.
2030 decarbonisation spend
Our target to reduce emissions by 50% by
2030 relative to 2018 levels remains
unchanged. We see decarbonisation as a
key business imperative to manage our
exposure to volatile fossil fuel prices and to
mitigate the impact of inflationary carbon
penalty costs. Meeting our 2030 targets will
diversify our energy portfolio away from
volatile, globally traded fossil fuels and
towards structurally secure, long-term, cost
efficient, low-carbon alternatives.
As per our 2023 climate change-related
reporting, we believe achieving this will
require less capital investment and an
increasing number of commercial
partnerships than expected when we set our
targets in 2021.
To further accelerate our emissions
abatement, we will take advantage of
non-capital-intensive solutions that can be
ready in the market this decade and avoid
lengthy project development schedules.
We anticipate that approximately 90% of our
abatement by 2030 will be delivered by non-
capital intensive solutions, including several
renewable PPA contracts executed over the
past 12 months.
For projects delivering on our 2030
abatement target, we anticipate incremental
operating expenditure at a portfolio level to
be breakeven, before application of carbon
costs and savings. A significant amount of
abatement will be delivered through entering
into PPAs that can be cost-neutral or offer a
cost saving relative to the fossil fuel
alternative. This is offset by other contracts
such as biofuels where we anticipate a cost
premium will prevail this decade.
We also continue to make ongoing
investments in studies, pilots and
demonstration plants targeting long-dated
and uncertain carbon reduction outcomes.
Operational expenditure varies year on year,
but across the decade we anticipate on
average annual spend to be in the order of
$0.2-$0.3 billion.
Pre-2030 abatement projects are
predominantly expected to be delivered
through non-capital-intensive solutions
and proven technologies, while post-2030
abatement projects are generally
characterised as high-cost, capital-intensive
projects that require industry breakthroughs.

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Strategic report | Our approach to ESG | Climate Action Plan
Just transition
We acknowledge that the low-carbon
transition requires substantial investment and
significant changes to our current energy
systems and supply chains. These transition
activities introduce new social risks and
opportunities to host communities,
employees, contractors and customers, and
have the potential to disproportionately affect
those that are most vulnerable to change.
Through our Human Rights Policy we have
committed to “support a low-carbon transition
that is rights-respecting, socially inclusive
and just”. We will embed just transition
principles into our decarbonisation strategy,
working to minimise impacts and optimise
socioeconomic opportunities.
Our progress on our 2024 commitments was
largely through establishing strong
partnerships and working transparently with
local communities.
Partnering to facilitate a
just transition
The quantum of minerals needed to realise
the global energy transition will require new
mines, many of which will be located on the
lands of Indigenous or land-connected
peoples, or in vulnerable socioeconomic
regions. Large areas of land will also be
required for developing renewable energy
projects. Respectful and ongoing
engagement will be at the centre of these
new developments.
In Australia, our agreements with the
Yindjibarndi Energy Corporation and
the Ngarluma Aboriginal Corporation
are the first Indigenous partnerships in
our renewable energy portfolio, and
are important pathways into future
energy projects.
We also have a growing portfolio of
nature-based solutions projects, where
we work with local partners to deliver high
integrity projects which foster positive
outcomes for people, nature, and climate.
These partnerships are co-designed with
communities to secure resilient and
improved livelihoods through the protection,
sustainable management, and restoration of
nature.
Managing impacts and
opportunities
When we make decisions on
decarbonisation projects across our work
streams (eg renewables, diesel transition,
nature-based solutions) we aim to optimise
environmental and social outcomes, while
effectively managing expected and
unintended impacts.
For communities more broadly, our Group
social investment framework has an
“economic opportunity and just transition”
investment pillar supported by the regional
economic development framework. There
are multiple projects underway worldwide to
strengthen regional economic diversification
and equip communities to tackle the
challenges of climate change. Through the
social investment reporting system, data is
already collected around how we contribute
to “stable, beneficial work and economic
opportunities” and delivering “diverse,
inclusive and secure economies”.
We also apply local and Indigenous
participation requirements throughout our
energy and other procurement processes.
This ensures that local and Indigenous
employment and procurement are optimised,
thereby building capability within these
groups to take advantage of transition-
related opportunities.
For our workforce, this means we need to
support affected employees to transition
to other opportunities either within our
business, with other resource companies
in different locations, or to new
industries altogether.
As an example, the introduction of the
ELYSIS™ technology in Canada or battery-
electric haul trucks at our mines will create
an ecosystem of new opportunities and jobs.
We will work closely with our employees and
host communities to plan for these changes.
Engagement and
transparency
We are currently rolling out an annual
sentiment survey through our Local Voices
program which was initiated in 2023. This
survey includes questions around climate
change and communities’ understanding of
the potential impacts and opportunities
associated with decarbonisation.
We also facilitate civil society organisation
roundtable events in 3 locations each year.
These events provide a space for
engagement around our work towards a just
transition.
Action in 2025
Our future actions will focus on the following
objectives:
–further embedding just transition
principles and commitments into our
project decision-making processes
–better understanding the social impacts of
our decarbonisation strategy
–providing greater transparency for
workers and communities affected by our
transition activities.
Climate policy
and advocacy

| We support the goals of the Paris Agreement to pursue efforts to limit the global average temperature increase to 1.5 degrees, and do not advocate for policies that undermine this or discount Nationally Determined Contributions. Our high-level policy positions are: –Business has a role to play in climate policy development; this should be effective, fair, pragmatic, market- based and support free trade. –Carbon pricing is the most effective incentive for business to reduce emissions, but may not be sufficient for hard-to-abate parts of our carbon footprint (for example carbon anodes, minerals processing). –Climate policy should not undermine competitiveness and result in carbon leakage - carbon border adjustment mechanisms or alternative policies are necessary. –Other policy tools are necessary to decarbonise minerals and metals: grant funding and tax incentives for research and development; product standards and procurement obligations to drive the deployment of pre-commercial technology. |

While business has a vital role in managing
the risks and uncertainties of climate change,
governments can support the challenge by
providing enabling frameworks, including
policies and programs, which increase
momentum to shared net zero goals.
Rio Tinto’s direct engagement on climate
policy is underpinned by the climate
commitments and principles which represent
a guide to the positions taken in both direct
and indirect advocacy. Overall advocacy
positions will balance the commitment to
these principles and the climate targets set
with the need for an efficient permitting
process that is essential for project
development. This includes projects that
decarbonise our operations or those that
produce transition materials and support
local communities and jobs in the regions
where we operate.
We actively engage on climate and energy
policy with governments, industry and civil
society in the countries where we operate in
different ways to help shape policy,
regulation and frameworks. We post all
standalone submissions to government
consultation processes on our website.

| For more information on our climate position and advocacy, see riotinto.com/ climateposition

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Strategic report | Our approach to ESG | Climate Action Plan
We encourage industry associations to align
all climate related advocacy with the goals of
the Paris Agreement. We publish our review
of the climate advocacy of industry
associations annually.
Our approach to policy advocacy has been
informed by our regular engagement with
investors and stakeholders.
Our climate related advocacy is focussed on
policy and other measures which enable
decarbonisation of operational emissions,
production of metals and minerals required
for the energy transition and support for the
goals of the Paris Agreement.
Below are examples of the focus areas and
objectives for engagement on key climate
policy areas.
Industry associations and civil
society
Industry associations and civil society
organisations play an important role in policy
development and reform.
Industry associations’ views will not always
be the same as ours, so we periodically
review our memberships in individual
associations. This assessment may include:
–the purpose of the association and the
value the membership may provide to our
business and our investors
–appropriate governance structures within
the industry association policy positions
and advocacy of the industry association.
Where our membership is significant, we will
work in partnership with industry associations
with the aim of aligning these policy positions
with our climate and energy policy. Where
significant differences in policy positions arise
we may:
–provide greater clarity on our own policy
positions, through standalone direct
company submissions on policy issues or
direct engagement with policy makers
–work as part of that industry association
to understand alternative points of view
and to seek common ground or seek a
broader balanced response to areas of
difference
–seek a leadership position in the
governance body of that industry
association to further influence the
policies and perspectives of that
association, or
–suspend our membership, if it seems
formal dialogue processes undertaken for
more than 12 months will not resolve our
differences in positions. In making this
decision we would also consider other
benefits (unrelated to climate change)
membership of such associations brings
to our business, our investors and other
stakeholders.

| For more information for more information on our work with industry associations, including our review of their climate change advocacy activities, see riotinto.com/ industryassociations

Climate policy and
advocacy governance
Our Climate Policy and Advocacy team
engages with industry associations, civil
society organisations, investors, government
bodies, and other stakeholders on climate-
related policies, regulations, and reporting.
Submissions to direct government
consultations on climate related policy are
typically developed by this team in
conjunction with subject matter experts or
decarbonisation project leads, reviewed by
our government relations and legal teams,
and then approved by the relevant country
Director or senior executive.
The Board approves our positions on climate
change policy, our approach to engaging with
industry associations and our annual review
of indirect advocacy. Management is
responsible for comparing our positions with
those of individual industry associations on a
“comply or explain” basis.

| 2024 Activities
Decarbonising energy systems Government’s sectoral decarbonisation plans and policies should support investment certainty and drive an orderly transition of energy systems while supporting operational decarbonisation through the delivery of sufficient supply of competitively priced, reliable, low-carbon energy. | –In Australia, we participated directly and indirectly through industry associations in the development of the Electricity and Energy Sector Plan and conducted extensive engagement with a range of government bodies on the critical role of renewables in our operational decarbonisation pathways. –In Canada, we had industry-level discussion with Federal and Territory authorities on the importance of clean energy for the development of critical mineral mining projects. We have also proposed the expansion of inter- and intra-provincial power lines to provide renewable electricity for projects needed for the low-carbon industrial transition, as well as for the clean electricity tax credit to include intra-provincial power lines.
Development of carbon pricing schemes to support the transition In the absence of global carbon prices, country level carbon pricing or emissions reductions schemes must balance shared net zero emissions with competitiveness of our operations and risks of carbon leakage. | –We supported the transition of British Columbia’s carbon tax scheme to an output-based pricing scheme while ensuring the competitiveness of our recently modernised aluminium smelter in Kitimat. Through industry associations, we also supported the use of high-quality regulated credits as an additional tool to meet compliance obligations and to support emissions reduction outside the scope of the Quebec Cap-and-Trade System.
Development of a sustainable low-carbon liquid fuels industry Displacing diesel use requires a range of options, including fleet electrification and the use of renewable diesel alternatives. Government policies are required to support the development of a competitive and sustainable low-carbon liquid fuels market. | –We published a briefing paper on Transitioning our Diesel Fleet, including outlining policy support required. –In Australia, we advocated for supply side mechanisms to support the development of a competitive renewable diesel market in our submission to the Future Made in Australia: Low Carbon Liquid Fuels consultation process, and the development of sectoral decarbonisation plans, and provided technical input into the development of an Australian renewable diesel standard. –We submitted support for the development of a new Australian Carbon Credit Unit methodology to incentivise sustainable biogenic feedstock projects in Australia. –We advocated for reporting frameworks that enable recognition of emissions reduction from biofuels use and certification of full value chain carbon intensity.

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Strategic report | Our approach to ESG | Climate Action Plan

| 2024 Activities
Progressing decarbonisation plans for the aluminium industry Decarbonisation of hard to abate energy intensive processing activities requires significant investment in technology development and deployment, and support which ensures global competitiveness of these sectors through the transition in the absence of a global carbon price. | –In Australia, we undertook extensive engagement with state and federal government departments to increase awareness of the aluminium value chain, decarbonisation pathways and economic considerations. We advocated for support for the transition and decarbonisaton of these industries in our submissions to the Future Made in Australia: Unlocking Green Metals Opportunities consultation and the development of the Industrial Sector Plan (ongoing).
Climate-related financial reporting We support the development of frameworks that encourage transparency and provide the key disclosures required for investors and other external stakeholders to compare progress against climate ambitions, enhance competitiveness in global markets, attract investment and accelerate the transition of economies. | –We provided feedback by our Australian industry associations on Treasury’s Exposure Draft Legislation and the AASB S2 Exposure Draft supporting alignment with international standards to balance increased transparency with efficiency of reporting and comparability of data.
Providing the materials and minerals essential to the energy transition | –In Australia, we advocated for the inclusion of copper, aluminium, alumina and bauxite into Australia’s revised Critical Minerals List as they are central to the clean energy transition (high-purity alumina was already on the list). Subsequently, aluminium and copper were included in a newly formed Strategic Materials List. –In Canada, we advocated for the inclusion of high purity iron ore on Canada’s Critical Minerals List as a key input into low-carbon steel manufacturing.
Additional areas of focus for 2025
Growing demand for low carbon products | –We will engage with the Australian government’s development of the Renewable Energy and Product Guarantee of Origin certifications, to promote transparent and consistent disclosure of carbon intensity. –We will engage with the government of Quebec through public consultation on the future of the Cap-and-Trade scheme in Quebec, and support the inclusion of indirect emissions in the EU Carbon Border Adjustment Mechanism to support the production of low carbon aluminium.

Physical climate risk and resilience
We will continue to enhance our resilience to
a changing climate, aiming to ensure the
long-term viability of our assets, our people,
communities and broader value chains.
We will:
–Monitor risks across our operations and
adapt our processes to make sure our
sites are managed responsibly and safely
for our people, surrounding communities,
and the environments we work in, now
and in the future.
–Undertake physical climate risk financial
modelling and enhance the accuracy and
completeness of the data used for the
analysis where possible.
–Refine our physical resilience program
based on the outcomes of the physical
risk analysis.
Physical climate risk refers to the negative
effects of extreme weather and changing
climate conditions, classified as 2
main types:
–Acute climate risks: Sudden, severe
events like tropical cyclones, wildfires,
heatwaves, extreme rainfall, flooding, and
hail. These can disrupt operations, damage
infrastructure, impact communities, and
increase operational costs.
–Chronic climate risks: Gradual changes
such as rising sea levels, increasing
temperatures, and altered precipitation
patterns. These can reduce resource
availability, increase costs, affect
productivity and workforce health, and
impact supply chain resilience.
Building resilience involves anticipating,
adapting to, and recovering from these impacts
to ensure the long-term viability of assets,
people, communities and value chains.
Our strategy and approach
Our approach to physical climate risk and
resilience is centred around 4 pillars that
guide our risk management and our work on
adaptation:
1. Weather/climate analytics
and insights
Across the Group, we use advanced weather
and climate data products. These include
short-term weather forecasts and severe
weather forecasts that aid in operational
planning and emergency responses. Climate
outlooks support mine planning and
resilience by providing insights into rainfall
and cyclone patterns. Catastrophe modelling
estimates financial impacts from extreme
events. Long‑term climate change
projections assess future extreme events
and inform risk and resilience assessments,
operational strategies and financial planning.
Climate change projections are available for
every site in our portfolio (including non-
managed assets). Down-scaled climate
change projections are available for over 60
climate change variables and future emission
scenarios from the IPCC Coupled Model
Intercomparison Project 5 and 6 (CMIP5 and
CMIP6). We have completed flood risk
modelling for 100% of our managed and
non-managed assets. These span present-
day, medium and long-term time horizons.
2. Physical risk identification
and assessment
Our approach to quantifying and assessing
physical risk covers individual assets
(bottom-up) and Group level (top-down). We
first identify climate risks and opportunities
across varying time horizons and emission
scenarios. Next, we evaluate their potential
financial and non-financial consequences
and likelihood, then we prioritise these risks
by materiality for effective risk management
and appropriate resource allocation. This
process is integrated within the Rio Tinto
Risk Management Information System. The
scope of our assessments includes our
operations and the environments in which we
operate, our people, the communities who
host us and our supply chain.
3. Resilience planning and adaptation
Our resilience planning identifies the most
appropriate resilience measures to manage
climate risks and adapt to them. We
comprehensively evaluate an investment
decision before funding is approved. This
includes prioritising projects and engaging
key stakeholders to seek alignment on the
investment and its implementation.
4. Monitoring and evaluation
We actively and regularly monitor risks, with
clearly defined roles and responsibilities. We
continually evaluate the latest generation of
climate change data and emerging
technologies to assess the risk profile of our
assets and infrastructure over time. Where
we have identified a material change to the
economic, social, environmental or physical
context of the risk, we revisit the assessment
process.

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Strategic report | Our approach to ESG | Climate Action Plan
Risks and impacts
We have identified 8 Group-level material physical climate risks.
The table below takes into account both the short-term risk that could emerge during current operations and the
long-term risk associated with climate change.

Key |  | l | Short term (0-2 years) | l | Medium term (2-10 years) | l | Long term (10+ years)

Risk, impact and time horizon | Environmental triggers | Risk management
Tailings storage facility (TSF) containment breach/failure due to geotechnical instability or significant erosion event l l | Extreme rainfall, flooding | Our facilities comply with local laws and regulations and have risk management protocols in place, including a Group safety standard for tailings and water storage facilities. We regularly update this standard and undergo internal and external assurance checks. Our operational TSFs have, or are developing, tailings response plans and follow strict business resilience and communications protocols.
Water shortages, supply and availability impacting operations and production, water treatment and environmental compliance, dust control and community relations l l | Rainfall, temperature | We use a water risk framework to identify, assess and manage water risks across our portfolio of managed operations (see page 36). The framework requires us to consider whether sufficient water is available to supply both our operational demands and the demands of other stakeholders within the broader catchment. We apply rigorous standards and processes to ensure effective controls are in place at all sites. This includes our Group water quality protection and water management standard, and a standardised Group water management control library which describes all controls identified to manage our water risks. Asset-specific climate change risk and resilience assessments further enable continued improvement of water risk management over time.
Damage to critical coastal infrastructure (shipping berths, ship loaders, stackers/reclaimers, conveyors) resulting in operational and supply chain disruption l l l | Tropical cyclone/storm, wind, storm surge | Our coastal infrastructure is designed to withstand the wind loading and other impacts associated with extreme events, including severe tropical cyclones. Established business resilience management plans offer frameworks for response, continuity, and recovery in the event of a natural catastrophe scenario, aiming to minimise damage and resume operations swiftly. Our engineering risk assessment program, including asset-level critical risk assessments, considers natural catastrophe modelling and associated risks, if appropriate.
Damage and outages of critical electrical (motors, generators, cooling systems) and power (substations, transformers, transmission lines) infrastructure leading to operational downtime and damage to equipment l l l | Tropical cyclone/storm, extreme rainfall, flooding, extreme temperatures, lightning | Electrical and power infrastructure is designed in accordance with local engineering and design standards and internal electrical safety standards and is considered in our asset-specific climate change risk and resilience assessments. Flood risk modelling (surface water, riverine and coastal inundation) incorporating future climate change projections has been completed across our portfolio of managed and non-managed operations.
Damage to critical mining and production infrastructure (eg fixed plant, conveyors) resulting in operational disruption l l l | Tropical cyclone/storm, extreme rainfall and/or flooding | Critical mining and production infrastructure is designed in accordance with local engineering and design standards and considered in our asset-specific climate change risk and resilience assessments. Assets located in tropical cyclone-affected regions have appropriate controls to minimise damage and operational downtime. Flood risk modelling incorporating future climate change projections has been completed across our portfolio of managed and non-managed operations.
Health and safety and productivity of workforce resulting in reduced productivity, dehydration and impaired ability to work safely and efficiently l l | Extreme heat | Controls are in place to manage the risk of extreme heat for our workforce, including adequate acclimatisation prior to starting work. Those undertaking high-risk heat tasks are monitored daily for signs or symptoms of heat illness and stress. Operator checklists ensure adequate hydration and work area management. Provision is made for cool rest areas with access to cool drinking water. Our workforce is able to self- pace their workload ensuring regular breaks.
Disruption to transport routes (maritime, rail, air and road access) and supply chain (supplies and critical spares and access to direct customers) l l l | Tropical cyclone/storm, extreme heat, extreme rainfall, flooding | We are working to better understand the interdependencies across our entire operation. We operationalised analytics that provide real-time natural hazard impacts for over 50% of our tier 1-3 goods suppliers. Being alerted to potential supply disruption in real-time allows our teams to make informed decisions to reduce supply chain disruption. This work aims to identify critical components of our product group supply chains and manage the potential adverse impacts from physical climate risk.
Acute and chronic climate change impacting closure objectives l l | Tropical cyclones/storm, temperature, rainfall, flooding, sea level rise | We consider these impacts when planning and executing closure. We use latest- generation climate change projections specific to the site to inform appropriate landform design, water management and vegetation selection. This is to support modelling per local regulatory requirements and internal closure standards. Ongoing and regular monitoring and maintenance of the site is essential to ensure the effectiveness of closure measures, including monitoring water quality, soil erosion, vegetation growth and any potential contamination or instability issues.

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Strategic report | Our approach to ESG | Climate Action Plan
Modelling financial exposure to
physical climate risk
In 2022, we launched the Physical Resilience
Program, starting with resilience assessments
in the Pilbara and Saguenay–Lac-St-Jean. In
2023, we expanded to a Group-wide
assessment to understand climate risks and
financial impacts. We continue to improve
financial risk modelling and enhance asset-
level climate resilience assessments.
We update our scenario analysis for physical
risk assessments in line with our strategic
planning cycles or when there are significant
changes to our assets or sites. This year,
there have been no material changes to our
business or operations, so our current
assessment remains relevant. However, we
have revised our assessment to confirm our
business remains resilient to the identified
physical risks.
Our climate physical risk modelling analysis,
performed in collaboration with Marsh,
estimated the expected financial losses from
damage to individual assets, across various
time horizons and emission scenarios
caused by physical climate hazards. This
analysis used modelling from XDI (Cross
Dependency Initiative). Losses associated
with business interruption or productivity loss
were excluded due to the complexity of our
value chain and the increased subjectivity of
loss attribution.
This modelling process and methodology
considers the following:
1)Asset portfolio: Includes a significant
breadth of assets, including mining assets
and critical infrastructure components
integral to our operations. Only active
industrial and mining facilities were
modelled, including non-managed
operations. Corporate offices and remote
operation centres have been modelled
but are not presented in this analysis.
Assets in our closure portfolio have not
been modelled, but are considered in
bottom-up physical risk and resilience
assessments.
2)Climate scenarios, time horizons
and hazards:

Emission scenario | Description and outcome
Intermediate emissions scenario IPCC Representative Concentration Pathway 4.5 (RCP4.5) | Emissions peak around 2040, then decline. Relative to the 1986-2005 period, global mean surface temperature changes are likely to be 1.1°C-2.6°C by 2100.
High emissions scenario IPCC Representative Concentration Pathway 8.5 (RCP8.5) | Emissions continue to rise throughout the 21st century and is considered a worst-case climate change scenario. Relative to the 1986-2005 period, global mean surface temperature changes are likely to be 2.6°C-4.8°C by 2100.

Multiple future time horizons are
modelled, including 2030 (medium term),
2040 and 2050 (long term). Eight climate
hazards are modelled in this analysis,
including flooding (riverine and surface
water), coastal inundation, including sea
level rise, extreme heat, cyclonic wind,
extreme wind, forest fire and freeze-thaw.
3)Annualised damage (AD): The output of
the modelling is calculated for each asset
under various climate scenarios, time
horizons and hazards. AD, expressed as
a percentage, represents the expected
average annual damage to an asset
attributable to climate-related hazards
relative to a fixed value
(eg $1 million). As such, an AD of 0.5%
would mean that for every $1 million of
exposure, $5,000 could be damaged, on
average, in any given year.
Asset-specific outputs have been
aggregated to the site, region and Group
level. Risk categorisation is based on the
AD values, with thresholds set at <0.2%
for low AD risk, 0.2-1% for medium AD
risk, and >1% for high AD risk.
Estimates consider a stationary “do
nothing” approach for our operating
assets and do not consider present or
future controls, or adaptation or resilience
projects that will likely materially impact
our AD cost.
Annualised damage risk scores
At the Group level, present day AD losses fall
within the initial range of the medium AD risk
category (0.2-1%). Considering projected
future emission scenarios by 2050, we
expect increases in AD. This places the
Group’s AD in the intermediate range of the
medium AD risk category, potentially
exceeding a two-fold rise from present
values.
Currently, across 9 core climate geographies
where we operate, the risk of AD is low in 3
regions, medium in 5 and high in 2. Notably,
sites in Asia, the Middle East and Guinea are
the primary contributors to the highest risk
classification. In both the intermediate and
high emissions scenarios, by 2050, eastern
Australia and New Zealand are also
expected to be classified as high risk with up
to a four-fold increase in AD. This is
principally due to the potential effects of
coastal inundation, surface water flooding
and cyclonic winds. Other notable increases
in risk are in Europe and the Middle East (an
approximate 60% increase). The risk trend in
Asia is steady through time.
In assessing the risk of various hazards
under different emissions scenarios
projected for 2050, there is a notable shift in
the risk profile for various perils across our
operating sites. The number of sites at risk
from coastal inundation, riverine flood and
surface water flood increase under both
future emission scenarios. Of all hazards,
riverine flood sees the largest increase by
2050 under a high emissions scenario. The
number of operating sites at risk from
cyclonic wind, extreme wind, forest fire,
freeze-thaw and soil subsidence is not
expected to materially change with future
emissions scenarios.
Considerations and limitations
Our climate physical risk modelling
acknowledges limitations and uncertainties
due to the dynamic nature of the Earth’s
climate and unpredictable future GHG
emissions. These models represent plausible
futures, not predictions, and are useful for
assessing risks and informing strategic
decisions.
The accuracy of our analysis depends on the
quality of asset data and assumes no
changes in operations or design standards.
Each asset is assigned an archetype, which
may not fully capture its unique
characteristics, affecting the risk profile.
This analysis is iterative, evolving with new
insights and projections. We plan to update it
regularly to reflect changes in our asset base,
guiding our physical resilience program.

Annual Report on Form 20-F 2024 | 69 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Annualised damage risk | Group and regional

|  |  |  |  |  | Intermediate emissions scenario |  |  | High emissions scenario
|  |  | Present |  |  | 2030 |  | 2040 |  | 2050 |  |  | 2030 |  | 2040 |  | 2050
Rio Tinto Group |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Africa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australia East and New Zealand |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Australia West |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada East |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada West |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Europe and Middle East |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
South America |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

Low risk (<0.2%) | Medium risk (0.2-1%) | High risk (>1%)

We remain resilient to identified physical climate risks due to our robust adaptation and resilience measures. See page 158 for more on our
resilience to physical risk impacts.
2024 progress
Throughout 2024, we made progress on
managing and adapting to our physical
climate risks.
–Global Industry Standard on Tailings
Management (GISTM): In accordance
with GISTM guidelines, we continue to
make progress on the climate resilience
assessment process for our tailings
storage facilities (TSFs). This approach
tests the design basis of each TSF
component, considering future
climate change. We have completed
assessments for high priority TSFs
and are continuing to progress with
assessments for all remaining facilities,
which are expected to be completed by
August 2025.
–Supply chain: This year, we
operationalised analytics that provide
real-time natural hazard monitoring for
50% of our supply chain (tier 1-3 goods
suppliers). Being alerted to potential
supply disruption in real time provides our
teams with the opportunity to make
informed decisions to reduce supply
chain disruption.
–Water supply: In 2024, we continued to
enhance our water risk management by
evaluating our ability to maintain a reliable
power supply from external hydropower
providers. This includes assessing power
generation and electricity transmission. To
support this, we conducted a climate risk
assessment at our ISAL smelter.
Action in 2025
In 2025, we will progress our bottom-up
physical risk and resilience assessments
across our operating sites and TSFs, in
accordance with the GISTM. We will
continue to refine and enhance the data
inputs and estimates used in our modelling to
generate more accurate and meaningful
results that will help focus our activities in
2025 and beyond.
–Extension of Value at Risk (VaR)
analysis/financial risk: We advanced
the Global VaR top-down risk assessment
with more detailed financial risk modelling
at a product group level. We have
completed the assessment of our Iron
Ore product group and have started work
on the Aluminium product group and
expect to complete this in 2025. In
addition to asset damage, the product
group level assessment also evaluates
the impacts of business interruption on
Group revenue.
–Bottom-up risk assessments: Asset-
level climate resilience assessments are
advancing across all product groups as
part of a broader multi-year program. In
2025, we plan to perform a
comprehensive review of the
methodologies and governance
processes supporting climate risk
management and resilience measures.
This will focus on strengthening the
integration of climate resilience analysis
and planning into asset-level risk
assessment frameworks and processes.
–Water supply: In 2025, we will conduct 2
climate risk assessments on non-
managed hydropower supply for the
NZAS and Bell Bay aluminium smelters.
We will also assess our water supply at
our operations in Gladstone.

| For more information on physical risk and resilience, see riotinto.com/climaterisk

Climate-related
governance
The Board
The Board has ultimate responsibility for our
overall approach to climate change. This
includes the oversight of climate-related risks,
opportunities, strategy, projects, partnerships,
physical resilience, engagement, reporting,
and advocacy as per the Schedule of Matters.
Climate change and the low-carbon transition
present material risks and opportunities for our
business, forming a key part of our strategy
and ESG objectives. The Board approves our
overall strategy, policy positions, and climate
disclosures within this report, delegating
specific responsibilities to committees and the
Chief Executive. These factors are considered
in strategy discussions, risk management,
financial reporting, investment decisions, and
executive remuneration.
The Board regularly receives updates on
climate-related matters at board meetings. The
CFO presents a performance report, including
a dashboard of KPIs and a detailed
decarbonisation scorecard covering, but not
limited to, operational emissions, offsets,
abatement projects and Scope 3 emissions.
In the past 12 months, the board agendas
have included climate-related items, such as
discussions on the Boyne Smelter repowering
solutions and NZAS electricity arrangements.
The Board balances environmental goals with
financial and social implications. For example,
we secured 2.2 GW of renewable energy for
the Boyne Island smelter through PPAs.
Although the Pacific Aluminium Operations
average is in the 4th quartile of the aluminium
cost curve, repowering the smelter should help
it move lower down the cost curve. This
decision highlights the trade-offs between
advancing decarbonisation goals and
supporting local employment in the Gladstone
region. Climate-related matters are also a key
part of the biannual strategy sessions.

Annual Report on Form 20-F 2024 | 70 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
In 2022, our shareholders supported the CAP
put forward to them by the Board, in a non-
binding advisory vote on our ambitions,
emissions targets and actions to achieve
them. The Board further committed to
repeating this vote every 3 years, at a
minimum, unless there were significant
changes in the interim, in which case the CAP
would be returned to the next immediate AGM.
The principles which formed the basis for the
development of the 2025 CAP were presented
to the Board in October and approved as part
of the Annual Report preparation and review
process.
Progress against commitments in the
CAP is reported once a year to our
stakeholders via the climate disclosures in
the Annual Report. These disclosures are
supplemented with briefing papers, our
Quarterly Operations Review, press
releases and other reports on our progress.
In addition, we consulted our shareholders
and CSOs during the work to update this
2025 Climate Action Plan.
Given the importance of climate-related
matters, we have specifically considered
candidates with experience in climate and
renewable energy when hiring directors. When
considering the composition of the Board, we
used an external consultant to identify where
we need particular strengths and skills on the
Board in relation to climate and the Group’s
forward strategy. We also request updates from
our Directors biannually regarding any training
they have undertaken, maintaining a register of
this information. We expect our Directors to
remain informed and up to date on relevant
matters.
To further support the Board’s strategic
oversight of climate risk, we also conduct
teach-in sessions for new projects and key
updates on decarbonisation initiatives. These
sessions are focused on strategic priorities
and are also held when critical decisions need
to be made. For example, during the Pacific
Aluminium Operations repowering project, the
Chief Decarbonisation Officer briefed the
Board on our objectives. While these teach-ins
contribute to capacity building, there is a need
for more formal training. We will define
measures taken to further enhance Board
competencies with respect to managing
climate-related matters.

| For additional information see our Strategic context and strategy sections on pages 6-7.

| Summary of 2024 activities: –Updated the Group’s operational decarbonisation pathway and associated expenditure. –Engaged with investors and civil society organisations following the publication of our 2023 Climate Change Report. –Approved the 2023 Climate Change Report and climate-related disclosures in the 2023 Annual Report notes to the financial statements. –Approved the principles for inclusion in our 2025 CAP. –Approved various projects that support the growth in production of transition materials and our internal decarbonisation objectives. –Approved the Group’s strategy and scenarios, including the use of climate scenarios and the impact and opportunities arising from the energy transition. –Incorporated n ew long-term decarbonisation metrics in the 2024 Performance Share Awards (PSAs) to incorporate 20% of the award being based on decarbonisation (People & Remuneration Committee). –Approved Group physical resilience program (Sustainability Committee). |

| For more information on the Board, their activities and composition see pages 100-118.

Sustainability Committee
The Sustainability Committee is responsible
for the oversight of key sustainability issues
including social and environmental matters
that are impacted by climate change,
particularly those relating to water and
biodiversity. An updated Terms of Reference
has been drafted to reflect these
responsibilities including oversight of
physical resilience to climate change.

| For more information see pages 117-118.

Audit & Risk Committee
The Audit & Risk Committee is responsible
for risk management systems and internal
controls, financial reporting processes and
the relationship with the external auditors as
noted in its committee charter. This involves
the oversight of significant issues of
judgement relating to the financial
statements including those relating to
climate, consideration of climate policies, and
stress testing our strategy against selected
scenarios. It also includes appointing and
maintaining our relationship with the external
auditors who assure GHG emissions and
ensure the effectiveness
of the risk management framework.
People & Remuneration Committee
The role of the People & Remuneration
Committee includes the oversight of the
Group’s remuneration structure, including the
use of short- and long-term incentive plans
for the Executive Directors, as reflected in its
charter. This will include performance against
strategic measures linked to decarbonisation.
In 2024, 10% of the short-term incentive plan
(STIP) and 20% of the long-term incentive
plan (LTIP) were weighted towards
decarbonisation, including the progress of
our carbon abatement projects. See pages
119-145 for four 2024 remuneration
outcomes and the incorporation of climate-
related measures in the STIP and LTIP.
Management role
Investment Committee
The Investment Committee reviews and
approves the Group’s capital expenditure in
relation to abatement projects and climate
change research and development.
Decarbonisation investment decisions are
made under a dedicated evaluation
framework that considers the value of the
investment and impact on cost base, the
level of abatement, the maturity of the
technology, the competitiveness of the asset
and its policy context, and alternative options
on the pathway to net zero. Projects are also
assessed against our approach to a just
transition, with consideration of the impact on
employees, local communities and industry.

| For more information see our Capital allocation and investment framework on page 63 for more detail.

Chief Executive and Executive Committee
The Chief Executive is responsible for
delivering the CAP, as approved by the
Board, with the Executive Committee
supporting this role. Risk management,
portfolio reviews, capital investments, annual
financial planning and our approach to
government engagement are integrated into
our approach to climate change and
emissions targets. The annual financial
planning process focuses on the short term
(up to 2 years). The new growth and
decarbonisation strategy is part of the
medium-term planning process.
Remuneration: Our Chief Executive’s
performance objectives in the STIP include
delivery of the Group’s strategy on climate
change. These are cascaded down into the
annual objectives of relevant members of the
Executive Committee, including the Chief
Technical Officer, and other members of senior
management. Decarbonisation is also included
as a performance measure in the STIP and
LTIP as described above. See pages 119-145
for our 2024 remuneration outcomes and the
incorporation of climate-related measures in
the STIP and LTIP.

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Strategic report | Our approach to ESG | Climate Action Plan
As part of our updated evaluation approach
approved by ExCo and the Board in April
2024, we will hold a decarbonisation review
session once or twice a year as part of the
regular ExCo schedule to discuss the overall
decarbonisation roadmap and abatement
portfolio. This will also cover projects and
investment proposals related to mitigating
Scope 3 emissions. The review session will
consider any future changes to our targets or
commitments should they be necessary.
The Chief Decarbonisation Officer and Rio
Tinto Energy and Climate team will organise
and facilitate the forums, with inputs from our
Commercial team on Scope 3 projects.
Energy and Climate team
In 2022, we established a central team,
Rio Tinto Energy and Climate (RTEC), to
deliver progress on our CAP. This is led by
the Chief Decarbonisation Officer, who
reports to the Chief Technical Officer and is
accountable for all aspects of the CAP. The
RTEC team is structured according to the
main areas of our abatement work that drive
decarbonisation across our operations,
including a Nature-based Solutions team.
Two additional teams complete the RTEC
organisation: a Decarbonisation Office that
monitors and forecasts GHG emissions, tracks
investment decisions and coordinates our
approach to physical climate risks; and a
Climate Policy and Advocacy team that is
responsible for engaging with industry
associations, civil society organisations,
investors, government and other stakeholders
on climate related policies, regulation and
reporting. Rio Tinto Commercial drives the
approach to Scope 3 emissions, given its
responsibility for procurement, shipping and
sales to our customers. The Decarbonisation
Office prepares a quarterly progress report for
the Executive Committee, which includes
operational emissions and progress on
abatement projects and other areas of
our CAP.
Management of climate-related
risks and opportunities
The Board approves our risk appetite and
oversees our m aterial risks, and is supported
in monitoring material risks by the Audit & Risk
and Sustainability committees.
Climate-related risks and opportunities are
integrated in our enterprise-wide risk
management framework. These are identified
by the product group or supporting functions,
then included in the appropriate risk register.
These will be assigned a Risk owner and
evaluated on the maximum reasonable
consequence and likelihood of the risk.
Consequences may include the impact on
Group free cash flow or business value, or
reputation and licence to operate. These risks
are escalated to the appropriate level of
management for oversight and action. See
pages 88-91 f or more detail on our risk
management process, emerging risks,
materiality matrix and assessment of
m aterial risks.
We actively monitor and assess the potential
impact of climate risks and opportunities on
our operations and business through scenario
planning. See pages 43 and 66 for more detail
on how we use scenarios to identify climate-
related transition and physical risks and
portfolio opportunities.
Climate change and the low-carbon transition
remain critical emerging risks, with potential
to have a significant impact on our business
and the communities where we operate.
Emerging risks that could materially impact
strategic objectives are incorporated within
our m aterial risks and, where possible, we
develop responses to mitigate threats and
create opportunities for the Group. Climate-
related risks and opportunities linked to
several of these m aterial risks are listed
below:
–2. Preparing our Iron Ore business to
meet the demand for low-carbon steel.
–4. Minimising our impact on the
environments we work in and building
resilience to changes in those
environments, including climate change
and natural hazards.
–7. Delivering on our growth projects.
–8. Achieving our decarbonisation
targets competitively.
–10. Conduct our business with integrity,
complying with all laws, regulations
and obligations.
See pages 91-98 w here we have described
the risk or opportunity, the key regions
impacted, our risk management responses,
and the relevant groups with oversight of
each process.
These risks or opportunities, if material, are
linked to one of the above Group m aterial
risks and reviewed on a quarterly basis by
the Risk Area of Expertise and the Risk
Management Committee (RMC). All
employees are empowered to own and
manage the risks that arise within their area
of responsibility. Our Centres of Excellence,
comprising our 2nd line of defence, provide
deep subject matter expertise, for example
steel decarbonisation. Our Internal Audit
function provides independent assurance.
Where required by law, or where deemed
appropriate, we also engage third parties to
provide independent assurance. Where risks
are material to the Group, they are escalated
to the RMC and, as appropriate, to the Board
or its committees.

| For more information see pages 88-98 on our approach to risk.

Climate-related metrics
and data
We have established key metrics to help us
track our progress against our decarbonisation
targets, ensuring we are advancing towards a
sustainable and low-carbon future.
Our metrics help us manage and monitor our
climate risks and opportunities including metrics
for transition-related opportunities (the increased
demand for transition materials) provided on
page 46 (transition materials metrics), and
physical risks metrics including the financial
exposure metric and annualised damage metric
detailed on pages 68-69.
We have also disclosed other ESG-related
KPIs, metrics and targets that integrate
with our objective of striving for impeccable
ESG credentials within the respective
Environment, Social, and Governance
sections of this Form 20-F. A summary of
these metrics is found on page 34 with other
Group KPIs on pages 12-14.
Scope 1 and 2 emissions:
Our operational emissions targets are
ambitious - to reduce emissions by 50% by
2030 relative to 2018 levels, reaching net
zero by 2050. Our targets cover more than
95% of our reported Scope 1 and 2
emissions and are aligned with 1.5°C
pathways. We adjust our baseline to exclude
reductions achieved by divesting assets and
to account for acquisitions.
Our definition of net zero applies to our
operational (Scope 1 and 2) emissions on an
equity basis. See pages 49-57 for detail on
how we are reducing emissions in our own
operations.
Scope 1 emissions are direct GHG emissions
from facilities fully or partially owned or
controlled by Rio Tinto. They include fuel use,
on-site electricity generation, anode and
reductant use, process emissions, land
management and livestock. Scope 2
emissions are GHG emissions from the
electricity, heat or steam brought in from third
parties (indirect emissions). This is consistent
with the World Resources Institute (WRI) and
World Business Council for Sustainable
Development (WBCSD)’s Greenhouse Gas
(GHG) Protocol: A Corporate Accounting and
Reporting Standard (Revised Edition) (2015).

Annual Report on Form 20-F 2024 | 72 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Performance against target: Scope 1 and 2 GHG emissions – adjusted equity basis (Baseline 1)

Equity GHG emissions (Mt CO 2 e) | 2024 | 2023 | 2018
Adjusted (Baseline) Scope 1 and 2 emissions 2 | 30.7 | 33.9 |
Carbon credits 3 | 1.1 | 0 |
Baseline net Scope 1 and 2 emissions | 29.6 | 33.9 |
Emissions target base year (Baseline, adjusted for acquisitions and divestments) |  |  | 35.7

See our 2024 Scope 1, 2 and 3 Emissions Calculation and Climate Methodology report and our 2024 Sustainability Fact Book for further detail on our
emissions reporting methodology. We engaged KPMG to provide reasonable assurance over the 2024 Scope 1 and 2 data.
Changes to our 2018 baseline include: Review of Scope 1 emissions factors and greater alignment with regional factors specified in government reporting (<1% change to emissions).
Acquisitions and divestments: Addition of Matalco aluminium metal recycling assets into reporting and baseline. Acquisition of Mitsubishi's interest in Boyne Smelters (11.65%), Sumitomo
Chemical's interest in New Zealand Aluminium Smelter (20.64%) and Boyne Smelters (2.46%), taking NZAS equity to 100% and BSL to 73.5%. Equity increase for the Ranger mine to 98.43%.
Divestment of Lake MacLeod Dampier salt operations (removal from the baseline).
1.Rio Tinto share (equity basis) as a Baseline represents emissions from our benefit or economic interest in the activities resulting in the emissions. Emissions accounted for represent current
equity and ownership for the full year.
2.The baseline value is based on the current equity in each asset, including zero equity in divested assets. Scope 2 emissions in the baseline are calculated using the market-based method.
3.Carbon credits used towards our 2024 net emissions calculation include Australian Carbon Credit Units (ACCUs) that were retired for compliance for the period 1 January to 30 June 2024
plus a projection of the number of ACCUs we expect to retire for the period 1 July to 31 December 2024. This projection is based on our Scope 1 emissions for the period 1 July - 31
December 2024. Rio Tinto retires ACCUs for liability under the Australian Safeguard Mechanism. Baselines for sites are calculated using known production intensity factors combined with
actual reported production. Liability is determined when actual emissions exceed these baselines. Due to the misalignment of timing (Safeguard being July-June), carbon credits reported
against the net emissions number include actual ACCUs retired for liability in the Jan-Jun 2024 part of the reported NGER FY24, and calculated liability using actual production and
emissions for Jul-Dec 24. For details, refer to the table "Carbon credits retired towards net emissions (equity basis)" in our 2024 Sustainability Fact Book.

2024 actual equity GHG emissions (Mt CO 2 e) | Scope 1 | Scope 2 | Total
Consolidated accounting group | 13.6 | 0.6 | 14.1
Other investee (e.g. investment in associate and joint venture) | 9.4 | 6.3 | 15.7
Total (equity share method) | 23 | 6.9 | 29.8

This table is the disaggregation of Scope 1 and Scope 2 GHG emissions between the consolidated accounting group and other investees. The grouping is determined by the financial
definitions, but the emissions are calculated using the equity share method and percentages of emissions per site align with the carbon accounting protocol.
Scope 1, 2 and 3 GHG emissions – actual equity basis

Equity greenhouse gas emissions (Mt CO 2 e) | 2024 | 2023 | 2022 | 2021 | 2020
Scope 1 emissions 1 | 23 | 23.3 | 22.7 | 22.8 | 22.9
Scope 2: Market-based emissions 2 | 6.9 | 9.3 | 9.6 | 10.1 | 10.4
Total gross Scope 1 and 2 emissions | 29.8 | 32.6 | 32.3 | 32.9 | 33.4
Carbon credits 3 | 1.1 | 0 | 0 | 0 | 0
Total net Scope 1 and 2 emissions (with carbon credits retired) | 28.7 | 32.6 | 32.3 | 32.9 | 33.4
Scope 2: Location-based emissions 4 | 7.8 | 7.8 | 8.2 | 8.5 | 8.6
Scope 3 emissions | 574.6 | 572.5 | 572.3 | 558.3 | 576.2
Operational emissions intensity (t CO 2 e/t Cu-eq)(equity)5 | 6.1 | 6.8 | 7 | 7.2 | 6.9
Direct CO 2 emissions from biologically sequestered carbon (eg CO 2 from burning biofuels/biomass)6 | 0.05 | 0.03 | 0 | 0 | 0

Queensland Alumina Limited (QAL) is a tolling company and is 80% owned by Rio Tinto and 20% owned by Rusal. However, as a result of the Australian Government’s sanction measures,
QAL is currently prevented from tolling for Rusal and Rio Tinto is currently utilising 100% of the tolling capacity at QAL. Our 2024 equity emissions and our 2018 baseline include QAL emissions
on the basis of Rio Tinto’s 80% ownership. In 2024, the additional emissions associated with Rio Tinto’s additional tolling capacity were 0.8Mt.
1.Scope 1: Emission factors are consistent with the most applicable national or regional reporting guidance or schemes. For emissions not covered by government reporting, factors from the
Intergovernmental Panel on Climate Change (IPCC) Guidelines for National Greenhouse Gas Inventories are used. A full list of references is included in the 2024 Scope 1, 2 and 3 Emissions
Calculation and Climate Methodology report. In 2024 as part of the implementation of a new GHG reporting tool, the Scope 1 factors for all sites were re-visited. Some adjustments were made to
provide greater alignment with government reporting and regional factors.
2.Scope 2: Market-based method counts commercial decisions to purchase the unique rights to renewable energy as zero emissions and applies a residual mix factor (or similar) to the remaining
MWh purchased. The residual mix factor is typically equivalent to the grid intensity with renewable attributes that have been sold removed from the factor. Scope 2 emission factors are consistent
with the Australian National Greenhouse and Energy Reporting Measurement Determination 2008 for Australian operations location-based reporting. For non-Australian operations, where possible,
factors are sourced from public grid level data or electricity retailers. For market-based reporting, Scope 2 includes the use of renewable electricity certificates (RECs) and all contracts where we
have the exclusive rights to the renewable energy attributes.
Market-based emissions reported as zero include Oyu Tolgoi, ISAL aluminium, Resolution Copper, Weipa, Richards Bay Minerals and Kennecott Copper with surrendered RECs. Escondida and
QMM have renewable energy PPA contracts with energy attributes.
3.Carbon credits used towards our 2024 net emissions calculation include Australian Carbon Credit Units (ACCUs) that were retired for compliance for the period 1 January to 30 June 2024
(retired) plus a projection of the number of ACCUs we expect to retire for the period 1 July to 31 December 2024 (planned). This projection is based on our Scope 1 emissions for the period
1 July - 31 December 2024. For details, refer to the table "Carbon credits retired towards net emissions (equity basis)" in our 2024 Sustainability Fact Book.
4.Location-based method reflects the emissions grid intensity of the location which the operation is located and includes the percentage of renewables that make up the total unadjusted grid
intensity. Scope 1 and 2 equity emissions total – location-based: 30.8Mt CO 2 e.
5.Historical information for copper equivalent intensity has been restated in line with the 2023 review of commodity pricing to allow comparability over time.
6.GHG Protocol Corporate Accounting and Reporting Standard recommends disclosure of CO 2 emissions from biologically sequestered carbon for transparency. These are from biofuel use
and are not classified as our Scope 1 emissions.

2024 actual equity GHG emissions by location (Mt CO 2 e) | Scope 1 Emissions (Mt CO 2 e) | Scope 2 Emissions 1 (Mt CO 2 e) | Total Emissions (Mt CO 2 e)
Australia | 12.9 | 6.7 | 19.6
Canada | 6.1 | 0.1 | 6.2
Africa | 0.6 | 0 | 0.6
US | 0.9 | 0 | 0.9
Europe | 0.3 | 0 | 0.3
South America | 0.6 | 0 | 0.6
Mongolia | 0.2 | 0 | 0.2
New Zealand | 0.5 | 0 | 0.5
Other | 0.9 | 0.1 | 0.9
Total | 23 | 6.9 | 29.8

1.This table is a breakdown of Scope 1 and 2 equity emissions. Credits are not included in these values. Scope 2 emissions are calculated using the market-based method.
Note: The sum of the categories may be slightly different to the Rio Tinto total due to rounding.

Annual Report on Form 20-F 2024 | 73 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan

Scope 1 GHG emissions covered under an emissions-limiting regulation (Mt CO 2 e), equity based | 2024
Total gross global Scope 1 GHG emissions (CO 2 e) covered under emissions-limiting regulations (Mt CO 2 e) | 19.2
Total gross global Scope 1 GHG (Mt CO 2 e) | 23
% Global Scope 1 GHG emissions covered under an emissions-limiting regulation | 83%

Emissions limiting regulations applicable to Rio Tinto are listed in the 2024 Scope 1, 2 and 3 Emissions Calculation and Climate Methodology report.

2024 equity GHG emissions by GHG type (Mt CO 2 e) | CO 2 | CH 4 | N 2 O | HFCs | PFCs | SF 6 | NF 3 | Total
| 22.24 | 0.03 | 0.06 | 0.01 | 0.62 | 0 | 0 | 22.97

Note: The sum of the categories may be slightly different to the Rio Tinto total due to rounding. GHG emissions are the 6 groups of gases we report against as included in the Kyoto Protocol:
carbon dioxide, hydrofluorocarbons, methane, nitrous oxide, perfluorinated carbon compounds and sulphur hexafluoride. Nitrogen trifluoride emissions are not present/applicable in Rio Tinto's
inventory.

Total energy use (PJ), equity basis | 2024
Renewable electricity generated and consumed 1 | 72
Contracted renewable electricity purchased and consumed 2 |
–Renewable electricity with surrendered RECs or GOs | 23
–Renewable electricity contracted with energy attributes | 6
Grid electricity purchased 3 |
–Grids that are materially all renewables | 76
–Other grids | 27
Renewable energy from biomass based fuels | 4
Non-renewable energy (generated electricity) | 70
Other non-renewable energy 4 | 211
Total energy consumed (PJ) | 490

Energy consumption includes energy from all sources, including energy purchased from external sources and energy produced (self-generated). Energy reported excludes exports of energy to
third parties.
1.Includes our equity share of renewable energy generated and consumed.
2.Contracted renewable electricity is split into energy where we have purchased and surrender Renewable Energy Certificates (RECs), and contracts where we have the unique rights to the
energy attributes.
3.Grid electricity includes all grid consumed electricity (grids contain a mixture of renewable and non-renewable energy sources). Energy consumed from grid electricity purchased was 21%.
4.Other renewable energy includes stationary fuels, heat, anodes and reductants.
Renewable energy consumed as per the IFRS S2 Climate Related Disclosures guidance includes renewable energy the entity purchased under PPAs with RECs or GOs surrendered or
cancelled, and renewable energy consumed from biomass based fuels. The renewable energy % under this definition is 5%.
Unlike the GHG Protocol, this guidance does not recognise the following as renewable energy: 1) renewable energy contracts where unique energy attributes are contracted without a
certificate or 2) where renewable electricity such as our hydro power generation assets supply our sites as it must be supplied specifically with RECs and GOs.
Scope 3 GHG emissions – equity basis

Total equity Scope 3 greenhouse gas emissions (Mt CO 2 e) 1 | 2024 | 2023 | 2022 | 2021 | 2020
Scope 3 emissions – upstream | 29.8 | 29.5 | 30.1 | 32.3 | 30.4
Scope 3 emissions – downstream | 544.8 | 543 | 542.2 | 526 | 545.8
Total | 574.6 | 572.5 | 572.3 | 558.3 | 576.2

See pages 58-62 for detail on progress made against our Scope 3 targets and objectives and our main actions for 2025. Scope 3 emissions are
prepared on an equity basis, taking into account our economic interest in all managed and non-managed operations. Scope 3 emissions are
indirect greenhouse gas (GHG) emissions generated as a result of activities undertaken across the value chain. Scope 3 emissions are divided
into 15 categories, covering activities both upstream and downstream of our operations. Of these categories, Category 10 – Processing of sold
products – accounts for about 94% of the identified emissions across our value chains. For further details, refer to our 2024 Scope 1, 2 and 3
Emissions Calculation and Climate Methodology report.
We engaged KPMG to provide limited assurance on Scope 3 emissions estimates in 2024.
1.To identify and calculate Scope 3 emission sources across our operations, we have used the WRI and WBCSD, Greenhouse Gas (GHG) Protocol: A Corporate Accounting and Reporting
Standard (Revised Edition) (2015), GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2013) and the Technical Guidance for Calculating Scope 3
Emissions (version 1.0).
We estimate the emissions from our customers' processing of iron ore, bauxite, alumina, titanium dioxide, salt and copper concentrate using a combination of internal emissions modelling,
regional and industry level emissions factors and production and sales data. Third party shipping and transportation of our products to our customers, intercompany transport of products and
transport of fuel and other supplies are also calculated and reported. Emissions associated with the manufacture and supply of purchased and capital goods are included in the Scope 3
inventory.
Scope 3 emissions deemed to be material at Group level are reported on an equity basis as part of our disclosures in the Annual Report and our submission to the Carbon Disclosure
Project. Where there are significant changes to the calculation methodology of Scope 3 categories to improve the maturity and accuracy of reported emissions, an approximate equivalent to
the historical reported numbers using the new methodology will be provided.

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Strategic report | Our approach to ESG | Climate Action Plan

Sources of Scope 3 equity GHG emissions (Mt CO 2 e) | 2024 | 2023 | 2022 | 2021 | 2020
Upstream emissions |  |  |  |  |
1. Purchased goods and services | 14.8 | 15.2 | 16.7 | 19.5 | 19.3
2. Capital goods | 3.0 | 2.2 | 1.8 | 1.9 | 1.4
3. Fuel and energy-related activities | 4.4 | 4.4 | 4.5 | 4.5 | 4.5
4. Upstream transportation and distribution | 6.8 | 6.8 | 6.5 | 5.9 | 5.1
5. Waste generated in operations | 0.1 | 0.1 | 0.1 | 0.1 | 0
6. & 7. Business travel and employee commuting | 0.7 | 0.8 | 0.5 | 0.4 | 0.1
Downstream emissions |  |  |  |  |
9. Downstream transportation and distribution | 2.1 | 2.4 | 2.3 | 2.7 | 3.0
10. Processing of sold products |  |  |  |  |
–Iron ore | 395.9 | 399.9 | 386.6 | 364.6 | 376.4
–Bauxite and alumina | 134.0 | 127.1 | 138.2 | 144.5 | 152
–Titanium dioxide feedstock | 4.5 | 4.9 | 5.9 | 4.9 | 5.8
–Copper concentrate | 0.7 | 0.5 | 0.5 | 0.5 | 0.6
–Salt | 6.6 | 7.0 | 7.1 | 7.2 | 6.0
–Other | 1.0 | 1.2 | 1.6 | 1.6 | 2.0
Total | 574.6 | 572.5 | 572.3 | 558.3 | 576.2

Note: The sum of the categories may be slightly different to the Rio Tinto total due to rounding.
The following categories are excluded for the reasons provided:
Category 8: Upstream leased assets. Rio Tinto does not lease significant upstream assets.
Category 11: Use of sold products. This category is not applicable since Rio Tinto does not produce any fossil fuels or manufacture products applicable to this category.
Category 12: End-of-life treatment of sold products. Rio Tinto’s products include metals and minerals with minimal emissions at end of life. This category is not applicable since Rio Tinto does
not produce any fossil fuels or manufacture products applicable to this category. Final products related to Rio Tinto’s material value chains (steel, aluminium and copper) produce materials with
established recycling industries.
Category 13: Downstream leased assets. This category is not applicable since Rio Tinto does not lease significant downstream assets.
Category 14: Franchises. This category is not applicable since Rio Tinto does not have franchised operations.
Category 15: Investments. This category is for reporting emissions from company investments not already reported in Scope 1 and 2. Rio Tinto reports using the equity share approach, so all Scope 1
and 2 emissions from managed and non-managed investments are included in Scope 1 and 2 reporting and Scope 3 emissions within other applicable categories of Scope 3 reporting.
In 2024, emissions have been restated to ensure comparability with the material change in the spend-based emissions methodology. Amendments have been made in Category 10 bauxite and
alumina processing due to identified double counting of emissions for non-equitable bauxite and alumina. For further details on Scope 3 reporting refer to the 2024 Scope 1, 2, and 3 Emissions
Calculation and Climate Methodology.
Calculation methodology – Scope 3 emissions categories
The calculation methodology for Scope 3 emissions categories associated with a target or goal is provided below. See our 2024 Scope 1, 2 and
3 Emissions Calculation and Climate Methodology report for detail on all Scope 3 emissions categories.

Category | Calculation boundary | Calculation methodology and notes
1. Purchased goods and services, and 2. Capital goods | –Includes emissions associated with relevant purchased goods and services. –Excludes emissions associated with other Scope 3 categories ( fuel, energy and transport). –Includes emissions associated with the upstream goods purchased or acquired by the business for capital projects. | –Spend data method using operating business costs for managed sites on equity basis using EXIObase, US Environment Protection Agency, UK Government spend-based factors. –Scope 3 emissions are calculated for major consumables and raw materials using quantity based reporting. –Where unavailable, non-managed site costs are estimated using costs from similar production facilities.
3. Fuel and energy-related activities | –Includes emissions from the production and transportation of purchased fuels, including natural gas, diesel, coal and energy sources not included in Category 1. This includes transmission losses from purchased electricity. | –Fuel and energy consumption data from Rio Tinto business systems. Factors are sourced from the Australian National Greenhouse Accounts Factors (Australian NGA), UK Government, International Energy Agency (IEA) and National Renewable Energy Laboratory (NREL).
4. Upstream transportation and distribution | –Total Scope 3 GHG emissions from upstream transportation and distribution of Rio Tinto products. –Includes all inbound transport, all inter-company transport paid for by Rio Tinto and all outbound product transport paid for by Rio Tinto (e.g. under cost, insurance and freight (CIF, CRF) or similar terms). –Includes emissions from bulk marine shipping, containerised shipping, road and rail transport of sold products and inbound transport emissions of major consumables. –Excludes emissions from Rio Tinto owned vessels (this is included in Scope 1 emissions). | –For our managed fleet (period-chartered and spot), actual emissions are derived from consumed fuel reported from each individual voyage. Estimated emissions from non-managed voyages (FOB and similar terms) are calculated using the Energy Efficiency Operational Indicator (EEOI) guidelines including vessel type-size, cargo volumes and distances. Generic EEOIs are sourced from the 4th International Maritime Organization (IMO) GHG Study. –For containership, road, rail and air, UK Government conversion factors have been utilised. Transport emissions estimated by spend data and EXIObase emission factors are also included in this section.
10. Processing of sold products | –Includes emissions related to the processing of iron ore, bauxite, alumina, TiO 2 feedstocks, copper concentrate and salt. “Other” includes an estimate for processing emissions related to Rio Tinto’s other products, including molybdenum and minor minerals. | –Emissions calculated as described in this report. –High purity products like gold, silver and diamonds, which are low volume and have minimal amounts of further processing, are considered not material.

Annual Report on Form 20-F 2024 | 75 | riotinto.com

Strategic report | Our approach to ESG | Climate Action Plan
Task Force on Climate-related Financial Disclosures Index
This section complies with the requirements of the Financial Conduct Authority’s Listing Rule UKLR 6.6.6(8)R by reporting in line with the Task
Force on Climate-related Financial Disclosures’ (TCFD) recommendations and recommended disclosures. To determine that we comply with all
11 of the TCFD recommendations and recommended disclosures, we have considered section C of the TCFD “Guidance for All Sectors” and
section E of the “Supplemental Guidance for Non-Financial Groups”.
These disclosures also comply with the requirements of the Companies Act 2006 as amended by the Companies (Strategic Report) (Climate-
related Financial Disclosure) Regulations 2022. We aim to continually improve our reporting and align with emerging standards, including the
International Sustainability Standards Board (ISSB) International Financial Reporting Standard (IFRS) for climate-related disclosures (S2). In
addition, climate change matters are integrated into other parts of the Annual Report, such as in the Key performance indicators, Risk factors
and Notes to the financial statements.
Recommended disclosure
Governance
Describe the Board’s oversight of
climate-related risks and opportunities.
–Climate-related governance, pages 69-71.
–Board of Directors (including Executive
Committee) composition, skills, and
experience, pages 102-105 and 112.
–Board activities specifically related to
climate activities, page 109.
–Directors’ attendance at scheduled Board
and committee meetings, page 110.
–Nominations Committee report (including
ESG expertise assessment), page 111.
–Audit & Risk Committee report, page 113.
–Sustainability Committee report, page 117.
–Remuneration report, page 119.
Describe management’s role in assessing
and managing climate-related risks and
opportunities.
–Climate-related governance, pages 69-71.
–Management of climate-related risks and
opportunities, page 71.
–Our approach to risk management, pag es
88-98.
–Group governance framework, page 101.
–Remuneration report, page 119.
Strategy
Describe the climate-related risks and
opportunities the organisation has identified
over the short, medium, and long term.
–Using scenarios to identify climate risks
and portfolio opportunities, pages 43-44.
–Portfolio risks and opportunities in the low-
carbon transition, page 45.
–Physical climate risk and resilience,
pages 66-69.
–Emerging risks, page s 88-90.
– Risk factors, pages 91-98.
Describe the impact of climate-related risks
and opportunities on the organisation’s
businesses, strategy and financial
planning.
–Strategic context and our strategic
framework, pages 6-7.
–Progressing our 4 objectives,
pages 10-11.
–Using scenarios to identify climate
risks and portfolio opportunities,
pages 43-44.
–Portfolio risks and opportunities in the
low-carbon transition, page 45.
–Strategic alignment with the low-carbon
transition, page 46.
–Scope 1 and 2 emissions: Reduce
emissions from our own operations,
pages 47-49.
–Progress, lessons learned and our
approach today, pages 48-49.
–Action to reduce our emissions,
pages 51-52 and 62.
–Scope 3 emissions: Partner to
decarbonise our value chains, page 58.
–Capital allocation and investment
framework, page 63.
–Physical climate risk and resilience,
pages 66-69.
–Impact of climate change on the Group,
pages 157-160.
Describe the resilience of the
organisation’s strategy, taking into
consideration different climate-related
scenarios, including a 2°C or lower
scenario.
–Strategic alignment with the low-carbon
transition, page 46.
–Scope 1 and 2 emissions: Reduce
emissions from our own operations, pages
47-57.
–Scope 3 emissions: Partner to decarbonise
our value chains, pages 58-62.
–Capital allocation and investment
framework, page 63.
–Physical climate risk and resilience,
pages 66-69.
–Impact of climate change on the Group,
pages 157-160.
Risk management
Describe the organisation’s processes for
identifying and assessing climate-related
risks.
–Using scenarios to identify climate risks
and portfolio opportunities, pages 43-44.
–Physical climate risk and resilience,
pages 66-69.
–Management of climate-related risks and
opportunities, page 71.
–Our approach to risk management, pages
88-90.
–Emerging risks, pages 89-90.
–Risk factors, pages 91-98.
Describe the organisation’s processes for
managing climate-related risks.
–Physical climate risk and resilience,
pages 66-67.
–Management of climate-related risks and
opportunities, page 71.
–Our approach to risk management, pages
88-90.
–Risk factors, pages 91-98.
Describe how processes for identifying,
assessing, and managing climate-related
risks are integrated into the
organisation’s overall risk management.
–Management of climate-related risks and
opportunities, page 71.
–Our approach to risk management, pages
88-90.
–Risk factors, pages 91-98.
Metrics and targets
Disclose the metrics used by the
organisation to assess climate-related
risks and opportunities in line with its
strategy and risk management process.
–Key performance indicators, page 12.
–2024 performance against ESG targets,
page 34.
–Environment, pages 35-40.
–Transition materials metrics, page 46.
–Scope 1 and 2 emissions: Reduce
emissions from our own operations, pages
47 and 53-57.
–Annualised damage risk scores, pages
68-69.
–Scope 3 emissions: Partner to
decarbonise our value chains, page 58.
–Climate-related metrics and targets,
pages 71-74.
–STIP measures, pages 130-133.
–LTIP, pages 134-135.
Disclose Scope 1, Scope 2 and,
if appropriate, Scope 3 GHG emissions,
and the related risks.
–Climate-related metrics and targets,
pages 71-74.
Describe the targets used by the
organisation to manage climate-related
risks and opportunities and performance
against targets.
–Key performance indicators, page 12.
–2024 performance against ESG targets,
page 34.
–Environment, pages 35-40.
–Grow production of materials essential for
the energy transition, page 43.
–Scope 1 and 2 emissions: Reduce
emissions from our own operations, page
47.
–Scope 3 emissions: Partner to
decarbonise our value chains, pages
58-62.
–Climate-related metrics and targets,
pages 71-74.
–STIP measures, pages 130-133.
–LTIP, pages 134-135.

Annual Report on Form 20-F 2024 | 76 | riotinto.com

Strategic report | Our approach to ESG
Social
Our values of care, courage and curiosity define who we are. They shape how we behave,
how we operate and how we solve problems. By putting these values into action, we will
continue to build trust, from the inside out.
The health, safety and wellbeing of our
employees, contractors and communities is
core to our values, and to what we stand for
as a company. Nothing matters more.
We are on a multi-year journey to create a
workplace where everyone feels safe,
respected and empowered to have a good
day, every day. Long-term, transformational
cultural change is a complex process, and
the Everyday Respect Progress Review,
which we conducted in 2024, confirms there
remain serious challenges we must continue
to address. But our people believe we are
heading in the right direction, and
we are determined to stay the course
in strengthening our work culture.
Everyone deserves to feel physically
and psychologically safe at work,
without exception.
Wherever we operate, we work with
communities to understand the social,
cultural, environmental and human rights
impacts of our activities. We work hard to
avoid, mitigate and manage adverse
impacts, and to respect human rights
throughout our value chain. And we
engage respectfully to listen and
respond to concerns and contribute to
positive outcomes for host communities and
society.
Living and working with care, courage and
curiosity will help us deliver the future we
want for our people and to be the best
operator and partner we can be.
Safety
It is with deep sadness that we reflect on
the tragic fatal events at our managed
operations in 2024.
On 23 January, a plane crashed shortly after
takeoff near Fort Smith, Northwest
Territories, Canada, resulting in the loss of
6 of the 7 people on board, including 4 Diavik
team members and 2 airline crew members.
We remember our colleagues who lost their
lives - Diane Balsillie, Howard (Howie)
Benwell, Joel Tetso, and Shawn Krawec.
Another member of our Diavik team
survived, was treated in hospital and
subsequently released.
The Transport Safety Board of Canada
continues to investigate this tragic event, with
the investigation expected to be completed in
2025.
Following this event, we critically evaluated
our aviation management approach across
the Group to identify and implement
opportunities for improvement.
On 26 October, Morlaye Camara, an
employee of one of our contractors, was
injured at the SimFer Port Project in
Morebaya, part of the Simandou project, and
subsequently passed away from his injuries.
Following a thorough review to understand
the circumstances that led to the event, we
have shared the lessons learned with our
leaders and partners, encouraging them to
reflect on how these relate to their teams and
workplaces, and act upon what we have
learned.
We are also saddened by serious safety
events reported across our industry more
broadly, including 2 fatal events at our
non-managed operations.
Additionally, we remain concerned for
Gel Aguaviva, a crew member aboard our bulk
carrier RTM Zheng He, managed by Anglo
Eastern, who was reported missing on 26
December. A search and rescue operation led
by the Philippine Coast Guard is ongoing.
We care deeply about the health, safety and
wellbeing of everyone involved in our
business, and these tragedies highlight the
ongoing need to prioritise these aspects
every shift, every day.
Guided by our firm belief that all fatalities are
preventable, we are committed to applying
the lessons learned across our business to
continuously improve our practices and
prevent similar future events. This includes
focusing on identifying, managing and,
where possible, eliminating risks so everyone
goes home safely.
We also recognise cultural and operational
contexts vary across the regions where we
operate, and fostering a strong safety culture
is a commitment we share with our partners.
In 2024, we internally shared lessons from
past fatal event investigations conducted by
our non-managed operation partners, as we
believe two-way sharing and learning is key
to supporting our collective safety maturity
journey. We also continue to work together to
prioritise health and safety in ways that
resonate locally and uphold our standards
globally.

| Image: Gers in grasslands, Mongolia.

Annual Report on Form 20-F 2024 | 77 | riotinto.com

Strategic report | Our approach to ESG | Social
Across our managed operations, we
continue to see serious events where people
are exposed to potential fatal incidents
(PFIs). The main safety risks at our managed
operations relate to falling objects, falling
from heights and vehicle-related incidents,
which account for 62% of total PFIs and
remain at the forefront of our safety maturity
efforts.
Our all-injury frequency rate (AIFR) remained
at 0.37 in 2024, consistent with 2023. We
continue to see a disparity in safety
performance for employees compared to
contractors, and remain focused on
supporting contractor safety by further
integrating teams into our safety culture, and
learning from them.
In 2024, we experienced 5 significant
potential process safety events: 3 at Richards
Bay Minerals in South Africa, one at Bell Bay
Aluminium in Australia, and one at New
Zealand’s Aluminium Smelter in New
Zealand. We continue working to mature our
management system and culture, through our
process safety improvement plan.
Critical risk management (CRM)
CRM remains our primary fatality elimination
tool, making sure critical controls are in place
and working where there is a fatal risk. In
2024, our teams continued to reconnect with
why we have CRM and enhance the quality
of verifications by checking the right critical
controls are in place for each task.
In 2024, we began work to strengthen our
safety control framework to align with our
evolving risk profile, which will extend into
2025. This will enable us to improve safety
and enhance assurance. By offering visibility
into the performance of the framework, we
can proactively identify improvement areas
and adapt before something goes wrong.
Safety maturity model
Leadership and strong processes are critical
in driving a sustained improvement of our
safety performance and safety culture. This
is evident in the implementation of our safety
maturity model (SMM), introduced in 2019.
SMM is our blueprint for safety, integrating
best practices in leadership, engagement,
learning, risk management and work
planning, as well as operational ownership of
health and environmental risks.
In 2024, we continued to work closely with
our assets to evaluate and evolve their safety
maturity and foster both physical and
psychological safety. Through this, we have
refined our assessor training program,
placing more emphasis on elements such as
mindsets, behaviours and felt experiences.
This supports our belief that all employees
and contractors should feel empowered to
work safely, speak up and make decisions
that prioritise their wellbeing.
While we acknowledge cultural
transformation is a long-term journey, we are
encouraged by our SMM assessments
outcomes in 2024. These have significantly
deepened our understanding of each site’s
safety culture and support actionable insights
to guide us towards creating an even safer
work environment.
In 2025, we are looking to further evolve
SMM to improve safety across our value
chain and support our Best Operator focus.
Safety and health performance

| 2024 | 2023 | 2022 | 2021 | 2020
Fatalities at managed operations | 5 | 0 | 0 | 0 | 0
All-injury frequency rate (per 200,000 hours worked) | 0.37 | 0.37 | 0.40 | 0.40 | 0.37
Number of lost-time injuries | 270 | 236 | 225 | 216 | 187
Lost-time injury frequency rate (per 200,000 hours worked) | 0.23 | 0.23 | 0.25 | 0.25 | 0.22
Safety maturity model score 1 | 5.4 | 5.2 | 4.7 | 5.7 | 5.4
Rate of new cases of occupational illness (per 10,000 employees)2 | 29.1 | 20.1 | 17.6 | 15.4 | 17.3
Number of employees 3 | 60,000 | 57,000 | 54,000 | 49,000 | 47,500
Noise-induced hearing loss 4 | 82 | 45 | 37 | 20 | 26
Musculoskeletal disorders 4 | 49 | 45 | 32 | 38 | 35
Mental stress 4 | 9 | 7 | 6 | 5 | 2
Others 4 | 7 | 6 | 7 | 2 | 7
Fines and prosecutions – safety ($’000)5 | 873.0 | 363.8 | 339.0 | 706.3 | 25.4
Fines and prosecutions – health ($’000) | 0.0 | 0.9 | 0.0 | 5.0 | 0.0

1.Figures in the table represent the Rio Tinto Group average SMM score at the end of each year. Each year, assets are added or removed from the SMM program based on project and
closure cycles. New assets to the program are baselined in the first quarter of each year and added to the Group average at the end of the year.
2.Rate of new cases of occupational illness = number of all new cases of occupational illnesses x 10,000/number of employees (based on average monthly statistics).
3.This is the average number of employees for the year and includes the Group's share of joint ventures and associates (rounded).
4. There can be one or more illness reported for each employee/contractor. Illness sub-categories have been restated across all the years following a review of the data collection process
5. In 2024, we paid safety fines resulting from non-compliances identified during MSHA inspections at our Kennecott Copper, Resolution Copper and Boron Operations in the US; OSHA
citation with fine at Kennecott Copper, US; CNESST fine at RTA Alma, Canada; administrative penalty resulting from a safety incident at RTA Kitimat; citation with fine on Rio Tinto
Exploration, Canada; fine for contravening the OHS Act at Havre-Saint-Pierre, Canada.

Annual Report on Form 20-F 2024 | 78 | riotinto.com

Strategic report | Our approach to ESG | Social
Health and wellbeing
Occupational health
We aim to ensure everyone goes home
safe and healthy every day. In 2024, we
recorded 147 new occupational health
illnesses (2023: 103), reflecting our
increased focus on identifying, investigating
and preventing health conditions arising
directly from work. Many occupational
illnesses develop over a long and continuous
period, requiring sustained efforts to reduce
exposure reduction over time.
In 2024 we:
–Completed occupational and industrial
hygiene monitoring at our operational and
managed assets, assessing noise,
airborne particulates, gas and other
contaminants. These insights provide
valuable insights into our exposure profile
and help us to prioritise actions to ensure
effective controls are in place.
–Redesigned fit-for-purpose medical
assessments at our Australia-based
operations, with a plan to expand to our
assets across the rest of the world
in 2025.
–Continued to standardise how
occupational health and hygiene data is
digitally collected and accessed,
transitioning from manual to more secure
and streamlined digital collection
processes that deliver improved risks and
trends insights to support our health
management initiatives.
–Implemented 7 projects at 6 assets
to successfully reduce exposures to
known health risks for our employees and
contractors.

| For more information see riotinto.com/ health

Mental health and wellbeing
Mental health is a core part of our health and
safety culture, with a responsibility to support
all aspects of our people’s wellbeing. We pay
particular attention to creating a
psychologically healthy and safe work
environment, while providing support to our
people for their mental health needs,
wherever they may arise.
In 2024 we:
–Conducted an increasing number of
psychosocial risk assessments and
provided leader training to better address
psychosocial hazards in the workplace
and improve the experience of work for
our people.
–Supported the principles of good work for
worker wellbeing through our People
Experience programs, such as improving
inclusion and diversity, providing fair pay
and flexible work, consulting and
communicating with our people, and
supporting career progression and job
adjustments over the employee lifecycle.
–Used insights from our twice-yearly
People Survey to inform our approach to
mental health.
–Furthered our efforts to develop a
psychologically healthy and safe
workplace by designing our facilities,
teams and culture to eliminate
psychosocial risk, and raising awareness
and delivering training to our leaders to
help them recognise and support people
experiencing mental ill-health.
–Provided employees with tools and skills
to support their mental health, such as
our global Employee Assistance Program
(EAP) and our global Peer Support
Program, where 100% of our 1,650 peer
supporters are trained in mental health
support. We also continued to offer
domestic violence support programs to all
employees.
–Raised awareness of mental health in the
workplace through global campaigns
such as World Mental Health Day and our
company-wide Mental Health Week,
which included a program of activities,
wellbeing resources and an external
video series.
–Continued several partnerships with
mental health organisations, including
Lifeline Australia, a new 5-year
partnership with Western Australia-based
Telethon, and our continuing support for
the Fondation Jeunes en Tête in Quebec
over the last 29 years.
–Maintained our Tier 2 rating in the
2024 CCLA Corporate Mental Health
Benchmark Global 100+, ranking as the
4th top improver in the last 3 years
(out of 100).
–Contributed to industry-wide
improvements of psychosocial risk
management as an active member of the
Minerals Council of Australia (MCA)
Psychosocial Risk Management Working
Group, and through our participation in
the ICMM Psychosocial Risk and Worker
Wellbeing Management Working Group,
which is helping to build a standard for
our industry and shape a new definition of
psychological health.

| For more information on how we’re creating an environment where everyone feels safe, respected and empowered, see pages 78-80 and 86-87.

Rio Tinto is required to disclose mine safety
violations or other regulatory matters in
accordance with Sections 1503(a) of the
Dodd-Frank Wall Street Reform and
Consumer Protections Act, which are
included in Exhibit 16.1 to this filing.
Talent, diversity and inclusion
We are committed to building a culture where
everyone, everywhere feels safe, respected
and empowered to have a good day,
every day.
Insights from 2024
Listening to our people
In 2024, we held 2 People Surveys to gain
insights from the voices of our employees
across the company to better understand the
steps we can all take to make Rio Tinto a better
place to work.
We heard from more than 41,000 employees in
our fourth quarter People Survey, who shared
over 100,000 comments. Our employee
satisfaction score (eSAT) was 74 and our
Recommend Rio score 72, both consistent with
the 2023 score. The second highest score (77)
was in response to “I am treated with respect at
work”, and “I feel safe at work” had the highest
score (78). From the feedback, we recognise
we can improve the way we take meaningful
action as a result of the survey (58) and how
people collaborate to get things done (62).
We have an expectation that every leader will
review the results and discuss them with their
teams, and generate an action plan to create
improvements. This year we introduced a new
culture metric as part of our Group performance
scorecard. Using our People Survey results, we
are tracking an average over time of all
questions to target and improve the overall
experience for everyone working at Rio Tinto.
In April, 2 years after publishing the Everyday
Respect Report, we launched a Progress
Review, conducted again independently by
Elizabeth Broderick & Co. (EB&Co.). More
than 10,050 individuals completed the survey,
1,318 participated in virtual and in-person
listening sessions and 342 submitted
confidential written contributions.
On 20 November, we published the findings
of the Progress Review. Change is
happening and we are making progress.
However, people are still experiencing
behaviours and attitudes in our company that
are unacceptable and harmful. We are
greatly troubled by this and sincerely
apologise to anyone affected. Safety, both
physical and psychological, remains our
number one priority and supporting our people
when harm happens always comes first. And
there is still more to do. We must continue to
focus on ensuring that the workplace
experience reflects our values consistently.
The survey data in the Progress Review was
an important temperature check for us.
Nearly half of survey respondents reported an
improvement in relation to bullying, sexual
harassment and racism, with a majority of
employees expressing confidence that
Rio Tinto will make a meaningful difference in
these areas in coming years.
Achieving the sustained change we
want to see in our workplace will require
ongoing focus and effort from everyone at

Annual Report on Form 20-F 2024 | 79 | riotinto.com

Strategic report | Our approach to ESG | Social
Rio Tinto. We remain committed to cultural
transformation and will accelerate our efforts.
To be successful, we must take the time to
listen to everyone in Rio Tinto and
understand all perspectives. Our efforts will
be focused on increasing our opportunities to
listen to understand and ensure our
workplaces support everyone.

| For more information about Everyday Respect, and to read the Progress Review, see riotinto.com/everydayrespect

Building respect
More than 99% of our leaders have
completed the “Building Everyday Respect”
training, along with 97.4% of employees
globally, strengthening everyone’s
understanding of what good looks like and
how to be an upstander.

| For more information about our work to support employees’ psychological health and safety see the health and wellbeing section on pag es 78.

Creating an inclusive workplace
We are committed to ensuring our workforce
reflects the communities where we operate
and offering a workplace that is inclusive of
everyone, everywhere.
In 2024, we set a target on our Group
scorecard to continue to build women’s
representation. Our target was 25.8% of our
workforce, and we achieved 25.2%. We were
pleased to see senior leaders increase from
30.1% to 32.0% and operations and general
support from 17.7% to 18.9%. We are not
satisfied with this result and remain
committed to increase the representation of
women in our workplace.
We are making progress on our ambition to
increase representation of ethnic minorities
in our global senior leadership population
(Executive Committee direct reports) to 18%
by 2027. We currently have 14.3%, which
represents a small increase from our
baseline. Aligned to the requirement of the
Parker Review 1 we have also set a target of
17% representation of ethnic minorities in our
UK-based senior management population by
end 2027. We monitor the diversity of
succession plans for all senior roles and ask
that our executive search partners provide
diverse candidate slates. The introduction of
Workday this year will help us gain a more
complete global data set, enabling us to
more accurately monitor progress on
increasing representation.
Inclusive Voices, our Global Employee
Resource Groups (ERGs) communities, was
launched to elevate the voices of
underrepresented groups and allies, and
address barriers to diversity. These ERGs
are employee-led and ExCo-sponsored,
kicking off with LGBTQ+ Voices, Gender
Equal Voices and Neurodiverse Voices,
joining the Elevating Voices Network in
Australia, established in late 2023. We
recently announced champions for 4 new
Inclusive Voices ERGs that will launch in
quarter one 2025 to improve the experiences
of our people with disabilities and amplify our
cultural diversity.
Developing our talent
This year we launched a new talent
framework, Career Conversations, to give
our people greater agency in their future
careers and development. It centres around
our people, their values-based performance,
motivations and experiences, supporting
them to plan their career and development in
collaboration with their leader. Launched to
senior leaders in 2024, Career
Conversations will be rolled out more broadly
across the organisation in 2025 and 2026.
We continued our commitment to support
individuals at the start of their career with 235
graduates and 280 interns joining the
organisation in 2024. Our graduate program
provides stretching development opportunities,
including our Innovation Challenge, and enables
interns to build business skills and experience
while studying. This year we launched a new
development curriculum, recognising the
different learning preferences for these
graduates. Grad Tok uses technology, video and
digital resources to provide development
resources in short, easily digestible formats that
can be accessed as needed as part of a curated
learning journey.
In 2024, 6,084 new hires joined the business,
of which 1,821 were contractors becoming
permanent employees (2023: 9,166 new
hires of which 2,718 were contractors).
Investing in leadership development
To best equip our most senior cohort to lead
culture change, we have now had over three-
quarters of the senior leadership group
(77%) complete the Voyager program. This
program encourages leaders to reflect
deeply, role model psychological safety,
understand empathy and build connection to
lead in a complex environment.
We have maintained a sustained focus on
the importance of coaching, with a further
523 leaders completing our Leader as Coach
program which supports our Safe Production
System roll out.
To support our frontline leaders, this year
we launched Leadership Fundamentals,
designed to build core leadership skills, with
individual modules focused on key areas such
as how to build a team and how to create a
safe environment. More than 695 frontline
leaders have participated in the program.
There have been 31 Safe Production System
deployments at operational sites this year,
bringing a focus to mindsets, behaviours and
skill development for our leaders.

| For more information about how we are increasing Indigenous leadership in our business see the CSP commitments section on page 83.

Equality through pay equity
Ensuring that employees with similar skills,
knowledge, qualifications, experience and
performance are paid equally for the same or
comparable work is intrinsically linked to our
commitment to inclusion and diversity.
We remain committed to eliminating
any residual pay inequities based on
gender or other non-legitimate dimensions of
difference.
Our equal pay gap, the primary lens we use
when assessing gender pay, measures the
extent to which women and men employed
by our company in the same location, and
performing work of equal value, receive the
same pay. Our 2024 equal pay gap was less
than 1.5% in favour of men.
Our gender pay gap is a measure of the
difference between the average earnings of
women and men across the Group
(excluding incentive pay), regardless of role,
expressed as a percentage of men’s
earnings. Our 2024 gender pay gap was less
than 1% in favour of women.

| For more information about our commitment to pay equity see riotinto.com/ payequity

1.A UK business-led and Government-backed review that has established targets relating to the number of directors, and required companies to set a target relating to the number of senior
management, who identify as minority ethnic in UK-listed companies.

Annual Report on Form 20-F 2024 | 80 | riotinto.com

Strategic report | Our approach to ESG | Social
Workforce data by region(1)(2)

Region | Average employee headcount(3) | Headcount distribution % | Absenteeism(4) | Average contractor headcount(5) | Headcount distribution %
Africa | 3,294 | 6.2% | 2.9% | 165 | 3.8%
Americas | 16,134 | 30.4% | 0.9% | 734 | 17.0%
Asia | 6,681 | 12.6% | 1.5% | 215 | 5.0%
Australia/New Zealand | 25,724 | 48.5% | 5.9% | 3,132 | 72.7%
Europe | 1,206 | 2.3% | 0.5% | 64 | 1.5%
Total⁶ | 53,039 | 100.0% | 3.4% | 4,310 | 100.0%

1.Includes our total workforce based on managed operations (excludes the Group's share of non-managed operations and joint ventures) as of 31 December 2024.
2.Rates have been calculated based on average monthly headcount in the year.
3.Employee headcount excludes Non-Executive Directors and contractors.
4.Absenteeism includes unplanned leave (sick leave, disability, parental and other unpaid leave) for populations on global, centralised HR systems. Excludes Non-Executive Directors and contractors.
5.Contractors include those engaged on temporary contracts to provide services under the direction of Rio Tinto leaders.
6.The sum of the categories may be slightly different to the Rio Tinto total shown due to rounding.
Workforce data by category and diversity(1)(2)

| Gender(3) |  | Age Group(4) |  | Region(4)
Category | Headcount distribution % | Women (count) | Men (count) | Undeclared (count) | Women % | Men % |  | Under 30 | 30-39 | 40-49 | Over 50 |  | Africa | Americas | Asia | Australia /NZ | Europe
Senior leaders | 1.0% | 179 | 380 | 1 | 32.0% | 67.9% |  | 0.2% | 4.8% | 44.0% | 51.0% |  | 5.3% | 27.1% | 10.7% | 41.9% | 15.0%
Managers | 8.7% | 1,692 | 3,061 | 13 | 35.5% | 64.2% |  | 0.6% | 25.2% | 44.4% | 29.8% |  | 5.3% | 32.9% | 11.7% | 44.2% | 5.9%
Supervisory and professional | 37.1% | 6,270 | 14,042 | 46 | 30.8% | 69.0% |  | 10.6% | 37.4% | 30.6% | 21.4% |  | 7.0% | 24.8% | 17.5% | 48.7% | 2.0%
Operations and general support | 52.3% | 5,434 | 23,218 | 27 | 18.9% | 80.9% |  | 18.5% | 29.0% | 26.2% | 26.2% |  | 5.8% | 34.6% | 8.8% | 49.4% | 1.4%
Graduates | 0.9% | 269 | 227 | 0 | 54.2% | 45.8% |  | 84.3% | 13.9% | 1.6% | 0.2% |  | 6.2% | 24.4% | 15.2% | 53.6% | 0.6%
Total | 100.0% | 13,844 | 40,928 | 87 | 25.2% | 74.6% |  | 14.5% | 31.4% | 29.4% | 24.8% |  | 6.2% | 30.7% | 12.4% | 48.6% | 2.1%

1.Includes our total workforce based on managed operations (excludes the Group's share of non-managed operations and joint ventures) as of 31 December 2024.
2.Excludes Non-Executive Directors, Executive Committee, contractors and people not available for work 2017-2020. From 2021, the definition used to calculate diversity was changed to include
people not available for work and contractors (those engaged on temporary contracts to provide services under the direction of Rio Tinto leaders) excluding project contractors.
3.In 2024, 87 individuals' gender was undeclared.
4.Representation by Age and Region includes employees only, excludes contractors.
Employee hiring and turnover rates(1)(2)(3)

|  | Gender(4) | Age group | Region
| Total | Women | Men | Undeclared | Under 30 | 30-39 | 40-49 | Over 50 | Africa | Americas | Asia | Australia/NZ | Europe
Employee hiring rate(5)(6) | 11.3% | 38.8% | 61.0% | 0.2% | 43.3% | 31.2% | 16.6% | 8.8% | 5.4% | 28.9% | 11.8% | 49.6% | 4.3%
Employee turnover rate(7) | 8.8% | 9.5% | 8.6% | –% | 10.2% | 8.2% | 6.7% | 11.2% | 5.8% | 7.2% | 5.0% | 11.1% | 8.7%

1.Includes our total workforce based on managed operations (excludes the Group's share of non-managed operations and joint ventures) as of 31 December 2024.
2.Excludes Non-Executive Directors and contractors.
3.Rates have been calculated based on average monthly headcount in the year per category.
4.In 2024, 87 individuals' gender was undeclared.
5.Total hiring rate is calculated as total employee hires over average employee headcount for the year.
6.Hiring rate includes total employee hires per category over total hires for the year.
7.Turnover rate excludes temporary workers and the reduction of employees due to business divestment. Turnover rate includes total terminations per category over average monthly
headcount in the year per category.

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Strategic report | Our approach to ESG | Social
Community engagement and social investment
The strength of our relationships with the
communities who host us, and broader
society, is central to our business.
Our Communities and Social Performance
(CSP) teams work across our entire
business. They provide technical expertise to
continually evolve and improve our approach
to engaging with communities where we
operate. These teams include experts
ranging from archaeologists, anthropologists,
social scientists and economic development
experts to human rights specialists and
operational leaders.
Our teams and assets operate in line with
our global Communities and Social
Performance Standard, which we revised
and strengthened in 2022. Our standard
provides clear direction on the minimum
requirements expected and how we can
deliver better social outcomes and
strengthen our social licence.
We aim to build enduring relationships with
Indigenous Peoples and communities that
host our operations. We respect the deep
physical, spiritual and cultural connection
that Indigenous Peoples have to the land,
waterways, culture and nature. Investing in
genuine partnerships is critical to unlocking
the socio-economic opportunities created by
our decarbonisation strategy. By listening to
understand, being transparent and willing to
learn from our mistakes, we will help build
lasting outcomes for host communities and
society.
2024 progress
We continue to strengthen our social
performance capacity and capability to become
a better operator and partner. In 2024, our CSP
practitioners continued to increase their
knowledge through online and face to face
learning and knowledge sharing.
It is essential that we listen to, and act on,
the views of communities that host our
operations. In 2024, together with Voconiq,
a third-party engagement science research
company, we launched our global Community
Perception Monitoring program, Local Voices.
The program will help us to engage more
effectively and better understand communities’
perceptions, leading to improved data-driven
decisions.
CSP targets
In 2024, we progressed initiatives towards our
2026 CSP targets. We also extended those
targets for one year, to conclude in 2027, to
accommodate Group-wide productivity and
culture initiatives. We launched our Human
Rights in Action learning program for employees
in higher-risk human rights roles, with an 85%
completion rate. We continued to implement
management frameworks for cultural heritage
management and strategic social investment
partnerships, and to increase Indigenous
leadership in Australia.

| For more information about our CSP targets see page 34 or visit riotinto.com/communities

Social investment
We partner with host communities to deliver
positive and lasting outcomes. Engaging
local services, employing local people,
buying local products and investing
in thriving regional economies creates
real value for host communities and
our business.
In 2024, our total voluntary global social
investment was $95.9 million, covering a
wide range of social and economic
programs.
Our goal for social investment is to contribute
to strong and resilient communities in thriving
regional economies. We are doing this by
applying a more strategic approach to how
we partner
with communities so we can deliver the
outcomes that are important to them.

| For more informatio n about our social investment, see riotinto.com/ socialperformance and the 2024 Sustainability Fact Book.

Country updates
QIT Madagascar Minerals (QMM),
Madagascar
In 2023, QMM increased its community
commitment to $4 million per year over
25 years, with half to be spent locally and
half in the region. This was part of the fiscal
agreement between the Government of
Madagascar and Rio Tinto announced
in August 2023. In September 2024,
following several community engagements,
the list of projects was submitted to the
representatives of the Government of
Madagascar and approved by the Council of
Ministers.
In 2024, QMM completed the regional rollout
of backpacks for children in the District of
Fort-Dauphin. A total of 38 primary schools,
with more than 11,000 children, benefited
from these critical school supplies. QMM also
supported the community health mission of
the NGO Médecins de l'Océan Indien (MOI),
an initiative that aims to facilitate free access
to essential medical care for more than
19,000 patients in Fort-Dauphin and the
surrounding area.
In April 2024, Rio Tinto plc received a
“letter of claim” from UK law firm Leigh Day
representing 64 individuals living in the
Mandena region of Madagascar where QMM
operates. We are taking the letter seriously.
Although we cannot comment on the letter
itself given the initiation of a legal process,
QMM’s published independent studies on
water quality and radiation within the
community, taken over the last 3 years
(available on Rio Tinto’s website), do not
support the allegations raised in the letter.
Resolution Copper project, Arizona, US
At our Resolution Copper project, we remain
committed to preserving Native American
and local cultural heritage while delivering
long-term benefits to the region. In 2024, we
continued building relationships with Native
American Tribes and local communities,
strengthening partnerships focused on
cultural preservation, youth recreation, and
economic development. We also advanced
and signed the Good Neighbor Agreement
with the Town of Superior, local communities
and stakeholders from the Pinal and Gila
counties to support a lasting,
collaborative relationship.

| For more information visit riotinto.com/ projects

Simandou project, Guinea
We are committed to delivering significant
and tangible economic and social benefits to
the local communities surrounding the
Simandou iron ore project in Guinea. We
continue to work closely with community
representatives to understand their priorities
and concerns, and to design and deliver
social investment programs that contribute to
improving living conditions.
Earlier this year, we reached an important
milestone with the approval of SimFer’s Land
Acquisition and Resettlement Framework and
the associated site-specific Resettlement and
Compensation Action Plans. This framework
covers our operations on the mine, the rail
spur and port, and has been developed
following extensive consultation with impacted
communities and the Government of Guinea.
We have ensured that our plans benefit from
their knowledge and experience and that all
possible steps are being taken to minimise
disruption, provide appropriate compensation,
and restore the livelihoods of the people and
communities affected. We recognise our ability
to positively contribute to Guinea's long-term
social and economic development beyond the
immediate impact of our operations. Our
dedicated social and regional economic
development programs focus on partnering to
build essential capacity, including in health and
education, and to foster strong economic
linkages and a more resilient, diversified
economy. We are also contributing to
important infrastructure such as the
development of the Conakry Urban Park.
Together with all our partners, we are
committed to developing the Simandou project
in line both with national regulations and
internationally recognised environmental,
social and governance standards.

Annual Report on Form 20-F 2024 | 82 | riotinto.com

Strategic report | Our approach to ESG | Social
Oyu Tolgoi, Mongolia
At Oyu Tolgoi, we are working in partnership
with communities and government,
contributing to sustainable social and
economic change through long-term
strategic partnerships. Since 2015, we have
invested $52 million to the Gobi Oyu
Development Support Fund (DSF) for long-
term sustainable development in Umnugovi
aimag and partner soums.
In 2024, the fund provided $6.4 million
towards a waste recycling facility; a heating
sub-station; the extension of sewage
pipelines; improved medical and educational
services and a cultural heritage preservation
initiative. In 2023, Oyu Tolgoi committed $50
million over 5 years to support the Khanbogd
soum town development by 2040. In 2024,
the renovation of the Galba park was
completed as well as a 7.16km road
construction project in the town centre. Other
projects began, including a recreational
sports complex, and education, health and
business development initiatives.
Oyu Tolgoi works in partnership with the
Khanbogd soum administration and the
herder community as part of The Tripartite
Council. In 2024, there was significant
progress in delivering community projects
relating to sustainable herder livelihoods,
student scholarships, and pastureland water
access. In late 2023, Rio Tinto
and UNESCO established a long-term
partnership to foster sustainable
development initiatives in Mongolia. In 2024,
the first joint initiative started which focuses
on preserving Mongolia’s unique cultural
heritage and paleontological sites,
empowering local communities and creating
responsible tourism practices.
Panguna mine, Bougainville,
Papua New Guinea
The Panguna Mine Legacy Impact
Assessment (PMLIA) was published in
December 2024.
The independent report assesses the
environmental impacts and directly connected
social and human rights impacts caused by
the Panguna mine since Bougainville Copper
Limited (BCL) ceased operations in 1989.
Conducted by independent consultants Tetra
Tech Coffey over the past 2 years, the entire
PMLIA process was overseen by the
Oversight Committee which is made up of
representatives from the Government of
Papua New Guinea, the Autonomous
Bougainville Government (ABG), landowner
and community representatives, BCL,
Rio Tinto and the Human Rights Law Centre
(HRLC). The report is available on the
Panguna Mine Legacy Impact Assessment
Oversight Committee’s website.
We welcomed the release of the PMLIA
as a critical step forward in building
understanding of the long-term legacy impacts
of BCL’s former mine in Bougainville.
In November 2024, Rio Tinto, BCL and ABG
signed a Memorandum of Understanding
(MoU) to discuss ways forward. The MoU
parties plan to address the PMLIA findings
and develop a remedy mechanism
consistent with the UN Guiding Principles on
Business and Human Rights (UNGPs).
Rio Tinto has acknowledged a class action
lawsuit filed in July 2024 in Papua New
Guinea's National Court of Justice, naming
both Rio Tinto and its former subsidiary
Bougainville Copper Limited (BCL) as
defendants. On 20 September 2024, Rio
Tinto submitted its defence against the legal
claim. The company will strongly defend its
position in this case.

| For more information on our ongoing commitments, see riotinto.com/panguna

Rincon Lithium Project, Argentina
In 2024, the Rincon project remained
committed to responsible mining and
community engagement.
We are working together with the local
communities, listening to their needs and
aspirations and ensuring their voices are
heard in decisions that affect them.
Our support for community development
initiatives includes:
–supporting higher education scholarships
through a partnership with Fundación
Anpuy and UCASAL University and other
institutions
–initiating an urban forestry project,
donating 60 trees and protective planters
crafted by local people using repurposed
pallet wood from the project’s waste
–supporting employability through training
67 individuals for operator and laboratory
positions.
These programs help ensure we are
contributing to a sustainable and long-term
positive impact for the region.
China partnerships
We extended our partnership with the China
Development Research Foundation for the
next 3 years, supporting rural revitalisation in
Bijie, Guizhou Province, through early
childhood development, renewable energy
utilisation and cultural heritage preservation.
We continued supporting Daying Qijiang
Foreign Language School in Sichuan
Province, a partnership since 2008, and
strengthened our partnerships with a number
of leading Chinese universities to explore
innovative solutions to climate change and
environmental challenges.
Update on our CSP
commitments
We continue to find better ways to improve
our cultural competency, processes and
engagement after the tragic destruction of
the rock shelters at Juukan Gorge in May
2020. This includes reviewing our mine
plans, improving agreements, strengthening
our social performance governance,
capacity, and capability, and building strong
relationships with Indigenous Peoples
and communities.
In this section, we provide an update on our
progress on some of the commitments we
made as part of the Rio Tinto Board Review
in 2020 on cultural heritage management.
This progress is summarised under 3 areas:
relationships, governance and process, and
leadership and inclusion.

| For more information see our 2021 and 2022 Communities and Social Performance Commitments Disclosures at riotinto.com/ cspreport

Relationships
We have been changing the way we work
and engage with communities and
Indigenous Peoples in every part of our
business. Our approach aims to enhance our
understanding and appreciation of
Indigenous cultural heritage and ensure that
Indigenous voices inform our planning and
decision making.
While we have made progress, some
relationships with Indigenous communities
remain challenged. We are committed to
working together to achieve positive,
long-term outcomes for the communities
where we operate.
Protecting and preserving Yinhawangka
culture, Pilbara, Australia
We have partnered with the Yinhawangka
Aboriginal Corporation to design a program
aimed at protecting and preserving
Yinhawangka culture.
The “Living Cultures Program” will deliver
projects to record, preserve and transfer
cultural knowledge. This includes language,
living history and heritage, women’s
business, arts and culture, songlines
and traditional stories. The partnership
also aims to increase local economic
development opportunities, improve social
and emotional wellbeing for community,
enhance cultural land management by
Yinhawangka and develop and deliver
cultural awareness training.

Annual Report on Form 20-F 2024 | 83 | riotinto.com

Strategic report | Our approach to ESG | Social
Exploration agreements
In 2024, we implemented agreements with
local communities at some of our advanced
exploration projects in Chile and Angola.
At the Nuevo Cobre copper exploration
project in northern Chile, a joint venture with
state-owned Codelco, we reached
framework agreements with 5 Indigenous
communities of the Colla People.
In Angola, we signed an agreement with
5 villages around the Chiri site, which is an
advanced diamond exploration project and
joint venture with the state-owned Endiama.
The agreement focuses on promoting
community development in agriculture, adult
literacy and local employment.
Shared vision with Indigenous partners at
our Diavik diamond mine
In October 2024, we hosted a closure
workshop for Tłı̨cho Government participants
to discuss the mine’s closure plans and
integration of Traditional Knowledge. The
workshop allowed Traditional Knowledge
holders and Tłı̨cho Government’s technical
staff to engage with Diavik employees and
view the site. The meeting focused on water
quality, vegetation and land considerations.
Progressing renewable energy with
Ngarluma, Pilbara, Australia
In July 2024, together with the Ngarluma
Aboriginal Corporation, we announced plans
to progress the development of an 80MW
solar farm on Ngarluma Country, near
Karratha, Western Australia to supply
renewable energy to our Pilbara operations.
When complete, this project has the potential
to reduce the amount of natural gas currently
used for generation across our Pilbara
operations by up to 11% and could reduce
Rio Tinto’s emissions by up to 120kt CO 2 e.
This project demonstrates our commitment to
working together with Indigenous communities
towards a more sustainable future.

| For more information read the story at riotinto.com/pilbararenewables

Governance and process
We continue to implement our Communities
and Social Performance Standard, and
revise systems and processes to help us
meet external expectations and deliver better
social and human rights outcomes. In 2024,
we continued to strengthen our risk
management processes, using a structured
approach to risk identification and
management. This included the development
of Group level “bow ties” (analysis tools for
risk management) and updating our critical
controls to better prevent and mitigate
cultural heritage and social impact risks
across our operations.
Australian Advisory Group
We established the Australian Advisory
Group (AAG) in 2022 to provide independent
expert advice to our executives on matters
impacting our relationship with Indigenous
Peoples and communities in Australia.
In 2024, discussions focused on care for
Country and culture, complex social
transitions, and implementing the
UN Declaration on the Rights of
Indigenous Peoples.
As part of the AAG’s staggered terms of
engagement, inaugural members Michelle
Deshong and Shona Reid stepped down,
and we welcomed June Oscar AO and
Dr Teagan Shields. June is a proud Bunuba
woman from Western Australia and a strong
advocate for social justice and women’s
issues. Teagan is a proud Arabana woman
who is passionate about Indigenous-led use
of traditional knowledge in biodiversity
conservation.
The AAG is made up of 5 other leaders
including Professor Peter Yu AM (AAG
Chairman), Djawa Yunupingu, Nyadol Nyuon
OAM, Cris Parker and Dr Yarlalu Thomas.
The Oxford Leading Sustainable
Corporations Programme
In 2024, 223 senior leaders successfully
completed the Leading Sustainable
Corporations Programme. This is the third
year we have partnered with the Oxford Saïd
Business School.
The 12-week course helps our leaders build
their understanding of current and emerging
environmental, social and governance issues
and how best to embed sustainable thinking
into broader business activities and planning.
It is essential that we understand our impacts
better, in order to achieve our objectives and
future growth aspirations, and be a more
sustainable and responsible business.
Cultural heritage management
In 2024, our assets that took part in the
Independent Cultural Heritage Management
audit in 2021 and 2022 completed a self-
assessment against our maturity framework,
to identify gaps for improvement. We also
launched a template to help standardise our
assets’ Cultural Heritage Management Plans.
This will ensure a consistent approach to
protecting and managing cultural heritage
across our business.
These actions are part of our target to
co-manage cultural heritage with
communities and knowledge holders
by 2027.

| Find out more about our approach to cultural heritage at riotinto/culturalheritage

Leadership and inclusion
We want Indigenous Peoples to have a
stronger voice in our company and in the
decisions that affect their rights and interests.
This will help us shape, influence and
challenge our decisions for the better.
Indigenous leadership
Our Indigenous Leadership Program in
Australia focuses on advancing and
empowering Indigenous leaders. To help
grow Indigenous leadership, we are
improving pathways to employment,
increasing the number of employment
opportunities and providing positive
experiences for current and future
employees so they can actively grow
their career.
We now have 61 Indigenous leaders in our
business in Australia, in areas such as
Finance, Information Technology, Human
Resources, Projects, Legal, Commercial,
Government Relations, Risk and Audit. And
these Indigenous leaders sit at the decision-
making tables, contributing to the future
direction of our company.
RioInspire
In 2022, we partnered with the Australian
Graduate School of Management at the
University of New South Wales to deliver the
RioInspire Indigenous Leadership program.
RioInspire is a ground-breaking, globally
recognised program that focuses on
developing executive-ready Indigenous future
leaders. In 2023 and 2024, 37 Indigenous
leaders graduated from the program, with
7 of them continuing to complete graduate
certificates and MBAs. In 2024, we introduced
the program globally, with 4 Indigenous leaders
from Canada and the US taking part.
Cultural Connection
To create an inclusive, culturally safe and
respectful environment for Indigenous
People we need to ensure our employees
have a good understanding of the culture,
heritage and history of Indigenous Peoples in
Australia.
Our Cultural Connection program
ensures our leaders have an informed
understanding of Indigenous culture,
and know how to build strong, trusted
relationships with the Indigenous community
and Indigenous employees.
In Australia, around 90% of our senior
leaders have completed the program and we
are now delivering it to our next cohort of
leaders.
In 2024, we recruited a Global Chief Advisor
Indigenous Relations and plan to expand our
Indigenous leadership program to North
America in 2025.

Annual Report on Form 20-F 2024 | 84 | riotinto.com

Strategic report | Our approach to ESG | Social
Cultural safety
We are committed to creating culturally safe
environments where people of diverse
cultural and ethnic backgrounds can feel
respected and safe – spiritually, socially,
emotionally and physically.
In 2024, we introduced new resources
to support our leaders in talking about
the importance of cultural safety and
strengthening it within their teams. We also
continued to expand our Elevating Voices
Network which is led by a small group of
Indigenous and non-Indigenous employees
who activate events, activities and
conversations for its members.
Living Languages Living Cultures
Our Living Languages Living Cultures
program promotes and invests in preserving,
reviving, and celebrating Indigenous cultures
and languages in Australia.
In 2024, the Australian Institute of Aboriginal
and Torres Strait Islander Studies (AIATSIS)
unveiled the AIATSIS Centre for Australian
Languages and the Our Languages Keep Us
Strong program. With our support, this initiative
is dedicated to protecting Indigenous
Australian cultures and knowledge, and
increasing understanding about the value of
Australia’s first languages.
Supporting Indigenous businesses
We support local businesses, employ local
people and buy local products, especially
from Indigenous, small and regional
businesses. In 2024, we spent more than
A$926 million with Indigenous businesses
across Australia – an increase of 27.7% on
the year before. We are also increasing our
spend with local and Indigenous businesses
in North America. In 2024, we spent $216
million with Indigenous suppliers in this
region.  We have many success stories of the
positive impact we are having on local
Indigenous communities. One example is in
Canada, where our Aluminium Quebec
Operations partnered with an Indigenous
sawmill company, Sciages GP, from the
Pekuakamiulnuatsh community, to supply
essential wood parts for shipping our
aluminium globally. This contract has created
a significant number of jobs in Mashteuiatsh
and supports the local economy.
Truth and reconciliation
We continue to commemorate and celebrate
Indigenous events and observance days
across our business. In 2024, we ran a global
communications and engagement campaign
around International Day of the World’s
Indigenous Peoples. Raising awareness
through stories, messaging and materials
helps our people better understand and
respect Indigenous history, culture and People,
which contributes to a safer and more inclusive
workplace.
Economic contributions ($ million)

| 2024 | 2023 | 2022 | 2021 | 2020
Consolidated sales revenue | 53,658 | 54,041 | 55,554 | 63,495 | 44,611
Net cash generated from operating activities 1 | 15,599 | 15,160 | 16,134 | 25,345 | 15,875
Profit after tax for the year | 11,574 | 9,953 | 13,048 | 22,597 | 10,400
Underlying earnings | 10,867 | 11,755 | 13,359 | 21,401 | 12,448
Underlying earnings per share (US cents) | 669.5 | 725.0 | 824.7 | 1,322.4 | 769.6
Net (debt)/cash | (5,491) | (4,231) | (4,188) | 1,576 | (664)
Purchases of property, plant and equipment and intangible assets | (9,621) | (7,086) | (6,750) | (7,384) | (6,189)
Employment costs | (7,055) | (6,636) | (6,002) | (5,513) | (4,770)
Payables to governments 2 | (8,214) | (7,881) | (9,313) | (12,789) | (8,224)
Amounts paid by Rio Tinto | N/A 3 | (8,524) | (10,779) | (13,334) | (8,404)
Amounts paid by Rio Tinto on behalf of its employees | N/A 3 | (1,755) | (1,622) | (1,486) | (1,353)

1.Data includes dividends from equity accounted units, and is after payments of interest, taxes and dividends to non-controlling interests in subsidiaries.
2.Payables to governments includes corporate taxes, government royalties and employer payroll taxes.
3.Our Taxes and Royalties Paid Report will be published later this year on riotinto.com.

| 2024 | 2023 | 2022 | 2021 | 2020
Social investment 1 (discretionary) | 95.9 | 84.0 | 62.6 | 72.1 | 47.0
Development contributions 2 (non-discretionary) | 23.3 | 17.6 | 18.2 | 19.1 | 12.8
Payment to landowners 3 (non-discretionary) | 221.9 | 231.9 | 299.0 | 222.9 | 165.9

1.Social investments (referred to as "community investments" prior to 2023) are voluntary financial commitments, including in-kind donations of assets and employee time, made by Rio Tinto
managed operations to third parties to address identified community needs or social risks.
2.Development contributions are defined as non-discretionary financial commitments, including in-kind donations of assets and employee time, made by Rio Tinto to a third party to deliver social,
economic and/or environmental benefits for a community, which Rio Tinto is mandated to make under a legally binding agreement, by a regulatory authority or otherwise by law.
3.Payment to landowners are non-discretionary compensation payments made by Rio Tinto to third parties under land access, mine development, native title, impact benefit and other legally
binding compensation agreements.

Annual Report on Form 20-F 2024 | 85 | riotinto.com

Strategic report | Our approach to ESG | Social
Human rights
Respecting human rights is core to our values
and to delivering our business strategy.
Commitment
We are committed to treating everyone with
dignity and respect – from our employees,
contractors and workers in our value chain, to
the communities we partner with, and others
affected by our activities and business
relationships. We know that our activities, and
those of our partners, can have both a positive
and a negative impact on human rights. By
embedding rights-respecting and ethical
behaviour throughout our business, we will be
better able to prevent human rights harm. To do
this, we rely on:
–empowering people through an inclusive
and supportive business culture that
aligns with our values
–embedding human rights due diligence
into business processes and systems
–engaging with stakeholders to identify
and address root causes of human rights
harm.
Regardless of the operating context, our
approach to human rights remains consistent
and aligned with the UN Guiding Principles on
Business and Human Rights, and other
international standards and frameworks.

| For more information see our Human Rights Policy at riotinto.com/humanrights

2024 progress
Governance
We continue to evolve our human rights
performance to help prevent our involvement in
adverse human rights impacts. We regularly
review and update internal standards, systems
and processes to integrate human rights due
diligence and promote more responsible and
ethical ways of working. In 2024, we provided
the Sustainability Committee with an update on
our human rights performance.
Salient human rights issues
We identify the priority human rights issues that
could severely impact people through our
activities or business relationships. These issues
consider our operational footprint, value chain
and external contexts and include:
–land access and use
–Indigenous Peoples’ rights
–security
–inclusion and diversity
–community health, safety and wellbeing
–workplace health and safety
–labour rights (including modern slavery)
–climate change and just transition
We continue to identify issues related to
water and environment, and nature as
emerging salient issues. In 2025, we will
review our Group-wide salient issues.
Assets conduct self-assessments to enable a
more complete understanding of their risk
context. There has been a significant
increase in the quantity and quality of human
rights risk self-assessments at assets (59
completed in 2024 compared to 24 in 2023).
These self-assessments - whether
standalone or integrated into broader
enterprise risk assessments - help assets
prioritise and take action to prevent human
rights harm that is, or may be, connected to
our activities. Examples of assessments
included at our Pacific Aluminium assets as
part of the Aluminium Stewardship Initiative
certification; at 26 closure assets; and an
independent human rights impact
assessment at Simandou. Security and
human rights assessments are ongoing at
assets in more complex security contexts
that involve both private and public security
arrangements.

| For more information see our 2024 Sustainability Fact Book at riotinto.com/ sustainabilityreporting

Our business relationships
We partner with communities, business partners
and other stakeholders to advance respect for
human rights in line with international standards
and our values.
Our joint venture partners
We continue to work with joint venture partners
to provide human rights technical support and
monitor human rights performance, including
through Board and Committee roles for non-
managed operations.
Suppliers
Using a risk-based approach through our
third party due diligence process, we pre-
screen our potential business partners and
complete desktop human rights reviews. In
2024, 6,359 third party due diligence reviews
were completed, and 174 were escalated for
human rights review. For higher-risk
suppliers, we have developed action plans to
support ongoing monitoring and evaluation of
identified risks.
We expect our suppliers (including
subcontractors) to adhere to our Supplier
Code of Conduct (SCOC), which includes
respecting human rights. We updated our
SCOC in 2024, alongside a new set of
Sustainability Procurement Principles.
The updated SCOC better reflects our
commitments to sustainability, ethics and
social responsibility with updated
requirements on labour and human rights.
In 2024, we focused due diligence efforts on
higher-risk supplier categories, including
logistics and renewables, due to operating
contexts, and potentially higher-risk
workforces. Our approach focuses on
influencing broader industry change through
trusted partnerships, rather than avoidance
and termination of relationships. We also
appointed a panel of independent human
rights auditors to assess the labour rights
performance of suppliers in high-risk
categories and completed 3 pilot audits
across key operating regions.

| For more information see our annual Modern Slavery Statement at riotinto.com/ modernslavery

Grievance and remedy
Effective grievance management can enable
more trusted relationships and help prevent
human rights harm from occurring in the first
place. Every asset is required to have a
grievance mechanism.
We are committed to providing for, or
cooperating in, remediation when we identify we
have caused or contributed to human rights
harm. We may also play a role in remediation
where we are directly linked to harm through our
products, services or operations. Receiving
feedback, complaints or grievances from
stakeholders is an important part of ongoing
human rights due diligence. In 2024, the human
rights team provided support on a range of
internal investigations and assessments with a
focus on grievance and remedy processes,
including at Oyu Tolgoi, Kennecott and in Laos.
Capacity building on human rights
Since everyone has a role in respecting
human rights, our people are our first line of
defence. In 2024, we developed a 3-year
learning strategy which focuses on respect
for human rights.
We also launched a global learning program
called Human Rights In Action to support our
target to train everyone identified in higher-risk
human rights roles by the end of the year.
Higher-risk roles identified included a large
proportion of our senior leaders across a range
of functions and assets.
The program included virtual events, a
mandatory self-directed e-module and a
toolkit to cascade learnings throughout the
business. We will consider how this program
continues to evolve in 2025. Our broader
human rights training records are available in
the 2024 Sustainability Fact Book.
Collaboration
It is crucial that we collaborate with peers,
civil society organisations and others, given
the systemic nature of human rights issues.
We identify and embrace initiatives that work
to mitigate the root causes of human rights
harm. We advocate on public policy efforts
that help businesses further respect human
rights. We continue to engage with peers,
investors, civil society organisations, workers’
organisations and business partners on
issues relating to human rights.
In 2024, we continued to support ICMM’s
Human Rights working group, the Human
Rights Resources and Energy Collaborative,
and the Mining Association of Canada’s
International Social Responsibility Committee.
We actively participate in the Voluntary
Principles Initiative and UN Global Compact
networks and attend regional business and
human rights forums in Africa, Asia and Europe.

| For more information about how we engaged with key stakeholders, including civil society organisations, see pages 9 and 106-108.

Annual Report on Form 20-F 2024 | 86 | riotinto.com

Strategic report | Our approach to ESG
Governance
Our reputation as a business that operates with high levels of integrity depends on the actions
we take and decisions we make each day. We expect our people and partners to uphold the
highest standard of integrity, act ethically and do the right thing.
Transparent, values-based, ethical business
We empower our people to seek guidance
when faced with ethical or business
dilemmas – both to prevent incidents from
occurring, and to protect them and others
from harm. The way we treat our people, our
partners, the environment and the
communities where we work, and how we
conduct business, are what makes us a
responsible partner of choice.
2024 progress
Compliance program developments
Business integrity is core to how we build trust
with our stakeholders. It forms the foundation
of our ability to run our operations and
maintain an ethical culture. We have continued
to evolve our compliance program to align with
leading industry practice, changes to the
regulatory landscape and business integrity
risks we face across the countries where we
operate. During the year, we undertook a
maturity assessment of our program, which
concluded our program has a higher level of
maturity than benchmarked peers.
In 2024, we delivered several compliance
program improvements:
–We refined our online disclosures system
for gifts and entertainment from, and to,
third parties, conflicts of interest and
sponsorship and donations. This
increases transparency, promotes
simplification, and allows us to automate
approvals and workflow.
–We launched a new Compliance
Champions program, developing and
leveraging a site-level network of
employees to promote ethical behaviours.
–We uplifted the maturity of our Data
Privacy Compliance Program. This
included implementing a refined Privacy
Impact Assessment process and a new
Privacy Statement, and reinvigorating the
Data Privacy Lead network across the
Group, while continuing to ensure
compliance with new and changing
privacy legislation across the jurisdictions
where we operate.
–We continued to enhance our Third-Party
Risk Management (TPRM) framework.
We piloted a new TPRM system to
increase automation and improve risk
management exposure from third parties.
We expect the new system to launch
across the Group in 2025.
–We continued to invest in our Sanctions
Compliance Program through enhanced
sanctions screening processes of third
parties, deep dive reviews for parts of the
business with higher sanctions exposure,
and increased training of employees.
Code of Conduct and annual training
To  help equip our workforce to navigate
uncertain areas and spot ethical and
compliance-related risks, in 2024, we
launched a new annual Code of Conduct
training. This training sets the foundation for
the way we work, guiding ethical decision
making and reflecting the safe and respectful
environment we want to achieve for our
people. Based on our Code of Conduct, it is
designed to help all employees and
contractors live our values of care, courage
and curiosity.

| For information on our Code of Conduct, see riotinto.com/ethics

The new Code of Conduct training
incorporates topics across all areas of our
Code, providing examples of the values,
commitments and behaviours we expect of
our people. The online training has been
completed by 27,050 of our people, and
21,406 have completed the offline version.
Our Executive Committee attended an
immersive face-to-face session.
In addition to online Code of Conduct training,
the Ethics and Compliance team delivered
tailored risk-based face-to-face training on
anti-bribery and corruption, data privacy, anti-
trust and trade sanctions. A total of 7,624
employees received this training in 2024.  We
also provided business integrity training to our
third parties on a risk basis.
myVoice, our confidential
reporting program
A respectful and inclusive workplace, with a
strong ethical culture that reflects our values,
must include a safe space where individuals can
speak up with confidence and without fear of
retaliation. A strong culture of speaking up
enables us to identify and address potential
issues swiftly, respond appropriately, minimise
risk, and ensure care for our people and the
communities where we  operate.
The myVoice program enables confidential
and anonymous reporting, including
protected whistleblower disclosures.
myVoice is operated by the Business
Conduct Office (BCO), which reports to our
Chief Legal, Governance and Corporate
Affairs Officer. The BCO provides regular
program insights to the Board and the Group
Ethics and Compliance Committee.

| For information on how we manage cyber security, see riotinto.com/cybersecurity
| Image: Our Integrated Operations Centre, Brisbane.

Annual Report on Form 20-F 2024 | 87 | riotinto.com

Strategic report | Our approach to ESG | Governance
Care Hub
In 2023, BCO launched Care Hub, a
confidential service designed to provide more
channels for our people to raise concerns, and
greater access to a range of support as well as
non-investigative resolution options. It is
available to anyone directly or indirectly
impacted by disrespect and harmful
behaviours at work, such as bullying,
harassment, sexual harm, racism and
discrimination. Care Hub has been widely
accessed across Rio Tinto, supporting over
675 individuals during 2024 (and around 250
in 2023), as well as facilitating resolution
options other than investigations.
Continuous improvement
The number of concerns raised through
myVoice continues to increase yearly, with
1,920 reports in 2024 (2023: 1,614). Our new
mobile intake route was introduced in June to
supplement existing web based, phone and
proxy reporting. The web-based route remains
the most used (61% of reports).
The reporting rate per 100 headcount rose to
3.4 in 2024 from 2.9 in 2023, with over half of
reporters (54%) happy to reveal their identity,
despite the small increase seen in anonymity
rates in 2024 (46%, up from 40% in 2023).
BCO substantiated more reports in 2024 (283)
than in 2023 (267). However, the
substantiation rate has declined: 44% of 642
reports investigated and closed in 2024, down
from 53% of 500 reports in 2023.
The median average case closure time for all
cases closed in 2024 was 30 days, consistent
with 30 days in 2023. The mean average case
closure time in 2024 was 91 days from 65
days in 2023, the increase being influenced by
a drive to close aged cases.
In 2024, we delivered several enhancements
to the BCO program. The BCO is looking to
improve access to information and is
exploring options to better share data on our
website.
As an organisation we recognise there is
more work to do to improve our culture. Each
person's experience of misconduct is unique.
We are committed to holding ourselves
accountable and having controls in place to
identify where our business processes may
have created an opportunity for misconduct
to arise. This is critical to ensuring our people
feel safe and respected in the workplace.
Transparency
We believe greater transparency and
accountability are key to earning and building
trust, encouraging sustainable business
practices, and translating taxes and royalties
into beneficial outcomes for communities
who host our operations.
Being transparent about our tax payments,
mineral development contracts, beneficial
ownership, and our stance on a range of
other sustainability issues – like climate
change – allows us to enter into open, fact-
based conversations with our stakeholders.
This leads to a better understanding of
everyone’s roles and responsibilities.
We are a founding member of the Extractive
Industries Transparency Initiative (EITI), and
a signatory to The B Team Responsible Tax
Principles. We report in full the requirements
of the “Tax” standard (GRI 207) of the Global
Sustainability Standards Board of the Global
Reporting Initiative, including full country-by-
country reporting.
Political integrity
We do not favour any political party, group or
individual, or involve ourselves in party political
matters. We prohibit the use of company funds
to support political candidates or parties. Our
business integrity procedure includes strict
guidelines for dealing with current and former
government officials and politicians. They
cannot be appointed to senior employee
positions or engaged as consultants, without
the approval of executive management and
our Chief Ethics and Compliance Officer. We
regularly engage with governments and share
information and our experiences on issues that
affect our operations and our industry.
We join industry associations where
membership provides value to our business,
investors and other stakeholders. We outline
the principles that guide our participation and
the way we engage, and a list of the top 5
associations by membership fees paid at
riotinto.com/industryassociations. We also
track and disclose how we engage on climate
policy issues, disclosing when the policies and
advocacy positions adopted by industry
associations differ materially from ours. We
continue to strengthen our approach and
disclosures on industry associations.
Voluntary commitments,
accreditations and memberships
We take part in global, national and regional
organisations and initiatives that inform our
sustainability approach and standards,
helping us better manage our risks. These
independent organisations and initiatives
assess and recognise our performance, and
we participate in industry accreditation
programs for some of our products.

| For more information about our voluntary commitments, accreditations and membe rships see riotinto.com/ sustainabilityapproach

myVoice by case class (and % of substantiated reports)

| 2024 | 2023 | 2022 | 2021 | 2020
Case rate 1 (number of reports per 100 headcount) | 3.38 | 2.91 | 2.81 | 2.57 | 1.45
Reports received 2 | 1,920 | 1,614 | 1,459 | 1,246 | 748
| Reports received | Reports substantiated 3 | Reports received | Reports substantiated | Reports received | Reports substantiated | Reports received | Reports substantiated | Reports received | Reports substantiated
Business integrity | 307 | 42% | 249 | 52% | 210 | 52% | 154 | 36% | 102 | 51%
Personnel | 1,340 | 46% | 1,201 | 55% | 1,034 | 65% | 819 | 57% | 421 | 38%
Health, safety, environment | 139 | 52% | 107 | 61% | 120 | 47% | 186 | 22% | 68 | 35%
Communities | 8 | 0% | 5 | 0% | 10 | 0% | 6 | 0% | 25 | 0%
Information security | 55 | 40% | 22 | 0% | 17 | 67% | 18 | 36% | 99 | 47%
Finance | 7 | 25% | 3 | 50% | 1 | 0% | 0 | 0% | 2 | 67%
Other | 64 | 40% | 27 | 0% | 67 | 33% | 63 | 14% | 31 | 50%

1.To better represent data for smaller parts of the organisation, BCO now reports on 'reports per 100 headcount’, and not ‘per 1,000’.
2.Can include multiple reports relating to the same allegation. Where figures in this table slightly differ from previous reported periods, this can be due to factors including re-opening of cases,
case class re-classification, internal reviews and quality assurance processes.
3.Applies to all ‘substantiation %’ rates in this table, and it is based on all cases investigated and closed in the relevant reporting year; can include cases reported in previous year.

Annual Report on Form 20-F 2024 | 88 | riotinto.com

Strategic report
Our approach to risk management
Taking risks responsibly is key to delivering our strategy in a way that creates value for our
customers, shareholders, employees and partners.
To deliver our strategy, in a way that creates
value for our customers, shareholders,
employees and partners, it is essential that
we take risks responsibly.
Our risk culture fosters awareness,
transparency, and informed decision-making.
It reflects our values, is consistent with our
Code of Conduct, The Way We Work, and is
implemented through our risk
management framework.
Our risk management framework includes
our risk appetite, which outlines the level of
uncertainty we are willing to accept to
achieve our strategic objectives. It is
developed with input from our leadership,
approved by the Board, and is used
throughout our Risk Management Process.
This integration ensures we are effectively
managing threats and opportunities to our
business and host communities, as well as
protecting nature.
Our risk management process

Set strategy, objectives and risk appetite |  | Perform risk assessment Identify and evaluate risks to strategy and objectives. |  | Perform risk management Implement controls and actions to manage risks within risk appetite. |  | Perform risk assurance Check and verify that controls and actions are effective in managing risks. Identify, prioritise and implement improvements. |  | Communicate risk insights Communicate current and emerging risk exposure to inform decisions. |  | Improve and embed risk management Build risk capability and culture so active management is embedded in how we run our business.
Plan |  | Do |  | Check |  | Act

Our risk management process follows
international standards and operates as a
Plan-Do-Check-Act cycle. This provides a
systematic yet flexible approach to respond
to the dynamic business environment we
operate in.
When identifying and assessing risk, we take
into account both financial and non-financial
impacts on our business, the environment
and communities where we operate. We
assess the materiality of each risk, enabling
us to escalate when necessary and prioritise
resources where they are most needed.
We actively monitor how well we manage
risks that are material to our objectives by
verifying that the design of our response
(actions and controls) remains resilient to
changing conditions, and by checking the
implementation of the response against our
actual performance. We enhance the check-
and-verify step by applying the 3 lines of
defence approach, which remains a core part
of our risk management framework. We look
to continually improve and strengthen our
risk culture and framework through
enhancing processes, tools and training.
We use an enterprise-wide risk management
information system (RMIS) with integrated
tools and applications to capture, manage
and communicate material business risks.
These tools support decision making and
prioritisation through transparent, up-to-date
data.

Annual Report on Form 20-F 2024 | 89 | riotinto.com

Strategic report | Our approach to risk management
Our risk managemen t governance structure
Our risk management framework is structured to assign accountability for risks to leaders who are in the best position to address them, while
offering support via Centres of Excellence (CoE) and Areas of Expertise (AoE), along with independent review and oversight.

Best Operator, Impeccable ESG, Excel in development, Social licence |  | Risk appetite, risk culture, values

| Stakeholders
| Board and Board sub-committees
| Audit & Risk Committee | Sustainability Committee | People & Remuneration Committee | Nominations Committee | Chair’s Committee
| Delegation of Authority
| Chief Executive
| Executive Management Committee
| Iron Ore product group | Aluminium product group | Copper product group | Minerals product group | Group functions

Executive Steering Committees
Risk Management Committee
Closure Steering Committee | Steel Decarbonisation Steering Committee | Decarbonisation Investment Forum | Safety and Operations Committee | Ore Reserves Steering Committee | Major Hazards Steering Committee
Financial Risk Management Committee | Disclosure Committee | Cyber Security Steering Committee | Investment Committee | Capital Committee | Group Ethics and Compliance Committee

Material risks
Risk Area of Expertise
Technical Areas of Expertise and Centres of Excellence
Group Internal Audit
Third party assurance

Line of defence
1 st
2 nd
3 rd

The Board approves our risk appetite and
oversees our material risks. The Board is
supported in monitoring a range of material
financial and non-financial current and
emerging risks by the Audit & Risk and
Sustainability committees. The Audit & Risk
Committee also monitors the overall
effectiveness of our risk management and
internal control frameworks and material
risks. Pages 113 to 118 detail the
committee’s activities in 2024. The Board’s
extensive range of skills, experience, and
knowledge contributes to a well-rounded
perspective on risk management.
The Board has delegated responsibility for
day-to-day management of the business to
the Chief Executive, and through him, to
other members of the Executive Committee
under a Group delegation of authority
framework. Our product groups and Group
functions, along with several risk-oversight-
focused executive and operational
committees, support the Chief Executive in
the effective management of our material
risks. Our Risk AoE is responsible for the
design and implementation of our risk
management framework globally, supporting
risk assessments and delivering timely
insights to executives and the Board.
Under our 3 lines of defence model, all
employees are empowered to own and
manage the risks that arise within their area
of responsibility. Our CoEs, comprising our
2nd line of defence, provide deep subject
matter expertise and objective challenge.
Our Internal Audit function provides
independent assurance. Where required by
law, or where deemed appropriate, we also
engage third parties to provide independent
assurance. Where risks are material to the
Group, they are escalated to the Risk
Management Committee and, as
appropriate, to the Board or its committees.

Emerging risks
Emerging risks are new or evolving risks that are
highly uncertain by nature and have the potential
to significantly impact the Group. Emerging risks
are typically less predictable and lack
precedents, making them challenging to assess
or mitigate. Given our diverse portfolio and
geographical footprint, we are exposed to many
highly uncertain, complex and often interrelated
risks. We remain vigilant to the leading indicators
of emerging risks, potential impact and
responses. Our analysis is anchored on our
global scenarios as outlined in the Strategic
context section on page 6.
Emerging risks that could materially impact
strategic objectives are incorporated within our
material risks. We monitor these risks closely
for changes in the external factors and
reassess them as they evolve and new
information is discovered. The Board reviews
these risks periodically.
Geopolitical risks continue to shape the
global economy. They create uncertainty
through changing trade policies, tensions
between major economies, regional conflicts,
and sanctions which could disrupt supply
chains and market access. We monitor
global developments closely and stress-test
the resilience of our business model,
including our supply chains, through scenario
planning to identify potential management
responses. These include, but are not limited
to, developing our capability to settle and
receive renminbi (RMB).

Annual Report on Form 20-F 2024 | 90 | riotinto.com

Strategic report | Our approach to risk management
Climate change and the low-carbon transition
remain critical emerging risks, with potential
to have a significant impact on our business
and the communities where we operate.
Physical risks such as extreme weather
events, water scarcity, and shifting
temperature patterns have the potential to
disrupt production, damage infrastructure or
increase costs. Transitional risks continue to
be a global agenda, with governments and
regulatory bodies increasingly implementing
stricter emissions regulations and targets.
We actively monitor and assess the potential
impact of these on our operations and
business through scenario planning. Where
appropriate, we take a proactive approach to
responding to the uncertainty. This includes
committing to decarbonisation targets and
associated capital expenditure, optimising
our portfolio for future demand, and
developing deeper understanding of
exposure across the business using the
latest generation climate analytics. Please
refer to material risks 2, 4 and 8 on page 91
an d the Climate Action Plan on page 41 for
further details.
Generative Artificial Intelligence (AI) and
advancing technologies have the potential to
unlock transformative opportunities for
businesses through enhancing efficiency, and
data-driven insights to support decision making,
driving pace and breadth of innovation. It is also
in its infancy, which carries significant unknown
risks. Our focus is on robust monitoring and
internal upskilling to understand this evolution,
supported by strong governance processes to
support its use.
Longer-term viability statement
Context
Our business model underpins our ability to
deliver on our strategy. This is outlined on
page 8. Our business planning processes
include modelling a series of macroeconomic
scenarios and using various assumptions that
consider internal and external factors. As part
of our risk management framework, we closely
track, monitor and mitigate material risks to our
business plan and model.
Viability assessment process and
key assumptions
The assumptions underlying our business plan
and macroeconomic forecast have the
greatest level of certainty for the first 3 years.
Our longer-term viability assessment
examines the first 5 years (2025-29) of the
business plan. This allows for a detailed
analysis of the potential impacts of risks
materialising in the first 3 years, and enables
us to further stress test the business plan for
risks materialising towards the end of the time
period, although with less certainty.
The risk factors section outlines risks that
could materially affect our performance,
prospects or reputation. For the viability
assessment, we have considered material
risks that could severely impact the Group’s
liquidity and solvency in addition to non-
financial impacts.

| Assessment of viability The risks and key assumptions considered in our longer-term viability assessment are as follows: Risk A: Remaining competitive through economic cycles or shocks Scenario assumptions: An economic shock arising in 2025, caused by escalating geopolitical tensions, a trade war or military actions, leading to a sustained loss of confidence in financial markets and supply chain disruptions. It assumes commodity prices experience large negative pricing shocks in 2025 through 2029 and a short- term supply disruption for key commodities. The scenario relates to material risk 11 (Remaining competitive through economic cycles or shocks by maintaining strong financial and operating performance underpinned by a healthy inventory of high- quality reserves). Risk B: Group material major hazard or cyber risk Scenario assumptions: A catastrophic event occurs, resulting from a major operational failure such as a tailings or water storage facility failure, extreme weather event, underground or geotechnical event or a cyber event that impacts operational systems. It assumes multiple fatalities, cessation of operations and significant financial impacts. We have assumed 3 such events occur within the assessment period, each with significant but varied impacts. The scenario relates to material risks 1 (Preventing loss of operational control that may lead to potential fatalities, permanent disablements, or material production disruption) and 12 (Preventing material business disruption and data breaches due to cyber events). Risk C: Delivery of our growth projects Scenario assumptions: A risk driven by evolving societal expectations and changing laws affecting the timelines for delivering sustaining or growth projects. We have assumed an impact on our near- term key projects and considered available alternatives. The financial impact assumed here is in addition to any non- financial impact, such as reputational harm. The scenario relates material risks 3 (Building trusted relationships with communities), 6 (Building trusted relationships with Indigenous Peoples) and 7 (Delivering on our growth projects). |

Results of assessment
We quantify the expected financial impact of
each risk based on internal macroeconomic
and business analysis, as well as internal
and external benchmarking on similar risks.
We apply a probabilistic approach to quantify
risks and impacts where relevant.
The first 5 years of the Group’s business plan
has been stress-tested for each risk to assess
the impact on the Group’s longer-term viability,
including whether additional financing facilities
would be required. In addition to liquidity and
solvency, the assessment considered other
financial performance metrics and dividend
payments. These metrics are subject to robust
stress tests.
The most “severe” scenario, albeit unlikely,
considers the financial impact of all 3 risks
materialising in the 5-year period. Without
management action, this scenario would
create both an immediate and a prolonged
severe impact.
However, we have a suite of management
actions available to preserve resilience
through the period of assessment, including
accessing lines of credit, reducing organic
and inorganic growth capital expenditure,
and raising capital. Our financial flexibility
could be limited during the peak of the crisis.
The viability of the Group under all the
scenarios tested remained sound.
The resilience of the Group’s business model
is largely underpinned by 4 factors:
–the competitive position and diversification of
our commodities portfolio
–our disciplined capital allocation framework
and commitment to prudent financial policy
–the pay-out shareholder return policy
being based on earnings
–the focus on striving for impeccable ESG
credentials and therefore strengthening
our social licence, which allows for growth
and maintaining access to debt capital
and bank loan markets.
Therefore, considering the Group’s current
position and the robust assessment of our
emerging and material risks, the Directors have
assessed the prospects of the Group over the
next 5 years (until 31 December 2029) and have
a reasonable expectation that we will be able to
continue to operate and meet our liabilities as
they fall due over that period.
In the long term, there are 4 material risks
with long-dated consequences that could
have a material impact on our viability:
–preparing our iron ore business to
meet demand for low-carbon steel
(material risk 2)
–minimising our impact on the
environments we work in and building
physical resilience to changes in those
environments, including climate change
and natural hazards (material risk 4)
–being responsible operators throughout
the entire life of our assets – from
discovery to closure (material risk 5)
–delivering our growth projects
(material risk 7).
The risk factors section provides further
details.

Annual Report on Form 20-F 2024 | 91 | riotinto.com

Strategic report | Our approach to risk management
Risk factors
The material risks outlined in this section could materially affect our ability to meet our strategic
objectives. They could materialise from a combination of external or internal factors and manifest or
escalate from any part of the business as an opportunity or threat.
To ensure we can prioritise our efforts
and resources, we regularly assess the
materiality of our material risks in terms
of potential consequence and likelihood.
This allows us to implement responses
that reduce negative impacts and
realise the benefits of opportunities.
These assessments, and the effectiveness
of our associated responses, reflect
management’s current expectations,
forecasts and assumptions. They involve
judgement and can be affected by
unexpected changes in our external
environment. While we endeavour
to reduce negative impacts to our
business, some inherent risks remain.
However, we closely monitor these
threats and have developed business
resilience plans.
The material risks mapped below are based
on our managed operations. We are also
exposed to risks associated with our non-
managed joint ventures which, if they arise,
may have consequences on our reputation or
finances. We seek to bring an equal level of
rigour and discipline to our managed and non-
managed joint ventures as we do to our
wholly-owned assets, through engagement
with partners, embedded representatives and
influence, in line with applicable laws.
The timeframe of our material risks is within
5 years, unless explicitly stated otherwise.
We frame our material risks in the context of
our overarching strategic objectives: to
become Best Operator; to strive for
impeccable ESG credentials; to excel in
development; and to protect our social
licence. These are summarised in the table
below in order of maximum reasonable
consequence and likelihood.
The material risks have not been assessed for
the impact of the recently announced proposed
acquisition of Arcadium Lithium plc (Arcadium).
We will assess this once the acquisition closes
and Arcadium is fully integrated within the
Group.
Current assessment of material risks
As of February 2025

Material risk | Key objective | Oversight
1 | Preventing loss of operational control that may lead to potential fatalities, permanent disablements, or material production disruption | l l | Best Operator & Impeccable ESG | Sustainability Committee
2 | Preparing our iron ore business to meet demand for low-carbon steel | l | Best Operator | Board
3 | Building trusted relationships with communities | l | Social Licence | Sustainability Committee
4 | Minimising our impact on the environments we work in and building physical resilience to changes in those environments, including climate change and natural hazards | l | Impeccable ESG | Sustainability Committee
5 | Being responsible operators throughout the entire life of our assets – from discovery to closure | l | Social Licence | Sustainability Committee
6 | Building trusted relationships with Indigenous Peoples | l | Social Licence | Sustainability Committee
7 | Delivering on our growth projects | l | Excel in Development | Board
8 | Achieving our decarbonisation targets competitively | l | Impeccable ESG | Board
9 | Transforming our culture, enabling us to live our values | l | Best Operator | Board
10 | Conducting our business with integrity, complying with all laws, regulations and obligations | l | Impeccable ESG | Board
11 | Remaining competitive through economic cycles or shocks by maintaining strong financial and operating performance, underpinned by a healthy inventory of high-quality reserves | l | Best Operator | Audit & Risk Committee
12 | Preventing material business disruption and data breaches due to cyber events | l | Best Operator | Audit & Risk Committee
13 | Attracting, developing and retaining people with the requisite skills | l | Best Operator | People & Remuneration Committee
14 | Withstanding impacts of geopolitics on our trade or investments | l | Best Operator | Board

1.Free cash flow or business value (NPV)
2.Considering effectiveness of existing controls

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Strategic report | Our approach to risk management
Risk to best operator and impeccable ESG
strategic objectives
Preventing loss of operational control that may lead to
potential fatalities, permanent disablements, or material
production disruption
Nothing is more important than the safety and wellbeing of our employees,
contractors and communities where we operate. The mining industry is
inherently hazardous, with the potential to cause fatalities, illness or injury,
damage to the environment, disruption to communities or major loss of
production or revenues. Our objective is to have zero fatalities or
permanent disablements. We believe all fatalities are preventable, so our
focus is on identifying, managing and, where possible, eliminating hazards.
Safe and stable operations are critical to delivery of our objective to be Best
Operator, and maintaining close control of our operating assets ensures
reliable productive outputs.

l | Best Operator | Change vs 2023: Increasing
l | Impeccable ESG |

Risks (threats)
Our operational environment is exposed to major hazards, including
processing, underground mining, slope geotechnical, functional safety
(eg sinking shafts and autonomous operations) and tailings
management. Inability to manage these hazards could result in a
catastrophic event or other long-term damage to the Group or the
environment and communities where we operate. Loss of technical
capability at complex operations poses increased risk. In addition to
major hazards, our operations are exposed to safety risks which could
result in single or multiple fatalities. These include risks from vehicles
and driving, aviation, falling objects, electricity and explosives.
Key exposures
Underground risks at Oyu Tolgoi, Kennecott, Diavik and Resolution. Slope
geotechnical risk at Kennecott and QIT Madagascar Minerals (QMM).
Tailings and water storage facilities at our Aluminium, Iron Ore and Closure
assets. Process safety at Copper and Aluminium smelters and refineries.
Functional safety at Oyu Tolgoi and across our Iron Ore assets. Mass
passenger transport at Oyu Tolgoi, Simandou and Rincon.
Risk oversight: Major Hazards Steering Committee, Safety and Operations
Committee, Risk Management Committee, Sustainability Committee
Risk to best operator strategic objective
Preparing our iron ore business to meet demand for low-
carbon steel
Decarbonisation of iron and steelmaking may affect the future relative
values of our iron ore products. We have the opportunity to unlock
business value through optimising our iron ore product strategy,
partnering with technology providers and universities, and innovating
with our customers to position ourselves favourably for the future
demand for low-carbon steel.

l | Best Operator | Change vs 2023: Stable

Risks (threats)
Uncertainty remains around the pace of transition across the steel
value chain, and the implications for the quality of iron ore products
required to support future low-carbon technologies. While the market
is expected to continue to require Pilbara iron ores, decarbonisation of
the steel value chain will require the development and proliferation of
economic low-carbon technologies suited to low-medium grade ores.
Key exposures
Pilbara low-medium grade ores.
Risk oversight: Steel Decarbonisation Steering Committee,
Risk Management Committee, Board

Annual Report on Form 20-F 2024 | 93 | riotinto.com

Strategic report | Our approach to risk management
Transforming our culture, enabling us to live our values
Living our values goes to the heart of our Group’s performance, prospects
and reputation. Sharing and demonstrating our values unlocks
opportunities in all that we do, every day. We are focused on building a
culture where all our people are trusted and empowered to be their best
selves and help drive change. This begins with a workplace where
everyone feels safe, respected and empowered every day.

l | Best Operator | Change vs 2023: Stable

Risks (threats)
Not living our values has the potential for decisions to prioritise
production over safety. As societal expectations are changing, and
higher standards are being placed on organisations, the role we play in
society requires us to ensure we are consistently displaying and living
our values. The 2022 final reports of the Western Australia
Parliamentary Inquiry into the mining industry and the Everyday Respect
Report into the workplace culture at Rio Tinto highlighted the scale of
change required internally and across the resources sector.
Risk oversight: Risk Management Committee, Board

| For more information on our culture change journey, see pages 78-80.

Remaining competitive through economic cycles or shocks by
maintaining strong financial and operating performance,
underpinned by a healthy inventory of high-quality reserves
Our business model depends on our ability to convert existing Mineral
Resources to Mineral Reserves available for mining when required.
The viability of our orebodies, and business, is most sensitive to the
complexity of our orebodies and associated orebody knowledge base,
combined with commodity economics which are greatly influenced by
macroeconomic and geopolitical developments. We aim to remain
competitive, preserve resilience and maintain access to funding by
having cost-competitive assets, a diversified commodities portfolio, a
strong balance sheet, prudent financial policies and strong ESG
credentials.

l | Best Operator | Change vs 2023: Stable

Risks (threats)
A deteriorating economic or political environment could lead to falling
commodity prices (reduced cash flow, limiting profitability), trade
actions (increased tariffs, retaliations, and sanctions), and
governments’ efforts to exert more control over their natural resources
or to protect their domestic economies by changing contractual,
regulatory or tax measures. This can potentially impact our key
markets, operations, investments, tax obligations, financial results and
access to funding.
Input cost inflation and escalation could increase pressure on
operating costs and margins.
Orebody health remains challenged with Mineral Reserve depletion
driven by expanded production and ongoing resource development
challenges. Failure to secure access and approvals could limit
collection of required orebody knowledge that may reduce the volume
of existing Mineral Reserves and the future conversion of Mineral
Resources to Mineral Reserves in the required timeframe.
Risk oversight: Financial Risk Management Committee, Ore
Reserves Steering Committee, Risk Management Committee, Audit &
Risk Committee

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Strategic report | Our approach to risk management
Preventing material business disruption and data breaches
due to cyber events
Managing cyber security events allows us to avoid disruption to our
operations, comply with data privacy requirements and keep sensitive
information related to customers, contractors or suppliers safe

l | Best Operator | Change vs 2023: Stable

Risks (threats)
Cyber incidents can occur due to malicious external or internal
attacks, but also inadvertently through human error.
Although the extent and frequency of cyber security threats remain in
line with growth expectations, the external threat landscape continues
to evolve at a rapid pace.
The rise of digitisation has driven greater convergence and
connectivity between our information technology (IT), and industrial
and operational environments. The increased use of emerging or
disruptive technologies to inform and automate decisions also
amplifies the threat of loss of control systems or autonomous
functions.
Key exposures
Our greatest exposures continue to be through our global ecosystem
of third-party suppliers, and the rapid development of new projects,
with an increasing reliance on technology.
Risk oversight: Cyber Security Steering Committee,
Risk Management Committee, Audit & Risk Committee
Attracting, developing and retaining people with the requisite
skills
Our ability to achieve our business strategy depends on attracting,
developing and retaining a wide range of internal and external skilled
and experienced people.

l | Best Operator | Change vs 2023: Stable

Risks (threats)
Business interruption or underperformance may arise from a lack of
access to capability. Tight labour markets, and entry into new
countries where mining capabilities are in limited supply or the
Rio Tinto brand is less established, can lead to heightened
competition for diverse talent and critical skills. This may include skills
in climate, energy, decarbonisation, technical mining and processing,
licence to operate, and new commodities and projects. Changing
societal expectations are placing pressure on our corporate and
employer brand in terms of who we are and what we stand for. Since
the pandemic, talent is less inclined to relocate, forcing the reliance
on local or national recruitment, which significantly reduces the
market size for sourcing talent.
Key exposures:
Turnover rate in process safety management and technology roles.
Risk oversight: Risk Management Committee, People &
Remuneration Committee

| For more information, see pa ges 78-80.

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Strategic report | Our approach to risk management
Withstanding impacts of geopolitics on our trade
or investments
Geopolitics has the potential to increase trade tensions, undermining
rule-based trading systems. Possible trade actions can impact our
key markets, operations or investments, and may limit the benefits of
being a multinational company with a global footprint. We continue to
build resilience through diversification, and identify opportunities for
engagement with governments, civil society, industry associations and
international bodies.

l | Best Operator | Change vs 2023: Stable

Risks (threats)
A deteriorating economic and political environment could lead to
falling commodity prices (reduced cash flow, limiting profitability,
reducing reserve inventory), trade actions (increased tariffs,
retaliations, and sanctions), and governments’ efforts to exert more
control over their natural resources or to protect their domestic
economies by changing contractual, regulatory or tax measures. This
can potentially impact our key markets, operations, investments, tax
obligations, financial results and access to funding.
Key exposures
A highly uncertain and unstable global macro environment, including
China-US tensions and the indirect impacts of the war in Ukraine and
conflict in the Middle East.
Risk oversight: Financial Risk Management Committee,
Risk Management Committee, Board
Risk to s ocial licence strategic objective
Building trusted relationships with communities
We strive to be a trusted partner to communities, stakeholders and
broader society, leading to improved performance, future prospects
and reputation.

l | Social Licence | Change vs 2023: Stable

Risks (threats)
Access to land and resources may be impacted if we are not
considered a trusted partner that respects host communities and
human rights, mitigates adverse social and environmental impacts
and sustainably improves social and economic outcomes in
communities that host our operations. Other potential impacts can
include operational disruption, security incidents, expropriation, export
or foreign investment restrictions, increased government regulation
and delays in approvals, which may threaten the investment
proposition, title, or carrying value of assets.
Key exposures
Communities surrounding the Simandou project, Pilbara operations,
Richards Bay Minerals, Resolution, QIT Madagascar Minerals, Jadar
and Oyu Tolgoi.
Risk oversight: Risk Management Committee, Sustainability Committee

| For more information on how we are developing and investing in nature-based solutions near our operations, see our 2025 Climate Action Plan on page 41.

Annual Report on Form 20-F 2024 | 96 | riotinto.com

Strategic report | Our approach to risk management
Being responsible operators throughout the entire life of
our assets – from discovery to closure
We are committed to being responsible operators throughout the
entire life of our assets, from discovery to closure. We do this in
partnership with our internal and external stakeholders, such as host
communities, Indigenous Peoples, regulators and joint venture
partners, embedding closure considerations throughout the entire
lifespan of our assets – in the way we design, build, run, close and
transition them.

l | Social Licence | Change vs 2023: Stable

Risks (threats)
Closure obligations may increase over time due to changes in the
Group’s portfolio, stakeholders’ and community expectations,
regulations, standards, technical understanding and techniques.
The manifestation of exposures at a closed or legacy asset, due to a lack of
historic information, could impact our licence to operate, the cost of closure
and negatively impact on the human rights of communities where it is
located.
Key exposures
Pilbara near-term closures (including Channar and Eastern Range),
Gove, Argyle, Energy Resources of Australia (ERA), Mange-Garri,
Diavik and legacy sites.
Risk oversight: Closure Steering Committee, Risk Management
Committee, Sustainability Committee
Building trusted relationships with Indigenous Peoples
Our relationships with Indigenous Peoples play a material role in
delivering our operational and strategic goals and in our ability to
operate. A breakdown in these critical relationships may have a
significant impact on our business. We aim to build respectful and
enduring relationships with Indigenous partners and communities,
enabling them to realise their goals and aspirations and to create
long-term shared benefits.

l | Social Licence | Change vs 2023: Stable

Risks (threats)
Mining activities may strain relationships with Indigenous Peoples,
particularly where actual or perceived damage of significant cultural
values (cumulative or acute) occurs without appropriate consultation
and consent. This may result in loss of trust with Indigenous Peoples,
impacting our social licence to operate.
Key exposures
Indigenous Peoples near Resolution, in the Pilbara, Cape York
(Weipa), Canada (Quebec, Labrador, British Columbia),
and Argentina.
Risk oversight: Risk Management Committee, Sustainability Committee

Annual Report on Form 20-F 2024 | 97 | riotinto.com

Strategic report | Our approach to risk management
Risk to excel in development strategic
objective
Delivering on our growth projects
Delivering our growth strategy relies on our ability to develop resources
faster and more competitively than others, while striving for impeccable
ESG credentials, and on the success of our exploration (greenfield and
brownfield) and acquisition activities to secure those resources.
Developing projects requires complex multi-year study and execution
plans and carries significant delivery risk.

l | Excel in Development | Change vs 2023: Stable

Risks (threats)
New high-quality deposits are increasingly scarce, and those that are
known require advances in processing technology, significant capital
investment, or may negatively impact our ESG credentials.
Additionally, as studies and projects progress, they are susceptible to
changes in approvals, societal expectations, or changes in underlying
commercial or economic assumptions which could impact economic
viability.
Key exposures
Simandou, increasing approval timeframes in the Pilbara, Oyu Tolgoi
underground expansion, Rincon, Resolution and Jadar.
Risk oversight: Investment Committee, Ore Reserves Steering
Committee, Risk Management Committee, Board
Risk to i mpeccable ESG strategic objective
Minimising our impact on the environments we work in and
building physical resilience to changes in those environments,
including climate change and natural hazard
Producing the materials the world needs means we have an impact
on the environment. Our operations and projects require proactive
management to minimise potential impact to water resources or
biodiversity in new asset developments, existing operations and
closures. Our assets, infrastructure, communities and broader value
chains are exposed to the impacts of extreme weather events, and
climate change is expected to impact the frequency, intensity and
likelihood of extreme events across different regions globally.

l | Impeccable ESG | Change vs 2023: Stable

Risks (threats)
A number of our operations and future development opportunities exist
within, or close to, sensitive biodiverse regions. Our licence to operate and
develop requires us to demonstrate our capability to protect ecosystems
through improved practices and technological solutions.
Natural hazards or extreme weather events can endanger our employees
and communities, damage our assets or cause significant operational
interruption. A direct impact of a Category 5 cyclone could lead to a
significant disruption to Pilbara port operations. Longer-dated exposure to
chronic changes in climate is less well understood given the inherent
uncertainty in future climate projections.
Key exposures
Our operations in the Pilbara and Saguenay–Lac-Saint-Jean regions,
QIT Madagascar Minerals and the Simandou project.
Risk oversight: Risk Management Committee, Sustainability Committee

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Strategic report | Our approach to risk management
Achieving our decarbonisation targets competitively
Ensuring our ability to deliver longer-term strategic objectives
encompasses our ability to achieve our Scope 1 and 2 targets between
now and 2050, and deliver on our focus area of striving for impeccable
ESG credentials, while balancing the need to invest for growth, deliver
superior shareholder returns and remain competitive.

l | Impeccable ESG | Change vs 2023: Stable

Risks (threats)
Delays in priority initiatives will threaten our Scope 1 and 2 target
delivery and ability to respond proactively and competitively. A key
uncertainty is our ability to successfully engage, and partner where
appropriate, with governments and other external parties to progress
grid decarbonisation in a timely manner, with large scale grid solutions
in Australia planned for final delivery very late this decade already.
Furthermore, our 2030 targets remain achievable through a mix of
renewable penetration, biodiesel, small process heat modifications
and use of offsets. Successful research and development investment
in areas such as electric fleets, hydrogen calcination, ELYSIS TM, and
BlueSmelting TM is required to support the decarbonisation pipeline
post 2030.
Adhering to our social and human rights standards during implementation of
decarbonisation projects will be critical to avoid adversely impacting people
and stakeholder relationships. However, this may limit our available sourcing
options and lead to delays in meeting our targets.
Key exposures
Our Aluminium group’s Pacific Operations smelter repowering and
alumina processing.
Risk oversight: Decarbonisation Investment Forum,
Risk Management Committee, Board

| For more information, see our Climate Action Plan 2025 on page 41

Conducting our business with integrity, complying with all
laws, regulations and obligations
Our determination to become Best Operator and have impeccable
ESG credentials is underpinned by our commitment to ensure
compliance with our operational procedures, laws and our obligations.
These expectations are outlined in our Group policies, standards and
procedures, published on our website.

l | Impeccable ESG | Change vs 2023: Stable

Risks (threats)
A serious breach in our operations or in our value chain of anti-corruption
legislation or sanctions, data privacy, human rights, anti-trust rules, or
inappropriate business conduct, could result in serious harm to people and
significant reputational, legal and financial damage.
Key exposures
Exposures exist in Argentina (Rincon), Guinea (Simandou) and
Mongolia (Oyu Tolgoi).
Risk oversight: Group Ethics & Compliance Committee,
Risk Management Committee, Board

| For more information on our Group policies, standards and procedures, see riotinto.com/policies

Annual Report on Form 20-F 2024 | 99 | riotinto.com

Strategic report
Five-year review
Selected financial data
The selected consolidated financial information below has been derived from the historical audited consolidated financial statements of the
Rio Tinto Group. The selected consolidated financial data should be read in conjunction with, and qualified in their entirety by reference to, the
2024 financial statements and notes thereto. The financial statements as included on pages 153-229 have been prepared in accordance with
International Financial Reporting Standard (IFRS) as defined in “The basis of preparation” section to the financial statements on page 154.
Rio Tinto Group
Income statement data

For the years ending 31 December Amounts | 2024 $m | 2023 $m | 2022 $m | 2021 $m | 2020 $m
Consolidated sales revenue | 53,658 | 54,041 | 55,554 | 63,495 | 44,611
Group operating profit 1 | 15,653 | 14,823 | 19,933 | 29,817 | 16,829
Profit after tax for the year | 11,574 | 9,953 | 13,048 | 22,597 | 10,400
Basic earnings for the year per share (US cents) | 711.7 | 620.3 | 765.0 | 1,304.7 | 604.0
Diluted earnings for the year per share (US cents) | 707.2 | 616.5 | 760.4 | 1,296.3 | 599.8
Dividends per share |  |  |  |  |
Dividends declared during the year |  |  |  |  |
US cents |  |  |  |  |
–interim | 177.0 | 177.0 | 267.0 | 376.0 | 155.0
–interim special | – | – | – | 185.0 | –
–final | 225.0 | 258.0 | 225.0 | 417.0 | 309.0
–special | – | – | – | 62.0 | 93.0
Dividends paid during the year (US cents) |  |  |  |  |
–ordinary | 435.0 | 402.0 | 684.0 | 685.0 | 386.0
–special | – | – | 62.0 | 278.0 | –
Weighted average number of shares basic (millions) | 1,623.1 | 1,621.4 | 1,619.8 | 1,618.4 | 1,617.4
Weighted average number of shares diluted (millions) | 1,633.4 | 1,631.5 | 1,629.6 | 1,628.9 | 1,628.6
Cash flow statement data |  |  |  |  |
Net cash generated from operating activities | 15,599 | 15,160 | 16,134 | 25,345 | 15,875
Own shares purchased from owners of Rio Tinto | – | – | – | – | 208
Balance sheet data |  |  |  |  |
Total assets | 102,786 | 103,549 | 96,744 | 102,896 | 97,390
Share capital/premium | 7,593 | 7,908 | 7,859 | 8,097 | 8,302
Total equity/net assets | 57,965 | 56,341 | 52,741 | 57,113 | 51,903
Equity attributable to owners of Rio Tinto | 55,246 | 54,586 | 50,634 | 51,947 | 47,054

1.Group operating profit includes the effects of charges and reversals resulting from impairments (other than impairments of equity accounted units) and profit and loss on consolidation and
disposal of interests in businesses. Group operating profit amounts shown above exclude equity accounted operations, finance items, tax and discontinued operations.
Directors’ approval statement
This Strategic report is delivered in accordance with a resolution of the Board, and has been signed on behalf of the Board by:
Dominic Barton
Chair
19 February 2025

Annual Report on Form 20-F 2024 | 100 | riotinto.com

Directors’ report

Governance |
Chair’s introduction | 100
Governance framework | 101
Board of Directors | 102
Executive Committee | 104
Our stakeholders – Section 172(1) statement | 106
Board activities in 2024 | 109
Evaluating our performance | 110
Nominations Committee report | 111
Audit & Risk Committee report | 113
Sustainability Committee report | 117

Remuneration report |
Annual statement by the People & Remuneration Committee Chair | 119
Implementation report | 127
Additional statutory disclosure | 146

Chair’s introduction
As a Board, we have spent a lot of time in 2024 focusing on Rio Tinto’s strategy to ensure
we have the right portfolio of commodities, clear milestones for success, and are building
capacity to meet the demand for our products. In an increasingly volatile world, having a
well-defined strategy, strict capital allocation and good governance is essential for success.
In this report, we describe some of the well-
established governance processes that
support effective decision-making at the
Board. Like everyone at Rio Tinto however, it
is important that we continuously review and
improve our structure and processes to
make sure we are efficient and effective. The
report explains how we assessed our
effectiveness and the results of the
2024 review.
Our Board members have diverse
backgrounds, and each brings their unique
and valuable experience to our work.
Directors are encouraged to challenge each
other’s assumptions and push to understand
different perspectives to reach an objective
view. This has been especially important in a
year in which we made several significant
decisions related to the execution of Rio
Tinto’s strategy, for example, the decision to
proceed with the proposed acquisition of
Arcadium Lithium.
The Board has also reviewed and approved
the proposed Climate Action Plan, which will
be put to shareholders for approval at our
2025 AGMs. We are retaining our
commitments to decarbonise our assets and
work with customers and suppliers to reduce
our value chain emissions. We are doing this
in a way that creates value for shareholders
and the Board recommends
it for approval.
The Board also studied the Everyday
Respect Progress Review in 2024, which
was another significant step in Rio Tinto’s
culture journey. As the Board oversees
and monitors our organisational culture,
it was valuable to understand where the
challenges remain in aligning our culture with
our purpose, values and strategy. The
findings of the Progress Review and People
Surveys have informed our view that Rio
Tinto is heading in the right direction, but still
has significant work to do to improve
its culture.
Half of the Non-Executive Directors have
been appointed within the last 2 years.
In recognition of this, the Board held 2
dedicated sessions where we got to know
each other more deeply to accelerate our
team forming and dynamic, alongside our
regular meetings.
In addition, Board members made a
series of individual and group site visits
to help deepen our understanding of the
business and progress on our culture and
operating performance.
These visits are always invaluable
opportunities for the Board to engage directly
with the teams on site and take these
learnings back into our boardroom
discussions. I am grateful to my colleagues
for their continued energy and enthusiasm to
learn, and to everyone who has taken the
time to share their insights with us.
Finally, there will be a number of Board
changes in 2025, with Kaisa Hietala, Simon
Henry and Sam Laidlaw all stepping down.
Simon will hand over his chairship of the
Audit & Risk Committee to Sharon Thorne,
and the People & Remuneration Committee
will pass from Sam to Ben Wyatt. A huge
thank you to Kaisa, Simon and Sam for
the dedication they have shown Rio Tinto.
I believe they leave our business in a strong
position, with a good mix of seasoned
Directors on the Board.
Dominic Barton
Chair
19 February 2025

Annual Report on Form 20-F 2024 | 101 | riotinto.com

Directors’ report
Governance framework
Our Board is structured to support good governance, which means
considering the right things, at the right time, with the right people and insights. Our
framework also helps the Board support the executive team, and strengthen our
strategic focus.

| Board of Directors We are finding better ways™ to provide the materials the world needs. By doing this efficiently, effectively and sustainably, we aim to create long-term value for all stakeholders. Our purpose is supported by 3 core values: care, courage and curiosity. The Board is collectively responsible for pursuing our purpose and approves the strategy, budget and plans proposed by the Chief Executive to achieve this. |
| Board Charter See the Board Charter for more information on the Board’s role and the delegation to management. |

| Audit & Risk Committee Helps the Board monitor decisions and processes designed to ensure the integrity of financial reporting, the independence and effectiveness of the external auditors, and robust systems of internal control and risk management. |  |  | Nominations Committee Helps the Board determine its composition, and that of its committees. These are regularly reviewed and refreshed, so they can operate effectively and have the right mixture of skills, experience and background. |  |  | People & Remuneration Committee Helps the Board ensure the Remuneration Policy and practices reward employees and executives fairly and responsibly, with a clear link to corporate and individual performance, and a focus on people and culture. |  |  | Sustainability Committee Helps the Board oversee the Group’s integrated approach to sustainability and strategies designed to manage health and safety, and social and environmental risks, including management processes and standards. |  |  | Chair’s Committee Supports the functioning of the Board and will consider urgent matters between Board meetings. |  |  | Chief Executive Has delegated responsibility for the executive management of Rio Tinto, consistent with the Group’s purpose and strategy, and subject to matters reserved for the Board, as set out in the Schedule of Matters Reserved for the Board and in accordance with the Group’s delegation of authority framework. |
| See page 113 |  |  | See page 111 |  |  | See page 119 |  |  | See page 117 |  |  |  |  |  |  |

Executive Committee
The Executive Committee supports the Chief
Executive in delivering strategy, annual plans
and commercial objectives, and in managing
the financial and operational performance of
the Group.
The following management committees
support the Chief Executive in the
performance of his duties.
Investment Committee
Reviews proposals on investments,
acquisitions and disposals. Approves capital
decisions within delegated authority limits,
and otherwise recommends matters for
approval to the Board, where appropriate.
Capital Committee
Reviews proposals for investments that are
not strategically complex. Focused on capital
approvals supporting the continuity, asset
health, decarbonisation and closure
programs of existing businesses and
approved growth projects.
Risk Management Committee
Oversees the management and mitigation of
the material risks that could materially impact
the Group’s business objectives and exceed
its risk tolerances.
Ore Reserves Steering Committee
Responsible for standards and control
procedures in the Mineral Resources and
Mineral Reserves estimation and disclosure
process. Ensures that they are effective in
meeting internal objectives and regulatory
requirements.
Closure Steering Committee
Oversees the process and controls designed
to manage the material risks related to
rehabilitation, closure and legacy operations.
Disclosure Committee
Reviews and approves the release of all
significant public disclosures on behalf
of the Group. Oversees the Group’s
compliance with its disclosure obligations
in accordance with all relevant legal
and regulatory requirements, including
processes to ensure such disclosures
are accurate and timely.

| For more information and to view the Board charter, the schedule of matters reserved for the Board and committee terms of reference see riotinto.com/corporategovernance

Annual Report on Form 20-F 2024 | 102 | riotinto.com

Directors’ report
Board of Directors
Rio Tinto plc and Rio Tinto Limited have a common Board of Directors. The Directors are
collectively responsible for the stewardship and long-term sustainable success of the Group.

| Dominic Barton BBM Chair
BA (Hons), MPhil. Age 62. Appointed April 2022; Chair from May 2022.
Skills and experience Dominic spent over 30 years at McKinsey & Company, including 9 years as the Global Managing Partner, and has also held a broad range of public sector leadership positions. He has served as Canada’s Ambassador to China, Chair of Canada’s Advisory Council for Economic Growth, and Chair of the International Advisory Committee to the President of South Korea on National Future and Vision. Dominic brings a wealth of global business experience, including deep insight of geopolitics, corporate sustainability and governance. His business acumen and public sector experience position him to provide balanced guidance to Rio Tinto. Current external appointments Chair of LeapFrog Investments.
| Simon Henry Independent Non-Executive Director
MA, FCMA. Age 63. Appointed April 2017.
Skills and experience Simon has significant experience in global finance, corporate governance, mergers and acquisitions, international relations, and strategy. He draws on over 30 years’ experience at Royal Dutch Shell plc, where he was Chief Financial Officer between 2009 and 2017. Current external appointments: Senior Independent Director of Harbour Energy plc, Adviser to the Board of Oxford Flow Ltd, member of the Board of the Audit Committee Chairs’ Independent Forum, member of the Advisory Board of the Centre for European Reform and Advisory Panel of the Chartered Institute of Management Accountants (CIMA), and trustee of the Cambridge China Development Trust.

| Jakob Stausholm Chief Executive
Ms Economics. Age 56. Appointed Chief Financial Officer September 2018; Chief Executive from January 2021.
Skills and experience As Chief Executive, Jakob brings strategic and commercial expertise and governance experience. He is committed to building trust with communities, building a strong workplace culture, and to continuously improving operational performance while delivering attractive returns to shareholders. Jakob joined Rio Tinto in 2018 as Chief Financial Officer. He has over 20 years’ experience, primarily in senior finance roles at Maersk Group and Royal Dutch Shell plc, including in capital-intensive, long- cycle businesses, as well as in innovative technology and supply chain optimisation. He was also a Non-Executive Director of Woodside Petroleum and Statoil (now Equinor). Current external appointments None.
| Kaisa Hietala Independent Non-Executive Director
MPhil, MS. Age 54. Appointed March 2023.
Skills and experience Kaisa is an experienced executive with a strong track record of helping companies transform the challenges of environmental megatrends into business opportunities and growth. She began her career in upstream oil and gas exploration and, as Executive Vice President of Renewable Products at Neste Corporation, she played a central role in its commercial transformation into the world’s largest and most profitable producer of renewable products. She was formerly a Board member of Kemira Corporation from 2016 to 2021. Current external appointments Senior Independent Director of Smurfit Westrock, Non-Executive Director of Exxon Mobil Corporation, Chair of Greencode Ventures Ltd and a member of the Supervisory Board of Oulu University.

| Peter Cunningham Chief Financial Officer
BA (Hons), Chartered Accountant (England and Wales). Age 58. Appointed June 2021.
Skills and experience As Chief Financial Officer, Peter brings extensive commercial expertise from working across the Group in various geographies. He is strongly focused on the decarbonisation of our assets, investing in the commodities essential for the energy transition, and delivering attractive returns to shareholders while maintaining financial discipline. During over 3 decades with Rio Tinto, Peter has held a number of senior leadership roles, including Group Controller, Chief Financial Officer – Organisational Resources, Global Head of Health, Safety, Environment & Communities, Head of Energy and Climate Strategy, and Head of Investor Relations. Current external appointments None.
| Sam Laidlaw Independent Non-Executive Director
MA, MBA. Age 69. Appointed February 2017; Senior Independent Director from May 2019.
Skills and experience Sam has more than 40 years’ experience of long-cycle, capital- intensive industries in which safety, the low-carbon transition, and stakeholder management are critical. Sam has held a number of senior roles in the energy industry, including as CEO of both Enterprise Oil plc and Centrica plc. He was also a member of the UK Prime Minister’s Business Advisory Group. Current external appointments Chair of AWE Plc, Chair of Neptune Energy DE, Chair of the National Centre of Universities & Business, Board member of Oxford Saïd Business School.

| Dean Dalla Valle Independent Non-Executive Director
MBA. Age 65. Appointed June 2023.
Skills and experience Dean brings over 4 decades of operational and project management experience in the resources and infrastructure sectors. He draws on 40 years’ experience at BHP where he was Chief Commercial Officer, President of Coal and Uranium, President and Chief Operating Officer Olympic Dam, President Cannington, Vice President Ports Iron Ore and General Manager Illawarra Coal. He has had direct operating responsibility in 11 countries, working across major mining commodities and brings a wealth of experience in engaging with a broad range of stakeholders globally, including governments, investors and communities. Dean was Chief Executive Officer of Pacific National from 2017 to 2021. Current external appointments Chair of Hysata.
| Susan Lloyd-Hurwitz Independent Non-Executive Director
BA (Hons), MBA (Dist). Age 57. Appointed June 2023.
Skills and experience Susan brings significant experience in the built environment sector with a global career spanning over 30 years. Most recently Susan was Chief Executive Officer and Managing Director of Mirvac Group for over a decade. Prior to this, she was Managing Director at LaSalle Investment Management, and held senior executive positions at MGPA, Macquarie Group and Lendlease Corporation. Current external appointments President of Chief Executive Women, Chair of the Australian National Housing Supply and Affordability Council and the Australian Centre for Gender Equality and Inclusion @ Work Advisory Board, Non-Executive Director of Macquarie Group and Spacecube, Member of the Sydney Opera House Trust and Global Board member at INSEAD.

Annual Report on Form 20-F 2024 | 103 | riotinto.com

Directors’ report | Board of Directors

| Board changes Simon McKeon stepped down as director on 2 May 2024. Sam Laidlaw and Kaisa Hietala will step down from the Board at the conclusion of the Rio Tinto Limited AGM on 1 May 2025. |  | Past external appointments over the last 3 years For details of each Director’s previous directorships of other listed companies see the Directors’ report on page 149. |  |  | Board committee membership key |
|  |  |  | Committee Chair |  |  | People & Remuneration Committee |
|  |  |  | Audit & Risk Committee |  |  | Sustainability Committee |
|  |  |  | Nominations Committee |  |  |  |

| Martina Merz Independent Non-Executive Director
B.Eng. Age 61. Appointed February 2024.
Skills and experience Martina brings over 38 years of extensive leadership and operational experience, most recently as CEO of industrial engineering and steel production conglomerate ThyssenKrupp AG. She has held numerous leadership roles, including at Robert Bosch GmbH and at Chassis Brakes International. Martina also has extensive listed company experience and is known for her expertise in the areas of strategy, risk management, legal/compliance and human resources. Current external appointments Member of the Supervisory Board at AB Volvo and Member of the Shareholder Council of the Foundation Carl-Zeiss-Stiftung as the owner of Zeiss AG and Schott AG.
| Ngaire Woods CBE Independent Non-Executive Director
BA/LLB, DPhil. Age 62. Appointed September 2020.
Skills and experience Ngaire is the founding Dean of the Blavatnik School of Government, Professor of Global Economic Governance and the Founder of the Global Economic Governance Programme at Oxford University. As a recognised expert in public policy, international development and governance, she has served as an adviser to the African Development Bank, the Asian Infrastructure Investment Bank, the Center for Global Development, the International Monetary Fund, and the European Union. Current external appointments Trustee of the Schwarzman Education Foundation, and Member of the Conseil d’administration of L’Institut national du service public.

| Jennifer Nason Independent Non-Executive Director
BA, BCom (Hons). Age 64. Appointed March 2020.
Skills and experience Jennifer has over 38 years’ experience in corporate finance and capital markets. She was the Global Chair of Investment Banking at JP Morgan, based in the US, and for the past 20 years, led the Technology, Media and Telecommunications global client practice. During her time at JP Morgan, she worked in the metals and mining sector team in Australia and co-founded and chaired the Investment Banking Women’s Network and sat on the Executive Committee for the Investment Bank. Current external appointments Co-Chair of the American Australian Business Council, Non- Executive Director at Accenture. Trustee of Dodge and Cox.
| Ben Wyatt Independent Non-Executive Director
LLB, MSc. Age 50. Appointed September 2021.
Skills and experience Ben had a prolific career in the Western Australian Parliament before retiring in 2021. He held a number of ministerial positions and became the first Indigenous treasurer of an Australian parliament. His extensive knowledge of public policy, finance, international trade and Indigenous affairs brings valuable insight and adds to the depth of knowledge on the Board. Ben was previously an officer in the Australian Army Reserves and went on to have a career in the legal profession as a barrister and solicitor. Current external appointments Non-Executive Director of Woodside Energy Group Ltd, Telethon Kids Institute and West Coast Eagles, and member of the Advisory Committee of Australian Capital Equity.

| Joc O’Rourke Independent Non-Executive Director
BSc, EMBA. Age 64. Appointed October 2023.
Skills and experience Joc has over 35 years’ experience across the mining and minerals industry. He was the Chief Executive Officer of The Mosaic Company, the world’s leading integrated producer and marketer of concentrated phosphate and potash, from 2015 to 2023. He also served as President of Mosaic until recently, and previously held roles there including Executive Vice President of Operations and Chief Operating Officer. Prior to this, he was President of Australia Pacific at Barrick Gold Corporation, leading gold and copper mines in Australia and Papua New Guinea. Joc is known for his deep knowledge of the mining industry, and passion for improving safety and operational performance. Current external appointments Non-Executive Director at the Toro Company and The Weyerhaeuser Company.
| Andy Hodges Group Company Secretary
ACG, MBA. Age 57. Appointed August 2023.
Skills and experience: Andy joined Rio Tinto in 2018 and became Group Company Secretary in 2023. Andy has nearly 20 years’ experience in senior company secretarial roles, including as Deputy Company Secretary at Anglo American and Assistant Company Secretary at Aviva. Current external appointments None.

| Sharon Thorne Independent Non- Executive Director
BA (Hons), FCA, Chartered Accountant (England and Wales). Age 60. Appointed July 2024.
Skills and experience Sharon has extensive experience of auditing and advising clients across a broad range of sectors. She had a 36-year career with Deloitte, becoming an audit partner in 1998. During her time at Deloitte, she held numerous Executive and Board roles before becoming Deputy CEO Deloitte North-West Europe in 2017 and Global Chair from 2019, before retiring at the end of 2023. Sharon is an advocate for collective action on environmental sustainability and climate change and is a strong believer in the need for greater diversity, equity, and inclusion in business and civil society, and she has long championed greater diversity in senior leadership roles. Current external appointments Governor, London Business School; Trustee, Royal United Services Institute; Advisory Board Member, Common Goal; and Advisory Council Member, Deloitte Centre for Sustainable Progress.
| Tim Paine Company Secretary, Rio Tinto Limited
BEc, LLB, FGIA, FCIS. Age 61. Appointed January 2013.
Skills and experience Tim joined Rio Tinto in 2012 and became Joint Company Secretary of Rio Tinto Limited in January 2013. He has over 30 years of experience in corporate counsel and company secretary roles, including as General Counsel and Company Secretary at Mayne Group, Symbion Health and Skilled Group. Tim also spent 12 years at ANZ Bank, including as Acting General Counsel and Company Secretary. Current external appointments Joint Company Secretary for Australia-Japan Innovation Fund and member of the Governance Institute of Australia’s Legislation Review Committee.

Annual Report on Form 20-F 2024 | 104 | riotinto.com

Directors’ report
Executive Committee
Day-to-day management of the business is delegated by the Board to the Chief Executive
and, through him, to other members of the Executive Committee and to certain
management committees.

| Jakob Stausholm Chief Executive Biography can be found on page 102.
| Peter Cunningham Chief Financial Officer Biography can be found on page 102.
| Mark Davies Chief Technical Officer
Mark was appointed to the Executive Committee in 2020 and became Chief Technical Officer in October 2021. He joined Rio Tinto in 1995 as a Senior Mechanical Engineer and has worked in operational and functional leadership roles, including Iron and Titanium, Group Risk, and Global Procurement. Mark leads Development & Technology where he is responsible for exploration, studies and major capital construction, and Group-wide decarbonisation. Mark also manages our Safe Production System and Rio Tinto’s Technical Centres of Excellence, covering asset management, orebody knowledge, underground mining, surface mining and processing. He is also responsible for Rio Tinto’s global research and development activities. Mark is our representative on the Champions of Change Coalition.

| Bold Baatar Chief Commercial Officer
Bold became Chief Commercial Officer in September 2024. Since joining Rio Tinto in 2013, Bold has held a number of leadership positions across operations, Marine, Iron Ore sales and marketing, and Copper. He joined the Executive Committee in 2016 as the Chief Executive of the Energy & Minerals product group, and became Chief Executive, Copper in February 2021. Bold brings deep experience across geographies, commodities and markets. A passionate advocate for integrating ESG into decision-making across the business landscape, he combines strong commercial and business development expertise with a focus on developing markets and partnerships with our host communities and nations.
| Isabelle Deschamps Chief Legal Officer, Governance & Corporate Affairs
Isabelle joined Rio Tinto in November 2021. She leads the global Legal, Communication, and External Affairs teams, overseeing governance functions including the Company Secretariat, Ethics & Compliance, and Technical Evaluation. With extensive international experience, Isabelle is a non-executive Director of the Japanese conglomerate Hitachi and previously worked as General Counsel and member of the Executive Committee at AkzoNobel, following her tenure at Unilever. Isabelle is a pragmatic and transparent leader who champions respect at work and drives our social licence agenda. She is passionate about inclusion, diversity, continuous learning, and promoting a culture of integrity.

| Georgie Bazette Chief People Officer
Georgie began her role as Chief People Officer in January 2025. With 25 years' experience as a global leader, Georgie is dedicated to finding better ways to unlock the full potential of our people. Since joining Rio Tinto in 2008, she has held diverse leadership roles within the People (HR) function in various product groups, Group Functions and at the Group level. Most recently, Georgie served as Chief Operating Officer, People, where she led the transformation agenda for the function. Georgie is passionate about continuing to build a Rio Tinto where everyone, everywhere feels safe, respected and empowered by developing talent, evolving our culture, and creating inclusive environments that foster growth and innovation.
| Katie Jackson Chief Executive, Copper
Katie was appointed Chief Executive, Copper in September 2024. Before this, Katie was President of National Grid Ventures, responsible for financing, developing and operating large- scale energy infrastructure assets, including electricity interconnectors, LNG solutions, renewables, and competitive transmission. With a career spanning 3 continents at Shell, UBS, Anadarko, Equinor and BG Group, Katie brings strong operational, commercial and strategy experience. She has a passion for solving technical, operational and financial challenges to make complex global projects work.

Annual Report on Form 20-F 2024 | 105 | riotinto.com

Directors’ report | Executive Committee

| Sinead Kaufman Chief Executive, Minerals
Sinead became Chief Executive, Minerals in March 2021. Since Sinead joined Rio Tinto in 1997 as a geologist, she has held senior leadership and operational roles across Aluminium, Copper & Diamonds, Energy & Minerals, and Iron Ore. She joined the Executive Committee in early 2021. Sinead brings strong operational expertise combined with a track record of delivering future- focused sustainability outcomes. Sinead has led the Minerals business to play a central role in driving growth and decarbonisation.
| Jérôme Pécresse Chief Executive, Aluminium
Jérôme joined Rio Tinto in October 2023. He is leading a bold strategy to decarbonise the entire aluminium value chain and drive sustainable growth. With extensive experience from global executive roles at GE, Alstom, and Imerys, Jérôme is committed to value creation for shareholders and brings leading expertise in energy, mining, and strategic transformation. His vision centres on low-carbon innovation, operational excellence, and meeting rising demand for low-carbon materials. Equally central in his leadership is fostering a culture of diversity, excellence, and continuous improvement, while strengthening industry and community partnerships for shared value and lasting impact.

| Kellie Parker Chief Executive, Australia
Kellie was appointed Chief Executive, Australia in 2021, after a 20-year career at Rio Tinto. Before this, Kellie was Managing Director, Pacific Operations, Aluminium, a role she took after more than a decade of leadership, safety and operational roles across the Iron Ore and Aluminium businesses. Kellie represents our Australian interests with all stakeholders and brings her operational experience and community values to listen, respond and set the direction for the business. Kellie also has company-wide responsibility for Health, Safety, Environment & Security, Communities & Social Performance and Closure.
| Simon Trott Chief Executive, Iron Ore
As Chief Executive – Iron Ore, Simon leads the world’s largest and most innovative integrated bulk commodity producer, achieving exceptional financial performance by finding better ways to provide the materials the world needs. Drawing on 25 years’ mining industry experience across operating, commercial and business development roles, Simon is driving the Iron Ore business to develop a values-based performance culture and reach its vision to become the world’s most valued resource business.

Former Executive Committee members Alf Barrios stepped down as Chief Commercial Officer on 31 August 2024. On 1 September 2024 Bold Baatar succeeded him in this role. Alf Barrios continued as Chair for China, Japan and Korea and as an Executive Committee member until his retirement at the end of 2024. James Martin stepped down as Chief People Officer on 31 December 2024, ahead of his retirement from Rio Tinto.

Annual Report on Form 20-F 2024 | 106 | riotinto.com

Directors’ report
Our stakeholders
This stakeholder section, together with the information on page 9, constitutes our Section 172(1) statement.
The Board is required by the UK Companies Act 2006 to promote the success of the company
for the benefit of our shareholders, and in doing so, take into account the interests of our wider
stakeholders. Our key stakeholders are our people, the communities where we operate,
civil society organisations, governments, our investors, our customers and our suppliers.
Our people
Engaged people are key to our success.
How our Board engages
–Susan Lloyd-Hurwitz, our designated Non-Executive Director for
workforce engagement, oversees our program of workforce
engagement events.
–In-person and virtual town halls with the Board and Executive
Committee members.
–The Board engaged with our workforce while visiting several sites
and offices throughout the year, including in Melbourne, Brisbane
and Montreal. Engagements have included town halls and Q&A
sessions with smaller groups of employees to exchange insights
and reflections about the business.
–Employees are informed of the Group’s production and financial
results, and in the event of any significant events, Group-wide
communications are made through a number of channels.
What was important in 2024
–Improving company culture and continuing the implementation of
the Everyday Respect recommendations
–Business growth, operational performance
–Societal issues
How the Board has taken account of these interests
–An engaged and diverse workforce is imperative to the success of
the business. As part of the regular program, the Board reviews
the results of the twice-yearly people surveys and oversees
myVoice, our confidential whistleblowing program. This year the
Board considered the outcomes of the Everyday Respect
Progress Review Survey.
–The health, safety and wellbeing of our people is a key priority for
the Board. The Board considers this in all decisions to ensure we
continually evolve our assets’ safety maturity and aim to create a
physically and psychologically safe workplace.
–The Board considers our workforce when making decisions on
new ventures, projects and other growth opportunities, and aims to
support job opportunities and fair work.

Communities
The strength of our relationships with host communities, and broader society, is fundamental to our business.
Without their support we cannot operate successfully.
How our Board engages
–We continue to strengthen our social performance capacity and
capability to be better operators and partners. We have increased
engagement between Indigenous Peoples and our senior
operational leaders and teams.
–In December 2024, Ben Wyatt and Susan Lloyd-Hurwitz met with
several Indigenous Leaders in Montreal as part of our Stakeholder
Sessions. The roundtable provided insights to the Board on the
evolving dynamics of Indigenous partnerships, particularly in the
context of the potential shift in government policies on Indigenous
rights and land use.
–In 2024, together with Voconiq, a third-party engagement science
research company, we launched a global Community Perception
Monitoring program, Local Voices. The program will help us to
more effectively engage and better understand communities’
perceptions, leading to improved data-driven social performance.
Progress and insights of the program are overseen by the
Sustainability Committee.
What was important in 2024
–Job creation and procurement opportunities
–Land access
–Socioeconomic development projects
–Environmental management, tailings storage facilities, operational
impacts and potential site closures
–Security
How the Board has taken account of these interests
–T he Board oversees and receives regular updates on many
projects and the impact they have, or will have, on communities.
Supporting economic opportunities for host communities and
regions is a key priority for us and, in addition to our social
investment programs, we strive to employ local people and
engage local services.
–We have undertaken independent cultural management audits to
help us improve our cultural heritage management and
performance, and our engagement with Indigenous communities.
–The Australian Advisory Group guides us on current and emerging
issues, which helps us better manage policies and positions
important to Australian communities and our broader business.

| For more information about our work with communities, see pages 81-84.

Annual Report on Form 20-F 2024 | 107 | riotinto.com

Directors’ report | Our stakeholders
Civil society organisations
Civil society organisations (CSOs) play an important role in society. They hold us to account and help us
understand societal expectations across environmental, social and governance (ESG) issues, and identify risks
and opportunities to collaborate.
How our Board engages
–We engage regularly with a wide range of CSOs to understand
and respond to areas of interest and concern, communicate
progress, share challenges and advance common goals. In 2024,
we expanded our outreach to CSOs in Europe, Guinea, the US
and Canada. In 2024, these included 2 sessions on progress
towards our Group nature strategy, meetings on our Climate
Action Plan, and on QIT Madagascar Minerals and Simandou.
–We engage locally, nationally and globally on specific issues
related to an operation.
–We attend industry forums where CSOs are present to understand
the latest trends and expectations on ESG issues.
–Since 2018, we have held annual roundtables with CSO leaders
and members of the Board and Executive Committee. The
roundtables provide a dedicated forum for our most senior leaders
to engage directly with CSOs and discuss strategic issues.
What was important in 2024
–Decarbonisation, carbon offsets and Scope 3
–Water management, biodiversity protection and nature targets
–The Panguna Mine Legacy Impact Assessment
–Australia’s nature-positive plan and reforms
–Indigenous Peoples’ rights in the energy transition
–The Jadar project
How the Board has taken account of these interests
–The Board and its sub-committees consider issues raised by
CSOs throughout the year, particularly through the Sustainability
Committee. The Board is represented at the CSO roundtables
through the Chair and other Directors.
–The Board considers ESG issues and our social licence to operate
when making decisions on new ventures, projects and other
growth opportunities.
–The Chair and executives engaged extensively with investors on
the topic of environment.

Governments
Governments – national, state and provincial, and local – are important stakeholders for our business. They provide
the legal and policy framework that supports our businesses, and ensures that our communities and people
are protected.
How our Board engages
–We participate in multi-stakeholder organisations, initiatives and
roundtables, such as the Extractive Industry Transparency
Initiative (EITI), and ICMM.
–We have innovative partnerships with governments, such as
ELYSIS with the Governments of Canada and Quebec. We also
partner with governments on projects, such as with the
Government of Guinea on the Simandou iron ore deposit.
–Government representatives regularly visit our sites.
–In Australia, we engage with governments on issues such as
project approvals and cultural heritage protection.
–In the US, we advocate on public policy related to the North
American supply chain and alignment on climate change, critical
minerals and materials, renewable energy and trade.
–In China, we partner and engage with a range of government and
state-owned entities on issues related to climate change,
innovation, training, procurement and product supply.
–We contribute to UK and EU public policy development.
What was important in 2024
–Tax and royalty payments
–Compliance with laws and regulations
–Local employment, procurement, health and safety
–ESG issues, decarbonisation opportunities and socioeconomic
development projects
–Operational environmental management
–Transparency and human rights
–Industrial policy
–New technology
–Security
How the Board has taken account of these interests
–We engage with government officials to understand their
expectations, concerns, and policies. This helps us align our
activities with government interests. The Board receives regular
updates regarding all our projects and, in doing so, oversees our
engagement with governments.
–The Board oversees our financial management to ensure we
comply with tax obligations and make a fair contribution to our host
country's revenue. We comply with regulations and contribute
positively to the economic and social development of the regions
where we operate.

Annual Report on Form 20-F 2024 | 108 | riotinto.com

Directors’ report | Our stakeholders
Investors
Our strategy and long-term success depend on the support of our investors.
How our Board engages
–We held 2 annual general meetings (AGMs), one in Australia and
one in the UK, where institutional and retail investors could engage
directly with the Board and management, giving them the
opportunity to ask questions and vote on our Remuneration report.
–In 2024, our Chair, Dominic Barton, met with investors from the
UK, the US and Australia to convey how our strategy integrates
the net zero transition into our business, including our portfolio,
capital investment decisions and business planning.
–Regular calls, one-on-one meetings and group events, roadshows,
presentations and attendance at investor conferences.
–Webinars and online Q&A sessions.
–Our corporate reporting suite and regular updates on our website
and social media.
What was important in 2024
–Financial and operational performance
–Our ESG performance, including the impact of climate change and
how we are decarbonising our business
–Compliance with laws and regulations
–Human rights
–Remuneration policy
How the Board has taken account of these interests
–With regard to capital allocation and shareholder returns, the Board is
committed to maintaining an appropriate balance between cash
returns to shareholders and investment in the business, with the
intention of maximising long-term shareholder value.
–Given investor interest in ESG issues, including climate change
and our work with communities around the world, the Board
considers these issues during its yearly strategy sessions when
assessing our portfolio positions.
–The Board’s engagement in CSO roundtables and some investor
events provides a sounding board as we implement our strategy,
respond to requisitioned resolutions and develop our reporting.

Customers
The needs of our customers are central to our operational decision-making.
How our Board engages
–In December 2024, Jakob Stausholm, Kaisa Hietala and Dean
Dalla Valle met with several of our customers in Montreal as part
of our Stakeholder Sessions. The roundtable enabled discussion
of the critical challenges facing Canada’s supply chains, including
the impact of climate change, extreme weather events and
geopolitical developments.
–Our Commercial team connects with customers through direct
engagements and via business and industry forums. In addition,
we periodically seek their feedback and gather insights through
our customer survey. The results of our customer survey
conducted in 2024 have been shared with the Board.
–Decarbonisation of the value chain is one of our customers’ biggest
challenges. We partner to find innovative solutions to help produce
sustainable products that support their net zero ambitions.
What was important in 2024
–Product quality
–Product delivery management
–Innovation for decarbonisation solutions
–Strategic partnerships
–Access to ESG traceability data
–Supply security
–Responsible sourcing and supply
How the Board has taken account of these interests
–The Board receives updates on the key priorities for Commercial,
its role in supporting the Group strategy, and our market
development and customer engagement initiatives.

Suppliers
Our suppliers are critical to our ability to run efficient and safe global operations.
How our Board engages
–In December 2024, Peter Cunningham, Sharon Thorne and Simon
Henry met with several of our suppliers in Montreal as part of our
Stakeholder Sessions. The roundtable explored anticipated
challenges and innovations in sustainable supply amid intensifying
competition and electrification trends. The session also enabled
discussion of the evolving role of Canadian suppliers in meeting
the rising global demand for critical minerals.
–Similar to our customers, we periodically seek comparative
feedback from our suppliers through a survey. The results of our
supplier survey conducted in 2024 have been shared with
the Board.
–We partner with suppliers to co-develop technologies and
applications, such as collaborating with Caterpillar and Komatsu on
the testing of large battery-electric haul truck technology in the
Pilbara to accelerate its potential future use.
What was important in 2024
–Payment terms and processes
–Partnership and collaboration
–Contract terms and conditions
–Sustainability and ethical practices
–Efficiency and simplification
–Support and engagement
–Innovations and improvement
How the Board has taken account of these interests
–The Board receives updates on the Group’s activities with
suppliers, including metrics regarding how the Group has
supported initiatives aimed at suppliers that are owned and
operated by Indigenous groups.
–Our Chair met with the Chair of Wuxi-Boton, a key supplier of
conveyor belts to our global operations, located outside Shanghai,
China. Our deep collaboration helps them continue to innovate in
areas such as improving product performance and longevity,
reducing carbon emissions in both manufacturing and operations,
end of life recycling, and social projects.

Annual Report on Form 20-F 2024 | 109 | riotinto.com

Directors’ report
Board activities in 2024
The Board had 7 scheduled meetings in 2024. At every Board meeting, the Chief Executive and
Chief Financial Officer report on the safety, operating, and business performance of the Group,
and people, culture and values.
In 2024, the Board reviewed its forward
agenda of matters to be discussed,
considered its constitution, composition, and
performance, and reviewed any new or
amended Group policies. The Board has
ultimate oversight of ESG matters but has
delegated responsibility for certain matters to
the Sustainability Committee.
Set out below are some of the specific matters
that the Board considered during the year.
In February, the Board:
–Reviewed and approved the Group's 2023
full-year results and final shareholder returns,
which had been considered by the Audit &
Risk Committee.
–Approved the Group’s 2024 Funding Plan.
–Approved a proposal for the Group to
manage the rehabilitation of Energy
Resources of Australia’s Ranger Project
Area.
–Approved a proposal that New Zealand
Aluminium Smelters sign 20-year
electricity arrangements.
–Considered an update on the renewable
power purchase agreements in
Queensland to support the repowering of
Boyne Smelters Limited.
–Approved an agreement to support the
future environmental rehabilitation and
remediation of the Gardanne industrial
complex.
–Approved notice to proceed for the
development of the Simandou high-grade
iron ore deposit in Guinea.
–Considered an update on the
Jadar Project.
–Received updates on compliance:
program developments, effectiveness,
risks, and business integrity myVoice
insights.
In April, the Board:
–Discussed a report covering the Group’s
progress on cultural change.
–Considered Board succession planning.
–Reviewed detailed reports on lithium
and exploration.
–Received an update on the Simandou
project.
In May, the Board:
–Approved an updated delegated authority
framework.
–Discussed a progress update on the
Everyday Respect Report.
–Approved the 2023 Modern Slavery
Statement.
In July, the Board:
–Discussed an update on the Group’s
culture, results and insights from the
People Survey, and the Everyday
Respect Progress Review.
–Reviewed an update on asset
management performance.
–Considered a summary of key risks to the
Simandou project and mitigation actions.
–Approved the Group’s 2024 half-year
results statement and interim shareholder
returns, which had been considered by the
Audit & Risk Committee.
–Approved the Boyne Smelters Limited
energy strategy.
–Reviewed an Ethics and Compliance, and
Business Conduct Office update.
–Approved the mid-year confirmation of
material risks.
In September, the Board:
–Discussed an update on the Jadar Project
and committed to continue to engage the
community and other stakeholders on a
fact-based dialogue about the Project.
–Considered an update regarding the
Energy Resources of Australia Ranger
rehabilitation project.
In October, the Board:
–Received and considered an overview of
the Arcadium Lithium business and an
update on the transaction process.
–Discussed the outcomes of the Everyday
Respect Progress Review.
–Received a progress update on the
development of the 2025 Climate
Action Plan.
In December, the Board:
–Met stakeholders, customers and suppliers
in Montreal.
–Visited Matalco, aluminium operations in
Saguenay-Lac-Saint-Jean, and Rio Tinto
Iron & Titanium Quebec Operations Sorel-
Tracy plant.
–Approved a proposal for $2.5 billion to
expand the Rincon project in Argentina.
–Considered an assessment of the Group’s
material risks, associated controls, and
management responses deployed in 2024.
–Approved the Group’s 2025 Annual Plan.
–Discussed initial results from the annual
Board evaluation.
Strategy and risk
The Board holds dedicated two-day strategy
sessions each year as part of the May and
October Board meetings. A high-level
summary of the main themes discussed
is below:
May
–The global strategic context, including the
division of markets and supply chain
challenges, and the Group’s core projects
in this context.
–The evolution of the Group’s strategy and
opportunities for value creation.
–Analysis of the industry structure and
drivers of change for products.
–Global energy markets and long-term
dynamics.
–Opportunities to simplify.
October
–Delivery against the Group’s strategic
objectives and the way forward.
–Processes standardisation, simplification,
and continuous improvement.
–Detailed reviews of the strategies for the
iron ore, copper, and aluminium product
groups.
–Learnings and levers regarding the
objective to become Best Operator.
How the Board monitors culture
The Board monitors the Group’s culture by receiving regular updates
from the Executive Committee and management. They monitor
progress of the implementation of the recommendations of the
Everyday Respect Report, review data from the myVoice confidential
whistleblowing program and twice-yearly People Survey results, and
receive a quarterly report on the Group’s cultural journey.

| For more information on how the Board monitors culture and engages with our people, see page 106.

Annual Report on Form 20-F 2024 | 110 | riotinto.com

Directors’ report
Evaluating our performance
This year, the Board’s annual performance evaluation was led internally. This aligns with the
corporate governance principles for both the UK and Australia.
Every 3 years, we engage a professional
external adviser to undertake an
independent evaluation of the Board’s
effectiveness, and, in 2023, Jan Hall, of
business advisory company No.4, carried
this out. This external evaluation took an in-
depth look at Board dynamics and how the
Board operated. The Board agreed actions
for improvement from this evaluation, which
were detailed in our 2023 Annual Report and
we have worked to implement these during
2024.
The objectives of the 2024 internal
evaluation were then to:
1)Assess progress against the actions from
the 2023 external evaluation, and
determine if more work is needed to close
these out.
2)Understand where the Board is doing well
and where improvements could be made,
taking into account 2023’s detailed
review.
3)Set a benchmark against which
effectiveness can be assessed in
future years.
How the 2024 evaluation worked
All Board members completed an
anonymous questionnaire that looked at:
–progress against the specific actions from
the 2023 evaluation
–the performance of the Board during
the year
–the performance of its committees
–feedback on the performance of the Chair
and individual Directors.
In addition to the questionnaire, each
Director had an externally facilitated
interview to capture deeper and more
nuanced feedback on board effectiveness.
What the evaluation found
The evaluation concluded that the Board and
its Committees were working well, and that
the performance of the Chair and individual
Directors was effective.
The consensus from the questionnaire and
the interviews was very positive. Feedback
noted the improvement over the year in
terms of structuring the Board’s agendas and
papers to allow more time to be focused on
discussion and on material strategic topics.
The external evaluation in 2023 had
identified this as an improvement area. There
was agreement however that further
improvement is required, and work will be
undertaken on the format of the Board’s
materials to ensure they allow the Board to
consider matters in a focused and
concise way.
With a number of newly appointed Directors,
the Board spent 2 dedicated sessions in
2024 on team dynamics and accelerating the
process of getting to know one another more
deeply. The evaluation results reflected that
these sessions were considered very
valuable and will be repeated.
The Non-Executive Directors, led by the
Senior Independent Director, are responsible
for the performance evaluation of the Chair
and met separately in 2024 to discuss this.
The externally facilitated interview process
also captured feedback on the Chair and
Directors, all of whom were considered to be
performing efficiently.

Directors’ attendance at scheduled Board and committee meetings during 2024 1

| Committee Appointments | Board | Audit & Risk | Nominations | People & Remuneration | Sustainability
Chair and Executive Directors |  |  |  |  |  |
Dominic Barton |  | 7/7 |  | 2/2 | 5/5 | 4/4
Jakob Stausholm |  | 7/7 |  |  |  |
Peter Cunningham |  | 7/7 |  |  |  |
Non-Executive Directors |  |  |  |  |  |
Dean Dalla Valle |  | 7/7 |  | 2/2 | 5/5 | 4/4
Simon Henry |  | 7/7 | 6/6 | 2/2 |  |
Kaisa Hietala 4,8 |  | 7/7 | 4/4 | 2/2 |  | 4/4
Sam Laidlaw 11 |  | 7/7 |  | 2/2 | 5/5 | 3/4
Susan Lloyd-Hurwitz 2,8 |  | 7/7 |  | 2/2 | 4/5 |
Simon McKeon - retired 2 May 2024 3 |  | 3/3 | 2/2 | 2/2 | 2/2 |
Martina Merz - joined 1 February 2024 7,8 |  | 7/7 |  | 2/2 |  | 2/2
Jennifer Nason 8,12 |  | 7/7 |  | 2/2 | 5/5 |
Joc O’Rourke 4,8,10 |  | 7/7 | 4/4 | 2/2 |  | 2/2
Sharon Thorne - joined 1 July 2024 5 |  | 4/4 | 3/3 |  |  |
Ngaire Woods 9 |  | 7/7 |  | 2/2 | 2/2 | 4/4
Ben Wyatt 6,8 |  | 7/7 | 6/6 | 2/2 | 3/3 |

1.In addition to the scheduled meetings of the Board and Committees for 2024, in order to attend to urgent matters, 2 ad hoc meetings of the Board were convened. Other than as expressly
noted below, these meetings were attended by each member of those committees.
2.Susan Lloyd-Hurwitz was unable to attend a meeting of the People & Remuneration Committee in February due to medical reasons.
3.Simon McKeon stepped down from the Board with effect from 2 May 2024.
4.Kaisa Hietala and Joc O'Rourke became members of the Audit & Risk Committee with effect from 1 June 2024.
5.Sharon Thorne became a member of the Audit & Risk Committee with effect from 1 July 2024.
6.Ben Wyatt became a member of the People & Remuneration Committee with effect from 1 June 2024.
7.Martina Merz became a member of the Sustainability Committee with effect from 1 June 2024.
8.Kaisa Hietala, Susan Lloyd-Hurwitz, Martina Merz, Jennifer Nason, Joc O'Rourke and Ben Wyatt ceased to be members of the Nominations Committee with effect from 31 May 2024.
9.Ngaire Woods ceased to be a member of the People & Remuneration Committee with effect from 31 May 2024.
10.Joc O'Rourke ceased to be a member of the Sustainability Committee with effect from 31 May 2024.
11.Sam Laidlaw was unable to attend a meeting of the Sustainability Committee in December due to a pre-existing commitment.
12.Jennifer Nason became a member of the Audit & Risk Committee with effect from 17 February 2025.
Board committee membership key

| Committee Chair |  | People & Remuneration Committee
| Audit & Risk Committee |  | Sustainability Committee
| Nominations Committee |  |

Annual Report on Form 20-F 2024 | 111 | riotinto.com

Directors’ report
Nomination s Committee report
The Nominations Committee ensures appointments to the Board are subject to a formal,
rigorous and transparent procedure, and oversees succession planning for the Board and
senior management.
As we reported last year, the size of the
Board peaked at 14 Directors as we retained
the expertise and experience of our longer-
serving Directors during a transitional period
as newer Directors familiarised themselves
with the Group. This transitional phase is
now largely concluded so we will make the
following changes to the Board during 2025.
With effect from the conclusion of the Rio
Tinto Limited annual general meeting in May
2025, Sam Laidlaw will step down as a
Director of the Company. Sam was
appointed to the Board in February 2017 and
has served as Chair of our People &
Remuneration Committee and as the Senior
Independent Director. I would like to express
my sincere thanks to Sam, on behalf of the
Board, for his outstanding contribution to Rio
Tinto. Ben Wyatt will succeed Sam as Chair
of the People & Remuneration Committee.
Sharon Thorne will become our Senior
Independent Director.
In the second half of 2025, Simon Henry will
step down as a Director. Simon was
appointed to the Board in April 2017 and has
served as Chair of the Audit & Risk
Committee since May 2019. We are grateful
to Simon for his invaluable contribution to the
Group. Sharon Thorne will succeed Simon
as Chair of the Audit & Risk Committee.
Kaisa Hietala will also step down as a
Director with effect from the conclusion of the
Rio Tinto Limited annual general meeting in
May 2025. The recent growth in our lithium
business has increasingly created potential
conflicts of interest with Kaisa’s non-
executive directorship with Exxon Mobil. Out
of an abundance of caution, Kaisa has
offered to resolve this potential conflict by
stepping down from the Rio Tinto Board.
Kaisa has been a very welcome and
valuable addition to the Board since her
appointment in March 2023, and her
guidance on energy transition and business
transformation in particular have contributed
significantly and insightfully to our
discussions.
While she will be greatly missed, we have
accepted the decision to step down and wish
Kaisa well for the future.
Dominic Barton
Nominations Committee Chair
19 February 2025

Board induction
Following a significant refresh of our Board
through 2023 and 2024, we reviewed our
induction process and made improvements
to make it more efficient and tailored to the
interests and requirements of each new
D irector so that they can quickly build an
understanding of Rio Tinto, our markets
and stakeholders.
The induction aims to add greater depth
to Directors’ existing knowledge of the
company, enabling them to become more
effective members of the Board as quickly as
possible. Initially this can be achieved
through access to written information, which
is provided on appointment. The Company
Secretary then works with the Director to
build a focused set of engagements with
leadership and management to allow for
discussion on key topics and further
information to be provided. Specific briefings
are often included as part of the regular
teach-in sessions that are provided for the
Board.
The induction typically takes several months
and the Company Secretary works closely
with the Director to ensure it is relevant. Site
visits are important to our induction process
and this year Dean Dalla Valle, Susan Lloyd-
Hurwitz and Joc O’Rourke visited Kennecott,
Martin Merz and Joc O’Rourke travelled to
Yarwun and QAL, and Sharon Thorne visited
our aluminium operations in Saguenay-Lac-
Saint-Jean. Our new Directors also v isited
Matalco and Rio Tinto Iron & Titanium Quebec
Operations’ Sorel-Tracy plant.

| For more information about our new Non- Executive Directors, see the Board biographies on pages 102-103.

Nominations Committee
members 1,2

Dominic Barton (Chair) | Sam Laidlaw
Dean Dalla Valle | Ngaire Woods
Simon Henry |

1.Simon McKeon was a member of the Committee until his
retirement from the Board on 2 May 2024.
2.Kaisa Hietala, Susan Lloyd-Hurwitz, Martina Merz,
Jennifer Nason, Joc O’Rourke and Ben Wyatt stepped
down from the Nominations Committee on 31 May 2024.
Length of tenure of
Non-Executive Directors

l | 0-3 years: 7
l | +3-6 years: 3
l | +6-9 years: 2

Annual Report on Form 20-F 2024 | 112 | riotinto.com

Directors’ report | Nominations Committee report
Our key responsibilities
The purpose of the Nominations Committee
is to review the composition of the Board.
The Committee leads the process for
appointments, making recommendations to
the Board as part of succession planning for
Non-Executive Directors. It also approves
proposals for appointments to the
Executive Committee.
Membership of the Committee
The members of the Committee are all
independent Non-Executive Directors, and
their biographies can be found on
pages 102-103.
The Chief Executive and the Chief People
Officer are invited to attend all or part of
meetings, as appropriate. The Committee is
chaired by the Chair of the Board, unless the
matter under consideration relates to the role
of the Chair.
The Committee had 2 formal meetings in
2024. Attendance at the formal meetings is
included in the table on page 110.
Appointments to the Board –our policy
We base our appointments to the Board on
merit, and on objective selection criteria, with
the aim of bringing a range of skills,
knowledge and experience to Rio Tinto.
This involves a formal and rigorous process
to source strong candidates from diverse
backgrounds, and conducting appropriate
background and reference checks on the
shortlisted candidates. We aim to appoint
people who will help us address the
operational and strategic challenges and
opportunities facing the company and ensure
that our Board is diverse in terms of
experience, gender, nationality, social
background and cognitive style. As such, we
engage only recruitment agencies that are
signed up to the Voluntary Code of Conduct
on diversity best practice.
We believe that an effective Board combines
a range of perspectives with strong
oversight, combining the experience of
Directors who have developed a deep
understanding of our business over several
years with the fresh insights of newer
appointees. We aim for the Board’s
composition to reflect the global nature of our
business - we currently have 8 different
nationalities (including dual nationalities) on
a Board of 14.
The Committee engaged Spencer Stuart to
support the search for our new Non-Executive
Directors, Martina Merz and Sharon Thorne.
The Committee is satisfied that Spencer Stuart
does not have any connections with the
company or individual Directors that may impair
their independence.
When recruiting gove rnment or former
government officials to join the Rio Tinto Board,
we comply with any restrictions and obligations
existing pursuant to relevant laws and
regulations, including with respect to
confidentiality, lobbying and conflicts of interest.
The key skills and experience of our Board are
set out on this page of the report.
Diversity
The Board recognises that it has a critical
role to play in creating an environment in
which all contributions are valued, different
perspectives are embraced, and biases are
acknowledged and overcome. The Board
shares ownership with the Executive
Committee of the Group’s Respect, Inclusion
& Diversity Policy, which can be found at
riotinto.com/policies.
The proportion of women on the Board is
currently 43% (6 women and 8 men). As at
the date of this report, we do not currently
meet the UK Listings Rules target to have a
female Chair, Chief Executive, Chief
Financial Officer or Senior Independent
Director, however effective 1 May 2025 we
will meet this target when Sharon Thorne
becomes Senior Independent Director.
The Group has continued to set measurable
gender diversity objectives for the
composition of senior leadership and
graduate intake and achievement of these
targets contributes to the variable
remuneration of senior exec utives. Progress
on diversity is shown in the Our approach to
ESG section on page 34, whe re we show a
breakdown by seniority.
The number of Directors who identify
themselves as being from an ethnic
background is one (Ben Wyatt), aligned to
the objectives of The Parker Review in
the UK.
For further information on the gender and
ethnic diversity of the Board and Executive
Committee please see page 148 of the
Additional statutory disclosure section.

| Progress on diversity is shown in the Talent, diversity and inclusion section on pages 78-80.

Skills and experience of the Chair and Non-Executive Directors

Skills and experience | Some experience | Extensive experience | Total
Chief Executive experience Chief Executive-level experience of a major corporation | 3 | 5 | 8
Chief Financial Officer and audit experience Experience in financial accounting and reporting, corporate finance, internal controls, treasury and associated risk management | 3 | 2 | 5
Mining and broader industrial operations Senior executive experience in a large, global mining or industrial organisation | 1 | 5 | 6
Major projects Experience in developing large-scale, long-cycle capital projects | 5 | 5 | 10
Corporate governance Experience on the Board of a major quoted corporation subject to rigorous corporate governance standards | 1 | 9 | 10
Global experience, including multinational and geopolitical experience Experience working in multiple global locations, exposed to a range of cultural, business, regulatory and political environments and/or in-depth understanding of public policy and government relations | 1 | 9 | 10
Relevant country/regional expertise Knowledge of countries or regions of strategic relevance to the Group | 7 | 1 | 8
Downstream customer markets Understanding of value chain development, including consumers, customers and marketing demand drivers | 5 | 3 | 8
ESG Experience of issues associated with environmental and social responsibility, including communities and social performance, government relations, workplace health and safety and stakeholder engagement | 6 | 6 | 12
Energy transition Knowledge and experience of managing climate-related threats and opportunities including climate science, the low-carbon transition and public policy | 8 | 1 | 9
Industrial technology and innovation Experience of nurturing and harnessing research, development and innovation, including digital technology and cybersecurity | 5 | 2 | 7
Mergers and acquisitions and private equity/investing Experience of mergers, acquisitions, disposals, joint ventures, private equity and investing | 7 | 1 | 8

Annual Report on Form 20-F 2024 | 113 | riotinto.com

Directors’ report
Audit & Risk Committee report
The Committee supports the Board in discharging its governance responsibilities and oversees
the integrity of the Group’s financial reporting and associated narrative statements.
The Committee undertakes a regular
schedule of work each year. It discusses and
oversees the significant issues of judgement
relating to the financial statements. We
reviewed the new standards and
amendments applicable for the year to
understand how these would be
implemented by the Group. We also
undertook a forward-looking analysis of
amendments to standards that have been
issued, but are not yet effective. The
Committee works with management and the
external auditors to understand and agree
how these will be applied.
The Committee considered the Group’s
internal controls of financial reporting for the
Sarbanes-Oxley Act (SOX). It also looked at
the internal process in place that will allow
the Board to meet the requirement of the
new UK Corporate Governance Code, with
regard to the effectiveness of internal
controls.
This year the Committee considered the
steps that are being taken to implement a
“Material Control and Assurance Plan” to
address the requirements of the new UK
Corporate Code Provision 29, effective
1 January 2026. This is a top-down, risk-led
methodology to support the new disclosures
required with effect from the 2026 financial
year. We aim to achieve a proportionate and
practical response to the new declaration,
and key to this is the identification of
“material controls”. The foundation of the
work we undertook was looking at the
definition of material control, and we have
worked with peers, accountancy firms and
our auditors to understand emerging best
practice in this area of corporate governance.
We have an existing SOX program and have
therefore considered the interaction between
the two, ensuring that the frameworks are
complementary. Throughout 2025, the team
will review the mapping of controls to
material risks and the Committee have
oversight of this process.
In 2024, the Committee, together with the
Sustainability Committee, have continued to
follow the landscape of environmental, social
and governance (ESG) reporting
requirements. This year we are adopting
new climate disclosures in our reporting, and
we are aiming to align with IFRS S2 on
climate-related disclosures. We think this will
place us in a good position for future years
when reporting becomes mandatory.
I have appreciated the support I have
received from my fellow Committee
members this year. In particular I would like
to thank Simon McKeon for the insight and
challenge that he brought as a member of
the Audit & Risk Committee. The
membership of the Committee was reviewed
following Simon’s departure and as part of
the planned refreshment of the Board.
I am pleased that Kaisa Hietala,
Joc O’Rourke and Sharon Thorne joined the
Committee in 2024. Jennifer Nason
also joined the Committee with effect from 17
February 2025. This has brought depth to the
Committee both in number of members and
the range of experience
each Director brings.
I trust you find this report a useful account of
the work of the Committee during the year.
Simon Henry
Audit & Risk Committee Chair
19 February 2025
Audit & Risk Committee
members 1,2,3,4

Simon Henry (Chair) | Joc O’Rourke
Kaisa Hietala | Sharon Thorne
Jennifer Nason | Ben Wyatt

1.Simon McKeon stepped down from the Board on 2 May
2024.
2.Joc O'Rourke and Kaisa Hietala joined the Committee on
1 June 2024.
3.Sharon Thorne joined the Committee on 1 July 2024.
4.Jennifer Nason joined the Committee on 17 February 2025.
Membership
The members of the Committee are all
independent Non-Executive Directors, and
their biographies can be found on
pages 102-103. The Chair of the Board is not
a member of the Committee.
As Rio Tinto’s securities are listed in
Australia, the UK and the US, we follow the
regulatory requirements and best practice
governance recommendations for audit
committees in each of these markets.
Australian listing requirements
In Australia, the members, and the
Committee as a whole, meet the
independence requirements of the Australian
Securities Exchange (ASX) Principles.
Specifically, the Committee members
between them have the accounting and
financial expertise, and a sufficient
understanding of the industry in which the
company operates, to be able to discharge
the Committee’s mandate effectively.
UK listing requirements
In the UK, the members meet the
requirements of the Financial Conduct
Authority’s (FCA) Disclosure Guidance and
Transparency Rules, and the provisions of
the UK Corporate Governance Code relating
to audit committee composition. Simon
Henry, the Chair of the Committee, and
Sharon Thorne are considered by the Board
to have recent and relevant financial
experience.
Simon Henry, Kaisa Hietala and
Joc O’Rourke have extensive experience in
the natural resources sector. Ben Wyatt and
Jennifer Nason have gained experience in
the mining sector by serving on the Board
and through regular site visits, reports and
presentations. Sharon Thorne has
undertaken site visits and teach-ins as part of
her induction programme. The Committee as
a whole has competence relevant to the
sector in which the company operates.
The Committee complies with the Audit
Committees and the External Audit: Minimum
Standard.
US listing requirements
In the US, the requirements for the
Committee’s composition and role are set out
in the Securities and Exchange Commission
(SEC) and New York Stock Exchange
(NYSE) rules. The members of the
Committee meet the independence
requirements set out under Rule 10A-3 of the
US Exchange Act and under Section 303A of
the NYSE Listed Company Manual. The
Board has designated Simon Henry as an
“audit committee financial expert”. The Board
also believes that the other members of the
Committee are financially literate by virtue of
their wide business experience.

Annual Report on Form 20-F 2024 | 114 | riotinto.com

Directors’ report | Audit & Risk Committee report
Committee remit
The Committee’s objectives and responsibilities
are set out in our Terms of Reference
(see riotinto.com/corporategovernance).
These follow the relevant best practice
recommendations in Australia, the UK
and the US.
Our main duties
Financial reporting – we review the key
judgements needed to apply accounting
standards and to prepare the Group’s
financial statements. We also review the
narrative reporting that goes with them, with
the aim of maintaining integrity in the Group’s
financial reporting. And we monitor
exclusions made in deriving alternative (non-
GAAP) (Generally Accepted Accounting
Principles) performance measures such as
underlying earnings.
–External audit: We oversee the
relationship with the external auditors and
review all the non-audit services they
provide and their fees, to safeguard the
auditors’ independence and objectivity.
We also assess the effectiveness of the
external audit and, when necessary, carry
out a formal tender process to select
new auditors.
–Framework for internal control and
risk management: We monitor the
effectiveness of the Group’s internal
controls, including those over financial
reporting. We also oversee the Group’s
risk management framework.
–Group Internal Audit (GIA): We oversee
the work of GIA and its head, who reports
functionally to the Committee Chair.
–Mineral Resources and Mineral
Reserves: We oversee the reporting and
assurance of Mineral Resources and
Mineral Reserves, and consider the
impact on financial reporting.
–Distributable reserves: We provide
assurance to the Board that distributable
reserves are sufficient, and in the correct
corporate entities, to support any
dividend proposals.
These duties feed into an annual work plan
that ensures we consider issues on a timely
basis. The Committee has authority to
investigate any matters within its remit. We
have the power to use any Group resources
we may reasonably require, and we have
direct access to the external auditors. We
can also obtain independent professional
advice at the Group’s expense, where we
deem necessary. No such advice was
required during 2024.
The Committee Chair reports to the Board
after each meeting on the main items
discussed, and the minutes of Committee
meetings are circulated to the Board.
We had 6 Committee meetings in 2024.
Attendance at these meetings is included in
the table on page 110. The Committee has
met twice to date in 2025.
The Chair of the Board, the Chief Financial
Officer, the Group Financial Controller and
the heads of GIA and Risk regularly attend
Committee meetings, as does the Chief
Legal Officer, Governance & Corporate
Affairs. Other senior executives and subject-
matter experts are invited as needed.
The external auditors were present at all of
the Committee meetings during the year. The
auditors review all materials on accounting or
tax matters in advance of each meeting, and
their comments are included in the papers
circulated to Committee members. The audit
partners also meet with the Committee Chair
ahead of each meeting to discuss key issues
and raise any concerns.
The Committee meets regularly in private
sessions. We also hold regular private
discussions with the external auditors.
Management does not attend these
sessions. The Committee Chair also has
regular contact and discussions with these
stakeholders outside the formal meetings.
Use of Committee meeting time
in 2024

l | Financial reporting: 40%
l | Internal control and risk management: 25%
l | External audit: 15%
l | Internal audit: 15%
l | Governance: 5%

Other focus areas in 2024
In addition to the scheduled workload, the
Committee also:
–Received an update on internal projects
to simplify how we work. This included the
transition to the HR IT platform Workday
and the Future Finance project, which is
standardising, simplifying and automating
our financial processes and controls.
–Received an update on the development
of the framework that will be used to
determine Material Controls, the testing
approach and the 2025 milestones.
–After a robust process, in early 2025,
recommended to the Board that the draft
2024 Annual Report should be taken as
whole, fair, balanced and understandable.
–Reviewed the quality and effectiveness of
the Group’s internal control and risk
management systems. This review
included the effectiveness of the Group’s
internal controls over financial reporting,
and the Group’s disclosure controls and
procedures in accordance with sections
404 and 302 of the US Sarbanes-Oxley Act
2002. The Committee also considered
reports from GIA and KPMG on their work
in reviewing and auditing the control
environment.
–The Committee considered cyber risk at
the December meeting. This included the
external threat landscape and the
defences, processes and response
capabilities in place to manage risk.
Significant issues relating to financial statements
There were 4 significant issues considered by the Committee in relation to the financial statements.

Matters considered | Conclusion
Review of carrying value of cash-generating units and impairment charges/ reversals | The Committee assessed management’s determination of cash-generating units, review of impairment triggers, and consideration of potential impairment charges and reversals over the course of the year. The key assets discussed included Rio Tinto Kennecott, where the revised mine plan was identified as an impairment trigger and, following the impairment test, management concluded that the carrying value remained supportable, and in Pacific Aluminium where decarbonisation activities resulted in an impairment charge for Queensland alumina refinery.
Application of the policy for items excluded from underlying earnings and underlying EBITDA | The Committee reviewed the Group’s policy for exclusion of certain items from underlying earnings and confirmed the consistent application of this policy year on year. The pre-tax items excluded from underlying earnings comprised charges of $0.8 billion and income of $1.5 billion. A reconciliation of net earnings to underlying earnings is presented in the Alternative Performance Measures section.
Estimate for provision for closure, restoration and environmental obligations | The Committee reviewed the significant changes in the estimated provision for closure, restoration and environmental obligations by product group and Rio Tinto Closure. The Committee received updates on the closure studies completed in the period and reviewed economic assumptions assessed by management, including changes to the discount rate.
Climate change | The Committee received an overview of the work that management is undertaking in relation to climate change and the potential financial reporting implications thereof. The Committee reviewed the accounting for long-term renewable power purchase agreements entered into during the period and the climate change disclosure in the Annual Report, with particular emphasis on the impact to impairment charges and the related disclosure of sensitivities.

Annual Report on Form 20-F 2024 | 115 | riotinto.com

Directors’ report | Audit & Risk Committee report
Climate change-related
financial reporting
The Directors have considered the relevance
of the risks of climate change and transition
risks associated with achieving the goals of
the Paris Agreement when preparing and
signing off the Company’s accounts.
The narrative reporting on climate-related
matters is consistent with the accounting
assumptions and judgements made in this
report. The Audit & Risk Committee reviews
and approves all material accounting
estimates and judgements relating to
financial reporting, including those where
climate issues are relevant. The Group’s
approach to climate change is supported by
strong governance, processes
and capabilities.
This year, we updated the scenario
framework used to assess the resilience of
our business under different transition-
related scenarios. Conviction scenario is now
our central case. It underlies strategic
planning across the Group, is used in
commodity price forecasts, valuation models,
reserves and resources determination, and
in determining estimates for assets and
liabilities in our financial statements,
including impairment testing, estimating
remaining economic life, and discounting
closure and rehabilitation provisions.
Resilience scenario is our sensitivity analysis
designed to test our annual plan and
investment proposals.
N either of the Conviction or Resilience
scenarios above are consistent with the
expectation of climate policies required to
accelerate the global transition to meet the
stretch goal of the Paris Agreement. Despite
global agreements on climate change reached
in Glasgow and Dubai, emissions today
continue to rise, making the 1.5°C goal of the
Paris Agreement unlikely to be achieved. As our
operational emissions targets are in line with
1.5°C, so too are our decarbonisation
investment decisions. In 2022, we developed a
Paris-aligned scenario, referred to as the
Aspirational Leadership scenario, which
helps us better understand the pathways to
meet the Paris Agreement goal, and what
this could mean for our business.
Overall, based on our internally developed
pricing outlooks, we do not envisage a material
adverse impact of the 1.5°C Paris Agreement-
aligned sensitivity on asset carrying values,
remaining useful life, closure and rehabilitation
provisions for our Group.
During the year, the assessment performed
under the Physical Resilience Programme,
together with our ongoing review processes,
including impairment assessments, did not
identify any material accounting impacts as a
consequence of the physical risks associated
with climate change.
For more information on climate change
impact on our Group, see our 2025 Climate
Action Plan on pages 41 to 75 in this report.
Contact with financial regulators
during 2024
During the year, the Company did not
receive any formal correspondence from
financial regulators.
External auditors
Engagement of the external auditors
For the 2024 financial year, KPMG served as
our auditors. Their appointment was
approved by shareholders at our AGMs in
2024. The UK entity of KPMG audits
Rio Tinto plc, and the Australian entity audits
Rio Tinto Limited. The UK audit engagement
partner, Jonathan Downer, was appointed in
March 2021 and the Australian partner,
Trevor Hart, was appointed in 2020. Graham
Hogg will replace Trevor Hart for the 2025
audit. This is a planned partner rotation, in
line with the requirements of the Australian
Accounting Professional & Ethics Standards
Board and SEC requirements.
We agreed on the scope of the auditors’
review of the half-year accounts, and of their
audit of the full-year accounts, taking into
consideration the key risks and areas of
material judgement for the Group. We also
approved the fees for this work and the
engagement letters for the auditors.
The Group has fully complied with the
Statutory Audit Services Order.
Safeguarding independence and
objectivity, and maintaining effectiveness
In our relationship with the external auditors,
we need to ensure that they retain their
independence and objectivity, and are
effective in performing the external audit.
Use of the external auditors for
non-audit services
The external auditors have significant
knowledge of our business and of how we
apply our accounting policies. That means it
is sometimes cost-efficient for them to
provide non-audit services. There may also
be confidentiality reasons that make the
external auditors the preferred choice for a
particular task.
However, safeguarding the external auditors’
objectivity and independence is an overriding
priority. For this reason, and in line with the
Financial Reporting Council’s (FRC) Ethical
Standard and the SEC independence rules,
the Committee ensures that the external
auditors do not perform any functions of
management, undertake any work that they
may later need to audit or rely upon in the
audit, or serve in an advocacy role for
the Group.
We have a policy governing the use of
the auditors to provide non-audit services.
The cap on the total fees that may be paid to
the external auditors for non-audit services in
any given year is 70% of the average of the
audit fees for the preceding 3 years. This is
in line with the FRC’s Ethical Standard. Non-
audit assignments fall into 2
broad categories:
–Audit, audit-related or other
“pre-approved” services where we
believe there is no threat to auditors’
independence and objectivity, other than
through the fees payable.
–Other services approved under
delegated authority.
We apply different approval regimes to these
areas of work. Approval of “pre-approved”
services is as follows:
–Up to $50,000: subject to prior notification
to management, this work can be
awarded.
–From $50,001 to $100,000: requires the
Chief Financial Officer’s approval.
–Over $100,000 and with a tender
process: if the external auditors are
successful in the tender, the appointment
requires the Chief Financial Officer’s
approval.
–From $100,001 to $250,000 without a
tender process: requires the Chief
Financial Officer’s approval.
–Over $250,000 without a tender process:
requires the Committee’s or Committee
Chair’s approval.
In each case, the nature of the assignment
and the fees payable are reported to
the Committee.
The Chief Financial Officer can approve
other services up to the value of $50,000 and
an aggregate value of no more than
$100,000. Fees exceeding $100,000 in
aggregate require approval from the
Committee or the Committee Chair.
At the half-year and year-ends, the Chief
Financial Officer and the external auditors
report to the Committee on non-audit
services performed and the fees payable.
Individual services are also reported to the
Committee at each meeting that have either
been approved since the previous meeting,
or that require approval for commencement
following the meeting.
Non-audit services provided by KPMG in
2024 were either within the predetermined
approval levels or approved by the
Committee and were compatible with the
general standard of independence for
auditors and the other requirements of the
relevant regulations in Australia, the UK and
the US regulations.
Fees for audit and non-audit services
The amounts payable to the external
auditors, in each of the past 2  years, were:

| 2024 $m | 2023 $m
Audit fees | 28.1 | 26.6
Non-audit service fees: |  |
Assurance services | 5.2 | 4.1
All other fees | 0.2 | 0.1
Total non-audit service fees | 5.4 | 4.2
Non-audit: audit fees (in-year) | 19% | 16%

For further analysis of these fees, please see
note 38 on page 228.
None of the individual non-audit assignments
was significant, in terms of either the work
done or the fees payable. We have reviewed

Annual Report on Form 20-F 2024 | 116 | riotinto.com

Directors’ report | Audit & Risk Committee report
the non-audit work in aggregate. We are
satisfied that neither the work done, nor the
fees payable, compromised the
independence or objectivity of KPMG as our
external auditors.
No person who served as an officer of
Rio Tinto during 2024 was a Director or
partner of KPMG at a time when they
conducted an audit of the Group.
Effectiveness of the external auditors
We review the effectiveness of the external
auditors annually. We consider the results of
a survey containing questions on the
auditors’ objectivity, quality and efficiency.
The survey, conducted in June 2024, was
completed by a range of operational and
corporate executives across the business,
and by Committee members.
We are satisfied with the quality and
objectivity of KPMG’s 2023 audit.
Audit Quality Review
As part of the annual inspection of audit
firms, the Audit Quality Review (‘AQR’) team
of the Financial Reporting Council (‘FRC’)
reviewed KPMG’s audit of the Group
accounts for the year ended 31 December
2023. The AQR routinely monitors the quality
of audit work of certain UK audit firms
through inspections of sample audits and
related procedures, at individual audit firms.
The Committee and KPMG LLP have
discussed the report, which included a
number of good practice observations.
Overall, the result of the review raised no
issues which caused doubt on the quality of
our external audit and the Committee
remains satisfied with the efficiency and
effectiveness of the external audit.
Appointment of the auditors
The Committee has reviewed the
independence, objectivity and effectiveness
of KPMG as external auditors in 2024
and in the year to date. We have
recommended to the Board that KPMG
should be retained in this role for 2025,
which the Board supports.
KPMG have indicated that they are
willing to continue as auditors of Rio Tinto.
A resolution to reappoint them as auditors of
Rio Tinto plc will be proposed as a joint
resolution at the 2025 AGMs, together with a
separate resolution seeking authority for the
Committee to determine the external
auditors’ remuneration.
Subject to the approval of the above
resolution, KPMG will continue in office as
auditors of Rio Tinto Limited.
Risk management and internal controls
We review Rio Tinto’s internal control
systems and the risk management
framework. We also monitor risks falling
within our remit, including those relating to
the integrity of financial reporting. A summary
of the business’s internal control and risk
management systems, and of the risk factors
we face, is available in the Strategic report
on pages 88-98.
Importantly, responsibility for operating and
maintaining the internal control environment
and risk management systems sits with
leaders who are in the best position to
address them, while offering support to them
via Centres of Excellence and Areas of
Expertise. Leaders of our businesses and
functions are required to maintain adequate
internal controls, to verify that these are
operating effectively and are designed to
identify any failings and weaknesses that
may exist, and that any required actions are
taken promptly.
The Audit & Risk Committee also regularly
monitors our risk management and internal
control systems (including internal financial
controls). We aim to have appropriate
policies, standards and procedures in place,
and ensure that they operate effectively.
As part of considering the risk management
framework, the Committee receives
regular reports from the Group Financial
Controller, the Chief Legal, Governance
& Corporate Affairs Officer, the Head of Risk,
the Head of Group Internal Audit (GIA) and
the Head of Tax on material developments
including with respect to the legal, regulatory
and fiscal landscape in which the
Group operates.
The Board, supported by the Audit & Risk
Committee, has completed its annual review
of the effectiveness of our risk management
and internal control systems. This review
included consideration of our material
financial, operational and compliance
controls. The Board concluded that the
Group has an effective system of risk
management and internal control.
Internal control over financial reporting
The main features of our internal control and
risk management systems in relation to
financial reporting are explained on
page 151.
Internal audit program structure
GIA provides independent and objective
assurance of the adequacy and
effectiveness of risk management and
internal control systems. It may also
recommend improvements.
While the Head of GIA reports
administratively to the Chief Financial Officer,
appointment to, or removal from, this role
requires the consent of the Audit & Risk
Committee Chair. The Head of GIA is
accountable to the Chairs of the Audit & Risk
and the Sustainability Committees,
and communicates regularly with both.
Our GIA team therefore operates
independently of management. Its mandate is
set out in a written charter, approved by the
Audit & Risk Committee. GIA uses a formal
internal audit methodology that is consistent
with the Institute of Internal Auditors’ (IIA)
internationally recognised standards.
When needed, the team brings in external
partners to help achieve its goals. There is a
clear policy to address any conflicts of
interest, which complies with the IIA’s
standards on independence. This policy
identifies a list of services that need prior
approval from the Head of GIA.
Governance of the annual plan
Each year’s internal audit plan is approved
by the Audit & Risk Committee and the
Sustainability Committee. The plan is
focused on higher-risk areas and any
specific areas or processes chosen by the
committees. It is also aligned with any risks
identified by the external auditors. Both
committees are given regular updates on
progress, including any material findings, and
can refine the plans, as needed.
Effectiveness of the internal audit program
The Audit & Risk Committee monitors
the effectiveness of the GIA function
throughout the year at its meetings. During
2024, the function continued its journey to
mature GIA to a “trusted adviser level” and
embedding the improvements initiated in
2023, demonstrating improvements in the
function’s effectiveness and delivery.
We are satisfied that the quality, experience
and expertise of GIA are appropriate for the
business and that GIA was objective and
performed its role effectively. We are
satisfied that GIA is appropriately resourced.
We also monitored management’s response
to internal audits during the year. We are
satisfied that improvements are being
implemented promptly in response to GIA
findings, and believe that management
supports the effective working of the
GIA function.
Committee effectiveness
The Committee reviews its effectiveness
annually. In 2024, this was accomplished
through an internally-facilitated evaluation of
the Board and its committees.
The performance of the Committee was
highly rated, with no areas of concern raised
and no significant changes recommended.

Annual Report on Form 20-F 2024 | 117 | riotinto.com

Directors’ report
Sustainability Committee report
The Sustainability Committee monitors and supports Rio Tinto’s processes and practices to
ensure we supply the materials the world needs safely and sustainably.
The prevention of fatalities, and the health,
safety and wellbeing of our employees,
contractors and communities, is the
Committee’s first priority. The Committee
also oversees other key sustainability risks,
including in particular our environmental and
social performance risks.
We are deeply saddened by the tragic fatal
events at our managed operations in 2024. In
January, 4 colleagues from our operations at
Diavik and 2 airline crew members lost their
lives in a devastating plane crash near Fort
Smith, Northwest Territories, Canada. And in
October, an employee of a contracting partner
tragically lost his life after he was injured at the
SimFer Port Project, part of the Simandou iron
ore project. The Committee’s sympathies go
out to the families and team members of each
of these colleagues who lost their lives.
Sadly, in 2024 we also saw fatalities more
broadly across our industry, including at the
operations of 2 of our non-managed joint
venture partners.
Our thoughts also remain with the family and
colleagues of a crew member aboard a Rio
Tinto bulk carrier who was reported missing
in December.
These events are a solemn reminder of the
safety risks in our business. We firmly
believe all fatalities are preventable, driving
us to learn from these tragedies and
ensuring we share insights widely to prevent
future events and inform ongoing
improvements to our safety practices.
Following the charter flight incident in
January, while awaiting the outcome of the
official investigation by the Transport Safety
Board of Canada, the Committee oversaw a
review of the Group’s aviation activities and
standards, and a benchmarking of the
Group’s aviation practices against industry
best practi ce.
In addition to reviewing the lessons learned
from these fatalities, the Committee continues
to review potential fatal incidents (PFIs) with
business leaders to share important lessons
from these events across the Group. In 2024,
the Committee undertook closer analysis of
PFIs involving an exchange of energy, with
major contributors to these incidents including
falling objects, vehicles and driving, and
contact with electricity.
Critical risk management also continues to be
a key fatality elimination tool, helping to ensure
critical controls are in place and operating
effectively where there is a critical risk of
fatality. And the Committee continues to review
the progress through our safety maturity
model, which is a key tool for supporting and
enhancing our safety culture.
In 2024, the Committee strengthened its
focus by dedicating a meeting to each of the
3 key themes in its scope: health and safety
(including fatality prevention); environment
(including closure); and social performance
(including human rights and Indigenous
Peoples). A fourth meeting received
presentations from each of the product group
Chief Executives, our Chief Commercial
Officer, and our Chief Technical Officer on
the key sustainability and operational risks,
opportunities, trends and controls for each
product group, and for Rio Tinto Marine,
Exploration and Projects, including the
Simandou project.
We continued to oversee our progress
towards implementation of the Global
Industry Standard on Tailings Management
(GISTM), and to directly engage with
executives who have accountability for the
safety of tailings facilities across the Group.
We have received progress updates from
management on the pathway to full
conformance with GISTM.
The Committee reviewed the progress of
Rio Tinto’s program for managing its physical
resilience to climate change, and for the
Group’s compliance with the disclosure
requirements set out by the Task Force on
Climate-Related Financial Disclosure
(TCFD).
At each meeting, the Group’s Internal Audit
(GIA) function reports to the Committee on
matters within the Committee’s scope. In
addition, in February 2024 the Group’s
auditors, KPMG, reported to the Committee
on their assurance procedures over our 2023
sustainable development reporting.
Other key areas of focus for the Committee
in 2024 included:
–Health and safety performance:
Receiving regular updates on health and
safety performance.
–Environment and nature: Receiving a
report on the Group’s environmental
performance and endorsement of our
approach to our nature strategy, as well
as undertaking a deep dive on the
Group’s physical resilience to climate
change and natural disasters, and the
real-time modelling being done to
manage this risk.
–Water: Receiving an update on the
Bungaroo aquifer in the Western Pilbara
and the decision to invest in the
construction of the Dampier desalination
plant, which will supply water to
Rio Tinto’s coastal communities and
operations from 2026.
–Social performance: Receiving an
overview of the emerging socio-political
landscape and an update on
Communities and Social Performance
2024 priorities and initiatives, including
our global program to collect and respond
to host community feedback, social
contributions, Indigenous leadership and
participation, cultural heritage and
agreements.
–Human rights: Reviewing management
of human rights risks, tracking global
trends in human rights policy and
regulation, commercial and asset human
rights due diligence, and overseeing our
modern slavery reporting.
–Security: Receiving updates on ongoing
security challenges across the Group.
Site visits play an important role in providing
Committee members with a deeper
understanding of our sustainability risks
across our business. This year, there were
full Board site visits in Canada to our Iron
and Titanium Operations in Sorel-Tracy,
Quebec and our Matalco joint venture’s
operations in Ontario. In addition, our
Committee members also made either
individual or group visits:
–in Canada, to our Aluminium operations in
Saguenay–Lac-St-Jean in Quebec, and
our aluminium operations in Kitimat,
British Columbia
–in Australia, to our Iron Ore operations in
the Pilbara, Western Australia, the Yarwun
and Queensland Aluminium Limited
alumina processing facilities in Gladstone,
and our Technical Development Centre in
Bundoora, Victoria
–in Africa, to the Simandou iron ore project
in Guinea, and our mineral sands joint
venture at Richards Bay in South Africa
–in the US, to our operations at Resolution
Copper in Arizona, and our Kennecott
copper operations in Salt Lake City, Utah.
I look forward to continuing the work of the
Sustainability Committee in 2025 to
contribute to the long-term sustainable
success of the Group.
Dean Dalla Valle
Sustainability Committee Chair
19 February 2025

Annual Report on Form 20-F 2024 | 118 | riotinto.com

Directors’ report | Sustainability Committee report
Sustainability Committee
members 1,2

Dean Dalla Valle (Chair) | Sam Laidlaw
Dominic Barton | Martina Merz
Kaisa Hietala | Ngaire Woods

1.Joc O’Rourke stepped down from the Committee on
31 May 2024
2.Martina Merz became a member of the Committee on
1 June 2024
The role of the Committee
The Committee’s scope and responsibilities are
set out in its Terms of Reference, which can be
found at riotinto.com/corporategovernance.
Activities in 2024
The Committee met 4 times in 2024. During
these meetings, the Committee undertook
the following activities:
–Received presentations from each of the
product group Chief Executives, our Chief
Commercial Officer, and our Chief
Technical Officer on the key ESG and
operational risks and trends for their
respective product group or function.
Health and safety
–Briefed on Rio Tinto’s aviation
management approach following the
death of 4 Diavik colleagues and 2 crew
members in the charter flight crash in
Canada in January 2024, and the findings
from the investigation relating to the death
of a contractor working at the Simandou
iron ore project in Guinea, and reviewing
actions identified from these internal
briefings.
–Received regular updates on the Group’s
performance across key health and safety
metrics.
–Conducted regular reviews of PFIs
occurring across the Group.
–Received regular updates on Major
Hazard incidents across the Group.
–Conducted deep dives into key safety
risks and controls, including: a major
underground event; and major tailings
or water storage facility failure.
Environment
–Reviewed the Group’s performance
across key environmental metrics.
–Conducted a deep dive into the Group’s
physical resilience to climate change.
–Received updates on the Group’s
implementation of GISTM, and engaged
with Accountable Executives in line with
the Standard’s requirements.
–Endorsed an approach for the Group’s
nature strategy and a targets program to
support that strategy.
Communities and social performance
–Received progress updates on the
Group’s CSP Strategy.
–Received a report from the Chair of the
Australian Advisory Group, an advisory
forum on implications for our Australian
business from emerging developments,
policies or initiatives.
–Reviewed progress on development
of the Group’s 2024 Statement on
Modern Slavery.
Assurance, risk management
and global sustainability trends
–Reviewed the emerging focus on nature
and biodiversity from regulators,
communities, investors and other
stakeholders.
–Received a report from KPMG on their
sustainability external assurance program
for 2023.
–Approved the external assurance plan for
the Group’s sustainability reporting, and
for the performance data supporting the
safety and ESG performance outcomes
under the
short-term incentive plan.
–Received reports from GIA on their audits
relating to matters within the Committee’s
scope, including:
•audits of controls associated with
mass transportation across the Group,
including for bus travel, ferries and
helicopters
•an audit to assess adequacy of
controls at Bell Bay to address hot
metal transport risks
•an audit of Rio Tinto Iron Ore’s
controls and processes for the
mitigation of dust emissions and the
management of health and community
impacts
–Reviewed recommendations for the
Group’s 2025 sustainable development
internal assurance plan.
Governance and disclosure
–Reviewed various sustainability
disclosure materials.
–Reviewed an assessment of the Group’s
most material sustainability topics to be
reported on in the 2024 Annual Report.
–Received an update on the global
governance and ESG reporting
landscape, and Rio Tinto’s proposed
approach to meet relevant evolving
requirements.
Other (including closure and security)
–Received an update on the Group’s
closure strategy and work program.
–Received regular updates on security
issues across the Group and key insights
on risk assessments and controls.
The chart below represents the allocation of
the Committee’s meeting time during 2024:

l | Health and safety: 31%
l | Communities and social performance (including cultural heritage and human rights): 25%
l | Environment, including tailings management, water, and biodiversity: 20%
l | Assurance, risk management, global sustainability trends: 13%
l | Other (including closure and remediation, and security): 6%
l | Governance and disclosure: 5%

The Committee Chair reports to the Board
after each meeting and our minutes are
tabled before the Board. All Directors have
access to the Committee’s papers.
Sustainability disclosures

| Our sustainability framework and performance is described in detail on pages 32-87.
| For more information and to access our 2024 Sustainability Fact Book see riotinto.com/sustainability
| Our 2023 Communities and Social Performance Commitments Disclosure can be found at riotinto.com/cspreport
| Our 2023 Modern Slavery Statement can be found at riotinto.com/modernslavery

Annual Report on Form 20-F 2024 | 119 | riotinto.com

Directors’ report
Remuneration report
Annual statement by the People & Remuneration Committee Chair
The Committee’s overarching purpose is to ensure the people, culture and
remuneration policies, frameworks and practices are aligned with the
Group’s strategy, objectives and values.
Dear shareholders,
On behalf of the Board, I am pleased to
present our 2024 Directors’
Remuneration report.
Nothing is more important than the health,
safety and wellbeing of our people. We
tragically lost 5 colleagues in 2024. In January,
4 colleagues and 2 employees of the
contractor’s airline crew died in a plane crash
en route to our Diavik mine. In October, an
employee of one of our contractors was
injured at the SimFer Port Project and
subsequently passed away.
We are also deeply concerned about a crew
member aboard a Rio Tinto bulk carrier who
was reported missing in December.
These events have all had a devastating
impact and learnings from these tragic
events will be used to inform ongoing
improvements to safety practices to prevent
such incidents in the future.
Operational performance and our balance
sheet remained robust in 2024, allowing
US$6.5 billion to be declared as dividends to
shareholders. This underpinned our ability to
reach an agreement in October for the
proposed acquisition of Arcadium Lithium in
an all-cash deal. Subject to completion, this
transaction will give us the platform to create
a world-class lithium business. We expect
the deal to close in March 2025.
Our operational performance in 2024 has
been facilitated by progress in deploying our
Safe Production System (SPS). SPS
deployment has commenced at 31 (81%) of
our sites and underlines our commitment to
become Best Operator with improved safety
and operational performance across our
global assets. During the year, we also
progressed against our other objectives -
striving for impeccable environment, social
and governance (ESG) credentials, excelling
in development and strengthening our social
licence.
Our commitment to decarbonise our
business, and to develop products
and services to help our customers
decarbonise, continues at pace. 2024 was a
record year for investment approvals towards
our 2030 target, underwritten by significant
progress in repowering our Gladstone
assets. We signed 2 power purchase
agreements for a combined 2.2GW of
renewable energy, catalysing the
development of new large-scale renewable
energy in Queensland. We also reached an
agreement with the Queensland Government
on a support package to assist Boyne
Smelters Limited (BSL) with the transition to
a competitive and repowered future. In June,
we announced the installation of carbon-free
aluminium smelting cells in Quebec to
support the ongoing development of the
ELYSIS™ technology, with the first
production of aluminium without direct
greenhouse gas emissions targeted by 2027.
We entered into a joint venture with Aymium
to manufacture renewable metallurgical
biocarbon product to help reduce carbon
emission s in large-scale industrial processes.
Across our existing portfolio, copper
production at Oyu Tolgoi continues to ramp
up, the first lithium production from Rincon in
Argentina was delivered in November 2024,
and progress at the world-class Simandou
iron ore project in Guinea continues at pace,
with first high-grade iron ore production
scheduled during 2025.
Remuneration Policy
Our 2024 Remuneration Policy (Policy)
received strong support with over 97% of
shareholders voting in favour. Throughout
this process, I was able to meet with many of
our shareholders and the key UK and
Australian advisory bodies to discuss and
shape our proposals. The open dialogue with
investors and advisory bodies was welcomed
and I would like to again thank those who
took part in this consultation.
One of the asks from investors was to
provide transparency on our progress
against the new decarbonisation scorecard
for our long-term incentive plan (LTIP). While
we are only 12 months into the first
3-year performance period, we have
provided an update on our progress against
each measure. We do not expect progress
against the scorecard to be linear, and some
volatility for one or more measures
throughout the performance period is likely,
but we will provide annual updates on
progress, noting that specifics may be
subject to confidentiality.
Overview of pay and
performance in 2024
The single total figure of remuneration for the
Chief Executive in 2024 is 57% lower than
the equivalent figure for 2023. This is
primarily driven by lower outcomes under the
LTIP.
Short-term incentive plan
For 2024, we made a change to the financial
measures, replacing underlying earnings
with underlying EBITDA but retaining STIP
free cash flow. These measures, assessed
on a flexed and unflexed basis, account for
half of the outcome against the STIP
scorecard. Outcomes against the other half
of the STIP scorecard are linked to a range
of strategic measures covering performance
around safety, carbon reduction, diversity
and inclusion, and progress on our objectives
to excel in development and strengthen our
licence to operate. An individual multiplier is
in place to be used sparingly in cases of
exceptional performance.

Annual Report on Form 20-F 2024 | 120 | riotinto.com

Directors’ report | Remuneration report
STIP fatality deduction
During 2024 there were 2 tragic incidents in
which 5 colleagues lost their lives which were
the first work-related fatalities since 2018.
Accordingly, it was determined that the STIP
fatality deduction should be applied and this
resulted in a reduction equivalent to 10% of
the final STIP scorecard outcome for all STIP
eligible employees.
The Committee assessed Group
performance against the STIP scorecard and
determined an overall scorecard outcome of
49.5% of maximum, post fatality deduction.
STIP scorecard performance
2024 was a strong year for the Group in
terms of financial performance and progress
on implementation of the Group’s strategy.
For the financial component of the STIP
scorecard, we reported underlying EBITDA
of $23.3 billion and STIP free cash flow of
$11.6 billion. Despite challenges at a number
of our operations, these financial outcomes
were in line with plan, underpinned by
improved operational stability across most of
our operations.
Overall, our reported 2024 result for the
financial component of the STIP scorecard
was 46% of maximum.
The strategic component of the STIP
scorecard comprises 4 separate measures -
Impeccable ESG, People & Culture, Excel in
Development and Social Licence. The
outcome against our Impeccable ESG
measure, which includes safety, was above
target for the year. Progress on
decarbonisation and the approval of specific
abatement projects has continued over the
year, as we continue to shape our roadmap
to our 2030 ambition and beyond.
Our People & Culture measures reflect
scores from the second of our bi-annual
employee engagement surveys, as well as
gender diversity aspirations. While both
dimensions showed improvement during
2024, the outcomes fell short of the targets
set by the Committee.
Overall performance against the Excel in
Development measure was above target for
the year, reflecting exciting progress in
exploration and studies, and continued
strong delivery across a number of projects
despite some challenging weather events
during the year.
The Social Licence measure assesses
ch anges in how we are perceived by the
general public using RepTrak, a third-party
survey provider, plus a qualitative review. In
2024 our global reputation score showed
improvement, resulting in an above
target outcome.
Under the STIP, an individual multiplier can
be used for selected participants each year
to reflect exceptional performance. The
Committee considered the individual
performance of each Executive Director
during 2024 and did not apply an individual
multiplier to the STIP outcomes.
Further details on the individual performance
and STIP outcomes for the Executive
Directors can be found on page 129-133.
Long-term incentive plan
The performance period for the 2020
Performance Share Award (PSA) concluded
in December 2024 and awards will vest on
20 February 2025. As well as reviewing the
formulaic outcome, the Committee also
considered the vesting outcome in the
context of underlying business performance
and the consequence management
framework and felt it reflected the
shareholder experience.
Rio Tinto delivered a strong Total
Shareholder Return (TSR) of 80% over the
performance period. While this was sufficient
to trigger vesting under the element
measuring performance relative to our
mining peers, the result was marginally
behind the performance of the MSCI World
Index (TSR: 81%), and subsequently this
element lapsed in full. The overall formulaic
vesting outcome for the 2020 PSA was
12.75% of maximum. The Committee
recognises that Rio Tinto has delivered
strong returns for shareholders over the past
5 years, and that the TSR performance of a
handful of very large technology companies,
especially in the last 12 months, had a
material impact on the performance of the
MSCI World Index. The Committee however
approved the formulaic outcome and no
discretion was exercised.
2025 remuneration decisions
As we explained to investors as part of
establishing our Policy, the main policy
changes focused on the structure of pay,
resulting in an increase in our LTIP award
levels to be more aligned with peers in the
market. We undertook extensive
benchmarking during 2024 to assess overall
competitiveness and pay positioning relative
to our peers and those we compete with for
talent. This review confirmed prior analysis
that salaries and target remuneration
remained below median market levels for
certain critical positions. Therefore, a
targeted salary adjustment has been
approved for the Chief Executive, to better
reflect the talent market and most importantly
ensure pay levels remain more aligned with
the size of the role.
Since his appointment in January 2021, the
Chief Executive has demonstrated
exceptional leadership. He has led significant
improvements in restoring trust with the local
communities in which we operate while
delivering shareholder returns of $38 billion
through dividends and buybacks. Under his
leadership, Rio Tinto has progressed several
critical projects to sustain, diversify and build
on the returns already delivered.
The Chief Executive’s current salary is
positioned at the lower end of FTSE 10 peer
companies. Considering his development as
an established FTSE 10 Chief Executive and
proven performance since his appointment,
we have reset his salary to £1,410,700. This
represents an increase which is at a
premium of 6.8% to the 3% general increase
applied to the UK workforce in 2025. The
Committee are mindful of the changes made
to the Policy last year and are keen to
maintain a measured approach to pay. It
should be noted that even after this
adjustment, the Chief Executive’s salary
remains below median against FTSE 10
peers. Further details on the increase for the
Chief Executive are provided on page 122.
As part of making this change we engaged
extensively with a number of our major
shareholders regarding the proposed
adjustments to salary. I want to thank those
investors whom I met and consulted with
during the year.
Executive changes
Alf Barrios, a member of the Executive
Committee since 2014, decided to retire and
stepped down from his role as Chief
Commercial Officer on 31 August 2024.
James Martin also decided to retire and
stepped down from his role as Chief People
Officer on 31 December 2024. On behalf of
the Board, I want to thank Alf and James for
their service to Rio Tinto and wish them
lengthy and enjoyable retirements.
Bold Baatar, previously Chief Executive,
Copper, succeeded Alf as Chief Commercial
Officer, with effect from 1 September 2024. We
welcomed Katie Jackson to the role of Chief
Executive, Copper on 1 September 2024. Both
Bold and Katie were appointed to their roles on
terms consistent with our Policy. Details of
their appointment terms are included on
page 138. Georgie Bezette was also
appointed to the role of Chief People Officer
and the Executive Committee on 1 January
2025.

Annual Report on Form 20-F 2024 | 121 | riotinto.com

Directors’ report | Remuneration report
People
During the year, we worked with the
Executive Committee to set the direction for
a workplace culture that aligns with our
purpose, reflects our values, and supports
the delivery of our strategy. To that end, we
continue to support a performance
management framework that places as much
emphasis on how results are delivered as it
does on what is achieved. This further builds
on our decision in 2023 to change the STIP
scorecard to apply consistently across
27,000 colleagues.
The Committee monitored culture
progression through visits to our sites and
offices, operational deep-dives and
management presentations. It considered
trends and findings from our bi-annual
employee engagement survey, succession
and talent plans for our most senior roles, as
well as our ability to attract and retain a
diverse workforce. The overall representation
of women in our business remains a key
aspect of our broader agenda on diversity
and inclusion, and will continue to be an area
of focus in 2025.
While the published findings of the Everyday
Respect Progress Review show people are
still experiencing behaviours and attitudes in
the company that are unacceptable and
harmful, the public release of the 2022
Everyday Respect Report was a critical
catalyst for culture change. We are more
committed than ever to continue to transform
our culture on what will be a multi-year
journey. This change started with the
implementation of recommendations outlined
in the 2022 Everyday Respect Report, with
longer-term actions, such as continued
investment in facilities, ongoing. We firmly
believe that our response to the 2022
Everyday Respect Report has established a
solid foundation for building a more diverse
workforce and inclusive culture. While there
remains much to be done, we are
encouraged by the progress and genuine
effort across Rio Tinto and recognise culture
change takes sustained effort.
Pay in the broader context
Our focus on pay equity is evident in our
gender pay metrics. We continue to focus on
fair and equal pay with a view to eradicating
any pay gaps. Further details on our equal
pay gap and gender pay gap, along with a
wider discussion on diversity and inclusion,
are provided in the ESG section of this report
on pages 78-80.
In 2024, we achieved accreditation from
the Fair Wage Network as a Living Wage
Employer, following a Group-wide
assessment of our employee remuneration.
The living wage review showed that Rio Tinto
employees, regardless of the work they
undertake or where in the world they perform
their work, are not paid less than what is
considered a living wage. This reinforces our
pay principles of fairness and equity, as well
as competitiveness.
As always, I welcome shareholder feedback
and comments on our 2024 Directors’
Remuneration report.
Yours sincerely,
Sam Laidlaw
People & Remuneration Committee Chair
19 February 2025

Annual Report on Form 20-F 2024 | 122 | riotinto.com

Directors’ report | Remuneration report
People & Remuneration Committee Chair Q&A
What is the rationale for increasing salaries this year?
Last year we communicated to shareholders that a significant gap
remains between our executive pay and the companies against which
we compete for the best talent. This poses significant risks to our
ability to retain our executives.
The Committee has a track record of taking a measured and
conservative approach to remuneration and being mindful of
shareholder expectations. Our conservatism usually means deferral
of any significant changes to make sure of our assessments, and to
allow us to engage with as many stakeholders as we can for feedback
prior to implementation. We have found this has contributed to the
high levels of trust we have built internally and externally that we will
do what is appropriate and make sure it is well executed.
Nevertheless, in recent years we have experienced unwanted
executive turnover.
The Policy changes made at the 2024 AGMs were supported by more
than 97% of shareholders. These were structural changes that
applied to the entire executive team and were a first step to ensuring
that our framework remained competitive and fit for purpose while
providing further alignment to our ambitious decarbonisation goals.
The targeted salary increase we are making for the Chief Executive in
2025 addresses specific issues identified and flagged to many
stakeholders in prior consultations as also needing attention, but was
deferred until after the Policy review as part of a measured approach
to pay.
The Chief Executive’s salary no longer reflects the size and
complexity of the company or the talent market in which we operate.
His base salary and, consequently, target pay have fallen significantly
behind the market with gaps now too large to ignore. Nevertheless,
and consistent with our conservative approach, we have not sought to
match the market at similar-sized and globally complex FTSE 10
companies and our key mining peers, but rather to reduce the pay
gap to these market peers. For the avoidance of doubt, we have not
attempted to replicate materially higher US pay levels, instead we
have benchmarked to equivalent FTSE 10 and non-US global
resources companies. Therefore it is incumbent upon the Committee
to ensure the positioning of executive remuneration is appropriate for
both retention and attraction. Seeking to pay a competitive market
rate for all our employees, including executives, without exception, is
consistent with and maintains our pay philosophy.
CEO total remuneration at target (US$, excluding benefits)

Rio Tinto – current
Rio Tinto – proposed
Have you reduced incentives to reflect the tragic fatalities
that occurred during the year?
Safety remains the top priority for Rio Tinto and the Board.
The Committee was deeply saddened by the tragic deaths of our
colleagues in a plane crash while travelling to the Diavik mine at the
start of the year; and by the loss of a contractor at our Guinea
operations in October. These incidents were classified as work-
related, representing the first work-related fatalities since 2018. In
accordance with our STIP rules, the Committee determined a fatality
deduction should apply to all STIP eligible employees and applied a
reduction equivalent to 10% of the STIP outcome. Given the specific
nature of the incidents, the Committee believes this is an appropriate
reduction to be applied across all STIP eligible participants.
How do the bonus outcomes reflect the Everyday Respect
Progress Review?
The public release of the 2022 Everyday Respect Report was a
catalyst for cultural change at Rio Tinto and marked a significant step
towards greater transparency. We have an ongoing commitment to
transparency, and in November 2024 published the Everyday
Respect Progress Review. The Board and our employees were
disappointed and, naturally, saddened to see that some colleagues
are still experiencing behaviours and attitudes that are unacceptable
and harmful. Changing a company’s culture to be ahead of the
societies in which our employees live is a challenge and change will
need our continued commitment and attention every day. The 2024
Everyday Respect Progress Review also showed, while not as much
as we hoped and worked very hard for, that change is being
achieved.
Under the STIP framework, we have People & Culture metrics which
seek to measure the progress we are making. The way in which we
measure our progress will evolve. In 2023, the People & Culture
targets were linked to gender diversity and completion rate of an
employee training program following the publication of the 2022
Everyday Respect Report. For 2024, we applied ambitious gender
diversity targets, and measured this alongside targets for scores
under our employee engagement survey which seek to capture how
our culture is changing. While both metrics showed progress during
the year, overall performance fell short of our ambitions and therefore
outcomes under the People & Culture component of the STIP
scorecard were below target, with payouts of 12.5% of maximum.
While similar metrics will apply in respect of 2025, we expect that the
objectives will further evolve in future years.
As part of the holistic assessment of our performance, the Committee
carefully considered the contents of the 2024 Everyday Respect
Progress Review and the actions that have been taken during the
year. Ultimately, the Committee concluded that the outcomes
provided a fair assessment of performance. Rio Tinto remains more
committed than ever to transforming our culture, but it is recognised
that this will be a multi-year journey, and the Board firmly believes that
the response to the 2022 Everyday Respect Report has established a
solid foundation for building a more diverse workforce and inclusive
culture. This will continue to be an area of focus.

Annual Report on Form 20-F 2024 | 123 | riotinto.com

Directors’ report | Remuneration report
Remuneration at a glance
Our Remuneration Policy applies to our Executive and Non-Executive Directors and to the Chair. In accordance with Australian law, it also sets out
the Remuneration Policy principles that apply to key management personnel (KMP) who are not directors. Our Remuneration Policy, as approved at
our 2024 annual general meetings (AGMs), can be found at riotinto.com/annualreport. When developing the Remuneration Policy, the Committee
considered the pay arrangements from the perspective of clarity, simplicity, risk, predictability, proportionality and alignment to culture. Further detail is
set out on pages 119-126 of the 2023 Annual Report. The Remuneration Policy applicable to our executives and its implementation in 2024 and 2025
is summarised below.
Fixed pay
Base salary
–Base salaries are set to reflect broad alignment
with comparable roles in the global external
market and the executive’s qualifications,
responsibilities and experience.
–Base salaries are reviewed annually by the
Committee. Any increase is normally aligned
with the wider workforce, with no cap on
individual salary increases to better align with
market practice and to provide sufficient flexibility
where appropriate.
–Above average increases may be made in
specific circumstances, such as promotion,
increased responsibilities or market
competitiveness.
Pension or superannuation
–Rio Tinto may choose to offer participation in a
pension plan, superannuation fund, or a cash
allowance in lieu.
–The maximum annual benefit is set to reflect the
pension arrangements for the wider employee
population and is currently capped at 14% of
base salary.
Other benefits
–Executives are eligible to receive benefits which
may include private healthcare cover, life and
accident insurances, professional advice, and
other minor benefits.
–Secondment, relocation and localisation benefits
may also be made to and on behalf of
executives living outside their home country.

STIP
–Measures and weightings for the scorecard are
selected by the Committee for each financial year.
At least 50% of the measures will relate to
financial performance, and a significant
component will relate to safety. Other strategic,
environmental, social and governance (ESG) and
individual business outcomes may be included.
–EBITDA and free cash flow are used for the
financial measures, half of which are adjusted for
commodity prices.
–For financial performance, threshold
performance results in a nil award (25% of
award pays out for threshold performance for
non-financial measures) and outstanding
performance results in maximum payout. The
payout for specific metrics may be varied to
reflect the stretch of the underlying target.
–Maximum opportunity is capped at 200% of base
salary for each executive.
–Normally, 50% of the STIP is delivered in cash and
the balance is delivered in shares that are deferred
for 3 years as a Bonus Deferral Award (BDA).
–Dividends (or equivalents) may accrue in respect
of any BDA that vest.
–The Committee retains the right to exercise
discretion to ensure that the level of award
payable is appropriate.
–Malus, clawback and suspension provisions
apply to the STIP and BDA.

LTIP
–80% of the award is subject to performance
measured against Total Shareholder Return (TSR)
relative to the constituents of the S&P Global Mining
Index and the MSCI World Index, and 20% is
assessed against a decarbonisation scorecard (for
Performance Share Award (PSA) grants made from
2024).
–The Committee will set performance conditions
aligned with the Group’s long-term strategic
objectives for each PSA grant. Relative TSR has
been chosen as the predominant measure of
long-term performance. The Committee retains
the discretion to adjust the performance
measures and weightings as appropriate.
–Awards have a maximum face value of 500% of
base salary (of which one-fifth of 2024 and 2025
awards is linked to a tangible decarbonisation
scorecard). Threshold vesting is 22.5% of face
value. Target is 50% of face value.
–Dividends (or equivalents) may accrue in respect
of any PSA that vest.
–The Committee retains the right to exercise
discretion and seeks to ensure that outcomes
are fair and reflective of the overall performance
of the company during the performance period.
–Performance period of 3 years, followed by a
holding period of 2 years (for PSA grants made
from 2024).
–Malus, clawback and suspension provisions
apply to LTIP awards (noting clawback
provisions comply with SEC requirements).

Shareholding requirements
–Over a 5-year period, executives should reach a
share ownership in Rio Tinto shares (expressed
as a fixed number of shares and subject to review
every 2 years). The shareholding requirement for
2024 and 2025 is:
•Chief Executive: 120,000 Rio Tinto plc shares
•Chief Financial Officer: 60,000 Rio Tinto plc
shares
•Other executives (requirement varies by
individual): 46,000-54,000 Rio Tinto plc shares or
40,000-46,000 Rio Tinto Limited shares
–Longer periods may be accepted for
new appointments.
–Executive Directors are required to retain a
holding for 2 years after leaving the Group, in
line with the shareholding requirements.

Recruitment policy
–No form of “golden hello” will be provided upon
recruitment. In the case of internal appointments,
existing commitments will be honoured.
–Our approach concerning “buy-outs” is to
determine a reasonable level of award, on a like-
for-like basis, consisting primarily of share-based
awards, but also potentially cash, taking into
consideration the quantum of forfeited awards,
their performance conditions and vesting
schedules.
–Other elements of remuneration are to be
consistent with the Policy applicable to
other executives.

Termination policy
–An Executive Director’s notice period is normally
12 months, during which they will receive their
base salary and other benefits.
–Ineligible leavers forfeit their unvested LTIP and
STIP entitlements.
–An eligible leaver may receive the following:
•A discretionary STIP award on a pro-rata
basis, payable on the normal STIP payment
date in cash.
•Any unvested BDA from prior year awards will
normally vest on the scheduled vesting date.
•Unvested LTIPs will normally be retained and
vest on the scheduled vesting date, subject to
performance conditions where applicable.
–PSA and Management Share Awards (MSA),
where applicable, will be reduced if the executive
leaves within 36 months of grant.
–STIP and LTIP awards are subject to malus,
clawback and suspension following termination.

Annual Report on Form 20-F 2024 | 124 | riotinto.com

Directors’ report | Remuneration report
Consequence management framework
–Under both the malus and clawback provisions,
where the Committee determines that an
exceptional circumstance has occurred, it may,
at its discretion, reduce the number of shares to
be received on vesting of an award, or, for a
period of 2 years after the vesting, the end of
any holding period or payment of a share or
cash award, the Committee can claw back value
from a participant.
–The Committee will apply the consequence
management framework, and the circumstances
under which the Committee exercises such
discretion may include, inter alia:
•fraud, misconduct or an exceptional event
which has had, or may have, a material effect
on the value, or reputation, or social licence of
any member of the Group
•an error in the Group’s financial
statements which requires a material
downward restatement
•personal performance and leadership
behaviour of a participant, of their product
group, or of the Group, which does not justify
vesting; or where the participant’s conduct or
performance has been in breach of their
employment contract, any laws, rules or
codes of conduct applicable to them; or the
standards or demeanour reasonably
expected of a person in their position
•misstatement or misrepresentation
of performance
•where any team, business area, member of
the Group or profit centre in which the
participant works (or worked) has been: found
guilty in connection with any regulatory
investigation; or has been in breach of any
laws, rules or codes of conduct applicable to
it; or the standards, leadership behaviour or
demeanour reasonably expected of it
•where the Committee determines that there
has been material damage to the Group’s
social licence to operate
•a catastrophic safety or environmental event.
–Under the suspension provisions, the Committee
may suspend the vesting of an award for up to 5
years until the outcome of any internal or external
investigation is concluded, and may then reduce
or lapse the participant’s award based on the
outcome of that investigation. Where suspension
applies, the 24-month clawback period will not
extend beyond the period commencing from the
original vesting date, or the end of any holding
period.
–Remuneration delivered under the Policy is
subject to SEC-compliant clawback policies for
up to 3 financial years requiring the clawback of
erroneously awarded incentives as a result of
material misstatements.

Discretion
–The Committee reserves the right to review
all remuneration outcomes arising from
mechanistic application of performance
conditions, and to exercise discretion to
make adjustments where such outcomes
do not properly reflect underlying performance
or the experience of shareholders or
other stakeholders.
–The Committee may at its discretion adjust, or
change performance measures, or both, if
events occur which cause the Committee to
determine that the measures are no longer
appropriate or in the best interests of
shareholders or other stakeholders, and that
amendment is required so that the measures, as
far as possible, achieve their original purpose.
Such discretion will be exercised judiciously and
clearly disclosed and explained in the
Implementation report.

When remuneration is delivered
The following chart provides a timeline of when remuneration is delivered, using 2024 as an example.

| Year 1 2024 | Year 2 2025 | Year 3 2026 | Year 4 2027 | Year 5 2028 | Year 6 2029
Base salary | Salary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefits | Benefits, pension, etc |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
STIP | 2024 performance year |  | 50% cash |  | 50% deferred shares (BDA) |  |  |  |  |  |
LTIP (PSA) |  | 3-year performance period |  |  | 2-year holding period (released February 2029) |  |
Performance period starts |  | March/May PSA grant |  | March STIP cash + BDA grant |  | December Performance period ends |  | December BDA vest |  |  |  |  |  | February PSA released

How are performance metrics for incentives aligned with our strategy?
Approximately 27,000 employees who
participate in the STIP have one Group
scorecard. The metrics in the STIP design
were chosen to drive the implementation of
our strategy and are based around our areas
of focus: our 4 objectives together with the
delivery of strong financial performance and
accelerating our culture change.
The PSA is targeted at our most senior
leaders, with consistent metrics applied for
all participants. The award is intended to
capture how we create sustainable value for
our shareholders over the longer term. LTIP
awards are based on relative TSR
performance both against sector peers
and the wider market, plus a scorecard
linked to the Group’s long-term
decarbonisation ambitions.

| Incentive | Reflection in scorecard
Strategic priorities
People & Culture | l | STIP | Focuses on how we do things as well as what we achieve, as a critical lever of accelerating our culture change and building an inclusive workplace environment.
Excel in Development | l | STIP | Measures progress in relation to exploration, studies and project execution.
Impeccable ESG | l l | STIP LTIP | Safety in all its aspects remains a key priority, alongside progressing the work on our decarbonisation pathways towards achieving our 2030 ambition. The decarbonisation scorecard in the LTIP is structured around our multi- year and ambitious decarbonisation strategy, with a focus on a combination of offensive and defensive metrics to incentivise long-term competitive advantage.
Social Licence | l | STIP | Measures our progress in building trust and meaningful relationships with our community of stakeholders.
Best Operator – Flexed Financials | l | STIP | Focuses on achievement of financial plan commitments.
Shareholder experience
Unflexed Financials | l | STIP | Aligned to market conditions for our commodities.
Total Shareholder Return | l | LTIP | Measures share price and shareholder return performance relative to sector peers and wider market.

Annual Report on Form 20-F 2024 | 125 | riotinto.com

Directors’ report | Remuneration report
2024 remuneration outcomes
Executive Director remuneration (£’000)
The charts below set out the actual and maximum executive remuneration, as calculated under the UK regulations. As explained on page 127, there
are differences in both the reporting of remuneration and the methodology for measuring remuneration under the Australian regulations.
Chief Executive
Jakob Stausholm
2024 Actual remuneration (percentage of maximum)

100% | 49.5% | 12.75%

2024 Threshold remuneration (percentage of maximum)

100% | 25% | 22.5% |

2024 Maximum remuneration

100% | 100% | 100%

l | Fixed | l | STIP | l | LTIP

Chief Financial Officer
Peter Cunningham
2024 Actual remuneration (percentage of maximum)

100% | 49.5% | 12.75%

£66
2024 Threshold remuneration (percentage of maximum)

100% | 25% | 22.5% |

£116
2024 Maximum remuneration

100% | 100% | 100%

2024 short-term incentive plan

Group financial scorecard
l | Weighting | 50%
l | Weighted performance | 23.1%
Group strategic scorecard
l | Weighting | 50%
l | Weighted performance | 31.9%

Financial scorecard performance
In 2024, the Group financial STIP outcome was below target at 46%
of maximum.
Underlying EBITDA target range (threshold to outstanding) – US$bn

Unflexed | Target: 23.3 |  | Actual: 23.3

30.2

Flexed |  | Target: 24.4

31.7

STIP free cash flow target range (threshold to outstanding) – US$bn

Unflexed | Target: 11.4 |  | Actual: 11.6

14.8

Flexed |  | Target: 12.4

16.1

Strategic scorecard performance
In 2024, the Group strategic scorecard outcome was above target at
64% of maximum.

Impeccable ESG (20%) | 62%

Excel in Development (10%) | 100%

People & Culture (10%) | 12.5%

Social Licence (10%) | 82.5%

The STIP outcome post fatality deduction was 49.5% of maximum.
2020–2024 long-term incentive plan

TSR relative to EMIX/S&P Global Mining Index
l | Weighting | 50%
l | Weighted performance | 12.75%
TSR relative to MSCI World Index
l | Weighting | 50%
l | Weighted performance | 0%

LTIP
We outperformed the EMIX/S&P Global Mining Index by 0.2% per
annum, resulting in 25.5% vesting of this component, but our TSR
was slightly below the MSCI World Index by 0.2% per annum
resulting in nil vesting of this component. Overall vesting for the 2020
PSA was 12.75%.
Share ownership requirements
Jakob Stausholm
Appointed January 2021 (Rio Tinto plc shares)

2023 shareholding | 107,115

2024 shareholding | 193,740

2024 requirement | 120,000

Peter Cunningham
Appointed June 2021 (Rio Tinto plc shares)

2023 shareholding | 68,568

2024 shareholding | 81,601

2024 requirement | 60,000

Annual Report on Form 20-F 2024 | 126 | riotinto.com

Directors’ report | Remuneration report
Remuneration principles
How is the Remuneration Policy applied to the wider employee population?
The remuneration framework that applies to the wider employee population is inspired by, and consistent with,
the Remuneration Policy that applies to executives. This allows the reward offering to employees to be competitive
and strongly linked to performance, while staying aligned with the company culture.

Competitive reward | Reward performance | Recognise potential | Fairness | Focus on wellbeing | Retain talent
Consistency | –We take a consistent approach in how we implement our Policy to enable transparency and fairness. –Our STIP design uses one scorecard for around 27,000 employees, including executives. This consistent approach supports the delivery of our strategy, and a mindset shift in how we win collectively.
Fairness | –We are committed to providing equitable pay for equivalent roles and contribution. We review and monitor pay equity through different lenses: •In-depth pay equity analysis as part of the remuneration review process. Through this, we manage pay equity from multiple perspectives, including gender. •We annually review employee remuneration against living wage benchmarks, and achieved accreditation as a Living Wage Employer from the Fair Wage Network in 2024. •Minimum global standards, which we implement across all countries to ensure the foundations of our reward offerings, meet levels determined by the Group irrespective of local market practices. Examples include global standards for parental leave and life assurance.
Ownership | –We promote material participation in our all-employee share plan (myShare) to create stewardship and provide employees with access to building longer-term financial security. –As at 31 December 2024, approximately 36,000 (2023: 34,000) of our employees across more than 30 countries are shareholders in the company. –Employees invest approximately $26 million (2023: $24 million) in Rio Tinto shares every quarter through the myShare plan. –Employees eligible for LTIP awards receive these as either MSA, vesting over 3 years and not subject to performance conditions, or PSA which are performance-tested over 3 years.
Recognition | –Launched in February 2024, RockStars is our global recognition and service milestones program, reaching over 58,000 colleagues. –The program is supported by an easy-to-use platform, accessible across countries, offering a simple and standardised framework for recognition at all levels. –Recognition moments are aligned with our company values, promoting the behaviours we want to see at Rio Tinto. –The program is complemented by our annual RockStars of the Year Awards, where noteworthy employee efforts are celebrated.
Wellbeing | –We provide industry- and market-leading benefits programs that focus on holistic and integrated support for physical, mental and financial wellbeing. –The benefits we offer can be tailored to suit different needs and life stages, including: employee assistance; minimum standards for life, accident and disability insurances; medical plans and virtual care, health screening and prevention; and subsidised health and wellbeing services.

Numbers at a glance |  | 36,000 Employee shareholders (2023: 34,000) | <1.5% Equal pay gap in favour of men (2023: <1%) | 27,000 STIP participants (2023: 26,000)
|  |  | 195,000 Recognition and service milestone moments (2023: n/a) | 2,200 LTIP participants (2023: 2,000)

Annual Report on Form 20-F 2024 | 127 | riotinto.com

Directors’ report | Remuneration report
Implementation report
This Implementation report is presented to shareholders for approval at our AGMs.
It outlines how our Policy was implemented in 2024, and the intended operation in 2025.
About our reporting
As our shares are listed on both the
Australian Securities Exchange and London
Stock Exchange, the information provided
within our Remuneration report must comply
with the reporting requirements of both
countries.
Our regulatory responsibilities impact the
volume of information we provide, as well
as the complexity. In Australia, we need to
report on a wider group of executives,
as described in the following paragraph.
In addition, as set out in the summary table
below, the 2 reporting regimes follow
different methodologies for calculating
remuneration.
In the UK, disclosure is required for the Board,
including the Executive Directors.
The Australian legislation requires disclosures
in respect of KMP, being those persons having
authority and responsibility for planning,
directing and controlling the activities of the
Group. In 2024, our KMP comprise the Board,
all product group Chief Executives and the
Chief Commercial Officer.
Executive KMP are listed on pages 136 and
137, with details of the positions held during
the year and dates of appointment to
those roles.
The single total figure of remuneration table
on page 129 shows remuneration for our
Executive Directors, gross of tax and in the
relevant currency of award or payment.
In table 1a on page 141, we report
information regarding executives in
accordance with Australian statutory
disclosure requirements. The information is
shown gross of tax and in US dollars.
The remuneration details in table 1a include
accounting values relating to various parts of
the remuneration package, most notably
LTIP awards, and require a different
methodology for calculating the pension
value. The figures in the single total figure
of remuneration table are therefore not
directly comparable with those in table 1a.
Where applicable, amounts have been
converted using the relevant average
exchange rates included in the notes to
table 1a.
In table 1b on page 142, we report the
remuneration of the Chair and the
Non-Executive Directors.
Shareholder voting
As required under UK legislation, the
new Policy was subject to a binding vote and
approved at our 2024 AGMs. The
Implementation report, together with
the annual statement by the People &
Remuneration Committee Chair, is subject to
an advisory vote each year as required by
UK legislation. Under Australian legislation,
the Remuneration report as a whole is
subject to an advisory vote. All remuneration-
related resolutions will be voted on at the
AGMs as Joint Decision Matters by Rio Tinto
plc and Rio Tinto Limited shareholders.
The differing approaches explained
As well as the difference in methodology
for measuring remuneration, there are key
differences in how remuneration is reported
in the UK and Australia.

| UK |  |  | Australia
| Fixed Base salary |  |  | Short-term Base salary
| Benefits |  |  | STIP – cash element
| Pension The value of the pension contribution and payment in lieu of pension paid during the year |  |  | Cash benefits
|  | Non-monetary benefits
| Variable STIP – cash element |  |  | Long-term STIP – deferred share element Based on the amortised IFRS fair value of deferred shares at the time of grant
| STIP – deferred share element |
| LTIP Valued at point of vesting |  |  | LTIP Based on the amortised IFRS fair value of the award at time of grant
|  | Pension and superannuation Accounting basis
| Total remuneration

UK
–For reporting purposes, remuneration is
divided into fixed and variable elements.
–We report remuneration in the currency it is
paid. For example, where a UK executive
is paid in pounds sterling, remuneration is
reported in pounds sterling.
Australia
–For reporting purposes, remuneration is
divided into short- and long-term
elements.
–All remuneration is reported in US dollars,
so using the previous example, the UK
executives’ remuneration would be
converted to US dollars using the
average exchange rate for the financial
year (except STIP, which is converted at
the year-end exchange rate).
The table below summarises the elements of
each component of remuneration, as well as
the significant differences in the approaches
to measurement.

Annual Report on Form 20-F 2024 | 128 | riotinto.com

Directors’ report | Remuneration report
People & Remuneration
Committee
Responsibilities
The Committee’s responsibilities are
set out in our Terms of Reference, which
is reviewed annually, and published at
riotinto.com/corporategovernance.
Our responsibilities include:
People
–reviewing strategic workforce planning,
including talent, succession and
development planning within the Group
–developing leaders’ skills
–overseeing and implementing the Board’s
workforce engagement plan and
implementation.
Culture
–progressing implementation of the 2022
Everyday Respect Report recommendations
and the monitoring of broader cultural change
–developing strategies, initiatives and
performance measures around
organisational culture and desired
behaviours
–assessing the effectiveness of diversity
and inclusion policies.
Remuneration
–determining the Group’s remuneration
strategy, policy and framework
–determining the remuneration of the
Chair, Executive Directors and other
members of the Executive Committee
–determining the mix and operation of the
Group’s STIP and LTIP, ensuring
alignment with the company’s strategic
objectives
–overseeing the operation of the Group’s
STIP and LTIP for executives, including
approving awards, setting performance
criteria, and determining any vesting, and,
where necessary, applying the
consequence management framework to
current and prior awards
–determining contractual notice periods
and termination commitments, and setting
retention and termination arrangements
for executives
–overseeing awards under the Group’s
all-employee share plans
–the annual Remuneration report,
shareholder engagement on the
Remuneration Policy including its
implementation, and other related matters
including gender pay
–reviewing workforce remuneration and
related policies, and the alignment of
incentives and rewards with culture.
Taking these into account when setting
the Policy for Executive Director
remuneration
–engaging independent external
remuneration advisers.
We consider the level of pay and conditions
for all employees across the Group when
determining executive remuneration.
Committee membership
The members of the Committee during the
year and to the date of this report were:

Sam Laidlaw (Committee Chair) | Dominic Barton
Dean Dalla Valle | Simon McKeon (to 2 May 2024)
Susan Lloyd-Hurwitz | Jennifer Nason
Ngaire Woods (to 31 May 2024) | Ben Wyatt (from 1 June 2024)

How we work
The Group Company Secretary (or their
delegate) attends meetings as secretary to
the Committee. The Chief Executive, Chief
People Officer, Head of Reward and Head of
Talent attend appropriate parts of the
meetings at the invitation of the Committee
Chair. No individual is in attendance during
discussions about their own remuneration.
Independent advisers
The Committee has a protocol for engaging
and working with remuneration consultants
to ensure that “remuneration
recommendations” (being advice relating to
the elements of remuneration for KMP, as
defined under the Australian Corporations
Act 2001) are made free from undue
influence by KMP to whom they may relate.
We monitored compliance with these
requirements throughout 2024. Deloitte, the
appointed advisers to the Committee, gave
declarations to the effect that any
remuneration recommendations were made
free from undue influence by KMP to whom
they related. The Board has received
assurance from the Committee and is
satisfied that this was the case.
Deloitte are members of the Remuneration
Consultants’ Group, and voluntarily operate
under its Code of Conduct (the Code) in
relation to executive remuneration consulting
in the UK. The Code is based upon principles
of transparency, integrity, objectivity,
competence, due care and confidentiality.
Deloitte has confirmed that they adhered to
the Code throughout 2024 for all
remuneration services provided to Rio Tinto.
The Code is available online at
remunerationconsultantsgroup.com.
The Committee is satisfied that the Deloitte
team is independent. During 2024, Deloitte’s
services also included attending Committee
meetings, providing support on the 2024
Remuneration Policy and giving advice in
relation to management proposals and
shareholder consultations.
Deloitte was paid $490,922 (2023: $504,507)
for these services. Fees were charged on the
basis of time and expenses incurred.
We received other services and publications
relating to remuneration data from a range of
sources. During the year, Deloitte also
provided internal audit, tax compliance and
other non-audit advisory services. These
services were provided under separate
engagement terms and the Committee is
satisfied that there were no conflicts
of interest.
How the Committee spent its time
in 2024
During 2024, the Committee met 5 times.
We fulfilled our responsibilities as set out in
our terms of reference, including the
expanded scope on the broader
People agenda.
Our work in 2024 included:
–reviewing culture maturity metrics
–reviewing people development and
talent management
–determining any base salary adjustments
and LTIP grants for executives
–reviewing performance against the 2023
STIP and 2019 PSA targets, including
assessing applicable adjustments
–determining the targets for the 2024 STIP
–reviewing performance of the accountable
executives for Global Industry Standard
on Tailings Management (GISTM)
implementation
–consulting with shareholders and proxy
advisers on our new Policy proposals and
a base salary review for the Executive
Committee
–finalising terms for the retirement of Alf
Barrios, Chief Commercial Officer and
James Martin, Chief People Officer
–setting terms of appointment of Katie
Jackson, Chief Executive, Copper, Bold
Baatar, Chief Commercial Officer and
Georgie Bezette, Chief People Officer
–reviewing executives’ progress towards
the Group’s share ownership
requirements
–reviewing the strategy and annual reports
on the Group’s global benefit plans.
Performance review process
for executives
We conduct annual performance reviews for
all executives. Our key objectives for the
performance review process are to:
–improve organisational effectiveness by
creating alignment between the
executive’s objectives, Rio Tinto’s
strategy, the individual’s leadership
behaviours and the company’s values
–provide a consistent, transparent and
balanced approach to measure, recognise
and reward executive performance.
The Chief Executive conducts the review for
members of the Executive Committee and
recommends the performance outcomes to
the Committee. The Chief Executive’s
performance is assessed by the Chair of the
Board and is discussed and considered with
the Committee and the Board. Performance
reviews for all executives took place in 2024
and early 2025.

Annual Report on Form 20-F 2024 | 129 | riotinto.com

Directors’ report | Remuneration report
Executive Directors
Single total figure of remuneration (£’000)

|  |  |  |  |  | Incentive - STIP payment | Value of LTIP awards vesting 1 |  |
Executive Director | Year | Base salary | Benefits | Pension | Total fixed | Cash | Deferred shares | Face value | Share price appreciation | Total variable | Single total figure
Jakob Stausholm (Chief Executive) | 2024 | 1,277 | 168 | 179 | 1,624 | 636 | 636 | 452 | 216 | 1,940 | 3,564
Jakob Stausholm (Chief Executive) | 2023 | 1,227 | 110 | 172 | 1,509 | 692 | 692 | 4,425 | 993 | 6,802 | 8,311
Peter Cunningham (Chief Financial Officer) | 2024 | 756 | 44 | 106 | 906 | 376 | 377 | 45 | 21 | 819 | 1,725
Peter Cunningham (Chief Financial Officer) | 2023 | 726 | 43 | 102 | 871 | 409 | 410 | 361 | 81 | 1,261 | 2,132

1.Dividend equivalent shares are applied on the vesting of the LTIP awards and, for the purposes of this table, are valued at the grant price for the LTIP awards and included in the face-value
figure. The impact of share price change for LTIP awards vesting is included under the heading “share price appreciation”. The value of the LTIP awards reported in 2023 has been restated
to reflect the actual vested value.
The LTIP face value for 2024 is based on the number of PSA shares due to vest for the performance period ending 31 December 2024
(including dividend equivalents accrued throughout the vesting period), valued at the share price on the grant date. Any impact of share price
movement over the vesting period is shown under the share price appreciation column. The decrease in values for LTIP award vesting for the
Executive Directors reflects the lower vesting outcomes for the 2020 PSA relative to the 2019 PSA.
The 2024 face value and the share price appreciation figures shown above are estimates of both the number of shares that will ultimately vest and the
share price on vesting. Once actual values are known these estimates will be restated in the following year. Refer to page 134 for further detail.
Fixed remuneration
Base salary
In 2024, a comprehensive review of base salaries was undertaken for the Executive Committee to ensure they remain competitive in the market.
The Chief Executive’s March 2025 salary increase is at a premium of 6.8% to the 3% general increase awarded to UK employees. Further detail
is set out in the Annual statement by the People & Remuneration Committee Chair. The Chief Financial Officer’s base salary increase is in line
with that awarded to the wider UK employee population in 2025 of 3%. Base salaries are reviewed with a 1 March effective date.

Executive Director | Annual base salary 1 March 2024 £'000 | Annual base salary 1 March 2025 £'000 | % change
Jakob Stausholm | 1,285 | 1,411 | 9.8%
Peter Cunningham | 761 | 784 | 3.0%

Benefits (2024)
Include healthcare, allowance for professional tax compliance services, occasional spouse travel in support of the business which is deemed to
be taxable to the individual, and non-performance based awards under the all-employee share plans.
Pension (2024)
Pension benefits can either be paid as contributions to Rio Tinto’s company pension fund, as a cash allowance, or both.

Executive Director | Pension contributions paid to the Rio Tinto pension fund £'000 | Cash in lieu of pension contributions paid £'000 | Total £'000 | Pension provision (% of base salary)
Jakob Stausholm | 10 | 169 | 179 | 14%
Peter Cunningham | 10 | 96 | 106 | 14%

Short-term incentive plan (2024)
2024 outcome
For an executive’s STIP outcome, the weighted STIP financial and strategic scorecard results are added to determine the total result.
The resulting STIP is delivered equally in cash and deferred shares.

Executive Director | Weighted result (out of 100%) | Fatality deduction (%) | STIP (% of base salary) | Base salary £’000 | STIP outcome £’000 |  | Delivered in: |  | Percentage of:
Financial (50%)1 | Strategic (50%)2 | Group scorecard result (%) | Cash £’000 | Deferred shares £’000 |  | Max awarded | Max forfeited | Target awarded
Jakob Stausholm | 23.1% | 31.9% | 55% | (10)% | 99% | 1,285 | 1,272 |  | 636 | 636 | 43824.5% | 49.5% | 50.5% | 99%
Peter Cunningham | 23.1% | 31.9% | 55% | (10)% | 99% | 761 | 753 |  | 376 | 377 | 25950.9% | 49.5% | 50.5% | 99%

1.The financial scorecard includes flexed financials (underlying EBITDA and free cash flow), focusing on the achievement of financial plan commitments and unflexed financials (underlying
EBITDA and free cash flow) aligned to market conditions for our commodities.
2.The strategic scorecard includes Excel in Development (exploration progression, studies progression and project execution metrics), Impeccable ESG (safety and decarbonisation metrics),
People & Culture (gender diversity and culture change progress metrics) and Social Licence (reputation metric).
Maximum STIP award is capped at 200% of base salary. Target performance represents 50% of maximum and outstanding performance
represents 100% of maximum.
Half of the STIP award will be paid in cash in March 2025, and the remainder will be delivered in deferred shares as a BDA, vesting in December 2027. On
cessation of employment, any unvested deferred shares will lapse unless the Committee decides the executive is an eligible leaver.

Annual Report on Form 20-F 2024 | 130 | riotinto.com

Directors’ report | Remuneration report
2024 short-term incentive plan measures

STIP Component | Commentary
Financial (Weighting: 50%) | For 2024, the financial measures were underlying EBITDA and STIP free cash flow. The first, underlying EBITDA, gives insight to cost management, production and performance efficiency. This is further described on page 168. A reconciliation of Profit after Tax for the year to underlying EBITDA is provided on page 168. STIP free cash flow demonstrates how we convert underlying earnings to cash and provides further insight into how we are managing costs, efficiency and productivity. STIP free cash flow comprises free cash flow (as reported on page 272), adjusted to exclude dividends paid to holders of non-controlling interests in subsidiaries (of $0.5 billion) and development capital expenditure (of $5.3 billion, including development capital expenditure associated with decarbonisation). This adjusted metric excludes the impact of those components of free cash flow that are not directly related to performance in the year and therefore better represents underlying business performance.
Strategic (Weighting: 50%) | Impeccable ESG (20%) aims to promote safety in all its aspects and progress decarbonisation efforts as we work towards achieving our ambition to reduce Scope 1 and 2 emissions by 2030. Safety measures a combination of our safety maturity model (SMM) and all-injury frequency rate (AIFR). The safety outcome is underpinned by an assessment of conformance with the GISTM for “high” and “very high” classification tailings facilities. Decarbonisation measures progress of carbon abatement projects against incremental stages of development. Excel in Development (10%) aims to incentivise a growth mindset by focusing on exploring new opportunities, prospecting new sites, technology, and innovation. It measures performance in exploration, studies and project execution. Exploration progress focuses on the opportunities coming out of the exploration pipeline and moving into formal studies. Studies progression assesses the number of studies approved to progress to project execution phase. Project execution measures our execution progress in creating growth opportunities and closure projects across the Rio Tinto portfolio. People & Culture (10%) aims to improve diversity, create an inclusive work environment in which people can thrive, accelerate our culture change and reinforce our values. It encompasses gender diversity and culture progress metrics. Gender diversity measures the year-on-year increase in representation of women in our organisation. Culture progress reflects the change in organisational culture as indicated by our employee engagement survey. Social Licence (10%) is included as an indicator of our ability to build trust and acceptance with our external community of stakeholders. The general public perception in key countries is reflected by a reputation score measured via a third-party survey provider, RepTrak.

Calculation of 2024 short-term incentive plan award
The following table summarises the calculation of the 2024 STIP award against the Group scorecard for the Executive Directors.
Group scorecard outcome

| Weighting (out of 100%) | 2024 performance 1 | Outcome | Result (% of maximum) | Weighted result (out of 100%)
|  | Threshold | Target | Maximum |  |  |
Underlying EBITDA | Unflexed | 12.5% | $16.3 billion | $23.3 billion | $30.2 billion | 23.3 billion | 50% | 6.3%
Flexed | 12.5% | $17.1 billion | $24.4 billion | $31.7 billion | 43% | 5.3%
STIP free cash flow | Unflexed | 12.5% | $8.0 billion | $11.4 billion | $14.8 billion | 11.6 billion | 53% | 6.6%
Flexed | 12.5% | $8.7 billion | $12.4 billion | $16.1 billion | 39% | 4.9%
Total Financial |  | 50% |  |  |  |  | 46.3% | 23.1%
Impeccable ESG | AIFR 2 | 3.3% | 0.44 | 0.38 | 0.3 | 0.37 | 56% | 1.9%
SMM 3 | 6.7% | 5 | 5.5 | 6.5 | 5.4 | 45% | 3.0%
Decarbonisation 4 | 10% | 5Mt CO 2 e | 7Mt CO 2 e | 9Mt CO 2 e | 8.3Mt CO 2 e | 75% | 7.5%
Excel in Development | Exploration progression 5 | 2.5% | 1 | 2 | 3 | 3.75 | 100% | 2.5%
Studies progression | 2.5% | 2 studies | 3 studies | 4 studies | 4 studies | 100% | 2.5%
Project execution | 5% | 25% | 50% | 75% | 75% | 100% | 5.0%
People & Culture | Gender diversity | 5% | 25.3% | 25.8% | 26.3% | 25.2% | 0% | 0%
Culture progress | 5% | 70 | 71 | 72 | 70 | 25% | 1.3%
Social Licence | Reputation | 10% | 55.8 or below | 57.8 to 59.8 | 61.8 or above | 60.9 + strong improvement in key areas 6 | 82.5% | 8.3%
plus qualitative Social Licence review 6
Total Strategic |  | 50% |  |  |  |  | 63.8% | 31.9%
Total Group |  | 100% |  |  |  |  |  | 55%
Fatality deduction |  |  |  |  |  | 10% reduction to STIP outcome
Adjusted Group scorecard outcome |  |  |  |  |  |  | 49.5%

1.No payout below threshold. Threshold payout is nil for financial measures and Social Licence and 25% of maximum for the other strategic measures. Payout for achieving target
corresponds to 50% of maximum, going up in a straight line to outstanding, which represents 100% of maximum.
2.AIFR assesses the number of injuries per 200,000 hours worked by employees and contractors at managed operations. It includes medical treatment cases, restricted workday and lost-day
injuries.
3.The Group STIP SMM result is the average of the SMM scores achieved by the individual assets included in the safety maturity program.
4.For Decarbonisation, the progress of carbon abatement projects against incremental stages of development is calculated as the expected 2030 carbon reduction, measured in tonnes of
CO 2 e, contributed by each abatement project that passes a stage-gate during the calendar year. The scope is restricted to direct abatement initiatives under the global “6+1” decarbonisation
program, including approved renewable energy, abatement and energy efficiency projects. Nature-based solution (NbS) offset projects are not in scope. The outcome for 2024 partially
includes abatement projects relating to deprioritised assets and projects where the abatement timeframe may extend into 2031, therefore the Committee has capped the resulting outcome
at 75% of maximum.
5.Three Conceptual Study (CS) projects were completed in 2024 and each is assigned a value of 1 point. One project advanced to CS and is assigned a value of 0.5 points. Also, one project
progressed from Target Testing to Project of Merit and is assigned a value of 0.25 points, resulting in a weighted outcome of 3.75.
6.Qualitative review comprising of community insights from Local Voices and Social Licence self-assessments both showing strong results in 2024 (see commentary on page 131).

Annual Report on Form 20-F 2024 | 131 | riotinto.com

Directors’ report | Remuneration report
STIP Group scorecard commentary

Commentary on financial measures |  |  |  |
Unflexed performance for our financial performance measure of 51.6% was slightly above target. Whilst this included an uplift from higher copper and aluminium prices, the benefit of higher prices compared to plan was modest compared to previous years, and the financial outcome was underpinned by improved operational stability across most of our operations. Flexed performance to remove the impact of commodity prices and foreign exchange rates gives us an indication of underlying business performance. Our flexed performance reflects the shortfall in planned production volumes and resulting shipments at a number of our sites. This included lower mined copper volumes from Kennecott due to geotechnical instabilities in the pit wall, higher than average rainfall in the Pilbara, and operational challenges encountered at IOC. |  | However, underlying performance across the majority of the Group was solid and increasingly predictable as the benefits of the Safe Production System continued to unlock value in our assets. Production was notably strong in Aluminium, with annual record production at Amrun and Gove, resulting in bauxite production 8% higher than plan. Based on these factors, the flexed component is modestly below target for EBITDA (at 42.6%) and STIP free cash flow (at 39.2%). In line with our standard STIP principles, STIP free cash flow was adjusted by $259 million to effectively remove the unplanned cash flow impact of a one-off investment that reduces our exposure to closure obligations over the longer term. |  | Outcome: Below target (at 46.3% of maximum)

Commentary on strategic measures |  |  |  |
Impeccable ESG |  |  |  |
Safety is our number one priority, and we are saddened to have tragically lost 5 colleagues in 2024. In 2024, we maintained our AIFR performance of 0.37, exceeding the annual target of 0.38. As part of our continual improvement, we have also seen an uplift of 0.4 in our SMM assessments score, against a target improvement of 0.5, resulting in a SMM global score of 5.4. We have also exceeded the target for our GISTM implementation plans for all classifications of tailings facilities in 2024. We have had no incidents with off-lease tailings releases at any of our facilities. |  | Decarbonisation measures the progress of carbon abatement projects against incremental stages of development. Climate change and the low-carbon transition is at the heart of our strategy. We have set ambitious commitments to reduce carbon emissions (CO 2 e) from our business by 50% relative to 2018 levels by 2030, and achieve net zero Scope 1 and 2 emissions by 2050. 2024 was Rio Tinto’s best year for decarbonisation with absolute Scope 1 and 2 emissions reducing by 3.2 Mt CO 2 e during the year. We remain on track to achieve our 2030 and 2050 ambitions. A total of 28 projects progressed through a development stage during the year. |  | Outcome: Above target (at 62% of maximum)
Excel in Development |  |  |  |
Excel in Development encompasses goals focusing on exploration progression, studies progression and project execution. Exploration progression develops a dynamic portfolio of projects that are rigorously prioritised and rapidly tested. Exploration progression focuses on the opportunities coming out of the exploration pipeline and moving into formal studies, including Conceptual Studies completed with a decision to hold, divest or advance to Order of Magnitude (OoM), studies advancing from Projects of Merit (PoM) to Conceptual Study (CS) phase, and studies advancing from Target Testing (TT) to PoM. Three CS projects were completed this year, one project advanced to CS and another project progressed from TT to PoM, resulting in an outstanding weighted score of 3.75. |  | Studies progression of 5 studies in 2024, with 4 studies obtaining Notice to Proceed in the year. This included Cape Lambert High Density Ore and Brockman Syncline 1 programs. Full project sanction was achieved for the Simandou and Hope Downs 1 Sustaining Studies in 2024. This outstanding result provides diversified growth opportunities across commodities of Copper, Aluminium and Iron Ore. Projects execution refers to the percentage of in-flight and completed projects on track against the Investment Committee plan. Throughout 2024, we made strong progress on a range of projects. Nine out of 12 projects remained on track with the approved Investment Committee plans. A significant milestone was also achieved with the Autonomous Haulage System in Western Range going live in 2024. Project Shafts 3 and 4 for Oyu Tolgoi underground mine were also commissioned in 2024, and are now fully operational. |  | Outcome: Outstanding (at 100% of maximum)
People & Culture |  |  |  |
Our People & Culture scorecard focuses on driving culture change and improving gender diversity. Gender diversity in 2024 was focused on both increasing the number of women and changing the culture to become more inclusive. The representation of women across our business remains a challenge. While we were able to increase the representation of women in 2024 from 24.3% to 25.2%, this result was below the threshold of 25.3%. |  | Culture change progress measures the change in our organisation’s culture, as indicated by the results of the employee engagement survey. The result from the employee engagement survey at the end of 2024 was 70.19, rounded down to 70. This result was below the target of 71 and represents threshold performance. |  | Outcome: Below target (at 12.5% of maximum)
Social Licence |  |  |  |
Reputation as the Social Licence metric focuses on building trust in and support of Rio Tinto within the communities where we work. The general public perception in selected countries is reflected by a reputation score measured by RepTrak. The 2024 result was 60.9, above the target range of 57.8 to 59.8 and a significant improvement on the score of 58.8 in the prior year. This score is a weighted, global aggregate made up of results from Australia, Canada, Mongolia, New Zealand, South Africa, the UK and the US. For 2024, the Committee also took into account the roll-out of Local Voices (our community perception monitoring program) to 50% of our assets and the emerging insights from the deployment, as well as the outcomes of our Social Licence self-assessments in 14 assets across all product groups that demonstrated clear year-on-year improvement. Considering both the reputation score and qualitative assessment the Committee determined an outcome of 82.5% of maximum. |  | Outcome: Above target (at 82.5% of maximum)
Fatality deduction |  |  |  |
A deduction was applied to reflect the tragic work-related fatalities of 2024. Further detail is set out in the Annual statement by the People & Remuneration Committee Chair.

Annual Report on Form 20-F 2024 | 132 | riotinto.com

Directors’ report | Remuneration report
Commentary on individual performance
Jakob Stausholm
Individual multiplier outcome: Not applied

Strategic objectives | Performance Assessment
Best Operator Strong financial performance and prioritisation of Best Operator to enhance competitiveness (Outcome: At target) | –Delivered significant progress towards stable, sustainable operating performance with strong financial results, benefiting from diversified portfolio and progress on growth projects. Continued uplift in technical skills across the organisation. –Achieved a 1% increase in production alongside a 3% rise in sales volumes. –Accelerated the roll-out of SPS which is now in place at 31 sites (80% of our sites- up from 60% in 2023), underlining our commitment to be the best operator. This included success in delivering our SPS target at our Pilbara Iron Ore operations of a 5Mt uplift. –Continued focus on performance required at IOC, Kennecott copper operations, and RTIT Quebec Operations to extract further shareholder value. –Drove significant cultural transformation and leadership development that propelled our progress in 2024 toward becoming Best Operator.
Impeccable ESG Maintain relentless focus on safety; and advance our decarbonisation strategy (Outcome: At target) | –We were devastated by the loss of 5 colleagues in 2024, the first work-related fatalities since 2018. Safety remains our highest priority. –On decarbonisation, delivered our most productive and promising year against our ambitions - reduced approximately 3Mt CO 2 e - keeping us on track to achieve our 2030 and 2050 targets. This performance was delivered through a robust portfolio of reduction initiatives across the Group, including 13 major projects that will contribute substantial additional carbon reductions by 2030, including significant progress on repowering our Gladstone assets. Scope 3 emissions reduction initiatives were also progressed through the development of BioIron and electric smelting trials in Western Australia. –Led the public release of the Everyday Respect Progress Review showing improvement and momentum. –Intensified focus on tailings storage management with implementation exceeding targets. In addition, achieved full control for ERA closure.
Excel in Development Grow and diversify our portfolio (Outcome: Above target) | –Executed a comprehensive review of corporate strategy and portfolio mix, with an extensive focus on our growth portfolio. –Led a significant shift in our portfolio by expanding our lithium business. Executed the agreement to acquire Arcadium Lithium plc, the Group’s largest acquisition for many years which will position Rio Tinto as a global leader in energy transition commodities. Lithium growth was further supported by the commitment to invest $2.5 billion to expand the Rincon project in Argentina following the achievement of first lithium production at the Rincon project in November 2024. –Delivered significant ramp-up of production at the Oyu Tolgoi mine in Mongolia and on course for further increase with the commissioning of ventilation shafts 3 and 4. –Achieved major progress at the Simandou iron ore project in Guinea with all approvals obtained and conditions satisfied in 2024. The project is now on track to deliver first production at the mine gate in 2025. –Five replacement iron ore projects were advanced in the Pilbara, including Western Range, where first iron ore production is scheduled for the first half of 2025. –Refocused our partnerships including adding Sumitomo Metal Mining (buying 30% of Winu) and continued work at Nuevo Cobre, Chile with Codelco. In addition to buying out partners in other areas including purchasing Mitsubishi’s stake in BSL and Sumitomo’s stake in New Zealand Aluminium Smelters. –Strong achievements in project execution, with major projects such as Western Range, Oyu Tolgoi Underground and Simandou being delivered on schedule and within budget.
Social Licence Improve our social licence to operate by strengthening engagement with key stakeholders (Outcome: Above target) | –Personally led significant efforts in strengthening key relationships with governments (particularly in Canada, China, Chile, Argentina, Guinea, South Africa and Madagascar) and civil society. Much progress made on enhancing transparency, building trust and demonstrating an understanding of society’s needs. –Executed significant agreements in New Zealand and Western Australia securing our longer-term future in these markets. –Significant progress in regaining trust with a wide range of traditional owners,.

Peter Cunningham
Individual multiplier outcome: Not applied

Strategic objectives | Performance Assessment
Best Operator Strong financial performance and prioritisation of Best Operator to enhance competitiveness (Outcome: At target) | –Upgraded performance management and supported a disciplined performance around costs and headcount. –Led work to drive improvement around support costs and planning. –Drove work around the renewal of core systems (Finance, HR, HSE) and studies around the renewal of the SAP Real Time Business Suite of tools, plus initial investments in digital/AI. –Delivered an effective 2025 planning process centred around the need to drive enhanced competitiveness.
Impeccable ESG Maintain relentless focus on safety; and advance our decarbonisation strategy (Outcome: At target) | –Accelerated implementation of enhanced risk management through the Three Lines of Defence program. –Continued to support improvements to decarbonisation investment through the capital allocation framework and ongoing performance management.
Excel in Development Grow and diversify our portfolio (Outcome: Above target) | –Led the successful redevelopment of the 2024 strategy process with delivery through agile teams brought together to solve clear business problems. –Implemented substantial changes to the Group's evaluation framework to enable a deeper focus on the most important strategic decisions at the Investment Committee. –Continued to enhance the EiD forum to ensure momentum around the investment pipeline. –Supported industry analysis and investment decision-making around major investments (Rincon) and mergers and acquisitions (Arcadium). –Maintained consistent and disciplined capital allocation framework.
Social Licence Improve our social licence to operate by strengthening engagement with key stakeholders (Outcome: Above target) | –Further developed a comprehensive capital allocation process to promote investment decisions and further build partnerships and capabilities. –Supported investment for creating growth options and social licence through targeted exploration and evaluation, communities and social performance (CSP) and social investment, decarbonisation, and research and development.

Annual Report on Form 20-F 2024 | 133 | riotinto.com

Directors’ report | Remuneration report
2025 short-term incentive plan
This section outlines the operation of the 2025 short-term incentive plan (STIP).
2025 short-term incentive plan measures and weightings

Financial scorecard dimension |  | Weighting |  | What does it measure? |  | Commentary
Underlying EBITDA – unflexed |  | 12.5% |  | Underlying EBITDA is a segmental performance measure and represents profit before tax, net finance items, depreciation and amortisation. |  | Underlying EBITDA is the prominent financial measure of underlying business performance on an income statement basis. The core objectives of robust operational performance and disciplined cost management are well reflected in underlying EBITDA. The underlying EBITDA target for STIP purposes is based on the Group’s annual plan, calibrated to reflect production guidance communicated at the start of the year.
Underlying EBITDA – flexed |  | 12.5% |  | Underlying EBITDA, adjusted for the impact of commodity prices and foreign exchange rates. |  | Removing the impact of commodity prices and foreign exchange rates gives us a stronger indication of the underlying EBITDA outcome of our underlying business performance, aligned to the core objective of Best Operator.
STIP free cash flow – unflexed |  | 12.5% |  | STIP free cash flow comprises free cash flow adjusted to exclude dividends paid to holders of non-controlling interests in subsidiaries and development capital expenditure (including development capital expenditure on decarbonisation projects). |  | STIP free cash flow demonstrates how we convert underlying EBITDA to cash and provides further insight into how we are managing efficiency and productivity, including working capital and sustaining capital. The STIP free cash flow target is based on the Group’s annual plan, calibrated to reflect production guidance communicated at the start of the year.
STIP free cash flow – flexed |  | 12.5% |  | STIP free cash flow, adjusted for the impact of commodity prices and foreign exchange rates. |  | Removing the impact of commodity prices and foreign exchange rates gives us a stronger indication of the free cash flow outcome of our underlying business performance, aligned to the core objective of Best Operator.
Total weighting |  | 50% |  |  |  |

Strategic scorecard dimension |  | Weighting |  | What does it measure? |  | Commentary
Impeccable ESG
Decarbonisation |  | 10% |  | Progress of moving carbon abatement projects through the various stages of development all the way to execution to meet our decarbonisation ambition. |  | Provides focus on progressing at pace and optimising the resource deployment of decarbonisation projects.
Safety index |  | 10% |  | AIFR as a lag indicator and SMM at our assets as a lead indicator, which includes maturity of safety leadership, including psychological safety. Conformance to GISTM is set as an underpin. |  | Safety is at the heart of everything we do. The safety index provides focus on the importance of continuing to embed and strengthen our safety culture.
People & Culture
Diversity |  | 5% |  | Improving representation of women at Rio Tinto. |  | The ongoing focus on improving gender representation is an important contributor to advancing our culture- change agenda. Using trends in responses and scores to our engagement surveys, we also demonstrate to what extent our culture is changing. Both of these are important factors as we continue to transform our culture in response to the findings of the 2022 Everyday Respect Report.
Culture |  | 5% |  | Measuring progress in our culture-change journey. |
Excel in Development
Exploration, studies and project execution |  | 10% |  | Performance in exploration, studies and project delivery. |  | Exploration, studies and project execution identifies opportunities for growth and enhancing orebody reserves across our portfolio, while keeping focus on the importance of executing to time and budget.
Social Licence
Reputation |  | 10% |  | Indicators of progress made in building acceptance and trust across a broad set of stakeholders, including, but not only, communities, governments, customers, suppliers and civil society. |  | General public perception measured through a reputation score and community perception measured through localised surveys. The Social Licence measures continue to form a key part of our strategy to build trust and meaningful relationships with our community of stakeholders.
Total weighting |  | 50% |  |  |  |

A fatality deduction of a least 10% will be applied in the event of work-related fatalities. This deduction, combined with the 10% weighting of the
safety index maintains the prominence of safety in the STIP structure. The specific targets for the 2025 STIP are considered by the Board to be
commercially sensitive. These will be disclosed alongside the outturn retrospectively in the 2025 Implementation report.

Annual Report on Form 20-F 2024 | 134 | riotinto.com

Directors’ report | Remuneration report
Long-term incentive plan
PSA granted in 2020 were based on 2 performance conditions,
both measured over a 5-year performance period:
–TSR relative to the EMIX Global Mining Index – 50%
–TSR relative to the MSCI World Index – 50%
The performance outcome against the EMIX Global Mining Index and
MSCI World Index was 25.5% and 0% respectively, resulting in an overall
vesting of 12.75%. The value of the shares vesting included in the single
total figure of remuneration table for 2024 is an estimate, as the actual
value can only be determined once the share price and final application of
dividend equivalents on vesting are known.
The disclosed value is based on:
–The approved TSR outcome relative to the EMIX Global Mining
Index (transitioned to the S&P Global Mining Index from 1 August
2023 following the decommissioning of the EMIX on 31 July 2023)
and MSCI World Index, with associated dividend equivalent
shares.
–The average share prices for Rio Tinto plc and Rio Tinto Limited over
the last quarter of the 5-year performance period (Q4 2024).
The actual value associated with the 2020 PSA vesting will be
disclosed in the 2025 Remuneration report.
Calculation of 2020 PSA vesting
The dual TSR measures recognise that the company competes in the global market for investors as well as within the mining sector, and
rewards executives for returns over the long term that outperform both the broader market and the mining sector.

Index | Threshold (22.5% of maximum) | Maximum (100% of maximum) | Actual TSR outperformance | Weighting | Vesting outcome
S&P Global Mining Index 1 | Equal to Index | Index + 6% p.a. | Index + 0.2% p.a. | 50% | 25.5%
MSCI World Index | Equal to Index | Index + 6% p.a. | Index - 0.2% p.a. | 50% | 0%

1.The EMIX Global Mining Index was decommissioned on 31 July 2023 and therefore it was necessary to identify a replacement index for the remainder of the performance period. The
Committee considered a range of alternative indices and determined that S&P’s replacement index (the S&P Global Mining Index) was the most suitable, given the overlap in constituents
and close correlation in performance. TSR performance was calculated by our independent remuneration consultants tracking the EMIX Global Mining Index to 31 July 2023 and the S&P
Global Mining Index thereafter. This methodology will apply to all relevant outstanding PSA.

Executive Director | Year included in single figure | Award | Overall vesting % | Dividend equivalents | Dividend equivalents (% of shares vesting) | Shares (including dividend equivalents) | Share price | PSA outcome (£’000)1
Jakob Stausholm | 2024 | 2020 PSA | 12.75% | 3,926 | 41% | 13,451 | £49.67 | £668
Peter Cunningham | 2024 | 2020 PSA | 12.75% | 389 | 41% | 1,335 | £49.67 | £66

1.The PSA outcome is an estimate based on the average share price over the last quarter of 2024.
For reference, the 2019 PSA vested at 94.1% on 22 February 2024 with Rio Tinto plc and Rio Tinto Limited share prices of £51.51 and
A$125.80 respectively (closing share price on the day prior to vesting). Dividend equivalents for the Executive Directors were equal to 38% of
the vested awards.
Long-term incentive plan awards granted in 2024
These awards are subject to TSR performance relative to the constituents of the S&P Global Mining Index (53.3%) and MSCI World Index
(26.7%), and a decarbonisation scorecard as set out in the Performance measures section below.

Executive Director | Type of award | Grant date | Face value of award (% of base salary) | Face value of award (£’000) | % of vesting at threshold performance | Grant price 1 | Conditional shares awarded | End of the period over which the performance conditions have to be fulfilled | End of holding period
Jakob Stausholm | PSA | 9 May 2024 | 500% | 6,424 | 22.5% | £53.43 | 120,232 | 31 December 2026 | February 2029
Peter Cunningham | PSA | 9 May 2024 | 500% | 3,804 | 22.5% | £53.43 | 71,195 | 31 December 2026 | February 2029

1.In line with the Policy, the grant price for PSA is determined by reference to the average share price for the calendar year prior to the year of grant. The grant price of £53.43 represents the
Rio Tinto plc average share price for 2023.
Long-term incentive plan awards due to be granted in 2025

Executive Director | Type of award | Face value of award (% of base salary) | Face value of award (£’000) | % of vesting at threshold performance | Grant price 1 | Conditional shares to be awarded | End of the period over which the performance conditions have to be fulfilled | End of holding period
Jakob Stausholm | PSA | 500% | 7,054 | 22.5% | £51.35 | 137,361 | 31 December 2027 | February 2030
Peter Cunningham | PSA | 500% | 3,918 | 22.5% | £51.35 | 76,299 | 31 December 2027 | February 2030

1.In line with Policy, the grant price for PSA is determined by reference to the average share price for the calendar year prior to the year of grant. The grant price of £51.35 represents the
Rio Tinto plc average share price for 2024.
Performance measures
For PSAs granted in 2024 and 2025, 80% of the award is based on relative TSR measured on a weighted ranked basis against constituents of a
sector and a broader market index. Two-thirds of the TSR element will be measured relative to sector peers (constituents of the S&P Global
Mining Index) and the remaining one-third measured against a broader market reference point (constituents of the MSCI World Index). The
remaining 20% of the award will be based on strategic measures linked to decarbonisation.

Performance measures | Threshold (22.5% of maximum) | Maximum (100% of maximum) | Weighting
Relative TSR vs constituents of the S&P Global Mining Index | Median | Upper quartile | 53.3%
Relative TSR vs constituents of the MSCI World Index | Median | Upper quartile | 26.7%
Decarbonisation scorecard | see page 135 | see page 135 | 20.0%

Annual Report on Form 20-F 2024 | 135 | riotinto.com

Directors’ report | Remuneration report
Decarbonisation
Given the scale and complexity of our emissions portfolio and our decarbonisation ambitions, as well as the multi-year timeframe for this
transition, performance and progress will be assessed using a balanced scorecard. The decarbonisation scorecard includes a combination of
metrics that address opportunities and risks from the energy transition to incentivise long-term competitive advantage. The balanced scorecard
includes the following 4 equally weighted elements assessed over the 3-year performance period:

Objective | Details
Residual emissions | –This provides a measure of actual reduction in Scope 1 and 2 emissions with targets set taking into account the Group’s stated ambition of a 50% reduction by 2030 (relative to our 2018 baseline). Achieving the maximum outcome would be consistent with the linear trajectory required to achieve the 2030 ambition. –The Committee will take into account the relative contribution of nature-based offsets directly associated with Rio Tinto landholdings or those of its joint ventures when assessing performance. The contribution will be capped at 10% of the reduction and for any outcome above target the contribution from offsets will be ignored.
Project delivery | –The successful delivery of abatement projects will be fundamental to achieving our stretching decarbonisation objectives. –Working with the Decarbonisation Office, the Committee identifies a number of priority decarbonisation projects for which investment approval has been granted, or is expected to be granted in the near future. Four projects for the 2024-2026 performance period were approved by the Committee during 2024. For the 2025-2027 performance period, there are currently 4 projects identified for which investment approval is expected prior to the end of the first half of 2025. –At the end of the 3-year performance period, there will be an assessment of project delivery measuring conformance to plan for both spend and schedule. Using a predetermined framework, each project will be assigned a score out of 10 and vesting will be determined based on the average score of the projects.
Technology development | –Progressing towards net zero will require technology advancement and research and development breakthroughs that convert into implemented projects. –This metric assesses Group spend committed to research and development and the successful implementation of projects that have a meaningful impact on the abatement of emissions (including spend associated with reducing Scope 3 emissions).
Transition strategy | –This measure aligns decarbonisation activity with our value creation strategy, specifically in building new capabilities or commitments towards new growth assets. –For the 2024-2026 performance period, 3 transition strategy outcomes that are are significant to Group value were selected, namely: Pacific Operations (PacOps) decarbonisation; aluminium and copper recycling and ELYSIS TM implementation. For the 2025-2027 scorecard, PacOps decarbonisation and aluminium recycling will be retained, alongside a new initiative, lithium growth replacing ELYSIS TM implementation. For the PacOps and recycling initiatives being retained on the scorecard, they will be assessed only on performance achieved during 2025-2027, noting they are also on the 2024-2026 scorecard. –At the end of the 3-year performance period, each transition strategy will be assigned a score out of 10 using a predetermined framework and vesting will be determined based on the average score of the transition objectives.

The targets under each element of the scorecard for the 2024 and 2025 awards, as well as an update on how performance is tracking over the
first year of the performance period for the 2024 award, are summarised below. Based on the performance to date, the best estimate of the
potential vesting outcome for the 2024 award is tracking between threshold and target.

Objective | LTIP weighting | Threshold (22.5% of maximum) | Target (50% of maximum) | Maximum (100% of maximum)
Residual emissions Reduction in residual emissions relative to 2018 baseline, adjusted for changes in equity | 5% | 3.8Mt CO 2 e | 5.3Mt CO 2 e | 6.9Mt CO 2 e
2024 performance update: Tracking around threshold - reported emissions at the start of the award period were 33.9Mt CO 2 e adjusted for increased equity at Boyne Smelters and New Zealand Aluminium Smelter, with a net reduction of 3.5Mt for the purposes of the scorecard delivered in the first year of the award. Projected emissions reductions to 2030 are expected to be weighted to the end of the decade.
Project delivery Conformance to plan for priority decarbonisation projects | 5% | Average score of at least 6 out of 10 being a maximum deviation of 25% from planned cost and schedule | Average score of at least 8 out of 10 being a maximum deviation of 15% from planned cost and schedule | Average score of at least 9 out of 10 being less than 10% deviation from planned cost and schedule
2024 performance update: Tracking to target – 4 projects have been included in the assessment of this metric, each of which is a committed project. The projects are early in their development cycle and remain materially in conformance with cost and schedule.
Technology development Technology advancements and research and development breakthroughs that convert into implemented projects | 5% | 0.2% of Group revenue on decarbonisation research and development spend At least one project into implementation totalling 250kt annual abatement | 0.4% of Group revenue on decarbonisation research and development spend At least one project into implementation totalling 500kt annual abatement | 0.5% of Group revenue on decarbonisation research and development spend At least 2 projects into implementation totalling 750kt annual abatement
2024 performance update: Tracking to target - spend on research and development is tracking within target range, with several projects expected to proceed into implementation later in the performance period.
Transition strategy Alignment of decarbonisation activity with value creation | 5% | Average score of at least 6 out of 10 representing more limited progress | Average score of at least 8 out of 10 representing good progress towards strategic goals, some areas of outperformance, substantially achieved or on track to deliver major objectives, or progress with no major failures or impacts on broader performance of the Group | Average score of at least 9 out of 10 representing significant outperformance of expectations, implementation achieved or a major new advancement with scope for material benefits
2024 performance update: Tracking around threshold – significant progress including signing new repowering contracts for our Pacific Operations, including at Boyne Smelters and New Zealand Aluminium Smelter to strengthen their future. For ELYSIS™ implementation, commitments have been made to install carbon- free aluminium smelting cells at Arvida using the first technology licence issued by the ELYSIS TM joint venture.

The Committee will retain discretion in determining vesting outcomes and where required will adjust targets or baselines in relation to any
material changes to the portfolio, such as following acquisitions, divestments or closure.

Annual Report on Form 20-F 2024 | 136 | riotinto.com

Directors’ report | Remuneration report
Executive Directors’ shareholding
In line with our share ownership policy, Executive Directors’ shareholdings are set based on owning a fixed number of Rio Tinto shares.

Executive Director | Year requirement needs to be met |  | Effective holding of Rio Tinto plc ordinary shares
| Requirement | 31 December 2024 | 31 December 2023
Jakob Stausholm | 2025 |  | 120,000 | 193,740 | 107,115
Peter Cunningham | 2027 |  | 60,000 | 81,601 | 68,568

The shareholdings shown above include 50% of the number of unvested BDA held by each executive.
We operate a post-employment holding requirement for Executive Directors, but no former Executive Directors are currently subject to a holding
requirement.
Service contracts

Executive Director | Position held during 2024 | Date of appointment to position | Notice period
Jakob Stausholm | Chief Executive | 1 January 2021 | 12 months
Peter Cunningham | Chief Financial Officer | 17 June 2021 | 12 months

Either party can terminate their contract with notice in writing, or immediately in the case of the company by paying the base salary only in lieu of any
unexpired notice.
Executives’ external and other appointments
Neither of the Executive Directors currently has an external directorship.
Past director payments
There were no payments to past directors in excess of the de minimis threshold of £15,000.
Chief Executive’s remuneration over time

Year |  | Chief Executive | Single total figure of remuneration (’000) | Annual STIP award against maximum opportunity | Long-term incentive vesting against maximum opportunity (PSA)
2015 |  | Sam Walsh | A$9,141 | 81.9% | 43.6%
2016 |  | Sam Walsh 1 | A$5,772 | 68.2% | 50.5%
2016 |  | Jean-Sébastien Jacques | £3,116 | 82.4% | 50.5%
2017 |  | Jean-Sébastien Jacques | £3,821 | 73.4% | 66.7%
2018 |  | Jean-Sébastien Jacques | £4,551 | 70.1% | 43.0%
2019 |  | Jean-Sébastien Jacques | £5,999 | 74.8% | 76.0%
2020 |  | Jean-Sébastien Jacques | £8,670 | 0.0% | 66.7%
2021 |  | Jakob Stausholm 2 | £2,788 | 61.3% | 0.0%
2022 |  | Jakob Stausholm | £5,010 | 48.7% | 100.0%
2023 |  | Jakob Stausholm 3 | £8,311 | 56% | 94.1%
2024 |  | Jakob Stausholm | £3,564 | 49.5% | 12.8%

1.STIP award and PSA vesting percentages restated following release from the deed of deferral as described in prior Remuneration reports.
2.Jakob Stausholm joined Rio Tinto in September 2018 and became Chief Executive on 1 January 2021. Therefore, he did not participate in the 2017 LTIP which vested at 66.7% of maximum.
3.The 2023 single total figure of remuneration for Jakob Stausholm reported in the 2023 Remuneration report was £8.45 million, based on the estimated value of the 2019 PSA which vested at
94.1%. The single total figure of remuneration for 2023 shown above is restated and based on the actual vesting share price of £52.16.
The effect of performance on the value of shareholdings, as measured by TSR delivered over the past 5 years, based on the sum of dividends
paid and share price movements during each calendar year, is detailed in the table below.

Year |  | Underlying earnings | Underlying EBITDA | Dividends paid per share |  | Share price – Rio Tinto plc pence |  | Share price – Rio Tinto Limited A$ |  | TSR
| $ millions | $ millions | $ cents |  | 1 Jan | 31 Dec |  | 1 Jan | 31 Dec |  | Group %
2020 |  | 12,448 | 23,902 | 386 |  | 4,503 | 5,470 |  | 100.4 | 113.8 |  | 34.0%
2021 |  | 21,401 | 37,720 | 963 |  | 5,470 | 4,892 |  | 113.8 | 100.1 |  | (3.8)%
2022 |  | 13,359 | 26,272 | 746 |  | 4,892 | 5,798 |  | 100.1 | 116.4 |  | 18.3%
2023 |  | 11,755 | 23,892 | 402 |  | 5,798 | 5,842 |  | 116.4 | 135.7 |  | 15.8%
2024 |  | 10,867 | 23,314 | 435 |  | 5,842 | 4,723 |  | 135.7 | 117.5 |  | (15.4)%

The data presented in this table reflects the dual corporate structure of Rio Tinto. We weight the 2 Rio Tinto listings to produce a Group TSR
figure in line with the methodology used for the 2020 PSA.
TSR has been calculated using spot Return Index data as at the last trading day for the year sourced from DataStream.

Annual Report on Form 20-F 2024 | 137 | riotinto.com

Directors’ report | Remuneration report
Total shareholder return
The vesting of the PSA granted in 2020 was subject to relative TSR
against the S&P Global Mining Index (transitioned from the EMIX
Global Mining Index following its decommissioning in July 2023) and
the MSCI World Index.
The graph below shows Rio Tinto’s TSR performance for the 2020
PSA. It uses the same methodology as that used to calculate the
vesting for the PSA granted in 2020, with a performance period that
ended on 31 December 2024.
Total shareholder return
1.TSR for the MSCI and EMIX indices has been calculated using 12-month average Return
Index data for the year sourced from DataStream.
2.Rio Tinto's Group TSR has been calculated using a weighted average for Rio Tinto plc
and Rio Tinto Limited. The weighting is based on the free-float market capitalisation of
each entity as at the start of the period.
The following graph illustrates the TSR performance of the Group
against the S&P Global Mining Index (and for periods to 31 July 2023
against the EMIX Global Mining Index) and the MSCI World Index
over the 10 years to the end of 2024.
The graph meets the requirements of Schedule 8 of the UK Large and
Medium-sized Companies and Groups (Accounts and Reports)
Regulations 2008 (as amended) and is not an indication of the vesting
of PSA granted in 2020.
Total shareholder return
1.TSR has been calculated using spot Return Index data as at the last trading day for the
year sourced from DataStream.
2.Rio Tinto's Group TSR has been calculated using a weighted average for Rio Tinto plc
and Rio Tinto Limited. The weighting is based on the free-float market capitalisation of
each entity as at the start of the period.
Other executive key management personnel
This section sets out remuneration information pertaining to executive
key management personnel (KMP) excluding the Chief Executive and
the Chief Financial Officer. The Policy applicable to the Executive
Directors is also applicable to the other executive KMP with variances
specified in this section.
The remuneration mix for other executive KMP under this Policy is set
out in the chart below.
2024 Remuneration mix
Maximum
Target

l | Fixed pay | l | STIP – Cash | l | STIP – BDA | l | LTIP

2024 assumptions
Fixed pay includes base salary, pension and benefits. The value of
benefits is estimated at 11% of base salary.

Performance-related (at risk)
Target STIP and LTIP performance | –STIP award of 50% of the maximum award (equates to 100% of base salary) –PSA expected value of 50% of face value, calculated as 250% of base salary
Maximum STIP and LTIP performance | –Maximum STIP award of 200% of base salary –Maximum PSA face value of 500% of base salary

No assumption has been made for growth in share price and payment
of dividend equivalents.
The table below outlines the positions held by the other executive KMP and the respective dates of appointment:

Name | Position(s) held during 2024 | Date of appointment to position
Bold Baatar | Chief Executive, Copper | 1 February 2021
Chief Commercial Officer | 1 September 2024
Alf Barrios 1 | Chief Commercial Officer | 1 March 2021
Sinead Kaufman | Chief Executive, Minerals | 1 March 2021
Katie Jackson | Chief Executive, Copper | 1 September 2024
Jérôme Pécresse | Chief Executive, Aluminium | 23 October 2023
Simon Trott | Chief Executive, Iron Ore | 1 March 2021

1.Alf Barrios ceased to be a KMP on 31 August 2024 and he ceased employment on 31 December 2024 following his retirement.

Annual Report on Form 20-F 2024 | 138 | riotinto.com

Directors’ report | Remuneration report
Base salary
Base salaries for Executive Committee members are reviewed annually by the Committee, with increases generally aligned with the wider
employee population in the relevant jurisdiction. Variations may occur in instances in which an individual has changed position, or the position’s
duties and responsibilities have been enlarged, for example as a result of a reorganisation or acquisition, or where an individual’s remuneration
has fallen below comparable positions in the market.
Short-term incentive plan
Overview of 2024 short-term incentive plan weightings and measures
The measures and weightings used to determine short-term incentive plan (STIP) awards for executives in 2024 are set out on page 130.
The 2024 STIP awards are detailed in the table below. The amounts set out below reflect the 10% fatality adjustment applied.

|  |  | Percentage of:
| 2024 STIP award (% of salary) | 2024 STIP award ('000) | Maximum STIP awarded | Maximum STIP forfeited
Bold Baatar | 99% | SGD1,247 | 49.5% | 50.5%
Alf Barrios | 99% | SGD1,197 | 49.5% | 50.5%
Katie Jackson | 99% | GBP208 | 49.5% | 50.5%
Sinead Kaufman | 99% | A$1,145 | 49.5% | 50.5%
Jérôme Pécresse | 124% | C$1,485 | 62% | 38%
Simon Trott | 99% | A$1,347 | 49.5% | 50.5%

Share ownership
The following table shows the share ownership level for other
executive KMP as a percentage of their overall requirement which is
determined based on 400% of salary.

|  | Share ownership level at 31 December 2024 as a percentage of requirement
Bold Baatar |  | 211%
Katie Jackson 1 |  | 2%
Sinead Kaufman |  | 103%
Jérôme Pécresse |  | 11%
Simon Trott |  | 85%

1.Katie Jackson joined the Group on 1 September 2024
Share ownership level is set for each individual based on a fixed
number of Rio Tinto plc or Limited shares, and we define “share
ownership” in our Policy.
Service contracts
KMP service contracts can be terminated by the company or
executive with 12 months’ notice in writing, or immediately by the
company by paying base salary only in lieu of any unexpired notice.
Other KMP appointments
All newly appointed executives have received a remuneration
package that is aligned with our Policy and comprises: base salary in
line with market benchmarks; target STIP opportunity of 100% of
base salary (with maximum opportunity of 200% of base salary); LTIP
awards of up to 500% of base salary; company pension contributions
of 14% of base salary; and other benefits such as company-provided
healthcare coverage, and continued eligibility to participate in the all-
employee share plans. A minimum shareholding requirement applies
on appointment to be built up over subsequent years.
Executive departures
Alf Barrios ceased to be a KMP on 31 August 2024 and retired from
the Group on 31 December 2024. Alf was treated as an eligible leaver
for the purposes of STIP and LTIP.
Broader employee disclosures
Chief Executive pay ratio
The ratio of the single total figure of remuneration for the
Chief Executive to the lower quartile, median and upper quartile of the
Rio Tinto Australian employee population for 2024 is set out in the
table below.

| Lower quartile | Median | Upper quartile
2024 | 46 | 39 | 33
2023 1 | 114 | 95 | 79

1.The 2023 pay ratio data has been restated based on actual pay outcomes for the Chief
Executive in 2023.
The median CEO pay ratio of 39:1 is lower than last year, primarily
due to materially lower outcomes on long-term incentives for the
performance period ending 31 December 2024. The Committee
continues to be mindful of the relationship between executive
remuneration and that of our broader workforce. The Committee’s
decision making will continue to be supported by regular and detailed
reporting on these matters.
Relative spend on remuneration
The table below shows our relative spend on remuneration across our
global employee population and distributions to shareholders in the
year. We have also shown other significant disbursements of the
company’s funds for comparison.

Stated in US$m | 2024 | 2023 | Difference in spend
Remuneration paid 1 | 7,055 | 6,636 | 419
Distributions to shareholders 2 | 7,025 | 6,470 | 555
Purchase of property, plant and equipment, and intangible assets 3 | 9,621 | 7,086 | 2,535
Corporate income tax paid 3 | 4,165 | 4,627 | (462)

1.Total employment costs for the financial year as per note 7 to the financial statements.
2.Distributions to shareholders include equity dividends paid to owners of Rio Tinto shares
as per the consolidated cash flow statement.
3.Purchase of property, plant and equipment, and intangible assets, and corporate income
tax paid during the financial year are as per the consolidated cash flow statement.

Annual Report on Form 20-F 2024 | 139 | riotinto.com

Directors’ report | Remuneration report
Change in Director and employee pay
In the table below, we compare the annual changes in salary, benefits and annual incentives of the Directors for the past 5 years, to that of the
Australian employee population. Column “a” represents the percentage change in salary and fees; values in column “b” represent the
percentage change in taxable benefits; and values in column “c” represent the percentage change in annual incentive outcomes for
performance periods in respect of each financial year.

| 2019 to 2020 | 2020 to 2021 | 2021 to 2022 | 2022 to 2023 | 2023 to 2024
a 1 | b | c | a 1 | b | c | a 1 | b | c | a 1 | b 2 | c | a 1 | b 2 | c 3
Executive Directors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jakob Stausholm | 2% | 34% | 29% | 46% | (19)% | 25% | 2% | 94% | (18)% | 4% | (15)% | 20% | 4% | 53% | (8)%
Peter Cunningham | – | – | – | – | – | – | – | 18% | 47% | 4% | 10% | 28% | 4% | 2% | (8)%
Non-Executive Directors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dominic Barton | – | – | – | – | – | – | – | – | – | 50% | (84)% | – | 8% | 213% | –
Simon Henry | 3% | (54)% | – | – | 64% | – | (6)% | 98% | – | (7)% | 189% | – | 18% | (2)% | –
Sam Laidlaw | 8% | (87)% | – | – | 51% | – | – | 779% | – | – | 242% | – | 15% | (29)% | –
Simon McKeon | 9% | (72)% | – | 15% | 91% | – | (6)% | 1487% | – | 6% | 78% | – | 13% | (55)% | –
Jennifer Nason | – | – | – | – | – | – | (6)% | 58% | – | (8)% | 59% | – | 14% | 26% | –
Ngaire Woods | – | – | – | – | – | – | – | 273% | – | – | 201% | – | 8% | (7)% | –
Ben Wyatt | – | – | – | – | – | – | 12% | – | – | – | 52% | – | 21% | 26% | –
Dean Dalla Valle 4 | – | – | – | – | – | – | – | – | – | – | – | – | 34% | 305% | –
Kaisa Hietala 4 | – | – | – | – | – | – | – | – | – | – | – | – | 28% | (39)% | –
Susan Lloyd-Hurwitz 4 | – | – | – | – | – | – | – | – | – | – | – | – | 9% | 108% | –
Joc O’Rourke 4 | – | – | – | – | – | – | – | – | – | – | – | – | 39% | – | –
Martina Merz 5 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | –
Sharon Thorne 5 | – | – | – | – | – | – | – | – | – | – | – | – | – | – | –
Australian workforce 6 | 4% | 5% | 19% | 4% | –% | (18)% | 7% | 6% | 15% | 8% | (1)% | 16% | 6% | 5% | (19)%

1.Change in salary and fees compared on an annualised basis to smooth the impact of part-year appointments.
2.Changes in Director benefits are primarily driven by variances in business travel during the year.
3.The percentage change in annual incentive compares the incentive outcomes for the 2023 performance year to those for the 2024 performance year.
4.Increases are also representative of 2024 being the first full year post appointment in 2023.
5.No prior year data as appointed as a Non-Executive Director in 2024.
6.Since Rio Tinto plc, the statutory entity for which this disclosure is required, does not have any employees, we have included voluntary disclosure of the change in employee pay for our
Australian employees who make up more than 40% of our employee population.
“–” in the table signifies no reported change as a result of the absence of comparable data.
Non-Executive Directors
What we paid our Chair and Non-Executive Directors
Positions held
We list the Non-Executive Directors who held office during 2024
below. Each held office for the whole of 2024 unless otherwise
indicated. Their years of appointment are reported in “Board of
Directors” on pages 102-103.

Name | Title
Dominic Barton | Chair
Dean Dalla Valle | Non-Executive Director
Simon Henry | Non-Executive Director
Kaisa Hietala | Non-Executive Director
Sam Laidlaw | Non-Executive Director
Susan Lloyd-Hurwitz | Non-Executive Director
Simon McKeon | Non-Executive Director (to 2 May 2024)
Martina Merz | Non-Executive Director (from 1 February 2024)
Jennifer Nason | Non-Executive Director
Joc O’Rourke | Non-Executive Director
Sharon Thorne | Non-Executive Director (from 1 July 2024)
Ngaire Woods | Non-Executive Director
Ben Wyatt | Non-Executive Director

Service contracts
The Chair and Non-Executive Directors’ letters of appointment from
the company stipulate their terms of appointment, including their
duties and responsibilities as Directors. Each Non-Executive Director
is appointed subject to their election and annual
re-election by shareholders. The Chair’s appointment may be
terminated by either party giving 12 months’ notice, and
Non-Executive Directors’ appointments may be terminated by
either party giving 3 months’ notice.
Annual fees payable
The table below shows the annual fee structure as at 1 March 2024
and 1 March 2025 for the Chair and Non-Executive Directors.

| 2025 | 2024
Director fees |  |
Chair’s fee | £800,000 | £800,000
Non-Executive Director base fee | £115,000 | £115,000
Senior Independent Director | £45,000 | £45,000
Committee fees |  |
Audit & Risk Committee Chair | £50,000 | £50,000
Audit & Risk Committee member | £30,000 | £30,000
People & Remuneration Committee Chair | £45,000 | £45,000
People & Remuneration Committee member | £25,000 | £25,000
Sustainability Committee Chair | £45,000 | £45,000
Sustainability Committee member | £25,000 | £25,000
Nominations Committee member | £8,000 | £8,000
Meeting allowances |  |
Long distance (flights over 10 hours per journey) | £10,000 | £10,000
Medium distance (flights of 5-10 hours per journey) | £5,000 | £5,000

Annual Report on Form 20-F 2024 | 140 | riotinto.com

Directors’ report | Remuneration report
We set out details of each element of remuneration, and the single
total figure of remuneration, paid to the Chair and Non-Executive
Directors during 2024 and 2023, in US dollars in table 1b on
page 142. No post-employment, termination or share-based
payments were made. Statutory minimum superannuation
contributions for Non-Executive Directors are deducted from the
Director’s overall fee entitlements when these are required by
Australian superannuation law.
The total fee and allowance payments made to the Chair and
Non-Executive Directors in 2024 were within the maximum aggregate
annual amount of £4 million set out in the Group’s constitutional
documents, approved by shareholders at the 2024 AGMs.
Share ownership policy for Non-Executive Directors
Rio Tinto has a policy that encourages Non-Executive Directors to
build up a Rio Tinto shareholding. The shareholding target in 2024 is
1,800 Rio Tinto Limited shares, 2,200 Rio Tinto plc shares or 2,100
Rio Tinto ADRs (or a combination thereof) and will be reviewed every
2 years. Details of Non-Executive Directors’ share interests in the
Group, including total holdings, are set out in table 2 on page 142.
Non-Executive Directors’ share ownership
The Non-Executive Directors’ shareholdings as a percentage of their
overall 2024 requirement are shown in the table below.

Director | Share ownership at 31 December 2024 | Share ownership at 31 December 2023
Dominic Barton | 94% | 94%
Dean Dalla Valle | 32% | 9%
Simon Henry | 100% | 91%
Kaisa Hietala | 45% | 45%
Sam Laidlaw | 341% | 341%
Susan Lloyd-Hurwitz | 79% | 65%
Martina Merz 1 | –% | n/a
Jennifer Nason | 89% | 85%
Joc O’Rourke | –% | –%
Sharon Thorne 2 | 118% | n/a
Ngaire Woods | 67% | 67%
Ben Wyatt | 22% | 22%

1.Martina Merz joined the Board on 1 February 2024.
2.Sharon Thorne joined the Board on 1 July 2024.
Other statutory disclosures
Other share plans
All-employee share plans
The Committee believes that all employees should be given the
opportunity to become shareholders in our business, and that share
plans help engage, retain and motivate employees over the long term.
Rio Tinto’s share plans are therefore part of its standard remuneration
practice, to encourage employee share ownership and create
alignment with the shareholder experience. Executives may
participate in broad-based share plans that are available to Group
employees generally and to which performance conditions do not
apply.
A global employee share purchase plan is normally offered to all
eligible employees unless there are local jurisdictional restrictions.
Under the plan, employees may acquire shares up to the value of
$5,250 (or equivalent in other currencies) per year or capped at 15%
of their base salary if lower. Each share purchased will be matched by
the company, providing the participant holds the shares, and is still
employed, at the end of the 3-year vesting period.
Approximately 36,000 of our employees (67% of those eligible) are
shareholders as a result of participating in these plans. In the UK,
these arrangements are partially delivered through the UK Share Plan
which is a UK tax-approved arrangement. Under this plan, eligible
participants may also receive an annual award of Free Shares up to
the limits prescribed under UK tax legislation.
Management Share Awards
The Management Share Awards (MSA) are designed to help the
Group attract the best staff in a competitive labour market, and to
retain key individuals as we deliver our long-term strategy. MSA are
conditional awards that are not subject to a performance condition.
They typically vest at the end of 3 years, subject to continued
employment. Shares to satisfy the awards are bought in the market or
reissued from Treasury. Executive Committee members are not
eligible to be granted MSA, except in connection with recruitment
purposes.
Shareholder voting
In the table below, we set out the results of the remuneration-related
resolutions voted on at the Group’s 2024 AGMs.

Resolution | Votes for | Votes against | Votes withheld 1
Approval of the Directors’ Remuneration report: Implementation report | 97% | 3% | 7,949,109
Approval of the Remuneration Policy (2024) | 97% | 3% | 3,469,190
Approval of the Directors’ Remuneration report | 97% | 3% | 7,933,078

1.A vote “withheld” is not a vote in law and is not counted in the calculation of the proportion
of votes for and against the resolution.

Annual Report on Form 20-F 2024 | 141 | riotinto.com

Directors’ report | Remuneration report
Table 1a – Executives’ remuneration

Stated in US$‘000 1 | Short-term benefits
| Base salary | Cash bonus 2 | Other cash- based benefits 3 | Non-monetary benefits 4 | Total short-term benefits
Executive Directors |  |  |  |  |  |
Jakob Stausholm | 2024 | 1,632 | 796 | 215 | 207 | 2,850
| 2023 | 1525 | 860 | 203 | 129 | 2,717
Peter Cunningham | 2024 | 966 | 471 | 122 | 49 | 1,608
| 2023 | 903 | 523 | 116 | 47 | 1,589
Other executives |  |  |  |  |  |
Bold Baatar | 2024 | 904 | 459 | 801 | 722 | 2,886
| 2023 | 824 | 601 | 105 | 79 | 1,609
Alf Barrios 5 | 2024 | 598 | 587 | 30 | 103 | 1,318
| 2023 | 864 | 373 | 43 | 98 | 1,378
Katie Jackson | 2024 | 268 | 130 | 222 | 50 | 670
Sinead Kaufman | 2024 | 753 | 356 | 86 | 113 | 1,308
| 2023 | 700 | 408 | 80 | 91 | 1,279
Jérôme Pécresse | 2024 | 876 | 516 | 167 | 63 | 1,622
| 2023 | 170 | 98 | 537 | 6 | 811
Simon Trott | 2024 | 833 | 419 | 98 | 89 | 1,439
| 2023 | 772 | 566 | 90 | 56 | 1,484

Stated in US$’000 1 |  | Long-term benefits: Value of shared-based awards 6 | Post-employment benefits 9 |  |  |
| BDA 7 | PSA | MSA | Others 8 | Pension and superannuation | Other post- employment benefits | Termination benefits | Total remuneration 10 | Currency of actual payment
Executive Directors |  |  |  |  |  |  |  |  |  |
Jakob Stausholm | 2024 | 843 | 3,281 | – | 8 | 13 | – | – | 6,995 | £
| 2023 | 783 | 2556 | – | 8 | 10 | – | – | 6,074 | £
Peter Cunningham | 2024 | 445 | 1,315 | 19 | 7 | 13 | – | – | 3,407 | £
| 2023 | 338 | 691 | 132 | 7 | 10 | – | – | 2,767 | £
Other executives |  |  |  |  |  |  |  |  |  |
Bold Baatar | 2024 | 565 | 1,816 | – | 8 | 37 | – | – | 5,312 | £ & S$
| 2023 | 473 | 1,531 | – | 8 | 10 | – | – | 3,631 | £
Alf Barrios 5 | 2024 | 209 | 1,233 | – | 3 | 54 | – | – | 2,817 | S$
| 2023 | 428 | 1,578 | – | 4 | 43 | – | – | 3,431 | S$
Katie Jackson | 2024 | 31 | 69 | 333 | – | 7 | – | – | 1,110 | £
Sinead Kaufman | 2024 | 364 | 1,378 | – | 3 | 19 |  | – | 3,072 | A$
| 2023 | 293 | 856 | 13 | 3 | 18 | – | – | 2,462 | A$
Jérôme Pécresse | 2024 | 151 | 480 | – | – | 24 | – | – | 2,277 | C$
| 2023 | 22 | – | – | – | 23 | – | – | 856 | C$
Simon Trott | 2024 | 442 | 1,721 | – | – | 19 | – | – | 3,621 | A$
| 2023 | 436 | 1,465 | – | – | 18 | – | – | 3,403 | A$

Notes to table 1a – Executives’ remuneration
1.“Table 1a – Executives’ remuneration” is reported in US$ using A$1 = US$0.66002; £1 = US$1.27811; C$1 = US$0.73039; S$1 = US$0.74849 which are year-to-date average rates, except
for cash bonuses which use A$1 = US$0.62165; £1 = US$1.25105; C$1 = US$0.69510; S$1 = US$0.73548 31 December 2024 year-end rates.
2.“Cash bonus” relates to the cash portion of the 2024 STIP award to be paid in March 2025.
3.“Other cash-based benefits” typically include cash in lieu of company pension or superannuation contributions. For Bold Baatar this also includes the international transfer allowance paid as
per the company standard upon Bold’s relocation from the UK to Singapore.
4.“Non-monetary benefits” for executives typically include healthcare coverage, professional tax compliance services/advice, flexible perquisites and, where applicable, leave accruals and
mobility-related benefits. For Bold Baatar this also includes benefits related to his relocation from the UK to Singapore.
5.The figures for Alf Barrios reflect his remuneration up until he ceased to be a KMP on 31 August 2024. His total remuneration up until his employment termination date of 31 December 2024
was US$5,314,000.
6.The “Value of share-based awards” has been determined in accordance with the recognition and measurement requirements of IFRS2 "Share-based Payment". The fair value of awards
granted as MSA, BDA and PSA have been calculated at their dates of grant using valuation models provided by external consultants, Lane Clark and Peacock LLP, including an independent
Monte Carlo valuation model, which take into account the constraints on vesting attached to these awards. Further details of the valuation methods and assumptions used for these awards
are included in note 27 (Share-based Payments) in the financial statements. The fair value of other share-based awards is measured at the purchase cost of the shares from the market. The
share-based values disclosed in this table do not reflect amounts actually paid in 2024 or the value of shares that will ultimately vest.
7.“BDA” represents the portion of the 2021–2024 STIP awards deferred into Rio Tinto shares.
8.“Others” includes the Global Employee Share Plan (myShare) and the UK Share Plan.
9.Any costs related to defined benefit pension plans and post-retirement medical benefits are the service costs attributable to the individual, calculated in accordance with IAS 19. The cost for
defined contribution pension plans is the amount contributed in the year by the company.
10.“Total remuneration” represents the disclosure of total emoluments and compensation required under the Australian Corporations Act 2001 and applicable accounting standards.
Further details in relation to aggregate remuneration for executives, including Directors, are included in note 29 (Directors’ and key
management remuneration).

Annual Report on Form 20-F 2024 | 142 | riotinto.com

Directors’ report | Remuneration report
Table 1b – Non-Executive Directors’ remuneration

Stated in US$’000 1 |  | Fees and allowances 2 | Non-monetary benefits 3 | Post- employment benefits | Single total figure of remuneration 4 | Currency of actual payment |  | 1.Remuneration is reported in US$. The amounts have been converted using the 2024 annual average exchange rates of £1 = US$1.27811 and A$1 = US$0.66002. 2.“Fees and allowances” comprises the total fees for the Chair and all Non-Executive Directors (NED), and travel allowances for the NED. The statutory minimum superannuation contributions required by the Australian superannuation law and paid for the Australia-based NEDs are included in “Fees and allowances”. 3.“Non-monetary benefits” include, as in previous years, amounts that are deemed by the UK tax authorities to be benefits in kind relating largely to the costs of Directors’ expenses in attending Board meetings held at the company’s UK-registered office (including associated accommodation and subsistence expenses) and professional tax compliance services/advice. Given these expenses are incurred by Directors in the fulfilment of their duties, the company pays the tax on them. 4.Represents disclosure of the single total figure of remuneration under Schedule 8 of the Large- and Medium- sized Companies and Groups (Accounts and Reports) Regulations 2008 (as amended) and total remuneration under the Australian Corporations Act 2001 and applicable accounting standards. 5.The amounts reported for Simon McKeon reflect the period of active Board membership from 1 January 2024 to 2 May 2024. 6.The amounts reported for Martina Merz reflect the period of active Board membership from 1 February 2024 to 31 December 2024. 7.The amounts reported for Sharon Thorne reflect the period of active Board membership from 1 July 2024 to 31 December 2024.
Chair |  |  |  |  |  |
Dominic Barton | 2024 | 1,008 | 94 | – | 1,102 | £
| 2023 | 908 | 30 | – | 938 | £
Non-Executive Directors |  |  |  |  |  |
Dean Dalla Valle | 2024 | 285 | 13 | 19 | 317 | A$
| 2023 | 109 | 6 | 10 | 125 | A$
Simon Henry | 2024 | 253 | 8 | – | 261 | £
| 2023 | 221 | 3 | – | 224 | £ |
Kaisa Hietala | 2024 | 226 | 8 | – | 234 | £
| 2023 | 163 | 18 | – | 181 | £
Sam Laidlaw | 2024 | 335 | 5 | – | 340 | £
| 2023 | 308 | 5 | – | 313 | £ |
Susan Lloyd-Hurwitz | 2024 | 225 | 8 | 5 | 238 | A$
| 2023 | 114 | 3 | 9 | 126 | A$
Simon McKeon 5 | 2024 | 115 | 6 | – | 121 | A$
| 2023 | 302 | 7 | – | 309 | A$ |
Martina Merz 6 | 2024 | 164 | 8 | – | 172 | £
Jennifer Nason | 2024 | 235 | 13 | – | 248 | £
| 2023 | 202 | 6 | – | 208 | £
Joc O'Rourke | 2024 | 239 | 5 | – | 244 | £ |
| 2023 | 23 | 0 | – | 23 | £ |  |  |
Sharon Thorne 7 | 2024 | 105 | 7 | – | 112 | £ |  |  | For more information further details in relation to aggregate remuneration for executives, including Directors, are included in note 29 (Directors’ and key management remuneration).
Ngaire Woods | 2024 | 234 | 7 | – | 241 | £ |
| 2023 | 221 | 5 | – | 226 | £
Ben Wyatt | 2024 | 268 | 12 | – | 280 | A$
| 2023 | 220 | 10 | – | 230 | A$

Table 2 – Directors’ and executives’ beneficial interests in Rio Tinto shares

| Rio Tinto plc 1 |  | Rio Tinto Limited |  | Movements
1 Jan 2024 2 | 31 Dec 2024 3 | 4 Feb 2025 4 |  | 1 Jan 2024 2 | 31 Dec 2024 3 | 4 Feb 2025 4 |  | Compensation 5 | Other 6
Directors |  |  |  |  |  |  |  |  |  |
Dominic Barton | – | – | – |  | 11,900 | 11,900 | 11,900 |  | – | –
Peter Cunningham | 63,053 | 74,480 | 74,493 |  | – | – | – |  | 20,651 | (9,212)
Dean Dalla Valle | – | – | – |  | – | 579 | 579 |  | – | 579
Simon Henry | 2,000 | 2,200 | 2,200 |  | – | – | – |  | – | 200
Kaisa Hietala | 500 | 1,000 | 1,000 |  | – | – | – |  | – | 500
Sam Laidlaw | 7,500 | 7,500 | 7,500 |  | – | – | – |  | – | –
Susan Lloyd-Hurwitz | – | – | – |  | 1,380 | 1,421 | 1,421 |  | – | 41
Simon McKeon 7 | – | – | – |  | 10,000 | 10,000 | – |  | – | –
Martina Merz | – | – | – |  | – | – | – |  | – | –
Jennifer Nason | 1,765 | 1,877 | 1,877 |  | – | – | – |  | – | 112
Joc O'Rourke | – | – | – |  | – | – | – |  | – | –
Jakob Stausholm | 95,363 | 181,391 | 181,417 |  | – | – | – |  | 119,349 | (33,295)
Sharon Thorne 7 | 2,593 | 2,593 | 2,593 |  | – | – | – |  | – | –
Ngaire Woods | 1,482 | 1,482 | 1,482 |  | – | – | – |  | – | –
Ben Wyatt | – | – | – |  | 400 | 400 | 400 |  | – | –
Executives |  |  |  |  |  |  |  |  |  |
Bold Baatar | 61,216 | 102,224 | 102,229 |  | – | – | – |  | 75,850 | (34,837)
Alf Barrios 7 | 47,888 | 45,313 | – |  | – | – | – |  | 74,412 | (76,986)
Katie Jackson | 1,044 | 1,044 | 1,049 |  | – | – | – |  | – | 5
Sinead Kaufman | – | – | – |  | 43,633 | 36,564 | 36,592 |  | 13,104 | (20,145)
Jérôme Pécresse | 5,000 | 5,043 | 5,058 |  | – | – | – |  | – | 58
Simon Trott | 19,338 | 441 | 441 |  | 26,090 | 29,499 | 29,499 |  | 72,267 | (87,755)

1.Rio Tinto plc ordinary shares or American Depositary Receipts.
2.Or date of appointment, if later.
3.Or date of retirement/date stepped down from the Executive Committee, if earlier.
4.Latest practicable date prior to the publication of the 2024 Annual Report, in accordance with LR 9.8.6A.
5.Shares obtained through awards under the Rio Tinto UK Share Plan, the Global Employee Share Plan and/or vesting of the PSA, MSA and BDA granted under the Group’s LTIP arrangements.
6.Share movements due to the sale or purchase of shares, or shares received under dividend reinvestment plans.
7.Simon McKeon retired as a Non-Executive Director at the conclusion of the Rio Tinto Limited annual general meeting on 2 May 2024. Sharon Thorne was appointed Non-Executive Director
on 1 July 2024. Alf Barrios ceased to be a KMP on 31 August 2024.
Interests in outstanding BDA, MSA and PSA and UK Share Plan and the Global Employee Share Plan are set out in table 3 and 3a on pages
143-145.

Annual Report on Form 20-F 2024 | 143 | riotinto.com

Directors’ report | Remuneration report
Table 3 – Plan interests (awards of shares under long-term incentive plan s)

Name | Award/grant date | Market price at award 1,2 | 1 January 2024 | Awarded | Lapsed/ cancelle d | Dividend units | Vested | 31 December 2024 | 4 February 2025 | Performance period concludes / vesting date | Date of release | Market price on release | Monetary value of award at release US$3
Bold Baatar
Bonus Deferral Award | 23 Mar 2022 | £58.00 | 6,956 | – | – | 1,243 | (8,199) | – | – | 1 Dec 2024 | 1 Dec 2024 | £49.88 | 522,704
22 Mar 2023 | £53.19 | 5,463 | – | – | – | – | 5,463 | 5,463 | 1 Dec 2025 | – | – | –
20 Mar 2024 | £49.41 | – | 9,667 | – | – | – | 9,667 | 9,667 | 1 Dec 2026 | – | – | –
Performance Share Award | 18 Mar 2019 | £42.67 | 51,752 | – | (3,054) | 18,820 | (67,518) | – | – | 31 Dec 2023 | 22 Feb 2024 | £52.16 | 4,501,170
16 Mar 2020 | £33.58 | 53,272 | – | – | – | – | 53,272 | 53,272 | 31 Dec 2024 | – | – | –
18 Mar 2021 | £55.58 | 54,005 | – | – | – | – | 54,005 | 54,005 | 31 Dec 2025 | – | – | –
23 Mar 2022 | £58.00 | 44,414 | – | – | – | – | 44,414 | 44,414 | 31 Dec 2026 | – | – | –
22 Mar 2023 | £53.19 | 50,672 | – | – | – | – | 50,672 | 50,672 | 31 Dec 2027 | – | – | –
9 May 2024 | £55.84 | – | 65,431 | – | – | – | 65,431 | 65,431 | 31 Dec 2026 | – | – | –
Alf Barrios
Bonus Deferral Award | 23 Mar 2022 | £58.00 | 6,466 | – | – | 1,155 | (7,621) | – | – | 1 Dec 2024 | 1 Dec 2024 | £49.88 | 485,855
22 Mar 2023 | £53.19 | 5,549 | – | – | – | – | 5,549 | 5,549 | 1 Dec 2025 | – | – | –
20 Mar 2024 | £49.41 | – | 5,904 | – | – | – | 5,904 | 5,904 | 1 Dec 2026 | – | – | –
Performance Share Award | 18 Mar 2019 | £42.67 | 57,011 | – | (3,364) | 20,733 | (74,380) | – | – | 31 Dec 2023 | 22 Feb 2024 | £52.16 | 4,958,633
16 Mar 2020 | £33.58 | 53,236 | – | – | – | – | 53,236 | 53,236 | 31 Dec 2024 | – | – | –
18 Mar 2021 | £55.58 | 54,652 | – | – | – | – | 54,652 | 54,652 | 31 Dec 2025 | – | – | –
23 Mar 2022 | £58.00 | 43,707 | – | (3,231) | – | – | 40,476 | 40,476 | 31 Dec 2026 | – | – | –
22 Mar 2023 | £53.19 | 51,626 | – | (20,962) | – | – | 30,664 | 30,664 | 31 Dec 2027 | – | – | –
9 May 2024 | £55.84 | – | 67,756 | (52,012) | – | – | 15,744 | 15,744 | 31 Dec 2026 | – | – | –
Peter Cunningham
Bonus Deferral Award | 23 Mar 2022 | £58.00 | 5,203 | – | – | 929 | (6,132) | – | – | 1 Dec 2024 | 1 Dec 2024 | £49.88 | 390,928
22 Mar 2023 | £53.19 | 5,827 | – | – | – | – | 5,827 | 5,827 | 1 Dec 2025 | – | – | –
20 Mar 2024 | £49.41 | – | 8,415 | – | – | – | 8,415 | 8,415 | 1 Dec 2026 | – | – | –
Management Share Award | 18 Mar 2021 | £55.58 | 4,781 | – | – | 1,166 | (5,947) | – | – | 22 Feb 2024 | 22 Feb 2024 | £52.16 | 396,464
Performance Share Award | 18 Mar 2019 | £42.67 | 6,489 | – | (383) | 2,359 | (8,465) | – | – | 31 Dec 2023 | 22 Feb 2024 | £52.16 | 564,330
16 Mar 2020 | £33.58 | 7,426 | – | – | – | – | 7,426 | 7,426 | 31 Dec 2024 | – | – | –
18 Mar 2021 | £55.58 | 9,564 | – | – | – | – | 9,564 | 9,564 | 31 Dec 2025 | – | – | –
23 Mar 2022 | £58.00 | 50,405 | – | – | – | – | 50,405 | 50,405 | 31 Dec 2026 | – | – | –
22 Mar 2023 | £53.19 | 55,134 | – | – | – | – | 55,134 | 55,134 | 31 Dec 2027 | – | – | –
9 May 2024 | £55.84 | – | 71,195 | – | – | – | 71,195 | 71,195 | 31 Dec 2026 | – | – | –
Katie Jackson
Management Share Award | 5 Sept 2024 | £45.91 | – | 3,547 | – | – | – | 3,547 | 3,547 | 1 Mar 2025 | – | – | –
5 Sept 2024 | £45.91 | – | 10,954 | – | – | – | 10,954 | 10,954 | 1 Sept 2025 | – | – | –
Performance Share Award | 5 Sept 2024 | £45.91 | – | 18,883 | – | – | – | 18,883 | 18,883 | 31 Dec 2026 | – | – | –
Sinead Kaufman
Bonus Deferral Award | 23 Mar 2022 | A$113.68 | 4,711 | – | – | 653 | (5,364) | – | – | 1 Dec 2024 | 1 Dec 2024 | A$118.94 | 421,089
22 Mar 2023 | A$115.45 | 4,278 | – | – | – | – | 4,278 | 4,278 | 1 Dec 2025 | – | – | –
20 Mar 2024 | A$121.30 | – | 5,060 | – | – | – | 5,060 | 5,060 | 1 Dec 2026 | – | – | –
Performance Share Award | 18 Mar 2019 | A$93.32 | 6,291 | – | (372) | 1,747 | (7,666) | – | – | 31 Dec 2023 | 22 Feb 2024 | A$124.24 | 628,619
16 Mar 2020 | A$77.65 | 8,579 | – | – | – | – | 8,579 | 8,579 | 31 Dec 2024 | – | – | –
18 Mar 2021 | A$110.80 | 41,207 | – | – | – | – | 41,207 | 41,207 | 31 Dec 2025 | – | – | –
23 Mar 2022 | A$113.68 | 36,042 | – | – | – | – | 36,042 | 36,042 | 31 Dec 2026 | – | – | –
22 Mar 2023 | A$115.45 | 40,045 | – | – | – | – | 40,045 | 40,045 | 31 Dec 2027 | – | – | –
9 May 2024 | A$130.23 | – | 49,145 | – | – | – | 49,145 | 49,145 | 31 Dec 2026 | – | – | –

Annual Report on Form 20-F 2024 | 144 | riotinto.com

Directors’ report | Remuneration report

Name | Award/grant date | Market price at award 1,2 | 1 January 2024 | Awarded | Lapsed/ cancelled | Dividend units | Vested | 31 Decembe r 2024 | 4 February 2025 | Performance period concludes / vesting date | Date of release | Market price on release | Monetary value of award at release US$3
Jérôme Pécresse
Bonus Deferral Award | 20 Mar 2024 | £49.41 | – | 1,533 | – | – | – | 1,533 | 1,533 | 1 Dec 2026 | – | – | –
Performance Share Award | 9 May 2024 | £55.84 | – | 66,928 | – | – | – | 66,928 | 66,928 | 31 Dec 2026 | – | – | –
Jakob Stausholm
Bonus Deferral Award | 23 Mar 2022 | £58.00 | 13,017 | – | – | 2,326 | (15,343) | – | – | 1 Dec 2024 | 1 Dec 2024 | £49.88 | 978,149
22 Mar 2023 | £53.19 | 10,488 | – | – | – | – | 10,488 | 10,488 | 1 Dec 2025 | – | – | –
20 Mar 2024 | £49.41 | – | 14,211 | – | – | – | 14,211 | 14,211 | 1 Dec 2026 | – | – | –
Performance Share Award | 18 Mar 2019 | £42.67 | 79,609 | – | (4,697) | 28,951 | (103,863) | – | – | 31 Dec 2023 | 22 Feb 2024 | £52.16 | 6,924,153
16 Mar 2020 | £33.58 | 74,711 | – | – | – | – | 74,711 | 74,711 | 31 Dec 2024 | – | – | –
18 Mar 2021 | £55.58 | 103,510 | – | – | – | – | 103,510 | 103,510 | 31 Dec 2025 | – | – | –
23 Mar 2022 | £58.00 | 85,126 | – | – | – | – | 85,126 | 85,126 | 31 Dec 2026 | – | – |
22 Mar 2023 | £53.19 | 93,114 | – | – | – | – | 93,114 | 93,114 | 31 Dec 2027 | – | – | –
9 May 2024 | £55.84 | – | 120,232 | – | – | – | 120,232 | 120,232 | 31 Dec 2026 | – | – | –
Simon Trott
Bonus Deferral Award | 23 Mar 2022 | A$113.68 | 5,494 | – | – | 761 | (6,255) | – | – | 1 Dec 2024 | 1 Dec 2024 | A$118.94 | 491,035
22 Mar 2023 | A$115.45 | 4,683 | – | – | – | – | 4,683 | 4,683 | 1 Dec 2025 | – | – | –
20 Mar 2024 | A$121.30 | – | 7,027 | – | – | – | 7,027 | 7,027 | 1 Dec 2026 | – | – | –
Performance Share Award | 18 Mar 2019 | £42.67 | 50,598 | – | (2,986) | 18,400 | (66,012) | – | – | 31 Dec 2023 | 22 Feb 2024 | £52.16 | 4,400,770
16 Mar 2020 | £33.58 | 52,838 | – | – | – | – | 52,838 | 52,838 | 31 Dec 2024 | – | – | –
18 Mar 2021 | £55.58 | 49,571 | – | – | – | – | 49,571 | 49,571 | 31 Dec 2025 | – | – | –
23 Mar 2022 | A$113.68 | 38,204 | – | – | – | – | 38,204 | 38,204 | 31 Dec 2026 | – | – | –
22 Mar 2023 | A$115.45 | 44,488 | – | – | – | – | 44,488 | 44,488 | 31 Dec 2027 | – | – | –
9 May 2024 | A$130.23 | – | 52,091 | – | – | – | 52,091 | 52,091 | 31 Dec 2026 | – | – | –

1.Awards denominated in pounds sterling were for Rio Tinto plc ordinary shares of 10 pence each and awards denominated in Australian dollars were for Rio Tinto Limited shares. All awards
are granted over ordinary shares.
2.The weighted fair value per share of Bonus Deferral Awards granted in March 2024 was £49.37 for Rio Tinto plc and A$120.39 for Rio Tinto Limited, and for Performance Share Awards
granted in May 2024 was £33.39 for Rio Tinto plc and A$78.48 for Rio Tinto Limited. The weighted fair value per share of Management Share Awards granted in September 2024 was
£45.81 for Rio Tinto plc and for Performance Share Awards granted in September 2024 was £30.18 for Rio Tinto plc . Conditional awards are awarded at no cost to the recipient and no
amount remains unpaid on any shares awarded.
3.The amount in US dollars has been converted at the rate of US$1.278 = £1 and US$0.660 = A$1, being the average exchange rates for 2024.
4.For the Performance Share Awards granted on 16 March 2020 with a performance period that concluded on 31 December 2024, 12.75 per cent of the award vested.
5.The closing price at 31 December 2024 was £47.23 for Rio Tinto plc ordinary shares and was A$117.46 for Rio Tinto Limited ordinary shares. The high and low prices during 2024 of Rio
Tinto plc and Rio Tinto Limited shares were £58.99 and £45.09 and A$136.82 and A$105.11 respectively.
6.As of 4 February 2025, the above members of the Executive Committee held 1,733,610 shares awarded and not vested under long-term incentive plans. No Executive Committee member
held any options.

Annual Report on Form 20-F 2024 | 145 | riotinto.com

Directors’ report | Remuneration report
Table 3a – Plan interests (award of shares under all-employee share arrangements)

|  | myShare | UK Share Plan | Total activity in 2024 |
Plan interests at 1 January 2024 1 | Value of Matching shares awarded in year 2 ('000) | Value of Matching shares vested in year 3 ('000) | Value of Matching shares awarded in year 2 ('000) | Value of Matching shares vested in year 3 ('000) | Value of Free shares awarded in year 4 ('000) | Value of Free shares vested in year 4 ('000) | Grants in year ('000) | Vesting in year ('000) | Plan interests at 31 December 2024 1
Bold Baatar | 358 | 2 | 2 | 2 | 2 | 5 | 4 | 9 | 8 | 365
Alf Barrios | 205 | 5 | 4 | 0 | 0 | 0 | 0 | 5 | 4 | 227
Peter Cunningham | 275 | 2 | 2 | 0 | 0 | 5 | 4 | 7 | 6 | 284
Sinead Kaufman | 149 | 4 | 4 | 0 | 0 | 0 | 0 | 4 | 4 | 147
Jérôme Pécresse | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 42
Jakob Stausholm | 358 | 2 | 2 | 2 | 2 | 5 | 4 | 9 | 8 | 370

1.All shares shown are Rio Tinto plc shares except in the case of Sinead Kaufman which are Rio Tinto Limited shares.
2.myShare and UK Share Plan Matching share awards are granted on a quarterly basis (January, April, July and October) throughout the year.
3.The vesting of a Matching share is dependent on continued employment with Rio Tinto and the retention of the associated Investment share purchased by the participant for 3 years.
4.UK Share Plan Free shares vest after 3 years.
5.UK Share Plan awards shown above and the vested Matching shares under myShare are included, where relevant, in the executive’s share interests in Table 2.
6.All currency figures are shown in USD and rounded.
7.Both Katie Jackson and Simon Trott hold no unvested awards across myShare and/or UK Share Plan and also have not received or had awards vest during 2024.
Directors’ approval statement
This Directors’ Remuneration report is delivered in accordance
with a resolution of the Board, and has been signed on behalf of
the Board by:
Sam Laidlaw
People & Remuneration Committee Chair
19 February 202 5

Annual Report on Form 20-F 2024 | 146 | riotinto.com

Directors’ report
Additional statutory disclosure
The Directors present their report and audited consolidated financial statements for the year
ended 31 December 2024.
Scope of this report
For the purposes of UK company law and
the Australian Corporations Act 2001:
–The additional disclosures under the
heading “Shareholder information” on
pages 325-357 are hereby incorporated
by reference to, and form part of, this
Directors’ report.
–The Strategic report on pages 1-99
provides a comprehensive review of
Rio Tinto’s operations, its financial
position and its business strategies and
prospects, and is incorporated by
reference into, and forms part of, this
Directors’ report.
–Certain items that would ordinarily need
to be included in this Directors’ report
(including an indication of likely future
developments in the business of the
company and the Group) have, as
permitted, instead been discussed in the
Strategic report, while details of the
Group’s policy on addressing financial
risks and details about financial
instruments are shown in note 24 to the
consolidated financial statements.
–Taken together, the Strategic report
and this Directors’ report are intended
to provide a fair, balanced and
understandable assessment of the
development and performance of the
Group’s business during the year and its
position at the end of the year; its
strategy; likely developments; and any
material or emerging risks associated
with the Group’s business.
For the purposes of compliance with DTR
4.1.5R(2) and DTR 4.1.8R, the required
content of the “Management report” can be
found in the Strategic report or this Directors’
report, including the material incorporated by
reference.
A full report on Director and executive
remuneration and shareholdings can be
found in the Remuneration report on pages
119-145, which, for the purposes of the
Australian Corporations Act 2001, forms part
of this Directors’ report.
Dual-listed structure and
constitutional documents
The dual-listed companies (DLC) structure of
Rio Tinto plc and Rio Tinto Limited, and their
constitutional provisions and voting
arrangements – including restrictions that
may apply to the shares of either company
under specified circumstances – are
described on pages 325-326.
Operating and financial review
Rio Tinto’s principal activities during 2024
were mining minerals and metals throughout
the lifecycle from exploration, development,
mining and processing, marketing, and
repurposing and renewing our assets to
create a positive legacy.
Subsidiary and associated undertakings,
principally affecting the profits or net assets
of the Group in the year, are listed in notes
30-32 to the financial statements.
The following significant changes and events
affected the Group during 2024 and up to the
date of this report:
–In January 2024, we announced that,
under a new power purchase agreement
(PPA) with European Energy Australia,
we had agreed to buy all electricity from
the 1.1GW Upper Calliope Solar Farm to
provide renewable energy to Rio Tinto’s
Gladstone operations.
–In January 2024, we were informed by
authorities that a plane on its way to our
Diavik mine, carrying a number of our
people, crashed near Fort Smith,
Northwest Territories, Canada, resulting in
fatalities. The fatalities included 4
colleagues and 2 airline crew.
–In February 2024, we announced we had
signed Australia's largest renewable PPA
to date to supply the Gladstone
operations in Queensland, agreeing to
buy the majority of electricity from
Windlab's planned 1.4GW Bungaban
wind energy project.
–In February 2024, we announced that
Simon McKeon would step down as a
Non-Executive Director at the conclusion
of the Rio Tinto Limited annual general
meeting on 2 May 2024.
–In April 2024, we announced that Bold
Baatar was appointed to the role of Chief
Commercial Officer, with effect from 1
September 2024, to lead the Group's
commercial and business development
activities globally.
–In June 2024, we announced that we will
install carbon free aluminium smelting
technology at our Arvida smelter in
Québec, Canada, using the first
technology licence issued by the ELYSIS
joint venture. This investment will support
the ongoing development of the
breakthrough ELYSIS TM technology and
allow Rio Tinto to build expertise in its
installation and operation.
–In July 2024, we announced that all
conditions have now been satisfied for
Rio Tinto's investment to develop the
Simandou high-grade iron ore deposit in
Guinea, including the completion of
necessary Guinean and Chinese
regulatory approvals. The transaction was
expected to be completed during the
week of 15 July 2024.
–In July 2024, we announced that Katie
Jackson was appointed as Chief
Executive, Copper. She joined Rio Tinto
on 1 September 2024 and is based
in London.
–In September 2024, we hosted a site visit
for the financial community to our
Aluminium and Iron & Titanium operations
in Quebec, Canada. The visit showcased
the world-class, hydro-powered
aluminium smelters in the Saguenay,
including the Shipshaw Power Station
and construction progress at the low-
carbon AP Technology TM AP60 smelter,
and the Iron & Titanium facility at Sorel-
Tracy, the world's largest critical minerals
and metallurgical complex.
–In October 2024, we confirmed that we
made an approach to Arcadium Lithium
regarding a potential acquisition.
–In October 2024, we announced a
definitive agreement to acquire Arcadium
Lithium plc (Arcadium) in an all-cash
transaction for US$5.85 per share. This
transaction will bring Arcadium’s world-
class, complementary lithium business
into our portfolio, establishing a global
leader in energy transition commodities.
–In November 2024, we announced that
we will be taking up our pro rata
entitlements in the entitlement offer and
the level of participation by Energy
Resources of Australia shareholders. We
will hold over 98% of ERA's shares.
–In December 2024, we announced we
signed a Term Sheet for a Joint Venture
with Sumitomo Metal Mining to deliver
the Winu copper-gold project, located in
the Great Sandy Desert region of
Western Australia.
–In December, we announced that initial
Mineral Resources and Ore Reserves for
the Salar del Rincon lithium brine deposits
in Argentina will be developed by Rio Tinto.
Mineral Resources inclusive of Ore
Reserves comprise 1.54 Mt Lithium
Carbonate Equivalent (LCE) of Measured
Resources, 7.85 Mt LCE of Indicated
Resources and 2.29 Mt LCE of Inferred
Resources. The Ore Reserves comprise
2.07 Mt LCE of Probable Ore Reserves.
–In December 2024, we held our 2024
Investor Seminar in London, providing
updates on our strategy of investing for a
stronger, more diversified and growing
portfolio to ensure the long-term delivery of
attractive shareholder returns.

Annual Report on Form 20-F 2024 | 147 | riotinto.com

Directors’ report | Additional statutory disclosure
–In December 2024 we announced that we
had approved $2.5 billion to expand the
Rincon project in Argentina, the
company's first commercial scale lithium
operation, demonstrating commitment to
building a world-class battery materials
portfolio.
–In December 2024, we announced the
appointment of Georgie Bezette as Chief
People Officer, succeeding James Martin,
who retired at the end of 2024.

| For more information visit riotinto.com/invest

In 2024 and 2023, the Group did not receive
any public takeover offers from third parties
in respect of Rio Tinto plc shares or Rio Tinto
Limited shares.
Details of events that took place after the
balance sheet date are further described in
note 39 to the financial statements.
Risk identification, assessment
and management
The Group’s risk factors are listed on pages
91-98. The Group’s approach to risk
management is discussed on pages 88-90.
Financial instruments
Details of the Group’s financial risk
management objectives and policies, and
exposure to risk, are described in note 24 to
the financial statements.
Share capital
Details of the Group’s share capital as at
31 December 2024 are described in note 34
to the financial statements. Details of the
rights and obligations attached to each class
of shares are covered on page 325, under
the heading “Voting arrangements”.
Details of certain restrictions on holding
shares in Rio Tinto and certain
consequences triggered by a change of
control are described on page 326 under the
heading “Limitations on ownership of shares
and merger obligations”. There are no other
restrictions on the transfer of ordinary
Rio Tinto shares, save for:
–Restrictions that may from time to time be
imposed by laws, regulations or Rio Tinto
policy (for example, relating to market
abuse, insider dealing, share trading or an
Australian foreign investment).
–Restrictions on the transfer of shares that
may be imposed following a failure to
supply information required to be disclosed,
or where registration of the transfer may
breach a court order or a law, or in relation
to unmarketable parcels of shares.
–Restrictions on the transfer of certain
shares awarded under an employee
share plan in accordance with the terms
of those awards.
At the AGMs held in 2024, shareholders
authorised:
–The on-market purchase by Rio Tinto plc
or Rio Tinto Limited or its subsidiaries of
up to 125,141,768 Rio Tinto plc shares
(representing approximately 10% of
Rio Tinto plc’s issued share capital,
excluding Rio Tinto plc shares held in
Treasury at that time).
–The off-market purchase by Rio Tinto plc of
up to 125,141,768 Rio Tinto plc shares
acquired by Rio Tinto Limited or its
subsidiaries under the above authority.
–The on-market buy-back by Rio Tinto
Limited of up to 55.6 million Rio Tinto
Limited shares (representing
approximately 15% of Rio Tinto Limited’s
issued share capital at that time).
Substantial shareholders
Details of substantial shareholders are
included on page 326.
Dividends
Details of dividends paid and declared for
payment, together with the company’s
shareholder returns policy, can be found on
page 21 .
Waived dividends
The number of shares on which Rio Tinto plc
dividends are based excludes those held as
treasury shares and those held by employee
share trusts that waived the right to
dividends. Employee share trusts waived
dividends on 151,144 Rio Tinto plc ordinary
shares and 30,888 American depositary
receipts (ADRs) for the 2023 final dividend,
and on 81,491 Rio Tinto plc ordinary shares
and 34,574 ADRs for the 2024 interim
dividend. (2023: on 110,774 Rio Tinto plc
ordinary shares and 31,831 ADRs for the
2022 final dividend, and on 99,016 Rio Tinto
plc ordinary shares and 35,066 ADRs for the
2023 interim dividend; 2022: on 194,321 Rio
Tinto plc ordinary shares and 30,162 ADRs
for the 2021 final dividend and on 111,443
Rio Tinto plc ordinary shares and 35,132
ADRs for the 2022 interim dividend). In 2024,
2023 and 2022, no Rio Tinto Limited shares
were held by Rio Tinto plc.
The number of shares on which Rio Tinto
Limited dividends are based, excludes those
held by shareholders who have waived the
rights to dividends. Employee share trusts
waived dividends on 32,540 Rio Tinto
Limited ordinary shares for the 2023 final
dividend and on 35,713 shares for the 2024
interim dividend (2023: on 35,010 shares for
the 2022 final dividend and on 34,607 shares
for the 2023 interim dividend; 2022: on
36,517 shares for the 2021 final dividend and
on 31,368 shares for the 2022
interim dividend).
Purchases: Rio Tinto plc shares
Shares of 10p each and Rio Tinto plc American Depositary Receipts (ADRs)

| Total number of shares purchased 1 | Average price per share US$2 | Total number of shares purchased to satisfy company dividend reinvestment plans | Total number of shares purchased to satisfy employee share plans | Total number of shares purchased as part of publicly announced plans or programs 3 | Maximum number of shares that may be purchased under plans or programs
2024 |  |  |  |  |  |
1 to 31 Jan | – | – | – | – | – | 125,083,217 5
1 to 28 Feb | – | – | – | – | – | 125,083,217 5
1 to 31 Mar | – | – | – | – | – | 125,083,217 5
1 to 30 Apr | 512,774 | 67.21 | 459,592 | 53,182 | – | 125,141,768 6
1 to 31 May | – | – | – | – | – | 125,141,768 6
1 to 30 Jun | – | – | – | – | – | 125,141,768 6
1 to 31 Jul | – | – | – | – | – | 125,141,768 6
1 to 31 Aug | – | – | – | – | – | 125,141,768 6
1 to 30 Sep | 2,006 | 70.36 | 2,006 | – | – | 125,141,768 6
1 to 31 Oct | 934,735 | 69.66 | 901,717 | 33,018 | – | 125,141,768 6
1 to 30 Nov | – | – | – | – | – | 125,141,768 6
1 to 31 Dec | 137,748 | 58.76 | – | 137,748 | – | 125,141,768 6
Total | 1,587,263 4 | 67.92 | 1,363,315 | 223,948 | – | –
2025 |  |  |  |  |  |
1 to 31 Jan | – | – | – | – | – | 125,141,768 6
1 to 04 Feb | – | – | – | – | – | 125,141,768 6

Annual Report on Form 20-F 2024 | 148 | riotinto.com

Directors’ report | Additional statutory disclosure
Purchases: Rio Tinto Limited shares

| Total number of shares purchased 1 | Average price per share $2 | Total number of shares purchased to satisfy company dividend reinvestment plans | Total number of shares purchased to satisfy employee share plans 7 | Total number of shares purchased as part of publicly announced plans or programs 3 | Maximum number of shares that may be purchased under plans or programs
2024 |  |  |  |  |  |
1 to 31 Jan | – | – | – | – | – | 55,600,000 8
1 to 28 Feb | – | – | – | – | – | 55,600,000 8
1 to 31 Mar | – | – | – | – | – | 55,600,000 8
1 to 30 Apr | 762,626 | 83.41 | 626,520 | 136,106 | – | 55,600,000 8
1 to 31 May | – | – | – | – | – | 55,600,000 9
1 to 30 Jun | – | – | – | – | – | 55,600,000 9
1 to 31 Jul | – | – | – | – | – | 55,600,000 9
1 to 31 Aug | – | – | – | – | – | 55,600,000 9
1 to 30 Sep | 438,316 | 87.00 | 438,316 | – | – | 55,600,000 9
1 to 31 Oct | 178,828 | 80.25 | – | 178,828 | – | 55,600,000 9
1 to 30 Nov | – | – | – | – | – | 55,600,000 9
1 to 31 Dec | – | – | – | – | – | 55,600,000 9
Total | 1,379,770 | 84.25 | 1,064,836 | 314,934 | – | –
2025 |  |  |  |  |  |
1 to 31 Jan | 582,366 | 73.38 | – | 582,366 | – | 55,600,000 9
1 to 07 Feb | – | – | – | – | – | 55,600,000 9

1.Monthly totals of purchases are based on the settlement date.
2.The shares were purchased in the currency of the stock exchange on which the purchases took place and the sale price has been converted into US dollars at the exchange rate on the date
of settlement.
3.Shares purchased in connection with the dividend reinvestment plans and employee share plans are not deemed to form any part of any publicly announced plan or program.
4.This figure represents 0.126% of Rio Tinto plc issued share capital at 31 December 2024.
5.At the Rio Tinto plc AGM held in 2023, shareholders authorised the on-market purchase by Rio Tinto plc, and Rio Tinto Limited and its subsidiaries of up to 125,083,217 Rio Tinto plc shares.
This authorisation expired at the 2024 AGM on 4 April 2024.
6.At the Rio Tinto plc AGM held in 2024, shareholders authorised the on-market purchase by Rio Tinto plc, and Rio Tinto Limited and its subsidiaries of up to 125,141,768 Rio Tinto plc shares.
This authorisation will expire on the later of 5 July 2024 or the date of the 2024 AGM.
7.The average price of shares purchased on-market by the trustee of Rio Tinto Limited’s employee share trust during 2024 was $80.31.
8.At the Rio Tinto Limited AGM held in 2023, shareholders authorised the off-market and/or on-market buy-back of up to 55.6 million Rio Tinto Limited shares.
9.At the Rio Tinto Limited AGM held in 2024, shareholders authorised the on-market buy-back of up to 55.6 million Rio Tinto Limited shares.
Our disclosure on Board and executive management diversity in line with UK Listing Rules (UKLR 22.2.30R(2)) is set out below.
Gender reporting categories as at 31 December 2024

Gender | Number of Board members | % of Board | Number of senior positions on the board (e.g. CEO/ CFO, SID & Chair) | Number in executive management | % of executive management
Men | 8 | 57% | 4 | 8 | 67%
Women | 6 | 43% | – | 4 | 33%¹
Not specified/prefer not to say | – | – | – | – | –

1.On 1 January 2025, Georgie Bezette replaced James Martin as Chief People Officer. Alf Barrios stepped down as Chief Commercial Officer on 1 September 2024, when Bold Baatar
succeeded him in this role. Alf Barrios continued as Chair for China, Japan and Korea and Executive Committee member until his retirement at the end of 2024. Effective 1 January 2025 the
composition of the Executive Committee is 6 men (55%) and 5 women (45%).
Ethnicity reporting categories as at 31 December 2024

ONS ethnicity category | Number of Board members | % of Board | Number of senior positions on the board (e.g. CEO/ CFO, SID & Chair) | Number in executive management | % of executive management
White British or other White (including minority-white groups) | 13 | 93% | 4 | 7 | 58%
Mixed/Multiple Ethnic Groups | – | – | – | 1 | 8%
Asian/Asian British | – | – | – | – | –
Black/African/Caribbean/Black British | – | – | – | – | –
Other Ethnic Group | 1 | 7% | – | – | –
Not specified/prefer not to say | – | – | – | 4 | 33%

For the Executive Committee, gender data was collected via self disclosure in the HR system; data on ethnicity reporting categories was collected via a voluntary self identification survey. For
the Board, gender and ethnicity reporting categories were collected via a voluntary self identification survey.

Annual Report on Form 20-F 2024 | 149 | riotinto.com

Directors’ report | Additional statutory disclosure
AGM Disclosures
At Rio Tinto plc’s AGM on 4 April 2024,
Resolution 25 (“Authority to purchase
Rio Tinto plc shares”) was passed with less
than 80% of votes in favour, and Shining
Prospect (a subsidiary of the Aluminium
Corporation of China (Chinalco)) voted
against. Chinalco has not sold any Rio Tinto
plc shares and now has a holding of over
14%, given its non-participation in Rio Tinto’s
significant share buyback programs. This
places Chinalco close to the 14.99% holding
threshold agreed with the Australian
Government at the time of Chinalco’s original
investment in 2008.
Directors and executive s
The names of Directors and their periods of
appointment are listed on pages 102-103,
together with details of each Director’s
qualifications, experience and
responsibilities, and current directorships.
There are no family relationships between any
of our Directors or executives. None of our
Directors or Executive Committee members are
elected or appointed under any arrangement or
understanding with any major shareholder,
customer, supplier or otherwise.
A table of Directors’ attendance at Board and
committee meetings during 2024 is on page
110.
Directors’ experience and independence
The Chair was considered independent upon
his appointment and, in the Board’s view, he
continues to satisfy the tests for
independence under the ASX Principles and
NYSE Standards.
The Board is satisfied that all of its Non-
Executive Directors are independent in
character and judgement, and are free from
any relationships (material or otherwise) or
circumstances that could create a conflict of
interest.
On joining Rio Tinto, all Directors receive a
full, formal induction program. It is delivered
over a number of months, and tailored to
their specific requirements, taking into
account their respective committee
responsibilities.
All Directors are expected to commit to
continuing their development during their
tenure. This is supported through a
combination of site visits, teach-ins, deep
dives, and internal business and operational
briefings provided in or around scheduled
Board and committee meetings.
The notice of AGM provides all material
information in Rio Tinto’s possession relevant
to decisions on election and re-election of
Directors, including a statement from the
Board that it considers all Directors continue
to perform effectively and demonstrate
appropriate levels of commitment. It also
provides reasons why each Director is
recommended for re-election, highlighting
their relevant skills and experience. Further
information on the skills and experience of
each Director is set out on pages 102-103.
Previous listed directorships
Details of each Director’s previous
directorships of other listed companies
(where relevant) held in the past 3 years are
set out below:
Martina Merz: thyssenkrupp AG (February
2019-June 2023); Siemens AG (February
2023 - February 2024)
Ben Wyatt: APM Human Services
International Limited (September 2022 -
October 2024)
Directors’ and executives’
beneficial interests
A table of Directors’ and executives’
beneficial interests in Rio Tinto shares is on
page 142.
Directors’ service contracts
The company has written agreements setting
out the terms of appointment for each
Director and senior executive. Non-Executive
Directors are appointed by letters of
appointment. Executive Directors and other
senior executives are employed through
employment service contracts. Further
information is set out on pages 136, 138 and
139 in the Remuneration report.
Secretaries
The Group Company Secretary is
accountable to the Board and advises the
Chair, and through the Chair the Board, on
all governance matters. The appointment
and removal of the Group Company
Secretary is a matter reserved for the Board.
Andy Hodges is Group Company Secretary
and Company Secretary of Rio Tinto plc. Tim
Paine is the Company Secretary of Rio Tinto
Limited. Andy’s and Tim’s qualifications and
experience are described on page 103.
Indemnities and insurance
The Articles of Association of Rio Tinto plc
and the Constitution of Rio Tinto Limited
provide for them to indemnify, to the extent
permitted by law, Directors and officers of the
companies, including officers of certain
subsidiaries, against liabilities arising from
the conduct of the Group’s business. The
Directors, Group Company Secretary and
Company Secretary of Rio Tinto Limited,
together with employees serving as Directors
of eligible subsidiaries at the Group’s
request, have also received similar direct
indemnities. Former Directors also received
indemnities for the period in which they were
Directors. These are qualifying third-party
indemnity provisions for the purposes of the
UK Companies Act 2006, in force during the
financial year ended 31 December 2024 and
up to the date of this report. During 2024,
Rio Tinto paid legal costs under the terms of
those indemnities for certain former Directors
and officers totalling $610,486.
Qualifying pension scheme indemnity
provisions as defined by section 236 of the
UK Companies Act 2006 and other
applicable legal jurisdictions were in force
during the course of the financial year ended
31 December 2024 and up to the date of this
Directors’ report, for the benefit of trustees of
the Rio Tinto Group pension and
superannuation funds across various
jurisdictions. No amount has been paid
under any of these indemnities during the
year.
The Group has agreed to pay a premium for
Directors’ and officers’ insurance. Disclosure
of the nature of the liability covered by the
insurance and premium paid is subject to
confidentiality requirements under the
contract of insurance.
Oversight of whistleblowing procedures
Our whistleblowing process is overseen by
the Board. Every member of the workforce
has access to the whistleblowing program
(myVoice); details of the program are on
page 86.
Labour and engagement policies
Labour relations
We also work together with our employees
and their unions, and we seek constructive
dialogue and fair solutions while maintaining
the competitiveness of our managed
operations. In 2024, we did not have
operations disruptions affecting production
due to industrial actions.
Employment of people with a disability
We acknowledge the systemic barriers
facing people with disabilities in attaining
meaningful employment. We further
acknowledge the efforts necessary to fully
support people with disabilities and we seek
to implement the accommodations they need
to fulfil their role, or an alternative role if
required.
Our Respect, Inclusion and Diversity Policy
sets out our expectations around the
behaviours needed for an inclusive and
diverse workplace, where we embrace
different perspectives, valuing diversity as a
strength.
Our Employment Policy outlines how we
are committed to preventing discrimination
and that we employ on the basis of job
requirements and do not discriminate on
grounds of disability or any other protected
characteristic. It also explains how we ensure
our people are trained to perform their roles.
More information can be found at
riotinto.com/policies.
We remain a member of the IncludeAbility
Employer Network, which was set up by the
Australian Human Rights Commission and
aims to increase access to meaningful
employment opportunities for people
with a disability. We will continue to seek
ways to improve how we provide meaningful
opportunities for people with a disability
and are also working to reduce these
barriers as part of our response to the
recommendations in the Everyday
Respect Report.
Engagement with UK employees
Our statement on engagement with UK
employees is on page 106.

Annual Report on Form 20-F 2024 | 150 | riotinto.com

Directors’ report | Additional statutory disclosure
Engagement with suppliers, customers
and others in a business relationship with
the company
Our statement on engagement with
suppliers, customers and others in a
business relationship with the company is on
page 108.
Political donations
Rio Tinto prohibits the use of its funds to
support political candidates or parties. No
donations were made by the Group to parties
or political candidates during the year. At Rio
Tinto, we respect every country’s political
process and do not get involved in political
matters, nor do we make any type of
payments to political parties or political
candidates. In the US, in accordance with the
Federal Election Campaign Act, we provide
administrative support for the Rio Tinto
America Political Action Committee (PAC),
which was created in 1990 and encourages
voluntary employee participation in the political
process. All Rio Tinto America PAC employee
contributions are reviewed for compliance with
federal and state laws and are publicly
reported in accordance with US election laws.
The PAC is controlled by neither Rio Tinto nor
any of its subsidiaries, but instead by a
governing board of 5 employee members on a
voluntary basis. In 2024, contributions to
Rio Tinto America PAC by 14 employees
amounted to $14,815 and Rio Tinto America
PAC donated $10,500 in political contributions
in 2024.
Government regulations
Our operations around the world are subject
to extensive laws and regulations imposed
by local, state, provincial and federal
governments. In addition to these laws,
several of our operations are governed by
specific agreements made with
governments, some of which are enshrined
in legislation.
The geographic and product diversity of our
operations reduces the likelihood of any single
law or government regulation having a material
effect on the Group’s business as a whole.
Environmental regulations
Rio Tinto is subject to various environmental
laws and regulations in the countries where it
has operations. We measure our
performance against environmental
regulation by tracking and rating incidents
according to their actual environmental and
compliance impacts using 5 severity
categories (very low, low, moderate, high or
very high). Incidents with a consequence
rating of high or very high are of a severity
that requires notification to the relevant
product group head and the Rio Tinto Chief
Executive immediately after the incident
occurring. In 2024, there were no
environmental incidents at managed
operations with a high impact.
During 2024, 7 managed operations incurred
fines amounting to $604,845 (2023:
$986,968). Details of these fines are reported
in the Our approach to ESG section on
page 39.
Australian corporations that exceed specific
greenhouse gas (GHG) emissions or energy
use thresholds have obligations under the
Australian The National Greenhouse and
Energy Reporting Act 2007 (NGER). All
Rio Tinto entities covered under this Act have
submitted their annual NGER reports by the
required 31 October 2024 deadline.
Further information on the Group’s
environmental performance is included in the
Our approach to ESG section on pages 32-87,
and at riotinto.com/sustainabilityreportin g.
Energy efficiency action
Details of the measures taken to increase
the company’s energy efficiency are reported
on pages 32-75.
Energy consumption (equity basis)1, 2, 3

Energy consumption in PJ | 2024 | 2023 5
From activities including the combustion of fuel and the operation of facilities | 372 | 374
From the net purchase of electricity, heat, steam or cooling 4 | 118 | 114
Total energy consumed | 490 | 488

1.Rio Tinto does not report on the proportion of energy
consumption associated with the UK and offshore area
since it has no producing assets in the UK, only offices,
and consequently falls below Rio Tinto’s threshold level
of reporting.
2.Our approach and methodology used for the
determination of measuring energy consumption is
available at riotinto.com/sustainabilityreporting.
3.Data reported is equity basis, and includes total energy
less export to others.
4.Rio Tinto exports electricity and steam to others and
exports are netted from our purchases.
5.Numbers restated from those originally published to
ensure comparability over time.
Greenhouse gas (GHG) emissions
(in million tonnes CO 2 e)6, 7, 8

| 2024 | 2023 5
Scope 1 9 | 23.0 | 23.3
Scope 2 10 | 6.9 | 9.3
Total Scope 1 and 2 emissions | 29.8 | 32.6
Carbon credits 11 | 1.1 | 0.0
Total net Scope 1 and 2 emissions (with credits)12 | 28.7 | 32.6
Operational emissions intensity (t CO 2 e/t Cu-eq)(equity)13 | 6.1 | 6.8
Scope 2 (location based) | 7.8 | 7.8

6.Rio Tinto’s GHG emissions for our operations (RT share:
actual equity basis) are reported in accordance with the
requirements under Part 7 of the UK Companies Act
2006 (Strategic report and Directors’ report) Regulations
2013. This GHG data represents Scope 1 and market-
based Scope 2 data on equity basis. Our approach and
methodology used for the determination of these
emissions are available at riotinto.com/sustainability
reporting.
7.Rio Tinto’s GHG emissions inventory is based on
definitions provided by The World Resource Institute/
World Business Council for Sustainable Development
Greenhouse Gas Protocol: A Carbon Reporting and
Accounting Standard (Revised Edition) (2015).
8.Rio Tinto does not report on the proportion of CO 2
emissions associated with the UK and offshore area
since it has no producing assets in the UK, only offices,
and consequently falls below Rio Tinto’s threshold level
of reporting.
9.Scope 1 GHG emissions are direct GHG emissions from
facilities fully or partially owned or controlled by Rio Tinto
(equity share basis). They include fuel use,
on-site electricity generation, anode and reductant use,
process emissions, land management and livestock.
10.Scope 2 emissions are presented on equity share basis,
for market based reporting Scope 2 includes the use of
Energy Attribution Certificates. Our approach and
methodology used for the determination of these emissions
are available at riotinto.com/sustainabilityreporting.
11.Carbon credits used towards our 2024 net emissions
calculations include Australian Carbon Credit Units
(ACCUs) that were retired for compliance for the period 1
January to 30 June 2024 plus a projection of the number
of ACCUs we expect to retire for the period 1 July to 31
December 2024. This projection is based on our Scope 1
emissions for the period 1 July - 31 December 2024. For
details, refer to the table “Carbon credits retired towards
net emissions (equity basis)” in the Rio Tinto
Sustainability Factbook.
12.Total emissions are the sum of Scope 1 and scope 2
emissions. Total emissions include scope 1 emissions
resulting from production of electricity exported to third
parties. These emissions exclude indirect emissions
associated with transportation and use of our products
reported under Scope 3 emissions at riotinto.com/
sustainabilityreporting.
13.Historical information for copper equivalent intensity has
been restated inline with the 2023 review of commodity
pricing to allow comparability over time.
Exploration, research and development
The Group carries out exploration, research
and development as described in the product
group on pages 24-31. Exploration and
evaluation costs, net of any gains and losses
on disposal, generated a net loss before tax
of $936 million (2023: $1,230 million).
Research and development costs were $398
million (2023: $245 million).
Dealing in Rio Tinto securities
Rio Tinto securities dealing policy restricts
dealing in Rio Tinto securities by Directors
and employees who may be in possession of
inside information. These individuals must
seek clearance before any proposed dealing
takes place.
Our policy also prohibits such persons from
engaging in hedging or other arrangements
that limit the economic risk in connection to
Rio Tinto securities issued, or otherwise
allocated, as remuneration that are either
unvested, or that have vested but remain
subject to a holding period. We also impose
restrictions on a broader group of
employees, requiring them to seek clearance
before engaging in similar arrangements
over any Rio Tinto securities.
Financial reporting
Financial statements
The Directors are required to prepare
financial statements for each financial period
that give a true and fair view of the state of
the Group at the end of the financial period,
together with profit or loss and cash flows for
that period. This includes preparing financial
statements in accordance with UK-adopted
international accounting standards,
applicable UK law (Companies Act 2006),
Australian law (Corporations Act 2001) as
amended by the ASIC class order and
preparing a Remuneration report that
includes the information required by
Regulation 11, Schedule 8 of the Large and
Medium-sized Companies and Groups
(Accounts and Reports) Regulations 2008
(as amended) and the Australian
Corporations Act 2001.
In addition, the UK Corporate Governance
Code recommends that the Board provide a
fair, balanced and understandable
assessment of the company’s position and
prospects in its external reporting.
Rio Tinto’s management conducts extensive
review and challenge in support of the
Board’s obligations, aiming to strike a
balance between positive and negative

Annual Report on Form 20-F 2024 | 151 | riotinto.com

Directors’ report | Additional statutory disclosure
statements and provide good linkages
throughout the Annual Report.
The Directors were responsible for the
preparation and approval of the Annual
Report for the year ended 31 December
2024. They consider the Annual Report,
taken as a whole, to be fair, balanced and
understandable, and that it provides the
information necessary for shareholders to
assess the Group’s position, performance,
business model and strategy.
The Directors are responsible for maintaining
proper accounting records, in accordance with
UK and Australian legislation. They have a
general responsibility to safeguard the assets of
the Group, and to prevent and detect fraud and
other irregularities. The Directors are also
responsible for ensuring that appropriate
systems are in place to maintain and preserve
the integrity of the Group’s website.
Legislation in the UK governing the preparation
and dissemination of financial statements may
differ from current and future legislation in other
jurisdictions. The work carried out by the
Group’s external auditors does not take into
account such legislation and, accordingly, the
external auditors accept no responsibility for
any changes to the financial statements after
they are made available on the Group’s
website.
The Directors, senior executives, senior
financial managers and other members of staff
who are required to exercise judgement while
preparing the Group’s financial statements, are
required to conduct themselves with integrity
and honesty, and in accordance with the
highest ethical standards, as are all Group
employees.
The Directors consider that the 2024 Annual
Report presents a true and fair view and has
been prepared in accordance with applicable
accounting standards, using the most
appropriate accounting policies for
Rio Tinto’s business, and supported by
reasonable judgements and estimates. The
accounting policies have been consistently
applied as described on pages 154-161, and
Directors have received a written statement
from the Chief Executive and the Chief
Financial Officer to this effect. In accordance
with the internal control requirements of the
Code and the ASX Principles, this written
statement confirms that the declarations in
the statement are founded on a sound
system of risk management and internal
controls, and that the system is operating
effectively in all material respects in relation
to financial reporting risks.
D isclosure controls and procedures
The Group maintains disclosure controls and
procedures, as defined in US Securities
Exchange Act of 1934 (Exchange Act) Rule
13a-15(e). Management, with the
participation of the Chief Executive and Chief
Financial Officer, has evaluated the
effectiveness of the Group’s disclosure
controls and procedures in relation to US
Exchange Act Rule 13a-15(b), as of the end
of the period covered by this report, and has
concluded that the Group’s disclosure
controls and procedures were effective at a
reasonable assurance level.
We have a thorough and rigorous review
process in place to ensure integrity of the
periodic reports we release to the market.
We communicate with the market through
accurate, clear, concise and effective
reporting, and contents of periodic reports
are verified by the subject matter experts and
reviewed by the relevant Group functions.
Such reports are then reviewed and
considered by the Group Disclosure
Committee for release to the market.
To ensure that trading in our securities takes
place in an informed and orderly market, we
have established a Disclosure Committee to
oversee compliance with our continuous
disclosure obligations. The Group Disclosure
and Communications Policy, and the terms
of reference of our Disclosure Committee,
together with our adopted procedures in
relation to disclosure and management of
relevant information, support compliance with
our disclosure obligations. A copy of the
Group Disclosure and Communications
Policy is available on the website.
The members of the Committee are the
Chief Executive; the Chief Financial Officer;
the Group Company Secretary; the Chief
Legal Officer, Governance & Corporate
Affairs; the Head of Investor Relations; and
the Chief Executive, Australia.
Consistent with the Group’s disclosure
protocols, the Board is provided with copies
of all material market announcements
promptly after they are released to the
market.
M anagement’s report on internal control
over financial reporting
Management is responsible for establishing
and maintaining adequate internal controls
over financial reporting. These controls,
designed under the supervision of the Chief
Executive and Chief Financial Officer,
provide reasonable assurance regarding the
reliability of the Group’s financial reporting
and the preparation and presentation of
financial statements for external reporting
purposes, in accordance with International
Financial Reporting Standards (IFRS) as
defined on page 154.
The Group’s internal controls over financial
reporting include policies and procedures
designed to ensure the maintenance of
records that:
–accurately and fairly reflect transactions
and dispositions of assets,
–provide reasonable assurances that
transactions are recorded as necessary,
enabling the preparation of financial
statements in accordance with IFRS, and that
receipts and expenditures are made with the
authorisation of management and Directors of
each of the companies, and
–provide reasonable assurance regarding
the prevention or timely detection of
unauthorised acquisition, use or
disposition of the Group’s assets that
could have a material effect on its
financial statements.
Due to inherent limitations, internal controls
over financial reporting cannot provide
absolute assurance. Similarly, these controls
may not prevent or detect all misstatements,
whether caused by error or fraud, within each
of Rio Tinto plc and Rio Tinto Limited.
There were no changes to internal controls
over financial reporting during the relevant
period that have materially affected, or were
reasonably likely to materially affect, the
internal control over financial reporting of
Rio Tinto plc and Rio Tinto Limited.
Management’s evaluation of the
effectiveness of the company’s internal
controls over financial reporting was based
on criteria established in the Internal Control-
Integrated Framework (2013), issued by the
Committee of Sponsoring Organizations of
the Treadway Commission. Following this
evaluation, management concluded that our
internal controls over financial reporting were
effective as at 31 December 2024.
Application of and compliance with
governance codes and standards
Our shares are listed on both the Australian
Securities Exchange (ASX) and the London
Stock Exchange (LSE), We comply with the:
London Stock Exchange – UK Corporate
Governance Code (2018 version) (the UK
Code) and the Australian Securities
Exchange – ASX Corporate Governance
Council’s Corporate Governance Principles
and Recommendations (4th edition) (the
ASX Principles).
In addition, as a foreign private issuer (FPI)
with American depositary receipts (ADRs)
listed on the New York Stock Exchange
(NYSE), we report any significant corporate
governance differences from the NYSE
listing standards (NYSE Standards) followed
by US companies.
Statement of compliance with the UK
Code and ASX Principles
Throughout 2024, and as at the date of this
report, the Group has complied with all the
Principles of the UK Code and the ASX
Principles, and all the relevant provisions.
For the purposes of ASX Listing Rule 4.10.3
and the ASX Principles, pages 100-118 and
146-152 of this report form our “Corporate
Governance Statement”. This statement is
current as at 19 February 2025, unless
otherwise indicated, and has been approved
by the Board. Further information on our
corporate governance framework and practices
is available at riotinto.com/
corporategovernance.

Annual Report on Form 20-F 2024 | 152 | riotinto.com

Directors’ report | Additional statutory disclosure
Difference from NYSE Standards
We consider that our practices are broadly
consistent with the NYSE Standards, There are
the following exceptions where the literal
requirements of the NYSE Standards are not
met due to differences in corporate governance
between the US, UK and Australia:
–The NYSE Standards state that US
companies must have a nominating/
corporate governance committee which,
in addition to identifying individuals
qualified to become board members,
develops and recommends to the
Board a set of corporate governance
principles applicable to the company.
Our Nominations Committee does not
develop corporate governance principles
for the Board’s approval. The Board itself
develops such principles.
–Under US securities law and the NYSE
Standards, the company is required
to have an audit committee that is
directly responsible for the appointment,
compensation, retention and oversight of
the work of external auditors. While our
Audit & Risk Committee makes
recommendations to the Board on these
matters, and is subject to legal and
regulatory requirements on oversight of
audit tenders, the ultimate responsibility for
the appointment and retention of the
external auditors of Rio Tinto rests with
the shareholders.
–Under US securities law and the NYSE
Standards, an audit committee is required
to establish procedures for the receipt,
retention and treatment of complaints
regarding accounting, internal accounting
controls and audit matters. The
whistleblowing program (myVoice)
enables employees to raise any concerns
confidentially or anonymously. The Board
has responsibility to ensure that the
program is in place and to review the
reports arising from its operations.
Non-audit services and auditor
independence
Details of the non-audit services and a
statement of independence regarding the
provision of non-audit services undertaken
by our external auditor, including the
amounts paid for non-audit services, are set
out on page 115 of the Directors’ report.
Going concern
The Directors, having made appropriate
enquiries, have satisfied themselves that it is
appropriate to adopt the going concern basis
of accounting in preparing the financial
statements. Additionally, the Directors have
considered longer-term viability, as described
in their statement on page 90.
2025 annual general meetings
The 2025 AGMs will be held on 3 April 2025
in London, UK and 1 May 2025 in Perth,
Australia. Separate notices of the 2025
AGMs will be produced for the shareholders
of each company.
Directors’ approval statement
The Directors’ report is delivered in
accordance with a resolution of the Board.
Dominic Barton
Chair
19 February 2025

Annual Report on Form 20-F 2024 | 153 | riotinto.com

2024 Financial Statements |
About Rio Tinto | 154 |  | Our people |
About the presentation of our consolidated financial statements | 154 |  | Note 25 Average number of employees | 208
|  |  | Note 26 Employment costs and provisions | 208
Consolidated primary statements |  |  | Note 27 Share-based payments | 209
Consolidated income statement | 162 |  | Note 28 Post-retirement benefits | 211
Consolidated statement of comprehensive income | 163 |  | Note 29 Directors’ and key management personnel remuneration | 217
Consolidated cash flow statement | 164 |  |
Consolidated balance sheet | 165 |  |  |
Consolidated statement of changes in equity | 166 |  | Our Group structure |
|  |  | Note 30 Principal subsidiaries | 218
Notes to the consolidated financial statements |  | Note 31 Principal joint operations | 219
Our financial performance |  |  | Note 32 Entities accounted under the equity method | 220
Note 1 Financial performance by segment | 167 |  | Note 33 Related-party transactions | 222
Note 2 Earnings per ordinary share | 169 |  |  |
Note 3 Dividends | 169 |  | Our equity |
Note 4 Impairment charges net of reversals | 170 |  | Note 34 Share capital | 223
Note 5 Acquisitions and disposals | 175 |  | Note 35 Other reserves and retained earnings | 224
Note 6 Revenue by destination and product | 177 |  |  |
Note 7 Net operating costs (excluding items disclosed separately) | 178 |  | Other notes |
|  | Note 36 Other provisions | 225
Note 8 Exploration and evaluation expenditure | 179 |  | Note 37 Contingencies and commitments | 226
Note 9 Finance income and finance costs | 179 |  | Note 38 Auditors’ remuneration | 228
Note 10 Taxation | 180 |  | Note 39 Events after the balance sheet date | 229
|  |  | Note 40 New standards issued but not yet effective | 229
Our operating assets |  |  |  |
Note 11 Goodwill | 182 |  | Report of Independent Registered Public Accounting Firms | 246
Note 12 Intangible assets | 183 |
Note 13 Property, plant and equipment | 185 |  |  |
Note 14 Close-down and restoration provisions | 189 |  | Additional financial Information |
Note 15 Deferred taxation | 193 |  | Financial information by business unit | 266
Note 16 Inventories | 195 |  | Alternative performance measures | 269
Note 17 Receivables and other assets | 196 |  |  |
Note 18 Trade and other payables | 196 |  |  |
Our capital and liquidity |  |  |  |
Note 19 Net debt | 198 |  |  |
Note 20 Borrowings | 198 |  |  |
Note 21 Leases | 200 |  |  |
Note 22 Cash and cash equivalents | 200 |  |  |
Note 23 Other financial assets and liabilities | 201 |  |  |
Note 24 Financial instruments and risk management | 202 |  |  |

| Image: West Angelas iron ore mine, Australia.

Annual Report on Form 20-F 2024 | 154 | riotinto.com

Financial statements
About Rio Tinto
In 1995, Rio Tinto plc, incorporated in the UK and listed on the
London and New York Stock Exchanges, and Rio Tinto Limited,
incorporated in Australia and listed on the Australian Securities
Exchange, formed a dual-listed companies structure (DLC). Under the
DLC, Rio Tinto plc and Rio Tinto Limited are viewed as a single
economic enterprise, with common boards of directors, and the
shareholders of both companies have a common economic interest in
the DLC. International Financial Reporting Standards-compliant
consolidated financial statements of the Rio Tinto Group are prepared
on this basis, with the interests of shareholders of both companies
presented as the equity interests of shareholders in the Rio Tinto
Group. This is in accordance with the principles and requirements of
International Financial Reporting Standards.
Rio Tinto’s business is finding, mining, and processing mineral
resources. Major products are iron ore, aluminium, copper, industrial
minerals (borates, titanium dioxide and salt) and diamonds. Activities
span the world and are strongly represented in Australia and North
America, with significant businesses in Asia, Europe, Africa and South
America.
Rio Tinto plc’s registered office is at 6 St James’s Square, London
SW1Y 4AD, UK. Rio Tinto Limited’s registered office is at Level 43,
120 Collins Street, Melbourne VIC 3000, Australia.
About the presentation of our consolidated
financial statements
All financial statement values are presented in US dollars (USD) and
rounded to the nearest million (US$m), unless otherwise stated.
Where applicable, comparatives have been adjusted to measure or
present them on the same basis as current-year figures.
Our financial statements for the year ended 31 December 2024 were
authorised for issue in accordance with a Directors’ resolution on
19 February 2025.
a. The basis of preparation
The financial information included in the financial statements for the
year ended 31 December 2024, and for the related comparative
periods, has been prepared:
–under the historical cost convention, as modified by the
revaluation of certain financial instruments, the impact of fair
value hedge accounting on the hedged items and the accounting
for post-employment assets and obligations
–on a going concern basis, management has prepared detailed
cash flow forecasts for at least 12 months and has updated life-of-
mine plan models with longer-term cash flow projections, which
demonstrate that we will have sufficient cash, other liquid
resources and undrawn credit facilities to enable us to meet our
obligations as they fall due
–to meet international accounting standards as issued by the
International Accounting Standards Board (IASB) and interpretations
issued from time to time by the IFRS Interpretations Committee (IFRS
IC), which are mandatory at 31 December 2024.
The above accounting standards and interpretations are collectively
referred to as “IFRS” in this report and contain the principles we use
to create our accounting policies. Where necessary, adjustments are
made to the locally reported assets, liabilities, and results of
subsidiaries, joint arrangements and associates to align their
accounting policies with ours for consistent reporting.
b.The basis of consolidation
The financial statements consolidate the accounts of Rio Tinto plc and
Rio Tinto Limited (together “the Companies”) and their respective
subsidiaries (together “the Rio Tinto Group”, “the Group”, “we”, “our”)
and include the Group’s share of joint arrangements and associates.
We consolidate subsidiaries where either of the companies controls
the entity. Control exists where either of the companies has: power
over the entities, that is, existing rights that give it the current ability to
direct the relevant activities of the entities (those that significantly
affect the companies’ returns); exposure, or rights, to variable returns
from its involvement with the entities; and the ability to use its power
to affect those returns. A list of principal subsidiaries is shown in note
30.
A joint arrangement is an arrangement in which 2 or more parties have
joint control. Joint control is the contractually agreed sharing of control
such that decisions about the relevant activities of the arrangement
(those that significantly affect the companies’ returns) require the
unanimous consent of the parties sharing control. We have 2 types of
joint arrangements: joint operations (JOs) and joint ventures (JVs). A JO
is a joint arrangement in which the parties that share joint control have
rights to the assets and obligations for the liabilities relating to the
arrangement. This includes situations where the parties benefit from the
joint activity through a share of the output, rather than by receiving a
share of the results of trading. For our JOs, we recognise: our share of
assets and liabilities; revenue from the sale of our share of the output
and our share of any revenue generated from the sale of the output by
the JO; and its share of expenses. All such amounts are measured in
accordance with the terms of the arrangement, which is usually in
proportion to our interest in the JO. These amounts are recorded in our
financial statements on the appropriate lines. Our principal JOs are
shown in note 31. A JV is a joint arrangement in which the parties that
share joint control have rights to the net assets of the arrangement. JVs
are accounted for using the equity accounting method.
An associate is an entity over which we have significant influence.
Significant influence is presumed to exist where there is neither
control nor joint control and the Group has over 20% of the voting
rights, unless it can be clearly demonstrated that this is not the case.
Significant influence can arise where we hold less than 20% of the
voting rights if we have the power to participate in the financial and
operating policy decisions affecting the entity. It also includes
situations of collective control.
We use the term “equity accounted units” (EAUs) to refer to
associates and JVs collectively. Under the equity accounting method,
the investment is recorded initially at cost to the Group, including any
goodwill on acquisition. In subsequent periods, the carrying amount of
the investment is adjusted to reflect the Group’s share of the EAUs’
retained post-acquisition profit or loss and other comprehensive
income. Our principal JVs and associates are shown in note 32.
In some cases, we participate in unincorporated arrangements and
have rights to our share of the assets and obligations for our share of
the liabilities of the arrangement rather than a right to a net return, but
we do not share joint control. In such cases, we account for these
arrangements in the same way as our joint operations, with all such
amounts measured in accordance with the terms of the arrangement,
which is usually in proportion to our interest in the arrangement.
All intragroup transactions and balances are elim inated
on consolidation.

Annual Report on Form 20-F 2024 | 155 | riotinto.com

Financial statements
c.Materiality
Our Directors consider information to be material if correcting a misstatement, omission or obscuring could, in the light of surrounding
circumstances, reasonably be expected to change the judgement of a reasonable person relying on the financial statements. The Group
considers both quantitative and qualitative factors in determining whether information is material; the concept of materiality is therefore not
driven purely by numerical values.
When considering the potential materiality of information, management makes an initial quantitative assessment using thresholds based on
estimates of profit before taxation; for the year ended 31 December 2024 the quantitative threshold was US$700 million. However, other
considerations can result in a determination that lower values are material or, occasionally, that higher values are immaterial. These
considerations include whether a misstatement, omission or obscuring: masks a change or trend in key performance indicators; causes reported
key metrics to change from a positive to a negative value or vice versa; affects compliance with regulatory requirements or other contractual
requirements; could result in an increase to management’s compensation; or might conceal an unlawful transaction.
In assessing materiality, management also applies judgement based on its understanding of the business and its internal and external financial
statement users. The assessment will consider user expectations of numerical and narrative reporting. Sources used in making this assessment
would include, for example: published analyst consensus measures, experience gained in formal and informal dialogue with users (including
regulatory correspondence), and peer group benchmarking.
d.Summary of key judgements or other relevant judgements made in applying the accounting policies
The preparation of the financial statements requires management to use judgement in applying accounting policies and in making critical
accounting estimates.
These judgements and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to
previous experience, but actual results may differ materially from the amounts included in the financial statements. Areas of judgement in the
application of accounting policies that have the most significant effect on the amounts recognised in the financial statements and key sources of
estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are noted below. Further information is contained in the notes to the financial statements.
Summarised below are the key judgements that we have taken in the application of the Group’s accounting policies for 2024 and how they
compare to the prior year. Taking a different judgement over these matters could lead to a material impact on the 2024 financial statements.
More detail on the judgement can be found in the respective notes.

| Key judgements | 2024 | 2023 | Context |
| Indicators of impairment and impairment reversals (note 4) | a | a | Various cash-generating units of the Group that have been impaired or tested for impairment in previous years, are at higher risk of impairment charge or reversal in the future due to carrying value and recoverable amounts being similar. Whilst we monitor all assets for impairment, these assets are monitored more closely for indicators of further impairment or impairment reversal as such adjustments would likely be material to our results. |
| Deferral of stripping costs (note 13) | a | a | The deferral of stripping costs is a key judgement in open-pit mining operations as it impacts the amortisation base for these costs, calculated on a units of production basis; this involves determining whether multiple pits are considered separate or integrated operations, which in turn influences the classification of stripping activities as pre-production or production phase. This judgement relies on various factors that are based on the unique characteristics and circumstances of each mine. |
| Estimation of asset lives (note 13) | a | a | The useful lives of major assets are often linked to the life of the orebody they relate to, which is in turn based on the life-of-mine plan. Where the major assets are not dependent on the life of a related orebody, management applies judgement in estimating the remaining service potential of long-lived assets. The accuracy of estimating these useful lives is essential for determining the appropriate allocation of costs over time, reflecting the consumption of the asset’s economic benefits. |
| Close-down, restoration and environmental obligations (note 14) | a | a | Significant judgement is required to assess the possible extent of closure rehabilitation work needed to fulfil the Group’s legal, statutory, and constructive obligations, along with other commitments to stakeholders. This involves leveraging our experience in evaluating available options and techniques to meet these obligations, associated costs and their likely timing and, crucially, determining when that estimate is sufficiently reliable to make or adjust a closure provision. |

Annual Report on Form 20-F 2024 | 156 | riotinto.com

Financial statements
e.Key sources of estimation uncertainty
We define key sources of estimation uncertainty as accounting estimates that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year. We summarise below the most significant items and the rationale for their
identification. Relevant sensitivities are included within the indicated financial statement notes.

| Key accounting estimates | 2024 | 2023 | Context |
| Estimation of the close- down, restoration and environmental cost obligations (note 14) | a | a | Close-down, restoration and environmental obligations are based on cash flow projections derived from studies that incorporate planned rehabilitation activities, cost estimates and discounting for the time value. Closure studies are performed to a rolling schedule with increased frequency and engineering accuracy for sites approaching end of life. Information from these studies can result in a material change to the associated provisions. During the year, the most significant closure provision updates related to a number of sites across the Pilbara. The provisions are based on reforecast cash flows, these are subject to further study which could result in material adjustment in the near term. |
| Estimation of obligations for post-employment costs (note 28) | a | a | The value of the Group’s obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, discounted to the balance sheet date. There is significant estimation uncertainty pertaining to the most significant assumptions used in accounting for pension plans, namely the discount rate, the long-term inflation rate and mortality rates. |
| Renewable power purchase agreements accounted for as derivatives (note 24) | a | 0 | A discounted cash flow methodology is used to determine the fair value of the derivative. Key inputs into the valuation model include forward electricity price curves, which are used to forecast future floating cash flows, estimated electricity generation and credit-adjusted discount rates. Long-term forward electricity prices are a source of a significant estimation uncertainty as they are not readily available and may be impacted by renewable market developments, which are presently unknown. |

f.Currency

| Other relevant judgements - identification of functional currency We present our financial statements in USD, as that presentation currency most reliably reflects the global business performance of the Group as a whole. The functional currency for each subsidiary, unincorporated arrangement, joint operation and equity accounted unit is the currency of the primary economic environment in which it operates. For businesses that reside in developed economies, the functional currency is generally the currency of the country in which it operates because of the dominance of locally incurred costs. If the business resides in an emerging economy, the USD is generally identified to be the functional currency as a higher proportion of costs, particularly imported goods and services, are agreed and paid in USD, in common with other international investors. Determination of functional currency involves judgement, and other companies may make different judgements based on similar facts. The determination of functional currency affects the measurement of non-current assets included in the balance sheet and, as a consequence, the depreciation and amortisation of those assets included in the income statement. It also impacts exchange gains and losses included in the income statement and in equity. We also apply judgement in determining whether settlement of certain intragroup loans is neither planned nor likely in the foreseeable future and, therefore, whether the associated exchange gains and losses can be taken to equity. During 2024, A$15,717 million (2023: A$15,102 million) of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. |

On consolidation, income statement items for each entity are translated from the functional currency into USD at the full-year average rate of
exchange, except for material one-off transactions, which are translated at the rate prevailing on the transaction date. Balance sheet items are
translated into USD at period-end exchange rates.
Exchange differences arising on the translation of the net assets of entities with functional currencies other than USD are recognised directly in
the currency translation reserve. These translation differences are shown in the statement of comprehensive income, with the exception of the
translation adjustment relating to Rio Tinto Limited’s share capital, which is shown in the statement of changes in equity.
Where an intragroup balance is, in substance, part of the Group’s net investment in an entity, exchange gains and losses on that balance are
taken to the currency translation reserve.
Except as noted above, or where exchange differences are deferred as part of a cash flow hedge, all other differences are charged or credited
to the income statement in the year in which they arise.
The principal exchange rates used in the preparation of the financial statements were:

| Full-year average | Year-end
One unit of local currency buys the following number of USD | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Pound sterling | 1.28 | 1.24 | 1.24 | 1.25 | 1.28 | 1.21
Australian dollar | 0.66 | 0.66 | 0.69 | 0.62 | 0.69 | 0.68
Canadian dollar | 0.73 | 0.74 | 0.77 | 0.70 | 0.76 | 0.74
Euro | 1.08 | 1.08 | 1.05 | 1.04 | 1.11 | 1.07
South African rand | 0.055 | 0.054 | 0.061 | 0.053 | 0.054 | 0.059

Annual Report on Form 20-F 2024 | 157 | riotinto.com

Financial statements
g.Ore Reserves and Mineral Resources
A Mineral Resource is a concentration or occurrence of solid material
of economic interest in or on the Earth’s crust in such form, grade (or
quality), and quantity that there are reasonable prospects for eventual
economic extraction. An Ore Reserve is the economically mineable
part of a measured or indicated Mineral Resource.
The estimation of Ore Reserves and Mineral Resources requires
judgement to interpret available geological data and subsequently to
select an appropriate mining method and then to establish an
extraction schedule. At least annually, the Qualified Persons of the
Group (according to the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (the JORC
Code)), estimate Ore Reserves and Mineral Resources using
assumptions such as:
–available geological data
–expected future commodity prices and demand
–exchange rates
–production costs
–transport costs
–close-down and restoration costs
–recovery rates
–discount rates
–renewal of mining licences
With regard to our future commodity price assumptions, to calculate
our Ore Reserves and Mineral Resources for our filing on the
Australian Securities Exchange and London Stock Exchange, we use
prices generated by our Strategy and Economics team. For this Form
20-F, we use consensus price or historical pricing and comply with
subpart 1300 of Regulation S-K (SK-1300), instead of with the JORC
Code.
We use judgement as to when to include Mineral Resources in
accounting estimates, for example, the use of Mineral Resources in
our depreciation policy as described in note 13 and in the
determination of the date of closure as described in note 14.
There are many uncertainties in the estimation process and
assumptions that are valid at the time of estimation may change
significantly when new information becomes available. New
geological or economic data or unforeseen operational issues may
change estimates of Ore Reserves and Mineral Resources. This
could cause material adjustments in our financial statements to:
–depreciation and amortisation rates
–carrying values of intangible assets and property, plant and
equipment
–deferred stripping costs
–provisions for close-down and restoration costs
–recovery of deferred tax assets.
h.Impact of climate change on the Group
The impacts of climate change and the execution of our climate
change strategy on our financial statements are discussed below.
Strategy and approach to climate change
In 2021, we put the low-carbon transition at the heart of our business
strategy, setting a clear pathway to deliver long-term value as well as
ambitious targets to decarbonise our business.
Our target to reduce our net Scope 1 and 2 emissions by 15% by
2025, 50% by 2030 and to reach net zero emissions by 2050, all
relative to our 2018 equity baseline, remains unchanged. We have
now reduced gross operational emissions by 14% below our 2018
levels; and have a pipeline of projects and committed investments
that support our 2030 target. Our gross emissions reductions are
expected to be at least 40% by 2030, and the use of carbon credits
towards our target will be limited to 10% of our 2018 baseline. While
there is no universal standard for determining the alignment of targets
with the Paris Agreement goals, we concluded that our Scope 1 and 2
target for 2030 was aligned with efforts to limit warming to 1.5°C when
we set it in 2021. To reduce our decarbonisation footprint we focus on
renewable electricity, transitioning from diesel and our processing
emissions. Nature-based solutions (NbS) and carbon credits
complement our decarbonisation activities. To accelerate these
activities, in 2023 we established the Rio Tinto Energy and Climate
Team led by our Chief Decarbonisation Officer. To deliver our
decarbonisation target, we estimate that we will require around
US$5 billion to US$6 billion in capital investment between 2022 to
2030, unchanged from the prior year. This includes voluntary carbon
credits and investment in NbS projects but excludes the cost of
carbon credits bought for compliance purposes.
Our approach to addressing Scope 3 emissions is to engage with our
customers on climate change and work with them to develop and
scale up the technologies to decarbonise steel and aluminium
production.
Our forecast growth capital expenditure captures new growth
opportunities with a focus on materials that are expected to see
strong demand growth from the low-carbon transition. This includes
our investments in Simandou, Matalco, Rincon, Oyu Tolgoi and the
recent agreement to acquire Arcadium Lithium plc. Our budget for
central greenfield exploration mainly focuses on copper with a
growing battery materials program.
Decarbonisation investment is derived from the Group’s capital
allocation framework and aligned to our 2025 and 2030 Scope 1 and
2 emissions targets. Decarbonisation investment decisions are made
under a dedicated evaluation framework, which includes
consideration of the value of the investment and its impact on the cost
base, the level of abatement, the maturity of the technology, the
competitiveness of the asset and its policy context, and alternative
options on the pathway to net zero. Projects are also assessed
against our approach to a just transition, with consideration of the
impact on employees, local communities, and industry.

Annual Report on Form 20-F 2024 | 158 | riotinto.com

Financial statements
S cenarios
We use scenarios to identify and assess climate-related risks and
opportunities that may affect our business in the medium to long term.
We do not undertake climate modelling ourselves, rather we
determine the approximate temperature outcomes in 2100 by
comparing the emissions pathways to 2050 in each of our scenarios
with the Shared Socio-Economic Pathways set out in the
Intergovernmental Panel on Climate Change Sixth Assessment
Report. We also consider the carbon budgets associated with
different temperature outcomes. Our scenario approach is reviewed
every year as part of our Group strategy engagement with the Board.
This year, we updated the scenario framework used to assess the
resilience of our business under different transition-related scenarios.
Our Conviction scenario is now our central case. In the prior year, our
central case comprised the Competitive Leadership and Fragmented
Leadership scenarios. The Conviction scenario underlies strategic
planning and portfolio investment decisions across the Group, is used
in commodity price forecasts, valuation models, reserves and
resources determination, and in determining estimates for assets and
liabilities in our financial statements. In the prior year, our central case
comprised the Competitive Leadership and Fragmented Leadership
scenarios. In this scenario, countries will decarbonise at a moderate
pace, real gross domestic product (GDP) grows at 2.5% between
2023-2050, but energy intensity of GDP reduces approximately 2.7%
per year due to sectoral shifts and greater efficiency. In Conviction,
climate policies become more ambitious and effective over time
resulting in a temperature rise of 2.1°C in 2100.
Resilience scenario, which limits temperature rises to around 2.5°C
by 2100, is a sensitivity analysis that is designed to test our annual
plan and investment proposals. Weaker governance, declining global
trade, and lower economic growth lead to less effective climate action.
Real GDP growth only averages 1.6% between 2023 and 2050.
N either of the Conviction or Resilience scenarios above are
consistent with the expectation of climate policies required to
accelerate the global transition to meet the stretch goal of the Paris
Agreement. Despite global agreements on climate change reached in
Glasgow and Dubai, emissions today continue to rise, making the 1.5°C
goal of the Paris Agreement unlikely to be achieved. As our operational
emissions targets are in line with 1.5°C, so too are our decarbonisation
investment decisions. In 2022, we developed a Paris-aligned scenario,
referred to as the Aspirational Leadership scenario. The Aspirational
Leadership scenario reflects a world of high growth, significant social
change and accelerated climate action. The Aspirational Leadership
scenario is a commodity sales price and carbon cost sensitivity, with
all other inputs remaining equal to our central case. It is built by
design to reach net zero emissions globally by 2050 and helps us
better understand the pathways to meet the Paris Agreement goal,
and what this could mean for our business. We do not use the
Aspirational Leadership scenario in our broader strategic or investment
decision-making.
Importantly, none of the above scenarios are considered a definitive
representation for our assessment of the future impact of climate
change on the Group. To assess transition risk, we use market
analysis for our short-term outlook, and our Conviction and Resilience
scenarios for our medium- to long-term assessment. For physical
risks, we use an intermediate and high emissions scenario. Scenario
modelling has inherent limitations and, by its nature, allows a range of
possible outcomes to be considered where it is impossible to predict
which outcome is likely.
In addition, as our macroeconomic modelling involves a range of
variables, isolating and measuring the impact of specific climate risks
and opportunities is challenging. We do not publish the commodity
price forecasts associated with these scenarios, as to do so would
weaken our position in commercial negotiations and might give rise to
concerns from other market participants.
Low-carbon transition risks and opportunities, financial
resilience of our portfolio
The low-carbon transition is at the heart of our strategy. This mitigates
risks associated with stricter carbon regulations and changing
consumer preferences and positions us to capitalise on the growing
demand for transition materials. With higher GDP growth and a faster
low-carbon transition, our economic performance is stronger in
Conviction than in Resilience. Higher carbon penalties and the
potential impact on demand for mid and lower grade iron ore result in
weaker economic performance in Aspirational Leadership than in
Conviction. Overall, the economic performance of our portfolio would
be stronger in scenarios with higher GDP growth and proactive
climate action, and is resilient under scenarios aligned with 1.5°C,
2.1°C and 2.5°C outcomes.
We carefully monitor and manage transition risks linked to our
operational Scope 1 and 2 emissions and value-chain Scope 3
emissions. In particular, we expect the decarbonisation of our assets
to benefit from the implementation of new technologies. The pace of
technological development is uncertain, which could delay or increase
the cost of our decarbonisation efforts.
Physical risk impacts
In 2022, we launched the Physical Resilience Program across the
Group, starting with the asset-level resilience assessment in the
Pilbara and Saguenay-Lac-St-Jean. We continue to make progress in
a Group-wide, top-down assessment to further understand the risks
and opportunities associated with physical climate change and to
quantify any financial impacts, in addition to the site-specific, bottom-
up assessments, which will continue in the foreseeable future. Asset-
level resilience assessments conducted to date as part of a broader
multi-year program, as well as our ongoing review processes,
including impairment assessments, have not identified any material
accounting impacts to date. For example, no write-offs were
necessary in the Pilbara, where certain infrastructure assets, such as
transmission lines, that have reached the end of their natural lives are
being replaced with climate-resilient infrastructure. In 2024, we
continued to make progress on the climate-resilience assessment
process for our tailings storage facilities, enhanced our water risk
management, and operationalised analytics that provide real-time
natural-hazard monitoring for 50% of our supply chain.
In addition, we do not foresee the renewal of our contractual water
rights in Canada that have been classified as indefinite-lived
intangible assets to be at risk from climate change (note 12). Further,
closure planning considers future climate change projections at each
step of the process to support safe and appropriate final landform
design.

Annual Report on Form 20-F 2024 | 159 | riotinto.com

Financial statements
NbS and carbon credits
While prioritising emissions reductions at our operations, we are also
investing in high-integrity NbS in the regions where we operate that
can bring benefits to people, nature and climate. We will voluntarily
retire associated carbon credits to complement the decarbonisation
investment, but will limit the use of voluntary and compliance offsets
towards our 2030 climate target to up to 10% of our 2018 baseline
emissions. We source carbon credits in three ways: we develop new
projects, invest in and scale up existing projects, and source high-
quality carbon credits through spot carbon credit purchases and long-
term offtake agreements. This will complement our abatement project
portfolio and support our compliance with carbon pricing regulation
such as the Safeguard Mechanism in Australia. In 2024, we finalised
offtake agreements for high-quality human-induced regeneration
(HIR), as well as with savanna fire management project developers,
and progressed feasibility studies on other projects.
In 2024, we purchased US$50 million (2023: US$61 million) of carbon
credits. They have been acquired for our own use and are accounted
for as intangible assets (note 12).
Accounting impacts from executing our strategy
Global decarbonisation and the world’s energy transition continue to
evolve, with the potential to materially impact our future financial
results as our significant accounting judgements and key estimates
are updated to reflect prevailing circumstances. In response, carrying
values of assets and liabilities could be materially affected in future
periods. Our current strategy and approach to decarbonise our
operations and achieve our Scope 1 and 2 emissions targets are
considered in our significant judgements and key estimates reflected
in these financial results.
Progressing our strategy to grow in materials needed for the
low-carbon transition
As part of our strategy to grow in materials essential for the energy
transition, we approved “notice to proceed” for the Simandou high-
grade iron ore project in Guinea and the Rincon lithium project in
Argentina (note 12). We have also continued to invest in our copper
portfolio. These projects follow our existing accounting policies on
undeveloped properties and cost capitalisation. In 2024 we also
announced a definitive agreement to acquire Arcadium Lithium plc
(note 5).
In 2023, we entered into an agreement with Giampaolo Group to form
the Matalco joint venture, equity accounted, to meet a growing
demand for recycled aluminium solutions, and invested in a copper
project known as Nuevo Cobre, accounted for as an investment in a
partially owned subsidiary (note 5).
Decarbonising our portfolio
As part of our decarbonisation programs, we invested US$283 million
(2023: US$191 million) comprising capital projects, investments and
carbon credits referred to above, capitalised on balance sheet. Our
operating expenditure on Scope 1, 2 and 3 energy efficient initiatives
and research and development (R&D) costs, inclusive of our equity
share of R&D related to ELYSIS TM, was US$306 million (2023:
US$234 million), recognised in the income statement (note 7). Our
capital commitments at the end of 2024 relating to decarbonisation
totalled US$114 million (2023: US$123 million) and included the
Amrun renewable PPA classifed as a lease not yet commenced (note
37).
We invested US$89 million (2023: US$36 million) in entities
specialising in decarbonisation and related technology, accounted for
as financial assets, such as the Silva Carbon Origination Fund, a
developer of high integrity Australian Carbon Credit Units (ACCUs) and
I-Pulse, a developer of decarbonisation applications. I n 2023, this
included an investment in Australian Integrated Carbon (AIC), a
leading developer of high-quality carbon credits, which is an equity
accounted unit.
Given the significant investments we are making to abate our carbon
emissions, we have considered the potential for asset obsolescence,
with a particular focus on our Pilbara operations where we are building
our own renewable assets and are prioritising investment in renewables
to switch away from natural gas power generation. No material changes
to useful economic lives have been identified in the current year as the
assets are expected to be required for the transition (note 13). As the
renewable projects progress, it is possible that such adjustments may
be identified in the future.
Large-scale renewable power purchase agreements (PPAs) require
judgement to determine the appropriate accounting treatment and
may result in a lease, a derivative or an executory contract depending
on contractual terms (refer to note 21 for further information on
significant judgements in lease assessment). The renewable solar
and wind PPAs at Richards Bay Minerals (RBM) are accounted for on
an accrual basis as energy is produced, while the renewable offtake
arrangements at QIT Madagascar Minerals (QMM) and Amrun are
leases.
As part of the program to develop renewable energy solutions for our
Queensland aluminium assets, we entered into 2 long-term
renewable 2.2GW PPAs: the Upper Calliope solar farm and the
Bungaban wind farm, at the end of 2023 and in 2024 respectively, to
buy renewable electricity and associated green products to be
generated in the future. In 2024, our New Zealand Aluminium
Smelters signed long-term PPAs with electricity generators for a total
of 572MW of hydro electricity. We also signed the Monte Cristo Wind
PPA in the US, which will account for about 20% of Kennecott Scope
2 emissions abatement. These contracts are recorded as level 3
financial derivatives, with net unrealised losses of US$111 million
recognised in the current year (2023: US$nil) (note 24 (iv)). These
derivatives require complex measurement over the contract’s term,
with inputs such as unobservable long-term energy prices being key
sources of estimation of uncertainty (note e).
No adjustments to useful lives of the existing fleet have been identified
to date as a result of planned mining fleet electrification in the Pilbara.
The solutions are still in development or pilot stages and the gradual
fleet replacement is intended to be part of the normal lifecycle renewal of
trucks. Depending on technological development, which is highly
uncertain, this could lead to accelerated depreciation in the future.
Similarly, our target to have net zero vessels in our portfolio by 2030 has
not given rise to accounting adjustments to date, as the replacement is
planned as part of the lifecycle renewal. The expenditure on our own
carbon abatement projects and technology advancements follows
existing accounting policies on cost capitalisation, research and
development costs.

Annual Report on Form 20-F 2024 | 160 | riotinto.com

Financial statements
Impairment - sensitivities to climate change
In our impairment review process we consider the risks associated
with climate change.
The Gladstone alumina refineries are responsible for more than half
of our Scope 1 carbon dioxide emissions in Australia and therefore
have been a key focus as we evaluate options to decarbonise our
assets. In 2023, we recorded an impairment of Queensland Alumina
Limited (QAL) refinery with the recoverable amount largely dependent
upon the double digestion project, which was at the pre-feasibility
study stage of project evaluation. This major capital project improves
the energy efficiency of the alumina production process and
significantly reduces carbon emissions. In 2024, continued studies for
this project have indicated an increased capital cost compared with
our previous assumption and therefore we recognised further
impairment and provided a sensitivity to the cost of carbon credits
(note 4). Following the impairment in 2022, we continue to evaluate
lower emission power solutions for the Boyne smelter that could
extend its life to at least 2040. In such circumstances, the net present
value of the forecast future cash flows could support the reversal of
past impairments.
As noted above, we anticipate increased demand for copper in the
low-carbon transition. Whilst we have tested Rio Tinto Kennecott
cash-generating unit for impairment utilising our Conviction price
assumptions, that are not aligned with the goals of the Paris
Agreement, we have also provided a sensitivity using our Paris-
aligned Aspirational Leadership scenario (note 4).
Under the Aspirational Leadership scenario, which is not used in the
preparation of these financial statements, nor for budgeting purposes,
the economic performance of copper and aluminium is expected to be
stronger under supply and demand forward-pricing curves, which we
believe will be consistent with the Paris Agreement. It is possible
therefore, under certain conditions, that historical impairments
associated with these assets could reverse.
In the Aspirational Leadership scenario, the prices for lower-grade
iron ore are supported in the medium term by an assumed underlying
increase in GDP-driven demand. However, in the longer term, we
assume the pricing for lower-grade iron ore to be weaker than in our
Conviction scenario and will depend on the development of low-
carbon steel technology, the pace of which is uncertain, but is
expected to be offset by higher prices for higher-grade iron ore. As
was the case in the prior year, this is very unlikely to give rise to
impairment triggers in the short- to medium-term, due to the high
returns on capital employed in the Pilbara and the slow deployment of
low-carbon steel technology.
Use of Paris-aligned accounting
Forecast commodity prices, including carbon prices, incorporated into
our Conviction scenario are used to inform critical accounting
estimates included as inputs to impairment testing, estimation of
remaining economic life for units of production depreciation and
discounting closure and rehabilitation provisions. These prices
represent our best estimate of actual market outcomes based on the
range of future economic conditions regarding matters largely outside
our control, as required by IFRS. As the Conviction scenario does not
represent the Group’s view of the goals of the Paris Agreement, our
commodity price assumptions used in accounting estimates are not
consistent with the expectation of climate policies required to
accelerate the global transition to meet the goals of the Paris
Agreement. As described above, we use our Aspirational Leadership
scenario to help us better understand the pathways to meet the Paris
Agreement goal, and what this could mean for our business.
Closure dates and cost of closure are also sensitive to climate
assumptions, including precipitation rates, but no material changes
have been identified in the year specific to climate change that would
require a material revision to the provisions in 2024. For those
commodities with higher forward price curves under the Aspirational
Leadership scenario, it may be economical to mine lower mineral
grades, which could result in the conversion of additional Mineral
Resources to Ore Reserves and therefore longer dated closure.
We completed the divestments of our coal businesses in 2018 and no
longer mine coal, but retained a contingent royalty income from these
divestments. Recent favourable coal prices exceeded contractual
benchmark levels and resulted in the cash royalty receipt of
US$45 million during 2024 (2023: US$38 million). We also carry
royalty receivables of US$252 million on our balance sheet at
31 December 2024 (2023: US$214 million), measured at fair value
(note 24). The fair value of this balance may be adversely impacted in
the future by a faster pace of transition to a low-carbon economy, but
this impact is not expected to be material.
Overall, based on the Aspirational Leadership scenario pricing
outcomes, and with all other assumptions remaining consistent with
those applied to our 2024 financial statements, we do not currently
envisage a material adverse impact of the 1.5°C Paris-aligned
sensitivity on asset carrying values, remaining useful life, or closure
and rehabilitation provisions for the Group. It is possible that other
factors may arise in the future, which are not known today, that may
impact this assessment.
Additional commentary on the impact of climate change on our
business is included in the following notes:

Financial reporting considerations and sensitivities related to climate change | Page |
Recoverable value of our assets, asset obsolescence, impairment and use of sensitivities (note 4) | 172-173 |
Operating expenditure spend on decarbonisation (note 7 - footnote (h)) | 178 |
Water rights - climate impact on indefinite life (note 12) | 184 |
Carbon abatement spend on procurement of carbon units and renewable energy certificates (note 12 - footnote (a)) | 184 |
Estimation of asset lives (note 13) | 186 |
Additions to property, plant and equipment with a primary purpose of reducing carbon emissions (note 13 - footnote (d)) | 188 |
Useful economic lives of power generating assets (note 13) | 189 |
| Close-down, restoration and environmental cost (note 14) | 192 |
| Renewable PPAs accounted for as derivatives (note 24 (iv)) | 204 |
| Coal royalty receivables (note 24) | 207 |
| Decarbonisation capital commitments (note 37) | 227 |

Annual Report on Form 20-F 2024 | 161 | riotinto.com

Financial statements
i.New standards issued and effective in the current
year
Our financial statements have been prepared on the basis of accounting
policies consistent with those applied in the financial statements for the
year ended 31 December 2023, except for the accounting requirements
set out below, effective as at 1 January 2024.
Classification of liabilities as current or non-current liabilities
with covenants (Amendments to IAS 1 “Presentation of Financial
Statements”)
We adopted the Amendments to IAS 1 which specify the
requirements for classifying liabilities as either current or
non-current. The amendments clarify that a right to defer the
settlement must exist at the end of the reporting period and that
classification is unaffected by the likelihood that an entity will exercise
its deferral right. In addition, a requirement has been introduced
whereby an entity must disclose when a liability arising from a loan
agreement is classified as non-current and the entity’s right to defer
settlement is contingent on compliance with future covenants within
12 months. The amendments do not have a material impact on the
Group.
Refer to note 20 for additional disclosures made in relation to
Amendments to IAS 1.
Lease liability in a sale and leaseback (Amendments to IFRS 16
“Leases”)
We adopted the Amendments to IFRS 16 which specify the
requirements that a seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction. The amendments do not
have an impact on the Group.
Supplier finance arrangements (Amendments to IAS 7
“Statement of Cash Flows” and IFRS 7 “Financial Instruments:
Disclosures”)
We adopted the Amendments to IAS 7 and IFRS 7 which clarify the
characteristics of supplier finance arrangements and require
additional disclosure of such arrangements. The amendments
respond to the investors’ need for more information about supplier
finance arrangements to be able to assess how these arrangements
affect an entity’s liabilities, cash flows and liquidity risk. As a result of
the adoption of the amendments, we provided new disclosures for
liabilities under supplier finance arrangements as well as the
associated cash flows in note 18 and note 24 (i). These amendments
did not have a material impact on the amounts recognised in prior and
the current period.
The Organisation for Economic Co-operation and Development’s
(OECD) Pillar Two Rules
For the year ended 31 December 2023, we adopted the amendments
to IAS 12, issued in May 2023, which provide a temporary mandatory
exception from the requirement to recognise and disclose information
on deferred tax assets and liabilities related to enacted or
substantively enacted law that implements Pillar Two income taxes.
Pillar Two was substantively enacted in the United Kingdom on 20
June 2023, with application from 1 January 2024. Exposure to
additional taxation under Pillar Two is immaterial to the Group (note
10).

Annual Report on Form 20-F 2024 | 162 | riotinto.com

Financial statements | Consolidated primary statements
Consolidated income statement
Years ended 31 December

| Note | 2024 US$m | 2023 US$m | 2022 US$m
Consolidated operations |  |  |  |
Consolidated sales revenue | 1, 6 | 53,658 | 54,041 | 55,554
Net operating costs (excluding items disclosed separately) | 7 | (37,745) | (37,052) | (34,770)
Net impairment (charges)/reversals | 4 | (538) | (936) | 150
Gains/(losses) on consolidation and disposal of interests in businesses | 5 | 1,214 | – | (105)
Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped projects) | 8 | (936) | (1,230) | (896)
Operating profit |  | 15,653 | 14,823 | 19,933
Share of profit after tax of equity accounted units |  | 838 | 675 | 777
Impairment of investments in equity accounted units | 4 | – | – | (202)
Profit before finance items and taxation |  | 16,491 | 15,498 | 20,508
Finance items |  |  |  |
Net exchange gains/(losses) on external net debt and intragroup balances |  | 322 | (251) | 253
Losses on derivatives not qualifying for hedge accounting |  | (92) | (54) | (424)
Finance income | 9 | 514 | 536 | 179
Finance costs | 9 | (763) | (967) | (335)
Amortisation of discount on provisions | 14, 36 | (857) | (977) | (1,519)
|  | (876) | (1,713) | (1,846)
Profit before taxation |  | 15,615 | 13,785 | 18,662
Taxation | 10 | (4,041) | (3,832) | (5,614)
Profit after tax for the period |  | 11,574 | 9,953 | 13,048
– attributable to owners of Rio Tinto (net earnings) |  | 11,552 | 10,058 | 12,392
– attributable to non-controlling interests |  | 22 | (105) | 656
Basic earnings per share | 2 | 711.7c | 620.3c | 765.0c
Diluted earnings per share | 2 | 707.2c | 616.5c | 760.4c

The notes on pages 154 to 161 and pages 167 to 229 are an integral part of these consolidated financial statements.

Annual Report on Form 20-F 2024 | 163 | riotinto.com

Financial statements | Consolidated primary statements
Consolidated statement of comprehensive income
Years ended 31 December

| Note | 2024 US$m | 2023 US$m | 2022 US$m
Profit after tax for the year |  | 11,574 | 9,953 | 13,048
Other comprehensive (loss)/income |  |  |  |
Items that will not be reclassified to the income statement: |  |  |  |
Remeasurement gains/(losses) on pension and post-retirement healthcare plans | 28 | 83 | (461) | 578
Changes in the fair value of equity investments held at fair value through other comprehensive income (FVOCI) |  | – | (24) | –
Tax relating to these components of other comprehensive income | 10 | (22) | 152 | (123)
Share of other comprehensive income/(loss) of equity accounted units, net of tax |  | 4 | (3) | 5
|  | 65 | (336) | 460
Items that have been/may be subsequently reclassified to the income statement: |  |  |  |
Currency translation adjustment(a) |  | (3,391) | 644 | (2,399)
Currency translation on operations disposed of, transferred to the income statement |  | (27) | – | 105
Fair value movements: |  |  |  |
– Cash flow hedge gains/(losses) |  | 13 | 30 | (167)
– Cash flow hedge losses/(gains) transferred to the income statement |  | 17 | (39) | 106
Net change in costs of hedging reserve | 35 | 4 | 5 | 4
Tax relating to these components of other comprehensive loss | 10 | (10) | 1 | 21
Share of other comprehensive (loss)/income of equity accounted units, net of tax |  | (45) | 14 | (27)
|  | (3,439) | 655 | (2,357)
Total other comprehensive (loss)/income for the year, net of tax |  | (3,374) | 319 | (1,897)
Total comprehensive income for the year |  | 8,200 | 10,272 | 11,151
– attributable to owners of Rio Tinto |  | 8,375 | 10,335 | 10,649
– attributable to non-controlling interests |  | (175) | (63) | 502

(a)Excludes a currency translation charge of US$317 million (2023: gain of US$47 million; 2022: charge of US$240 million) arising on Rio Tinto Limited’s share capital for the year ended
31 December 2024, which is recognised in the consolidated statement of changes in equity. Refer to the consolidated statement of changes in equity on page 166.
The notes on pages 154 to 161 and pages 167 to 229 are an integral part of these consolidated financial statements.

Annual Report on Form 20-F 2024 | 164 | riotinto.com

Financial statements | Consolidated primary statements
Consolidated cash flow statement
Years ended 31 December

| Note | 2024 US$m | 2023 US$m | 2022 US$m
Cash flows from consolidated operations(a) |  | 19,859 | 20,251 | 23,158
Dividends from equity accounted units |  | 1,067 | 610 | 879
Cash flows from operations |  | 20,926 | 20,861 | 24,037
Net interest paid |  | (685) | (612) | (573)
Dividends paid to holders of non-controlling interests in subsidiaries |  | (477) | (462) | (421)
Tax paid |  | (4,165) | (4,627) | (6,909)
Net cash generated from operating activities |  | 15,599 | 15,160 | 16,134
Cash flows from investing activities |  |  |  |
Purchases of property, plant and equipment and intangible assets(b) | 1 | (9,621) | (7,086) | (6,750)
Sales of property, plant and equipment and intangible assets |  | 30 | 9 | –
Acquisitions of subsidiaries, joint ventures and associates(b) | 5 | (346) | (834) | (850)
Disposals of subsidiaries, joint ventures, joint operations and associates | 5 | 427 | – | 80
Purchases of financial assets |  | (113) | (39) | (55)
Sales of financial assets(c) |  | 677 | 1,220 | 892
Net funding of equity accounted units(b) |  | (784) | (144) | (75)
Other investing cash flows |  | 136 | (88) | 51
Net cash used in investing activities |  | (9,594) | (6,962) | (6,707)
Cash flows before financing activities |  | 6,005 | 8,198 | 9,427
Cash flows from financing activities |  |  |  |
Equity dividends paid to owners of Rio Tinto | 3 | (7,025) | (6,470) | (11,727)
Proceeds from additional borrowings, net of issue costs | 19, 20 | 261 | 1,833 | 321
Repayment of borrowings and associated derivatives | 19, 20 | (860) | (310) | (790)
Lease principal payments | 19 | (455) | (426) | (374)
Proceeds from issue of equity to non-controlling interests(b) |  | 1,574 | 127 | 86
Purchase of non-controlling interest | 5, 36 | (591) | (33) | (2,961)
Other financing cash flows |  | 2 | 2 | (28)
Net cash used in financing activities |  | (7,094) | (5,277) | (15,473)
Effects of exchange rates on cash and cash equivalents |  | (99) | (23) | 15
Net (decrease)/increase in cash and cash equivalents |  | (1,188) | 2,898 | (6,031)
Opening cash and cash equivalents less overdrafts |  | 9,672 | 6,774 | 12,805
Closing cash and cash equivalents less overdrafts | 22 | 8,484 | 9,672 | 6,774

Notes to the consolidated cash flow statement |  |  |  |
(a) Cash flows from consolidated operations | Note | 2024 US$m | 2023 US$m | 2022 US$m
Profit after tax for the year |  | 11,574 | 9,953 | 13,048
Adjustments for: |  |  |  |
– Taxation |  | 4,041 | 3,832 | 5,614
– Finance items |  | 876 | 1,713 | 1,846
– Share of profit after tax of equity accounted units |  | (838) | (675) | (777)
– (Gains)/losses on consolidation and disposal of interests in businesses | 5 | (1,214) | – | 105
– Impairment charges of investments in equity accounted units after tax | 4 | – | – | 202
– Net impairment charges/(reversals) | 4 | 538 | 936 | (150)
– Depreciation and amortisation |  | 5,918 | 5,334 | 5,010
– Provisions (including exchange differences on provisions) |  | 398 | 1,470 | 1,006
Utilisation of other provisions | 36 | (94) | (104) | (176)
Utilisation of provisions for close-down and restoration | 14 | (1,142) | (777) | (609)
Utilisation of provisions for post-retirement benefits and other employment costs | 26 | (133) | (277) | (254)
Change in inventories |  | 205 | (422) | (1,185)
Change in receivables and other assets |  | (202) | (418) | 20
Change in trade and other payables |  | 54 | (86) | 700
Other items(d) |  | (122) | (228) | (1,242)
|  | 19,859 | 20,251 | 23,158

(b)In 2024, our net cash outflow in relation to the Simandou iron ore project was US$1.3 billion. This includes cash outflows of US$1,831 million for purchase of property, plant and equipment,
US$313 million as acquisition of associates for WCS Rail and Port, and US$652 million as net funding of equity accounted units for the subsequent funding of that shared infrastructure. We
received related cash inflows of US$1,505 million from Chalco Iron Ore Holdings Ltd (CIOH) for cash calls by SimFerJersey Limited, of which US$411 million relates to CIOH’s share of
expenditure incurred up until the end of December 2023 to progress critical works.
(c)In 2024, we received net proceeds of US$675 million (2023: US$1,157 million and 2022: US$352 million) from our sales and purchases of investments within a separately managed portfolio
of fixed income instruments. Refer to note 19 for details. Purchases and sales of these securities are reported on a net cash flow basis within “Sales of financial assets” or “Purchases of
financial assets” depending on the overall net position at each reporting date.
(d)In 2024, O ther items includes the recognition of realised losses of US$88 million on currency forwards not designated as hedges (2023: realised losses US$57 million, 2022: realised losses
US$459 million). In 2022, other items also included the deduction of the US$432 million relating to the gain recognised on sale of the Cortez royalty shown in “Sale of financial assets”.
The notes on pages 154 to 161 and pages 167 to 229 are an integral part of these consolidated financial statements.

Annual Report on Form 20-F 2024 | 165 | riotinto.com

Financial statements | Consolidated primary statements
Consolidated balance sheet
At 31 December

| Note | 2024 US$m | 2023 US$m
Non-current assets |  |  |
Goodwill | 11 | 727 | 797
Intangible assets | 12 | 2,804 | 4,389
Property, plant and equipment | 13 | 68,573 | 66,468
Investments in equity accounted units |  | 4,837 | 4,407
Inventories | 16 | 222 | 214
Deferred tax assets | 15 | 4,016 | 3,624
Receivables and other assets | 17 | 1,397 | 1,659
Other financial assets | 23 | 1,090 | 481
|  | 83,666 | 82,039
Current assets |  |  |
Inventories | 16 | 5,860 | 6,659
Receivables and other assets | 17 | 4,241 | 3,945
Tax recoverable |  | 105 | 115
Other financial assets | 23 | 419 | 1,118
Cash and cash equivalents | 22 | 8,495 | 9,673
|  | 19,120 | 21,510
Total assets |  | 102,786 | 103,549
Current liabilities |  |  |
Borrowings | 20 | (180) | (824)
Leases | 21 | (354) | (345)
Other financial liabilities | 23 | (112) | (273)
Trade and other payables | 18 | (8,178) | (8,238)
Tax payable |  | (585) | (542)
Close-down, restoration and environmental provisions | 14 | (1,183) | (1,523)
Provisions for post-retirement benefits and other employment costs | 26 | (359) | (361)
Other provisions | 36 | (792) | (637)
|  | (11,743) | (12,743)
Non-current liabilities |  |  |
Borrowings | 20 | (12,262) | (12,177)
Leases | 21 | (1,059) | (1,006)
Other financial liabilities | 23 | (591) | (513)
Trade and other payables | 18 | (543) | (596)
Tax payable |  | (28) | (31)
Deferred tax liabilities | 15 | (2,635) | (2,584)
Close-down, restoration and environmental provisions | 14 | (14,548) | (15,627)
Provisions for post-retirement benefits and other employment costs | 26 | (1,097) | (1,197)
Other provisions | 36 | (315) | (734)
|  | (33,078) | (34,465)
Total liabilities |  | (44,821) | (47,208)
Net assets |  | 57,965 | 56,341
Capital and reserves |  |  |
Share capital |  |  |
– Rio Tinto plc | 34 | 207 | 207
– Rio Tinto Limited | 34 | 3,060 | 3,377
Share premium account |  | 4,326 | 4,324
Other reserves | 35 | 5,114 | 8,328
Retained earnings | 35 | 42,539 | 38,350
Equity attributable to owners of Rio Tinto |  | 55,246 | 54,586
Attributable to non-controlling interests |  | 2,719 | 1,755
Total equity |  | 57,965 | 56,341

The notes on pages 154 to 161 and pages 167 to 229 are an integral part of these consolidated financial statements.
T he financial statements on pages 154 to 229 were approved by the Directors on 19 February 2025 and signed on their behalf by

Dominic Barton Chair |  | Jakob Stausholm Chief Executive |  | Peter Cunningham Chief Financial Officer

Annual Report on Form 20-F 2024 | 166 | riotinto.com

Financial statements | Consolidated primary statements
Consolidated statement of changes in equity
Years ended 31 December

Year ended 31 December 2024 | Attributable to owners of Rio Tinto |  |
Share capital (note 34) US$m | Share premium account US$m | Other reserves (note 35) US$m | Retained earnings (note 35) US$m | Total US$m | Non- controlling interests US$m | Total equity US$m
Opening balance | 3,584 | 4,324 | 8,328 | 38,350 | 54,586 | 1,755 | 56,341
Total comprehensive income for the year(a) | – | – | (3,242) | 11,617 | 8,375 | (175) | 8,200
Currency translation arising on Rio Tinto Limited’s share capital | (317) | – | – | – | (317) | – | (317)
Dividends (note 3) | – | – | – | (7,025) | (7,025) | (528) | (7,553)
Newly consolidated operation (note 5) | – | – | – | – | – | 5 | 5
Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees(b) | – | – | (44) | (13) | (57) | – | (57)
Change in equity interest held by Rio Tinto | – | – | – | (468) | (468) | 88 | (380)
Treasury shares reissued and other movements | – | 2 | – | – | 2 | – | 2
Equity issued to holders of non-controlling interests | – | – | – | – | – | 1,574 | 1,574
Employee share awards charged to the income statement | – | – | 72 | 78 | 150 | – | 150
Closing balance | 3,267 | 4,326 | 5,114 | 42,539 | 55,246 | 2,719 | 57,965
Year ended 31 December 2023 | Attributable to owners of Rio Tinto |  |
Share capital (note 34) US$m | Share premium account US$m | Other reserves (note 35) US$m | Retained earnings (note 35) US$m | Total US$m | Non- controlling interests US$m | Total equity US$m
Opening balance | 3,537 | 4,322 | 7,755 | 35,020 | 50,634 | 2,107 | 52,741
Total comprehensive income for the year(a) | — | – | 585 | 9,750 | 10,335 | (63) | 10,272
Currency translation arising on Rio Tinto Limited’s share capital | 47 | – | – | – | 47 | – | 47
Dividends (note 3) | – | – | – | (6,466) | (6,466) | (462) | (6,928)
Newly consolidated operation (note 5) | – | – | — | — | — | 33 | 33
Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees(b) | – | – | (78) | (17) | (95) | – | (95)
Change in equity interest held by Rio Tinto | – | – | – | (13) | (13) | 13 | –
Treasury shares reissued and other movements | – | 2 | – | – | 2 | – | 2
Equity issued to holders of non-controlling interests | – | – | – | — | — | 127 | 127
Employee share awards charged to the income statement | – | – | 66 | 76 | 142 | – | 142
Closing balance | 3,584 | 4,324 | 8,328 | 38,350 | 54,586 | 1,755 | 56,341
Year ended 31 December 2022 | Attributable to owners of Rio Tinto |  |
Share capital (note 34) US$m | Share premium account US$m | Other reserves (note 35) US$m | Retained earnings (note 35) US$m | Total US$m | Non- controlling interests US$m | Total equity US$m
Opening balance | 3,777 | 4,320 | 9,976 | 33,857 | 51,930 | 5,166 | 57,096
Total comprehensive income for the year(a) | – | – | (2,193) | 12,842 | 10,649 | 502 | 11,151
Currency translation arising on Rio Tinto Limited's share capital | (240) | – | – | – | (240) | – | (240)
Dividends (note 3) | – | – | – | (11,716) | (11,716) | (421) | (12,137)
Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees(b) | – | – | (84) | (16) | (100) | – | (100)
Change in equity interest held by Rio Tinto | – | – | – | 701 | 701 | (3,907) | (3,206)
Treasury shares reissued and other movements | – | 2 | – | – | 2 | – | 2
Equity issued to holders of non-controlling interests | – | – | – | (711) | (711) | 797 | 86
Employee share awards charged to the income statement | – | – | 56 | 63 | 119 | — | 119
Transfers and other movements | – | – | — | — | — | (30) | (30)
Closing balance | 3,537 | 4,322 | 7,755 | 35,020 | 50,634 | 2,107 | 52,741

(a)Refer to the consolidated statement of comprehensive income for further details. Adjustments to other reserves include currency translation attributable to owners of Rio Tinto, other than that
arising on Rio Tinto Limited’s share capital.
(b)Net of contributions received from employees for share awards.
The notes on pages 154 to 161 and pages 167 to 229 are an integral part of these consolidated financial statements.

Annual Report on Form 20-F 2024 | 167 | riotinto.com

Financial statements
Notes to the consolidated financial statements
Our financial performance
We use a number of measures, including segmental revenue, underlying EBITDA, and capital expenditure to provide us with a greater
understanding of our operations’ underlying business performance, including revenue generation, productivity and cost management, on a
comparable basis between reporting years.
1 Financial performance by segment
Our management structure is based on product groups (PG) together with global support functions whose leaders make up the Executive
Committee. The Executive Committee members each report directly to our Chief Executive who is the chief operating decision maker (CODM)
and is responsible for allocating resources and assessing performance of the operating segments. The CODM’s primary measure of profit is
underlying EBITDA (as defined on page 168).
Our reportable segments are as follows.

Reportable segment | Principal activities
Iron Ore | Iron ore mining and salt and gypsum production in Western Australia.
Aluminium | Bauxite mining; alumina refining; aluminium smelting and recycling.
Copper | Mining and refining of copper, gold, silver, molybdenum, other by-products and exploration activities.
Minerals | Includes mining and processing of borates, titanium dioxide feedstock and iron concentrate and pellets from the Iron Ore Company of Canada. Also includes diamond mining, sorting and marketing and development projects for battery materials, such as lithium.

Management responsibility during the build phase of the Simandou iron ore project falls under the Chief Technical Officer, Mark Davies. Whilst
this is classified as “Other operations”,and sits below reportable segments, we have shown this separately due to the significance of funding and
spend during the year following notice to proceed. Accountability for Rio Tinto Guinea, our in-country external affairs office remains with Bold
Baatar, and has therefore moved from the Copper product group to “Other operations” following his change in role to Chief Commercial Officer.
Accordingly, prior period amounts have been adjusted for comparability even though there is no material impact as a result of the change.

| Segmental revenue US$m | Underlying EBITDA US$m | Capital expenditure(a) US$m
| 2024 | 2023 | 2022 | 2024 | 2023 Adjusted | 2022 Adjusted | 2024 | 2023 | 2022
Iron Ore | 29,339 | 32,249 | 30,906 | 16,249 | 19,974 | 18,612 | 3,012 | 2,588 | 2,940
Aluminium | 13,650 | 12,285 | 14,109 | 3,673 | 2,282 | 3,672 | 1,694 | 1,331 | 1,377
Copper | 9,275 | 6,678 | 6,699 | 3,437 | 1,960 | 2,566 | 2,055 | 1,976 | 1,622
Minerals | 5,531 | 5,934 | 6,754 | 1,080 | 1,414 | 2,419 | 798 | 746 | 679
Reportable segments total | 57,795 | 57,146 | 58,468 | 24,439 | 25,630 | 27,269 | 7,559 | 6,641 | 6,618
Simandou iron ore project | — | — | — | (22) | (539) | (189) | 1,832 | 266 | —
Other operations | 120 | 142 | 192 | 43 | (95) | (17) | 66 | 57 | 53
Inter-segment transactions | (209) | (231) | (256) | 9 | 8 | 24 |  |  |
Share of equity accounted units(b) | (4,048) | (3,016) | (2,850) |  |  |  |  |  |
Central pension costs, share-based payments, insurance and derivatives |  |  |  | 153 | 168 | 377 |  |  |
Restructuring, project and one-off costs |  |  |  | (254) | (190) | (173) |  |  |
Central costs |  |  |  | (816) | (990) | (766) |  |  |
Central exploration and evaluation expenditures |  |  |  | (238) | (100) | (253) |  |  |
Proceeds from disposal of property, plant and equipment |  |  |  |  |  |  | 30 | 9 | –
Other items |  |  |  |  |  |  | 134 | 113 | 79
Consolidated sales revenue | 53,658 | 54,041 | 55,554 |  |  |  |  |  |
Purchases of property, plant and equipment and intangible assets |  |  |  |  |  |  | 9,621 | 7,086 | 6,750
Underlying EBITDA(c) |  |  |  | 23,314 | 23,892 | 26,272 |  |  |

(a)Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less
disposals of other intangible assets. The details provided include 100% of subsidiaries’ capital expenditure and Rio Tinto’s share of the capital expenditure of joint operations.
(b)Consolidated sales revenue includes subsidiary sales of US$213 million (2023: US$20 million; 2022: US$50 million) to equity accounted units which are not included in segmental revenue.
Segmental revenue includes the Group’s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$4,261 million (2023:
US$3,036 million; 2022: US$2,900 million) which are not included in consolidated sales revenue.
(c)Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in 2024 was US$935 million (note 8), compared with US$855 million in 2023
(excluding Simandou). Approximately 25% of the spend was by central exploration, 23% by Minerals (with the majority focusing on lithium), 36% by Copper, 14% by Iron Ore and 2% by Aluminium.
In 2024, all qualifying expenditure relating to Simandou is being capitalised. Qualifying expenditure on the Rincon lithium project has been capitalised since 1 July 2024.

Annual Report on Form 20-F 2024 | 168 | riotinto.com

Financial statements | Notes to the consolidated financial statements
1 Financial performance by segment continued
Segmental revenue
Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units (EAUs) in proportion to our
equity interest (after adjusting for sales to/from subsidiaries).
Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric.
Other segmental reporting
For further information relating to Revenue by destination and product and Non-operating assets by geography, refer to note 6 on page 178 and
Our operating assets section on page 182, respectively.
Underlying EBITDA
Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA impact of
items which do not reflect the underlying performance of our reportable segments.

| Other relevant judgements - Exclusions from underlying EBITDA Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to require exclusion in order to provide additional insight into the underlying business performance. The following items are excluded from profit after tax in arriving at underlying EBITDA in each year irrespective of materiality: –all depreciation and amortisation in subsidiaries and the corresponding share of profit in EAUs –all taxation and finance items in subsidiaries and the corresponding share of profit in EAUs –unrealised (gains)/losses on embedded derivatives not qualifying for hedge accounting (including foreign exchange) –net (gains)/losses on consolidation or disposal of interests in businesses –impairment charges net of reversals including corresponding amounts in share of profit in EAUs –the underlying EBITDA of discontinued operations –adjustments to closure provisions where the adjustment is associated with an impairment charge and for legacy sites where the disturbance or environmental contamination relates to the pre-acquisition period. In addition, there is a final judgemental category which includes, where applicable, other credits and charges that, individually or in aggregate if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. In 2023, this included all re-estimates of the closure provisions for fully impaired sites identified in the second half of the year due to the materiality of the adjustment in aggregate. In 2022, this category included the gain recognised by Kitimat relating to LNG Canada's project and the gain recognised upon sale of the Cortez royalty. There were no similar items in 2024. |

| 2024 US$m | 2023 US$m | 2022 US$m
Profit after tax for the year | 11,574 | 9,953 | 13,048
Taxation | 4,041 | 3,832 | 5,614
Profit before taxation | 15,615 | 13,785 | 18,662
Depreciation and amortisation in subsidiaries, excluding capitalised depreciation(a) | 5,744 | 4,976 | 4,871
Depreciation and amortisation in equity accounted units | 559 | 484 | 470
Finance items in subsidiaries | 876 | 1,713 | 1,846
Taxation and finance items in equity accounted units | 1,002 | 741 | 640
Unrealised losses/(gains) on embedded commodity and currency derivatives not qualifying for hedge accounting (including foreign exchange) | 73 | (15) | (6)
(Gains)/losses on consolidation and disposal of interests in businesses(b) | (1,214) | – | 105
Impairment charges net of reversals (note 4) | 573 | 936 | 52
Gain recognised by Kitimat relating to LNG Canada’s project(c) | – | – | (116)
Change in closure estimates (non-operating and fully impaired sites)(d) | 86 | 1,272 | 180
Gain on sale of the Cortez royalty(e) | – | – | (432)
Underlying EBITDA | 23,314 | 23,892 | 26,272

(a)Depreciation and amortisation in subsidiaries for the year ended 31 December 2024 is net of capitalised depreciation of US$174 million (2023: US$358 million; 2022: US$139 million).
(b)Gains on consolidation of businesses include the revaluation of our previously held interest in the NZAS joint operation as we acquired the remaining shares during the year and this became
a subsidiary. Disposals include the sale of Wyoming Uranium and Lake MacLeod, as described in note 5.
(c)During 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. The resulting gain was excluded
from underlying EBITDA consistent with prior years as it was part of a series of transactions that together were material.
(d)In 2024, the charge to the income statement relates to the change in estimates of underlying closure cash flows, net of impact of a change in discount rate, expressed in real-terms, from
2.0% to 2.5% as applied to provisions for close-down, restoration and environmental liabilities at legacy sites where the environmental damage preceded ownership by Rio Tinto. In 2023,
the charge includes US$873 million related to the closure provision update announced by ERA on 12 December 2023, together with the update included in their half year results for the
period ended 30 June 2023, published in August 2023. This update was considered material and therefore it was aggregated with other closure study updates (see note 14) which were
similar in nature and have been excluded from underlying EBITDA. The other closure study updates were at legacy sites managed by our central closure team as well as an update at
Yarwun alumina refinery which was expensed due to the impairment earlier in the year. In 2022, the charge related to re-estimates of underlying closure cash flows for legacy sites where the
environmental damage preceded ownership by Rio Tinto.
(e)On 2 August 2022, we completed the sale of a gross production royalty which was retained following the disposal of the Cortez Complex in 2008. The gain recognised on sale of the royalty
was excluded from underlying EBITDA on the grounds of individual magn itude.

Annual Report on Form 20-F 2024 | 169 | riotinto.com

Financial statements | Notes to the consolidated financial statements
2 Earnings per ordinary share
Basic earnings per share

| 2024 | 2023 | 2022
Net earnings attributable to owners of Rio Tinto (US$ million) | 11,552 | 10,058 | 12,392
Weighted average number of shares (millions)(a) | 1,623.1 | 1,621.4 | 1,619.8
Basic earnings per ordinary share (cents) | 711.7 | 620.3 | 765.0

Diluted earnings per share
For the purposes of calculating diluted earnings per share, the effect of dilutive securities of 10.3 million shares in 2024 (2023: 10.1 million;
2022: 9.8 million) is added to the weighted average number of shares described in footnote (a) below. This effect is calculated under the
treasury stock method, in accordance with IAS 33 “Earnings per Share”. Our only potential dilutive ordinary shares are share awards for which
terms and conditions are described in note 27.

| 2024 | 2023 | 2022
Net earnings attributable to owners of Rio Tinto (US$ million) | 11,552 | 10,058 | 12,392
Weighted average number of shares (millions)(a) | 1,633.4 | 1,631.5 | 1,629.6
Diluted earnings per share attributable to ordinary shareholders of Rio Tinto (cents) | 707.2 | 616.5 | 760.4

(a)The weighted average number of shares is calculated as the average number of Rio Tinto plc shares outstanding not held as treasury shares of 1,252.1 million (2023: 1,250.5 million; 2022:
1,248.9 million) plus the average number of Rio Tinto Limited shares outstanding of 371.0 million (2023: 370.9 million; 2022: 370.9 million) over the relevant period. There were no cross
holdings of shares between Rio Tinto Limited and Rio Tinto plc at 31 December 2024 (2023: nil; 2022: nil).
3 Dividends
Our Directors have announced a final dividend of 225.0 cents per share on 19 February 2025. This is expected to result in payments of
US$3,652 million. The dividend will be paid on 17 April 2025 to Rio Tinto plc and Rio Tinto Limited shareholders on the register at the close of
business on 7 March 2025. Dividends per share announced for the year ended 31 December are as follows.

| 2024 US cents | 2023 US cents | 2022 US cents
Ordinary dividends per share: announced with the results for the year(a) | 225.0 | 258.0 | 225.0

(a)As announced on 26 July 2024, following changes to Rio Tinto Limited’s constitution approved by shareholders in 2024, we now declare and announce Rio Tinto plc and Rio Tinto Limited
dividends in USD, our reporting currency. Historically, we have declared and announced these dividends in GBP and AUD, respectively. Dividends declared and announced in GBP and AUD
for prior years can be found in note 3 to the Financial Statements in our 2023 Annual Report.
Total dividends per share paid in the year

| 2024 US cents | 2023 US cents | 2022 US cents
Previous year final - paid during the year | 258.0 | 225.0 | 417.0
Previous year special - paid during the year | – | – | 62.0
Interim - paid during the year | 177.0 | 177.0 | 267.0
Total paid during the year | 435.0 | 402.0 | 746.0

The franking credits available to the Group as at 31 December 2024, after allowing for Australian tax payable in respect of the current and prior
reporting period’s profit, are estimated to be US$9,177 million (2023: US$8,734 million; 2022: US$7,246 million).
The proposed Rio Tinto Limited dividend will be fully franked based on a tax rate of 30%, and reduce the franking account balance by US$358
million.
Reconciliation of dividend declared to dividend paid

| 2024 US$m | 2023 US$m | 2022 US$m
Rio Tinto plc previous year final dividend payable | 3,185 | 2,875 | 5,024
Rio Tinto plc previous year special dividend payable | – | – | 747
Rio Tinto plc interim dividend payable | 2,238 | 2,147 | 3,162
Rio Tinto Limited previous year final dividend payable | 936 | 815 | 1,597
Rio Tinto Limited previous year special dividend payable | – | – | 237
Rio Tinto Limited interim dividend payable | 666 | 629 | 949
Dividends payable during the year | 7,025 | 6,466 | 11,716
Net movement of unclaimed dividends in the year | – | 4 | 11
Dividends paid during the year(a) | 7,025 | 6,470 | 11,727

(a)Until April 2024. we economically hedged the dividend cash flows from the announcement date to the payment date in order to reduce our foreign exchange exposure on these cash flows.
Following our policy change to declare dividends in US dollars, the period of currency exposure has shortened to the period from the date of final reinvestment and alternative currency elections
and the payment. The realised impact of these hedges was shown within “Other items” in the Cash flows from consolidated operations and is not included in the above.

Annual Report on Form 20-F 2024 | 170 | riotinto.com

Financial statements | Notes to the consolidated financial statements
4 Impairment charges net of reversals
Recognition and measurement
Impairment charges and reversals are assessed at the level of cash-generating units (CGUs) which, in accordance with IAS 36 “Impairment of
Assets”, are identified as the smallest identifiable asset or group of assets that generate cash inflows, which are largely independent of the cash
inflows from other assets. Separate CGUs are identified where an active market exists for intermediate products, even if the majority of those
products are further processed internally. In some cases, individual business units consist of several operations with independent cash-
generating streams which constitute separate CGUs.
Goodwill acquired through business combinations is allocated to the CGU or groups of CGUs that are expected to benefit from the related
business combination, and tested for impairment at the lowest level within the Group at which goodwill is monitored for internal management
purposes. All CGUs containing goodwill (note 11), indefinite-lived intangible assets and intangible assets that are not ready for use (note 12) are
tested annually for impairment as at 30 September, regardless of whether there has been an impairment trigger, or more frequently if events or
changes in circumstances indicate a potential impairment charge.

| Other relevant judgements - determination of CGUs Judgement is applied to identify the Group’s CGUs, particularly when assets belong to integrated operations, and changes in CGUs could impact impairment charges and reversals. The most relevant judgement for grouping continues to relate to the grouping of Rio Tinto Iron and Titanium Quebec Operations and QIT Madagascar Minerals (QMM) as a single CGU on the basis that they are vertically integrated operations and there is no active market for QMM’s ilmenite. The most relevant judgement for disaggregation continues to relate to our bauxite and alumina refining operations in Australia whereby we treat the Weipa bauxite mine as a separate CGU from the downstream assets at Gladstone. Currently, Weipa sells the majority of its bauxite to third-party customers, whereas the alumina refineries are supplied with all of their bauxite internally. |

Property, plant and equipment, including right-of-use assets and intangible assets with finite lives, are reviewed for impairment annually or more
frequently if there is an indication that the carrying amount may not be recoverable. This review starts with an appraisal of the perimeter of cash-
generating units to consider changes in the business or strategic direction. Following this, an assessment of internal and external indicators is
performed. Internal sources of information considered include assessment of the financial performance of the CGU and changes in mine plans.
External sources of information include changes in forecast commodity prices, costs and other market factors.
Non-current assets (excluding goodwill) that have suffered impairment are reviewed using the same basis for valuation as explained below
whenever events or changes in circumstances indicate that the impairment loss may no longer exist, or may have decreased. If appropriate, an
impairment reversal will be recognised. The carrying amount of the CGU after reversal must be the lower of (a) the recoverable amount, as
calculated above, and (b) the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss
been recognised for the CGU in prior periods.

| Key judgement - indicators of impairment and impairment reversals Our mining operations require large upfront investment with long periods of construction and management of geotechnical stability risks from large-scale excavation of open pits or underground tunnelling. During operation and towards the end of mine life, the economic performance of assets is subject to greater influence by short term market dynamics, which can impact the economic feasibility of operations and life extension options. Together these represent our most significant sources of uncertainty relating to the identification of indicators of impairment and impairment reversal. The underground expansion of our Oyu Tolgoi copper and gold mine in Mongolia is closely monitored for indicators of impairment and impairment reversal, as it was previously impaired, meaning that carrying value and fair value were equal at that date. The ramp up of the underground operations is progressing inline with our expectations, which means we have not identified an impairment trigger, however there remain several years of construction, the complexity of which means we have not identified a trigger for impairment reversal. The Rio Tinto Kennecott copper mine faced worsening geotechnical conditions in 2024, requiring a revised mine plan for 2025/26. This increased uncertainty was identified as an impairment indicator for Rio Tinto Kennecott and an impairment test was performed. The Gladstone alumina refineries are responsible for more than half of our Scope 1 carbon dioxide emissions in Australia and have therefore been a key focus as we evaluate options to decarbonise our assets. In 2023, an impairment indicator at these assets resulted in the full write-down of the carrying value of Yarwun and a partial write-down of our assets at Queensland Alumina Limited (QAL). Continued studies during 2024 in relation to the double digestion project to improve the energy efficiency and reduce the carbon emissions at QAL has indicated a greater overall cost compared with our prior year assumption and therefore we have identified this as an impairment indicator and performed an impairment test. |

Where indication of impairment or impairment reversal exists, an impairment review is undertaken. The recoverable amount is assessed by
reference to the higher of value in use (being the net present value of expected future cash flows of the relevant CGU in its current condition)
and fair value less costs of disposal (FVLCD). When the recoverable amount of the CGU is measured by reference to FVLCD, this amount is
further classified in accordance with the fair value hierarchy for observable market data that is consistent with the unit of account for the CGU
being tested. The Group considers that the best evidence of FVLCD is the value obtained from an active market or binding sale agreement and,
in this case, the recoverable amount is classified in the fair value hierarchy as level 1. When FVLCD is based on quoted prices for equity
instruments but adjusted to reflect factors such as a lack of liquidity in the market, the recoverable amount is classified as level 2 in the fair
value hierarchy. No CGUs are currently assessed for impairment by reference to a recoverable amount based on FVLCD classified as level 1
or level 2.

Annual Report on Form 20-F 2024 | 171 | riotinto.com

Financial statements | Notes to the consolidated financial statements
4 Impairment charges net of reversals continued
Where unobservable inputs are material to the measurement of the recoverable amount, FVLCD is based on the best information available to
reflect the amount the Group could receive for the CGU in an orderly transaction between market participants at the measurement date. This is
often estimated using discounted cash flow techniques and is classified as level 3 in the fair value hierarchy.
Where the recoverable amount is assessed using FVLCD based on discounted cash flow techniques, the resulting estimates are based on
detailed life-of-mine and long-term production plans. These may include anticipated expansions which are at the evaluation stage of study.
The cash flow forecasts for FVLCD purposes are based on management’s best estimates of expected future revenues and costs, including the
future cash costs of production, capital expenditure, and closure, restoration and environmental costs. For the purposes of determining FVLCD
from a market participant’s perspective, the cash flows incorporate management’s price and cost assumptions in the short and medium term. In
the longer term, operating margins are assumed to remain constant where appropriate, as it is considered unlikely that a market participant
would prepare detailed forecasts over a longer term. The cash flow forecasts may include net cash flows expected to be realised from the
extraction, processing and sale of material that does not currently qualify for inclusion in Ore Reserves. Such non-reserve material is only
included when there is a high degree of confidence in its economic extraction. This expectation is usually based on preliminary drilling and
sampling of areas of mineralisation that are contiguous with existing Ore Reserves. Typically, the additional evaluation required to achieve
reserves status for such material has not yet been done because this would involve incurring evaluation costs earlier than is required for the
efficient planning and operation of the mine.
As noted above, cost levels incorporated in the cash flow forecasts for FVLCD purposes are based on the current life-of-mine plan or long-term
production plan for the CGU. This differs from value in use which requires future cash flows to be estimated for the asset in its current condition
and therefore does not include future cash flows associated with improving or enhancing an asset’s performance. Anticipated enhancements to
assets may be included in FVLCD calculations and, therefore, generally result in a higher value.
Where the recoverable amount of a CGU is dependent on the life of its associated orebody, expected future cash flows reflect the current life-of-
mine and long-term production plans; these are based on detailed research, analysis and iterative modelling to optimise the level of return from
investment, output and sequence of extraction. The mine plan takes account of all relevant characteristics of the orebody, including waste-to-ore
ratios, ore grades, haul distances, chemical and metallurgical properties of the ore impacting process recoveries, and capacities of processing
equipment that can be used. The life-of-mine plan and long-term production plans are, therefore, the basis for forecasting production output and
production costs in each future year.
Forecast cash flows for Ore Reserve estimation for JORC purposes are generally based on Rio Tinto’s commodity price forecasts, which
assume short-term market prices will revert to the Group’s assessment of the long-term price, generally over a period of 3 to 5 years. For most
commodities, these forecast commodity prices are derived from a combination of analyses of the marginal costs of the producers and the
incentive price of these commodities. These assessments often differ from current price levels and are updated periodically. The Group does not
believe that published medium- and long-term forward prices necessarily provide a good indication of future levels because they tend to be
strongly influenced by spot prices. The price forecasts used for Ore Reserve estimation are generally consistent with those used for impairment
testing unless management deems that in certain economic environments a market participant would not assume Rio Tinto’s view on prices,
in which case in preparing FVLCD impairment calculations management estimates the assumptions that a market participant would be expected
to use.
Forecast future cash flows of a CGU take into account the sales prices under existing sales contracts.
The discount rates applied to the future cash flow forecasts represent an estimate of the rate the market participant would apply having regard to
the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. The Group’s
weighted average cost of capital is generally used as a starting point for determining the discount rates, with appropriate adjustments for the risk
profile of the countries in which the individual CGUs operate. For final feasibility studies and Ore Reserve estimation, internal hurdle rates, which
are generally higher than the Group’s weighted average cost of capital, are used. For developments funded with project finance, the debt
component of the weighted average cost of capital may be calculated by reference to the specific interest rate of the project finance and
anticipated leverage of the project.
For operations with a functional currency other than the US dollar, the impairment review is undertaken in the relevant functional currency. In
estimating FVLCD, internal forecasts of exchange rates take into account spot exchange rates, historical data and external forecasts, and are
kept constant in real terms after 5 years. The great majority of the Group’s sales are based on prices denominated in US dollars. To the extent
that the currencies of countries in which the Group produces commodities strengthen against the US dollar without an increase in commodity
prices, cash flows and, therefore, net present values, are reduced. Management considers that, over the long term, there is a tendency for
movements in commodity prices to compensate to some extent for movements in the value of the US dollar, particularly against the Australian
dollar and Canadian dollar, and vice versa. However, such compensating changes are not synchronised and do not fully offset each other. In
estimating value in use, the present value of future cash flows in foreign currencies is translated at the spot exchange rate on the testing date.
Generally, discounted cash flow models are used to determine the recoverable amount of CGUs. In this case, significant judgement is required
to determine the appropriate estimates and assumptio ns used, and there is significant estimation uncertainty. In particular, for fair value less
costs of disposal valuations, judgement is required to determine the estimates a market participant would use. The discounted cash flow models
are most sensitive to the following estimates: the timing of project expansions; the cost to complete assets under construction; long-term
commodity prices; production timing and recovery rates; exchange rates; operating costs; reserve and resource estimates; closure costs;
discount rates; allocation of long-term contract revenues between CGUs; and, in some instances, the renewal of mining licences. Some of these
variables are unique to an individual CGU. Future changes in these variables may differ from management’s expectations and may materially
alter the recoverable amounts of the CGUs.

Annual Report on Form 20-F 2024 | 172 | riotinto.com

Financial statements | Notes to the consolidated financial statements
4 Impairment charges net of reversals continued

|  | 2024 | 2023 | 2022
| Note | Pre-tax amount US$m | Taxation US$m | Non- controlling interest US$m | Net amount US$m | Pre-tax amount US$m | Pre-tax amount US$m
Aluminium - Alumina refineries |  | (461) | (42) | – | (503) | (1,175) | –
Aluminium - Tiwai Point |  | 41 | 37 | – | 78 | – | –
Aluminium - MRN |  | (23) | – | – | (23) | – | –
Aluminium – Pacific Aluminium |  | – | – | – | – | – | (202)
Minerals - Diavik |  | (118) | 32 | – | (86) | – | –
Other operations - Simandou |  | – | – | – | – | 239 | –
Other operations - Roughrider |  | – | – | – | – | – | 150
Total impairment charges net of reversals |  | (561) | 27 | – | (534) | (936) | (52)
Allocated as: |  |  |  |  |  |  |
Intangible assets | 12 | – |  |  |  | 231 | 150
Property, plant and equipment | 13 | (538) |  |  |  | (1,167) | –
Investment in equity accounted units (EAUs) |  | – |  |  |  | – | (202)
Share of profit after tax in EAUs |  | (23) |  |  |  | – | –
Total impairment charges net of reversals |  | (561) |  |  |  | (936) | (52)
Comprising: |  |  |  |  |  |  |
Net impairment (charges)/reversals of consolidated balances |  |  |  |  | (538) | (936) | 150
Impairment (charges) related to EAUs (pre-tax) |  |  |  |  | (35) | – | (202)
Total impairment charges net of reversals |  |  |  |  | (573) | (936) | (52)
Taxation (including related to EAUs) |  |  |  |  | 39 | 499 | –
Non-controlling interests |  |  |  |  | – | (215) | –
Total impairment charges net of reversals in the income statement |  |  |  |  | (534) | (652) | (52)

2024
Copper - Rio Tinto Kennecott, United States
For the past 3 years we have been managing a zone of pit wall geotechnical instability, principally through removal of material from the top of the
pit to de-weight the mine surface area known as “Revere”. Through the spring of 2024 as snow melted, accelerating movement in the high wall
was observed along 2 major fault lines. This movement has limited our ability to access the higher-grade primary ore on the south wall. During
the 3rd quarter of 2024, further studies on the geotechnical risks have been completed, indicating the need to change our mine plan to stabilise
pit wall movement and mitigate the risk of a significant geotechnical failure, this is expected to restrict ore deliveries from the primary ore face in
2025 and 2026. This new information represents a material deviation from the current mine plan and has therefore been identified as an
impairment indicator.
The recoverable amount for the CGU uses the fair value less cost of disposal methodology with real-terms post-tax cash flows discounted over
the expected life of mine at 6.3%. This includes preliminary estimates from a revised mine plan as future options for the open pit and
underground are reviewed, including growth options that remain subject to study and approval. The period of cash flows for end-of-mine closure
is significant relative to the period assumed for operations and therefore a post-tax real-terms discount rate of 2.5% has been used in the
recoverable amount determination for the cash outflows for the rehabilitation of the mine. No impairment charge has been recorded as the
overall net present value of cash flows based on our Conviction price series indicated that the recoverable amount exceeded the US$2.2 billion
carrying value of CGU by US$0.5 billion. This outcome is finely balanced as it represents less than 10% of the gross asset carrying value. To
illustrate the sensitivity of the recoverable amount to copper prices, with all other inputs unchanged, a reduction to the copper price of 3% across
all years would result in the recoverable amount of the CGU and the carrying value being equal.

| Impact of climate change on our business - demand for copper As described in note 1, we anticipate increased demand for copper in the low carbon transition will result in higher copper prices. While we have tested the Rio Tinto Kennecott CGU for impairment using our Conviction price assumptions, this is not aligned with the goals of the Paris Agreement. Therefore we also provide a sensitivity using our Paris-aligned Aspirational Leadership scenario. We do not believe this is representative of fair value less cost of disposal and it is provided for illustrative purposes only. The weighted average selling price for copper under our Aspirational leadership scenario over the life of mine for the Rio Tinto Kennecott CGU is 10 per cent greater than our Conviction prices. Utilising the copper and carbon tax prices from our Aspirational Leadership scenario with all other assumptions remaining unchanged indicates an additional US$1.0 billion of net present value from post-tax cash flows. This assumes no changes to mined ore, or changes to risk weightings for future mine expansions, which in a stronger pricing environment could improve the economic business case. |

Annual Report on Form 20-F 2024 | 173 | riotinto.com

Financial statements | Notes to the consolidated financial statements
4 Impairment charges net of reversals continued
Aluminium - Alumina refineries, Australia
The Gladstone alumina refineries are responsible for more than half of our Scope 1 carbon dioxide emissions in Australia and therefore have
been a key focus as we evaluate options to decarbonise our assets. In 2023 we recorded an impairment of Queensland Alumina Limited (QAL)
refinery with the recoverable amount largely dependent upon the double digestion project, which was at the pre-feasibility study stage of project
evaluation. This major capital project improves the energy efficiency of the alumina production process and significantly reduces carbon
emissions. Continued studies for this project have indicated an increased capital cost compared with our previous assumption and therefore we
have performed a further test for impairment.
Using a fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at 6.6%, we recognised a pre-tax
impairment charge of US$461 million (post-tax US$503 million). This charge was all allocated against property, plant and equipment leaving
them with a residual carrying value of US$151 million. The post-tax impairment charge also includes a consequential adjustment to deferred tax
asset recognition within the same tax group.

| Impact of climate change on our business - Queensland alumina refinery We are committed to the decarbonisation of our assets to reduce Scope 1 and 2 emissions by 50% by 2030 and to net zero emissions by 2050 relative to our 2018 equity baseline. We anticipate that further carbon action may be necessary to align with the goals of the Paris Agreement to limit temperature increases to 1.5 o C. To illustrate the sensitivity of the impairment outcome to the cost of carbon credits, we have modelled a 10% increase in carbon costs with no change to any other cash flows or assumptions. This sensitivity indicated that a full impairment of QAL would occur under this scenario. |

Aluminium - Tiwai Point, New Zealand
On 30 May 2024, we signed 20-year power arrangements with electricity generators Meridian Energy, Contact Energy and Mercury NZ to set
pricing for an aggregate of 572 MW of electricity to meet the smelter's electricity needs. These new arrangements were identified as an
impairment reversal trigger as they give us confidence that the smelter would continue operations competitively beyond the existing supply
arrangement, which ran to December 2024.
An impairment reversal is limited by the amount of depreciation that would have been charged had the previous impairments not occurred. In
this case, as the previous depreciation period was until December 2024, the impairment reversal was limited to US$41 million.
Aluminium - Porto Trombetas (MRN), Brazil
In preparing the local accounts for the year to 31 December 2023, after the publication of the Rio Tinto 2023 Annual Report, the directors of
Mineração Rio do Norte S.A. (MRN) recorded a local impairment charge triggered by cost increases, unfavourable exchange rates and declining
sales prices. The Rio Tinto share of that impairment is US$35 million pre-tax and US$23 million post-tax, and is included within the current
period share of profit after tax of equity accounted units.
Rio Tinto’s share of bauxite produced by MRN is vertically integrated into our Quebec Smelter CGU included in North America Aluminium
operations. We reviewed the carrying value of the investment in equity accounted unit as part of this CGU and did not identify indicators of
impairment.
Minerals - Diavik, Canada
During the year an impairment trigger was identified at the Diavik diamond mine due to lower than forecasted diamond prices and
short remaining life of mine. Using a value in use methodology and discounting real-terms post-tax cash flows at 6.6%, we recognised a
pre-tax impairment charge of US$118 million (post-tax US$86 million). This represents a full impairment of property, plant and equipment in
the CGU.
2023
Aluminium - Alumina refineries, Australia
In March 2023, the Australian Parliament legislated to introduce a requirement for large heavy industrial carbon emitters to purchase carbon
credits based on their Scope 1 emissions with a reducing baseline for these emissions. The challenging market conditions facing these assets,
together with our improved understanding of the capital requirements for decarbonisation and the legislated cost escalation for carbon
emissions, were identified as impairment triggers during the 6 months ended 30 June 2023.
Using a fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at 6.6%, we recognised a pre-tax
impairment charge of US$1,175 million (post-tax US$828 million). This represented a full impairment of the property, plant and equipment at the
Yarwun alumina refinery (US$948 million) and an impairment of US$227 million for the property, plant and equipment of QAL. These
impairments reflected market participant assumptions and the difficult trading conditions for these assets which were operating below our
planned output during the first half of 2023.

Annual Report on Form 20-F 2024 | 174 | riotinto.com

Financial statements | Notes to the consolidated financial statements
4 Impairment charges net of reversals continued
Other operations - Simandou, Guinea
The Simandou project in Guinea was fully impaired in 2015 as uncertainty over infrastructure ownership and funding had resulted in further
spend on exploration and evaluation being neither budgeted nor planned. In the second half of 2023, we concluded key agreements with the
Republic of Guinea and Winning Consortium Simandou (WCS) on the trans-Guinean infrastructure for the Simandou project and progressed
agreements with our joint venture partners that will enable the development of the Simandou iron ore mine. We therefore concluded that
although development agreements remain subject to regulatory approvals, the key uncertainties that gave rise to the 2015 impairment had
reversed and consequently an impairment reversal trigger was identified at 1 October 2023.
Revisions to the Investment Framework and changes to the proposed infrastructure arrangements since 2015 meant that historical costs
associated with these items were superseded and therefore the attributable asset cost and accumulated impairment associated with these items
was permanently derecognised. Previously capitalised exploration and evaluation costs associated with the mine and retained items of property,
plant and equipment that continue to be relevant to the Simandou project development were assessed for impairment reversal. The recoverable
amount of the CGU measured on a fair value less cost of disposal basis, was significantly greater than the historical cost of the remaining
impaired assets and therefore supported a full reversal of their previously recorded impairment charge. The pre-tax impairment reversal of
US$239 million was allocated as US$231 million to intangible assets (exploration and evaluation) and US$8 million to property, plant and
equipment. A deferred tax asset of US$152 million was recorded to account for the difference between the asset values included in the Group
accounts and the carrying value of in-country depreciable assets. Under our Aspirational Leadership pricing scenario, increases in carbon
pricing are expected to drive demand for the higher-grade iron ore at Simandou which would indicate a higher recoverable value. As the
previous impairment was fully reversed, this Paris-aligned sensitivity would not result in a different impairment reversal.
All spend on the Simandou project between the impairment in 2015 and 30 September 2023 was expensed as incurred. With effect from
1 October 2023, qualifying spend has been capitalised.
2022
Other operations - Roughrider, Canada
On 17 October 2022, we completed the sale of the Roughrider uranium undeveloped project located in the Athabasca Basin in Saskatchewan,
Canada for US$150 million (US$80 million in cash and US$70 million in shares of Uranium Energy Corp.). The project was fully impaired during
the year ended 31 December 2017 due to significant uncertainty over whether commercially viable quantities of Mineral Resources could be
identified at a future date. The sale therefore led to an impairment reversal during the year ended 31 December 2022. It also led to a loss on
disposal being recognised of US$105 million arising from the recycling of the currency translation reserve to the income statement.
A luminium - Pac ific Aluminium, Australia and New Zealand
The operating and economic performance of the Boyne Smelter in Queensland, Australia was below our expectations in 2022. The plant
operated with reduced capacity and the economic performance suffered due to the high cost of energy from the coal-fired Gladstone Power
Station. These conditions were identified as an impairment trigger. We calculated a recoverable amount for the CGU based on post-tax cash
flows, expressed in real terms and discounted using a post-tax rate of 6.6% over the period to 2029. This date was chosen as it coincided with
both the remaining term of the Boyne Smelter joint venture agreements and the Group’s Paris-aligned commitment to reduce carbon emissions
by 50% by 2030 relative to the 2018 baseline. Despite the implementation of temporary energy price caps by the Australian Government in
2022, this resulted in an impairment charge of US$202 million, representing a full impairment of the carrying value of the Boyne Smelter
investment in equity accounted unit.

Annual Report on Form 20-F 2024 | 175 | riotinto.com

Financial statements | Notes to the consolidated financial statements
5 Acquisitions and disposals
Acquisitions
Recognition and measurement
In determining whether a particular set of activities is a business, an
acquired arrangement has to have an input and substantive process,
which together significantly contribute to the ability to create outputs.
Where an acquisition does not meet the definition of a business as
defined by IFRS 3 “Business Combinations”, each asset is recognised
on the balance sheet at fair value. In the consolidated cash flow
statement we assess, based on the substance of the transaction,
whether to allocate the cash consideration for these transactions either
to “Purchases of property, plant and equipment, and intangible assets”
or to “Acquisitions of subsidiaries, joint ventures and associates”
depending on the type of assets purchased.
For undeveloped mining projects that have arisen through acquisition,
the allocation of the purchase price consideration may result in
undeveloped properties being recognised at an earlier stage of project
evaluation compared with projects arising from the Group’s exploration
and evaluation program. Subsequent expenditure on acquired
undeveloped projects is only capitalised if it meets the high degree of
confidence threshold discussed in note 12.
Where we increase our ownership interest in a subsidiary, the difference
between the purchase price and the carrying value of the share of net
assets acquired is recorded in equity. The cash cost of such purchases is
included within “financing activities” in the cash flow statement.
2024
Proposed acquisition of Arcadium Lithium
On 9 October 2024, Rio Tinto and Arcadium Lithium plc (Arcadium
Lithium) announced a definitive agreement under which Rio Tinto will
acquire Arcadium Lithium in an all-cash transaction for $5.85 per
share. The transaction has been unanimously approved by the Board
of Directors of both Rio Tinto and Arcadium Lithium. On 23 December
2024, Arcadium Lithium announced that it had obtained the requisite
approvals of their shareholders. The transaction is also subject to the
approval of the Royal Court of Jersey and receipt of customary
regulatory approvals and other closing conditions, which is expected
to close in March 2025.
On 22 January 2025, Rio Tinto committed to providing Arcadium
Lithium with a loan of US$200 million, which was fully drawn on
30 January 2025, and a further US$300 million loan facility to support
certain capital expenditures, subject to certain conditions precedent.
These loans are interest bearing and are due for repayment on 1
September 2027, though earlier settlement without penalty is
permitted.
Boyne Smelters Limited (BSL)
Following approval from Australia’s Foreign Investment Review Board
(FIRB), on 30 September 2024, we completed the acquisition of
Mitsubishi Corporation’s 11.65% interest in BSL, which owns and
operates the Boyne Island aluminium smelter in Gladstone Australia. On
1 November 2024, we also completed the acquisition of Sumitomo
Chemical Company Limited’s (SCC) 2.46% interest in BSL, increasing
our total interest in BSL to 73.5%. BSL remains accounted for as an
investment in associate under the equity method.
New Zealand Aluminium Smelters Limited (NZAS)
On 1 November 2024, we acquired SCC’s 20.64% interest in NZAS,
which owns and operates the Tiwai Point aluminium smelter in New
Zealand. This transaction has been accounted for as a business
combination achieved in stages, with our previous 79.36% interest in the
NZAS joint operation being remeasured to fair value and forming the
majority of the consideration for the acquisition of this subsidiary.
The fair value of 100% of NZAS has been calculated as US$386
million based on forecast post-tax cash flows consistent with the
methodology used for the impairment reversal. The extent of the
30 June 2024 impairment reversal was restricted to US$41 million, as
described in note 4. However, business combination accounting
requires us to take into account the full fair value measurement from
the revised business outlook incorporating the new 20-year power
arrangements.
A gain of US$638 million (post-tax US$467 million) has been
recorded within “Gains/(losses) on consolidation and disposal of
interests in businesses” in the consolidated income statement,
principally due to the net post-tax fair value of our share of the joint
operation of US$290 million, exceeding the carrying value of the
previously held interest of US$(78) million which includes the closure
provision. This resulted in an increase to the carrying value of
property, plant and equipment of US$650 million and deferred tax
liabilities of US$171 million. All other carrying value adjustments were
proportionate to our increase in equity ownership, and no goodwill
was recognised.
WCS Rail and Port entities
On 15 July 2024, our subsidiary SimFer Jersey Limited’s investment
in Winning Consortium Simandou (WCS) for co-development of the
rail and port infrastructure became unconditional.
On 17 July 2024, we acquired a 34% equity interest in Winning
Consortium Simandou Railway Pte. Ltd and Winning Consortium
Simandou Ports Pte. Ltd (together referred to as “WCS Rail and Port
entities”), through our partially owned subsidiary SimFer Jersey for
US$313 million. The Rio Tinto share of this consideration was
US$166 million and US$147 million was funded by Chalco Iron Ore
Holdings Ltd (CIOH). Further shareholder loan funding to the WCS Rail
and Port entities was made on the same day directly by Rio Tinto and
CIOH, in proportion to their respective 53% and 47% owners hip interest
of SimFer Jersey, to these equity accounted units.
2023
Nuevo Cobre
On 8 November 2023, we acquired Meridian Minera Limitada’s (MML)
57.74% share in Agua de la Falda (ADLF) for US$45 million.
Subsequently, we entered into an agreement with Corporación
Nacional del Cobre de Chile (Codelco), a state-owned enterprise, to
explore and potentially acquire assets in Chile’s prospective Atacama
region - the project is known as Nuevo Cobre.
The majority ownership of 57.74% equity confered voting rights that
allow Rio Tinto to control the relevant activities of Nuevo Cobre.
Therefore, we accounted for Nuevo Cobre as an investment in a
partially owned subsidiary. There was no goodwill recognised on
acquisition as the transaction was not accounted for as a business
combination. The difference between the net assets acquired and the
purchase consideration was recognised within Intangible assets as
Exploration and evaluation assets. The transaction gave rise to the
recognition of a non-controlling interest of US$33 million, representing
Codelco’s 42.26% equity stake in Nuevo Cobre.

Annual Report on Form 20-F 2024 | 176 | riotinto.com

Financial statements | Notes to the consolidated financial statements
5 Acquisitions and disposals continued
Acquisitions (continued)
Matalco
On 30 November 2023, Rio Tinto and Giampaolo Group completed a
transaction to form the Matalco joint venture. We acquired a 50%
equity interest in Matalco Canada Inc. which owns one Canadian
aluminium recycling facility and a 50% equity interest in Matalco USA
LLC which owns 6 aluminium recycling facilities in the US for
combined consideration of US$738 million, inclusive of accrued
transaction costs and working capital adjustments.
Rio Tinto has joint control over the Matalco businesses and therefore
our investment is accounted for under the equity method.
The fair value of the underlying identifiable assets acquired and liabilities
assumed had been provisionally determined at 31 December 2023.
During 2024, the acquisition accounting for Matalco, which was subject
to the finalisation of working capital adjustments, was completed and did
not result in any material adjustments.
2022
Rincon
Following approval from Australia’s Foreign Investment Review Board
(FIRB), on 29 March 2022 we completed the acquisition of Rincon
Mining Pty Limited (Rincon), the owner of a lithium project in
Argentina. Total cash consideration was US$825 million. In
determining whether Rincon’s set of activities is a business, we
assessed whether it had inputs and substantive processes which
together significantly contribute to the ability to create outputs. Based
on this assessment, we concluded that Rincon did not meet the
definition of a business as defined by IFRS 3 “Business
Combinations” and therefore no goodwill was recorded. The
transaction was therefore treated as an asset purchase with US$822
million of capitalised exploration and evaluation recorded for the
principal economic resource. The balance of total consideration was
allocated to property, plant and equipment and other assets/liabilities.
For the consolidated cash flow statement we determined that, since
Rincon constitutes a group of companies, it was appropriate to
present the cash outflow as “Acquisitions of subsidiaries, joint
ventures and associates” rather than as separate asset purchases
even though it did not meet the definition of a business combination.
Turquoise Hill Resources (TRQ)
On 16 December 2022 we acquired the remaining 49% share of
TRQ. The consideration paid amounted to US$2,961 million. The
transaction was not classified as a business combination as it related
to the purchase of non-controlling interests in a subsidiary. It was
recognised in the statement of changes in equity as an adjustment to
retained earnings.
Certain shareholders exercised their right to dissent to the
transaction. In accordance with the terms of the circular, the dissent
proceedings were concluded during 2024, and final consideration has
been paid to the dissenting shareholders.
Disposals
Recognition and measurement
If a group of assets and liabilities (disposal group) is sold, the carrying
value of the disposal group is de-recognised with the difference
between the carrying amount and the consideration received
recognised in the income statement. Certain amounts previously
recognised in other comprehensive income in respect of the entity
disposed of may be recycled to the income statement. The cash
proceeds of disposals are included within “Investing activities” in the
cash flow statement.
2024
Wyoming Uranium
On 5 December 2024, we completed our sale of the Sweetwater
uranium mill facility together with mining projects (collectively known as
“Wyoming Uranium”) to Uranium Energy Corp. (UEC) for cash
consideration of US$175 million.
Lake MacLeod
On 2 December 2024, we completed our sale of Dampier Salt
Limited’s Lake MacLeod salt and gypsum operation in Carnarvon to
Leichhardt Industrials Group (Leichhardt) for cash consideration of
US$247 million.
2023
La Granja
On 28 August 2023, we completed the sale of a 55% interest in the
undeveloped La Granja project in Peru for US$105 million to First
Quantum Minerals (FQM). The consideration received was recorded in
the cash flow statement for US$104 million (net of US$1 million of cash
balance), of which US$16 million relating to sale of land was included
within “net cash used in investing activities” and the remaining US$88
million was included within “net cash generated from operating
activities”. As a result of the sale, our retained interest in La Granja
represents a 45% owned associate (equity accounted) over which Rio
Tinto has significant influence during the evaluation phase.
On initial recognition, the gain on fair valuation of interest retained in
the project of US$85 million was recognised to the extent of
US$47 million (relating to the 55% interest sold) within “profit relating
to interests in undeveloped projects” and the remaining gain of
US$38 million was eliminated against the fair value of the EAU. In
total, we recognised a pre-tax gain of US$154 million in the income
statement, primarily representing the consideration transferred by
First Quantum, plus the fair value of the retained interest in the
project.
2022
Roughrider
As summarised in note 4, we sold our shareholding in the Roughrider
uranium undeveloped project on 17 October 2022 for consideration of
US$150 million (US$80 million in cash and US$70 million in shares of
UEC). This transaction was treated as a disposal of a subsidiary as the
carrying value was largely represented by assets recorded as a
purchase price allocation from the Hathor Exploration business
combination in 2012.

Annual Report on Form 20-F 2024 | 177 | riotinto.com

Financial statements | Notes to the consolidated financial statements
6 Revenue by destination and product
Recognition and measurement
We recognise sales revenue related to the transfer of promised goods
or services when control of the goods or services passes to the
customer. The amount of revenue recognised reflects the
consideration to which the Group is, or expects to be, entitled in
exchange for those goods or services.
Sales revenue is recognised on individual sales when control
transfers to the customer. In most instances, control passes and sales
revenue is recognised when the product is delivered to the vessel or
vehicle on which it will be transported once loaded, the destination
port or the customer’s premises. There may be circumstances when
judgement is required based on the 5 indicators of control below:
–The customer has the significant risks and rewards of ownership
and has the ability to direct the use of, and obtain substantially all
of the remaining benefits from, the good or service.
–The customer has a present obligation to pay in accordance with
the terms of the sales contract. For shipments under the Incoterms
cost, insurance and freight (CIF)/carriage paid to (CPT)/cost and
freight (CFR), this is generally when the ship is loaded, at which
time the obligation for payment is for both product and freight.
–The customer has accepted the asset. Sales revenue may be
subject to adjustment if the product specification does not conform
to the terms specified in the sales contract but this does not impact
the passing of control. Assay and specification adjustments have
historically been immaterial.
–The customer has legal title to the asset. The Group usually retains
legal title until payment is received for credit risk purposes only.
–The customer has physical possession of the asset. This indicator
may be less important as the customer may obtain control of an
asset prior to obtaining physical possession, which may be the
case for goods in transit.
Revenue is principally derived from sale of commodities. We sell the
majority of our products on CFR or CIF Incoterms. This means that the
Group is responsible (acts as principal) for providing shipping services
and, in some instances, insurance after the date at which control of
goods passes to the customer at the loading port. The Group, therefore,
has separate performance obligations for freight and insurance services
that are provided solely to facilitate the sale of the products it produces.
Other Incoterms commonly used by the Group are free on board (FOB),
where the Group has no responsibility for freight or insurance once
control of the goods has passed at the loading port, and delivered at
place (DAP), where control of the goods passes when the product is
delivered to the agreed destination. For these Incoterms, there is only
one performance obligation, being the provision of product at the point
where control passes.
Within each sales contract, each unit of product shipped is a separate
performance obligation. Revenue is generally recognised at the
contracted price as this reflects the standalone selling price. Sales
revenue excludes any applicable sales taxes. Sales of copper
concentrate are stated net of the treatment and refining charges,
which will be required to convert it to an end product.
The Group’s products are sold to customers under contracts that vary
in tenure and pricing mechanisms, including some volumes sold on
the spot market. Pricing for iron ore is on a range of terms, the
majority being either monthly or quarterly average pricing
mechanisms, with a smaller proportion of iron ore volumes being sold
on the spot market.
Certain of the Group’s products may be provisionally priced at the date
revenue is recognised and a provisional invoice issued; however,
substantially all iron ore and aluminium sales are reflected at final prices
in the results for the period. Provisionally priced receivables are
subsequently measured at fair value through the income statement
under IFRS 9 “Financial Instruments” as described in note 24. The final
selling price for all provisionally priced products is based on the price for
the quotational period stipulated in the contract. Final prices for copper
concentrate are normally determined between 30 and 120 days after
delivery to the customer. The change in value of the provisionally priced
receivable is based on relevant forward market prices and is included in
sales revenue. Refer to “Other revenue” within the sales by product
disclosure below.
Revenues from the sale of significant by-products, such as gold, are
included in sales revenue. Third-party commodity swap arrangements
principally for delivery and receipt of smelter-grade alumina are offset
within operating costs. The sale and purchase of third-party production
for own use or to mitigate shortfalls in our production are accounted for
on a gross basis with sales presented within revenue from contracts with
customers. Other operating income includes revenue incidental to the
main revenue-generating activities of the operations and is treated as a
credit to operating costs.
Typically, the Group has a right to payment before or at the point that
control of the goods passes, including a right, where applicable, to payment
for provisionally priced products and unperformed freight and insurance
services. Cash received before control passes is recognised as a contract
liability. The amount of consideration does not contain a significant
financing component as payment terms are less than one year. We have a
number of long-term contracts to supply products to customers in future
periods. Generally, revenue is recognised on an invoice basis, as each unit
sold is a separate performance obligation and therefore the right to
consideration from a customer corresponds directly with our performance
completed to date.
We do not disclose sales revenue from freight and insurance services
separately as we do not consider that this is necessary in order to
understand the impact of economic factors on the Group. Our Chief
Executive, the CODM as defined under IFRS 8 “Operating
Segments”, does not review information specifically relating to these
sources of revenue in order to evaluate the performance of business
segments and Group information on these sources of revenue is not
provided externally.

Annual Report on Form 20-F 2024 | 178 | riotinto.com

Financial statements | Notes to the consolidated financial statements
6 Revenue by destination and product continued
Consolidated sales revenue by destination(a)

| 2024 % | 2023 % | 2022 % | 2024 US$m | 2023 US$m | 2022 US$m
Greater China | 57.4 | 59.6 | 54.3 | 30,814 | 32,193 | 30,172
US | 16.8 | 13.9 | 15.9 | 9,007 | 7,516 | 8,823
Asia (excluding Greater China and Japan) | 6.9 | 7.2 | 7.1 | 3,718 | 3,881 | 3,937
Japan | 6.5 | 6.9 | 7.4 | 3,470 | 3,727 | 4,091
Europe (excluding UK) | 4.8 | 5.3 | 6.5 | 2,580 | 2,859 | 3,618
Canada | 2.9 | 2.9 | 3.1 | 1,562 | 1,588 | 1,743
Australia | 2.0 | 1.7 | 1.9 | 1,076 | 923 | 1,047
UK | 0.3 | 0.1 | 0.3 | 143 | 81 | 182
Other countries | 2.4 | 2.4 | 3.5 | 1,288 | 1,273 | 1,941
Consolidated sales revenue | 100 | 100 | 100 | 53,658 | 54,041 | 55,554

(a)Consolidated sales revenue by geographical destination is based on the ultimate country of the product's destination, if known. Where the ultimate destination is not known, we have
defaulted to the shipping address of the customer. Rio Tinto is domiciled in both the UK and Australia.
Consolidated sales revenue by product
We have sold the following products to external customers during the year:

| 2024 | 2023 | 2022
| Revenue from contracts with customers US$m | Other revenue(a) US$m | Consolidated sales revenue US$m | Revenue from contracts with customers US$m | Other revenue(a) US$m | Consolidated sales revenue US$m | Revenue from contracts with customers US$m | Other revenue(a) US$m | Consolidated sales revenue US$m
Iron ore | 31,334 | (530) | 30,804 | 33,383 | 389 | 33,772 | 33,068 | (267) | 32,801
Aluminium, alumina and bauxite | 12,947 | 48 | 12,995 | 12,039 | (63) | 11,976 | 13,955 | (165) | 13,790
Copper | 4,791 | (63) | 4,728 | 3,219 | (1) | 3,218 | 3,276 | (80) | 3,196
Industrial minerals (comprising titanium dioxide slag, borates and salt) | 2,678 | (3) | 2,675 | 2,806 | (8) | 2,798 | 2,685 | (16) | 2,669
Gold | 788 | 9 | 797 | 470 | 6 | 476 | 564 | 9 | 573
Diamonds | 279 | – | 279 | 444 | – | 444 | 816 | – | 816
Other products and freight services(b) | 1,385 | (5) | 1,380 | 1,360 | (3) | 1,357 | 1,710 | (1) | 1,709
Consolidated sales revenue | 54,202 | (544) | 53,658 | 53,721 | 320 | 54,041 | 56,074 | (520) | 55,554

(a)Consolidated sales revenue includes both revenue from contracts with customers, accounted for under IFRS 15 “Revenue from Contracts with Customers”, and subsequent movements in
provisionally priced receivables, accounted for under IFRS 9, and included in “Other revenue” above.
(b)“Other products and freight services” includes metallic co-products, molybdenum, silver and other commodities.
7 Net operating costs (excluding items disclosed separately)

| Note | 2024 US$m | 2023 US$m | 2022 US$m
Raw materials, consumables, repairs and maintenance |  | 12,115 | 12,019 | 12,477
Amortisation of intangible assets | 12 | 138 | 124 | 159
Depreciation of property, plant and equipment | 13 | 5,780 | 5,210 | 4,851
Employment costs | 26 | 7,055 | 6,636 | 6,002
Shipping and other freight costs |  | 2,942 | 2,781 | 3,146
Decrease in finished goods and work in progress(a) |  | 2,407 | 1,152 | 803
Royalties |  | 2,938 | 3,135 | 2,994
Amounts charged by equity accounted units(b) |  | 875 | 1,163 | 1,429
Net foreign exchange gains |  | (193) | (47) | (42)
Gain on sale of the Cortez royalty(c) |  | – | – | (432)
Gains recognised by Kitimat relating to LNG Canada’s project(d) |  | – | – | (116)
Provisions (including exchange differences on provisions) |  | 398 | 1,491 | 1,006
Research and development |  | 398 | 245 | 76
Other external costs(e) |  | 5,037 | 5,295 | 4,161
Costs included above capitalised or shown on a separate line item(f) |  | (1,203) | (1,331) | (722)
Other operating income(g) |  | (942) | (821) | (1,022)
Net operating costs (excluding items disclosed separately)(h) |  | 37,745 | 37,052 | 34,770

(a)Includes purchases of third-party material to satisfy sales contracts.
(b)Amounts charged by equity accounted units relate to toll processing fees and also include purchases from equity accounted units of bauxite, aluminium and copper concentrate which are
then processed by the product group or sold to third parties.
(c)On 2 August 2022, we completed the sale for US$525 million of a gold royalty which was retained following the disposal of the Cortez mine in 2008.
(d)During the first half of 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada.
(e)In 2024, other external costs include US$217 million (2023: US$269 million, 2022: US$465 million) of short-term lease costs and US$46 million (2023: US$40 million, 2022: US$50 million)
of variable lease costs recognised in the income statement in accordance with IFRS 16 “Leases”. Refer to note 21.
(f)In 2024, US$923 million (2023: US$1,007 million; 2022: US$485 million) of operating costs were capitalised, US$220 million (2023: US$247 million; 2022: US$190 million) of costs were
shown separately within “Exploration and evaluation costs” in the consolidated income statement, and US$60 million (2023: US$77 million; 2022: US$47 million) of costs were shown within
operating costs as “Research and development”.
(g)Other operating income includes sundry revenue incidental to the main revenue-generating activities of the operations.
(h)Operating decarbonisation spend of US$306 million (2023: US$234 million; 2022: US$138 million) is allocated as US$253 million (2023: US$182 million; 2022: US$88 million) within ”Net
operating costs (excluding items disclosed separately)”, with the remainder included in our share of profit or loss of equity accounted units.

Annual Report on Form 20-F 2024 | 179 | riotinto.com

Financial statements | Notes to the consolidated financial statements
8 Exploration and evaluation expenditure
Exploration and evaluation expenditure includes costs that are directly attributable to:
–researching and analysing existing exploration data
–conducting geological studies, exploratory drilling and sampling
–examining and testing extraction and treatment methods
–compiling various studies (order of magnitude, pre-feasibility and feasibility) and/or
–early works at mine sites prior to full notice to proceed.
Exploration expenditure relates to the initial search for deposits with economic potential. Expenditure on exploration activity undertaken by the
Group is not capitalised.
Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been
identified as having economic potential. These costs are also expensed until the business case for the project is sufficiently advanced. For
greenfield projects, expensing typically continues to a later phase of study compared with brownfield expansions.
The charge for the year and the net amount of intangible assets capitalised during the year are as follows.

| 2024 US$m | 2023 US$m | 2022 US$m
Expenditure in the year (inclusive of net cash proceeds of nil (2023: US$88 million; 2022: US$1 million) on disposal of undeveloped projects)(a) | (1,337) | (1,684) | (1,097)
Non-cash movements and non-cash proceeds on disposal of undeveloped projects | (15) | (17) | (6)
Amount capitalised during the year | 416 | 471 | 207
Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped projects) per income statement | (936) | (1,230) | (896)
Comprising: |  |  |
–Exploration and evaluation expenditures | (935) | (1,384) | (897)
–(Loss)/profit from disposal of interests in undeveloped projects(a) | (1) | 154 | 1

(a)In 2023, net cash proceeds of US$88 million were received in relation to the sale of a 55% interest in the undeveloped La Granja project in Peru, for which we recognised a gain on disposal
of US$154 million. This profit is recorded within underlying EBITDA as it represents recovery of past exploration and evaluation expenditures that were also included within underlying
EBITDA. Refer to note 5 for details of the transaction.
9 Finance income and finance costs

| Note | 2024 US$m | 2023 US$m | 2022 US$m
Finance income from loans to equity accounted units |  | 24 | 4 | 3
Other finance income (including bank deposits, net investment in leases, and other financial assets) |  | 490 | 532 | 176
Total finance income |  | 514 | 536 | 179
Interest on: |  |  |  |
–Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives |  | (1,126) | (1,209) | (713)
–Lease liabilities |  | (70) | (50) | (49)
Fair value movements: |  |  |  |
–Bonds designated as hedged items in fair value hedges(a) |  | (9) | (190) | 526
–Derivatives designated as hedging instruments in fair value hedges(a) |  | 18 | 203 | (515)
Amounts capitalised(b) | 13 | 424 | 279 | 416
Total finance costs |  | (763) | (967) | (335)

(a)The main sources of ineffectiveness of the fair value hedges include changes in the timing of the cash flows of the hedging instrument compared to the underlying hedged item, and changes
in the credit risk of parties to the hedging relationships.
(b)We capitalise interest based on the Group or relevant subsidiary’s cost of borrowing (refer to note 13) or at the rate of project-specific debt (where applicable).

Annual Report on Form 20-F 2024 | 180 | riotinto.com

Financial statements | Notes to the consolidated financial statements
10 Taxation
Recognition and measurement
The taxation charge contains both current and deferred tax.
Current tax is the tax expected to be payable on the taxable income for the year calculated using rates applicable during the year. It includes
adjustments for tax expected to be payable or recoverable in respect of previous periods. Where the amount of tax payable or recoverable is
uncertain, we establish provisions based on either: the Group’s judgement of the most likely amount of the liability or recovery; or, when there is
a wide range of possible outcomes, a probability weighted average approach.
Deferred tax is calculated in accordance with IAS 12, at the rate expected to apply when the asset is realised or liability settled, according to
rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is generally recognised in respect of differences
between the carrying values of assets and liabilities in the financial statements and their tax bases. Deferred tax assets are recognised to the
extent it is probable that taxable profit will be available against which the deductible temporary difference can be utilised.
Deferred tax is not recognised on the initial recognition of goodwill or of assets and liabilities, other than in a business combination, that at the
time of the transaction impact neither accounting nor taxable profit, except where the transaction gives rise to equal and offsetting taxable and
deductible temporary differences. Deferred tax is not recognised in respect of investments in subsidiaries and associates and jointly controlled
entities where the Group is able to control the timing of the reversal of the temporary difference and it is probable they will not reverse in the
foreseeable future.
The mandatory exception to recognising and disclosing information related to deferred tax assets and liabilities related to Pillar Two income
taxes has been applied as required by IAS 12. The Pillar Two global minimum tax of 15% formulated by the Organisation for Economic Co-
operation and Development (OECD) was substantively enacted by the United Kingdom on 20 June 2023, with application from 1 January 2024.
Exposure to additional taxation under Pillar Two is immaterial to the Group.
Current and deferred tax assets and liabilities are offset when the balances are related to taxes levied by the same taxing authority, there is a
legally enforceable right to offset, and it is intended that they be settled on a net basis or realised simultaneously.

| Other relevant judgements - uncertain tax positions The Group operates across a large number of jurisdictions and is subject to review and challenge by local tax authorities on a range of tax matters. Where the amount of tax payable or recoverable is uncertain, whether due to local tax authority challenge or due to uncertainty regarding the appropriate treatment, judgement is required to assess the probability that the adopted treatment will be accepted. In accordance with IFRIC 23 “Uncertainty over Income Tax Treatments”, if it is not probable that the treatment will be accepted, the Group accounts for uncertain tax provisions for all matters worldwide based on the Group’s judgement of the most likely amount of the liability or recovery, or, where there is a wide range of possible outcomes, using a probability weighted average approach. Uncertain tax provisions include any related interest and penalties. The Mongolian Tax Authority has issued a number of tax assessments covering the fiscal years 2013 to 2020, the most recent of which was received in December 2023, which are inconsistent with the Oyu Tolgoi Investment Agreement and Mongolian legislation. The matters under dispute have been referred to international arbitration. As required by Mongolian law, we have paid US$438 million (US dollar equivalent at the time of payment) in respect of the assessments, including US$82 million paid in the current year, pending resolution of the disputes through the arbitration. T he assessments also seek to disallow tax deductions, including future tax deductions, in respect of amounts accrued and payable in the future. Management regularly re-evaluates the likely outcomes from the dispute based on the progress of the arbitration proceedings, legal advice, and discussions with the Government of Mongolia. In 2024, we have recorded a provision of US$295 million for uncertain tax positions reflecting our best estimate of the likely outcome from the dispute. It is possible that the outcome of these proceedings could result in a change in our estimated exposure in respect of the matters under dispute and therefore a material revision to this provision in future periods. Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the recovery of certain deferred tax assets, further details of which are provided in note 15. |

Annual Report on Form 20-F 2024 | 181 | riotinto.com

Financial statements | Notes to the consolidated financial statements
10 Taxation continued
Taxation charge

| Note | 2024 US$m | 2023 US$m | 2022 US$m
–Current |  | 4,434 | 5,092 | 4,851
–Deferred | 15 | (393) | (1,260) | 763
Total taxation charge |  | 4,041 | 3,832 | 5,614

Prima facie tax reconciliation

| 2024 US$m | 2023 US$m | 2022 US$m
Profit before taxation(a) | 15,615 | 13,785 | 18,662
Prima facie tax payable at UK rate of 25.0% (2023: 23.5%; 2022: 19%)(b) | 3,904 | 3,239 | 3,546
Higher rate of taxation of 30% on Australian earnings (2023: 30%; 2022: 30%) | 613 | 835 | 1,550
Other tax rates applicable outside the UK and Australia | (303) | (2) | (17)
Tax effect of profit from equity accounted units, related impairments and expenses(a) | (210) | (159) | (109)
Impact of changes in tax rates | (15) | (173) | (11)
Resource depletion allowances | (10) | (11) | (40)
Recognition of previously unrecognised deferred tax assets(c) | (640) | (157) | (261)
Write-down of previously recognised deferred tax assets(d) | 203 | – | 932
Utilisation of previously unrecognised deferred tax assets | (42) | (10) | (37)
Unrecognised current year operating losses(e) | 185 | 567 | 212
Uncertain tax provision(f) | 295 | – | –
Deferred tax arising on internal sale of assets in Canadian operations(g) | – | (364) | –
Adjustments in respect of prior periods(h) | (13) | 31 | (222)
Other items(i) | 74 | 36 | 71
Total taxation charge | 4,041 | 3,832 | 5,614

(a)The Group profit before tax includes profit after tax of equity accounted units. Consequently, the tax effect on the profit from equity accounted units is included as a separate reconciling item
in this prima facie tax reconciliation.
(b)As a UK headquartered and listed Group, the reconciliation of expected tax on accounting profit to tax charge uses the UK corporate tax rate to calculate the prima facie tax payable. Rio
Tinto is also listed in Australia, and the reconciliation includes the impact of the higher tax rate in Australia where a significant proportion of the Group's profits are currently earned. The
impact of other tax rates applicable outside the UK and Australia is also included. The weighted average statutory corporate tax rate on profit before tax is approximately 29% (2023: 31%;
2022: 29%).
(c)The recognition of previously unrecognised deferred tax assets in 2024 includes US$443 million in respect of Energy Resources of Australia (ERA) and relates to rehabilitation provisions
which are tax deductible when paid in the future. In November 2024, our interest in ERA increased from 86.3% to 98.43% and Rio Tinto stated its intention to proceed with compulsory
acquisition of the remaining shares during 2025. Tax deductions for rehabilitation payments made after completion of the compulsory acquisition process will be applied against taxable
profits from other Australian operations, including our iron ore business. In 2023 and 2022, recognition of previously unrecognised deferred tax assets relates primarily to Oyu Tolgoi where
reaching sustainable underground production has reduced the risk of tax losses expiring if not recovered against taxable profits within 8 years.
(d)In 2024, the write-down of previously recognised deferred tax assets primarily relates to our Australian aluminium business. In 2022, the write-down of previously recognised deferred tax
assets relates to deferred tax assets of our US businesses following the introduction of a Corporate Alternative Minimum Tax (CAMT) regime.
(e)Unrecognised current year operating losses include tax losses around the Group, including increases in closure estimates in 2024 and 2023, for which no tax benefit is currently recognised
due to uncertainty regarding whether suitable taxable profits will be earned in future to obtain value for the tax losses.
(f)The uncertain tax provision of US$295 million in 2024 represents amounts provided in relation to disputes with the Mongolian Tax Authority for which the timing of resolution and potential
economic outflow are uncertain. Further information is included in the ‘Other relevant judgements - uncertain tax positions’ section of this note above.
(g)In 2023, the Canadian aluminium business completed an internal sale of assets which resulted in the utilisation of previously unrecognised capital losses and an uplift in the tax depreciable
value of assets on which a deferred tax asset of US$364 million was recognised.
(h)In 2022, adjustments in respect of prior periods includes amounts related to the settlement of all tax disputes with the Australian Tax Office for the years 2010 to 2021.
(i)In 2024, “Other items” includes US$1 million current tax expense related to Pillar Two measures.
Tax related to components of other comprehensive income

| 2024 US$m | 2023 US$m | 2022 US$m
Tax (charge)/credit on fair value movements | (10) | 1 | 21
Tax (charge)/credit on remeasurement gains/(losses) on pension and post-retirement healthcare plans | (22) | 152 | (123)
Deferred tax relating to components of other comprehensive income for the year (note 15) | (32) | 153 | (102)

Annual Report on Form 20-F 2024 | 182 | riotinto.com

Financial statements | Notes to the consolidated financial statements
Our operating assets
We are a diversified mining operation with the majority of our assets being located in OECD countries.
Non-current assets other than excluded items
The total of non-current assets other than excluded items is shown by location below(a).

| 2024 US$m | 2023 US$m
Australia | 29,177 | 31,419
Canada | 14,444 | 15,362
Mongolia | 15,244 | 14,172
US | 7,111 | 7,171
Africa | 5,597 | 3,412
South America | 3,704 | 3,624
Europe (excluding UK) | 216 | 165
UK | 109 | 132
Other countries | 1,739 | 1,254
Total non-current assets other than excluded items | 77,341 | 76,711
Non-current assets excluded from analysis above: |  |
Deferred tax assets | 4,016 | 3,624
Other financial assets | 1,090 | 481
Quasi-equity loans to equity accounted units(a) | 5 | 14
Receivables and other assets | 1,214 | 1,209
Total non-current assets per balance sheet | 83,666 | 82,039

(a)Allocation of non-current assets by country is based on the location of the business units holding the assets. It includes invest ments in equity accounted units totalling US$4,832 million
(2023: US$4,393 million) which represents the Group’s share of net assets excluding quasi-equity loans shown separately above.
11 Goodwill
Recognition and measurement
Goodwill is not amortised; it is tested annually at 30 September for impairment, or more frequently if events or changes in circumstances
indicate a potential impairment. Refer to note 4 for further information.

| 2024 US$m | 2023 US$m
Net book value |  |
At 1 January | 797 | 826
Adjustment on currency translation | (45) | (29)
Company no longer consolidated | (25) | –
At 31 December | 727 | 797
–cost | 14,959 | 16,237
–accumulated impairment | (14,232) | (15,440)
At 1 January |  |
–cost | 16,237 | 15,974
–accumulated impairment | (15,440) | (15,148)

At 31 December, goodwill has been allocated as follows.

| 2024 US$m | 2023 US$m
Net book value |  |
Richards Bay Minerals | 364 | 370
Pilbara | 310 | 342
Dampier Salt | 53 | 85
Total | 727 | 797

Annual Report on Form 20-F 2024 | 183 | riotinto.com

Financial statements | Notes to the consolidated financial statements
11 Goodwill continued
Impairment tests for goodwill
Richards Bay Minerals
Richards Bay Minerals’ annual impairment review resulted in no impairment charge for 2024 (2023: no impairment charge). The recoverable
amount has been assessed by reference to the CGU’s FVLCD, in line with the policy set out in note 4 and classified as level 3 under the fair
value hierarchy. FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In
arriving at FVLCD, a post-tax discount rate of 8.6% (2023: 8.6%) has been applied to the post-tax cash flows expressed in real terms.
The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding change in FVLCD
are set out below:

| 2024 US$m | 2023 US$m
5% increase in the titanium slag price | 144 | 217
1% increase in the discount rate applied to post-tax cash flows | (135) | (175)
10% strengthening of the South African rand | 232 | 272

Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the CGU
exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant.
12 Intangible assets
Recognition and measurement
Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a straight
line or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that are not yet
ready for use are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a
potential impairment.
The majority of our intangible assets relate to capitalised exploration and evaluation spend on undeveloped properties and contract-based water
rights. The water rights were acquired with Alcan in Canada.
The carrying values for undeveloped properties are reviewed at each reporting date in accordance with IFRS 6 “Exploration for and Evaluation
of Mineral Resources”. The indicators of impairment differ from the tests in accordance with IAS 36 in recognition of the subjectivity of estimating
future cash flows for mineral interests under evaluation. Potential indicators of impairment include: expiry of the right to explore, substantive
expenditure is no longer planned, commercially viable quantities of Mineral Resources have not been discovered and exploration activities will
be discontinued, or sufficient data exists to indicate a future development would be unlikely to recover the carrying amount in full. When such
impairment indicators have been identified, the recoverable amount and impairment charge are measured under IAS 36. Impairment reversals
for undeveloped properties are not subject to special conditions within IFRS 6 and are therefore subject to the same monitoring for indicators of
impairment reversal as other CGUs.
Exploration and evaluation
Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been
identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that the
Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived risks and,
therefore, it is considered probable that future economic benefits will flow to the Group. The Group’s view is that a high degree of confidence is
greater than “more likely than not” (that is, greater than 50% certainty) and less than “virtually certain” (that is, less than 90% certainty).
Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially viable
requires judgement and consideration of all relevant factors such as: the nature and objective of the project, the project’s current stage, project
timeline, current estimates of the project’s net present value (including sensitivity analyses for the key assumptions), and the main risks of the
project. Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation, being a high degree
of confidence that the Group will ultimately determine that a project is commercially viable.
In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is the
case, it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing smelters or
refineries are closed. Ore Reserves may be declared for an undeveloped mining project before its commercial viability has been fully
determined. Evaluation costs may continue to be capitalised in between declaration of Ore Reserves and approval to mine as further work is
undertaken in order to refine the development case to maximise the project’s returns.
Carbon credits and Renewable Energy Certificates
Carbon credits and Renewable Energy Certificates (RECs) acquired for our own use are accounted for as intangible assets, initially recorded at
cost. They are amortised through the income statement when surrendered.
Contract-based intangible assets
The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the
efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations.

Annual Report on Form 20-F 2024 | 184 | riotinto.com

Financial statements | Notes to the consolidated financial statements
12 Intangible assets continued

| Other relevant judgements - assessment of indefinite-lived water rights in Quebec, Canada We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are tested annually for impairment. We have no other indefinite-lived assets. As at 31 December 2024, the remaining carrying value of the water rights (included in contract-based assets) of US$1,631 million (2023: US$1,776 million) relates wholly to the Quebec smelters CGU. The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at its FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2023: 6.6%). The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. |

| Impact of climate change on our business - water rights To manage the uncertainties of climate change and our impact on the area, our team of hydrologists in Quebec analyse different weather scenarios on a daily basis. We monitor the water resource available to us along with the impact that our operation is having on the water quality and quantity, and on the environment when we return the water following use. Based on our analysis to date, we do not consider the renewal of our contractual water rights to be at risk from climate change for the foreseeable future. |

| 2024
| Exploration and evaluation US$m | Trademarks, patented and non-patented technology US$m | Contract-based intangible assets US$m | Other intangible assets(a) US$m | Total US$m
Net book value |  |  |  |  |
At 1 January 2024 | 1,979 | 9 | 1,953 | 448 | 4,389
Adjustment on currency translation | (44) | (1) | (159) | (39) | (243)
Additions(b) | 416 | – | – | 116 | 532
Amortisation for the year | – | (4) | (7) | (127) | (138)
Disposals, transfers and other movements(c) | (1,789) | – | – | 53 | (1,736)
At 31 December 2024 | 562 | 4 | 1,787 | 451 | 2,804
–cost | 564 | 207 | 2,758 | 1,922 | 5,451
–accumulated amortisation and impairment | (2) | (203) | (971) | (1,471) | (2,647)
Total | 562 | 4 | 1,787 | 451 | 2,804

| 2023
| Exploration and evaluation US$m | Trademarks, patented and non-patented technology US$m | Contract-based intangible assets US$m | Other intangible assets (a) US$m | Total US$m
Net book value |  |  |  |  |
At 1 January 2023 | 1,368 | 12 | 1,875 | 390 | 3,645
Adjustment on currency translation | – | 1 | 52 | 8 | 61
Additions(d) | 471 | – | – | 121 | 592
Amortisation for the year | – | (4) | (7) | (113) | (124)
Impairment reversal(d) | 231 | – | – | – | 231
Newly consolidated operations(e) | 85 | – | – | – | 85
Disposals, transfers and other movements | (176) | – | 33 | 42 | (101)
At 31 December 2023 | 1,979 | 9 | 1,953 | 448 | 4,389
–cost | 1,989 | 222 | 2,996 | 1,926 | 7,133
–accumulated amortisation and impairment(d) | (10) | (213) | (1,043) | (1,478) | (2,744)
Total | 1,979 | 9 | 1,953 | 448 | 4,389

(a)Other intangible assets include US$50 million (2023: US$61 million) of carbon abatement spend. This relates to procurement of carbon units and RECs, from which we will get future
economic benefit.
(b)In 2024, additions primarily relate to project costs incurred at Simandou prior to Board approval of “notice to proceed” in February 2024 and at Rincon from July 2024 following approval by
the Argentine Congress of the new “RIGI” legislation, which underpinned the economic business case, until Board notice to proceed in December 2024.
(c)“Transfers and other movements” includes reclassification between categories. In 2024, following approvals by the Board of notice to proceed, exploration and evaluation assets relating to
Simandou (US$732 million) and Rincon (US$1,013 million), were transferred in full to Property, plant and equipment after being assessed for indicators of impairment.
(d)In 2023, we commenced capitalisation of exploration and evaluation costs at the Simandou project based on our confidence in the project progressing, this also resulted in an impairment
reversal, refer to note 4 for details.
(e)In 2023, newly consolidated operations relate to our purchase of Meridian Minera Limitada’s 57.74% share in Agua de la Falda. Refer to note 5 for details.

Annual Report on Form 20-F 2024 | 185 | riotinto.com

Financial statements | Notes to the consolidated financial statements
12 Intangible assets continued
Where amortisation is calculated on a straight line basis, the following useful lives have been determined:

| Trademarks, patented and non-patented technology | Contract-based intangible assets | Other intangible assets
Type of intangible | Trademarks | Patented and non-patented technology | Power contracts/ water rights | Other purchase and customer contracts | Internally generated intangible assets and computer software | Other intangible assets
Amortisation profile | 14 to 20 years | 10 to 20 years | 2 to 45 years | 5 to 15 years | 2 to 5 years | 2 to 20 years

13 Property, plant and equipment
Recognition and measurement
Property, plant and equipment is stated at cost, as defined in IAS 16 “Property, Plant and Equipment”, less accumulated depreciation and
accumulated impairment losses. The cost of property, plant and equipment includes, where applicable, the estimated close-down and
restoration costs associated with the asset.
Property, plant and equipment includes right-of-use assets arising from leasing arrangements, shown separately from owned and leasehold
assets.
Once an undeveloped mining project has been determined as commercially viable and approval to mine has been given, further expenditure is
capitalised under “capital works in progress” together with any amount transferred from “Exploration and evaluation”. Once the project enters
into an operation phase, the amounts capitalised in capital work in progress are reclassified to their respective asset categories.
Costs incurred while commissioning new assets, in the period before they are capable of operating in the manner intended by management, are
capitalised unless associated with pre-production revenue. Development costs incurred after the commencement of production are capitalised to the
extent they are expected to give rise to a future economic benefit. Interest on borrowings related to construction or development projects is
capitalised, at the rate payable on project-specific debt if applicable or at the Group or subsidiary’s cost of borrowing if not. This is performed until the
point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. It may be appropriate to use a
subsidiary’s cost of borrowing when the debt was negotiated based on the financing requirements of that subsidiary.
Depreciation of non-current assets
Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine, smelter or refinery if that is shorter and
there is no reasonable alternative use for the asset by the Group. Depreciation commences when an asset is available for use and therefore
there is no depreciation for capital work in progress.
Straight line basis
Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life
shorter than the related mine are depreciated on a straight line basis as follows.

Type of Property, plant and equipment | Land and buildings | Plant and equipment
Land | Buildings | Power-generating assets | Other plant and equipment
Depreciation profile | Not depreciated | 5 to 50 years | See Power note below on page 189 | 3 to 50 years

The useful lives and residual values for material assets and categories of assets are reviewed annually and changes are reflected prospectively.
Units of production basis
For mining properties and leases and certain mining equipment, consumption of the economic benefits of the asset is linked to production.
Except as noted below, these assets are depreciated on the units of production basis.
In applying the units of production method, depreciation is normally calculated based on production in the period as a percentage of total expected
production in current and future periods based on Ore Reserves and, for some mines, other Mineral Resources. Other Mineral Resources may be
included in the calculations of total expected production in limited circumstances where there are very large areas of contiguous mineralisation, for
which the economic viability is not sensitive to likely variations in grade, as may be the case for certain iron ore, bauxite and industrial mineral
deposits, and where there is a high degree of confidence that the other Mineral Resources can be extracted economically. This would be the case
when the other Mineral Resources do not yet have the status of Ore Reserves merely because the necessary detailed evaluation work has not yet
been performed and the responsible technical personnel agree that inclusion of a proportion of Measured and Indicated Resources in the calculation
of total expected production is appropriate based on historical reserve conversion rates.
The required level of confidence is unlikely to exist for minerals that are typically found in low-grade ore (as compared with the above), such as
copper or gold. In these cases, specific areas of mineralisation have to be evaluated in detail before their economic status can be predicted with
confidence.
Sometimes the calculation of depreciation for infrastructure assets, primarily rail and port, considers Measured and Indicated Resources. This is
because the asset can benefit current and future mines. The measured and indicated resource may relate to mines which are currently in production
or to mines where there is a high degree of confidence that they will be brought into production in the future. The quantum of Mineral Resources is
determined taking into account future capital costs as required by the JORC Code. The depreciation calculation, however, applies to current mines
only and does not take into account future development costs for mines which are not yet in production. Measured and Indicated Resources are
currently incorporated into depreciation calculations in the Group’s Australian iron ore business.

Annual Report on Form 20-F 2024 | 186 | riotinto.com

Financial statements | Notes to the consolidated financial statements
13 Property, plant and equipment continued

| Key judgement - estimation of asset lives The useful lives of the major assets of a CGU are often dependent on the life of the orebody to which they relate. Where this is the case, the lives of mining properties, and their associated refineries, concentrators and other long-lived processing equipment are generally limited to the expected life of the orebody. The life of the orebody, in turn, is estimated on the basis of the life-of-mine plan. Where the major assets of a CGU are not dependent on the life of a related orebody, management applies judgement in estimating the remaining service potential of long-lived assets. Factors affecting the remaining service potential of smelters include, for example, smelter technology and electricity purchase contracts when power is not sourced from the Group, or in some cases from local governments permitting electricity generation from hydropower stations. |

| Impact of climate change on our business - estimation of asset lives We expect there to be a higher demand for copper, aluminium, lithium and high-grade iron ore in order to meet demand for the minerals required to transition to a low-carbon economic environment, consistent with the climate change commitments of the Paris Agreement. We expect this to exceed new supply to the market and therefore increase prices. Under the Aspirational Leadership scenario, the economic cut- off grade for our Ore Reserves is expected to be lower; in effect we would mine a greater volume of material before the mines are depleted. We cannot quantify the difference this would make without undue cost as it would require revised mine plans, but for property, plant and equipment this increased volume of material would reduce the depreciation charge during any given period for assets that use the “Units of production” depreciation basis. |

Deferred stripping
In open pit mining operations, overburden and other waste materials must be removed to access ore from which minerals can be extracted
economically. The process of removing overburden and other waste materials is referred to as stripping. During the development of a mine (or,
in some instances, pit; see below), before production commences, stripping costs related to a component of an orebody are capitalised as part
of the cost of construction of the mine (or pit). These are then amortised over the life of the mine (or pit) on a units of production basis.
Where a mine operates several open pits that are regarded as separate operations for the purpose of mine planning, initial stripping costs are
accounted for separately by reference to the ore from each separate pit. If, however, the pits are highly integrated for the purpose of mine
planning, the second and subsequent pits are regarded as extensions of the first pit in accounting for stripping costs. In such cases, the initial
stripping of the second and subsequent pits is considered to be production phase stripping (see below).

| Key judgement - deferral of stripping costs We apply judgement as to whether multiple pits at a mine are considered separate or integrated operations. This determines whether the stripping activities of a pit are classified as pre-production or production phase stripping and, therefore, the amortisation base for those costs. The analysis depends on each mine’s specific circumstances and requires judgement: another mining company could make a different judgement even when the fact pattern appears to be similar. The following factors would point towards the initial stripping costs for the individual pits being accounted for separately: –if mining of the second and subsequent pits is conducted consecutively following that of the first pit, rather than concurrently –if separate investment decisions are made to develop each pit, rather than a single investment decision being made at the outset –if the pits are operated as separate units in terms of mine planning and the sequencing of overburden removal and ore mining, rather than as an integrated unit –if expenditures for additional infrastructure to support the second and subsequent pits are relatively large –if the pits extract ore from separate and distinct orebodies, rather than from a single orebody. If the designs of the second and subsequent pits are significantly influenced by opportunities to optimise output from several pits combined, including the co-treatment or blending of the output from the pits, then this would point to treatment as an integrated operation for the purposes of accounting for initial stripping costs. The relative importance of each of the above factors is considered in each case. In order for production phase stripping costs to qualify for capitalisation as a stripping activity asset, 3 criteria must be met: –it must be probable that there will be an economic benefit in a future accounting period because the stripping activity has improved access to the orebody –it must be possible to identify the “component” of the orebody for which access has been improved –it must be possible to reliably measure the costs that relate to the stripping activity. A “component” is a specific section of the orebody that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback). |

Annual Report on Form 20-F 2024 | 187 | riotinto.com

Financial statements | Notes to the consolidated financial statements
13 Property, plant and equipment continued
Recognition and measurement of deferred stripping

Phase | Development Phase | Production Phase
Stripping activity | Overburden and other waste removal during the development of a mine before production commences. | Production phase stripping can give access to 2 benefits: the extraction of ore in the current period and improved access to ore which will be extracted in future periods.
Period of benefit | After commissioning of the mine. | Future periods after first phase is complete. | Current and future benefit are indistinguishable.
Capitalised to mining properties and leases in property, plant and equipment | During the development of a mine, stripping costs relating to a component of an orebody are capitalised as part of the cost of construction of the mine. | It may be the case that subsequent phases of stripping will access additional ore and that these subsequent phases are only possible after the first phase has taken place. Where applicable, the Group considers this on a mine- by-mine basis. Generally, the only ore attributed to the stripping activity asset for the purposes of calculating the life-of-component ratio is the ore to be extracted from the originally identified component. | Stripping costs for the component are deferred to the extent that the current period ratio exceeds the life-of-component ratio.
Allocation to inventory | Not applicable | Not applicable | The stripping cost is allocated to inventory based on a relevant production measure using a life-of- component strip ratio. The ratio divides the tonnage of waste mined for the component for the period either by the quantity of ore mined for the component or by the quantity of minerals contained in the ore mined for the component. In some operations, the quantity of ore is a more appropriate basis for allocating costs, particularly when there are significant by-products.
Component | A “component” is a specific section of the orebody that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback).
Life-of-component ratio | The life-of-component ratios are based on the Ore Reserves of the mine (and for some mines, other Mineral Resources) and the annual mine plan; they are a function of the mine design and, therefore, changes to that design will generally result in changes to the ratios. Changes in other technical or economic parameters that impact the Ore Reserves (and for some mines, other mineral resources) may also have an impact on the life-of-component ratios even if they do not affect the mine design. Changes to the ratios are accounted for prospectively.
Depreciation basis | Depreciated on a “units of production” basis based on expected production of either ore or minerals contained in the ore over the life of the component unless another method is more appropriate.

Property, plant and equipment - owned and leased assets

| 2024 US$m | 2023 US$m
Property, plant and equipment – owned | 67,345 | 65,290
Right-of-use assets – leased | 1,228 | 1,178
Net book value | 68,573 | 66,468

Annual Report on Form 20-F 2024 | 188 | riotinto.com

Financial statements | Notes to the consolidated financial statements
13 Property, plant and equipment continued
Property, plant and equipment – owned

|  | 2024
| Note | Mining properties and leases(a) US$m | Land and buildings US$m | Plant and equipment US$m | Capital works in progress US$m | Total US$m
Net book value |  |  |  |  |  |
At 1 January 2024 |  | 13,555 | 8,022 | 36,345 | 7,368 | 65,290
Adjustment on currency translation(b) |  | (500) | (548) | (2,634) | (396) | (4,078)
Adjustments to capitalised closure costs | 14 | 64 | – | – | – | 64
Interest capitalised(c) | 9 | – | – | – | 424 | 424
Additions(d) |  | 350 | 246 | 1,226 | 7,551 | 9,373
Depreciation for the year(a) |  | (1,217) | (531) | (3,554) | – | (5,302)
Impairment charges net of reversals(e) |  | (38) | (39) | (457) | (9) | (543)
Disposals |  | (1) | (5) | (75) | (17) | (98)
Acquisitions, including fair value adjustment for contributed assets(f) |  | 150 | 64 | 429 | 7 | 650
Operations divested(g) |  | – | (2) | (34) | – | (36)
Transfers and other movements(h) |  | 1,833 | 1,013 | 3,127 | (4,372) | 1,601
At 31 December 2024 |  | 14,196 | 8,220 | 34,373 | 10,556 | 67,345
Comprising: |  |  |  |  |  |
– cost |  | 30,762 | 14,822 | 78,295 | 10,925 | 134,804
– accumulated depreciation and impairment |  | (16,566) | (6,602) | (43,922) | (369) | (67,459)
Total |  | 14,196 | 8,220 | 34,373 | 10,556 | 67,345
Non-current assets pledged as security(i) |  | 5,676 | 2,257 | 7,058 | 3,397 | 18,388

|  | 2023
| Note | Mining properties and leases(a) US$m | Land and buildings US$m | Plant and equipment US$m | Capital works in progress US$m | Total US$m
Net book value |  |  |  |  |  |
At 1 January 2023 |  | 10,529 | 6,699 | 34,407 | 12,096 | 63,731
Adjustment on currency translation(b) |  | 14 | 116 | 495 | 54 | 679
Adjustments to capitalised closure costs | 14 | (292) | – | – | – | (292)
Interest capitalised(c) | 9 | – | – | – | 275 | 275
Additions(d) |  | 222 | 207 | 1,381 | 5,110 | 6,920
Depreciation for the year(a) |  | (802) | (504) | (3,511) | – | (4,817)
Impairment charges net of reversals(e) |  | (92) | (58) | (922) | (87) | (1,159)
Disposals |  | – | (28) | (73) | (27) | (128)
Transfers and other movements(h) |  | 3,976 | 1,590 | 4,568 | (10,053) | 81
At 31 December 2023 |  | 13,555 | 8,022 | 36,345 | 7,368 | 65,290
Comprising |  |  |  |  |  |
–cost |  | 29,731 | 14,737 | 80,993 | 7,728 | 133,189
–accumulated depreciation and impairment |  | (16,176) | (6,715) | (44,648) | (360) | (67,899)
Total |  | 13,555 | 8,022 | 36,345 | 7,368 | 65,290
Non-current assets pledged as security(i) |  | 5,307 | 1,477 | 6,980 | 3,715 | 17,479

(a)At 31 December 2024, the net book value of capitalised production phase stripping costs totalled US$2,326 million, with US$1,947 million within “Property, plant and equipment” and a
further US$379 million within “Investments in equity accounted units” (2023: total of US$2,505 million, with US$2,069 million in “Property, plant and equipment” and a further US$436 million
within “Investments in equity accounted units”). During the year, capitalisation of US$423 million was offset by depreciation of US$580 million, inclusive of amounts recorded within equity
accounted units (2023: US$325 million offset by depreciation of US$324 million). Depreciation of deferred stripping costs in respect of subsidiaries of US$411 million (2023: US$216 million;
2022: US$246 million) is included within “Depreciation for the year”.
(b)Adjustment on currency translation represents the impact of exchange differences arising on the translation of the assets of entities with functional currencies other than the US dollar,
recognised directly in the currency translation reserve. The adjustment in 2024 arose primarily from the weakening of the Australian and Canadian dollars against the US dollar.
(c)Our average borrowing rate, excluding any project finance, used for capitalisation of interest is 7.20% (2023: 7.50%).
(d)Additions to “Property, plant and equipment” includes US$144 million of spend on carbon abatement (2023: US$94 million).
(e)Refer to note 4 for details.
(f)Primarily relates to the acquisition of the remaining 20.64% interest in New Zealand Aluminium Smelters (NZAS). The transaction has been accounted for as a business combination
achieved in stages, with our previous 79.36% interest in the NZAS joint operation deemed to have been disposed of. Refer to note 5 for details.
(g)Relates to our sale of the Lake MacLeod salt and gypsum operations. Refer to note 5 for details.
(h)“Transfers and other movements” includes reclassification between categories. In 2024, this included amounts reclassified from Intangible Assets relating to exploration and evaluation at
Simandou (US$732 million) and Rincon (US$1,013 million) following Board approval of “notice to proceed” in February 2024 and December 2024, respectively.
(i)Excludes assets held under capitalised lease arrangements. Non-current assets pledged as security represent amounts pledged as collateral against US$4,011 million (2023: US$3,994
million) of loans, which are included in note 20.

Annual Report on Form 20-F 2024 | 189 | riotinto.com

Financial statements | Notes to the consolidated financial statements
13 Property, plant and equipment continued

| Impact of climate change on our business - useful economic lives of our power generating assets The Group has committed to reducing Scope 1 and Scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving net zero emission across our operations by 2050. We expect to invest US$5 billion to US$6 billion on carbon abatement projects between 2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful economic life of plant and equipment for fossil fuel-based power generating assets is 10 years (2023: 10 years). Given the technical limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the requirement for fossil fuel powered back-up means that early retirement of the assets is not expected and no change to depreciation rates is required. |
|  | 2024 | 2023 |
| Net book value of power generating assets powered by | Land and buildings US$m | Plant and equipment US$m | Land and buildings US$m | Plant and equipment US$m |
–Fossil fuels | 59 | 840 | 87 | 932 |
–Renewables | 177 | 2,375 | 201 | 2,456 |

Right-of-use assets – leased

| 2024 | 2023
| Land and buildings US$m | Plant and equipment US$m | Total US$m | Land and buildings US$m | Plant and equipment US$m | Total US$m
Net book value |  |  |  |  |  |
At 1 January | 543 | 635 | 1,178 | 515 | 488 | 1,003
Adjustment on currency translation | (37) | (24) | (61) | 11 | 4 | 15
Additions | 150 | 420 | 570 | 96 | 420 | 516
Depreciation for the year | (125) | (353) | (478) | (88) | (305) | (393)
Net impairment reversal/(charges)(a) | – | 5 | 5 | (1) | (7) | (8)
Disposals | – | – | – | – | (1) | (1)
Transfers and other movements | (7) | 21 | 14 | 10 | 36 | 46
At 31 December | 524 | 704 | 1,228 | 543 | 635 | 1,178

(a)Refer to note 4 for details.
The leased assets of the Group include land and buildings (mainly office buildings) and plant and equipment, the majority of which are marine
vessels. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Right-of-use assets are
depreciated on a straight line basis over the life of the lease, taking into account any extensions that are likely to be exercised.
14 Close-down, restoration and environmental provisions
Recognition and measurement
The Group has provisions for close-down and restoration costs, which include the dismantling and demolition of infrastructure, the removal of
residual materials and the remediation of disturbed areas for mines and certain refineries and smelters. The obligation may arise during
development or during the production phase of a facility. These provisions are based on all regulatory requirements and any other commitments
made to stakeholders. The provision excludes the impact of future disturbance that is planned to occur during the life of mine, so that it
represents only existing disturbance as at the balance sheet date.
Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably
estimated; instead a contingent liability is disclosed. Refer to note 37 for details. This applies primarily to certain Canadian smelters that have
indefinite-lived water rights from local governments permitting electricity generation from hydropower stations and are not tied to a specific
orebody.
Close-down and restoration costs are a normal consequence of mining or production, and the majority of close-down and restoration
expenditure is incurred in the years following closure of the mine, refinery or smelter. Although the ultimate cost to be incurred is uncertain, the
Group’s businesses estimate their costs using current restoration standards, techniques and expected climate conditions. The costs are
estimated on the basis of a closure plan, and are reviewed at each reporting period during the life of the operation to reflect known
developments. The estimates are also subject to formal review, with appropriate external support, at regular intervals.
The timing of closure and the rehabilitation plans for the site can be uncertain and dependent upon future capital allocation decisions, which
involve estimation of future economic circumstances and business cases. In such circumstances, the closure provision is estimated using
probability weighting of the different remediation and closure scenarios.

Annual Report on Form 20-F 2024 | 190 | riotinto.com

Financial statements | Notes to the consolidated financial statements
14 Close-down, restoration and environmental provisions continued
T he initial close-down a nd restoration provision is capitalised within “Property, plant and equipment”. Subsequent movements in the close-down
and restoration provisions for ongoing operations are treated as an adjustment to cost within “Property, plant and equipment”. This includes
those resulting from new disturbances related to expansions or other activities qualifying for capitalisation; updated cost estimates; changes to
the estimated lives of operations; changes to the timing of closure activities; and revisions to discount rates.
Changes in closure provisions relating to closed and fully impaired operations are charged/credited to “Net operating costs” in the income
statement.
Where rehabilitation is conducted systematically over the life of the operation, rather than at the time of closure, provision is made for the
estimated outstanding continuous rehabilitation work at each balance sheet date and the cost is charged to the income statement.
The closure provision is represented by forecast future underlying cash flows expressed in real terms at the balance sheet date. These are
discounted for the time value of money based on a long-term view of low-risk market yields which includes a review of historic trends plus risks
and opportunities for which future cash flows have not been adjusted, namely potential improvements in closure practices between the reporting
date and the point at which rehabilitation spend takes place. The real-terms discount rate used is 2.5% (2023: 2.0%) which is applied to all
locations since we expect to meet closure cash flows principally from US dollar revenues and financing, with activities coordinated by the
Group’s central closure team.
To roll forward those real-terms cash flows between periods, we identify local rates of inflation based on Producer Price Inflation (PPI) indices
and, together with the real-terms discount rate, unwind the discount through the line “Amortisation of discount on provisions”, shown within
“Finance items” in the income statement. This nominal rate for cost escalation in the current financial year is estimated at the start of each half-
year and applied systematically for 6 months. At the end of each half-year we update the underlying cash flows for the latest estimate of
experienced inflation, if it differs materially from our forecast, for the current financial year and record this as “changes to existing provisions”. For
operating sites this adjustment usually results in a corresponding adjustment to property, plant and equipment, and for closed and fully impaired
sites the adjustment is charged or credited to the income statement.
In some cases, our subsidiaries make a contribution to trust funds in order to meet or reimburse future environmental and decommissioning
costs. Amounts due for reimbursement from trust funds are not offset against the corresponding closure provision unless payments into the fund
have the effect of passing the closure obligation to the trust.
Environmental costs result from environmental damage that was not a necessary consequence of operations, and may include remediation,
compensation and penalties. Provision is made for the estimated present value of such costs at the balance sheet date. These costs are
charged to “Net operating costs”, except for the unwinding of the discount which is shown within “Amortisation of discount on provisions”.
Remediation procedures may commence soon after the time the disturbance, remediation process and estimated remediation costs become
known, but can continue for many years depending on the nature of the disturbance and the remediation techniques used.

| Note | 2024 US$m | 2023 US$m
At 1 January |  | 17,150 | 15,759
Adjustment on currency translation |  | (1,128) | 241
Adjustments to mining properties/right-of-use assets: | 13 |  |
–increases to existing and new provisions |  | 851 | 629
–change in discount rate |  | (787) | (921)
Charged/(credited) to profit: |  |  |
–increases to existing and new provisions(a) |  | 435 | 1,654
–change in discount rate |  | (235) | (168)
–unused amounts reversed |  | (88) | (195)
–exchange losses/(gains) on provisions |  | 26 | (16)
–amortisation of discount |  | 843 | 955
Utilised in year |  | (1,142) | (777)
Newly consolidated operation(b) |  | 61 | –
Transfers and other movements(c) |  | (255) | (11)
At 31 December(d) |  | 15,731 | 17,150
Balance sheet analysis: |  |  |
Current |  | 1,183 | 1,523
Non-current |  | 14,548 | 15,627
Total |  | 15,731 | 17,150

(a)In 2023, this included US$1,272 million arising from study updates in the second half of the year which was excluded from underlying EBITDA. Refer to note 1 for details.
(b)This relates to our acquisition of 20.64% interest in NZAS. Refer to note 5 for details.
(c)In 2024, transfer and other movements includes amount relating to disposal of interest in businesses.
(d)Close-down, restoration and environmental provisions at 31 December 2024 have not been adjusted for closure-related receivables amounting to US$350 million (2023: US$366 million) due
from the ERA trust fund and other financial assets held for the purposes of meeting closure obligations. These are included within “Receivables and other assets” on the balance sheet.

Annual Report on Form 20-F 2024 | 191 | riotinto.com

Financial statements | Notes to the consolidated financial statements
14 Close-down, restoration and environmental provisions continued

| Key judgement - close-down, restoration and environmental obligations We use our judgement and experience to determine the potential scope of closure rehabilitation work required to meet the Group’s legal, statutory and constructive obligations, and any other commitments made to stakeholders, and the options and techniques available to meet those obligations in order to estimate the associated costs and the likely timing of those costs. Significant judgement is also required to then determine both the costs associated with that work and the other assumptions used to calculate the provision. External experts support the cost estimation process where appropriate but there remains significant estimation uncertainty. The key judgement in applying this accounting policy is determining when an estimate is sufficiently reliable to make or adjust a closure provision. Adjustments are made to provisions when the range of possible outcomes becomes sufficiently narrow to permit reliable estimation. Depending on the materiality of the change, adjustments may require review and endorsement by the Group’s Closure Steering Committee before the provision is updated. Cost provisions are updated throughout the life of the operation with conceptual study estimates reviewed every 5 years. Within 10 years from the expected closure date, closure cost estimates must comply with the Group’s Capital Project Framework. This means, for example, that where an Order of Magnitude (OoM) study is required for closure, it must be of the same standard as an OoM study for a new mine, smelter or refinery. In 2023, a reforecast for the Ranger Uranium mine operated by Energy Resources of Australia resulted in an increase to the closure provision of US$850 million. The majority of the provision increase was attributable to rehabilitation activities post 2027 and is subject to further study which could result in material change to the provision. These activities remain subject to a number of studies and are also potentially sensitive to external events such as rainfall. In some cases, the closure study may indicate that monitoring and, potentially, remediation will be required indefinitely - for example, groundwater treatment. In these cases, the underlying cash flows for the provision may be restricted to a period for which the costs can be reliably estimated, which on average is around 30 years. Where an alternative commercial arrangement to meet our obligations can be predicted with confidence, this period may be shorter. |

Analysis of close-down, restoration and environmental provisions

| 2024 US$m | 2023 US$m
Undiscounted close-down, restoration and environmental obligations | 23,038 | 23,372
Impact of discounting | (7,307) | (6,222)
Present value of close-down, restoration and environmental provisions | 15,731 | 17,150
Attributable to: |  |
Operating sites | 11,715 | 12,021
Non-operating sites | 4,016 | 5,129
Total close-down, restoration and environmental provisions | 15,731 | 17,150

Closure cost composition as at 31 December | 2024 US$m | 2023 US$m
Decommissioning, decontamination and demolition | 3,065 | 3,591
Closure and rehabilitation earthworks(a) | 4,628 | 4,609
Long-term water management costs(b) | 1,316 | 1,236
Post-closure monitoring and maintenance | 1,581 | 1,806
Indirect costs, owners’ costs and contingency(c) | 5,141 | 5,908
Total | 15,731 | 17,150

(a)A key component of earthworks rehabilitation involves re-landscaping the area disturbed by mining activities utilising largely diesel-powered heavy mobile equipment. In developing low-
carbon solutions for our mobile fleet, this may include electrification of the vehicles during the mine life. The forecast cash flows for the heavy mobile equipment in the closure cost estimate
are based on existing fuel sources. The cost incurred during closure could reduce if these activities are powered by renewable energy.
(b)Long-term water management relates to the post-closure treatment of water due to acid rock drainage and other environmental commitments and is an area of research and development
focus for our Closure team. The cost of this water processing can continue for many years after the bulk earthworks and demolition activities have completed and are therefore exposed to
long-term climate change. This could materially affect rates of precipitation and therefore change the volume of water requiring processing. It is not currently possible to forecast accurately
the impact this could have on the closure provision as some of our locations could experience drier conditions whereas others could experience greater rainfall. A further consideration
relates to the alternative commercial use for the processed water, which could support ultimate transfer of these costs to a third party.
(c)Indirect costs, owners' costs and contingency include adjustments to the underlying cash flows to align the closure provision with a central-case estimate. This excludes allowances for
quantitative estimation uncertainties, which are allocated to the underlying cost driver and presented within the respective cost categories above.

Geographic composition as at 31 December | 2024 US$m | 2023 US$m
Australia | 8,546 | 9,187
US | 4,419 | 4,682
Canada | 1,517 | 1,722
Other countries | 1,249 | 1,559
Total | 15,731 | 17,150

The geographic composition of the closure provision shows that our closure obligations are largely in countries with established levels of
regulation in respect of mine and site closure.

Annual Report on Form 20-F 2024 | 192 | riotinto.com

Financial statements | Notes to the consolidated financial statements
14 Close-down, restoration and environmental provisions continued
Projected cash flows (undiscounted) for close-down, restoration and environmental provisions

| <1 year US$m | 1-3 years US$m | 3-5 years US$m | >5 years US$m | Total US$m
At 31 December 2024 | 1,183 | 2,497 | 1,880 | 17,478 | 23,038
At 31 December 2023 | 1,523 | 2,365 | 2,005 | 17,479 | 23,372

Remaining lives of operations and infrastructure range from 1 to over 50 years with an average for all sites, weighted by present closure
obligation, of around 14 years. Although the ultimate cost to be incurred is uncertain, the Group’s businesses estimate their respective costs
based on current restoration standards, techniques and expected climate conditions.

| Key accounting estimate - close-down, restoration and environmental obligations The most significant assumptions and estimates used in calculating the provision are: –Closure timeframes. The weighted average remaining lives of operations is shown above. Some expenditure may be incurred before closure while the operation as a whole is in production. –The length of any post-closure monitoring period. This will depend on the specific site requirements and the availability of alternative commercial arrangements; some expenditure can continue into perpetuity. The Rio Tinto Kennecott closure and environmental remediation provision includes an allowance for ongoing monitoring and remediation costs, including groundwater treatment, of approximately US$0.7 billion. –The probability weighting of possible closure scenarios. The most significant impact of probability weighting is at the Pilbara operations (Iron Ore) relating to infrastructure, and incorporates the expectation that some infrastructure will be retained by the relevant State authorities post closure. The assignment of probabilities to this scenario reduces the closure provision by US$0.5 billion. –Appropriate sources on which to base the calculation of the discount rate. The discount rate, by nature, is subjective and therefore sensitivities are shown below for how the provision balance, which at 31 December 2024 was US$15,731 million, would change if discounted at alternative discount rates. There is significant estimation uncertainty in the calculation of the provision and cost estimates can vary in response to many factors including: –changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders –review of remediation and relinquishment options –additional remediation requirements identified during the rehabilitation –the emergence of new restoration techniques –precipitation rates and climate change –change in foreign exchange rates –change in the expected closure date –change in the discount rate. Experience gained at other mine or production sites may also change expected methods or costs of closure, although elements of the restoration and rehabilitation can be unique to each site. Generally, there is relatively limited restoration and rehabilitation activity and historical precedent elsewhere in the Group, or in the industry as a whole, against which to benchmark cost estimates. The expected timing of expenditure can also change for other reasons, for example because of changes to expectations relating to Ore Reserves and Mineral Resources, production rates, renewal of operating licences or economic conditions. Changes in closure cost estimates at the Group’s ongoing operations could result in a material adjustment to assets and liabilities in the next 12 months and would also impact the depreciation and the unwinding of discount in future years. Changes to closure cost estimates for closed operations, and changes to environmental cost estimates at any operation, could cause a material adjustment to the income statement and closure liability. We do not consider that there is significant risk of a change in estimates for these liabilities causing a material adjustment to the income statement in the next 12 months. Any new environmental incidents may require a material provision but cannot be predicted. Project-specific risks are embedded within the cash flows which are based on a central case estimate of closure activities assuming that the obligation is fulfilled by the Group. These cash flows are then discounted, as mentioned above, using a consistent discount rate applied to all locations. |

| Impact of climate change on our business - close-down, restoration and environmental costs The underlying costs for closure have been estimated with varying degrees of precision based on a function of the age of the underlying asset and proximity to closure. For assets within 10 years of closure, closure plans and cost estimates are supported by detailed studies which are refined as the closure date approaches. These closure studies consider climate change and plan for resilience to expected climate conditions with a particular focus on precipitation rates. For new developments, consideration of climate change and ultimate closure conditions are an important part of the approval process. For longer-lived assets, closure provisions are typically based on conceptual level studies that are refreshed at least every 5 years; these are evolving to incorporate greater consideration of forecast climate conditions at closure. |

Annual Report on Form 20-F 2024 | 193 | riotinto.com

Financial statements | Notes to the consolidated financial statements
14 Close-down, restoration and environmental provisions continued
Sensitivity analysis
Close-down, restoration and environmental provisions of US$15,731 million (2023: US$17,150 million) are based on risk-adjusted cash flows
expressed in real terms. The recent upward trajectory in interest rates has resulted in expectations of higher yields from long-dated bonds,
including the 30-year US Treasury Inflation Protected Securities, which is a key input to our closure provision discount rate. On 30 June 202 4,
we revised the closure discount rate from 2.0% to 2.5% (2023: from 1.5% to 2.0% on 30 June 2023), applied prospectively from that date. This
assumption is based on the currency in which we plan to fund the closures and our expectation of long-term interest rate and exchange rate
parity in the locations of our operations.
The impact of discounting on the provision - and the corresponding amount capitalised within “Property, plant and equipment” (for operating
sites) or charged/(credited) to the income statement (for non-operating and fully impaired sites) - is illustrated below:

| At 31 December 2024 | At 31 December 2023
| Capitalised within “Property, plant and equipment” US$m | Charged/(credited) to the income statement US$m | Total increase/ (decrease) in provision US$m | Capitalised within “Property, plant and equipment” US$m | Charged/(credited) to the income statement US$m | Total increase/ (decrease) in provision US$m
Discount rate decreased to 1.0% | 3,300 | 400 | 3,700 | 2,300 | 300 | 2,600
Discount rate increased to 3.0% | (900) | (100) | (1,000) | (1,800) | (300) | (2,100)

15 Deferred taxation
Recognition and measurement
The Group’s accounting policy in relation to deferred taxation is outlined within note 10.
The movement in deferred tax (liabilities)/assets during the year is as follows.

| 2024 US$m | 2023 US$m
At 1 January | 1,040 | (368)
Adjustment on currency translation | (10) | 19
Credited/(charged) to the income statement | 393 | 1,260
(Charged)/credited to statement of comprehensive income(a) | (32) | 153
Other movements(b) | (10) | (24)
At 31 December | 1,381 | 1,040
Comprising: |  |
– deferred tax assets(c)(d) | 4,016 | 3,624
– deferred tax liabilities(e) | (2,635) | (2,584)

(a)The amounts credited/(charged) directly to the statement of comprehensive income include provisions for tax on cash flow hedges and on remeasurement gains/(losses) on pension
schemes and on post-retirement healthcare plans.
(b)“Other movements” include deferred tax relating to tax payable recognised by subsidiary holding companies on the profits of the equity accounted units to which it relates.
(c)Recognised deferred tax assets of US$1,293 million (2023: US$1,182 million) are subject to expiry if not recovered within certain time limits as specified in local tax legislation and
investment agreements. O f those recognised assets, US$66 million (2023: US$nil) would expire within one year if not used, US$93 million (2023: US$140 million) would expire within one to
5 years, and US$1,134 million (2023: US$1,042 million) would expire in more than 5 years.
(d)Recognised and unrecognised deferred tax assets are shown in the table on page 195 and totalled US$9,994 million at 31 December 2024 (2023: US$10,040 million). Of this total,
US$4,016 million has been recognised as deferred tax assets (2023: US$3,624 million), leaving US$5,978 million (2023: US$6,416 million) unrecognised, as recovery is not considered
probable.
(e)Deferred tax liabilities are not recognised on the unremitted earnings of subsidiaries and joint ventures totalling US$2,152 million (2023: US$2,249 million) where the Group is able to control
the timing of the remittance and it is probable that there will be no remittance in the foreseeable future. If these earnings were remitted, tax of US$99 million (2023: US$110 million) would be
payable.

Annual Report on Form 20-F 2024 | 194 | riotinto.com

Financial statements | Notes to the consolidated financial statements
15 Deferred taxation continued
Analysis of deferred tax
Deferred tax balances for which there is a right of offset within the same tax jurisdiction are presented net on the face of the balance sheet as
required by IAS 12. The closing deferred tax assets and liabilities, prior to this offsetting of balances, are shown below.

| 2024 US$m | 2023 US$m
Deferred tax assets arising from: |  |
Tax losses(a) | 1,461 | 1,474
Provisions and other liabilities | 4,710 | 3,835
Capital allowances | 1,024 | 961
Post-retirement benefits | 187 | 210
Unrealised exchange losses | 157 | 194
Other temporary differences(b) | 911 | 1,433
Total | 8,450 | 8,107
Deferred tax liabilities arising from: |  |
Capital allowances | (5,378) | (5,407)
Unremitted earnings(c) | (391) | (394)
Capitalised and accrued interest | (766) | (304)
Post-retirement benefits | (50) | (72)
Unrealised exchange gains | (13) | (15)
Other temporary differences | (471) | (875)
Total | (7,069) | (7,067)
Credited/(charged) to the income statement |  |
Unrealised exchange losses | (11) | (2)
Tax losses | 98 | 531
Provisions and other liabilities | 785 | 133
Capital allowances | (323) | 628
Tax on unremitted earnings | – | 5
Post-retirement benefits | 28 | (48)
Other temporary differences | (184) | 13
Total | 393 | 1,260

(a)Recognised deferred tax assets of US$1,293 million (2023: US$1,182 million) are subject to expiry if not recovered within certain time limits as specified in local tax legislation and
investment agreements. O f those recognised assets, US$66 million (2023: US$nil) would expire within one year if not used, US$93 million (2023: US$140 million) would expire within one to
5 years, and US$1,134 million (2023: US$1,042 million) would expire in more than 5 years.
(b)Other temporary differences include research and development, investment and other tax credits and allowances of US$540 million (2023: US$583 million).
(c)Deferred tax liabilities are not recognised on the unremitted earnings of subsidiaries and joint ventures totalling US$2,152 million (2023: US$2,249 million) where the Group is able to control
the timing of the remittance and it is probable that there will be no remittance in the foreseeable future. If these earnings were remitted, tax of US$99 million (2023: US$110 million) would be
payable.

| Other relevant judgements - recoverability of deferred tax assets In considering the recoverability of deferred tax assets, judgement is required regarding the extent to which certain risk factors are likely to affect the recovery of these assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. IAS 12 requires us to consider whether taxable profits will be available against which deferred tax assets may be utilised. The Mongolian Tax Authority has issued a number of tax assessments covering the fiscal years 2013 to 2020, the most recent of which was received in December 2023, which are inconsistent with the Oyu Tolgoi Investment Agreement and Mongolian legislation. The matters under dispute have been referred to international arbitration. Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the amount and/or recovery of recognised deferred tax items, including tax losses. The arbitration process on matters of this complexity can typically take over 12 months to conclude. |

Annual Report on Form 20-F 2024 | 195 | riotinto.com

Financial statements | Notes to the consolidated financial statements
15 Deferred taxation continued
Analysis of deferred tax assets
The recognised amounts in the table below do not include deferred tax assets that have been netted off against deferred tax liabilities.

| Recognised | Unrecognised
At 31 December | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m
France | – | – | 1,233 | 1,320
Canada | 331 | 383 | 511 | 501
US(a) | 262 | 204 | 926 | 977
Australia | 1,132 | 991 | 563 | 842
Mongolia(b) | 1,780 | 1,530 | 68 | 235
Other countries | 511 | 516 | 2,677 | 2,541
Total(c)(d) | 4,016 | 3,624 | 5,978 | 6,416

(a)Although our US Group companies expect to generate sufficient taxable profits to utilise existing Federal deferred tax assets, the application of the new Corporate Alternative Minimum Tax
(CAMT) rules has resulted in a position where the future tax benefit derived from utilisation of Federal deferred tax assets is limited and consequently these deferred tax assets are included
as “unrecognised” in this table.
(b)Deferred tax assets in Mongolia include US$419 million (2023: US$310 million) from tax losses that expire if not recovered against taxable profits within 8 years. In addition, amounts have
been recognised as deferred tax assets relating to anticipated future deductions. Tax losses and other deferred tax assets have been calculated in accordance with the Oyu Tolgoi
Investment Agreement and Mongolian legislation. The interpretation of the Investment Agreement by the Mongolian Tax Authority is under dispute and has been referred to international
arbitration. Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the amount and/or period of recovery of deferred tax assets.
(c)US$2,561 million (2023: US$2,455 million) of the unrecognised assets relate to realised or unrealised capital losses, the recovery of which depends on the existence of capital gains in future
years. There are time limits, the shortest of which is one year, for the recovery of US$249 million of the unrecognised assets (2023: US$543 million).
(d)In addition to the unrecognised deferred tax assets in this table, the Group has accumulated UK foreign tax credits of US$1.4 billion (2023: US$1.3 billion). The credits are not refundable but
would be available, if needed, to shelter any UK tax in respect of profits arising in the Escondida business.
16 Inventories
Recognition and measurement
I nventories are measured at the lower of cost and net realisable value, primarily on a weighted average cost basis. Third-party production
purchased for our own use that is ordinarily interchangeable in accordance with IAS 2 “Inventories” is valued on the same basis, jointly with our
own production. Average costs are calculated by reference to the cost levels experienced in the relevant month together with those in opening
inventory.
The cost of raw materials and purchased components, and consumable stores, is the purchase price. The cost of work in progress and finished
goods and goods for resale is generally the cost of production, including directly attributable labour costs, materials and contractor expenses,
the depreciation of assets used in production and production overheads.
Work in progress includes ore stockpiles and other partly processed material. Stockpiles represent ore that has been extracted and is available
for further processing. If there is significant uncertainty as to if and when the stockpiled ore will be processed, the cost of such ore is expensed
as mined. If the ore will not be processed within 12 months after the balance sheet date, it is included within non-current assets and net
realisable value is calculated on a discounted cash flow basis. Quantities of stockpiled ore are assessed primarily through surveys and assays.
Certain estimates, including expected metal recoveries, are calculated using available industry, engineering and scientific data, and are
periodically reassessed, taking into account technical analysis and historical performance.

| 2024 US$m | 2023 US$m
Raw materials and purchased components | 971 | 1,050
Consumable stores | 1,560 | 1,520
Work in progress | 1,931 | 2,467
Finished goods and goods for resale | 1,620 | 1,836
Total inventories | 6,082 | 6,873
Comprising: |  |
Expected to be used within one year | 5,860 | 6,659
Expected to be used after more than one year | 222 | 214
Total inventories | 6,082 | 6,873

During 2024, the Group recognised a net inventory write-off of US$49 million (2023: US$60 million write-off). This included inventory write-offs of
US$77 million (2023: US$94 million) partly offset by a write-back of previously written down inventory due to an increase in realisable values
amounting to US$28 million (2023: US$34 million).
At 31 December 2024, US$947 million (2023: US$925 million) of inventories were pledged as security for liabilities.

Annual Report on Form 20-F 2024 | 196 | riotinto.com

Financial statements | Notes to the consolidated financial statements
17 Receivables and other assets
Recognition and measurement
Financial assets (except provisionally priced receivables) which are held under a hold to collect business model and have cash flows that meet
the solely payments of principal and interest (SPPI) criteria are recognised at amortised cost. Provisionally priced receivables are measured at
fair value through profit or loss with subsequent fair value gains or losses taken to the income statement.
As a part of our working capital management, we offer receivables factoring and letter of credit programs for our customers/receivables. For our
receivables under letter of credit programs, the business model of "hold to collect" has not changed and these continue to be recognised at amortised
cost as the sale of the letter of credit is made close to maturity of receivables and discounting costs are immaterial. The receivables under our global
factoring program do not meet the "hold to collect" model and therefore are recognised at fair value through profit or loss and continue to be classified
as trade receivables within operating cash flows. US$588 million of receivables (2023: US$475 million) are subject to our factoring program and
US$510 million (2023: US$372 million) of receivables subject to a letter of credit discounting program have been transferred to the participating banks
and derecognised at the reporting date.

| 2024 | 2023
| Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m
Trade receivables(a) | – | 2,344 | 2,344 | – | 2,461 | 2,461
Other financial receivables(a) | 355 | 643 | 998 | 234 | 548 | 782
Other receivables(b) | 380 | 429 | 809 | 470 | 347 | 817
Prepayment of tolling charges to jointly controlled entities(c) | 94 | – | 94 | 113 | – | 113
Pension surpluses (note 28) | 405 | – | 405 | 466 | – | 466
Other prepayments | 163 | 825 | 988 | 376 | 589 | 965
Total(d) | 1,397 | 4,241 | 5,638 | 1,659 | 3,945 | 5,604

(a)At 31 December 2024, trade receivables and other financial receivables are stated net of allowances for expected credit losses of US$72 million (2023: US$82 million). We apply the
“simplified approach” to trade receivables and receivables relating to net investment in finance leases and a “general approach” to all other financial assets.
(b)At 31 December 2024, other receivables include US$333 million (2023: US$349 million) related to Energy Resources of Australia Ltd’s (ERA) deposit held in a trust fund which is controlled by the
Government of Australia. ERA are entitled to reimbursement from the fund once specific phases of rehabilitation relating to the Ranger Project are completed. The fund is outside the scope of IFRS 9.
(c)These prepayments will be charged to Group operating costs as tolling services are rendered and product processing occurs.
(d)There is no material element of receivables and other assets that is interest-bearing or financing in nature. The fair value of current trade and other receivables and the majority of amounts
classified as non-current trade and other receivables approximates to their carrying value.
Credit risk related to receivables
Our Commercial team manages customer credit risk by reference to our established policy, procedures and controls. The team establishes credit limits
for all of our customers. Where customers are rated by an independent credit rating agency, these ratings are used as a guide to set credit limits. Where
there are no independent credit ratings available, we assess the credit quality of the customer through a credit rating model and assign appropriate credit
limits. The Commercial team monitors outstanding customer receivables regularly and highlights any credit concerns to senior management.
Receivables to high-risk customers are often secured by letters of credit or other forms of credit enhancement.
The expected credit loss on our trade receivable portfolio is insignificant.
18 Trade and other payables
Recognition and measurement
Trade payables are measured at amortised cost, with the exception of provisionally priced contracts which are held at fair value as per IFRS 9.

| 2024 | 2023
| Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m
Trade payables | – | 3,196 | 3,196 | – | 3,265 | 3,265
Other financial payables | 188 | 1,192 | 1,380 | 238 | 913 | 1,151
Other payables | 42 | 143 | 185 | 56 | 208 | 264
Deferred income(a) | 118 | 338 | 456 | 103 | 280 | 383
Accruals | – | 1,751 | 1,751 | – | 1,702 | 1,702
Employee entitlements | – | 920 | 920 | – | 992 | 992
Royalties and mining taxes | 2 | 622 | 624 | 3 | 868 | 871
Amounts owed to equity accounted units | 193 | 16 | 209 | 196 | 10 | 206
Total | 543 | 8,178 | 8,721 | 596 | 8,238 | 8,834

(a)Deferred income includes contract liabilities of US$358 million (2023: US$275 million).
The fair value of trade payables and financial instruments within other financial payables approximates their carrying value.
Supplier finance arrangements
The Group participates in supplier finance arrangements with designated banks whereby suppliers may elect to receive early payment of their invoice from
a third-party bank by factoring their receivable from Rio Tinto. These arrangements do not modify the terms of the original liability with respect to either
counterparty terms, settlement date or amount due. Although they are open to a wide range of suppliers, we typically see a take up for suppliers with
payment terms ranging from 60 to 105 days, similar to the prior year. For comparable trade payables that are not part of supplier finance arrangements the
range of payment terms are similar. Use of the early settlement facility is voluntary and at the suppliers' discretion on an invoice-by-invoice basis. Financial
liabilities subject to supplier finance arrangements, therefore, continue to be classified as trade payables with cash outflows showing within operating cash
flows. There were no significant non-cash changes in the carrying amount of the trade payables included in the Group's supplier finance arrangements.
As at 31 December 2024, the carrying value of the financial liabilities that are part of supplier finance arrangements presented within trade
payables amounts to US$714 million (2023: US$821 million), of which US$603 million (2023: US$754 million) relates to amounts that suppliers
have already received as payment from the banks on the reporting date.

Annual Report on Form 20-F 2024 | 197 | riotinto.com

Financial statements | Notes to the consolidated financial statements
Our capital and liquidity
Our overriding objective when managing capital and liquidity is to safeguard the business as a going concern. Capital is allocated in a consistent and
disciplined manner. Essential capital expenditure remains our priority for capital allocation. It includes sustaining capital to ensure the integrity of our
assets, high-returning replacement projects and decarbonisation investment. This is followed by ordinary dividends within our well-established returns
policy. We then test investment in compelling growth projects against debt management and additional cash returns to shareholders.
Our Board and senior management regularly review the capital structure and liquidity of the Group. They take into account our strategic priorities, the
economic and business conditions, and any identified investment opportunities, along with the expected returns to shareholders. We expect total cash
returns to shareholders over the longer term to be in a range of 40–60% of underlying earnings in aggregate through the commodity cycle.
We consider various financial metrics when managing our capital structure and liquidity risk, including total capital, net debt, gearing, the overall
level of borrowings and their maturity profile, liquidity levels, future cash flows, underlying EBITDA and interest cover ratios.
Our total capital as at 31 December is shown in the table below.

| Note | 2024 US$m | 2023 US$m
Equity attributable to owners of Rio Tinto (see consolidated balance sheet) |  | 55,246 | 54,586
Equity attributable to non-controlling interests (see consolidated balance sheet) |  | 2,719 | 1,755
Net debt | 19 | 5,491 | 4,231
Total capital |  | 63,456 | 60,572

We have access to various forms of financing including corporate bonds issued in debt capital markets through our US Shelf and European
Medium Term Note Programmes, commercial paper, project finance, bank loans and credit facilities.
In November 2024, we entered into a US$7 billion bridge facility to support the funding required for the proposed acquisition of Arcadium Lithium,
which is expected to close in March 2025 (refer to note 5 for details). The Group also has an existing US$7.5 billion multi-currency revolving credit
facility which matures in November 2028. Both facilities remained undrawn throughout the year. At 31 December 2024, the Group’s subsidiaries had
available in aggregate US$738 million (2023: US$558 million) of committed borrowing facilities; these amounts are available for use by the respective
holders of each facility only and are not available for use across the Group.
Our credit ratings as at 31 December, as provided by Standard & Poor’s and Moody’s Investor Services, were:

| 2024 | 2023
Long-term rating | A/A1 | A/A1
Short-term rating | A-1/P-1 | A-1/P-1
Outlook | Stable/Stable | Stable/Stable

Our unified credit status is maintained through cross guarantees, which mean the contractual obligations of Rio Tinto plc and Rio Tinto Limited
are automatically guaranteed by the other.
Financial liability analysis
In the table below, we summarise the maturity profile of our financial liabilities on our balance sheet based on contractual undiscounted
payments as at 31 December. When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing
at the end of the reporting period. This will, therefore, not necessarily agree with the amounts disclosed as the carrying value.

| 2024 | 2023
(Outflows)/Inflows | Within 1 year or on demand US$m | Between 1 and 2 years US$m | Between 2 and 5 years US$m | After 5 years US$m | Total US$m | Within 1 year or on demand US$m | Between 1 and 2 years US$m | Between 2 and 5 years US$m | After 5 years US$m | Total US$m
Non-derivative financial liabilities |  |  |  |  |  |  |  |  |  |
Trade and other financial payables(a) | (6,032) | (30) | (43) | (307) | (6,412) | (5,769) | (57) | (68) | (308) | (6,202)
Expected lease liability payments | (398) | (306) | (488) | (551) | (1,743) | (385) | (285) | (442) | (574) | (1,686)
Borrowings before swaps | (185) | (630) | (3,007) | (8,854) | (12,676) | (845) | (17) | (2,385) | (10,011) | (13,258)
Expected future interest payments(a) | (748) | (729) | (1,873) | (4,260) | (7,610) | (803) | (781) | (2,156) | (4,886) | (8,626)
Other financial liabilities | – | – | – | – | – | (4) | – | – | – | (4)
Derivative financial liabilities(b) |  |  |  |  |  |  |  |  |  |
Derivatives related to net debt – net settled | (78) | (50) | (86) | (17) | (231) | (161) | (87) | (163) | – | (411)
Derivatives related to net debt – gross settled(a) |  |  |  |  |  |  |  |  |  |
–gross inflows | 13 | 25 | 701 | – | 739 | 502 | 26 | 77 | 664 | 1,269
–gross outflows | (34) | (34) | (909) | – | (977) | (620) | (34) | (102) | (841) | (1,597)
Derivatives not related to net debt – net settled | (81) | (33) | (117) | (149) | (380) | (76) | (54) | (124) | (54) | (308)
Derivatives not related to net debt – gross settled |  |  |  |  |  |  |  |  |  |
–gross inflows | 240 | – | – | – | 240 | 499 | – | – | – | 499
–gross outflows | (240) | – | – | – | (240) | (501) | – | – | – | (501)
Total | (7,543) | (1,787) | (5,822) | (14,138) | (29,290) | (8,163) | (1,289) | (5,363) | (16,010) | (30,825)

(a)The interest payable at the year-end is removed from trade and other financial payables and shown within expected future interest payments and derivatives related to net debt. Interest payments
have been projected using interest rates applicable at the end of the applicable financial year. Where debt is subject to variable interest rates, future interest payments are subject to change in line
with market rates.
(b)The maturity grouping is based on the earliest payment date.
Our weighted average debt maturity including leases and derivatives related to debt was approximately 11 years (2023: 12 years).

Annual Report on Form 20-F 2024 | 198 | riotinto.com

Financial statements | Notes to the consolidated financial statements
19 Net debt
Analysis of changes in net debt

| 2024
| Financial liabilities |  |
| Borrowings excluding overdrafts (note 20)(a) US$m | Lease liabilities (note 21)(b) US$m | Derivatives related to net debt (note 23)(c) US$m | Cash and cash equivalents including overdrafts (note 22)(a) US$m | Other investments (note 23)(d) US$m | Net debt US$m
At 1 January | (13,000) | (1,351) | (429) | 9,672 | 877 | (4,231)
Foreign exchange adjustment | 57 | 69 | (30) | (99) | (1) | (4)
Cash movements excluding exchange movements | 494 | 455 | 104 | (1,089) | (675) | (711)
Other non-cash movements | 18 | (586) | 12 | – | 11 | (545)
At 31 December | (12,431) | (1,413) | (343) | 8,484 | 212 | (5,491)

| 2023
| Financial liabilities | Other assets |
Borrowings excluding overdrafts (note 20)(a) US$m | Lease liabilities (note 21)(b) US$m | Derivatives related to net debt (note 23)(c) US$m | Cash and cash equivalents including overdrafts (note 22)(a) US$m | Other investments (note 23)(d) US$m | Net debt US$m
At 1 January | (11,070) | (1,200) | (690) | 6,774 | 1,998 | (4,188)
Foreign exchange adjustment | (87) | (21) | 62 | (23) | – | (69)
Cash movements excluding exchange movements | (1,523) | 426 | (4) | 2,921 | (1,157) | 663
Other non-cash movements | (320) | (556) | 203 | – | 36 | (637)
At 31 December | (13,000) | (1,351) | (429) | 9,672 | 877 | (4,231)

(a)Borrowings excluding overdrafts of US$12,431 million (2023:US$13,000 million) differs from Borrowings on the balance sheet as it excludes bank overdrafts of US$11 million
(2023: US$1 million) which has been included in cash and cash equivalents for the net debt reconciliation.
(b)Other non-cash movements in lease liabilities include the net impact of additions, modifications and terminations during the period.
(c)Included within “Derivatives related to net debt” are interest rate and cross-currency interest rate swaps that are in hedge relationships with the Group's debt.
(d)Other investments includes US$212 million (2023: US$877 million) of highly liquid financial assets held in a separately managed portfolio of fixed income instruments classified as held for
trading.
The table below summarises, by currency, our net debt, after taking into account relevant cross-currency interest rate swaps and foreign
exchange contracts:

| 2024 | 2023
Net debt by currency | Borrowings excluding overdrafts US$m | Lease liabilities US$m | Derivatives related to net debt US$m | Cash and cash equivalents US$m | Other investments US$m | Net debt US$m | Net debt US$m
US dollar | (12,181) | (539) | (343) | 7,108 | 212 | (5,743) | (4,033)
Australian dollar | (92) | (501) | – | 721 | – | 128 | (186)
Canadian dollar | (158) | (158) | – | 81 | – | (235) | (247)
South African rand | – | (2) | – | 167 | – | 165 | 130
Other | – | (213) | – | 407 | – | 194 | 105
Total | (12,431) | (1,413) | (343) | 8,484 | 212 | (5,491) | (4,231)

20 Borrowings
Recognition and measurement
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. Our policy
is to predominantly borrow in US dollars (USD) at floating interest rates, either directly or through the use of derivatives, as:
–the majority of our sales are in USD
–historically a lower cost of borrowing has been observed from maintaining a floating rate exposure
–historically there has been a correlation between interest rates and commodity prices.
For bonds with fixed interest rates, we generally enter into interest rate swaps to convert them to floating rates. The tenor of the interest rate
swaps is sometimes shorter than the tenor of the bond which means we remain exposed to long-term fixed-rate funding. As interest rate swaps
mature, new medium dated swaps are generally transacted to maintain this floating rate exposure; however, we may elect to maintain a
proportion of fixed-rate funding after considering market conditions, the cost and form of funding and other related factors.
We have designated the swaps to be in fair value hedge relationships with the corresponding period of future interest payments of the
respective debt.
Where we borrow non-US denominated debt, we generally enter into cross-currency interest rate swaps to convert the principal and fixed
interest coupon to a USD nominal with a USD interest coupon.

Annual Report on Form 20-F 2024 | 199 | riotinto.com

Financial statements | Notes to the consolidated financial statements
20 Borrowings continued
Borrowings
The characteristics and carrying value of the Group’s borrowings at 31 December are summarised below.

| Carrying value 2024 US$m | Carrying value 2023 US$m | Nominal value of hedged item 2024 US$m | Nominal value of hedged item 2023 US$m | Weighted average interest rate after swaps (where applicable)(b) | Swap maturity (where applicable)
Rio Tinto Finance plc Euro Bonds 2.875% due 2024(a)(b)(c) | – | 452 | – | 463 |  |
Rio Tinto Finance (USA) Limited Bonds 7.125% due 2028(a)(b) | 780 | 804 | 750 | 750 | 3 month SOFR +3.54% | 2028
Alcan Inc. Debentures 7.25% due 2028(a)(d) | 101 | 99 | 100 | 100 | 6 month SOFR +3.33% | 2028
Rio Tinto Finance plc Sterling Bonds 4.0% due 2029(a)(b)(e)(f) | 624 | 611 | – | 639 |  |
Alcan Inc. Debentures 7.25% due 2031(a)(b) | 402 | 392 | 400 | 400 | 3 month SOFR +5.98% | 2025
Rio Tinto Finance (USA) plc Bonds 5.0% due 2033(a)(g) | 646 | 646 | 650 | – | 6 month SOFR + 0.96% | 2026/ 2033
Alcan Inc. Global Notes 6.125% due 2033(a)(b) | 731 | 699 | 750 | 750 | 3 month SOFR +5.93% | 2025
Alcan Inc. Global Notes 5.75% due 2035(a)(b) | 287 | 274 | 300 | 300 | 3 month SOFR +5.44% | 2025
Rio Tinto Finance (USA) Limited Bonds 5.2% due 2040(a)(b)(h) | 1,142 | 1,158 | 1,150 | 200 | 6 month SOFR +1.18% | 2033
Rio Tinto Finance (USA) plc Bonds 4.75% due 2042(a)(i) | 492 | 492 | 500 | – | 6 month SOFR + 0.65% | 2026
Rio Tinto Finance (USA) plc Bonds 4.125% due 2042 | 732 | 731 | – | – |  |
Rio Tinto Finance (USA) Limited Bonds 2.75% due 2051(a)(b) | 1,103 | 1,098 | 1,250 | 1,250 | 6 month SOFR +1.57% | 2028
Rio Tinto Finance (USA) plc Bonds 5.125% due 2053(a) | 1,097 | 1,151 | 1,100 | 1,100 | 6 month SOFR +0.76% | 2033
Oyu Tolgoi LLC MIGA Insured Loan SOFR plus 2.65% due 2032(j)(k) | 603 | 602 | – | – |  |
Oyu Tolgoi LLC Commercial Banks “B Loan” SOFR plus 3.4% due 2032(j)(k) | 1,392 | 1,392 | – | – |  |
Oyu Tolgoi LLC Export Credit Agencies Loan 4.72% due 2033(j)(k) | 249 | 248 | – | – |  |
Oyu Tolgoi LLC Export Credit Agencies Loan SOFR plus 3.65% due 2034(j)(k) | 816 | 816 | – | – |  |
Oyu Tolgoi LLC International Financial Institutions “A Loan” SOFR plus 3.78% due 2035(j)(k) | 792 | 792 | – | – |  |
Other secured loans | 93 | 144 |  |  |  |
Other unsecured loans | 349 | 399 |  |  |  |
Bank overdrafts | 11 | 1 |  |  |  |
Total borrowings(l) | 12,442 | 13,001 |  |  |  |
Comprising: |  |  |  |  |  |
Current borrowings | 180 | 824 |  |  |  |
Non-current borrowings | 12,262 | 12,177 |  |  |  |
Total borrowings(l) | 12,442 | 13,001 |  |  |  |

(a)The fair value movements of our borrowings and interest rate swaps that are in fair value hedge relationships are included in note 9.
(b)The LIBOR reference rates derivatives were transitioned to Secured Overnight Financing Rate (SOFR) with effect from 1 July 2023 in accordance with International Swaps and Derivatives
Association (ISDA) Fallback Protocol. Weighted average interest rate after swaps for 2023 can be found in note 20 to the Financial Statements in our 2023 Annual Report.
(c)On 11 December 2024 we repaid our €417 million (nominal value) Rio Tinto Finance plc Euro Bonds on their maturity. The cash outflow relating to the repayment of the bonds and the
realised loss on the derivatives have been recognised within "Repayment of borrowings and associated derivatives" in the Group cash flow statement and totalled US$546 million.
(d)In November 2024, our interest rate swap which converted our fixed coupon interest payments on this bond to 3 month SOFR +5.69%, matured. We entered into a new interest rate swap to
convert our fixed coupon interest payments on this bond to 6 month SOFR + 3.33%.
(e)Rio Tinto has a US$10 billion (2023: US$10 billion) European Medium Term Note Program against which the cumulative amount utilised was US$626 million equivalent at 31 December
2024 (2023: US$1,102 million). The carrying value of these bonds after hedge accounting adjustments amounted to US$624 million (2023: US$1,063 million) in aggregate.
(f).We applied cash flow hedge accounting to this bond and the corresponding cross currency interest rate swap. The hedge is fully effective as the notional amount, maturity, payment and
reset dates match. In 2019, we swapped the resulting fixed US dollar annual interest coupon payments to floating rates. Fair value hedge accounting has been applied to this relationship in
addition to the pre-existing cash flow hedge. In December 2024, our existing interest rate swap on this bond matured, therefore, the bond is no longer in a hedged position.
(g)In April and October 2024 we entered into new interest rate swaps to convert our fixed coupon on this bond to 6 month SOFR +0.96%.
(h)In February, March and April 2024 we entered into a new interest rate swap to convert our fixed coupon on this bond to 6 month SOFR +1.18%.
(i)In December 2024 we entered into a new interest rate swaps to convert our fixed coupon on this bond to 6 month SOFR +0.65%.
(j)These borrowings relate to the Oyu Tolgoi LLC project finance facility and the due dates stated represent the final repayment date. The interest rates stated are pre-completion and will
increase by 1.2% post-completion, which is expected to take place in 2029 subject to meeting certain conditions. Refer below on the refinancing of the facility made during 2023.
(k)Our bank borrowings in Oyu Tolgoi (OT) are subject to financial covenants which require that OT maintains a certain level of debt-equity ratio and a debt service coverage ratio. These
covenants are tested at the end of each month. Based on our forecasting, we consider this risk of non-compliance with these covenants to be remote.
(l)The Group’s borrowings of US$12,442 million (2023: US$13,001 million) include US$3,945 million (2023: US$3,994 million) of subsidiary entity borrowings that are subject to various
financial and general covenants with which the respective borrowers were in compliance as at 31 December 2024 and are expected to be in compliance within 12 months after the reporting
date. The non-compliance with these covenants, if not remediated, would permit the lender to immediately call the loan and borrowings.
In the prior year, we refinanced the Oyu Tolgoi project finance with a syndicate of international financial institutions, export credit agencies and
commercial lenders. The lenders agreed to a deferral of the principal repayments by 3 years to June 2026 and to an extension of the final
maturity date by 5 years from 2030 to 2035. As part of refinancing, the debt transitioned to the SOFR benchmark to which we applied the Phase
2 IBOR reform relief under IFRS 9. The refinancing did not result in a derecognition of the drawn down amount, however we recognised an
accounting loss on modification of US$123 million related to changes other than the benchmark transition and capitalised transaction costs
incurred of US$50 million.

Annual Report on Form 20-F 2024 | 200 | riotinto.com

Financial statements | Notes to the consolidated financial statements
21 Leases
Recognition and measurement
IFRS 16 applies to the recognition, measurement, presentation and disclosure of leases. Certain leases are exempt from the standard, including
leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources. We apply the scope exemptions in paragraphs 3(e) and
4 of IFRS 16 and do not apply the standard to leases of any assets which would otherwise fall within the scope of IAS 38 “Intangible Assets”.
A significant proportion of our lease arrangements relate to dry bulk vessels and office properties. Other leases include land and non-mining
rights, warehouses, ports, equipment and vehicles.
We recognise all lease liabilities and corresponding right-of-use assets on the balance sheet, with the exception of short-term (12 months or
fewer) and low-value leases, where payments are expensed as incurred. Lease liabilities are recorded at the present value of fixed payments;
variable lease payments that depend on an index or rate; amounts payable under residual value guarantees; and extension options expected to
be exercised. Where a lease contains an extension option that we can exercise without negotiation, lease payments for the extension period are
included in the liability if we are reasonably certain that we will exercise the option. Variable lease payments not dependent on an index or rate
are excluded from the calculation of lease liabilities at initial recognition. Payments are discounted at the incremental borrowing rate of the
lessee, unless the interest rate implicit in the lease can be readily determined. For lease agreements relating to vessels, ports and properties,
non-lease components are excluded from the projection of future lease payments and recorded separately within operating costs as services
are being provided. The lease liability is measured at amortised cost using the effective interest method. The right-of-use asset arising from a
lease arrangement at initial recognition reflects the lease liability, initial direct costs, lease payments made before the commencement date of
the lease, and capitalised provision for dismantling and restoration of the underlying asset, less any lease incentives.
We recognise depreciation on right-of-use assets and interest on lease liabilities in the income statement over the lease term. Repayments of
lease liabilities are separated into a principal portion (presented within financing activities) and an interest portion (which the Group presents in
operating activities) in the cash flow statement. Payments made before the commencement date are included within financing activities unless
they in substance represent investing cash flows, for example where pre-commencement cash flows are significant relative to aggregate cash
flows of the leasing arrangement.

| Other relevant judgements - accounting for renewable power purchase agreements We have to apply judgement for certain contractual arrangements, such as renewable energy power purchase agreements (PPAs), in evaluating whether we have the right to obtain substantially all of the economic benefits from the use of the renewable energy assets, including the right to obtain physical energy these assets generate. Based on our evaluation, we determine whether an arrangement is a lease, an executory contract or a derivative. An immaterial amount was recognised as a lease at 31 December 2024 for a fixed component of the QMM renewable PPA. The Amrun PPA is a lease, which has not yet commenced and is included in capital commitments (note 37). |

Lessee arrangements
We have made the following payments during the year associated with leases:

Description of payment | Included within | 2024 US$m | 2023 US$m
Principal lease payments | Cash flows from financing activities | 455 | 426
Interest payments on leases | Cash flows from operating activities | 67 | 50
Payments for short-term leases | Net operating costs | 217 | 269
Payments for variable lease components | Net operating costs | 46 | 40
Payments for low value leases (>12 months in duration) | Net operating costs | 3 | 3
Total lease payments |  | 788 | 788

Lease liabilities
The maturity profile of lease liabilities recognised at 31 December is:

| 2024 US$m | 2023 US$m
Lease liabilities |  |
Due within 1 year | 398 | 385
Between 1 and 3 years | 513 | 457
Between 3 and 5 years | 281 | 270
More than 5 years | 551 | 574
Total undiscounted cash payments expected to be made | 1,743 | 1,686
Effect of discounting | (330) | (335)
Present value of minimum lease payments | 1,413 | 1,351
Comprising: |  |
Current lease liabilities per the balance sheet | 354 | 345
Non-current lease liabilities per the balance sheet | 1,059 | 1,006
Total lease liabilities | 1,413 | 1,351

At 31 December 2024, commitments for leases not yet commenced were US$405 million (2023: US$308 million) and commitments relating to
short-term leases which had already commenced were US$182 million (2023: US$164 million). These commitments are not included in the
maturity profile table above.

Annual Report on Form 20-F 2024 | 201 | riotinto.com

Financial statements | Notes to the consolidated financial statements
22 Cash and cash equivalents
Recognition and measurement
For the purpose of the balance sheet, cash and cash equivalents covers cash on hand, deposits held with banks, and short-term, highly liquid
investments (mainly money market funds and reverse repurchase agreements) that are readily convertible into known amounts of cash and
which are subject to insignificant risk of changes in value. Bank overdrafts are shown as current liabilities on the balance sheet. For the
purposes of the cash flow statement, cash and cash equivalents are shown net of overdrafts.

| Note | 2024 US$m | 2023 US$m
Cash at bank and in hand |  | 2,330 | 1,843
Money market funds, reverse repurchase agreements and other cash equivalents |  | 6,165 | 7,830
Total cash and cash equivalents per consolidated balance sheet |  | 8,495 | 9,673
Bank overdrafts repayable on demand (unsecured) | 20 | (11) | (1)
Total cash and cash equivalents per consolidated cash flow statement |  | 8,484 | 9,672

Restricted cash and cash equivalent analysis
Cash and cash equivalents of US$515 million (2023: US$422 million) are held in countries where there are restrictions on remittances. Of this
balance, US$194 million (2023: US$156 million) could be used to repay subsidiaries’ third-party borrowings.
There are also restrictions on a further US$1,150 million (2023: US$553 million) of cash and cash equivalents, the majority of which is held by
partially owned subsidiaries and is not available for use in the wider Group due to legal and contractual restrictions currently in place. Of this
balance US$157 million (2023: US$129 million) could be used to repay these subsidiaries’ third-party borrowings.
Credit risk related to cash and cash equivalents
Our Treasury team manages credit risk from our investing activities in accordance with a credit risk framework which sets the risk appetite.
We make investments of surplus funds only with approved investment grade (BBB+ and above) counterparties who have been assigned
specific credit limits. The limits are set to minimise the concentration of credit risk and therefore mitigate the potential for financial loss through
counterparty failure.
23 Other financial assets and liabilities
Recognition and measurement
Derivatives are measured at fair value through profit or loss unless they are designated as hedging instruments. For details about our hedging
strategy and risks, refer to note 24. The Group has made an irrevocable choice to measure investments in equity shares at fair value through
other comprehensive income (FVOCI) except for those held for trading purposes.
Other financial assets

| 2024 | 2023
| Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m
Derivatives not related to net debt | 39 | 49 | 88 | 14 | 40 | 54
Derivatives related to net debt | 24 | – | 24 | 87 | – | 87
Equity shares and quoted funds | 255 | 24 | 279 | 163 | 18 | 181
Other investments, including loans(a) | 263 | 346 | 609 | 217 | 1,060 | 1,277
Loans to equity accounted units(b) | 509 | – | 509 | – | – | –
Total other financial assets | 1,090 | 419 | 1,509 | 481 | 1,118 | 1,599

(a)Current “Other investments, including loans” includes US$212 million (2023: US$877 million) of highly liquid financial assets held in a separately managed portfolio of fixed income
instruments classified as held for trading and included within our net debt definition.
(b)This relates to loans of US$534 million due from WCS Rail and Port entities, net of expected credit loss.
Credit risk related to other financial assets
Our Treasury team manages credit risk in relation to applicable other financial assets in accordance with our counterparty credit framework
(which is reviewed biannually) to minimise our counterparty risk and mitigate financial loss through counterparty failure. Derivatives and
investments with any given counterparty are required to be within the credit limit (based on a quantitative credit risk model) for that counterparty
as approved by the Group’s Financial Risk Management Committee. Our investments are dictated by the Group’s investment policy which sets
out a number of criteria for eligible investments, including credit quality, duration, maturity and concentration limits.
Other financial liabilities

| 2024 | 2023
| Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m
Derivatives not related to net debt | 252 | 84 | 336 | 198 | 68 | 266
Derivatives related to net debt | 339 | 28 | 367 | 315 | 201 | 516
Other financial liabilities | – | – | – | – | 4 | 4
Total other financial liabilities | 591 | 112 | 703 | 513 | 273 | 786

Annual Report on Form 20-F 2024 | 202 | riotinto.com

Financial statements | Notes to the consolidated financial statements
23 Other financial assets and liabilities continued
Offsetting and enforceable master netting agreements
When we have a legally enforceable right to set-off our financial assets and liabilities and an intention to settle on a net basis, or realise the asset and
settle the liability simultaneously, we report the net amount in the consolidated balance sheet. Agreements with derivative counterparties are based
on the International Swaps and Derivatives Association master netting agreements that do not meet the criteria for offsetting, but allow for the related
amounts to be set-off in certain circumstances. During the year, there were no material amounts offset in the balance sheet.
24 Financial instruments and risk management
Recognition and measurement
We classify our financial assets into those held at amortised cost and those to be measured at fair value either through the profit and loss
(FVTPL) or through other comprehensive income (FVOCI) based on the business model for managing the financial assets and the contractual
terms of the cash flows.

Classification of financial asset | Amortised cost | Fair value through profit and loss | Fair value through other comprehensive income
Recognition and initial measurement | At initial recognition, trade receivables that do not have a significant financing component are recognised at their transaction price. Other financial assets are initially recognised at fair value plus related transaction costs. | The asset is initially recognised at fair value with transaction costs immediately expensed to the income statement. | The asset is initially recognised at fair value.
Subsequent measurement | Amortised cost using the effective interest method. | Fair value movements are recognised in the income statement. | Fair value gains or losses on revaluation of such equity investments, including any foreign exchange component, are recognised in other comprehensive income. Dividends are recognised in the income statement when the right to receive payment is established.
Derecognition | Any gain or loss on derecognition or modification of a financial asset held at amortised cost is recognised in the income statement. | Not applicable. | When the equity investment is derecognised, there is no recycling of fair value gains or losses previously recognised in other comprehensive income to the income statement.

Borrowings and other financial liabilities (including trade payables but excluding derivative liabilities) are recognised initially at fair value, net of
transaction costs incurred, and are subsequently measured at amortised cost.
Financial risk management objectives
Our financial risk management objectives are:
–to have in place a robust capital structure to manage the organisation through the commodity cycle
–to allow our financial exposures, mainly commodity price, foreign exchange and interest rates to, in general, float with the market.
Our Treasury and Commercial teams manage the following key economic risks generated from our operations:
–capital and liquidity risk
–credit risk
–interest rate risk
–commodity price risk
–foreign exchange risk.
These teams operate under a strong control environment, within approved limits.
(i) Capital and liquidity risk
Our capital and liquidity risk arises from the possibility that we may not be able to settle or meet our obligations as they fall due. Refer to our
capital and liquidity section on page 197.
As disclosed in note 18, under the supplier finance arrangements, the Group makes payments to participating banks on the same date as stated
on the vendor’s invoice, and as such these arrangements do not give rise to additional liquidity risk.
(ii) Credit risk
Credit risk is the risk that our customers, or institutions that we hold investments with, are unable to meet their contractual obligations. We
are exposed to credit risk in our operating activities (primarily from customer trade receivables); and from our investing activities that include
government securities (primarily US Government), corporate and asset-backed securities, reverse repurchase agreements, money market
funds, and balances with banks and financial institutions. Refer to note 17, note 22 and note 23 for an understanding of the size of, and the
credit risk related to, each balance.
(iii) Interest rate risk
Our interest rate management policy is generally to borrow and invest at floating interest rates. However, we may elect to maintain a proportion of
fixed-rate funding after considering market conditions, the cost and form of funding and other related factors. After the impact of hedging, 76%
(2023: 68%) of our borrowings (including leases) were at floating rates. To understand how we manage interest rate risk, refer to note 20.

Annual Report on Form 20-F 2024 | 203 | riotinto.com

Financial statements | Notes to the consolidated financial statements
24 Financial instruments and risk management continued
Sensitivity to interest rate changes
Based on our floating rate financial instruments outstanding at 31 December 2024, the effect on our net earnings of a 100 basis point increase in
US dollar Secured Overnight Financing Rate (SOFR) interest rates, with all other variables held constant, would be an expense of US$23 million
(2023: US$5 million). This reflects the net debt position in 2024 and 2023.
We are also exposed to interest rate volatility within shareholders’ equity. This is because we have designated some cross-currency interest rate
swaps to be in a cash flow hedge relationship with our 2029 British pound sterling (GBP) loan. As we receive fixed GBP interest and pay fixed
USD interest, any change in the GBP interest rate or the USD interest rate will have an impact on the fair value of the derivative within
shareholders’ equity. With all factors remaining constant, a 100 basis point increase in interest rates in each of the currencies in isolation would
impact equity, before tax, by a charge of US$27 million (2023: US$33 million) for GBP and a credit of US$35 million (2023: US$42 million) for
USD. A 100 basis point decrease would have broadly the same impact in the opposite direction.
(iv) Commodity price risk
Our broad commodity base means our exposure to commodity prices is diversified. Our normal policy is to sell our products at prevailing market
prices. For certain physical commodity transactions for which the price was fixed at the contract date, we enter into derivatives to achieve the
prevailing market prices at the point of revenue recognition. We do not generally consider that using derivatives to fix commodity prices would
provide a long-term benefit to our shareholders.
Exceptions to this rule are subject to limits, and to defined market risk tolerances and internal controls.
Substantially all iron ore and aluminium sales are reflected at final prices at each reporting period. Final prices for copper concentrate, however,
are normally determined between 30 and 180 days after delivery to our customer.
At 31 December 2024, we had 186 million pounds of copper sales (31 December 2023: 92 million pounds) which were provisionally priced at
US 397 cents per pound (2023: US 387 cents per pound). The final price of these sales will be determined during the first half of 2025. A 10%
change in the price of copper realised on the provisionally priced sales, with all other factors held constant, would increase or reduce net
earnings by US$46 million (2023: US$22 million).
Power costs represent a significant portion of costs in our aluminium business and, therefore, we are exposed to fluctuations in power prices. To
mitigate our exposure to changes in the relationship between aluminium prices and power prices, we have a number of electricity purchase
contracts that are directly linked to the daily official LME cash ask price for high-grade aluminium (LME price) and to the US Midwest Transaction
Premium (Midwest premium).
In accordance with IFRS 9, we apply hedge accounting to 2 embedded derivatives within our power contracts. The embedded derivatives
(nominal aluminium forward sales) have been designated as the hedging instrument. The forecast aluminium sales, priced using the LME price
and the Midwest premium, represent the hedged item.
The hedging ratio is 1:1, as the quantity of sales designated as being hedged matches the notional amount of the hedging instrument. The
hedging instrument’s nominal amount, expressed in equivalent metric tonnes of aluminium, is derived from our expected electricity consumption
under the power contracts as well as other relevant contract parameters.
When we designate such embedded derivatives as the hedging instrument in a cash flow hedge, we recognise the effective portion of the
change in the fair value of the hedging instrument in other comprehensive income, and it is accumulated in the cash flow hedge reserve. The
amount that is recognised in other comprehensive income is limited to the lesser of the cumulative change in the fair value of the hedging
instrument and the cumulative change in the fair value of the hedged item, in absolute terms. On realisation of the hedges, realised amounts are
reclassified from reserves to consolidated sales revenue in the income statement.
We recognise any ineffectiveness relating to the hedging relationship immediately in the income statement.
Sources of ineffectiveness include differences in the timing of the cash flows between the hedged item and the hedging instrument, non-zero
initial fair value of the hedging instrument, the existence of a cap on the Midwest premium in the hedging instrument and counterparty credit risk.
We held the following nominal aluminium forward sales contracts embedded in the power contracts as at 31 December:

| 2024 | 2023
| Within 1 year | Between 1 and 5 years | Between 5 and 10 years | Total | Within 1 year | Between 1 and 5 years | Between 5 and 10 years | Total
Nominal amount (tonnes) | 73,117 | 286,455 | — | 359,572 | 72,617 | 289,801 | 66,268 | 428,686
Nominal amount (US$ millions) | 174 | 716 | — | 890 | 169 | 711 | 170 | 1,050
Average hedged rate (US$ per tonne) | 2,382 | 2,498 | — | 2,474 | 2,331 | 2,452 | 2,564 | 2,449

Annual Report on Form 20-F 2024 | 204 | riotinto.com

Financial statements | Notes to the consolidated financial statements
24 Financial instruments and risk management continued
The impact on our financial statements of these hedging instruments and hedging items are:

| Aluminium embedded derivatives separated from the power contract (hedging instrument)(a) | Highly probable forecast aluminium sales (hedged item)
| Nominal US$m | Carrying amount US$m | Change in fair value in the period US$m | Cash flow hedge reserve(b) US$m | Change in fair value in the period US$m | Total hedging gains/(losses) recognised in reserves US$m | Hedge ineffective- ness in the period (losses)/ gains(c) US$m | Losses/ (gains) reclassified from reserves to income statement(d) US$m
2024 | 890 | (113) | 42 | (39) | (26) | 42 | – | 5
2023 | 1,050 | (174) | 3 | (91) | (16) | (1) | 4 | (2)

(a)Aluminium embedded derivatives (forward contracts and options) are contained within certain aluminium smelter electricity purchase contracts. The carrying amount of US$113 million (2023:
US$174 million) is shown within “Other financial assets and liabilities”.
(b)The difference between this amount and the total cash flow hedge reserve of the Group (shown in note 35) relates to our cash flow hedge on the sterling bond (refer to interest rate risk
section).
(c)Hedge ineffectiveness is included in “net operating costs” (within “raw materials, consumables, repairs and maintenance” - refer to note 7) in the income statement.
(d)On realisation of the hedge, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement.
There was no cost of hedging recognised in 2024 (2023: no cost) relating to this hedging relationship.
Sensitivity analysis
Our commodity derivatives are impacted by changes in market prices. The table below summarises the impact that changes in aluminium
market prices have on aluminium forward and option contracts embedded in power supply agreements outstanding at 31 December 2024. Any
change in price will result in an offsetting change in our future earnings.

| Change in market prices | 2024 US$m | 2023 US$m
Effect on net earnings | +10% | (42) | (52)
(10)% | 69 | 67
Effect on equity | +10% | (68) | (81)
(10)% | 42 | 70

We exclude our “own use contracts” from this sensitivity analysis as they are outside the scope of IFRS 9. Our business units continue to hold
these types of contracts to satisfy their expected purchase, sale or usage requirements.

| Impact of climate change on our business - renewable power purchase agreements in Queensland, New Zealand and the USA As part of the program to develop renewable energy solutions for our Queensland aluminium assets, in 2023 and 2024, we entered into long-term renewable 2.2GW PPAs to buy renewable electricity and associated carbon credits to be generated in the future from the Upper Calliope solar farm and the Bungaban wind farm. In 2024, our New Zealand Aluminium Smelters signed long term PPAs with electricity generators for a total of 572MW of hydro electricity. We also signed a PPA with the Monte Cristo wind farm in the US. These contracts are recorded as derivatives, with net unrealised losses of US$111 million recognised in the current year (2023: US$nil) and require complex derivative measurement over the contract’s term categorised under level 3 with significant unobservable inputs related to future energy prices. A 10% increase in forecast electricity prices over the remaining term of the contracts would result in a US$499 million increase in fair value and a 10% decrease in forecast electricity prices would result in a US$500 million decrease in fair value. |

(v) Foreign exchange risk
The broad geographic spread of our sales and operations means that our earnings, cash flows and shareholders’ equity are influenced by a
wide variety of currencies. The majority of our sales are denominated in USD.
Our operating costs are influenced by the currencies of those countries where our mines and processing plants are located, and by those
currencies in which we buy imported equipment and services. The USD, the Australian dollar (AUD) and the Canadian dollar (CAD) are the most
important currencies influencing our costs. In any particular year, currency fluctuations may have a significant impact on our financial results. A
strengthening of the USD against the currencies in which our costs are partly denominated has a positive effect on our net earnings. However, a
strengthening of the USD reduces the value of non-USD denominated net assets, and therefore total equity.
In most cases, our debt and other financial assets and liabilities, including intragroup balances, are held in the functional currency of the relevant
subsidiary. There are instances where these balances are held in currencies other than the functional currency of the relevant subsidiary. This means
we recognise exchange gains and losses in our income statement (except where they can be taken to equity) as these balances are translated into
the functional currency of the relevant subsidiary. Our income statement also includes exchange gains and losses arising on USD net debt and
intragroup balances. On consolidation, these balances are retranslated to our USD presentational currency and there is a corresponding and
offsetting exchange difference recognised directly in the currency translation reserve. There is no impact on total equity.
Under normal market conditions, we do not consider that active currency hedging of transactions would provide long-term benefits to
shareholders. We review our exposure on a regular basis and will undertake hedging if deemed appropriate. We may deem currency protection
measures appropriate in specific commercial circumstances. Capital expenditures and other significant financial items such as acquisitions,
disposals, tax and dividend cash flows may be economically hedged.

Annual Report on Form 20-F 2024 | 205 | riotinto.com

Financial statements | Notes to the consolidated financial statements
24 Financial instruments and risk management continued
Sensitivity analysis
The table below shows the estimated retranslation effect on financial assets and financial liabilities at 31 December, including intragroup
balances, of a 10% strengthening in the closing exchange rate of the USD against significant currencies. We deem 10% to be the annual
exchange rate movement that is reasonably probable (on an annual basis over the long run) for any of our significant currencies and therefore
an appropriate representation for the sensitivity analysis.

| 2024 | 2023
Currency exposure | Closing exchange rate US cents | Effect on net earnings US$m | Impact directly on equity US$m | Closing exchange rate US cents | Effect on net earnings US$m | Impact directly on equity US$m
Australian dollar | 62 | 391 | (977) | 69 | 228 | (1,036)
Canadian dollar | 70 | (362) | – | 76 | (361) | –

We calculate sensitivities in relation to the functional currencies of our individual entities. We translate the impact of these on net earnings into
USD at the exchange rates on which the sensitivities are based. The impact to net earnings associated with a 10% weakening of a particular
currency, shown above, is broadly offset within equity through movements in the currency translation reserve and therefore generally has no
impact on our net assets. The offsetting currency translation movement is not shown in the table above. The impact is expressed in terms of the
effect on net earnings and equity, assuming that each exchange rate moves in isolation. The sensitivities are based on financial assets and
financial liabilities held at 31 December, where balances are not denominated in the functional currency of the subsidiary or joint operation, and
exclude financial assets and liabilities held by equity accounted units. These balances will not remain constant throughout 2025 and, therefore,
this illustrative information should be used with caution.
Valuation hierarchy of financial instruments carried at fair value on a recurring basis
The table below shows the classifications of our financial instruments by valuation method in accordance with IFRS 13 “Fair Value
Measurement” at 31 December.
All instruments shown as being held at fair value have been classified as fair value through the profit and loss unless specifically footnoted.

|  | 2024 | 2023
|  | Held at fair value | Held at amortised cost US$m | Total US$m | Held at fair value | Held at amortised cost US$m | Total US$m
| Note | Level 1(a) US$m | Level 2(b) US$m | Level 3(c) US$m | Level 1(a) US$m | Level 2(b) US$m | Level 3(c) US$m
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents(d) | 22 | 4,893 | – | – | 3,602 | 8,495 | 2,722 | – | – | 6,951 | 9,673
Investments in equity shares and funds(e) | 23 | 96 | – | 183 | – | 279 | 85 | – | 96 | – | 181
Other investments, including loans(f) | 23 | 230 | – | 275 | 104 | 609 | 896 | – | 228 | 153 | 1,277
Trade and other financial receivables(g) | 17 | 15 | 1,379 | – | 1,948 | 3,342 | 9 | 1,383 | – | 1,851 | 3,243
Loans to equity accounted units | 23 | – | – | – | 509 | 509 | – | – | – | – | –
Forward contracts and option contracts: designated as hedges(h) | 23 | – | – | 27 | – | 27 | – | – | – | – | –
Forward, option and embedded derivatives contracts, not designated as hedges(h) | 23 | – | 42 | 19 | – | 61 | – | 28 | 26 | – | 54
Derivatives related to net debt(i) | 23 | – | 24 | – | – | 24 | – | 87 | – | – | 87
Liabilities |  |  |  |  |  |  |  |  |  |  |
Trade and other financial payables(j) | 18 | – | (144) | – | (6,392) | (6,536) | – | (47) | – | (6,277) | (6,324)
Forward, option and embedded derivatives contracts, designated as hedges(h) | 23 | – | – | (180) | – | (180) | – | – | (174) | – | (174)
Forward, option and embedded derivatives contracts, not designated as hedges(h) | 23 | – | (48) | (108) | – | (156) | – | (63) | (29) | – | (92)
Derivatives related to net debt(i) | 23 | – | (367) | – | – | (367) | – | (516) | – | – | (516)

(a)Valuation is based on unadjusted quoted prices in active markets for identical financial instruments.
(b)Valuation is based on inputs that are observable for the financial instruments, which include quoted prices for similar instruments or identical instruments in markets which are not considered
to be active, or inputs, either directly or indirectly based on observable market data.

Annual Report on Form 20-F 2024 | 206 | riotinto.com

Financial statements | Notes to the consolidated financial statements
24 Financial instruments and risk management continued
(c)Valuation is based on inputs that cannot be observed using market data (unobservable inputs). The change in valuation of our level 3 instruments for the year to 31 December is as follows.

| 2024 | 2023
Level 3 financial assets and liabilities | US$m | US$m
Opening balance | 147 | 131
Currency translation adjustments | (12) | (2)
Total realised gains/(losses) included in: |  |
– consolidated sales revenue | – | 12
– net operating costs | (32) | (18)
Total unrealised gains included in: |  |
– net operating costs | 22 | 43
Total unrealised gains/(losses) transferred into other comprehensive income through cash flow hedges | 34 | (1)
Additions to financial assets | 88 | 29
Disposals/maturity of financial instruments | (31) | (47)
Closing balance | 216 | 147
Net gains included in the income statement for assets and liabilities held at year end | 3 | 31

(d)Our Cash and cash equivalents of US$8,495 million (2023: US$9,673 million), includes US$4,893 million (2023: US$2,722 million) relating to money market funds which are treated as
FVTPL under IFRS 9 with the fair value movements reported as finance income.
(e)Investments in equity shares and funds include US$221 million (2023: US$157 million) of equity shares, not held for trading, where we have irrevocably elected to present fair value gains
and losses on revaluation in other comprehensive income. The election is made at an individual investment level.
(f)Other investments, including loans, covers cash deposits in rehabilitation funds, government bonds, managed investment funds and royalty receivables.
(g)Trade receivables include provisionally priced invoices. The related revenue is initially based on forward market selling prices for the quotation periods stipulated in the contracts with
changes between the provisional price and the final price recorded separately within “Other revenue”. The selling price can be measured reliably for the Group's products, as it operates in
active and freely traded commodity markets. At 31 December 2024, US$1,374 million (2023: US$1,362 million) of provisionally priced receivables were recognised.
(h)Level 3 derivatives mainly consist of derivatives embedded in electricity purchase contracts linked to the LME, midwest premium and billet premium with terms expiring between 2025 and
2036 (2023: 2025 and 2036). Derivatives related to renewable power purchase agreements are linked to forward electricity prices with terms expiring between 2026 and 2054.
(i)Net debt derivatives include interest rate swaps and cross-currency swaps. As part of the International Swaps and Derivatives Association (ISDA) Fallbacks Protocol, on 1 July 2023 we
completed the transition of our US LIBOR derivatives to SOFR on cessation of US LIBOR at 30 June 2023. There was no impact on our hedging arrangements after taking into account the
IFRS 9 IBOR reform reliefs.
(j)Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units within note 18.
There were no material transfers between level 1 and level 2, or between level 2 and level 3 in the current or prior year.
Valuation techniques and inputs
The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below:

| 2024 | 2023 |  |
Description | Fair value US$m | Fair value US$m | Valuation technique | Significant inputs
Level 2 |  |  |  |
Interest rate swaps | (156) | (163) | Discounted cash flows | –Applicable market quoted swap yield curves –Credit default spread
Cross-currency interest rate swaps | (187) | (266) | Discounted cash flows | –Applicable market quoted swap yield curves –Credit default spread –Market quoted FX rate
Provisionally priced receivables | 1,374 | 1,362 | Closely related listed product | –Applicable forward quoted metal price
Level 3 |  |  |  |
Renewable power purchase agreements | (111) | – | Discounted cash flows | –Forward electricity price –Energy volume
Derivatives embedded in electricity contracts | (132) | (186) | Option pricing model | –LME forward aluminium price –Midwest premium and billet premium
Royalty receivables | 252 | 214 | Discounted cash flows | –Forward commodity price –Mine production

Sensitivity analysis in respect of level 3 financial instruments
For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable inputs on carrying value has been calculated
using a movement that we deem to be reasonably probable.
Net derivative liabilities related to our renewable power purchase agreements have a fair value of US$111 million at 31 December 2024 (2023:
nil). The fair value is calculated as the present value of the future contracted cash flows using risk-adjusted forecast prices including credit
adjustments. A 10% increase in forecast electricity prices over the remaining term of the contracts would result in a US$499 million increase in
fair value and a 10% decrease in forecast electricity prices would result in a US$500 million decrease in fair value.
To value long-term aluminium embedded power derivatives, we use unobservable inputs when the term of the derivative extends beyond
observable market prices. Changing the level 3 inputs to reasonably possible alternative assumptions does not change the fair value
significantly, taking into account the expected remaining term of contracts for either reported period. The fair value of these derivatives is a net
liability of US$132 million at 31 December 2024 (2023: US$186 million).

Annual Report on Form 20-F 2024 | 207 | riotinto.com

Financial statements | Notes to the consolidated financial statements
24 Financial instruments and risk management continued

| Impact of climate change on our business - coal royalty receivables At 31 December 2024, royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$252 million (2023: US$214 million). These are classified as “Other investments, including loans” within note 23. The fair values are determined using level 3 unobservable inputs. These royalty receivables include US$96 million from forecast production beyond 2030. These have not been adjusted for potential changes in production rates that could occur due to climate change targets impacting the operator. The main unobservable input is the long-term coal price used over the life of these royalty receivables. A 15% increase in the coal spot price would result in a US$24 million increase (2023: US$64 million) in the carrying value. A 15% decrease in the coal spot price would result in a US$61 million decrease (2023: US$39 million) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). |

Fair values disclosure of financial instruments
The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which
approximates their fair value at 31 December. The fair values of some of our financial instruments approximate their carrying values because of
their short maturity, or because they carry floating rates of interest.

| 2024 | 2023
| Carrying value US$m | Fair value US$m | Carrying value US$m | Fair value US$m
Listed bonds | 8,137 | 7,702 | 8,607 | 8,672
Oyu Tolgoi project finance | 3,852 | 4,103 | 3,850 | 4,090
Other | 453 | 416 | 544 | 494
Total borrowings (including overdrafts) | 12,442 | 12,221 | 13,001 | 13,256

Borrowings relating to listed bonds are categorised as level 1 in the fair value hierarchy while those relating to project finance drawn down by
Oyu Tolgoi use a number of level 3 valuation inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows
with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy.

Annual Report on Form 20-F 2024 | 208 | riotinto.com

Financial statements | Notes to the consolidated financial statements
Our people
Summarised below are the key financial metrics relating to our people.
25 Average number of employees

| Subsidiaries and joint operations | Equity accounted units (Rio Tinto share)
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Principal locations of employment: |  |  |  |  |  |
Australia and New Zealand | 25,098 | 25,045 | 23,829 | 858 | 725 | 704
Canada | 14,157 | 13,864 | 13,344 | 50 | 5 | —
UK | 366 | 323 | 202 | – | — | —
Europe | 875 | 912 | 994 | 24 | 25 | —
Africa | 3,567 | 3,180 | 2,797 | 1,293 | 1,176 | 1,218
US | 4,113 | 3,973 | 3,655 | 311 | 58 | —
Mongolia | 4,962 | 4,700 | 4,175 | – | — | —
South America | 449 | 389 | 286 | 1,497 | 1,414 | 1,383
India | 1,183 | 611 | 396 | – | — | —
Singapore | 486 | 469 | 454 | – | – | –
Other countries(a) | 305 | 305 | 289 | – | – | –
Total | 55,561 | 53,771 | 50,421 | 4,033 | 3,403 | 3,305

(a)“Other countries” primarily includes employees in the Middle East (excluding Oman which is included in Africa), and other countries in Asia which are not shown separately in the
table above.
Employee numbers, which represent the average for the year, include 100% of employees of subsidiary companies. Employee numbers for joint
operations and equity accounted units are proportional to the Group’s interest under contractual agreements. Average employee numbers
include a part-year effect for companies acquired or disposed of during the year.
Part-time employees are included on a full-time-equivalent basis. Temporary employees are included in employee numbers.
People employed by contractors are not included.
26 Employment costs and provisions

| Note | 2024 US$m | 2023 US$m | 2022 US$m
Total employment costs |  |  |  |
– Wages and salaries |  | 6,004 | 5,625 | 5,115
– Social security costs |  | 461 | 470 | 425
– Net post-retirement charge | 28 | 605 | 449 | 559
– Share-based payment charge | 27 | 172 | 144 | 122
|  | 7,242 | 6,688 | 6,221
Less: charged within movement in provisions (see below) |  | (187) | (52) | (219)
Total employment costs | 7 | 7,055 | 6,636 | 6,002

| 2024 | 2023
Employment provisions | Pensions and post-retirement healthcare(a) US$m | Other employee entitlements(b) US$m | Total US$m | Total US$m
At 1 January | 1,189 | 369 | 1,558 | 1,658
Adjustment on currency translation | (48) | (35) | (83) | 32
Charged/(credited) to profit: |  |  |  |
–increases to existing and new provisions | 91 | 108 | 199 | 78
–unused amounts reversed | – | (12) | (12) | (26)
Utilised in year | (75) | (58) | (133) | (277)
Remeasurement (gains)/losses recognised in other comprehensive income | (94) | – | (94) | 102
Transfers and other movements | – | 21 | 21 | (9)
At 31 December | 1,063 | 393 | 1,456 | 1,558
Balance sheet analysis: |  |  |  |
Current | 68 | 291 | 359 | 361
Non-current | 995 | 102 | 1,097 | 1,197
Total employment provisions | 1,063 | 393 | 1,456 | 1,558

(a)The main assumptions used to determine the provision for pensions and post-retirement healthcare, and other information, including the expected level of future funding payments in respect
of those arrangements, are given in note 28.
(b)The provision for other employee entitlements includes a provision for long service leave of US$313 million (2023: US$296 million), based on the relevant entitlements in certain Group
operations, and includes US$24 million (2023: US$17 million) of provision for redundancy and severance payments.

Annual Report on Form 20-F 2024 | 209 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
27 Share-based payments
The Rio Tinto plc and Rio Tinto Limited share-based incentive plans
are as follows.
UK Share Plan
The fair values of Matching and Free share awards are the market
value of the shares on the date of award. The awards are settled in
equity.
Equity Incentive Plan
Since 2018, all long-term incentive awards have been granted under
the 2018 Equity Incentive Plans which allow for awards in the form of
Performance Share Awards (PSA), Management Share Awards
(MSA) and Bonus Deferral Awards (BDA) to be granted. In general,
these awards will be settled in equity, including the dividends
accumulated from date of award to vesting and therefore the awards
are accounted for in accordance with the requirements applying to
equity-settled share-based payment transactions.
Performance Share Awards
The vesting of these awards is dependent on service conditions being
met; performance conditions apply.
Awards granted in previous years (since 2018) are subject to a Total
Shareholder Return (TSR) performance condition. Awards granted in
2024 are subject to both a TSR performance condition (80%
weighting), and a decarbonisation measure (20% weighting). The fair
value of the awards subject to a TSR performance condition is
calculated using a Monte Carlo simulation model. For the part of the
awards subject to a decarbonisation target, as this is a non-market
related performance condition, the fair value is reviewed at each
accounting date, based on the prevailing projected outcome.
Forfeitures prior to vesting are assumed at 5% per annum of
outstanding awards (2023: 5% per annum).
Management Share Awards
The vesting of these awards is dependent on service conditions being
met; no performance conditions apply.
The fair value of each award on the day of grant is based on the
share price on the day of grant. Forfeitures prior to vesting are
assumed at 7% per annum of outstanding awards (2023: 7% per
annum).
Bonus Deferral Awards
Bonus Deferral Awards provide for the mandatory deferral of 50% of
the bonuses for Executive Directors and Executive Committee
members.
The vesting of these awards is dependent only on service conditions
being met. The fair value of each award is based on the share price
on the day of grant. Forfeitures prior to vesting are assumed at 3%
per annum of outstanding awards (2023: 3% per annum).
Global Employee Share Plans
The Global Employee Share Plans were re-approved by shareholders
in 2021. Under these plans, the companies provide a Matching share
award for each Investment share purchased by a participant. The
vesting of Matching awards is dependent on service conditions being
met and the continued holding of Investment shares by the participant
until vesting. These awards are settled in equity including the
dividends accumulated from date of award to vesting. The fair value
of each Matching share on the day of grant is equal to the share price
on the date of purchase less a deduction of 15% (5% per annum) for
estimated cancellations (caused by employees withdrawing their
Investment shares prior to vesting) in addition to a deduction for
forfeitures prior to vesting which are assumed at 5% per annum of
outstanding awards (2023: 5% per annum).
The PSA, MSA, BDA and awards under the Global Employee Share
Plans and UK Share Plan together represent 100% (2023: 100%) of
the total IFRS 2 “Share-based Payment” charge for Rio Tinto plc and
Rio Tinto Limited plans in 2024.
Recognition and measurement
These plans are accounted for in accordance with the fair value
recognition provisions of IFRS 2.
The fair value of the Group’s share plans is recognised as an expense
over the expected vesting period with an offset to retained earnings
for Rio Tinto plc plans and to other reserves for Rio Tinto Limited
plans.
The Group uses fair values provided by independent actuaries
calculated using a Monte Carlo simulation model where required.
The terms of each plan are considered at the balance sheet date to
determine whether the plan should be accounted for as equity-settled
or cash-settled. The Group does not operate any material plans as
cash-settled although certain awards can be settled in cash at the
discretion of the Directors or where settling awards in equity is
challenging or prohibited by local laws and regulations. The value of
these awards is immaterial.
The Group’s equity-settled share plans are settled either by the
issuance of shares by the relevant parent company; the purchase of
shares on market; or the use of shares held in treasury. If the cost of
shares acquired to satisfy the plans differs from the expense charged,
the difference is taken to retained earnings or other reserves, as
appropriate.
The charge that has been recognised in the income statement for Rio Tinto’s share-based incentive plans, and the related liability (for cash-
settled awards), is set out in the table below.

| Charge recognised for the year | Liability at the end of the year
| 2024 US$m | 2023 US$m | 2022 US$m | 2024 US$m | 2023 US$m
Equity-settled awards | 170 | 140 | 117 | – | –
Cash-settled awards | 2 | 4 | 5 | 5 | 6
Total | 172 | 144 | 122 | 5 | 6

Annual Report on Form 20-F 2024 | 210 | riotinto.com

Financial statements | Notes to the consolidated financial statements
27 Share-based payments continued
Performance Share Awards (granted under either the Performance Share Plans or the Equity Incentive Plans)

| Rio Tinto plc awards | Rio Tinto Limited awards
| 2024 number | Weighted average fair value at grant date 2024 £ | 2023 number | Weighted average fair value at grant date 2023 £ | 2024 number | Weighted average fair value at grant date 2024 A$ | 2023 number | Weighted average fair value at grant date 2023 A$
Unvested awards at 1 January | 2,596,811 | 24.34 | 2,903,449 | 24.36 | 1,011,192 | 54.74 | 1,040,240 | 52.51
Awarded | 1,077,110 | 28.22 | 562,747 | 28.40 | 579,982 | 67.34 | 287,714 | 61.66
Forfeited | (77,417) | 27.33 | (166,376) | 27.94 | (35,737) | 60.05 | (28,789) | 51.91
Failed performance conditions | (38,101) | 24.68 | – | – | (11,058) | 54.55 | – | –
Vested | (801,809) | 24.52 | (703,009) | 26.84 | (175,600) | 54.55 | (287,973) | 53.88
Unvested awards at 31 December | 2,756,594 | 25.71 | 2,596,811 | 24.34 | 1,368,779 | 59.97 | 1,011,192 | 54.74

| Rio Tinto plc awards | Rio Tinto Limited awards
| 2024 number | Weighted average share price at vesting 2024 £ | 2023 number | Weighted average share price at vesting 2023 £ | 2024 number | Weighted average share price at vesting 2024 A$ | 2023 number | Weighted average share price at vesting 2023 A$
Vested awards settled in shares during the year (including dividend shares applied on vesting) | 924,836 | 51.12 | 767,439 | 59.21 | 143,996 | 124.24 | 238,405 | 122.58
Vested awards settled in cash during the year (including dividend shares applied on vesting) | 111,446 | 51.70 | 181,492 | 58.36 | 83,388 | 124.36 | 140,690 | 123.40

In addition to the equity-settled awards shown above, there were 41,164 Rio Tinto plc and 25,792 Rio Tinto Limited cash-settled awards
outstanding at 31 December 2024 (2023: 24,365 Rio Tinto plc and 19,881 Rio Tinto Limited cash-settled awards outstanding). The total liability
for these awards at 31 December 2024 was US$1 million (2023: US$1 million).
Management Share Awards, Bonus Deferral Awards (granted under the Equity Incentive Plans), Global Employee
Share Plans and UK Share Plan (combined)

| Rio Tinto plc awards(a) | Rio Tinto Limited awards
| 2024 number | Weighted average fair value at grant date 2024 £ | 2023 number | Weighted average fair value at grant date 2023 £ | 2024 number | Weighted average fair value at grant date 2024 A$ | 2023 number | Weighted average fair value at grant date 2023 A$
Unvested awards at 1 January(b) | 2,810,128 | 50.36 | 2,585,679 | 47.22 | 2,580,993 | 103.11 | 2,340,705 | 95.27
Awarded | 1,360,676 | 46.54 | 1,298,578 | 49.59 | 1,189,754 | 110.96 | 1,159,498 | 107.86
Forfeited | (115,973) | 47.67 | (113,473) | 57.02 | (152,069) | 106.75 | (144,531) | 102.40
Cancelled | (94,111) | 44.97 | (71,160) | 46.21 | (70,514) | 98.85 | (61,993) | 93.15
Vested | (909,986) | 52.00 | (889,496) | 39.59 | (767,686) | 105.79 | (712,686) | 86.09
Unvested awards at 31 December(b) | 3,050,734 | 48.43 | 2,810,128 | 50.36 | 2,780,478 | 105.64 | 2,580,993 | 103.11
Comprising: |  |  |  |  |  |  |  |
–Management Share Awards | 1,337,860 | 52.10 | 1,321,207 | 54.05 | 1,228,291 | 115.71 | 1,211,757 | 113.03
–Bonus Deferral Awards | 74,844 | 50.75 | 102,388 | 55.64 | 39,652 | 117.82 | 56,597 | 113.90
–Global Employee Share Plan | 1,593,851 | 45.11 | 1,350,559 | 46.22 | 1,512,535 | 97.14 | 1,312,639 | 93.50
–UK Share Plan | 44,179 | 53.25 | 35,974 | 54.68 | – | – | – | –
Unvested awards at 31 December(b) | 3,050,734 | 48.43 | 2,810,128 | 50.36 | 2,780,478 | 105.64 | 2,580,993 | 103.11

(a)Awards of Rio Tinto American Depositary Receipts (ADRs) under the Global Employee Share Plan are included within the totals for Rio Tinto plc awards for the purpose of these tables.
(b)These numbers are presented and calculated in accordance with IFRS 2 and represent awards for which an IFRS 2 charge continues to be accrued for.

Annual Report on Form 20-F 2024 | 211 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
27 Share-based payments continued

| Rio Tinto plc awards(a) | Rio Tinto Limited awards
| 2024 number | Weighted average share price at vesting 2024 £ | 2023 number | Weighted average share price at vesting 2023 £ | 2024 number | Weighted average share price at vesting 2024 A$ | 2023 number | Weighted average share price at vesting 2023 A$
Vested awards settled in shares during the year (including dividend shares applied on vesting): |  |  |  |  |  |  |  |
–Management Share Awards | 569,907 | 51.97 | 537,748 | 57.86 | 458,429 | 123.92 | 476,813 | 121.87
–Bonus Deferral Awards | 90,422 | 50.18 | 87,475 | 55.43 | 44,477 | 119.53 | 23,569 | 123.91
–Global Employee Share Plan | 431,973 | 51.59 | 493,187 | 55.05 | 401,915 | 120.73 | 374,232 | 118.12
–UK Share Plan | 7,403 | 51.56 | 6,791 | 53.28 | – | – | – | –
Vested awards settled in cash during the year (including dividend shares applied on vesting): |  |  |  |  |  |  |  |
–Bonus Deferral Awards | – | – | – | – | – | – | – | –

(a)Awards of Rio Tinto American Depositary Receipts (ADRs) under the Global Employee Share Plan are included within the totals for Rio Tinto plc awards for the purpose of these tables.
In addition to the equity-settled awards shown above, there were 88,637 Rio Tinto plc and 5,232 Rio Tinto Limited cash-settled awards
outstanding at 31 December 2024 (2023: 90,331 Rio Tinto plc and 7,913 Rio Tinto Limited cash-settled awards outstanding). The total liability for
these awards at 31 December 2024 was US$4 million (2023: US$5 million).
28 Post-retirement benefits
Description of plans
The Group operates a number of pension and post-retirement healthcare plans which provide lump sums, pensions, medical benefits and life
insurance to retirees. Some of these plans are defined contribution and some are defined benefit, with assets held in separate trusts,
foundations and similar entities.
Defined benefit pension and post-retirement healthcare plans expose the Group to a number of risks.

Uncertainty in benefit payments | The value of the Group’s liabilities for post-retirement benefits will ultimately depend on the amount of benefits paid out. This in turn will depend on the level of future pay increases, the level of inflation (for those benefits that are subject to some form of inflation protection) and how long individuals live.
Volatility in asset values | The Group is exposed to future movements in the values of assets held in pension plans to meet future benefit payments.
Uncertainty in cash funding | Movements in the values of the obligations or assets may result in the Group being required to provide higher levels of cash funding, although changes in the level of cash required can often be spread over a number of years. In some countries control over the rate of cash funding or over the investment policy for pension assets might rest to some extent with a trustee body or other body that is not under the Group’s direct control. In addition the Group is also exposed to adverse changes in pension regulation.

For these reasons, the Group has a policy of moving away from defined benefit pension provisions and towards defined contribution
arrangements. The defined benefit pension plans for non-unionised employees are closed to new entrants in all countries. For unionised
employees, some plans remain open.
The Group does not usually participate in multi-employer plans in which the risks are shared with other companies using those plans. The
Group’s participation in such plans is immaterial and therefore no detailed disclosures are provided in this note.

Annual Report on Form 20-F 2024 | 212 | riotinto.com

Financial statements | Notes to the consolidated financial statements
28 Post-retirement benefits continued
Pension plans
The majority of the Group’s defined benefit pension obligations are in Canada, the UK, the US and Switzerland. In Australia the main
arrangements are principally defined contribution in nature, but there are sections providing defined benefits linked to final pay. The features of
the Group’s defined benefit pension obligations are summarised as follows.

| Calculation of benefit | Regulatory requirements | Governing body
Canada | Linked to final average pay for non-unionised employees. For unionised employees linked to final average pay or to a flat monetary amount per year of service. | Regulatory requirements in the relevant provinces and territories (predominantly Quebec). | Pension committee, a number of members are appointed by the sponsor and a number appointed by plan participants. In some cases, independent committee members are also appointed.
UK | Linked to final pay, subject to an earnings cap. | Regulatory requirements that apply to UK pension plans. | Trustee board, a number of directors appointed by the sponsor and a number appointed by plan participants and an independent trustee director.
US | Linked to final average pay for non-unionised employees and to a flat monetary amount per year of service for unionised employees. | US regulations. | Benefit Governance Committee. Members are appointed by the sponsor.
Switzerland | Linked to final average pay. | Swiss regulations. | Trustee board. Members are appointed by the plan sponsor, by employees and by retirees.
Australia | Linked to final pay and typically paid in lump sum form. | Local regulations in Australia. | An independent financial institution. One-third of the board positions are nominated by employers. Remaining positions are filled by independent directors and directors nominated by participants.

The Group also operates a number of unfunded defined benefit plans, which are included in the reported defined benefit obligations.
Post-retirement healthcare plans
Certain subsidiaries of the Group, mainly in the US and Canada, provide healthcare and life insurance benefits to retired employees and in
some cases to their beneficiaries and covered dependants. Eligibility for coverage is dependent upon certain age and service criteria. These
arrangements are unfunded, and are included in the reported defined benefit obligations.
Recognition and measurement
For post-employment defined benefit schemes, in accordance with IAS 19 “Employee Benefits”, local actuaries calculate the fair value of the
plan assets and the present value of the plan obligations using a variety of valuation techniques dependent on the type of asset or liability. The
difference is recognised as an asset or liability in the balance sheet.
Where appropriate, the recognition of assets may be restricted to the present value of any amounts the Group expects to recover by way of
refunds from the plan or reductions in future contributions. In determining the extent to which a refund will be available the Group considers
whether any third party, such as a trustee or pension committee, has the power to enhance benefits or to wind up a pension plan without the
Group’s consent.
The current service cost, any past service cost and the effect of any curtailment or settlements and the interest cost less interest income on
assets held in the plans are recognised in the income statement. Actuarial gains/(losses) and returns from assets are recognised in other
comprehensive income.
The Group’s contributions to defined contribution plans are charged to the income statement in the period to which the contributions relate.
All amounts charged to the income statement in respect of these plans are included within “Net operating costs” or in “Share of profit after tax of
equity accounted units”, as appropriate.
Plan assets
The assets of the pension plans are invested predominantly in a diversified range of bonds, equities, property and qualifying insurance policies.
Consequently, the funding level of the pension plans is affected by movements in interest rates and also in the level of equity markets. The
Group monitors its exposure to changes in interest rates and equity markets and also measures its balance sheet pension risk using a value at
risk approach. These measures are considered when deciding whether significant changes in investment strategy are required.
Investment strategy reviews are conducted on a periodic basis to determine the optimal investment mix. This is performed while bearing in mind
the risk tolerance of the Group and local sponsor companies, and the views of the Pension Committees and trustee boards who are legally
responsible for the plans’ investments. The assets of the pension plans may also be invested in qualifying insurance policies which provide a
stream of payments to match the benefits being paid out by the plans. This would therefore remove the investment, inflation and longevity risks.

Annual Report on Form 20-F 2024 | 213 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
28 Post-retirement benefits continued
In Canada, the UK and Switzerland, the Group works with the governing bodies to ensure that the investment policy adopted is consistent with
the Group’s tolerance for risk. In the US, the Group has direct control over the investment policy, subject to local investment regulations. The
proportions of the total fair value of assets in the pension plans for each asset class at 31 December were as follows.

| 2024 | 2023
Equities | 17.6% |  | 16.6% |
–Quoted(a) |  | 11.1% |  | 11.1%
–Private(b) |  | 6.5% |  | 5.5%
Bonds(c) | 47.7% |  | 47.4% |
–Government fixed income |  | 21.0% |  | 21.6%
–Government inflation-linked |  | 1.6% |  | 1.6%
–Corporate and other publicly quoted |  | 17.5% |  | 16.5%
–Private |  | 7.6% |  | 7.7%
Property(d) | 6.9% |  | 8.7% |
–Quoted property funds |  | 2.2% |  | 2.5%
–Unquoted property funds |  | 4.7% |  | 6.2%
Qualifying insurance policies(e) | 24.3% |  | 24.9% |
Cash and other(f)(g) | 3.5% |  | 2.4% |
Total | 100.0% |  | 100.0% |

(a)The holdings of quoted equities are invested in either pooled funds or segregated accounts held in the name of the relevant pension funds. These equity portfolios are well diversified in
terms of the geographic distribution and market sectors.
(b)Investments in private equity, private debt and property are less liquid than the other investment classes listed above and therefore the Group’s investment in those asset classes is restricted
to a level that does not endanger the liquidity of the pension plans.
(c)The holdings of government bonds are generally invested in the debt of the country in which a pension plan is situated. Corporate and other quoted bonds are usually of investment grade.
Private debt is mainly held in the North American and UK pension funds and is invested in North American and European companies.
(d)The property funds held by pension plans are invested in a diversified range of properties.
(e)Qualifying insurance policies are held with insurance companies that are regulated by the relevant local authorities. The value of those policies is calculated by the local actuaries using
assumptions consistent with those adopted for valuing the insured obligations.
(f)The holdings of cash and other are predominantly cash and short-term money market instruments.
(g)The Group makes limited use of futures, repurchase agreements and other instruments to manage the interest rate risk in some of its plans. Fund managers may also use derivatives to
hedge currency movements within their portfolios and, in the case of bond managers, to take positions that could be taken using direct holdings of bonds but more efficiently. Exposure to
these instruments is closely monitored and maintained at a level that does not endanger the liquidity of any pension plan.
The assets of the plans are managed on a day-to-day basis by external specialist fund managers. These managers may invest in the Group’s
securities subject to limits imposed by the relevant fiduciary committees and local legislation. The approximate total holding of Group securities
within the plans is US$1 million (2023: US$2 million).
Maturity of defined benefit obligations
An approximate analysis of the maturity of the obligations is given in the table below.

| Pension benefits | Other benefits | 2024 Total | 2023 Total | 2022 Total
Proportion relating to current employees | 19% | 15% | 18% | 17% | 18%
Proportion relating to former employees not yet retired | 9% | —% | 9% | 9% | 9%
Proportion relating to retirees | 72% | 85% | 73% | 74% | 73%
Total | 100% | 100% | 100% | 100% | 100%
Average duration of obligations (years) | 11.5 | 11.5 | 11.5 | 10.8 | 11.4

Most of the Group’s defined benefit pension plans are closed to new entrants, therefore the carrying value of the Group’s post-employment
obligations is less sensitive to assumptions about future salary increases than to other assumptions such as future inflation.
Geographical distribution of defined benefit obligations
An approximate analysis of the geographic distribution of the obligations is given in the table below:

| Pension benefits | Other benefits | 2024 Total | 2023 Total | 2022 Total
Canada | 58% | 50% | 58% | 57% | 58%
UK | 26% | 2% | 24% | 25% | 24%
US | 8% | 45% | 10% | 10% | 10%
Switzerland | 6% | —% | 6% | 6% | 6%
Other | 2% | 3% | 2% | 2% | 2%
Total | 100% | 100% | 100% | 100% | 100%

Annual Report on Form 20-F 2024 | 214 | riotinto.com

Financial statements | Notes to the consolidated financial statements
28 Post-retirement benefits continued
Total expense recognised in the income statement

| Pension benefits US$m | Other benefits US$m | 2024 Total US$m | 2023 Total US$m | 2022 Total US$m
Current employer service cost for defined benefit plans | (80) | (3) | (83) | (79) | (143)
Past service (cost)/credit | (9) | (3) | (12) | 87 | –
Net interest on net defined benefit liability | (2) | (30) | (32) | (21) | (36)
Non-investment expenses paid from the plans | (20) | – | (20) | (20) | (13)
Total defined benefit expense | (111) | (36) | (147) | (33) | (192)
Current employer service cost for defined contribution and industry-wide plans | (455) | (3) | (458) | (416) | (367)
Total expense recognised in the income statement | (566) | (39) | (605) | (449) | (559)

These expense amounts are included as an employee cost within net operating costs.
Total amount recognised in other comprehensive income before tax

| 2024 US$m | 2023 US$m | 2022 US$m
Actuarial gains/(losses) | 201 | (407) | 3,410
Impact of buy-in(a) | – | (216) | –
Return on assets, net of interest on assets | (130) | 222 | (2,831)
Gains/(losses) on application of asset ceiling | 12 | (60) | (1)
Remeasurement gains/(loss) on pension and post-retirement healthcare plans | 83 | (461) | 578

(a)In 2023, the trustee of the Rio Tinto 2009 Pension Fund (RT09), a UK based scheme, purchased a bulk annuity contract - buy-in contract - which covers all scheme members. The bulk
annuity contract is a Fund asset which provides an income to the RT09 that matches the pension paid out by the Fund. No formal decision to progress to buy-out and winding up of the RT09
can be made until such time as the Company and trustee agree on a number of key areas, including use of any residual surplus. As such, the trustee retains the legal responsibility to make
benefit payments and the loss arising on this transaction was charged to other comprehensive income.
Amounts recognised in the balance sheet
The following amounts were measured in accordance with IAS 19 at 31 December.

| 2024 | 2023
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m
Total fair value of plan assets | 10,155 | – | 10,155 | 11,138
Present value of obligations – funded | (9,840) | – | (9,840) | (10,799)
Present value of obligations – unfunded | (347) | (576) | (923) | (996)
Present value of obligations – total | (10,187) | (576) | (10,763) | (11,795)
Effect of asset ceiling | (50) | – | (50) | (66)
Net deficit to be shown in the balance sheet | (82) | (576) | (658) | (723)
Comprising: |  |  |  |
–Deficits | (487) | (576) | (1,063) | (1,189)
–Surpluses | 405 | – | 405 | 466
Net deficits on pension plans | (82) | – | (82) | (95)
Unfunded post-retirement healthcare obligation | – | (576) | (576) | (628)

The surplus amounts shown above are included in the balance sheet as “Receivables and other assets”. See note 17.
Deficits are shown in the balance sheet within “Provisions (including post-retirement benefits)”. See note 26.
Funding policy and contributions to plans
The Group reviews the funding position of its pension plans on a regular basis and considers whether to provide funding above the minimum
level required in each country. In Canada and the US, the minimum level is prescribed by legislation. In the UK and Switzerland, the minimum
level is negotiated with the local trustee in accordance with the funding guidance issued by the local regulators. In deciding whether to provide
funding above the minimum level, we consider other possible uses of cash elsewhere, the local sponsoring entity’s tax situation and any
strategic advantage we might obtain. The Group does not generally pre-fund post-retirement healthcare arrangements.

| 2024 | 2023 | 2022
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m | Total US$m
Contributions to defined benefit plans | 71 | 36 | 107 | 237 | 211
Contributions to defined contribution plans | 448 | 3 | 451 | 410 | 363
Total | 519 | 39 | 558 | 647 | 574

Annual Report on Form 20-F 2024 | 215 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
28 Post-retirement benefits continued
The level of surplus in the Rio Tinto Pension Fund in the UK is such that it may be used to pay for the employer contributions to the defined
contribution section of that Fund, in accordance with the funding arrangements agreed with the trustee of that Fund. Consequently, the cash
paid to defined contribution plans is lower than the defined contribution service cost by US$7 million. Contributions to defined benefit pension
plans are kept under regular review and actual contributions will be determined in line with the Group’s wider financing strategy, taking into
account relevant minimum funding requirements.
As contributions to many plans are reviewed on at least an annual basis, the contributions for 2025 and subsequent years cannot be determined precisely
in advance. Most of the Group’s largest pension funds are fully funded on their local funding basis and at present do not require long-term funding
commitments. Contributions to defined benefit pension plans for 2025 are estimated to be around US$120 million but may be higher or lower than this
depending on the evolution of financial markets and voluntary funding decisions taken by the Group. Contributions for subsequent years are expected to
be at similar levels. Healthcare plans are generally unfunded and contributions for future years will be equal to benefit payments net of participant
contributions. The Group’s contributions for healthcare plans in 2025 are expected to be similar to the amounts paid in 2024.
Movements in the net defined benefit liability
A summary of the movement in the net defined benefit liability is shown in the first table below. The subsequent tables provide a more detailed
analysis of the movements in the present value of the obligations and the fair value of assets.

| 2024 | 2023
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m
Change in the net defined benefit liability |  |  |  |
Net defined benefit liability at the start of the year | (95) | (628) | (723) | (470)
Amounts recognised in income statement | (111) | (36) | (147) | (33)
Amounts recognised in other comprehensive income | 58 | 25 | 83 | (461)
Employer contributions | 71 | 36 | 107 | 237
Assets transferred to defined contribution section | (7) | – | (7) | (6)
Currency exchange rate gains | 2 | 27 | 29 | 10
Net defined benefit liability at the end of the year | (82) | (576) | (658) | (723)

| 2024 | 2023
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m
Change in present value of obligation |  |  |  |
Present value of obligation at the start of the year | (11,167) | (628) | (11,795) | (11,177)
Current employer service costs | (80) | (3) | (83) | (79)
Past service (cost)/credit | (9) | (3) | (12) | 87
Settlements | – | – | – | 4
Interest on obligation | (467) | (30) | (497) | (533)
Contributions by plan participants | (18) | – | (18) | (19)
Benefits paid | 716 | 36 | 752 | 748
Experience (losses)/gains | (9) | 11 | 2 | (40)
Changes in financial assumptions gains/(losses) | 242 | 14 | 256 | (418)
Changes in demographic assumptions (losses)/gains | (57) | – | (57) | 51
Currency exchange rate gains/(losses) | 662 | 27 | 689 | (419)
Present value of obligation at the end of the year | (10,187) | (576) | (10,763) | (11,795)

| 2024 | 2023
| Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m
Change in plan assets |  |  |  |
Fair value of plan assets at the start of the year | 11,138 | – | 11,138 | 10,708
Settlements | – | – | – | (4)
Interest on assets | 465 | – | 465 | 512
Contributions by plan participants | 18 | – | 18 | 19
Contributions by employer | 71 | 36 | 107 | 237
Benefits paid | (716) | (36) | (752) | (748)
Non-investment expenses | (20) | – | (20) | (20)
Return on plan assets, net of interest on assets | (130) | – | (130) | 222
Impact of buy-in | – | – | – | (216)
Assets transferred to defined contribution section | (7) | – | (7) | (6)
Currency exchange rate (losses)/gains | (664) | – | (664) | 434
Fair value of plan assets at the end of the year | 10,155 | – | 10,155 | 11,138

Annual Report on Form 20-F 2024 | 216 | riotinto.com

Financial statements | Notes to the consolidated financial statements
28 Post-retirement benefits continued
The impact of higher interest rates on bonds and qualifying insurance policies explains most of the return on plan assets, net of interest on
assets in 2024.
The resulting effect of applying an asset ceiling is a gain of US$12 million and a gain of US$4 million for the change in currency exchange rate
during the year. In determining the extent to which the asset ceiling has an effect, the Group considers the funding legislation in each country
and the rules specific to each pension plan. The calculation takes into account any minimum funding requirements that may be applicable to the
plan, whether any reduction in future Group contributions is available, and whether a refund of surplus may be available. In considering whether
any refund of surplus is available, the Group considers the powers of trustee boards and similar bodies to augment benefits or wind up a plan.
Where such powers are unilateral, the Group does not consider a refund to be available at the end of the life of a plan. Where the plan rules and
legislation both permit the employer to take a refund of surplus, the asset ceiling may have no effect, although it may be the case that a refund
will only be available many years in the future.
Main assumptions (rates per annum)

| Key estimate - Estimation of obligations for post-employment costs The value of the Group’s obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are: –The discount rate - used to determine the net present value of the obligations, the interest cost on the obligations and the interest income on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is used. –The long-term inflation rate - used to project increases in future benefit payments for those plans that have benefits linked to inflation. The assumption regarding future inflation is based on market yields on inflation linked instruments, where possible, combined with consensus views. –The mortality rates - used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these rates to set its current mortality assumptions. It also uses its judgement with respect to allowances for future improvements in longevity having regard to standard improvement scales in each relevant country and after taking external actuarial advice. The weighted-average assumptions used for the valuation at year-end are summarised below: |
|  | At 31 December 2024 | At 31 December 2023 |
|  | Discount rate | Long-term inflation(a) | Rate of increase in pensions | Discount rate | Long-term inflation(a) | Rate of increase in pensions |
| Canada | 4.6% | 2.0% | 0.2% | 4.6% | 1.9% | 0.2% |
| UK | 5.4% | 3.1% | 2.7% | 4.5% | 3.1% | 2.6% |
| US | 5.5% | 2.3% | —% | 4.8% | 2.2% | –% |
| Switzerland | 0.9% | 1.0% | 2.2% | 1.5% | 1.2% | 2.3% |
| (a)The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2024 was 2.7% (2023: 2.5%). |

The main financial assumptions used for the healthcare plans, which are predominantly in the US and Canada, were: discount rate: 5.3% (2023:
5.0%); medical trend rate: 9.7% reducing to 4.7% by the year 2034, broadly on a straight line basis (2023: 8.3%, reducing to 4.7% by the year
2032); claims costs based on individual company expe rience.
For both the pension and healthcare arrangements, the post-retirement mortality assumptions allow for future improvements in longevity. The
mortality tables used imply that a man aged 60 at the balance sheet date has a weighted average expected future lifetime of 27 years (2023: 27
years) and that a man aged 60 in 2044 would have a weighted average expected future lifetime of 28 years (2023: 28 years). The mortality
tables are generally based upon the latest standard tables published in each country, adjusted appropriately to reflect the actual mortality
experience of the plan participants where credible data is available. Adjustments have been made to some of our plans within the demographic
assumptions for the impact of the COVID-19 pandemic.
Sensitivity analysis
The values reported for the defined benefit obligations are sensitive to the actuarial assumptions used for projecting future benefit payments and
discounting those payments. In order to estimate the sensitivity of the obligations to changes in assumptions, we calculate what the obligations
would be if we were to make changes to each of the key assumptions in isolation. The difference between this figure and the figure calculated
using our stated assumptions is an indication of the sensitivity to reasonably possible changes in each assumption. The results of this sensitivity
analysis are summarised in the table below. Note that this approach is valid for small changes in the assumptions but will be less accurate for
larger changes in the assumptions. The sensitivity to inflation includes the impact on pension increases, which are generally linked to inflation
where they are granted.

Annual Report on Form 20-F 2024 | 217 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
28 Post-retirement benefits continued

|  | 2024 | 2023
|  | Approximate (increase)/ decrease in obligations | Approximate (increase)/ decrease in obligations
Assumption | Change in assumption | Pensions US$m | Other US$m | Pensions US$m | Other US$m
Discount rate | Increase of 0.5 percentage points | 419 | 31 | 460 | 31
Decrease of 0.5 percentage points | (487) | (33) | (514) | (33)
Long-term inflation | Increase of 0.5 percentage points | (167) | (9) | (183) | (9)
Decrease of 0.5 percentage points | 160 | 8 | 176 | 8
Demographic – allowance for future improvements in longevity | Participants assumed to have the mortality rates of individuals who are one year older | 221 | 8 | 244 | 7
Participants assumed to have the mortality rates of individuals who are one year younger | (232) | (8) | (244) | (7)

29 Directors’ and key management personnel remuneration
Directors
Aggregate remuneration, calculated in accordance with the UK Companies Act 2006, of the Directors of the parent companies was as follows.

| 2024 US$'000 | 2023 US$'000 | 2022 US$'000
Emoluments | 8,369 | 7,461 | 6,726
Long-term incentive plans | 8,746 | 8,746 | 4,691
| 17,115 | 16,207 | 11,417
Pension contributions to defined contribution plans by Rio Tinto plc | 26 | 20 | 10
Pension contributions to defined contribution plans by Rio Tinto Limited | — | – | –
Aggregate remuneration, including pension contributions | 17,141 | 16,227 | 11,427
Incurred by: |  |  |
Rio Tinto plc | 16,185 | 15,184 | 10,692
Rio Tinto Limited | 956 | 1,043 | 735
| 17,141 | 16,227 | 11,427

(a)Emoluments have been translated from local currency at the average exchange rate for the year with the exception of bonus payments, which have been translated at the year-end rate.
Key management personnel
The Group defines key management personnel as the Directors and certain members of the Executive Committee.
The Executive Committee includes the Executive Directors, product group Chief Executive Officers and Group executives.
During 2024, no D irectors (2023: nil; 2022: nil) accrued retirement benefits under defined benefit arrangements, and 2 Directors (2023: 2; 2022:
2) accrued retirement benefits under defined contribution arrangements.
Aggregate compensation, representing the expense recognised under IFRS as defined in the “Basis of preparation” section, of the Group’s key
management, including Directors, was as follows.

| 2024 US$'000 | 2023 US$'000 | 2022 US$'000
Short-term employee benefits and costs | 19,928 | 16,159 | 14,258
Post-employment benefits | 186 | 155 | 174
Employment termination benefits | — | 155 | –
Share-based payments | 14,724 | 10,305 | 10,846
Total(a) | 34,838 | 26,774 | 25,278

(a)The figures shown above include employment costs which cover social security and accident premiums in Canada, the UK and payroll taxes in Australia paid by the employer as a direct
additional cost of hire. In total, they amount to US$2,316,000 (2023: US$1,321,000; 2022: US$1,173,000).

Annual Report on Form 20-F 2024 | 218 | riotinto.com

Financial statements | Notes to the consolidated financial statements
Our Group structure
The Group’s principal subsidiaries (note 30), joint operations (note 31), joint ventures and associates (note 32) are in most cases held by
intermediate holding companies and not directly by Rio Tinto plc or Rio Tinto Limited. This section of the notes only includes those companies
that have a more significant impact on the profit or operating assets of the Group.
30 Principal subsidiaries
The Group’s principal subsidiaries at 31 December 2024 are summarised in the table below.

Company and country of incorporation/operation | Principal activities | Group interest (voting %)
Australia |  |
Dampier Salt Limited | Salt and gypsum production | 68.36
Energy Resources of Australia Ltd(a) | Uranium processing (until January 2021) | 98.43
Hamersley Iron Pty Limited | Iron ore mining | 100
North Mining Limited(b) | Iron ore mining | 100
Rio Tinto Aluminium (Holdings) Limited | Bauxite mining, alumina production, primary aluminium smelting | 100
Robe River Mining Co Pty Ltd(b) | Iron ore mining | 73.61
Argentina |  |
Rincon Mining Pty Limited(c) | Exploration and development of lithium asset | 100
Brazil |  |
Rio Tinto do Brasil Ltda.(d) | Alumina production and bauxite mining | 100
Canada |  |
Diavik Diamond Mines (2012) Inc. | Diamond mining and processing | 100
Iron Ore Company of Canada(e) | Iron ore mining; iron ore pellets production | 58.72
Rio Tinto Alcan Inc. | Bauxite mining; alumina refining; aluminium smelting | 100
Rio Tinto Fer et Titane Inc. | Titanium dioxide feedstock; high purity iron and steel production | 100
Jersey/Guinea |  |
SimFer Jersey Limited(f) | Iron ore project | 53
Madagascar |  |
QIT Madagascar Minerals SA(g) | Ilmenite mining | 80
Mongolia |  |
Oyu Tolgoi LLC | Copper and gold mining | 66
New Zealand |  |
New Zealand Aluminium Smelters Limited(h) | Aluminium smelting | 100
Singapore |  |
Rio Tinto Singapore Holdings Pte Ltd | Commercial activities | 100
South Africa |  |
Richards Bay Titanium (Proprietary) Limited | Titanium dioxide, high purity iron production | 74
Richards Bay Mining (Proprietary) Limited | Ilmenite, rutile and zircon mining | 74
United States |  |
Kennecott Holdings Corporation (including Kennecott Utah Copper and Kennecott Exploration) | Copper mining, smelting and refining and exploration activities | 100
Nuton LLC | Investments and collaborations related to proprietary nature-based copper leach technologies | 100
U.S. Borax Inc. | Mining, refining and marketing of borates | 100
Resolution Copper Mining LLC | Exploration and development of copper | 55

(a)In November 2024, our interest in Energy Resources of Australia (ERA) increased from 86.3% to 98.43% as a result of new shares issued to Rio Tinto under ERA’s entitlement offer to raise
funds for the rehabilitation of the Ranger Project Area.
(b)Robe River Mining Co Pty Ltd (which is 60% owned by the Group) holds a 30% economic interest in Robe River Iron Associates (Robe River). North Mining Ltd (which is wholly owned by
the Group) holds a 35% economic interest in Robe River. Through these companies the Group recognises a 65% share of the assets, liabilities, revenues and expenses of Robe River, with
a 12% non-controlling interest. The Group therefore has a 53% economic interest in Robe River.
(c)Rincon Mining Pty Limited is incorporated in Australia but operates in Argentina.
(d)Rio Tinto do Brasil Ltda holds the Group’s 10% interest in Consórcio de Alumínio do Maranhão, a joint operation in which the Group participates but is not a joint operator. The Group
recognises its share of assets, liabilities, revenues and expenses relating to this arrangement.
(e)Iron Ore Company of Canada is incorporated in the US, but operates in Canada.
(f)Rio Tinto SimFer UK Limited (which is wholly owned by the Group) holds a 53% interest in SimFer Jersey Limited (SimFer Jersey), a company incorporated in Jersey. SimFer Jersey, in turn,
has an 85% interest in SimFer S.A., the company that will carry out the Simandou mining operations in Guinea and an 85% interest in the company which will deliver Simfer Jersey’s scope
of the co-developed rail and port infrastructure. SimFer Jersey at present has a 100% interest in the companies that will own and operate the transhipment vessels, however this is
anticipated to reduce to 85% with the Government of Guinea taking a 15% interest before operations commence. These entities, together with the equity accounted WCS Rail and Port
entities described in note 32, are referred to as the Simandou iron ore project.
(g)The Group’s shareholding in QIT Madagascar Minerals SA (QMM) carries an 80% economic interest and 80% of the total voting rights; a further 5% economic interest is held through non-
voting investment certificates to give an economic interest of 85%. In the prior year, a Memorandum of Understanding (MoU) was signed with the Malagasy Government in relation to their
fiscal regime for QMM which expired at the end of May 2023. The MoU gave effect to the application of a new fiscal regime for the next 25 years, with terms effective as of 1 July 2023.
Terms of the MoU included the granting of a 15% free-carry equity stake to the Malagasy Government that can no longer be diluted, while maintaining their current 20% of the voting rights.
As a result, the Malagasy Government's non-controlling interest was recognised for the first time in 2023, and QMM's net earnings has been presented net of amounts attributable to non-
controlling interests from 1 July 2023. The initial recognition of non-controlling interests, and any subsequent recognition arising from future contributions, gave rise to a charge within equity
as the transaction was between Rio Tinto and the Malagasy Government acting in their capacity as shareholders and there were no changes to the net assets of QMM. As at 31 December
2024, the value of QMM’s non-controlling interest is US$4 million (2023: US$16 million).
(h)On 1 November 2024, our interest in NZAS ceased to be a joint operation and became a wholly owned subsidiary following the acquisition of Sumitomo Chemical Company’s 20.64%
interest in the entity.

Annual Report on Form 20-F 2024 | 219 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
30 Principal subsidiaries continued
Summary financial information for subsidiaries that have non-controlling interests that are material to the Group
This summarised financial information is shown on a 100% basis. It represents the amounts shown in the subsidiaries’ financial statements prepared in
accordance with IFRS in line with the Group’s accounting policies, including fair value adjustments, and before intercompany eliminations.

Income statement summary for the year ended 31 December | Iron Ore Company of Canada 2024 US$m | Iron Ore Company of Canada 2023 US$m | Simfer Jersey 2024 US$m | Simfer Jersey 2023 US$m | Oyu Tolgoi LLC(a) 2024 US$m | Oyu Tolgoi LLC(a) 2023 US$m | Robe River Mining Co Pty 2024 US$m | Robe River Mining Co Pty 2023 US$m
Revenue | 2,255 | 2,314 | – | – | 2,184 | 1,625 | 1,746 | 1,753
Profit/(loss) after tax | 321 | 445 | (25) | (199) | (1,077) | (1,024) | 782 | 848
–attributable to non-controlling interests | 133 | 184 | (18) | (114) | (436) | (352) | 313 | 339
–attributable to Rio Tinto | 188 | 261 | (7) | (85) | (641) | (672) | 469 | 509
Other comprehensive (loss)/income | (205) | 60 | – | – | – | – | (279) | 40
Total comprehensive income/(loss) | 116 | 505 | (25) | (199) | (1,077) | (1,024) | 503 | 888

Balance sheet summary as at 31 December | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m
Non-current assets | 2,987 | 3,170 | 2,908 | 789 | 16,535 | 15,335 | 2,695 | 2,899
Current assets | 711 | 866 | 545 | 83 | 581 | 511 | 743 | 808
Current liabilities | (541) | (519) | (402) | (67) | (672) | (4,920) | (124) | (157)
Non-current liabilities | (937) | (1,005) | (45) | (1,016) | (18,860) | (12,544) | (422) | (443)
Net assets/(liabilities) | 2,220 | 2,512 | 3,006 | (211) | (2,416) | (1,618) | 2,892 | 3,107
–attributable to non-controlling interests | 934 | 1,052 | 1,335 | (130) | (994) | (558) | 1,153 | 1,241
–attributable to Rio Tinto | 1,286 | 1,460 | 1,671 | (81) | (1,422) | (1,060) | 1,739 | 1,866

Cash flow statement summary for the year ended 31 December | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m
Cash flow from operations | 735 | 801 | (850) | 262 | 1,039 | 345 | 1,274 | 1,480
Dividends paid to non-controlling interests | (165) | (103) | – | – | – | – | (282) | (345)

(a)Under the terms of the project finance facility held by Oyu Tolgoi LLC, there are certain restrictions on the ability of Oyu Tolgoi LLC to make shareholder distributions.
31 Principal joint operations
The Group’s principal joint operations at 31 December 2024 are summarised in the table below.

Company and country of incorporation/operation | Principal activities | Group interest (%)
Australia |  |
Tomago Aluminium Joint Venture | Aluminium smelting | 51.55
Gladstone Power Station Joint Venture | Power generation | 42.13
Hope Downs Joint Venture | Iron ore mining | 50
Western Range Joint Venture(a) | Iron ore mining | 54
Queensland Alumina Limited(b)(c) | Alumina production | 80
Pilbara Iron Arrangements | Infrastructure, corporate and mining services | See other relevant judgements call out box below
Canada |  |
Aluminerie Alouette Inc. | Aluminium production | 40
Pechiney Reynolds Quebec Inc(c)(d) | Aluminium smelting | 50.2

(a)The Group owns a 54% interest in the Western Range Joint Venture (WRJV), an unincorporated arrangement in the Pilbara. The Group recognises its equity share of assets, revenue and
expenses relating to this arrangement. Liabilities are recognised at 54% with the exception of the close-down and restoration provision, which is recognised at 100% according to WRJV’s
contractual obligations, with a corresponding 46% receivable from China Baowu Group, for the co-owner’s share.
(b)Although the Group has an 80% interest in Queensland Alumina Limited, decisions about activities that significantly affect the returns that are generated require agreement of both parties to
the joint arrangement, giving rise to joint control.
(c)Queensland Alumina Limited and Pechiney Reynolds Quebec Inc. are joint arrangements that are primarily designed for the provision of output to the parties sharing joint control. This
indicates that the parties have rights to substantially all the economic benefits of the assets. The liabilities of the arrangements are in substance satisfied by cash flows received from the
parties. This dependence indicates that the parties in effect have obligations for the liabilities. It is these facts and circumstances that give rise to the classification of these entities as joint
operations.
(d)Pechiney Reynolds Quebec Inc., an entity incorporated in the United States, has a 50.1% interest in the Aluminerie de Bécancour, Inc. aluminium smelter, which is located in Canada. As Rio
Tinto owns 50.2% of Pechiney Reynolds Quebec Inc our effective ownership of the Bécancour smelter is 25.2%.

Annual Report on Form 20-F 2024 | 220 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
31 Principal joint operations continued

| Other relevant judgements - accounting for the Pilbara Iron Arrangements A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash flow requirements of Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. Each of the partners in the joint operation is able to request the other to construct assets on their tenure to increase the capacity of the rail and port infrastructure network. The requesting partner’s (Asset User’s) share of the capacity of the network will increase by the capacity of the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual charge, Committed Use Charge (CUC) over a contractually specified period irrespective of network usage. The constructing partner (Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly-owned subsidiaries: Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. We have also considered whether the CUC arrangements give rise to a lease between the Asset Owner and the Asset User. We have concluded that they do not, as there is no specified asset; rather the Asset User has a first priority right to the capacity in the CUC asset. This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following an assessment under the preceding standards IAS 17 “Leases” and IFRIC 4 “Determining whether an arrangement contains a lease”, with no change to the conclusion under IFRS 16 for subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has used judgement to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could have resulted in a gross presentation in the Group’s balance sheet with an asset and a corresponding liability to reflect the present value of the CUC payments. The Asset User is a wholly-owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact would be some US$929 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. |

32 Entities accounted under the equity method
Principal joint ventures
The Group’s principal joint ventures at 31 December 2024 are summarised in the table below.

Company and country of incorporation/operation | Principal activities | Group interest (%)
Canada |  |
Matalco Canada Inc. | Aluminium recycling | 50
Chile |  |
Minera Escondida Ltda(a) | Copper mining and refining | 30
Oman |  |
Sohar Aluminium Co. L.L.C.(b) | Aluminium smelting, power generation | 20
United States |  |
Matalco USA, LLC | Aluminium recycling | 50

(a)The year-end of Minera Escondida Ltda is 30 June. The amounts included in the consolidated financial statements of Rio Tinto are however, based on financial statements of Minera
Escondida Ltda that are coterminous with those of the Group.
(b)Although the Group holds a 20% interest in Sohar Aluminium Co. L.L.C, decisions about relevant activities that significantly affect the retur ns that are generated require agreement of all
parties to the arrangement. It is therefore determined that Rio Tinto has joint control.

| Other relevant judgements - accounting for Minera Escondida Ltda Judgement has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including those in relation to capital expenditure, which require approval of both Rio Tinto and its partner BHP (holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto’s rights as protective and concluded that it controls Escondida through its rights to direct relevant activities. Adoption of the equivalent judgement by the Group would result in reclassification of Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method would remain in place. |

Annual Report on Form 20-F 2024 | 221 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
32 Entities accounted under the equity method continued
Summary information for joint ventures that are material to the Group
This summarised financial information is shown on a 100% basis. It represents the amounts shown in the joint ventures’ financial statements
prepared in accordance with IFRS under Group accounting policies, including fair value adjustments and amounts due to and from Rio Tinto.

| Minera Escondida Ltda(a) 2024 US$m | Minera Escondida Ltda(a) 2023 US$m
Revenue | 11,413 | 9,187
Depreciation and amortisation | (1,417) | (1,183)
Other operating costs | (4,123) | (3,784)
Operating profit | 5,873 | 4,220
Finance expense | (233) | (283)
Income tax(b) | (2,707) | (1,773)
Profit after tax | 2,933 | 2,164
Other comprehensive income/(loss) | 14 | (13)
Total comprehensive income | 2,947 | 2,151
Non-current assets | 12,991 | 12,480
Current assets | 3,230 | 2,751
Current liabilities | (2,351) | (1,607)
Non-current liabilities | (5,585) | (5,192)
Net assets | 8,285 | 8,432
Assets and liabilities above include: |  |
–cash and cash equivalents | 677 | 360
–current financial liabilities | (170) | (677)
–non-current financial liabilities | (3,333) | (2,770)
Dividends received from joint venture (Rio Tinto share) | 1,035 | 578

Reconciliation of the above amounts to the investment recognised in the consolidated balance sheet

Group interest | Minera Escondida Ltda(a) 30% | Minera Escondida Ltda(a) 30%
Net assets (100%) | 8,285 | 8,432
Group’s ownership interest | 2,486 | 2,530
Carrying value of Group’s interest | 2,486 | 2,530

(a)In addition to its “Investment in equity accounted units”, the Group recognises deferred tax liabilities of US$349 million (2023: US$354 million) relating to tax on unremitted earnings of equity
accounted units.
(b)In 2023, income tax includes a charge of US$252 million for the revaluation of deferred tax balances following the substantive enactment of the Chilean Royalty Bill which, effective from 1 January
2024, implemented a 1% royalty on revenues, a margin based tax with rates ranging between 8% and 26%, and a 46.5% cap to the overall Chilean tax burden of mining companies.
Principal associates
The Group’s principal associates at 31 December 2024 are summarised in the table below.

Company and country of incorporation/operation | Principal activities | Group interest (%)
Australia |  |
Boyne Smelters Limited(a) | Aluminium smelting | 73.5
Brazil |  |
Mineração Rio do Norte S.A. | Bauxite mining | 22
Singapore/Guinea |  |
Winning Consortium Simandou Railway Pte. Ltd(b) | Rail and port infrastructure including trans-Guinean heavy haul rail system | 18.02
Winning Consortium Simandou Ports Pte. Ltd(b) | 18.02
United States |  |
Halco (Mining) Inc.(c) | Bauxite mining | 45

(a)The parties that collectively control Boyne Smelters Limited (BSL) do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations
of the parties. Although each combination requires Rio Tinto’s approval, this is not joint control as defined under IFRS 11 “Joint Arrangements”. Rio Tinto is therefore determined to have
significant influence over this company. During the period, we acquired an additional 14.11% interest (comprising 11.65% from Mitsubishi Corporation and 2.46% from Sumitomo Chemical
Company) in BSL, increasing our total interest to 73.5%. BSL remains accounted for as an investment in associate under the equity method.
(b)Rio Tinto SimFer UK Limited (which is wholly owned by the Group) holds a 53% interest in SimFer Jersey Limited (SimFer Jersey), a company incorporated in Jersey. During the year, SimFer
Jersey, through its wholly owned subsidiary, SimFer InfraCo Ltd., a company incorporated in the United Kingdom, acquired 34% interests in Winning Consortium Simandou Railway Pte. Ltd and
Winning Consortium Simandou Ports Pte. Ltd (together referred to as “WCS Rail and Port entities”). Refer to note 5 for further details. The WCS Rail and Port entities are incorporated in
Singapore, however their operations are in Guinea. As at 31 December 2024, the Group has an effective 18.02% indirect interest in the WCS Rail and Port entities. The Government of Guinea
holds a 15% interest in the WCS Rail and Port operations and therefore we have a 15.32% indirect interest in those operations.
(c)The Group holds a 45% interest in Halco (Mining) Inc., a non-managed associate. Halco (Mining) Inc., in turn, has a 51% indirect interest in Compagnie des Bauxites de Guinée, a bauxite
mine, the core assets of which are located in Guinea.

Annual Report on Form 20-F 2024 | 222 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
32 Entities accounted under the equity method continued
Summary information for joint ventures and associates that are not individually material to the Group

| 2024 US$m | 2023 US$m
Carrying value of Group's interest | 2,351 | 1,878
(Loss)/profit after tax | (42) | 26
Other comprehensive (loss)/income | (44) | 15
Total comprehensive (loss)/income | (86) | 41

33 Related-party transactions
Information about material related-party transactions of the Rio Tinto Group is set out below.
Subsidiary companies and joint operations
Details of investments in principal subsidiary companies are disclosed in note 30. Information relating to principal joint operations can be found in note
31.
Equity accounted units
Transactions and balances with equity accounted units are summarised below. Purchases, trade and other receivables, and trade and other
payables, relate largely to amounts charged by equity accounted units for toll processing of alumina and purchasing of bauxite and aluminium.
Sales relate largely to sales of alumina to equity accounted units for smelting into aluminium.

|  | 2024 US$m | 2023 US$m | 2022 US$m
Income statement items |  |  |  |
Purchases from equity accounted units |  | (874) | (1,163) | (1,429)
Sales to equity accounted units |  | 684 | 349 | 563
Cash flow statement items |  |  |  |
Dividends from equity accounted units |  | 1,067 | 610 | 879
Net funding of equity accounted units |  | (784) | (144) | (75)
Balance sheet items |  |  |  |
Investments in equity accounted units(a) |  | 4,837 | 4,407 | 3,298
Loans to equity accounted units(b) |  | 534 | – | –
Loans related to equity accounted units(c) |  | – | 100 | —
Trade and other receivables: amounts due from equity accounted units(d) |  | 221 | 189 | 297
Trade and other payables: amounts due to equity accounted units |  | (209) | (206) | (294)

(a)Investments in equity accounted units include quasi-equity loans. Further information about investments in equity accounted units is set out in note 32.
(b)Relates to amounts advanced as part of acquisition of WCS Rail and Port entities (refer to note 5 for details), as well as subsequent funding of the EAUs.
(c)Relates to initial funding for Simandou infrastructure, classified as “Other investments, including loans” pending finalisation of the project shareholder agreements. This loan was repaid
during 2024.
(d)This includes prepayments of tolling charges.
Pension funds
Information relating to pension fund arrangements is set out in note 28.
Directors and key management
Details of Directors’ and key management’s remuneration are set out in note 29.

Annual Report on Form 20-F 2024 | 223 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
Our equity
34 Share capital
Recognition and measurement
Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a
deduction, net of tax, from the proceeds.
Where any Group company purchases the Group’s equity share capital (treasury shares), the consideration paid, including any directly
attributable incremental costs (net of income taxes) is deducted from equity attributable to owners of Rio Tinto. Where such shares are
subsequently reissued, any consideration received, net of any directly attributable incremental costs and the related income tax effects, is
included in equity attributable to owners of Rio Tinto. If purchased Rio Tinto plc shares are cancelled, an amount equal to the nominal value of
the cancelled share is credited to the capital redemption reserve.
Rio Tinto plc

| 2024 Number (million) | 2023 Number (million) | 2022 Number (million) | 2024 US$m | 2023 US$m | 2022 US$m
Issued and fully paid up share capital of 10p each |  |  |  |  |  |
At 1 January | 1,255.892 | 1,255.845 | 1,255.795 | 207 | 207 | 207
Ordinary shares issued under the Global Employee Share plan (GESP) | 0.053 | 0.047 | 0.050 | – | – | –
Shares purchased and cancelled(a) | – | – | – | – | – | –
At 31 December | 1,255.945 | 1,255.892 | 1,255.845 | 207 | 207 | 207
Shares held by public |  |  |  |  |  |
At 1 January | 1,251.321 | 1,249.655 | 1,248.141 |  |  |
Shares reissued from treasury under the GESP(b) | 1.548 | 1.619 | 1.464 |  |  |
Ordinary shares issued under the GESP(b) | 0.053 | 0.047 | 0.050 |  |  |
Shares purchased and cancelled(a) | – | – | – |  |  |
At 31 December | 1,252.922 | 1,251.321 | 1,249.655 |  |  |
Shares held in treasury | 3.023 | 4.571 | 6.190 |  |  |
Shares held by public | 1,252.922 | 1,251.321 | 1,249.655 |  |  |
Total share capital | 1,255.945 | 1,255.892 | 1,255.845 |  |  |
Other share classes |  |  |  |  |  |
Special Voting Share of 10p each(c) | 1 only | 1 only | 1 only |  |  |
DLC Dividend Share of 10p each(c) | 1 only | 1 only | 1 only |  |  |

(a)The authority for the company to buy back its ordinary shares was renewed at the 2021 annual general meeting. No shares were bought back and cancelled in 2024, 2023 or 2022 under the
on-market buy-back programme.
(b)New shares issued and reissued from Treasury during the year resulting from the vesting of awards and the exercise of options under Rio Tinto plc employee share-based payment plans
had exercise prices and market values between £45.09 and £58.99 per share.
(c)The Special Voting Share was issued to facilitate the joint voting by shareholders of Rio Tinto plc and Rio Tinto Limited on Joint Decisions, following the DLC Merger. The DLC Dividend
Share was issued to a subsidiary of Rio Tinto Limited to facilitate the efficient management of funds within the DLC structure. In addition, an Equalisation Share is authorised but not issued
and is governed by the terms of the DLC Merger Sharing Agreement.
During 2024, US$13 million of shares and ADRs (2023: US$17 million; 2022: US$16 million) were purchased by employee share ownership
trusts on behalf of Rio Tinto plc to satisfy employee share awards on vesting. At 31 December 2024, 229,749 shares (2023: 253,371; 2022:
232,621) and 48,990 ADRs (2023: 45,694; 2022: 49,777) shares were held in the employee share ownership trusts on behalf of Rio Tinto plc.
Rio Tinto Limited

| 2024 Number (million) | 2023 Number (million) | 2022 Number (million) | 2024 US$m | 2023 US$m | 2022 US$m
Issued and fully paid up share capital |  |  |  |  |  |
At 1 January | 371.21 | 371.21 | 371.21 | 3,377 | 3,330 | 3,570
Adjustment on currency translation |  |  |  | (317) | 47 | (240)
At 31 December | 371.21 | 371.21 | 371.21 | 3,060 | 3,377 | 3,330
– Special Voting Share(a) | 1 only | 1 only | 1 only |  |  |
– DLC Dividend Share(a) | 1 only | 1 only | 1 only |  |  |
Total share capital | 371.21 | 371.21 | 371.21 |  |  |

(a)The Special Voting Share was issued to facilitate the joint voting by shareholders of Rio Tinto Limited and Rio Tinto plc on Joint Decisions following the DLC Merger. The DLC Dividend
Share was issued to a subsidiary of Rio Tinto Plc to facilitate the efficient management of funds within the DLC structure. Directors have the ability to issue an Equalisation Share if that is
required under the terms of the DLC Merger Sharing Agreement.
During 2024, US$44 million of shares (2023: US$78 million; 2022: US$84 million) were purchased by employee share ownership trusts on
behalf of Rio Tinto Limited to satisfy employee share awards on vesting. At 31 December 2024, 303,327 shares (2023: 794,282; 2022: 979,495)
were held in the employee share ownership trusts on behalf of Rio Tinto Limited.
Information relating to share-based incentive schemes is in note 27.

Annual Report on Form 20-F 2024 | 224 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
35 Other reserves and retained earnings

| 2024 US$m | 2023 US$m | 2022 US$m
Capital redemption reserve(a) |  |  |
At 1 January and 31 December | 51 | 51 | 51
Cash flow hedge reserve |  |  |
At 1 January | (59) | (51) | (11)
Cash flow hedge gains/(losses) | 13 | 30 | (167)
Cash flow hedge losses/(gains) transferred to the income statement | 17 | (39) | 106
Tax on the above | (10) | 1 | 21
At 31 December | (39) | (59) | (51)
Fair value through other comprehensive income reserve |  |  |
At 1 January | (22) | 2 | 2
(Losses) on equity investments | – | (24) | –
At 31 December | (22) | (22) | 2
Cost of hedging reserve |  |  |
At 1 January | (12) | (17) | (21)
Cost of hedging deferred to reserves during the year | 3 | 4 | 4
Transfer of cost of hedging to the income statement | 1 | 1 | –
At 31 December | (8) | (12) | (17)
Other reserves(b) |  |  |
At 1 January | 11,542 | 11,554 | 11,582
Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards | (44) | (78) | (84)
Employee share options: value of services | 76 | 62 | 56
Deferred tax on share options | (4) | 4 | –
At 31 December | 11,570 | 11,542 | 11,554
Foreign currency translation reserve(c) |  |  |
At 1 January | (3,172) | (3,784) | (1,627)
Parent and subsidiaries' currency translation and exchange adjustments | (3,194) | 598 | (2,235)
Equity accounted units currency translation adjustments | (45) | 14 | (27)
Currency translation reclassified on disposal(d) | (27) | – | 105
At 31 December | (6,438) | (3,172) | (3,784)
Total other reserves per balance sheet | 5,114 | 8,328 | 7,755

Retained earnings(e) |  |  |
At 1 January | 38,350 | 35,020 | 33,857
Parent and subsidiaries' profit for the year | 10,697 | 9,385 | 11,817
Equity accounted units' profit after tax for the year | 855 | 673 | 575
Remeasurement gains/(losses) on pension and post-retirement healthcare plans(f) | 88 | (459) | 568
Tax relating to components of other comprehensive income | (23) | 151 | (118)
Total comprehensive income for the year | 11,617 | 9,750 | 12,842
Dividends paid | (7,025) | (6,466) | (11,716)
Change in equity interest held by Rio Tinto(g) | (468) | (13) | 701
Own shares purchased/treasury shares reissued for share awards and other movements | (13) | (17) | (16)
Equity issued to holders of non-controlling interests(g) | – | – | (711)
Employee share options and other IFRS 2 charges taken to the income statement | 78 | 76 | 63
At 31 December | 42,539 | 38,350 | 35,020

(a)The capital redemption reserve was set up to comply with section 733 of the UK Companies Act 2006 (previously section 170 of the UK Companies Act 1985) when shares of a company are
redeemed or purchased wholly out of the company’s profits. Balances reflect the amount by which the company’s issued share capital is diminished in accordance with this section.
(b)Other reserves includes US$11,936 million which represents the difference between the nominal value and issue price of the shares issued arising from Rio Tinto plc’s rights issue completed
in July 2009. No share premium was recorded in the Rio Tinto plc financial statements through the operation of the merger relief provisions of the UK Companies Act 1985.
Other reserves also include the cumulative amount recognised under IFRS 2 in respect of awards granted but not exercised to acquire shares in Rio Tinto Limited, less, where applicable,
the cost of shares purchased to satisfy share awards exercised. The cumulative amount recognised under IFRS 2 in respect of awards granted but not exercised to acquire shares in Rio
Tinto plc is recorded in retained earnings.
(c)Exchange differences arising on the translation of the Group’s net investment in foreign controlled companies are taken to the foreign currency translation reserve. The cumulative
differences relating to an investment are transferred to the income statement when the investment is disposed of.
(d)In 2024, currency translation reclassified on disposal primarily relates to the acquisition of the remaining 20.64% interest in NZAS. The transaction has been accounted for as a business
combination achieved in stages, with our previous 79.36% interest in the NZAS joint operation deemed to have been disposed of and, accordingly, the currency translation has been
reclassified to the income statement. In 2022, the sale of our Roughrider undeveloped project led to the recycling of currency translation reserve losses of US$105 million relating to the
entity that owns the project. Refer to note 5 for details.
(e)Retained earnings and movements in reserves of subsidiaries include those arising from the Group’s share of joint operations.
(f)In 2024, t here were US$6 million of remeasurement losses relating to equity accounted units (2023: gains of US$3 million, 2022: gains of US$5 million).
(g)In 2024, this relates to the additional interest acquired in ERA (refer to note 30 for further details) as well as the settlement of deferred consideration payable to Turquoise Hill Resources Ltd
dissenting shareholders (refer to note 5 for further details). In 2022, the amount relates to forgiveness by Turquoise Hill Resources Ltd of the accrued interest and funding balances from
Erdenes Oyu Tolgoi and the purchase of the non-controlling interest of Turquoise Hill Resources Ltd.

Annual Report on Form 20-F 2024 | 225 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
Other notes
36 Other provisions
Recognition and measurement
Other provisions are recognised when it is more likely than not that we will become obliged, legally or constructively, to future expenditure
because of a past event. The provision reflects the best estimate of the expenditure needed to settle the obligation which existed at the balance
sheet date. Where there is sufficient objective evidence of reasonably expected future events (such as changes in technology and new
legislation) we reflect this in the amounts recognised. Other provisions includes provision for legal claims, onerous contracts and claims for past
royalties. In the prior year, this also included the r esidual consideration payable to Turquoise Hill Resources Ltd shareholders that dissented to
the 2022 transaction, which has now been paid in 2024 (refer further detail below).

| 2024 US$m | 2023 US$m
Opening balance at 1 January | 1,371 | 1,298
Adjustment on currency translation | (69) | 14
Adjustments to mining properties/right-of-use assets: |  |
– increases to existing and new provisions | 17 | –
– change in discount rate | (2) | –
Charged/(credited) to profit: |  |
– increases to existing and new provisions | 184 | 214
– change in discount rate | (7) | (18)
– unused amounts reversed | (104) | (31)
– exchange gain on provisions | – | (1)
– amortisation of discount | 14 | 22
Utilised in year | (94) | (104)
Transfers and other movements(a) | (203) | (23)
Closing balance at 31 December | 1,107 | 1,371
Balance sheet analysis: |  |
Current | 792 | 637
Non-current | 315 | 734
Total | 1,107 | 1,371

(a)In 2024, transfers and other movements includes settlement of deferred consideration payable to Turquoise Hill Resources Ltd dissenting shareholders.
Panguna mine, Bougainville
During the year we utilised a provision of US$10 million to fund a legacy impact assessment study in relation to a Panguna mine of Bougainville
Copper Limited (BCL), our former subsidiary. The Panguna Mine Legacy Impact Assessment, an independent report published in December
2024, assessed the environmental impacts and directly connected social and human rights impacts caused by the Panguna mine since BCL
ceased operations in 1989.
In November 2024, Rio Tinto, BCL and the Autonomous Bougainville Government signed a Memorandum of Understanding (MoU) to discuss
ways forward. The MoU parties plan to address the findings of the independent report and develop a remedy mechanism consistent with the UN
Guiding Principles on Business and Human Rights. We have acknowledged a class action lawsuit filed in July 2024 in Papua New Guinea's
National Court of Justice, naming both Rio Tinto and our former subsidiary, BCL, as defendants. We submitted our defence against the legal
claim and will strongly defend our position in this case.

Annual Report on Form 20-F 2024 | 226 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
37 Contingencies and commitments
Recognition and measurement
Contingent liabilities, indemnities and other performance guarantees represent the potential outflow of funds from the Group for the satisfaction
of obligations, including those under contractual arrangements (eg undertakings related to supplier agreements) not provided for on the balance
sheet, where the likelihood of the contingent liabilities, guarantees or indemnities being called is assessed as possible rather than probable or
remote.

| Other relevant judgements - contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgement and legal advice. These are quantified unless, in our judgement, the amount cannot be reliably estimated. The unit of account for claims is the matter taken as a whole and therefore when a provision has been recorded for the best estimate of the cost to settle the obligation there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential exposure in excess of that already provided. We have not established provisions for certain additional legal claims in cases where we have assessed that a payment is either not probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may in the future incur judgements or enter into settlements of claims that could lead to material cash outflows. We do not believe that any of these proceedings will have a materially adverse effect on our financial position. |

Contingent liabilities - subsidiaries, joint operations, joint ventures and associates

| 2024 US$m | 2023 US$m
Contingent liabilities, indemnities and other performance guarantees(a) | 192 | 435

(a)There were no material contingent liabilities arising in relation to the Group’s joint ventures and associates.
Contingent liabilities - not quantifiable
The current status of contingent liabilities where it is not practicable to provide a reliable estimate of possible financial exposure is:
Litigation disputes

Litigation matter | Latest update
2011 Contractual payments in Guinea | In 2023, we resolved a previously self-disclosed investigation by the SEC into certain contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011, relating to the Simandou project in the Republic of Guinea. In August 2023, the UK Serious Fraud Office closed its case and announced that the Australian Federal Police maintains a live investigation into the matter. Rio Tinto continues to co-operate fully with relevant authorities. At 31 December 2024, the outcome of this investigation remains uncertain, but it could ultimately expose the Group to material financial cost. No provision has been recognised for the investigation. We believe this case is unwarranted and will defend the allegation vigorously.

Other contingent liabilities
We continue to modernise agreements with Traditional Owner groups in response to the Juukan Gorge incident. We have created provisions,
within “Other provisions”, based on our best estimate of historical claims. However, the process is incomplete and it is possible that further
claims could arise relating to past events.
Close-down, restoration and environmental provisions are not recognised for those operations that have no known restrictions on their lives as
the date of closure cannot be reliably estimated. This applies primarily to our Canadian aluminium smelters, which are not dependent upon a
specific orebody and have access to indefinite-lived power from owned hydropower stations with water rights permitted by local governments. In
these instances, a closure obligation may exist at the reporting date. However, due to the indefinite nature of asset lives it is not possible to
arrive at a sufficiently reliable estimate for the purposes of recognising a provision. Close-down, restoration and environmental provisions are
recognised at these operations for separately identifiable closure activities which can be reasonably estimated, such as the demolition and
removal of fixed structures after a predetermined period. Any contingent liability for these assets will crystallise into a closure provision if and
when a decision is taken to cease operations.
Contingent assets
The Group has, from time to time, various insurance claims outstanding with reinsurers. Recognition of any assets arising takes place once the
insurance company has agreed to refund the claims and the amount is quantifiable. This is usually in the same period as payment is received.

Annual Report on Form 20-F 2024 | 227 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
37 Contingencies and commitments continued
Capital commitments
Our capital commitments include:
–open purchase orders for managed operations and non-managed tolling entities
–expenditure on major projects already authorised by our Investment Committee for non-managed operations.
On a legally enforceable basis, capital commitments excluding the Group’s share of joint ventures would be approximately US$1,872 million
(2023: US$1,400 million) as many of the contracts relating to the Group’s projects have various cancellation clauses.
The capital commitments for Simandou are shown on a 100% basis for the SimFer mine and the SimFer scope of infrastructure as managed
operations. The SimFer investment in WCS Rail and Port is classified as a joint venture capital commitment and is shown inclusive of the
funding due from non-controlling interests.

| 2024 US$m | 2023 US$m
Capital commitments excluding the Group's share of joint venture capital commitments |  |
Within 1 year | 4,559 | 3,662
Between 1 and 3 years | 602 | 597
Between 3 and 5 years | 313 | 27
After 5 years | 82 | 99
Total | 5,556 | 4,385
Group's share of joint venture capital commitments |  |
Within 1 year | 1,280 | 128
Between 1 and 3 years | 271 | 99
Total | 1,551 | 227

| Impact of climate change on our business - decarbonisation capital commitments Capital commitments do not include the estimated incremental capital expenditure relating to decarbonisation projects of US$5 billion to US$6 billion between 2022 and 2030 unless otherwise contractually committed. Included in capital commitments at 31 December 2024 are contractually committed decarbonisation capital commitments of US$114 million (2023: US$123 million), inclusive of the Amrun power purchase agreement, which is a treated as a lease, which has not yet commenced (disclosed in note 21). |

Other commitments
The Group has also made other commitments to incur a minimum amount of expenditure on community development initiatives as part of its
agreements with various stakeholders. As of 31 December 2024, a total of US$154 million (2023: US$173 million) of such expenditure is
estimated to be incurred over the next 25 years, out of which US$27 million (2023: US$10 million) is expected to be incurred within the next
year.
Unrecognised commitments to contribute funding or resources to joint ventures
Along with the other joint venture partners, we have commitments to provide emergency funding (such as funding required to preserve the life of
assets of the company or to comply with applicable laws) if required by Sohar Aluminium Company L.L.C., subject to approved thresholds.
At 31 December 2024, Minera Escondida Ltda held an undrawn shareholder line of credit, of which Rio Tinto’s share was US$225 million (2023:
US$225 million). The current facility was extended during the year and will now mature in September 2026.
Purchase obligations
Purchase obligations are enforceable and legally binding agreements to buy goods or services. They specify all significant terms, including fixed
or minimum quantities to be purchased or consumed; fixed, minimum or variable price provisions; and the approximate timing of the
transactions.
Purchase obligations for goods mainly relate to purchases of raw materials and consumables, and purchase obligations for services mainly
relate to charges for the use of infrastructure, commitments to purchase power and freight contracts. These goods and services are expected to
be used in the business. To the extent that this changes, a provision for onerous obligations may be made.
Purchases from joint arrangements or associates are included if the quantity to be purchased is in excess of our ownership interest in the entity.
However, purchase obligations exclude contracted purchases of bauxite, alumina and aluminium from joint arrangements and associates and
contracted purchases of alumina from third parties. This is because these purchases are made for commercial reasons and the Group is,
overall, a net seller of these commodities.

Annual Report on Form 20-F 2024 | 228 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
37 Contingencies and commitments continued
The aggregate amount of future payment commitments under purchase obligations outstanding at 31 December is shown in the table below.

| 2024 US$m | 2023 US$m
Within 1 year | 3,160 | 2,927
Between 1 and 2 years | 1,461 | 1,663
Between 2 and 3 years | 1,364 | 1,496
Between 3 and 4 years | 851 | 1,147
Between 4 and 5 years | 614 | 948
After 5 years | 4,905 | 6,365
Total | 12,355 | 14,546

Guarantees by parent companies
Rio Tinto plc and Rio Tinto Limited have, jointly and severally, fully and unconditionally guaranteed the following securities issued by the
following 100% owned finance subsidiaries: US$6.2 billion (2023: US$6.2 billion) Rio Tinto Finance (USA) Limited and Rio Tinto Finance (USA)
plc bonds with maturity dates up to 2053; and US$0.6 billion (2023: US$1.1 billion) on the European Debt Issuance Programme. In addition, Rio
Tinto Finance plc and Rio Tinto Finance Limited have entered into undrawn facility arrangements for an aggregate amount of US$7.5 billion
(2023: US$7.5 billion). The facilities are guaranteed by Rio Tinto plc and Rio Tinto Limited.
Rio Tinto plc has provided a guarantee, known as the completion support undertaking (CSU), in favour of the Oyu Tolgoi LLC project finance lenders. In
2023, a wholly owned subsidiary of Rio Tinto plc became a lender under the project finance facility ranking pari passu with the external lenders.
At 31 December 2024, a total of US$5.5 billion (2023: US$4.7 billion) of project finance debt was outstanding under this facility of which US$3.9
billion (2023: US$3.9 billion) is owed to external third party lenders. Rio Tinto plc, through its subsidiaries, owns 66% of Oyu Tolgoi LLC, with the
remaining share owned by Erdenes Oyu Tolgoi LLC (34%), which is controlled by the Government of Mongolia. The project finance was raised
for development of the underground mine and the CSU will terminate on the completion of the underground mine according to a set of
completion tests set out in the project finance facility. The CSU contains a carve-out for certain political risk events.
In November 2024, the Group entered into a US$7 billion bridge facility agreement to support the proposed acquisition of Arcadium Lithium
(refer to note 5). Rio Tinto Plc and Rio Tinto Limited have jointly guaranteed the facility, which remains undrawn as at 31 December 2024.
38 Auditors’ remuneration
Group auditors’ remuneration(a)

| 2024 US$m | 2023 US$m | 2022 US$m
Audit of the Group | 20.7 | 19.1 | 17.3
Audit of subsidiaries | 7.4 | 7.5 | 8.4
Total audit | 28.1 | 26.6 | 25.7
Audit-related assurance service | 1.7 | 1.1 | 1.0
Other assurance services(b) | 3.5 | 3.0 | 2.3
Total assurance services | 5.2 | 4.1 | 3.3
Tax compliance | – | – | –
Other non-audit services not covered above | 0.2 | 0.1 | 0.3
Total non-audit services | 5.4 | 4.2 | 3.6
Total Group auditors’ remuneration | 33.5 | 30.8 | 29.3
Group auditors’ remuneration as required to be categorised under SEC regulations |  |  |
Audit fees | 30.0 | 27.7 | 27.0
Audit-related fees | 3.3 | 3.0 | 2.0
Tax fees | – | – | –
All other fees | 0.2 | 0.1 | 0.3
Total Group auditors’ remuneration | 33.5 | 30.8 | 29.3
Audit fees payable to other accounting firms |  |  |
Audit of the financial statements of the Group’s subsidiaries | 0.3 | 0.3 | 0.2
Fees in respect of pension scheme audits | 0.1 | 0.1 | 0.1
Total audit fees payable to other accounting firms | 0.4 | 0.4 | 0.3

(a)The remuneration payable to KPMG, the Group auditors, is approved by the Audit & Risk Committee. The Committee sets the policy for the award of non-audit work to the auditors and
approves the nature and extent of such work, and the amount of the related fees, to ensure that independence is maintained. The fees disclosed above consolidate all payments, including
overruns, made to member firms of KPMG by the companies and their subsidiaries, along with fees in respect of joint operations paid for by the Group. Non-audit services arise largely from
assurance and regulation related work.
(b)Other assurance services relates to the review of non-statutory financial information including sustainability reporting.

Annual Report on Form 20-F 2024 | 229 | riotinto.com

Financial statements | Notes to the consolidated fin ancial statements
39 Events after the balance sheet date
There were no significant events after the balance sheet date requiring disclosure.
40 New standards issued but not yet effective
We have not early adopted any new accounting standards or amendments that have been issued but are not yet effective. Except for the
Amendments to IAS 21 “The Effects Of Changes In Foreign Exchange Rates” (IAS 21), referred to below, t hey are not available for early
adoption because they have not yet been endorsed by the UK Endorsement Board.
IFRS 18 Presentation and Disclosure in Financial Statements (mandatory in 2027) will replace IAS 1. The new standard requires that companies
classify all income and expenses into 5 categories in the statement of profit or loss, namely the operating, investing, financing, discontinued
operations and income tax categories. Management defined performance measures are disclosed in a single note and enhanced guidance is
provided on how to group information in the financial statements. In addition, all entities are required to use the o perating profit subtotal as the
starting point for the statement of cash flows. We are in process of assessing the impact of IFRS 18 and expect that changes will be required to
the presentation and disclosures in our financial statements.
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures (mandatory in 2026) will help companies better
report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements (PPAs).
The amendments include: clarifying the application of the ‘own-use’ requirements, permitting hedge accounting if these contracts are used as
hedging instruments; and adding new disclosure requirements to enable investors to understand the effect of these contracts on a company’s
financial performance and cash flows. We are in process of assessing the impacts from these amendments.
Th e assessment is ongoing in relation to the amendments listed below, but no material impact has been identified to date:
–Lack of exchangeability (Amendments to IAS 21 , mandatory in 2025)
–Annual Improvements to IFRS Accounting Standards (Amendments to IAS 7 “Statement of Cash Flows” and IFRS 10 “Consolidated
Financial Statements” mandatory in 2026)
–Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 “Financial Instruments” and IFRS 7
“Financial Instruments: Disclosures”, mandatory in 2026)
–IFRS 19 “Subsidiaries without Public Accountability: Disclosures” (mandatory in 2027)
Pages 230 to 245 have been intentionally omitted.

Annual Report on Form 20-F 2024 | 246 |

Financial statements | Report of Independent Registered Public Accounting Firms
Report of Independent Registered
Public Accounting Firms
To the Shareholders and Board of Directors of Rio Tinto plc and Rio Tinto Limited:
Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting
We have audited the accompanying Consolidated Balance Sheet of Rio Tinto Group (‘the Group’), comprising of Rio Tinto plc and Rio Tinto
Limited, together with their subsidiaries as of December 31, 2024 and 2023, the related Consolidated Income Statement, Consolidated
Statement of Comprehensive Income, Consolidated Statement of Changes in Equity, and Consolidated Cash Flow Statement for each of the
years in the three-year period ended December 31, 2024 and the related notes (collectively, the consolidated financial statements). We also
have audited the Group’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control –
Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission”.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Group as of
December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024,
in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Group
maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024 based on criteria established in Internal
Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission”.
Basis for Opinions
The Group’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial
reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s
report on internal control over financial reporting. Our responsibility is to express an opinion on the Group’s consolidated financial statements
and an opinion on the Group’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the
Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or
fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the
consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also
included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall
presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of
internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered
necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s
internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any
evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or
that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were
communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated
financial statements and (2) involved our especially challenging, subjective, or complex judgements. The communication of critical audit matters does not
alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below,
providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Evaluation of the impairment assessment for the Kennecott Utah Copper Cash Generating Unit
As described in Note 4, as at December 31, 2024, the Kennecott Utah Copper CGU has US$2.2 billion in carrying value. The Group determined
that there was an indicator of impairment of property, plant and equipment in the Kennecott Utah Copper CGU, as a result of worsening
geotechnical conditions. The Group performed a full impairment assessment by estimating the recoverable amount of the CGU based on cash
flow forecasts for fair value less costs of disposal purposes and comparing to the respective carrying amount. The Group concluded that the
Kennecott Utah Copper CGU’s recoverable amount exceeded its carrying value.
We identified the evaluation of the impairment assessment for the Kennecott Utah Copper cash generating unit as a critical audit matter. Significant auditor
judgement was required to evaluate key assumptions, including the uncertainty over forecast copper prices and the life of mine plan.

Annual Report on Form 20-F 2024 | 247 |

Financial statements | Report of Independent Registered Public Accounting Firms
The following are the primary procedures we performed to address this critical audit matter:
–we evaluated the design and tested the operating effectiveness of certain internal controls related to the impairment process for the
determination of the recoverable amount of property, plant and equipment for the Kennecott Utah Copper CGU;
–we involved our valuation professionals with specialised skills and knowledge who assisted us in assessing the forecast copper prices used
in the Group’s assessment by comparing them to, and considering changes in, market observable price forecasts; and
–we assessed the scope, competency and objectivity of the Group’s internal experts who prepared the life of mine plan utilised in the Group’s
impairment assessment, by examining the work they were involved to perform, and their professional qualifications and experience.
Evaluation of Iron Ore (‘Pilbara’) provision for close-down and restoration
As discussed in Note 14 to the consolidated financial statements, the Group has a provision for close-down, restoration and environmental
activities (‘closure provisions’) of US$15,731m as of December 31, 2024, a portion of which relates to Iron Ore (‘Pilbara’).
We identified the evaluation of provisions for close-down and restoration related to Pilbara as a critical audit matter. Significant auditor
judgement was required to evaluate the Group’s assumptions related to the life of operation and the probability, nature and timing of possible
closure and rehabilitation activities, and future close-down and restoration costs including costs associated with post-closure monitoring (‘closure
costs’).
The following are the primary procedures we performed to address this critical audit matter.
–We evaluated the design and tested the operating effectiveness of certain internal controls over the Group’s process to estimate provisions
for close-down and restoration including the Group’s selection of key assumptions to be used.
–We evaluated the scope and competency of the Group’s experts, both internal and external to the Group, who produce the closure cost
estimates by examining the work they were involved to perform, and their professional qualifications and experience.
–We compared a selection of previous forecast cost assumptions to actual costs to assess the Group’s ability to accurately forecast closure costs.
–We inspected the most recent closure studies and other technical material prepared by the Group relating to changes in the closure provision
to assess the nature and scope of restoration work planned to be undertaken. This included assumptions relating to the life of the operation
and the nature and timing of closure and rehabilitation activities.
–We evaluated the completeness of the provisions against the Group’s analysis of where disturbance requires rehabilitation and our
understanding of the Pilbara sites, including the probability, nature and timing of possible closure and rehabilitation activities.
–In addition, for certain sites, we involved mine closure professionals with specialised skills and knowledge who assisted in evaluating the
methodology applied by the Group’s third-party experts and assisted us in assessing certain assumptions regarding the nature and costs of
future rehabilitation activities based on their experience and familiarity with applicable legislative requirements and industry practice and the
Group’s closure commitments.
Evaluation of indicators of impairment or impairment reversals of property, plant and equipment for the Oyu Tolgoi
copper-gold mine cash generating unit (Oyu Tolgoi CGU)
As discussed, in Note 13 to the consolidated financial statements, as at December 31, 2024, the Group has US$67,345m of property, plant and
equipment, a portion of which relates to the Oyu Tolgoi copper-gold mine (Oyu Tolgoi CGU). As discussed in Note 4, external and internal factors
are monitored for indicators of impairment or impairment reversal and judgement is required to determine whether the impacts of these factors
are significant.
We identified the evaluation of indicators of impairment or impairment reversal of property, plant and equipment related to the Oyu Tolgoi CGU
as a critical audit matter. Significant auditor judgement was required to assess whether certain internal and external factors impacting the Oyu
Tolgoi CGU, including volatility on forecast commodity prices and the ramp up of underground mine production, result in indicators of impairment
or impairment reversal.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating
effectiveness of certain internal controls related to the identification of indicators of impairment or impairment reversal of property, plant and
equipment for the Oyu Tolgoi CGU.
–We involved valuation professionals with specialised skills and knowledge who assisted in assessing the forecast commodity prices used in
the Group’s assessment, by comparing them to, and considering changes in, market observable price forecasts.
–We assessed the impact of the underground progress in the period by comparing the actual ramp up of underground mine production to the
Group's plans, to assess whether any deviation from these plans could represent an indicator of impairment or impairment reversal. We also
inquired of operational management to corroborate certain changes in assumptions.
We have served as the Group’s auditors since 2020.

/s/ KPMG LLP London, United Kingdom February 20, 2025 In respect of the Board of Directors and Shareholders of Rio Tinto plc | /s/ KPMG Perth, Australia February 20, 2025 In respect of the Board of Directors and Shareholders of Rio Tinto Limited

Pages 248 to 265 have been intentionally omitted.

Annual Report on Form 20-F 2024 | 266 | riotinto.com

Financial statements | Additional financial information
Financial information by business unit

|  | Segmental revenue(a) for the year ended 31 December | Underlying EBITDA(a) for the year ended 31 December | Depreciation and amortisation for the year ended 31 December | Underlying earnings(a) for the year ended 31 December
| Rio Tinto interest % | 2024 US$m | 2023 US$m | 2022 US$m | 2024 US$m | 2023 US$m Adjusted(m) | 2022 US$m Adjusted(m) | 2024 US$m | 2023 US$m | 2022 US$m | 2024 US$m | 2023 US$m Adjusted(m) | 2022 US$m Adjusted(m)
Iron Ore |  |  |  |  |  |  |  |  |  |  |  |  |
Pilbara | (b) | 27,849 | 30,867 | 29,313 | 16,543 | 19,828 | 18,474 | 2,390 | 2,128 | 2,011 | 9,550 | 11,945 | 11,106
Dampier Salt | 68.4% | 412 | 422 | 352 | 117 | 120 | 56 | 23 | 21 | 19 | 46 | 49 | 19
Evaluation projects/other | (c) | 3,197 | 2,701 | 2,711 | (478) | 57 | 33 | – | – | – | (550) | (89) | 53
Intra-segment | (c) | (2,119) | (1,741) | (1,470) | 67 | (31) | 49 | – | – | – | 51 | (23) | 35
Total Iron Ore segment |  | 29,339 | 32,249 | 30,906 | 16,249 | 19,974 | 18,612 | 2,413 | 2,149 | 2,030 | 9,097 | 11,882 | 11,213
Aluminium |  |  |  |  |  |  |  |  |  |  |  |  |
Bauxite | (d) | 3,061 | 2,390 | 2,396 | 1,250 | 662 | 618 | 365 | 373 | 361 | 579 | 141 | 101
Alumina | (e) | 3,612 | 2,882 | 3,215 | 799 | 136 | 289 | 142 | 170 | 200 | 417 | (56) | 18
North American Aluminium | (f) | 7,030 | 6,581 | 7,561 | 1,639 | 1,480 | 2,426 | 785 | 710 | 704 | 632 | 566 | 1,266
Pacific Aluminium | (g) | 2,844 | 2,613 | 3,102 | 363 | 169 | 497 | 154 | 165 | 135 | 131 | 18 | 261
Intra-segment and other |  | (3,651) | (2,953) | (3,138) | (194) | (11) | 12 | – | – | — | (136) | (15) | (8)
Integrated operations |  | 12,896 | 11,513 | 13,136 | 3,857 | 2,436 | 3,842 | 1,446 | 1,418 | 1,400 | 1,623 | 654 | 1,638
Other product group items |  | 754 | 772 | 973 | 35 | 9 | 25 | – | – | – | 23 | 5 | 15
Product group operations |  | 13,650 | 12,285 | 14,109 | 3,892 | 2,445 | 3,867 | 1,446 | 1,418 | 1,400 | 1,646 | 659 | 1,653
Evaluation projects/other |  | – | – | – | (219) | (163) | (195) | – | – | – | (163) | (121) | (149)
Total Aluminium segment |  | 13,650 | 12,285 | 14,109 | 3,673 | 2,282 | 3,672 | 1,446 | 1,418 | 1,400 | 1,483 | 538 | 1,504
Copper |  |  |  |  |  |  |  |  |  |  |  |  |
Kennecott | 100% | 2,599 | 1,430 | 1,923 | 720 | 178 | 857 | 718 | 500 | 624 | (54) | (328) | 12
Escondida | 30% | 3,424 | 2,756 | 2,628 | 2,221 | 1,619 | 1,641 | 426 | 355 | 330 | 921 | 684 | 798
Oyu Tolgoi | (h) | 2,184 | 1,625 | 1,424 | 1,105 | 639 | 449 | 473 | 476 | 194 | 388 | 161 | 130
Product group operations |  | 8,207 | 5,811 | 5,975 | 4,046 | 2,436 | 2,947 | 1,617 | 1,331 | 1,148 | 1,255 | 517 | 940
Evaluation projects/other | (m) | 1,068 | 867 | 724 | (609) | (476) | (381) | 3 | 5 | 5 | (444) | (327) | (252)
Total Copper segment |  | 9,275 | 6,678 | 6,699 | 3,437 | 1,960 | 2,566 | 1,620 | 1,336 | 1,153 | 811 | 190 | 688
Minerals |  |  |  |  |  |  |  |  |  |  |  |  |
Iron Ore Company of Canada | 58.7% | 2,450 | 2,500 | 2,818 | 746 | 942 | 1,381 | 229 | 214 | 207 | 212 | 293 | 475
Rio Tinto Iron & Titanium | (i) | 1,993 | 2,172 | 2,366 | 609 | 582 | 799 | 226 | 222 | 224 | 241 | 221 | 374
Rio Tinto Borates | 100% | 763 | 802 | 742 | 183 | 212 | 155 | 65 | 58 | 54 | 82 | 125 | 80
Diamonds | (j) | 279 | 444 | 816 | (115) | 44 | 330 | 29 | 35 | 45 | (127) | 26 | 151
Product group operations |  | 5,485 | 5,918 | 6,742 | 1,423 | 1,780 | 2,665 | 549 | 529 | 530 | 408 | 665 | 1,080
Evaluation projects/other |  | 46 | 16 | 12 | (343) | (366) | (246) | 1 | 1 | 1 | (265) | (353) | (226)
Total Minerals segment |  | 5,531 | 5,934 | 6,754 | 1,080 | 1,414 | 2,419 | 550 | 530 | 531 | 143 | 312 | 854
Reportable segments total |  | 57,795 | 57,146 | 58,468 | 24,439 | 25,630 | 27,269 | 6,029 | 5,433 | 5,114 | 11,534 | 12,922 | 14,259
Simandou iron ore project | (k) | – | – | – | (22) | (539) | (189) | 7 | – | – | (39) | (160) | (145)
Other operations | (l)(m) | 120 | 142 | 192 | 43 | (95) | (17) | 320 | 290 | 272 | (225) | (307) | (348)
Inter-segment transactions | (c) | (209) | (231) | (256) | 9 | 8 | 24 |  |  |  | 4 | 4 | 26
Central pension costs, share-based payments, insurance and derivatives |  |  |  |  | 153 | 168 | 377 |  |  |  | 228 | 48 | 374
Restructuring, project and one-off costs |  |  |  |  | (254) | (190) | (173) |  |  |  | (178) | (112) | (85)
Central costs |  |  |  |  | (816) | (990) | (766) | 121 | 95 | 94 | (636) | (898) | (651)
Central exploration and evaluation |  |  |  |  | (238) | (100) | (253) |  |  |  | (216) | (60) | (209)
Net interest |  |  |  |  |  |  |  |  |  |  | 395 | 318 | 138
Underlying EBITDA/earnings |  |  |  |  | 23,314 | 23,892 | 26,272 |  |  |  | 10,867 | 11,755 | 13,359
Items excluded from underlying EBITDA/ earnings |  |  |  |  | 1,055 | (1,257) | 269 |  |  |  | 685 | (1,697) | (967)
Reconciliation to consolidated income statement |  |  |  |  |  |  |  |  |  |  |  |  |
Share of EAUs sales and inter-subsidiary/ EAUs sales |  | (4,048) | (3,016) | (2,850) |  |  |  |  |  |  |  |  |
Impairment charges net of reversals | (n) |  |  |  | (573) | (936) | (52) |  |  |  |  |  |
Depreciation and amortisation in subsidiaries excluding capitalised depreciation |  |  |  |  | (5,744) | (4,976) | (4,871) |  |  |  |  |  |
Depreciation and amortisation in EAUs |  |  |  |  | (559) | (484) | (470) | (559) | (484) | (470) |  |  |
Taxation and finance items in EAUs |  |  |  |  | (1,002) | (741) | (640) |  |  |  |  |  |
Finance items |  |  |  |  | (876) | (1,713) | (1,846) |  |  |  |  |  |
Consolidated sales revenue/profit before taxation/depreciation and amortisation/net earnings |  | 53,658 | 54,041 | 55,554 | 15,615 | 13,785 | 18,662 | 5,918 | 5,334 | 5,010 | 11,552 | 10,058 | 12,392

Annual Report on Form 20-F 2024 | 267 | riotinto.com

Financial statements | Additional financial information

|  | Capital expenditure(o) for the year ended 31 December | Operating assets(p) as at 31 December | Employees for the year ended 31 December
| Rio Tinto interest % | 2024 US$m | 2023 US$m | 2022 US$m | 2024 US$m | 2023 US$m Adjusted(m) | 2022 US$m | 2024 | 2023 Adjusted(m) | 2022 Adjusted(m)
Iron Ore |  |  |  |  |  |  |  |  |  |
Pilbara | (b) | 2,985 | 2,563 | 2,906 | 17,016 | 17,959 | 17,785 | 15,152 | 15,181 | 14,319
Dampier Salt | 68.4% | 27 | 25 | 34 | 5 | 146 | 153 | 422 | 430 | 436
Evaluation projects/other | (c) | – | – | – | 718 | 780 | 835 | 22 | 22 | 20
Intra-segment | (c) | – | – | – | (193) | (243) | (220) | – | – | –
Total Iron Ore segment |  | 3,012 | 2,588 | 2,940 | 17,546 | 18,642 | 18,553 | 15,596 | 15,633 | 14,775
Aluminium |  |  |  |  |  |  |  |  |  |
Bauxite | (d) | 159 | 159 | 161 | 2,289 | 2,649 | 2,458 | 3,188 | 3,008 | 2,966
Alumina | (e) | 279 | 325 | 356 | 804 | 1,315 | 2,400 | 2,502 | 2,600 | 2,626
North American Aluminium | (f) | 1,153 | 748 | 752 | 10,516 | 10,582 | 9,343 | 7,497 | 6,886 | 6,693
Pacific Aluminium | (g) | 102 | 99 | 108 | 706 | 340 | 159 | 2,728 | 2,563 | 2,480
Intra-segment and other |  | 1 | – | – | 795 | 997 | 629 | 243 | 256 | 234
Total Aluminium segment |  | 1,694 | 1,331 | 1,377 | 15,110 | 15,883 | 14,989 | 16,158 | 15,313 | 14,999
Copper |  |  |  |  |  |  |  |  |  |
Kennecott | 100% | 774 | 735 | 563 | 2,391 | 2,606 | 2,027 | 2,502 | 2,411 | 2,176
Escondida | 30% | – | – | – | 2,779 | 2,844 | 2,792 | 1,135 | 1,203 | 1,205
Oyu Tolgoi | (h) | 1,277 | 1,230 | 1,056 | 16,692 | 15,334 | 13,479 | 4,734 | 4,515 | 4,060
Product group operations |  | 2,051 | 1,965 | 1,619 | 21,862 | 20,784 | 18,298 | 8,371 | 8,129 | 7,441
Evaluation projects/other | (m) | 4 | 11 | 3 | 262 | 266 | 165 | 317 | 295 | 236
Total Copper segment |  | 2,055 | 1,976 | 1,622 | 22,124 | 21,050 | 18,463 | 8,688 | 8,424 | 7,677
Minerals |  |  |  |  |  |  |  |  |  |
Iron Ore Company of Canada | 58.7% | 291 | 364 | 366 | 1,240 | 1,347 | 1,147 | 3,214 | 3,206 | 3,075
Rio Tinto Iron & Titanium | (i) | 244 | 240 | 217 | 3,215 | 3,386 | 3,351 | 4,397 | 4,415 | 4,273
Rio Tinto Borates | 100% | 57 | 49 | 34 | 475 | 502 | 496 | 989 | 1,013 | 1,009
Diamonds | (j) | 48 | 66 | 48 | (38) | 29 | (84) | 864 | 871 | 853
Product group operations |  | 640 | 719 | 665 | 4,892 | 5,264 | 4,910 | 9,464 | 9,505 | 9,210
Evaluation projects/other |  | 158 | 27 | 14 | 1,138 | 873 | 874 | 358 | 328 | 224
Total Minerals segment |  | 798 | 746 | 679 | 6,030 | 6,137 | 5,784 | 9,822 | 9,833 | 9,434
Reportable segments total |  | 7,559 | 6,641 | 6,618 | 60,810 | 61,712 | 57,789 | 50,264 | 49,203 | 46,885
Simandou iron ore project | (k) | 1,832 | 266 | – | 2,106 | 738 | (22) | 989 | 571 | 343
Other operations | (l)(m) | 66 | 57 | 53 | (1,446) | (2,638) | (1,850) | 703 | 703 | 639
Inter-segment transactions | (c) |  |  |  | 22 | 20 | 12 |  |  |
Other items |  | 134 | 113 | 79 | (755) | (1,015) | (1,107) | 7,638 | 6,697 | 5,859
Total |  | 9,591 | 7,077 | 6,750 | 60,737 | 58,817 | 54,822 | 59,594 | 57,174 | 53,726
Add back: Proceeds from disposal of property, plant and equipment |  | 30 | 9 | – |  |  |  |  |  |
Total purchases of property, plant & equipment and intangibles as per cash flow statement |  | 9,621 | 7,086 | 6,750 |  |  |  |  |  |
Add: Net debt |  |  |  |  | (5,491) | (4,231) | (4,188) |  |  |
Equity attributable to owners of Rio Tinto |  |  |  |  | 55,246 | 54,586 | 50,634 |  |  |
Total employees |  |  |  |  |  |  |  | 59,594 | 57,174 | 53,726

Annual Report on Form 20-F 2024 | 268 | riotinto.com

Financial statements | Additional financial information
Business units are classified according to the Group’s management
structure. Our management structure is based on product groups
together with global support functions whose leaders make up the
Executive Committee. The Executive Committee members each
report directly to our Chief Executive who is the chief operating
decision maker and is responsible for allocating resources and
assessing performance of the operating segments. Finance costs and
net debt are managed on a Group-wide basis and are therefore
excluded from the segmental results.
The disclosures in this note include certain alternative performance
measures (non-IFRS measures). For more information on the non-
IFRS measures used by the Group, including definitions and
calculations, refer to section entitled alternative performance
measures (pages 269 to 273).
(a)Segmental revenue, Underlying EBITDA and Capital expenditure
are defined and calculated in note 1 from pages 167 to 168.
Underlying earnings is defined and calculated within the Alternative
performance measures section on page 270.
(b)Pilbara represents the Group’s 100% holding in Hamersley, 50%
holding in Hope Downs Joint Venture, 54% holding in Western
Range Joint Venture and 65% holding in Robe River Iron
Associates. The Group’s net beneficial interest in Robe River Iron
Associates is 53%, as 30% is held through a 60% owned
subsidiary and 35% is held through a 100% owned subsidiary.
(c)Segmental revenue, Underlying EBITDA, Underlying earnings
and Operating assets within Evaluation projects/other include
activities relating to the shipment and blending of Pilbara and Iron
Ore Company of Canada (IOC) iron ore inventories held portside
in China and sold to domestic customers. Transactions between
Pilbara and our portside trading business are eliminated through
the Iron Ore “intra-segment” line and transactions between IOC
and the portside trading business are eliminated through “inter-
segment transactions”.
(d)Bauxite represents the Group’s 100% interest in Gove and Weipa,
22% interest in Porto Trombetas and 22.9% interest in Sangarédi.
(e)Alumina represents the Group’s 100% interest in Jonquière
(Vaudreuil), Yarwun, 80% interest in Queensland Alumina and
10% interest in São Luis (Alumar).
(f)North American Aluminium represents the Group’s 100% interest
in Alma, Arvida, Arvida AP60, Grande-Baie, ISAL, Kitimat,
Laterrière, 40% interest in Alouette, 25.1% interest in Bécancour,
20% interest in Sohar and 50% interest in Matalco.
(g)Pacific Aluminium represents the Group’s 100% interest in Bell
Bay, 73.5% interest in Boyne Island, 100% interest in Tiwai Point
and 51.6% interest in Tomago. On 30 September 2024, our
interest in Boyne Island was increased from 59.4% to 71.05%
following our acquisition of Mitsubishi Corporation’s 11.65%
interest in Boyne Smelters Limited (BSL). On 1 November 2024,
our interest was further increased to 73.5% following our
acquisition of Sumitomo Chemical Company’s (SCC) 2.46%
interest in BSL. On 1 November 2024, we also acquired SCC’s
20.64% interest in New Zealand Aluminium Smelters, increasing
our interest from 79.36% to 100%.
(h)Until 16 December 2022, our interest in Oyu Tolgoi (OT) was held
indirectly through our 50.8% investment in Turquoise Hill
Resources Ltd (TRQ), where TRQ’s principal asset was its 66%
investment in Oyu Tolgoi LLC, which owned the OT copper-gold
mine. Following the purchase of TRQ we now directly hold a 66%
investment in Oyu Tolgoi LLC.
(i)I ncludes our interests in Rio Tinto Iron and Titanium Quebec
Operations (100%), QIT Madagascar Minerals (QMM, economic
interest of 85%) and Richards Bay Minerals (attributable interest
of 74%).
(j)Relates to our 100% interest in the Diavik diamond mine and
diamond marketing operations.
(k)Rio Tinto SimFer UK Limited (which is wholly owned by the
Group) holds a 53% interest in SimFer Jersey Limited (SimFer
Jersey) which in turn, has an 85% interest in SimFer S.A., the
company that will carry out the Simandou mining operations in
Guinea, and an 85% interest in the company which will deliver
SimFer Jersey’s scope of the co-developed rail and port
infrastructure. SimFer Jersey at present has a 100% interest in
the companies that will own and operate the transhipment
vessels, however this is anticipated to reduce to 85% with the
Government of Guinea taking a 15% interest before operations
commence. These entities, together with the equity accounted
WCS Rail and Port entities described in note 32, are referred to
as the Simandou iron ore project.
(l)Other operations includes our 98.43% interest in Energy
Resources of Australia (increased from 86.3% in November 2024
- refer to note 30), sites being rehabilitated under the
management of Rio Tinto Closure, Rio Tinto Marine, and the
remaining legacy liabilities of Rio Tinto Coal Australia. These
include provisions for onerous contracts, in relation to rail
infrastructure capacity, partly offset by financial assets and
receivables relating to contingent royalties and disposal proceeds.
(m)Accountability for Rio Tinto Guinea, our in-country external affairs
office remains with Bold Baatar, and has therefore moved from
the Copper product group to “Other operations” following his
change in role to Chief Commercial Officer. Accordingly, prior
period amounts have been adjusted for comparability even though
there is no material impact as a result of the change.
(n)Refer to note 4 for allocation of impairment charges net of
reversals between consolidated amounts and share of profit in
EAUs.
(o)Capital expenditure is the net cash outflow on purchases less
sales of property, plant and equipment, capitalised evaluation
costs and purchases less sales of other intangible assets as
derived from the consolidated cash flow statement. The details
provided include 100% of subsidiaries’ capital expenditure and
Rio Tinto’s share of the capital expenditure of joint operations but
exclude equity accounted units.
(p)Operating assets of the Group represents equity attributable to
Rio Tinto adjusted for net debt. Operating assets of subsidiaries,
joint operations and the Group’s share relating to equity
accounted units are made up of net assets adjusted for net debt
and post-retirement assets and liabilities, net of tax. Operating
assets are stated after the deduction of non-controlling interests;
these are calculated by reference to the net assets of the relevant
companies (ie inclusive of such companies’ debt and amounts
due to or from Rio Tinto Group companies).

Annual Report on Form 20-F 2024 | 269 | riotinto.com

Financial statements | Additional financial information
Alternative performance measures
The Group presents certain alternative performance measures (non-IFRS measures) which are reconciled to directly comparable IFRS financial
measures below. These non-IFRS measures, hereinafter referred to as alternative performance measures (APMs), are used by management to
assess the performance of the business and provide additional information, which investors may find useful. APMs are presented in order to
give further insight into the underlying business performance of the Group's operations.
APMs are not consistently defined and calculated by all companies, including those in the Group’s industry. Accordingly, these measures used
by the Group may not be comparable with similarly titled measures and disclosures made by other companies. Consequently, these APMs
should not be regarded as a substitute for the IFRS measures and should be considered supplementary to those measures.
The following tables present the Group's key financial measures not defined according to IFRS and a reconciliation between those APMs and
their nearest respective IFRS measures.
Reconciliation of APMs to the nearest comparable IFRS financial measures for the year 2021 and 2020 can be found in the section APM of our
2021 Annual Report. Reconciliation of underlying return on capital employed and Net (debt)/cash for the year 2022 can be found in our 2022
Annual Report.
APMs derived from the income statement
The following income statement measures are used by the Group to provide greater understanding of the underlying business performance of
its operations and to enhance comparability of reporting periods. They indicate the underlying commercial and operating performance of our
assets including revenue generation, productivity and cost management.
Segmental revenue
Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units (EAUs) in proportion to our
equity interest (after adjusting for sales to/from subsidiaries). The reconciliation can be found in “Our financial performance” on page 167.
Underlying EBITDA
Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA impact of
items that do not reflect the underlying performance of our reportable segments. The reconciliation of profit after tax to underlying EBITDA can
be found in “Our financial performance” on page 168.
Underlying EBITDA margin
Underlying EBITDA margin is defined as Group underlying EBITDA divided by the aggregate of consolidated sales revenue and our share of
equity account unit sales after eliminations.

| 2024 US$m | 2023 US$m | 2022 US$m
Underlying EBITDA | 23,314 | 23,892 | 26,272
Consolidated sales revenue | 53,658 | 54,041 | 55,554
Share of equity accounted unit sales and inter-subsidiary/equity accounted unit sales eliminations | 4,048 | 3,016 | 2,850
| 57,706 | 57,057 | 58,404
Underlying EBITDA margin | 40% | 42% | 45%

Pilbara underlying FOB EBITDA margin
The Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara underlying EBITDA divided by Pilbara segmental revenue,
excluding freight revenue.

| 2024 US$m | 2023 US$m | 2022 US$m
Pilbara |  |  |
Underlying EBITDA | 16,543 | 19,828 | 18,474
Pilbara segmental revenue | 27,849 | 30,867 | 29,313
Less: Freight revenue | (2,344) | (2,098) | (2,206)
Pilbara segmental revenue, excluding freight revenue | 25,505 | 28,769 | 27,107
Pilbara underlying FOB EBITDA margin | 65% | 69% | 68%

Underlying EBITDA margin from integrated operations and product group operations

| Aluminium - integrated operations | Copper - product group operations | Minerals - product group operations
| 2024 US$m | 2023 US$m | 2022 US$m | 2024 US$m | 2023 US$m | 2022 US$m | 2024 US$m | 2023 US$m | 2022 US$m
Underlying EBITDA | 3,857 | 2,436 | 3,842 | 4,046 | 2,436 | 2,947 | 1,423 | 1,780 | 2,665
Segmental revenue | 12,896 | 11,513 | 13,136 | 8,207 | 5,811 | 5,975 | 5,485 | 5,918 | 6,742
Underlying EBITDA margin | 30% | 21% | 29% | 49% | 42% | 49% | 26% | 30% | 40%

Annual Report on Form 20-F 2024 | 270 | riotinto.com

Financial statements | Additional financial information
Underlying earnings
Underlying earnings represents net earnings attributable to the owners of Rio Tinto, adjusted to exclude items that do not reflect the underlying
performance of the Group’s operations.
Exclusions from underlying earnings are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to
require exclusion in order to provide additional insight into underlying business performance.
The following items are excluded from net earnings in arriving at underlying earnings in each period irrespective of materiality:
–net (gains)/losses on consolidation or disposal of interests in businesses
–impairment charges and reversals
–(profit)/loss after tax from discontinued operations
–exchange and derivative gains and losses. This adjustment includes exchange (gains)/losses on external net debt and intragroup balances, unrealised
(gains)/losses on currency and interest rate derivatives not qualifying for hedge accounting, unrealised (gains)/losses on certain commodity derivatives
not qualifying for hedge accounting, and unrealised (gains)/losses on embedded derivatives not qualifying for hedge accounting
–adjustments to closure provisions where the adjustment is associated with an impairment charge, or for legacy sites where the disturbance or
environmental contamination relates to the pre-acquisition period.
In addition, there is a final judgemental category which includes, where applicable, other credits and charges that, individually or in aggregate if
of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. In 2024
this includes provision for uncertain tax positions in relation to disputes with the Mongolian Tax Authority and the recognition of deferred tax
assets at Energy Resources of Australia.
Exclusions from underlying earnings relating to equity accounted units are stated after tax and included in the column “Pre-tax”.

| Pre-tax 2024 US$m | Taxation 2024 US$m | Non- controlling interests 2024 US$m | Net amount 2024 US$m | Net amount 2023 US$m | Net amount 2022 US$m
Net earnings | 15,615 | (4,041) | (22) | 11,552 | 10,058 | 12,392
Items excluded from underlying earnings |  |  |  |  |  |
(Gains)/losses on consolidation and disposal of interests in businesses(a) | (1,214) | 274 | 43 | (897) | – | 105
Impairment charges net of reversals (note 4) | 561 | (27) | – | 534 | 652 | 52
Foreign exchange and derivative losses/(gains): |  |  |  |  |  |
– Exchange (gains)/losses on external net debt, intragroup balances and derivatives(b) | (308) | 13 | 2 | (293) | 243 | (216)
– Losses on currency and interest rate derivatives not qualifying for hedge accounting(c) | 68 | 2 | 4 | 74 | 87 | 373
– Losses/(gains) on embedded commodity derivatives not qualifying for hedge accounting(d) | 92 | (27) | – | 65 | (23) | (20)
Change in closure estimates (non-operating and fully impaired sites)(e) | 86 | (13) | – | 73 | 1,102 | 178
Uncertain tax provisions(f) | – | 295 | (100) | 195 | – | –
Recognition of deferred tax assets at Energy Resources of Australia(g) | – | (443) | 7 | (436) | – | –
Deferred tax arising on internal sale of assets in Canadian operations(h) | – | – | – | – | (364) | –
Gains recognised by Kitimat relating to LNG Canada’s project(i) | – | – | – | – | – | (106)
Gain on sale of the Cortez royalty(j) | – | – | – | – | – | (331)
Write-off of Federal deferred tax assets in the United States(k) | – | – | – | – | – | 932
Total excluded from underlying earnings | (715) | 74 | (44) | (685) | 1,697 | 967
Underlying earnings | 14,900 | (3,967) | (66) | 10,867 | 11,755 | 13,359

(a)Gains on consolidation of businesses include the revaluation of our previously held interest in the NZAS joint operation as we acquired the remaining shares during the year and this became
a subsidiary. Disposals include the sale of Wyoming Uranium and Lake MacLeod, as described in note 5.
(b)Exchange (gains)/losses on external net debt, intragroup balances and derivatives includes post-tax gains on intragroup balances of US$647 million (2023: US$316 million loss; 2022:
US$478 million gain) offset by post-tax losses on external net debt of US$354 million (2023: US$73 million gain; 2022: US$262 million loss), primarily as a result of the Australian dollar
weakening against the US dollar.
(c)Valuation changes on currency and interest rate derivatives, which are ineligible for hedge accounting, other than those embedded in commercial contracts, and the currency revaluation of
embedded US dollar derivatives contained in contracts held by entities whose functional currency is not the US dollar.
(d)Valuation changes on derivatives, embedded in commercial contracts that are ineligible for hedge accounting but for which there will be an offsetting change in future Group earnings. Mark-
to-market movements on commodity derivatives entered into with the commercial objective of achieving spot pricing for the underlying transaction at the date of settlement are included in
underlying earnings. In 2024, the charge includes unrealised losses recognised in relation to our renewable PPAs.
(e)In 2024, the charge to the income statement relates to the change in estimates of underlying closure cash flows, net of impact of a change in discount rate, expressed in real-terms, from
2.0% to 2.5% as applied to provisions for close-down, restoration and environmental liabilities at legacy sites where the environmental damage preceded ownership by Rio Tinto. In 2023,
the charge included US$0.9 billion related to the closure provision update announced by Energy Resources of Australia on 12 December 2023 together with the update included in their half
year results for the period ended 30 June 2023, published in August 2023. This update was considered material and therefore it was aggregated with other closure study updates which were
similar in nature and have been excluded from underlying earnings. The other closure study updates were at legacy sites managed by our central closure team as well as an update at
Yarwun alumina refinery which was expensed due to the impairment earlier in the year. In 2022, the charge related to re-estimates of underlying closure cash flows for legacy sites where the
environmental damage preceded ownership by Rio Tinto.
(f)The uncertain tax provision in 2024 represents amounts provided in relation to disputes with the Mongolian Tax Authority for which the timing of resolution and potential economic outflow are
uncertain. Further information is included in the “other relevant judgements – uncertain tax positions” section of note 10 Taxation.
(g)Recognition of deferred tax assets at Energy Resources of Australia (ERA) relates to rehabilitation provisions which are tax deductible when paid in the future. In November 2024, our interest in
ERA increased from 86.3% to 98.43% and Rio Tinto stated its intention to proceed with compulsory acquisition of the remaining shares during 2025. Tax deductions for rehabilitation payments
made after completion of the compulsory acquisition process will be applied against taxable profits from other Australian operations, including our iron ore business.
(h)In 2023, the Canadian aluminium business completed an internal sale of assets which resulted in the utilisation of previously unrecognised capital losses and an uplift in the tax depreciable
value of assets on which a deferred tax asset of US$364 million was recognised.
(i)In 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. The resulting gain was excluded from
underlying earnings consistent with prior years as it was part of a series of transactions that together were material.
(j)In 2022, we completed the sale of a gross production royalty which was retained following the disposal of the Cortez Complex in 2008. The gain recognised on sale of the royalty was
excluded from underlying earnings on the grounds of individual magnitude.
(k)I n 2022, w e wrote down our deferred tax assets in the US following the introduction of the Corporate Alternative Minimum Tax regime. Refer to note 10 for details.

Annual Report on Form 20-F 2024 | 271 | riotinto.com

Financial statements | Additional financial information
Basic underlying earnings per share
Basic underlying earnings per share is calculated as underlying earnings divided by the weighted average number of shares outstanding during
the year.

| 2024 (cents) | 2023 (cents) | 2022 (cents)
Basic earnings per ordinary share | 711.7 | 620.3 | 765.0
Items excluded from underlying earnings per share(a) | (42.2) | 104.7 | 59.7
Basic underlying earnings per ordinary share | 669.5 | 725.0 | 824.7

(a)Calculation of items excluded from underlying earnings per share.

| 2024 | 2023 | 2022
Items excluded from underlying earnings (US$m) (refer to page 270) | (685.0) | 1,697.0 | 967.0
Weighted average number of shares (millions) | 1,623.1 | 1,621.4 | 1,619.8
Items excluded from underlying earnings per share (cents) | (42.2) | 104.7 | 59.7

We have provided basic underlying earnings per share as this allows the comparability of financial performance adjusted to exclude items which
do not reflect the underlying performance of the Group's operations.
Interest cover
Interest cover is a financial metric used to monitor our ability to service debt. It represents the number of times finance income and finance costs
(including amounts capitalised) are covered by profit before taxation, before finance income, finance costs, share of profit after tax of equity
accounted units and items excluded from underlying earnings, plus dividends from equity accounted units.

| 2024 US$m | 2023 US$m
Profit before taxation | 15,615 | 13,785
Add back |  |
Finance income | (514) | (536)
Finance costs | 763 | 967
Share of profit after tax of equity accounted units | (838) | (675)
Items excluded from underlying earnings | (715) | 2,498
Add: Dividends from equity accounted units | 1,067 | 610
Calculated earnings | 15,378 | 16,649
Finance income | 514 | 536
Finance costs | (763) | (967)
Add: Amounts capitalised | (424) | (279)
Total net finance costs before capitalisation | (673) | (710)
Interest cover | 23 | 23

Payout ratio
The payout ratio is used by us to guide the dividend policy we implemented in 2016, under which we have sought to return 40-60% of underlying
earnings, on average through the cycle, to shareholders as dividends. It is calculated as total equity dividends per share to owners of Rio Tinto
declared in respect of the financial year divided by underlying earnings per share (as defined above). Dividends declared usually include an
interim dividend paid in the year, and a final dividend paid after the end of the year. Any special dividends declared in respect of the financial
year are also included.

| 2024 (cents) | 2023 (cents)
Interim dividend declared per share | 177.0 | 177.0
Final dividend declared per share | 225.0 | 258.0
Total dividend declared per share for the year | 402.0 | 435.0
Underlying earnings per share | 669.5 | 725.0
Payout ratio | 60% | 60%

Annual Report on Form 20-F 2024 | 272 | riotinto.com

Financial statements | Additional financial information
APMs derived from cash flow statement
Capital expenditure
Capital expenditure includes the net sustaining and development expenditure on property, plant and equipment, and on intangible assets. This is
equivalent to “Purchases of property, plant and equipment and intangible assets” in the cash flow statement less “Sales of property, plant and
equipment and intangible assets”.
This measure is used to support management's objective of effective and efficient capital allocation as we need to invest in existing assets in
order to maintain and improve productive capacity, and in new assets to grow the business.

| 2024 US$m | 2023 US$m | 2022 US$m
Purchase of property, plant and equipment and intangible assets | 9,621 | 7,086 | 6,750
Less: Sales of property, plant and equipment and intangible assets | (30) | (9) | –
Capital expenditure | 9,591 | 7,077 | 6,750

Rio Tinto share of capital investment
Rio Tinto’s share of capital investment represents our economic investment in capital projects. This measure was introduced in 2022 to better
represent the Group’s share of funding for capital projects which are jointly funded with other shareholders and which may differ from the
consolidated basis included in the Capital expenditure APM. This better reflects our approach to capital allocation.
The measure is based upon purchase of property, plant and equipment and intangible assets and adjusted to deduct equity or shareholder loan
financing provided to partially owned subsidiaries by non-controlling interests in respect of major capital projects in the period. In circumstances
where the funding to be provided by non-controlling interests is not received in the same period as the underlying capital investment, this
adjustment is applied in the period in which the underlying capital investment is made, not when the funding is received. Where funding which
would otherwise be provided directly by shareholders is replaced with project financing, an adjustment is also made to deduct the share of
project financing attributable to the non-controlling interest. This adjustment is not made in cases where Rio Tinto has unilaterally guaranteed
this project financing. Lastly, funding contributed by the Group to Equity Accounted Units for its share of investment in their major capital projects
is added to the measure. No adjustment is made to the Capital expenditure APM where capital expenditure is funded from the operating cash
flows of the subsidiary or EAU.

| 2024 US$m | 2023 US$m | 2022 US$m
Purchase of property, plant and equipment and intangible assets | 9,621 | 7,086 | 6,750
Funding provided by the group to EAUs(a) | 965 | – | –
Less: Equity or shareholder loan financing received/due from non-controlling interests(b) | (1,063) | (125) | –
Rio Tinto share of capital investment | 9,523 | 6,961 | 6,750

(a)In 2024, funding provided by the group to EAUs relates to funding of WCS rail and port entities (WCS) in relation to the Simandou project, consisting of a direct equity investment in WCS of
US$431 million and loans provided totalling US$534 million.
(b)In 2024, we received US$1,505 million from Chalco Iron Ore Holdings Ltd (CIOH), of which US$1,063 million relates to CIOH's 47% share of capital expenditure incurred on the Simandou
project and associated funding provided by the Group to EAUs during the year, accounted for on an accrual basis.
Free cash flow
Free cash flow is defined as net cash generated from operating activities minus purchases of property, plant and equipment and intangibles and
payments of lease principal, plus proceeds from the sale of property, plant and equipment and intangible assets.
This measures the net cash returned by the business after the expenditure of sustaining and development capital. This cash can be used for
shareholder returns, reducing debt and other investing/financing activities.

| 2024 US$m | 2023 US$m | 2022 US$m
Net cash generated from operating activities | 15,599 | 15,160 | 16,134
Less: Purchase of property, plant and equipment and intangible assets | (9,621) | (7,086) | (6,750)
Less: Lease principal payments | (455) | (426) | (374)
Add: Sales of property, plant and equipment and intangible assets | 30 | 9 | –
Free cash flow | 5,553 | 7,657 | 9,010

Annual Report on Form 20-F 2024 | 273 | riotinto.com

Financial statements | Additional financial information
APMs derived from the balance sheet
Net debt
Net debt is total borrowings plus lease liabilities less cash and cash equivalents and other liquid investments, adjusted for derivatives related to
net debt.
Net debt measures how we are managing our balance sheet and capital structure. Refer to note 19 on page 198 for the reconciliation.
Net gearing ratio
Net gearing ratio is defined as net debt divided by the sum of net debt and total equity at the end of each year. It demonstrates the degree to
which the Group’s operations are funded by debt versus equity.

| 2024 US$m | 2023 US$m
Net debt | 5,491 | 4,231
Net debt | 5,491 | 4,231
Total equity | 57,965 | 56,341
Net debt plus total equity | 63,456 | 60,572
Net gearing ratio | 9% | 7%

Underlying return on capital employed
Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average capital employed
(operating assets).
Underlying ROCE measures how efficiently we generate profits from investment in our portfolio of assets.

| 2024 US$m | 2023 US$m
Profit after tax attributable to owners of Rio Tinto (net earnings) | 11,552 | 10,058
Items added back to derive underlying earnings (refer to page 270) | (685) | 1,697
Underlying earnings | 10,867 | 11,755
Add/(deduct): |  |
Finance income per the income statement | (514) | (536)
Finance costs per the income statement | 763 | 967
Tax on finance cost | (208) | (373)
Non-controlling interest share of net finance costs | (496) | (429)
Net interest cost in equity accounted units (Rio Tinto share) | 60 | 53
Net interest | (395) | (318)
Adjusted underlying earnings | 10,472 | 11,437
Equity attributable to owners of Rio Tinto - beginning of the year | 54,586 | 50,634
Net debt - beginning of the year | 4,231 | 4,188
Operating assets - beginning of the year | 58,817 | 54,822
Equity attributable to owners of Rio Tinto - end of the year | 55,246 | 54,586
Net debt - end of the year | 5,491 | 4,231
Operating assets - end of the year | 60,737 | 58,817
Average operating assets | 59,777 | 56,820
Underlying return on capital employed | 18% | 20%

Annual Report on Form 20-F 2024 | 274 | riotinto.com

Production, Mineral Reserves,
Mineral Resources
and operations

Metals and minerals production | 275
Mineral Resources and Mineral Reserves | 277
Qualified Persons | 301
Mines and production facilities | 302

Annual Report on Form 20-F 2024 | 275 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations
Metals and minerals production

| Rio Tinto % share 1 | 2024 Production | 2023 Production | 2022 Production
Total | Rio Tinto share | Total | Rio Tinto share | Total | Rio Tinto share
ALUMINA ('000 tonnes) |  |  |  |  |  |  |
Jonquière (Vaudreuil) (Canada)2 | 100.0% | 1,353 | 1,353 | 1,392 | 1,392 | 1,364 | 1,364
Jonquière (Vaudreuil) specialty plant (Canada) | 100.0% | 111 | 111 | 109 | 109 | 114 | 114
Queensland Alumina (Australia) | 80.0% | 3,384 | 2,707 | 3,366 | 2,693 | 3,425 | 2,740
São Luis (Alumar) (Brazil) | 10.0% | 3,687 | 369 | 3,375 | 338 | 3,771 | 377
Yarwun (Australia) | 100.0% | 2,762 | 2,762 | 3,006 | 3,006 | 2,949 | 2,949
Rio Tinto total |  |  | 7,303 |  | 7,537 |  | 7,544
ALUMINIUM (primary) ('000 tonnes) |  |  |  |  |  |  |
Alma (Canada) | 100.0% | 483 | 483 | 484 | 484 | 482 | 482
Alouette (Sept-Îles) (Canada) | 40.0% | 632 | 253 | 634 | 253 | 628 | 251
Arvida (Canada) | 100.0% | 153 | 153 | 172 | 172 | 171 | 171
Arvida AP60 (Canada) | 100.0% | 61 | 61 | 59 | 59 | 58 | 58
Bécancour (Canada) | 25.1% | 473 | 119 | 465 | 117 | 459 | 115
Bell Bay (Australia) | 100.0% | 187 | 187 | 186 | 186 | 185 | 185
Boyne Island (Australia)3 | 73.5% | 507 | 318 | 496 | 295 | 450 | 267
Grande-Baie (Canada) | 100.0% | 229 | 229 | 229 | 229 | 232 | 232
ISAL (Reykjavik) (Iceland) | 100.0% | 202 | 202 | 209 | 209 | 202 | 202
Kitimat (Canada) | 100.0% | 419 | 419 | 377 | 377 | 145 | 145
Laterrière (Canada) | 100.0% | 252 | 252 | 244 | 244 | 253 | 253
Sohar (Oman) | 20.0% | 399 | 80 | 398 | 80 | 395 | 79
Tiwai Point (New Zealand)4 | 100.0% | 290 | 239 | 334 | 265 | 336 | 267
Tomago (Australia) | 51.6% | 587 | 302 | 589 | 304 | 586 | 302
Rio Tinto total |  |  | 3,296 |  | 3,272 |  | 3,009
ALUMINIUM (recycled) ('000 tonnes) |  |  |  |  |  |  |
Matalco | 50.0% | 528 | 264 | – | – | – | –
BAUXITE ('000 tonnes) |  |  |  |  |  |  |
Gove (Australia) | 100.0% | 12,721 | 12,721 | 11,566 | 11,566 | 11,510 | 11,510
Porto Trombetas (MRN) (Brazil)5 | 22.0% | 11,523 | 2,535 | 11,472 | 1,502 | 11,100 | 1,332
Sangaredi (Guinea)6 | 23.0% | 14,043 | 6,319 | 14,278 | 6,425 | 16,115 | 7,252
Weipa (Australia) | 100.0% | 37,078 | 37,078 | 35,126 | 35,126 | 34,525 | 34,525
Rio Tinto total |  |  | 58,653 |  | 54,619 |  | 54,618
BORATES (‘000 tonnes)7 |  |  |  |  |  |  |
Rio Tinto Borates – Boron (US) | 100.0% | 504 | 504 | 495 | 495 | 532 | 532
COPPER (mined) ('000 tonnes) |  |  |  |  |  |  |
Bingham Canyon (US) | 100.0% | 123 | 123 | 152 | 152 | 179 | 179
Escondida (Chile) | 30.0% | 1,196 | 359 | 1,000 | 300 | 995 | 299
Oyu Tolgoi (Mongolia)8 | 66.0% | 215 | 142 | 168 | 111 | 129 | 43
Rio Tinto total |  |  | 624 |  | 562 |  | 521
COPPER (refined) ('000 tonnes) |  |  |  |  |  |  |
Escondida (Chile) | 30.0% | 184 | 55 | 222 | 67 | 203 | 61
Kennecott (US) | 100.0% | 193 | 193 | 109 | 109 | 148 | 148
Rio Tinto total |  |  | 248 |  | 175 |  | 209
DIAMONDS (‘000 carats) |  |  |  |  |  |  |
Diavik (Canada) | 100.0% | 2,759 | 2,759 | 3,340 | 3,340 | 4,651 | 4,651
GOLD (mined) (‘000 ounces) |  |  |  |  |  |  |
Bingham Canyon (US) | 100.0% | 95 | 95 | 105 | 105 | 123 | 123
Escondida (Chile) | 30.0% | 169 | 51 | 199 | 60 | 169 | 51
Oyu Tolgoi (Mongolia)8 | 66.0% | 206 | 136 | 177 | 117 | 184 | 62
Rio Tinto total |  |  | 282 |  | 282 |  | 235

See notes on page 276.

Annual Report on Form 20-F 2024 | 276 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Metals and minerals production

| Rio Tinto % share 1 | 2024 Production | 2023 Production | 2022 Production
Total | Rio Tinto share | Total | Rio Tinto share | Total | Rio Tinto share
GOLD (refined) (‘000 ounces) |  |  |  |  |  |  |
Kennecott (US) | 100.0% | 144 | 144 | 74 | 74 | 114 | 114
IRON ORE (‘000 tonnes) |  |  |  |  |  |  |
Hamersley mines (Australia) | See footnote 9 | 224,816 | 224,816 | 225,898 | 225,898 | 218,304 | 218,304
Hope Downs (Australia) | 50.0% | 41,956 | 20,978 | 46,482 | 23,241 | 48,850 | 24,425
Iron Ore Company of Canada (Canada) | 58.7% | 16,086 | 9,446 | 16,478 | 9,676 | 17,562 | 10,312
Robe River - Robe Valley (Australia) | 53.0% | 31,742 | 16,823 | 29,162 | 15,456 | 25,558 | 13,546
Robe River - West Angelas (Australia) | 53.0% | 29,457 | 15,612 | 29,999 | 15,899 | 31,435 | 16,660
Rio Tinto total |  |  | 287,676 |  | 290,171 |  | 283,247
MOLYBDENUM (‘000 tonnes) |  |  |  |  |  |  |
Bingham Canyon (US) | 100.0% | 3 | 3 | 2 | 2 | 3 | 3
SALT (‘000 tonnes) |  |  |  |  |  |  |
Dampier Salt (Australia) | 68.4% | 8,518 | 5,823 | 8,737 | 5,973 | 8,422 | 5,757
SILVER (mined) (‘000 ounces) |  |  |  |  |  |  |
Bingham Canyon (US) | 100.0% | 1,484 | 1,484 | 1,618 | 1,618 | 2,057 | 2,057
Escondida (Chile) | 30.0% | 6,042 | 1,813 | 4,921 | 1,476 | 5,301 | 1,590
Oyu Tolgoi (Mongolia)8 | 66.0% | 1,424 | 940 | 1,086 | 717 | 871 | 292
Rio Tinto total |  |  | 4,236 |  | 3,811 |  | 3,940
SILVER (refined) (‘000 ounces) |  |  |  |  |  |  |
Kennecott (US) | 100.0% | 2,314 | 2,314 | 1,407 | 1,407 | 1,950 | 1,950
TITANIUM DIOXIDE SLAG (‘000 tonnes) |  |  |  |  |  |  |
Rio Tinto Iron & Titanium |  |  |  |  |  |  |
(Canada/South Africa)10 | 100.0% | 990 | 990 | 1,111 | 1,111 | 1,200 | 1,200
Rio Tinto total |  |  |  |  |  |  |

Production data notes
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 can represent production of marketable quantities of ore plus concentrates and pellets. Production figures are sometimes more precise than the
rounded numbers shown, hence small differences may result from calculation of Rio Tinto share of production.
1.Rio Tinto percentage share, shown above, is as at 31 December 2024. The footnotes below include all ownership changes over the 3 years.
2.Jonquière’s (Vaudreuil) production shows smelter grade alumina only and excludes hydrate produced and used for specialty alumina.
3.Rio Tinto’s ownership interest in Boyne Smelters Limited (BSL) increased from 59% to 73.5%. Production is reported including this change from 1 October for Mitsubishi Corporation's
11.65% interest and 1 November 2024 for Sumitomo Chemical Company's 2.46% interest.
4.On 1 November 2024, Rio Tinto’s ownership interest in Tiwai Point Smelter (NZAS) increased from 79.36% to 100%. Production is reported including this change from 1 November 2024.
5.On 30 November 2023, Rio Tinto's ownership interest in Porto Trombetas increased from 12% to 22%. Production is reported including this change from 1 December 2023.
6.Rio Tinto has a 22.95% shareholding in the Sangaredi mine, but benefits from 45% of production.
7.Borate quantities are expressed as B 2 O 3.
8.On 16 December 2022, Rio Tinto completed the acquisition of 100% of Turquoise Hill Resources Ltd, increasing our ownership interest in Oyu Tolgoi from 33.52% to 66%. Production is
reported including this change from 1 January 2023.
9.Includes 100% of production from Paraburdoo, Mount Tom Price, Western Turner Syncline, Marandoo, Yandicoogina, Brockman, Nammuldi, Silvergrass, Channar, Gudai-Darri and the
Eastern Range mines. While we own 54% of the Eastern Range mine, 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.
10.Quantities comprise 100% of Rio Tinto Iron and Titanium Quebec Operations and our 74% share of Richards Bay Minerals’ production. Ilmenite mined in Madagascar is processed
in Canada.

Annual Report on Form 20-F 2024 | 277 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations
Mineral Resources and Mineral Reserves
Mineral Resources and Mineral Reserves for
Rio Tinto managed operations are reported
in accordance with the Australasian Code for
Reporting of Exploration Results, Mineral
Resources and Ore Reserves, December
2012 (the JORC Code) as required by the
Australian Securities Exchange (ASX). Rio
Tinto also files this Form 20-F with the SEC
and prepares the Form 20-F Mineral
Resources and Mineral Reserves in
accordance with subpart 1300 of Regulation
S-K (SK-1300). Some variations may occur
between the reporting in accordance with the
JORC Code and SK-1300.
A Mineral Resource is a concentration or
occurrence of solid material of economic
interest in or on the Earth’s crust in such
form, grade (or quality), and quantity that
there are reasonable prospects for eventual
economic extraction. Estimates of such
material are based largely on geological
information with only preliminary
consideration of mining, economic and other
factors. While in the judgement of the
Qualified Persons (Competent Persons as
defined by the JORC Code) there are
realistic expectations that all or part of the
Mineral Resources will eventually become
Proven or Probable Mineral Reserves, there
is no guarantee that this will occur as the
result depends on further technical and
economic studies and prevailing economic
conditions in the future.
A Mineral Reserve (or Ore Reserve as
defined by JORC) is the economically
mineable part of a Measured and/or
Indicated Mineral Resource. It includes
diluting materials and allowances for losses,
which may occur when the material is mined
or extracted. It is defined by studies at pre-
feasibility or feasibility level as appropriate,
with the application of modifying factors.
Such studies demonstrate that, at the time of
reporting, extraction can reasonably
be justified.
Rio Tinto’s Mineral Resources are reported
as additional (exclusive) to the reported
Mineral Reserves, with the exception of the
Rincon lithium brines Mineral Resources.
These are reported both inclusive and
exclusive of Mineral Reserves. Reporting of
Mineral Resources inclusive of Mineral
Reserves is industry-standard for in situ
lithium brines. Exclusive Mineral Resources
for Rincon lithium brines are reported to
satisfy SK-1300 reporting rulings.
For Mineral Resources and Ore Reserves
reporting, the JORC Code envisages the use
of reasonable investment assumptions to
test the economic viability of the Ore
Reserves and the reasonable prospects of
eventual economic extraction for the Mineral
Resources. To achieve this, Rio Tinto uses
internally generated projected long-term
commodity prices.
SK-1300 requires the use of a justifiable
commodity price to test the economic viability
of the Mineral Reserves and the reasonable
prospects of economic extraction for the
Mineral Resources, and prices used in
calculating the estimates must be disclosed.
As a result of the commercial sensitivity of
Rio Tinto’s long-term commodity prices, we
use commercially available consensus
pricing or historical pricing for SEC reporting.
For this reason and others, some Mineral
Resources and Mineral Reserves reported to
the SEC in this Form 20-F may differ from
those Mineral Resources and Ore Reserves
reported in the Annual Report.
Mineral Resources and Mineral Reserves
information in the following tables is based
on information compiled by Qualified
Persons (as defined by SK-1300), most of
whom are full time employees of Rio Tinto or
related companies. Each has had a minimum
of 5 years’ relevant experience and is a
member of a recognised professional body
whose members are bound by a professional
code of ethics. These bodies include the
Australasian Institute of Mining and
Metallurgy (the AusIMM, the Australian
Institute of Geoscientists (AIG) and other
recognised professional organisations
(RPOs). Each Qualified Person consents to
the inclusion in this Form 20-F of information
they have provided in the form and context in
which it appears. Qualified Persons
responsible for the estimates are listed on
p age 301, by operation, along with their
professional affiliation, employer, and
accountability for Mineral Resources and/or
Mineral Reserves.
Mineral Resources and Mineral Reserves
from our managed operations are the
responsibility of the managing directors of
the business units and estimates are carried
out by the Qualified Persons.
Mineral Resources and Mineral Reserves
from externally managed operations, in
which Rio Tinto holds a minority share, are
reported as received from the managing
entity and in accordance with SK-1300.
The Mineral Resources and Mineral
Reserves figures in the following tables are
as of 31 December 2024. Metric units are
used throughout. The figures used to
calculate Rio Tinto’s Mineral Resources and
Mineral Reserves are more precise than the
rounded numbers shown in the tables, hence
small differences might result if the
calculations are repeated using the
tabulated figures.
JORC Table 1 reports for new or materially
changed significant deposits are released to
the market. They are also available at
riotinto.com/resourcesandreserves. JORC
Table 1, SEC Technical Report Summaries
and NI 43-101 Technical Reports generated
by non-managed units or joint venture
partners are referenced within the reporting
footnotes with the location and initial
reporting date identified.
For SEC reporting purposes, the Pilbara
Operations, Oyu Tolgoi, Escondida and
Simandou are considered material to the
Group and hence require submission of a
Technical Report Summary. The Technical
Report Summary for Simandou was filed as
exhibit 96.4 to the Form 20-F f o r the year
ended 31 December 2023; the Technical
Report Summaries for Escondida and Oyu
Tolgoi were filed as exhibit 96.2 and exhibit
96.3, respectively, to the Form 20-F for the
year ended 31 December 2022 and the
Technical Report Summary for the
Pilbara Operations was filed as exhibit 96.1
to the Form 20-F for the year ended
31 December 2021.

Annual Report on Form 20-F 2024 | 278 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations
Mineral Reserves

| Type of mine 1 | Proven Mineral Reserves as at 31 December 2024 | Probable Mineral Reserves as at 31 December 2024
| Tonnage | Grade |  | Tonnage | Grade |
Bauxite 2 | Mt | % Al 2 O 3 | % SiO 2 | Mt | % Al 2 O 3 | % SiO 2
Rio Tinto Aluminium (Australia)3 4 |  |  |  |  |  |  |
– Amrun | O/P | 466 | 54.6 | 8.8 | 512 | 54.3 | 9.1
– East Weipa and Andoom | O/P | 55 | 50.6 | 8.1 | 2 | 48.9 | 8.5
– Gove | O/P | 44 | 50.0 | 6.4 | 4 | 50.3 | 6.7
Total (Australia) |  | 565 | 53.8 | 8.6 | 518 | 54.2 | 9.1
Porto Trombetas (MRN) (Brazil)5 6 | O/P | 8 | 48.0 | 5.2 | 37 | 49.1 | 4.6
Sangaredi (Guinea)7 8 | O/P | 74 | 47.0 | 1.9 | 4 | 48.7 | 2.5
Total bauxite |  | 648 | 53.0 | 7.8 | 559 | 53.8 | 8.7

1.Type of mine: O/P = open pit/surface.
2.Bauxite Mineral Reserves are stated as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not shown.
3.Australian bauxite Mineral Reserves are stated as dry tonnes and total alumina and silica grade.
4.Valuations of the Rio Tinto Aluminium bauxite Mineral Reserves are based on specific product pricing based on a long term price of US$43.70/t CFR China for Gove and US$41.12/t CFR
China for Amrun and East Weipa and Andoom . This price is sourced from leading industry analyst CRU.
5.Porto Trombetas (MRN) Mineral Reserves are stated as dry tonnes, available alumina grade and total reactive silica grade.
6.Porto Trombetas (MRN) Mineral Reserves valuations are based on an average price of US$35.80/t FOB as supplied by the JV partner.
7.Sangaredi Mineral Reserves tonnes are reported on a 3% moisture basis and total alumina and silica grade.
8.Sangaredi Mineral Reserves valuations are based on specific product pricing based on a long term price of US$37.00/t FOB as supplied by the JV partner.

Annual Report on Form 20-F 2024 | 279 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

| Total Mineral Reserves as at 31 December 2024 | Rio Tinto interest | Rio Tinto share recoverable mineral |  | Total Mineral Reserves as at 31 December 2023
| Tonnage | Grade |  |  | Tonnage | Grade |
| Mt | % Al 2 O 3 | % SiO 2 | % | Mt |  | Mt | % Al 2 O 3 | % SiO 2
| 978 | 54.4 | 9.0 | 100.0 | 978 |  | 950 | 54.3 | 9.1
| 56 | 50.5 | 8.1 | 100.0 | 56 |  | 72 | 50.5 | 8.0
| 48 | 50.0 | 6.4 | 100.0 | 48 |  | 58 | 50.2 | 6.4
| 1,083 | 54.0 | 8.8 |  | 1,083 |  | 1,080 | 53.8 | 8.8
| 46 | 48.9 | 4.7 | 22.0 | 46 |  | 10 | 48.9 | 4.9
| 78 | 47.1 | 1.9 | 23.0 | 78 |  | 80 | 47.1 | 1.9
| 1,207 | 53.4 | 8.2 |  | 1,207 |  | 1,170 | 53.3 | 8.3

Rio Tinto Aluminium
The change in Mineral Reserves classification at Amrun reflects a higher level of confidence in the modifying factors resulting from completion of an access study
and increased confidence in the underlying Mineral Resources as a result of updated orebody knowledge. A JORC Table 1 in support of this change will be released
to the market contemporaneously with the release of the Annual Report and can be viewed at riotinto.com/resourcesandreserves.
The decrease in Mineral Reserves tonnes at both Andoom and Gove, is due to mining depletion. Mining operations ceased at East Weipa in 2024.
Porto Trombetas (MRN)
Mineral Reserves tonnes increased due to the conversion of Mineral Resources to Mineral Reserves at the West Zone Project, following the approval of the
Preliminary Environmental Licence. A JORC Table 1 in support of this change will be released to the market contemporaneously with the release of the Annual
Report and can be viewed at riotinto.com/resourcesandreserves.

Annual Report on Form 20-F 2024 | 280 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

| Type of mine 1 | Proven Mineral Reserves as at 31 December 2024 | Probable Mineral Reserves as at 31 December 2024
Tonnage | Grade |  |  |  |  | Tonnage | Grade |  |  |  |
Iron ore 2 3 | Mt | % Fe | % SiO 2 | % Al 2 O 3 | % P | % LOI | Mt | % Fe | % SiO 2 | % Al 2 O 3 | % P | % LOI
Australia 4 5 |  |  |  |  |  |  |  |  |  |  |  |  |
– Brockman Ore | O/P | 249 | 62.1 | 3.6 | 2.0 | 0.14 | 5.0 | 1,071 | 61.2 | 3.8 | 2.1 | 0.12 | 5.9
– Marra Mamba Ore | O/P | 134 | 62.5 | 2.8 | 1.6 | 0.06 | 5.4 | 366 | 62.1 | 3.1 | 1.9 | 0.06 | 5.6
– Pisolite (Channel Iron) Ore | O/P | 339 | 57.8 | 4.7 | 1.8 | 0.06 | 10.3 | 71 | 56.1 | 5.6 | 2.6 | 0.05 | 11.0
Total (Australia)6 |  | 722 | 60.2 | 4.0 | 1.9 | 0.09 | 7.5 | 1,508 | 61.2 | 3.7 | 2.1 | 0.10 | 6.0
Iron Ore Company of Canada (Canada)7 | O/P | 85 | 65.0 | 2.7 | – | – | – | 149 | 65.0 | 2.7 | – | – | –
Simandou (Guinea)8 | O/P | 68 | 66.4 | 0.8 | 1.2 | 0.07 | 2.7 | 607 | 65.2 | 0.9 | 1.7 | 0.10 | 3.8
Total iron ore |  | 876 | 61.1 | 3.6 | 1.6 | 0.08 | 6.4 | 2,264 | 62.5 | 2.9 | 1.8 | 0.10 | 5.0

1.Type of mine: O/P = open pit/surface.
2.Mineral Reserves of iron ore are shown as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore not
shown.
3.Iron ore Mineral Reserves valuations are based on Rio Tinto’s assessment of the various product premiums which are added to consensus pricing for 62% iron fines. This consensus is the
average of long-term forecasts from eleven brokers/banks (Barclays, BMO, BoAML, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley and UBS)
and two analysts (CRU and Woodmac) and is USc131/dmtu CFR China. The premiums are estimated by Rio Tinto’s value-in-use models that calculate steelmaking cost savings or benefits
arising from differences in product specifications relative to the 62 iron fines index.
4.Australian iron ore Mineral Reserves tonnes are reported on a dry weight basis.
5.Australian iron ore Mineral Reserves are all located on State Agreement mining leases. Prior to mining, state government approvals (including environmental and heritage) are required.
Reported Mineral Reserves include select areas where one or more approvals remain outstanding. In these areas, it is expected that these approvals will be obtained within the time frames
required in the current production schedule.
6.Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for this Form 20-F.
7.Iron Ore Company of Canada (IOC) Mineral Reserves are reported as marketable product (61% pellets and 39% concentrate for sale) at a natural moisture content of 2%. The marketable
product is derived from mined material comprising 208 million dry tonnes at 39% iron, 34% silica, 0.20% alumina, 0.022% phosphorus (Proven) and 358 million dry tonnes at 39% iron, 34%
silica, 0.19% alumina, 0.022% phosphorus (Probable) using process recovery factors derived from current IOC concentrating and pellet operations. No meaningful relationship has been
established between the product and feed grades of alumina and phosphorus, so these grades cannot be reported for Mineral Reserves. Saleable product is produced to meet silica grade
specifications, so the Mineral Reserves silica grade is the targeted silica grade for the currently anticipated long-term product mix. Loss On Ignition (LOI) is not determined for resource
drilling samples, so no estimate of %LOI is available for Mineral Reserves.
8.Simandou Mineral Reserves tonnes are reported on a dry weight basis and Simandou Mineral Reserves relate to the Ouéléba portion only of the SimFer Iron Ore Project.

Annual Report on Form 20-F 2024 | 281 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

| Total Mineral Reserves as at 31 December 2024 | Rio Tinto interest | Rio Tinto share marketable product |  | Total Mineral Reserves as at 31 December 2023
| Tonnage | Grade |  |  |  |  | Tonnage | Grade |  |  |  |
| Mt | % Fe | % SiO 2 | % Al 2 O 3 | % P | % LOI | % | Mt | Mt | % Fe | % SiO 2 | % Al 2 O 3 | % P | % LOI
| 1,320 | 61.4 | 3.7 | 2.1 | 0.13 | 5.7 | 86.2 | 1,320 | 1,251 | 61.7 | 3.6 | 2.0 | 0.13 | 5.6
| 500 | 62.2 | 3.0 | 1.8 | 0.06 | 5.5 | 80.5 | 500 | 555 | 62.1 | 3.1 | 1.9 | 0.06 | 5.6
| 410 | 57.5 | 4.9 | 2.0 | 0.06 | 10.4 | 80.2 | 410 | 453 | 57.6 | 4.8 | 1.9 | 0.05 | 10.4
| 2,230 | 60.9 | 3.8 | 2.0 | 0.10 | 6.5 |  | 2,230 | 2,260 | 60.9 | 3.7 | 2.0 | 0.10 | 6.6
| 235 | 65.0 | 2.7 | – | – | – | 58.7 | 235 | 208 | 65.0 | 2.8 | – | – | –
| 675 | 65.3 | 0.9 | 1.7 | 0.09 | 3.7 | 45.1 | 675 | 675 | 65.3 | 0.9 | 1.7 | 0.09 | 3.6
| 3,140 | 62.1 | 3.1 | 1.8 | 0.09 | 5.4 |  | 3,140 | 3,143 | 62.1 | 3.0 | 1.8 | 0.09 | 5.5

Australian Iron Ore
Mineral Reserves updates for Brockman, Marra Mamba and Pisolite Ore include mining depletion, the addition of new deposits and design updates (primarily at
Western Range and Gudai-Darri) and changes to cut-off grades.
Mineral Reserves classification is determined based on confidence in all the modifying factors. Generally, Proven Mineral Reserves are derived from Measured
Mineral Resources and Probable Mineral Reserves are derived from Indicated Mineral Resources. In 2024, portions of the Mineral Reserves derived from Measured
Mineral Resources have been classified as Probable Mineral Reserves. This classification primarily represents areas where one or more state government approvals
remain outstanding or specific Traditional Owner engagement is required prior to mining.
Iron Ore Company of Canada
Mineral Reserves tonnes increased due to increased prices, offsetting model updates and mining depletion.
Simandou
Mineral Reserves updates reflect a classification change from Proven Mineral Reserves to Probable Mineral Reserves due to geotechnical parameters supporting
design being largely at pre-feasibility study level.

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Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

| Type of mine 1 | Proven Mineral Reserves as at 31 December 2024 | Probable Mineral Reserves as at 31 December 2024
Tonnage | Grade |  |  |  | Tonnage | Grade |  |  |
Copper 2 | Mt | % Cu | g/t Au | g/t Ag | % Mo | Mt | % Cu | g/t Au | g/t Ag | % Mo
Bingham Canyon (US)3 |  |  |  |  |  |  |  |  |  |  |
– Bingham Open Pit 4 | O/P | 454 | 0.37 | 0.18 | 1.97 | 0.038 | 323 | 0.36 | 0.18 | 1.98 | 0.028
– Underground Skarns | U/G | – | – | – | – | – | 5 | 2.21 | 1.39 | 14.30 | 0.022
Total (US) |  | 454 | 0.37 | 0.18 | 1.97 | 0.038 | 328 | 0.38 | 0.20 | 2.16 | 0.028
Escondida (Chile)5 |  |  |  |  |  |  |  |  |  |  |
– Full Sal 6 | O/P | 56 | 0.78 | – | – | – | 7 | 0.68 | – | – | –
– oxide 6 | O/P | – | – | – | – | – | – | – | – | – | –
– sulphide | O/P | 953 | 0.63 | – | – | – | 360 | 0.54 | – | – | –
– sulphide leach | O/P | 365 | 0.39 | – | – | – | 79 | 0.40 | – | – | –
Total (Chile) |  | 1,375 | 0.57 | – | – | – | 446 | 0.52 | – | – | –
Oyu Tolgoi (Mongolia)7 |  |  |  |  |  |  |  |  |  |  |
– Hugo Dummett North 8 | U/G | – | – | – | – | – | 255 | 1.58 | 0.31 | 3.25 | –
– Hugo Dummett North Extension | U/G | – | – | – | – | – | 20 | 1.68 | 0.60 | 3.97 | –
– Oyut open pit | O/P | 148 | 0.54 | 0.42 | 1.30 | – | 229 | 0.42 | 0.26 | 1.16 | –
– Oyut stockpiles | S/P | – | – | – | – | – | 41 | 0.31 | 0.13 | 0.98 | –
Total (Mongolia) |  | 148 | 0.54 | 0.42 | 1.30 | – | 546 | 1.00 | 0.28 | 2.22 | –
Total copper |  | 1,977 | 0.52 | 0.07 | 0.55 | 0.009 | 1,319 | 0.68 | 0.17 | 1.45 | 0.007

1.Type of mine: O/P = open pit/surface, S/P = stockpile, U/G = underground.
2.Copper Mineral Reserves are reported as dry mill feed tonnes.
3.Bingham Canyon Mineral Reserves valuations are based on commodity prices of
USc389.58/lb for copper, US$1,700.53/oz for gold, US$22.20/oz for silver and US$14.50/
lb for molybdenum. These prices are sourced from the average of the available forecasts
from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank,
Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts
(CRU and Woodmac).
4.Bingham Open Pit Mineral Reserves molybdenum grades interpolated from exploration
drilling assays have been factored based on a long reconciliation history to blast hole and
mill samples.
5.Escondida Mineral Reserves valuations are based on a copper price of USc403/lb
supplied by the JV partner.
6.For Escondida Mineral Reserves, Full Sal ore type has replaced oxide ore type due to a
change in processing methodology.
7.Oyu Tolgoi Mineral Reserves valuations are based on commodity prices of USc390.00/lb
for copper, US$1,649.00/oz for gold, US$22.10/oz for silver and US$14.20/lb for
molybdenum. These are based on January 2024 consensus prices sourced from the
average forecasts from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse,
Deutsche Bank, Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and
two analysts (CRU and Woodmac).
8.The Hugo Dummett North Mineral Reserves include approximately 1.3 million tonnes of
stockpiled material at a grade of 0.45% copper, 0.14g/t gold and 1.09g/t silver.

Annual Report on Form 20-F 2024 | 283 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

Total Mineral Reserves as at 31 December 2024 | Average mill recovery % |  |  | Rio Tinto interest | Rio Tinto share recoverable metal |  | Total Mineral Reserves as at 31 December 2023
Tonnage | Grade |  |  |  |  |  |  |  |  |  |  |  |  | Tonnage | Grade |  |  |
Mt | % Cu | g/t Au | g/t Ag | % Mo | Cu | Au | Ag | Mo | % | Mt Cu | Moz Au | Moz Ag | Mt Mo | Mt | % Cu | g/t Au | g/t Ag | % Mo
777 | 0.36 | 0.18 | 1.97 | 0.034 | 88 | 69 | 71 | 65 | 100.0 | 2.497 | 3.060 | 35.021 | 0.173 | 829 | 0.37 | 0.18 | 1.98 | 0.033
5 | 2.21 | 1.39 | 14.30 | 0.022 | 92 | 70 | 68 | 54 | 100.0 | 0.095 | 0.145 | 1.458 | 0.001 | 5 | 2.22 | 1.39 | 15.52 | 0.022
782 | 0.37 | 0.19 | 2.05 | 0.034 |  |  |  |  |  | 2.591 | 3.205 | 36.479 | 0.174 | 834 | 0.38 | 0.19 | 2.06 | 0.033
63 | 0.77 | – | – | – | 77 | – | – | – | 30.0 | 0.373 | – | – | – | – | – | – | – | –
– | – | – | – | – | – | – | – | – | 30.0 | – | – | – | – | 40 | 0.51 | – | – | –
1,313 | 0.61 | – | – | – | 85 | – | – | – | 30.0 | 6.805 | – | – | – | 1,291 | 0.64 | – | – | –
445 | 0.39 | – | – | – | 41 | – | – | – | 30.0 | 0.715 | – | – | – | 493 | 0.43 | – | – | –
1,820 | 0.56 | – | – | – |  |  |  |  |  | 7.892 | – | – | – | 1,824 | 0.58 | – | – | –
255 | 1.58 | 0.31 | 3.25 | – | 92 | 79 | 81 | – | 66.0 | 3.723 | 1.994 | 21.500 | – | 265 | 1.55 | 0.31 | 3.21 | –
20 | 1.68 | 0.60 | 3.97 | – | 92 | 81 | 84 | – | 56.0 | 0.309 | 0.311 | 2.123 | – | 21 | 1.60 | 0.56 | 3.80 | –
377 | 0.46 | 0.32 | 1.22 | – | 76 | 67 | 55 | – | 66.0 | 1.335 | 2.606 | 8.112 | – | 406 | 0.46 | 0.30 | 1.20 | –
41 | 0.31 | 0.13 | 0.98 | – | 70 | 53 | 50 | – | 66.0 | 0.090 | 0.089 | 0.649 | – | 38 | 0.31 | 0.12 | 1.04 | –
693 | 0.90 | 0.31 | 2.03 | – |  |  |  |  |  | 5.458 | 4.999 | 32.383 | – | 730 | 0.88 | 0.30 | 2.00 | –
3,295 | 0.59 | 0.11 | 0.91 | 0.008 |  |  |  |  |  | 15.941 | 8.204 | 68.863 | 0.174 | 3,387 | 0.59 | 0.11 | 0.94 | 0.008

Bingham Canyon
Underground Skarns Mineral Reserves comprise the Lower Commercial Skarns (LCS) Mineral Reserves and the North Rim Skarn (NRS) Mineral Reserves. It is
noted that the Undergrounds Skarns Mineral Reserves are only economically viable while the current open pit is in operation.
Escondida
Full SaL ore type has replaced oxide ore type. Full SaL is a processing technology that allows the extraction of copper using chlorine-assisted leaching
predominantly for sulphidic material, resulting in an increase in Mineral Reserves.

Annual Report on Form 20-F 2024 | 284 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

Annual Report on Form 20-F 2024 | 285 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

Annual Report on Form 20-F 2024 | 286 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

| Type of mine 1 | Proven Mineral Reserves as at 31 December 2024 | Probable Mineral Reserves as at 31 December 2024
Tonnage | Grade |  | Tonnage | Grade |
Titanium dioxide feedstock 2 3 | Mt | % Ti minerals | % Zircon | Mt | % Ti minerals | % Zircon
QIT Madagascar Minerals (QMM) (Madagascar) | O/P | 153 | 3.3 | 0.2 | 67 | 2.9 | 0.1
Richards Bay Minerals (RBM) (South Africa) | O/P | 315 | 1.5 | 0.2 | 542 | 3.0 | 0.4
Rio Tinto Iron and Titanium (RTIT) Quebec Operations (Canada) | O/P | – | – | – | 143 | 82.8 | –
Total titanium dioxide feedstock |  | 468 | 2.1 | 0.2 | 751 | 18.2 | 0.3

1.Type of mine: O/P = open pit/surface.
2.The marketable product (zircon at RBM and zirsil at QMM) is shown after all mining and processing losses. Titanium dioxide feedstock Mineral Reserves are reported as dry in situ tonnes.
3.QMM and RBM Mineral Reserves valuations are based on commodity prices of US$228.35/t for 53% titanium dioxide product and US$1,587.65/t for 66.5% zircon oxide, adjusted for specific
products produced. RTIT Quebec Operations Mineral Reserves valuations are based on a commodity price of US$228.35/t for 53% titanium dioxide product, adjusted for specific products
produced. These prices are sourced from TZMI.

Annual Report on Form 20-F 2024 | 287 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

| Total Mineral Reserves as at 31 December 2024 | Rio Tinto interest | Rio Tinto share marketable product |  | Total Mineral Reserves as at 31 December 2023
| Tonnage | Grade |  | Tonnage | Grade |
| Mt | % Ti minerals | % Zircon | % | Mt Titanium dioxide feedstock | Mt Zircon | Mt | % Ti minerals | % Zircon
| 220 | 3.2 | 0.1 | 80.0 | 3.3 | 0.2 | 239 | 3.3 | 0.1
| 856 | 2.5 | 0.3 | 74.0 | 9.4 | 2.2 | 879 | 2.5 | 0.3
| 143 | 82.8 | – | 100.0 | 47.0 | – | 151 | 80.0 | –
| 1,219 | 12.0 | 0.2 |  | 59.7 | 2.4 | 1,269 | 11.9 | 0.3

Annual Report on Form 20-F 2024 | 288 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

| Type of mine 1 | Proven Mineral Reserves as at 31 December 2024 | Probable Mineral Reserves as at 31 December 2024 | Total Mineral Reserves as at 31 December 2024
| Tonnage |  | Tonnage |  | Tonnage |
Borates 2 | Mt |  | Mt |  | Mt |
Boron (US)3 | O/P | 7 |  | 5 |  | 13 |
| Type of mine 1 | Proven Mineral Reserves as at 31 December 2024 | Probable Mineral Reserves as at 31 December 2024 | Total Mineral Reserves as at 31 December 2024
| Tonnage | Grade | Tonnage | Grade | Tonnage | Grade
Diamonds 4 | Mt | Carats per tonne | Mt | Carats per tonne | Mt | Carats per tonne
Diavik (Canada)5 6 | U/G | 1.0 | 2.3 | 1.2 | 2.4 | 2.2 | 2.3
| Type of mine 1 | Proven Mineral Reserves as at 31 December 2024 | Probable Mineral Reserves as at 31 December 2024 | Total Mineral Reserves as at 31 December 2024
| Total brine pumped | Extracted grade | Total brine pumped | Extracted grade | Total brine pumped | Extracted grade
Lithium brine 7 | Mm 3 | mg/L Li | Mm 3 | mg/L Li | Mm 3 | mg/L Li
Rincon (Argentina)8 9 | Sol | – | – | 1,340 | 350 | 1,340 | 350

1.Type of mine: O/P = open pit/surface, U/G = underground, Sol = solution mining.
2.Mineral Reserves of borates are expressed in terms of marketable product (B 2 O 3) tonnes after all mining and processing losses.
3.Boron Mineral Reserves valuations are based on a three-year trailing weighted average prices of US$1,241/t for sodium borates products and US$1,915/t for non-sodium borates products.
4.Mineral Reserves of diamonds are shown as recoverable Mineral Reserves of marketable product after accounting for all mining and processing losses. Mill recoveries are therefore
not shown.
5.Diavik Mineral Reserves valuations are based on a three-year trailing average price of US$115.44/ct.
6.Diavik Mineral Reserves are based on a nominal 1 millimetre lower cut-off size and a final re-crushing size of 6 millimetres.
7.Mineral Reserves of lithium brine are based on the cumulative brine volume pumped for the entire wellfield over a 40 year duration and the average lithium grade is lithium brine grade from
all wells in the wellfield averaged for pumping period.
8.To obtain the equivalent tonnage for lithium carbonate cquivalent (LCE), the estimated mass of lithium was multiplied by a factor that is based on the atomic weights of each element in
lithium carbonate to obtain the final compound weight. The factor used was 5.322785 to obtain LCE mass from lithium mass.
9.Rincon Mineral Reserves valuations are based on a lithium carbonate price of US$19,439/t. This price was sourced from CRU.

Annual Report on Form 20-F 2024 | 289 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Reserves

|  |  | Rio Tinto interest | Rio Tinto share marketable product |  | Total Mineral Reserves as at 31 December 2023
|  |  |  | Tonnage |
|  |  | % | Mt |  | Mt |
|  |  | 100.0 | 13 |  | 13 |
|  |  | Rio Tinto interest | Rio Tinto share recoverable diamonds |  | Total Mineral Reserves as at 31 December 2023
|  |  |  | Tonnage | Grade
|  |  | % | M carats |  | Mt | Carats per tonne
|  |  | 100.0 | 5 |  | 3.1 | 2.2
| Average process recovery | Rio Tinto interest | Rio Tinto share recoverable Li metal | Rio Tinto share recoverable LCE |  | Total Mineral Reserves as at 31 December 2023
|  | Total brine pumped | Extracted grade
| % | % | Mt | Mt |  | Mm 3 | mg/Ll Li
| 90 | 100.0 | 0.42 | 2.25 |  | – | –

Diavik
Mineral Reserves tonnes decreased due to mining depletion offsetting the addition of tonnes from A21 underground.
Rincon
Mineral Reserves were reported for the first time in 2024. A JORC Table 1 in support of this was released to the market on 4 December 2024 and can be viewed at
riotinto.com/resourcesandreserves.

Annual Report on Form 20-F 2024 | 290 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations
Mineral Resources

| Likely mining method 1 | Measured Mineral Resources as at 31 December 2024 | Indicated Mineral Resources as at 31 December 2024
| Tonnage | Grade |  | Tonnage | Grade |
Bauxite | Mt | % Al 2 O 3 | % SiO 2 | Mt | % Al 2 O 3 | % SiO 2
Rio Tinto Aluminium (Australia)2 3 |  |  |  |  |  |  |
–Amrun | O/P | 129 | 49.1 | 11.7 | 380 | 49.7 | 11.8
–East Weipa and Andoom | O/P | 36 | 48.0 | 8.9 | – | – | –
–Gove | O/P | 10 | 47.7 | 9.0 | 0.1 | 49.5 | 8.4
–North of Weipa | O/P | – | – | – | 202 | 52.0 | 11.1
Total (Australia) |  | 175 | 48.8 | 11.0 | 583 | 50.5 | 11.6
Porto Trombetas (MRN) (Brazil)4 5 | O/P | 54 | 46.8 | 5.9 | 0.7 | 49.1 | 2.5
Sangaredi (Guinea)6 7 | O/P | – | – | – | 1,357 | 46.6 | 2.3
Total bauxite |  | 228 | 48.3 | 9.8 | 1,941 | 47.8 | 5.1

1.Likely mining method: O/P = open pit/surface.
2.Rio Tinto Aluminium bauxite Mineral Resources are stated as dry product tonnes and total alumina and silica grades.
3.Valuations of the Rio Tinto Aluminium bauxite Mineral Reserves are based on specific product pricing based on a long term price of US$43.70/t CFR China for Gove and US$41.12/t CFR
China for Amrun, East Weipa and Andoom and North of Weipa. This price is sourced from leading industry analyst CRU.
4.Porto Trombetas (MRN) Mineral Resources are stated as dry in situ tonnes, available alumina grade and total silica grade.
5.Porto Trombetas (MRN) Mineral Resources valuations are based on an average price of US$36.30/t FOB as supplied by the JV partner.
6.Sangaredi Mineral Resources tonnes are reported on a 3% moisture basis and total alumina and silica grades.
7.Sangaredi Mineral Resources valuations are based on specific product pricing based on a long term price of US$37.00/t FOB as supplied by the JV partner.

Annual Report on Form 20-F 2024 | 291 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources

| Total Measured and Indicated Mineral Resources as at 31 December 2024 | Inferred Mineral Resources as at 31 December 2024 | Rio Tinto interest
| Tonnage | Grade |  | Tonnage | Grade |
| Mt | % Al 2 O 3 | % SiO 2 | Mt | % Al 2 O 3 | % SiO 2 | %
| 509 | 49.5 | 11.8 | 238 | 51.4 | 12.4 | 100.0
| 36 | 48.0 | 8.9 | – | – | – | 100.0
| 10 | 47.7 | 9.0 | – | – | – | 100.0
| 202 | 52.0 | 11.1 | 1,248 | 51.8 | 11.4 | 100.0
| 758 | 50.1 | 11.4 | 1,486 | 51.8 | 11.6 |
| 54 | 46.8 | 5.9 | 7 | 47.3 | 5.2 | 22.0
| 1,357 | 46.6 | 2.3 | 174 | 45.8 | 2.4 | 23.0
| 2,169 | 47.8 | 5.6 | 1,667 | 51.1 | 10.6 |

Porto Trombetas (MRN)
Mineral Resources tonnes decreased due to the conversion of Mineral Resources to Mineral Reserves at the West Zone Project and the downgrading of material to
non-resources. A JORC Table 1 in support of this change will be released to the market contemporaneously with the release of the Annual Report and can be viewed
at riotinto.com/resourcesandreserves.

Annual Report on Form 20-F 2024 | 292 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources

| Likely mining method 1 | Measured Mineral Resources as at 31 December 2024 | Indicated Mineral Resources as at 31 December 2024
| Tonnage | Grade |  |  |  |  | Tonnage | Grade |  |  |  |
Iron ore 2 3 | Mt | % Fe | % SiO 2 | % Al 2 O 3 | % P | % LOI | Mt | % Fe | % SiO 2 | % Al 2 O 3 | % P | % LOI
Australia |  |  |  |  |  |  |  |  |  |  |  |  |
– Boolgeeda | O/P | – | – | – | – | – | – | – | – | – | – | – | –
– Brockman | O/P | 418 | 62.4 | 3.4 | 1.8 | 0.13 | 4.9 | 739 | 62.5 | 3.3 | 1.8 | 0.13 | 4.8
– Brockman Process Ore | O/P | 185 | 57.2 | 6.3 | 4.0 | 0.16 | 6.9 | 356 | 56.7 | 6.4 | 4.2 | 0.15 | 7.4
– Channel Iron Deposit | O/P | 656 | 56.2 | 6.1 | 2.6 | 0.05 | 10.3 | 1,384 | 57.2 | 5.3 | 2.8 | 0.07 | 9.4
– Detrital | O/P | 0.4 | 61.2 | 4.7 | 2.7 | 0.06 | 4.6 | 32 | 60.8 | 4.6 | 3.3 | 0.06 | 4.2
– Marra Mamba | O/P | 153 | 62.4 | 2.9 | 1.5 | 0.07 | 5.9 | 474 | 62.7 | 2.5 | 1.5 | 0.06 | 5.9
Total (Australia)4 |  | 1,412 | 58.8 | 5.0 | 2.4 | 0.09 | 7.8 | 2,986 | 59.4 | 4.5 | 2.5 | 0.09 | 7.4
Iron Ore Company of Canada (Canada)5 | O/P | 90 | 40.0 | 33.7 | 0.2 | 0.03 | – | 299 | 38.6 | 36.2 | 0.2 | 0.03 | –
Simandou (Guinea) | O/P | 69 | 67.1 | 1.8 | 1.1 | 0.04 | 1.1 | 218 | 66.2 | 1.8 | 1.5 | 0.05 | 1.8
Total iron ore |  | 1,572 | 58.1 | 6.5 | 2.2 | 0.09 | 7.1 | 3,504 | 58.0 | 7.0 | 2.2 | 0.09 | 6.4

1.Likely mining method: O/P = open pit/surface.
2.Iron ore Mineral Resources are stated on a dry in situ weight basis.
3.Iron ore Mineral Resources valuations are based on Rio Tinto’s assessment of the various product premiums which are added to consensus pricing for 62% iron fines. This consensus is the
average of long-term forecasts from eleven brokers/banks (Barclays, BMO, BoAML, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Macquarie, Morgan Stanley and UBS)
and two analysts (CRU and Woodmac) and is USc131/dmtu CFR China. The premiums are estimated by Rio Tinto’s value-in-use models that calculate steelmaking cost savings or benefits
arising from differences in product specifications relative to the 62% iron fines index.
4.Australian iron ore deposits (Total Australia) are the equivalent of the Pilbara Property for SK-1300 reporting.
5.Iron Ore Company of Canada (IOC) Mineral Resources are stated as in situ material on a dry basis. This in situ material has the potential to produce marketable product (61% pellets and
39% concentrate for sale at a natural moisture content of 2%) comprising 39 million tonnes at 65% iron 2.7% silica (Measured), 210 million tonnes at 65% iron 2.7% silica (Indicated) and
123 million tonnes at 65% iron 2.7% silica (Inferred) using process recovery factors derived from current IOC concentrating and pellet operations. LOI is not determined for resource drilling
samples, so no estimate of %LOI is available for Mineral Resources.

Annual Report on Form 20-F 2024 | 293 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources

| Total Measured and Indicated Mineral Resources as at 31 December 2024 | Inferred Mineral Resources as at 31 December 2024 | Rio Tinto interest %
| Tonnage | Grade |  |  |  |  | Tonnage | Grade |  |  |  |
| Mt | % Fe | % SiO 2 | % Al 2 O 3 | % P | % LOI | Mt | % Fe | % SiO 2 | % Al 2 O 3 | % P | % LOI
| – | – | – | – | – | – | 532 | 57.9 | 4.8 | 3.9 | 0.17 | 7.6 | 100.0
| 1,157 | 62.5 | 3.3 | 1.8 | 0.13 | 4.9 | 4,271 | 62.3 | 3.2 | 1.9 | 0.13 | 5.3 | 75.1
| 541 | 56.8 | 6.3 | 4.1 | 0.15 | 7.2 | 1,670 | 56.8 | 5.9 | 4.2 | 0.16 | 7.8 | 66.3
| 2,040 | 56.9 | 5.6 | 2.7 | 0.06 | 9.7 | 3,504 | 56.2 | 6.0 | 3.1 | 0.08 | 9.8 | 68.0
| 33 | 60.8 | 4.6 | 3.3 | 0.06 | 4.3 | 1,249 | 60.6 | 4.4 | 3.7 | 0.06 | 4.1 | 72.6
| 627 | 62.6 | 2.6 | 1.5 | 0.06 | 5.9 | 2,761 | 61.4 | 3.2 | 1.8 | 0.07 | 6.5 | 62.9
| 4,398 | 59.2 | 4.6 | 2.5 | 0.09 | 7.6 | 13,988 | 59.6 | 4.4 | 2.7 | 0.11 | 7.0 |
| 390 | 38.9 | 35.6 | 0.2 | 0.03 | – | 311 | 38.6 | 36.2 | 0.2 | 0.03 | – | 58.7
| 287 | 66.4 | 1.8 | 1.4 | 0.05 | 1.6 | 325 | 65.8 | 1.3 | 1.4 | 0.07 | 2.9 | 45.1
| 5,075 | 58.1 | 6.9 | 2.2 | 0.09 | 6.6 | 14,624 | 59.3 | 5.0 | 2.6 | 0.10 | 6.7 |

Iron Ore Australia
Mineral Resources tonnes have increased as a result of additional drilling and updated resource models offsetting conversion to Mineral Reserves.
Iron Ore Company of Canada
Mineral Resources tonnes updates reflect a transfer from Measured Mineral Resources to Indicated and Inferred Mineral Resources due to the combined impacts of
conversion to Mineral Reserves, geological model updates and price increases.

Annual Report on Form 20-F 2024 | 294 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources

| Likely mining method 1 | Measured Mineral Resources as at 31 December 2024 | Indicated Mineral Resources as at 31 December 2024
| Tonnage | Grade |  |  |  | Tonnage | Grade |  |  |
Copper 2 3 | Mt | % Cu | g/t Au | g/t Ag | % Mo | Mt | % Cu | g/t Au | g/t Ag | % Mo
Winu (Australia) | O/P | – | – | – | – | – | 464 | 0.39 | 0.32 | 2.24 | –
Bingham Canyon (US)4 |  |  |  |  |  |  |  |  |  |  |
– Bingham Open Pit | O/P | 40 | 0.45 | 0.14 | 2.44 | 0.022 | 23 | 0.34 | 0.20 | 2.75 | 0.015
– Underground Skarns | U/G | 0.1 | 2.52 | 1.29 | 10.41 | 0.056 | 12 | 2.75 | 1.17 | 15.17 | 0.010
Resolution (US) | U/G | – | – | – | – | – | 398 | 1.89 | – | 3.70 | 0.042
Total (US) |  | 40 | 0.46 | 0.15 | 2.47 | 0.022 | 433 | 1.83 | 0.04 | 3.97 | 0.040
Escondida (Chile)5 |  |  |  |  |  |  |  |  |  |  |
– Escondida - mixed | O/P | – | – | – | – | – | 8 | 0.48 | – | – | –
– Escondida - oxide | O/P | 8 | 0.38 | – | – | – | 3 | 0.53 | – | – | –
– Escondida - sulphide | O/P | 155 | 0.43 | – | – | – | 743 | 0.54 | – | – | –
Total (Chile) |  | 162 | 0.43 | – | – | – | 754 | 0.54 | – | – | –
La Granja (Peru) | O/P | – | – | – | – | – | 59 | 0.85 | – | – | –
Oyu Tolgoi (Mongolia)6 |  |  |  |  |  |  |  |  |  |  |
– Heruga ETG | U/G | – | – | – | – | – | – | – | – | – | –
– Heruga OT | U/G | – | – | – | – | – | – | – | – | – | –
– Hugo Dummett North 7 | U/G | 35 | 1.89 | 0.50 | 4.26 | – | 248 | 1.39 | 0.35 | 3.23 | –
– Hugo Dummett North Extension | U/G | – | – | – | – | – | 47 | 1.62 | 0.55 | 4.20 | –
– Hugo Dummett South | U/G | – | – | – | – | – | – | – | – | – | –
– Oyut Open Pit | O/P | 12 | 0.42 | 0.31 | 1.07 | – | 60 | 0.34 | 0.28 | 1.11 | –
– Oyut Underground | U/G | 6 | 0.48 | 0.94 | 1.33 | – | 33 | 0.38 | 0.62 | 1.18 | –
Total (Mongolia) |  | 53 | 1.41 | 0.51 | 3.22 | – | 387 | 1.17 | 0.39 | 2.85 | –
Total copper |  | 255 | 0.63 | 0.13 | 1.05 | 0.003 | 2,097 | 0.90 | 0.15 | 1.84 | 0.008

1.Likely mining method: O/P = open pit/surface; U/G = underground.
2.Copper Mineral Resources are stated on an in situ dry weight basis.
3.Copper Mineral Resources valuations excluding Oyu Tolgoi and Escondida, are based on commodity prices of USc389.58/lb for copper, US$1,700.53/oz for gold, US$22.20/oz for silver and
US$14.50/lb for molybdenum. These prices are sourced from the average of the available forecasts from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank,
Goldman Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac).
4.Bingham Canyon Open Pit molybdenum grades interpolated from exploration drilling assays have been factored based on a long reconciliation history to blast hole and mill samples.
5.Escondida Mineral Resources valuations are based on a copper price of USc429/lb supplied by the JV partner.
6.Oyu Tolgoi Minera l Resources valuations are based on commodity prices of USc390.00/lb for copper, US$1,649.00/oz for gold, US$22.10/oz for silver and US$14.20/lb for molybdenum.
These are based on January 2024 consensus prices sourced from the average forecasts from ten brokers/banks (Barclays, BoAML, Citigroup, Credit Suisse, Deutsche Bank, Goldman
Sachs, JP Morgan, Macquarie, Morgan Stanley and UBS) and two analysts (CRU and Woodmac).
7.The Hugo Dummett North Mineral Resources include approximately 0.9 million tonnes of stockpiled material at a grade of 0.35% copper, 0.11g/t gold and 0.85g/t silver.

Annual Report on Form 20-F 2024 | 295 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources

| Total Measured and Indicated Mineral Resources as at 31 December 2024 | Inferred Mineral Resources as at 31 December 2024 | Rio Tinto interest
| Tonnage | Grade |  |  |  | Tonnage | Grade |  |  |
| Mt | % Cu | g/t Au | g/t Ag | % Mo | Mt | % Cu | g/t Au | g/t Ag | % Mo | %
| 464 | 0.39 | 0.32 | 2.24 | – | 277 | 0.41 | 0.36 | 2.12 | – | 100.0
| 63 | 0.41 | 0.17 | 2.55 | 0.019 | 13 | 0.19 | 0.28 | 3.15 | 0.006 | 100.0
| 12 | 2.75 | 1.17 | 15.11 | 0.011 | 14 | 2.51 | 0.91 | 13.92 | 0.008 | 100.0
| 398 | 1.89 | – | 3.70 | 0.042 | 624 | 1.28 | – | 2.74 | 0.031 | 55.0
| 473 | 1.72 | 0.05 | 3.84 | 0.038 | 651 | 1.28 | 0.03 | 2.99 | 0.030 |
| 8 | 0.48 | – | – | – | 6 | 0.45 | – | – | – | 30.0
| 11 | 0.42 | – | – | – | 0.6 | 0.51 | – | – | – | 30.0
| 897 | 0.52 | – | – | – | 2,875 | 0.53 | – | – | – | 30.0
| 916 | 0.52 | – | – | – | 2,882 | 0.53 | – | – | – |
| 59 | 0.85 | – | – | – | 1,886 | 0.50 | – | – | – | 45.0
| – | – | – | – | – | 841 | 0.41 | 0.40 | 1.44 | 0.012 | 56.0
| – | – | – | – | – | 71 | 0.42 | 0.30 | 1.58 | 0.011 | 66.0
| 283 | 1.45 | 0.37 | 3.36 | – | 473 | 0.83 | 0.29 | 2.47 | – | 66.0
| 47 | 1.62 | 0.55 | 4.20 | – | 90 | 1.05 | 0.37 | 2.85 | – | 56.0
| – | – | – | – | – | 483 | 0.83 | 0.07 | 1.87 | – | 66.0
| 71 | 0.35 | 0.29 | 1.11 | – | 213 | 0.29 | 0.19 | 1.01 | – | 66.0
| 39 | 0.40 | 0.67 | 1.20 | – | 95 | 0.41 | 0.42 | 1.25 | – | 66.0
| 440 | 1.20 | 0.40 | 2.90 | – | 2,265 | 0.60 | 0.28 | 1.76 | 0.005 |
| 2,352 | 0.87 | 0.15 | 1.76 | 0.008 | 7,960 | 0.60 | 0.09 | 0.82 | 0.004 |

Winu
Mineral Resources updates reflect a change in classification methodology. A JORC Table 1 in support of this change will be released to the market
contemporaneously with the release of the Annual Report and can be viewed at riotinto.com/resourcesandreserves.
Bingham Canyon
Underground Skarns Mineral Resources represent the combined Mineral Resources from the various underground deposits at Bingham Canyon. Underground
Skarns Mineral Resources silver grades reflect corrections made after identifying errors in North Rim Skarns legacy assay data.

Annual Report on Form 20-F 2024 | 296 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources

| Likely mining method 1 | Measured Mineral Resources as at 31 December 2024 | Indicated Mineral Resources as at 31 December 2024
Tonnage | Grade |  | Tonnage | Grade |
Titanium dioxide feedstock 2 3 | Mt | % Ti minerals | % Zircon | Mt | % Ti minerals | % Zircon
QIT Madagascar Minerals (QMM) (Madagascar) | O/P | 356 | 4.3 | 0.2 | 318 | 4.0 | 0.2
Richards Bay Minerals (RBM) (South Africa) | O/P | — | — | — | 7 | 12.0 | 8.0
Rio Tinto Iron and Titanium (RTIT) Quebec Operations (Canada) | O/P | 19 | 82.0 | — | 9 | 81.8 | —
Total titanium dioxide feedstock |  | 375 | 8.3 | 0.2 | 334 | 6.2 | 8.2

1.Likely mining method: O/P = open pit/surface.
2.Titanium dioxide feedstock Mineral Resources are reported as dry in situ tonnes.
3.QMM and RBM Mineral Resources valuations are based on commodity prices of US$228.35/t for 53% titanium dioxide product and US$1,587.65/t for 66.5% zircon oxide, adjusted for
specific products produced. RTIT Quebec Operations Mineral Resources valuations are based on a commodity price of US$228.35/t for 53% titanium dioxide product adjusted for specific
products produced. These prices are sourced from TZMI.

Annual Report on Form 20-F 2024 | 297 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources

| Total Measured and Indicated Mineral Resources as at 31 December 2024 | Inferred Mineral Resources as at 31 December 2024 | Rio Tinto interest
| Tonnage | Grade |  | Tonnage | Grade |
| Mt | % Ti minerals | % Zircon | Mt | % Ti minerals | % Zircon | %
| 674 | 4.2 | 0.2 | 477 | 3.9 | 0.2 | 80.0
| 7 | 12.0 | 8.0 | – | – | – | 74.0
| 28 | 82.0 | – | 25 | 79.7 | – | 100.0
| 709 | 7.3 | 4.0 | 502 | 7.7 | 0.2 |

Rio Tinto Iron and Titanium (RTIT) Quebec Operations
Mineral Resources tonnes increased due to the inclusion of additional drilling at the Grader deposit. A JORC Table 1 in support of this change will be released to the
market contemporaneously with the release of the Annual Report and can be viewed at riotinto.com/resourcesandreserves.

Annual Report on Form 20-F 2024 | 298 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources

| Likely mining method 1 | Measured Mineral Resources as at 31 December 2024 | Indicated Mineral Resources as at 31 December 2024
Tonnage |  | Tonnage |
Borates 2 | Mt |  | Mt |
Jadar (Serbia)3 4 | U/G | – |  | 14 |
| Likely mining method 1 | Measured Mineral Resources as at 31 December 2024 | Indicated Mineral Resources as at 31 December 2024
Tonnage | Grade | Tonnage | Grade
Diamonds 5 | Mt | Carats per tonne | Mt | Carats per tonne
Diavik (Canada)6 | U/G | – | – | – | –
| Likely mining method 1 | Measured Mineral Resources as at 31 December 2024 | Indicated Mineral Resources as at 31 December 2024
Tonnage | Grade | Tonnage | Grade
Lithium 5 | Mt | % Li 2 O | Mt | % Li 2 O
Jadar (Serbia)4 | U/G | – | – | 85 | 1.76

| Likely mining method 1 | Measured Mineral Resources as at 31 December 2024 | Indicated Mineral Resources as at 31 December 2024
Total brine volume | Grade | Lithium metal | LCE | Total brine volume | Grade | Lithium metal | LCE
Lithium brine - exclusive of Reserves 7 |  | Mm 3 | mg/L Li | Mt | Mt | Mm 3 | mg/L Li | Mt | Mt
Rincon (Argentina)8 9 | Sol | 600 | 330 | 0.25 | 1.31 | 2,228 | 308 | 1.05 | 5.58

| Likely mining method 1 | Measured Mineral Resources as at 31 December 2024 | Indicated Mineral Resources as at 31 December 2024
Total brine volume | Grade | Lithium metal | LCE | Total brine volume | Grade | Lithium metal | LCE
Lithium brine - inclusive of Reserves 7 |  | Mm 3 | mg/L Li | Mt | Mt | Mm 3 | mg/L Li | Mt | Mt
Rincon (Argentina)8 9 | Sol | 748 | 394 | 0.29 | 1.54 | 3,419 | 432 | 1.48 | 7.85

1.Type of mine: U/G = underground, Sol = solution mining.
2.Borates Mineral Resources are stated as dry in situ B 2 O 3, rather than marketable product as in Mineral Reserves.
3.Jadar equivalent dry in situ Mineral Resources comprise of 85 million tonnes at 16.1% B 2 O 3 (Indicated) and 58.0 million tonnes at 12.0% B 2 O 3 (Inferred).
4.Jadar Mineral Resources valuations are based on commodity prices of US$19.439/t for lithium carbonate and US$1,495/t for boric acid. These prices were sourced from CRU.
5.Diamond and lithium Mineral Resources are stated as dry in situ tonnes.
6.Diavik Mineral Resources valuations are based on a 3-year trailing average price of US$106.12/ct.
7.Lithium brine Mineral Resources are reported in situ and both inclusive and exclusive of Mineral Reserves. It should be noted that for other commodities Rio Tinto normally reports Mineral
Resources exclusive of Mineral Reserves, but such methodology is not considered appropriate for lithium brines. However the SEC SK-1300 reporting requirements require Mineral
Resources to be reported exclusive of Mineral Reserves and as such this methodology is also presented. The exclusive Mineral Resources volumes are calculated by subtracting the
extracted Measured volumes from the in situ Measured volumes and the extracted Indicated volumes from the in situ Indicated volumes. Inferred volumes are not modified. The exclusive
Mineral Resources grades were calculated by back-calculating the average lithium grade after mining based on the lithium mass after mining and the total brine volume prior to mining (to
account for zones with dilute concentrations in the total brine volume). It is noted that the average lithium grade after mining is highly uncertain due to the dynamic nature of the brine system.
8.Rincon Mineral Resources lithium metal and LCE tonnages are in situ values assuming 100% recovery as per standard brine reporting practices. To obtain the equivalent tonnage for LCE,
the estimated mass of lithium was multiplied by a factor that is based on the atomic weights of each element in lithium carbonate to obtain the final compound weight. The factor used was
5.322785 to obtain LCE mass from lithium mass.
9. Rincon Mineral Resources valuations are based on a lithium carbonate price of US$19,439/t. This price was sourced from CRU.

Annual Report on Form 20-F 2024 | 299 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources

| Total Measured and Indicated Mineral Resources as at 31 December 2024 | Inferred Mineral Resources as at 31 December 2024 | Rio Tinto interest
| Tonnage |  | Tonnage |
| Mt |  | Mt |  | %
| 14 |  | 7 |  | 100.0
| Total Measured and Indicated Mineral Resources as at 31 December 2024 | Inferred Mineral Resources as at 31 December 2024 | Rio Tinto interest
| Tonnage | Grade | Tonnage | Grade
| Mt | Carats per tonne | Mt | Carats per tonne | %
| – | – | 0.1 | 1.6 | 100.0
| Total Measured and Indicated Mineral Resources as at 31 December 2024 | Inferred Mineral Resources as at 31 December 2024 | Rio Tinto interest
| Tonnage | Grade | Tonnage | Grade
| Mt | % Li 2 O | Mt | % Li 2 O | %
| 85 | 1.76 | 58 | 1.87 | 100.0

| Total Measured and Indicated Mineral Resources as at 31 December 2024 | Inferred Mineral Resources as at 31 December 2024 | Rio Tinto interest
| Total brine volume | Grade | Lithium metal | LCE | Total brine volume | Grade | Lithium metal | LCE |
| Mm 3 | mg/L Li | Mt | Mt | Mm 3 | mg/L Li | Mt | Mt | %
| 2,828 | 312 | 1.30 | 6.92 | 1,148 | 374 | 0.43 | 2.29 | 100.0

| Total Measured and Indicated Mineral Resources as at 31 December 2024 | Inferred Mineral Resources as at 31 December 2024 | Rio Tinto interest
| Total brine volume | Grade | Lithium metal | LCE | Total brine volume | Grade | Lithium metal | LCE |
| Mm 3 | mg/L Li | Mt | Mt | Mm 3 | mg/L Li | Mt | Mt | %
| 4,167 | 425 | 1.77 | 9.39 | 1,148 | 374 | 0.43 | 2.29 | 100.0

Diavik
With the pending closure of Diavik, the majority of Mineral Resources have been downgraded to non-Resources.
Rincon
Mineral Resources were reported for the first time in 2024. A JORC Table 1 in support of this was released to the market on 4 December 2024 and can be viewed
can be viewed at riotinto.com/resourcesandreserves.

Annual Report on Form 20-F 2024 | 300 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mineral Resources
Mineral Resources and Mineral
Reserves governance and
internal controls
Rio Tinto has well-established governance
processes and internal controls to support
the generation and publication of Mineral
Resources and Mineral Reserves, including
a series of business unit and product group
structures and processes independent of
operational reporting.
Audit & Risk Committee
The Audit & Risk Committee’s remit includes
the governance of Mineral Resources and
Mineral Reserves. This includes an annual
review of Mineral Resources and Mineral
Reserves at a Group level, as well as a
review of findings and progress from the
Group Internal Audit program.
Ore Reserves Steering Committee
The Ore Reserves Steering Committee
(ORSC), chaired by the Chief Technical
Officer, Development & Technology, meets at
least quarterly. The ORSC comprises senior
representatives across our technical,
financial, governance and business groups,
and oversees the appointment of Qualified
Persons nominated by the business units;
reviews Exploration Results, Mineral
Resources or Mineral Reserves releases
prior to public reporting; and oversees the
development of the Group Mineral
Resources and Mineral Reserves standards
and guidance.
Orebody Knowledge Centre
of Excellence
The Orebody Knowledge Centre of
Excellence contains a dedicated Orebody
Knowledge Technical Assurance team.
Orebody Knowledge Technical Assurance, in
conjunction with the ORSC, is the guardian
and author of Group Mineral Resources and
Mineral Reserves standards and guidance,
and is responsible for the governance and
compilation of Group Mineral Resources,
Mineral Reserves and reconciliation
reporting. The Technical Assurance team
also advises on disclosure obligations,
monitors the external reporting environment
and facilitates internal audits.
Internal Auditing
Mineral Resources and Mineral Reserves
internal audits are conducted by independent
external consulting personnel in a
programme managed by Orebody
Knowledge Technical Assurance. Material
findings are reported outside of the product
group reporting line to the ORSC, and all
reports and action plans are reviewed by the
ORSC for alignment to internal and external
reporting standards.
During 2024, three internal Mineral
Resources and Mineral Reserves audits
were completed.
Geoscientific information management
and assurance
We employ industry-standard drilling,
sampling, assaying and quality assurance/
quality control (QA/QC) practices supported
by formally documented procedures.
Diamond core and reverse circulation are our
primary drilling methods. We use other
methods such as sonic and air core if
appropriate for the style of deposit. Drill hole
locations are typically confirmed by high-
precision differential Global Positioning
System (GPS) and down-hole trace
positioning is primarily achieved by
gyroscopic survey.
Drill sample recovery is typically recorded,
and all geological data is collected by
qualified geoscientific professionals.
Geological logging consistency is secured
via formal logging procedures and training,
reference materials, application of geological
code libraries and digital logging directly to
the geological database.
On-site or commercial laboratories provide
appropriate analytical (assaying) techniques,
according to the commodity and style of
deposit. Reliability of assay data is
maintained via QA/QC procedures, which
monitor assay accuracy and precision
through the analysis of blanks, sample
duplicates and matrix-matched certified
reference materials.
Our geoscientific information management
standard is the industry-leading acQuire
system and we employ strict QA/QC criteria
to ensure only high-quality assay data is
uploaded to a project’s database.
Mineral Resources and Mineral
Reserves risk management
Risks to our Mineral Resources and
Mineral Reserves estimates are managed
through comprehensive risk assessments
undertaken in support of the annual reporting
cycle. Risks are identified and managed by
verifying controls, determining and
undertaking suitable actions to remove or
reduce the risk, conducting reviews, and
maintaining compliance with standards and
procedures. Risks are managed through a
commercial risk management solution.
At the end of each reporting cycle, we
analyse the Mineral Resources and Mineral
Reserves risks across all business units to
ensure both consistency of reporting and
determine any Group-wide risks to the
various processes.

Annual Report on Form 20-F 2024 | 301 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations
Qualified Persons

| Association(a) |  | Employer | Accountability |  | Deposits
Bauxite |  |  |  |  |  |
A McIntyre | AusIMM |  | Rio Tinto | Resources |  | Gove, East Weipa and Andoom, North of Weipa, Amrun
W Saba | AusIMM |  | Reserves |  | Gove, East Weipa and Andoom, Amrun
M Alpha Diallo | EFG |  | Compagnie des Bauxites de Guinée | Resources |  | Sangaredi
M Keersemaker | AusIMM |  | External consultant to Compagnie des Bauxites de Guinée | Reserves |
R Aglinskas | AusIMM |  | Mineração Rio do Norte | Resources |  | Porto Trombetas (MRN)
L H Costa | AusIMM |  | External consultants to Mineração Rio do Norte | Reserves |
Borates |  |  |  |  |  |
B Griffiths | SME |  | Rio Tinto | Resources & Reserves |  | Boron
Copper |  |  |  |  |  |
D Hlorgbe | AusIMM |  | Rio Tinto | Resources |  | Resolution(b)(c)
H Martin | AusIMM |  | Resources |
A Schwarz | AusIMM |  | Resources |
O Togtokhbayar | AusIMM |  | Rio Tinto | Resources |  | Oyu Tolgoi(b) (c) (d)
B Ndlovu | AusIMM |  | Reserves |
N Robinson | AusIMM |  | Reserves |
R Hayes | AusIMM |  | Rio Tinto | Resources |  | Bingham Canyon(b) (c) (d)
G Austin | AusIMM |  | Resources |
P Rodriguez | AusIMM |  | Resources |
C McArthur | AusIMM |  | Reserves |
E Hoffmann | AusIMM |  | Reserves |
R Maureira | AusIMM |  | Minera Escondida Ltda. | Resources |  | Escondida
E Mulet Cortes | AusIMM |  | Resources |  | Chimborazo, Pampa Escondida(d), Pinta Verde
P Castillo | AusIMM |  | Reserves |  | Escondida
J Marshall | AusIMM |  | Rio Tinto | Resources |  | La Granja
J Pocoe | AusIMM |  | Rio Tinto | Resources |  | Winu(b) (d)
Diamonds |  |  |  |  |  |
K Pollock | NAPEG |  | Rio Tinto | Resources |  | Diavik
Z Li | NAPEG |  | Reserves |
Iron ore |  |  |  |  |  |
M Styles | AusIMM |  | Rio Tinto | Resources |  | Simandou
M Apfel | AusIMM |  | Reserves |
M McDonald | PEGNL |  | Rio Tinto | Resources |  | Iron Ore Company of Canada
B Power | PEGNL |  | Resources |
R Way | PEGNL |  | Resources |
R Williams | PEGNL |  | Reserves |
S Roche | AusIMM |  | Reserves |
N Brajkovich | AusIMM |  | Rio Tinto | Resources |  | Rio Tinto Iron Ore – Boolgeeda, Brockman, Brockman Process Ore, Channel Iron Deposit, Detrital, Marra Mamba
M Judge | AusIMM |  | Resources |
E Barron | AusIMM |  | Resources |
P Savory | AusIMM |  | Resources |
O Abdrashitova | AusIMM |  | Resources |
P Barnes | AusIMM |  | Reserves |  | Rio Tinto Iron Ore – Brockman Ore, Marra Mamba Ore, Pisolite (Channel Iron) Ore
L Fouche | AusIMM |  | Reserves |
A Ghosh | AusIMM |  | Reserves |
A Leong | AusIMM |  | Reserves |
L Vilela Couto | AusIMM |  | Reserves |
B Satria Yudha | AusIMM |  | Reserves |
Lithium |  |  |  |  |  |
I Misailovic | EFG |  | Rio Tinto | Resources |  | Jadar(e)
D Tanaskovic | EFG |  |
M Rosko | SME |  | External consultants to Rio Tinto | Resources & Reserves |  | Rincon
M Zivic | SME |  |
B Foster | AusIMM |  | Rio Tinto | Reserves |
Titanium dioxide feedstock |  |  |  |  |
J Dumouchel | OGQ |  | Rio Tinto | Resources |  | Rio Tinto Iron and Titanium Quebec Operations (RTIT Quebec Operations)
F Kerr-Gillespie | OGQ |  | Resources |
J Solorzano | OIQ |  | Reserves |
A Cawthorn-Blazeby | SACNASP |  | Rio Tinto | Resources |  | Richards Bay Minerals (RBM)(f)
S Mnunu | SACNASP |  | Reserves |
A Louw | AusIMM |  | Rio Tinto | Resources |  | QIT Madagascar Minerals (QMM)(f)
P Kluge | SAIMM |  | Reserves |

(a)AusIMM: Australasian Institute of Mining and Metallurgy
EFG: European Federation of Geologists
NAPEG: Association of Professional Engineers;
Geologists and Geophysicists of the Northwest
Territories
OGQ: L’Ordre des Géologues du Québec
OIQ: L’Ordre des Ingénieurs du Québec
PEGNL: Professional Engineers and Geoscientists
Newfoundland and Labrador
SACNASP: South African Council for Natural Scientific
Professions
SAIMM: South African Institute of Mining and Metallurgy
SME: Society of Mining, Metallurgy and Exploration
(b)Includes silver
(c)includes molybdenum
(d)Includes gold
(e)Includes borates
(f)Includes zircon

Annual Report on Form 20-F 2024 | 302 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations
Mines and production facilities
Group mines as at 31 December 2024
Iron Ore
Production properties

| Property Australian Pilbara Operations Mine Hamersley Iron: –Brockman 2 –Brockman 4 –Channar –Gudai-Darri –Marandoo –Mount Tom Price –Nammuldi –Paraburdoo –Silvergrass –Western Turner Syncline –Yandicoogina Ownership 100% Rio Tinto Operator Rio Tinto Location Pilbara region, Western Australia |  |  | Access and infrastructure Access and infrastructure within the property includes: –a network of sealed and unsealed roads connecting to public roads and highways –public and Rio Tinto-operated airports –a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising nearly 2,000km of rail, rail cars and locomotives –four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system –water piping networks for both abstracted water and supply of fresh water to sites –managed accommodation villages for fly-in fly-out (FIFO) sites –a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price –tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programs to ensure these remain fit for purpose. Title/lease/acreage Agreements for life of mine with the Government of Western Australia, save for the Yandicoogina mining lease, which expires in 2039 with an option to extend for 21 years. Mount Tom Price, Marandoo, Brockman 2, Brockman 4, Nammuldi and Western Turner Syncline Mineral and Mining Leases held under Iron Ore (Hamersley Range) Agreement Act 1963. Area of ML4SA approximately 79,469 hectares (ha). Area of M272SA approximately 14,136ha. Gudai-Darri Mineral Lease held under Iron Ore (Mount Bruce) Agreement Act 1972. Area of ML252SA approximately 67,616ha. Paraburdoo Mineral Lease held under Iron Ore (Hamersley Range) Agreement Act 1968. Area of ML246SA approximately 12,950ha. Channar Mining Lease held under Iron Ore (Channar Joint Venture) Agreement Act 1987. Mining lease expires in 2028 with an option to extend by up to 5 years. Area of M265SA approximately 5,965ha. Yandicoogina Mining Lease held under Iron Ore (Yandicoogina) Agreement Act 1996. Area of M274SA approximately 30,550ha. Key permit conditions State Agreement conditions are set by the Government of Western Australia and broadly comprise environmental compliance and reporting obligations; closure and rehabilitation considerations; local procurement and community initiatives/investment requirements; and payment of taxes and government royalties. The current business also operates under an Indigenous Land Use Agreement (ILUA) which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. |  | History Mount Tom Price began operations in 1966, followed by Paraburdoo in 1974. During the 1990s, Channar (1990), Brockman 2 (1992), Marandoo (1994) and Yandicoogina (1998) achieved first ore. Nammuldi achieved first ore in 2006 followed by Brockman 4 (2010), Western Turner Syncline (2011) and Silvergrass (2017). The latest addition to the network of Hamersley Iron mines, Gudai-Darri, had first ore railed in December 2021, and commissioned its primary crusher in the second quarter of 2022. Property description/type of mine All mines operated by Rio Tinto within the property are open pit mines. The mining method employed uses conventional surface mining, whereby shovels and loaders are used to load drilled and blasted material into trucks for removal to waste dumps and stockpiles or feed to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Brockman 2, Brockman 4, Channar, Gudai-Darri, Tom Price, Paraburdoo and Western Turner Syncline: mineralisation occurs as haematite/goethite within the banded iron formation of the Brockman Formation. Detrital deposits also occur at these sites. At Brockman 2, Brockman 4, Tom Price and Western Turner Syncline, some goethite/haematite within the banded iron formation of the Marra Mamba Formation also occurs. Marandoo, Nammuldi and Silvergrass: mineralisation occurs as goethite/ haematite within the banded iron formation of the Marra Mamba Formation. Some detrital mineralisation also occurs. Yandicoogina: goethite mineralisation occurs as pisolite ores within the paleo-channel of a channel iron formation. Processing plants and other available facilities At Brockman 2, Brockman 4, the Nammuldi dry plant and Gudai-Darri, dry crushing and screening is used to produce lump and fines iron ore products. Ore from the Silvergrass and Nammuldi mines is blended and processed through a wet scrubbing and screening plant, ahead of desliming of the fines product using hydrocyclones. At Marandoo, wet scrubbing and screening is used to produce lump and fines iron ore products, prior to desliming of fines products using hydrocyclones. Ore from the Channar and Paraburdoo mines is crushed and then processed through a central tertiary crushing and dry screening plant to produce a dry lump product, with further wet processing of the fines using hydrocyclones to remove slimes. Ore from the Tom Price and Western Turner Syncline mines is directed to either the high-grade plant for dry crushing and screening to dry lump and fines products, or to the low-grade plant for beneficiation. Heavy media separation is used to beneficiate low-grade lump, and a combination of heavy media hydrocyclones and spirals is used to beneficiate the low-grade fines. At Yandicoogina, ore is crushed to fines product only through a combination of dry crushing and screening, or crushing and wet processing of ore using classification to remove finer particles. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants are subject to an ongoing regime of sustaining capital investment and maintenance, underpinned by asset integrity audits, engineering inspections, engineering life cycles for key equipment and safety inspections and audits. Power source Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron.

Annual Report on Form 20-F 2024 | 303 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities

| Property Australian Pilbara Operations Mine Bao-HI Joint Venture: –Eastern Range and Western Range mines Ownership 54% Rio Tinto Rio Tinto owns 54% of the Bao-Hi joint venture with the remaining 46% held by China Baowu Group Operator Rio Tinto Location Pilbara region, Western Australia |  |  | Access and infrastructure Access and infrastructure within the property includes: –a network of sealed and unsealed roads connecting to public roads and highways –public and Rio Tinto-operated airports –a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising nearly 2,000km of rail, rail cars and locomotives –four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system –water piping networks for both abstracted water and supply of fresh water to sites –managed accommodation villages for FIFO sites –a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price –tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programs to ensure these remain fit for purpose. Title/lease/acreage Eastern Range and Western Range Mineral Lease held under Iron Ore (Hamersley Range) Agreement Act 1968. Area of ML4SA approximately 79,469ha. Area of ML246SA approximately 12,950ha. Key permit conditions State Agreement conditions are set by the Government of Western Australia and broadly comprise environmental compliance and reporting obligations; closure and rehabilitation considerations; local procurement and community initiatives/ investment requirements; and payment of taxes and government royalties. The current business also operates under an ILUA which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. |  | History The Bao-HI joint venture was established in 2002 and has delivered sales of more than 200 million tonnes of iron ore to China. First ore from Eastern Range was delivered in 2004. In 2022, the Bao-HI joint venture was extended with a commitment to deliver 275 million tonnes of sales of iron ore to China. First ore from Western Range was delivered in 2024 utilising existing infrastructure, with a new crusher at Western Range mine planned to be operational in 2025. Property description/type of mine All mines operated by Rio Tinto within the property are open pit mines. The mining method employed uses conventional surface mining, whereby shovels and loaders are used to load drilled and blasted material into trucks for removal to waste dumps or feed to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Mineralisation at Eastern Range and Western Range occurs as haematite/goethite mineralisation hosted within the banded iron formations of the Brockman Formation. Processing plants and other available facilities Ore from the Eastern Range and Western Range mine s is crushed and then processed through the central Paraburdoo tertiary crushing and dry screening plant to produce a dry lump product, with further wet processing of the fines product using hydrocyclones to remove slimes. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants are subject to an ongoing regime of sustaining capital investment and maintenance, underpinned by asset integrity audits, engineering inspections, engineering life cycles for key equipment and safety inspections and audits. Power source Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron.
| Property Australian Pilbara Operations Mine Hope Downs 1 Ownership 50% Rio Tinto 50% Hancock Prospecting Pty Ltd Operator Rio Tinto Location Pilbara region, Western Australia |  |  | Access and infrastructure Access and infrastructure within the property includes: –a network of sealed and unsealed roads connecting to public roads and highways –public and Rio Tinto-operated airports –a Hamersley and Robe-owned integrated heavy haulage rail network, operated by Pilbara Iron comprising nearly 2,000km of rail, rail cars and locomotives –four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system –water piping networks for both abstracted water and supply of fresh water to sites –managed accommodation villages for FIFO sites –tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programs to ensure these remain fit for purpose. |  | Title/lease/acreage Mining lease expires in 2027 with 2 options to extend of 21 years each. Mining lease held under Iron Ore (Hope Downs) Agreement Act 1992. Area of M282SA approximately 57,222ha. Key permit conditions State Agreement conditions are set by the Western Australian Government and broadly comprise environmental compliance and reporting obligations; closure and rehabilitation considerations; local procurement and community initiatives/ investment requirements; and payment of taxes and government royalties. The current business also operates under an ILUA which includes commitments for payments made to trust accounts, Indigenous employment and business opportunities, and heritage and cultural protections. History Joint venture between Rio Tinto and Hancock Prospecting. Construction of Stage 1 to 22Mtpa commenced 2006 and first production occurred 2007. Stage 2 to 30Mtpa completed 2009.

Annual Report on Form 20-F 2024 | 304 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Group mines as at 31 December 2024
Iron Ore continued

| Property Australian Pilbara Operations Mine Hope Downs 1 Ownership 50% Rio Tinto 50% Hancock Prospecting Pty Ltd Operator Rio Tinto Location Pilbara region, Western Australia |  |  | Property description/type of mine All mines operated by Rio Tinto within the property are open pit mines. The mining method employed uses conventional surface mining, where shovels and loaders are used to load drilled and blasted material into trucks for removal to waste dumps or feed to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Mineralisation at Hope Downs 1 occurs as goethite/haematite within the banded iron formations of the Marra Mamba and haematite/goethite within the banded iron formation of the Brockman Formation. Some detrital mineralisation also occurs. |  | Processing plants and other available facilities Ore from Hope Downs 1 is processed through the Hope Downs 1 processing plant, which utilises dry crushing and screening to produce lump and fines iron ore products. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants are subject to an ongoing regime of sustaining capital investment and maintenance, underpinned by asset integrity audits, engineering inspections, engineering life cycles for key equipment and safety inspections and audits. Power source Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron.
| Property Australian Pilbara Operations Mine Hope Downs 4 Ownership 50% Rio Tinto 50% Hancock Prospecting Pty Ltd Operator Rio Tinto Location Pilbara region, Western Australia |  |  | Access and infrastructure Access and infrastructure within the property includes: –a network of sealed and unsealed roads connecting to public roads and highways –public and Rio Tinto-operated airports –a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising nearly 2,000km of rail, rail cars and locomotives –four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system –water piping networks for both abstracted water and supply of fresh water to sites –managed accommodation villages for FIFO sites –tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programs to ensure these remain fit for purpose. Title/lease/acreage Mining lease expires in 2027 with two options to extend of 21 years each. Mining lease held under Iron Ore (Hope Downs) Agreement Act 1992. Area of M282SA approximately 57,222ha. Key permit conditions State Agreement conditions are set by the Government of Western Australia and broadly comprise environmental compliance and reporting obligations; closure and rehabilitation considerations; local procurement and community initiatives/ investment requirements; and payment of taxes and government royalties. The current business also operates under an ILUA which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. |  | History Joint venture between Rio Tinto and Hancock Prospecting. Construction of wet plant processing to 15Mtpa commenced 2011 and first production occurred 2013. Property description/type of mine All mines operated by Rio Tinto within the property are open pit mines. The mining method employed uses conventional surface mining, where shovels and loaders are used to load drilled and blasted material into trucks for removal to waste dumps or feed to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development activities across the property. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Mineralisation at Hope Downs 4 occurs as haematite/goethite mineralisation hosted within the banded iron formations of the Brockman Formation. Processing plants and other available facilities Ore from Hope Downs 4 is processed through the Hope Downs 4 processing plant. Wet scrubbing and screening are used to separate lump and fines products, prior to desliming of fines product using hydrocyclones. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants are subject to an ongoing regime of sustaining capital investment and maintenance, underpinned by asset integrity audits, engineering inspections, engineering life cycles for key equipment and safety inspections and audits. Power source Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron.

Annual Report on Form 20-F 2024 | 305 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities

| Property Australian Pilbara Operations Mine Robe River Iron Associates: Robe Valley mines: –Mesa A –Mesa J West Angelas Ownership 53% Rio Tinto Robe River is a joint venture between Rio Tinto (53%), Mitsui Iron Ore Development (33%), and Nippon Steel Corporation (14%) Operator Rio Tinto Location Pilbara region, Western Australia |  |  | Access and infrastructure Access and infrastructure within the property includes: –a network of sealed and unsealed roads connecting to public roads and highways –public and Rio Tinto-operated airports –a Hamersley and Robe owned integrated heavy haulage rail network, operated by Pilbara Iron comprising nearly 2,000 km of rail, rail cars and locomotives –four shipping terminals, located at Dampier and Cape Lambert and managed as a single port system –water piping networks for both abstracted water and supply of fresh water to sites –managed accommodation villages for FIFO sites –a housing portfolio managing properties in the towns of Dampier, Wickham, Karratha, Pannawonica, Paraburdoo and Tom Price –tailings storage facilities at several mine sites. All assets are subject to routine inspections and ongoing investment and maintenance programs to ensure these remain fit for purpose. Title/lease/acreage Agreements for life of mine with the Government of Western Australia. Mineral lease held under Iron Ore (Robe River) Agreement Act 1964. Area of ML248SA approximately 78,600ha. Key permit conditions State Agreement conditions are set by the Government of Western Australia and broadly comprise environmental compliance and reporting obligations; closure and rehabilitation considerations; local procurement and community initiatives/ investment requirements; and payment of taxes and government royalties. The current business also operates under an ILUA which includes commitments for payments made to trust accounts; Indigenous employment and business opportunities; and heritage and cultural protections. |  | History The first shipment from Robe Valley was in 1972. Interest acquired in 2000 through North Limited acquisition. First ore was shipped from West Angelas in 2002. Property description/type of mine All mines operated by Rio Tinto within the property are open pit mines. The mining method employed uses conventional surface mining, whereby shovels and loaders are used to load drilled and blasted material into trucks for removal to waste dumps or feed to process plants. In addition to mining activities, Rio Tinto conducts both exploration and development drilling across the property. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Robe Valley deposits: goethite mineralisation occurs as pisolite ores within the paleo-channel of a channel iron formation. Some detrital mineralisation also occurs. West Angelas deposits: mineralisation occurs as goethite/ haematite within the banded iron formations of the Marra Mamba Formation and haematite/goethite within the banded iron formation of the Brockman Formation. Some detrital mineralisation also occurs. Processing plants and other available facilities Ore from the Robe Valley mines of Mesa A and Mesa J is processed through either dry crushing and screening plants or through wet processing plants using scrubbing and screening to remove finer particles. Crushed and deslimed ore from the Robe Valley mines is railed to Cape Lambert, where further dry crushing and screening through a dedicated processing plant produces lump and fines iron ore products. At West Angelas mine, dry crushing and screening is used to produce lump and fines iron ore products. The processing plants within the Hamersley Iron network vary considerably in age, and many plants have been subject to brownfields development since original construction. All plants are subject to an ongoing regime of sustaining capital investment and maintenance, underpinned by asset integrity audits, engineering inspections, engineering life cycles for key equipment and safety inspections and audits. Power source Supplied through the integrated Hamersley and Robe power network operated by Pilbara Iron.
| Property Dampier Salt Port Hedland, Dampier Mine – Ownership 68.4% Rio Tinto Dampier Salt is a joint venture between Rio Tinto (68%), Marubeni Corporation (22%) and Sojitz (10%) Operator Rio Tinto (Dampier Salt Limited) Location Gascoyne and Pilbara regions, Western Australia |  |  | Access and infrastructure Road and port. Title/lease/acreage Dampier Salt Dampier operation State Agreement Mineral and Mining leases are held under the Dampier Solar Salt Industry Agreement Act 1967 (ML253SA, 14,710ha), and expire in 2034. Dampier Salt Port Hedland operation State Agreement Mineral and Mining leases are held under the Leslie Solar Salt Industry Agreement Act 1966 (M269SA, 2,459ha; ML242SA, 19,503.291ha and ML250SA, 1,381ha) and expire in 2029. Key permit conditions State Agreement conditions are set by the Government of Western Australia and broadly comprise environmental compliance and reporting obligations; closure and rehabilitation considerations; local procurement and community initiatives/investment requirements; and payment of taxes and government royalties. History Construction of the Dampier field started in 1969; first shipment in 1972. Lake MacLeod was acquired in 1978 as an operating field. Port Hedland was acquired in 2001 as an operating field. In January 2024, Dampier Salt entered into a sales agreement for Lake MacLeod with privately owned salt company Leichhardt Industrials Group. Commercial and regulatory conditions for divestment were satisfied in November 2024 and the site transferred to Leichhardt ownership on 2 December 2024. |  | Property description/type of mine Solar evaporation of seawater at Dampier and Port Hedland. Type of mineralisation Salt is grown every year through solar evaporation in permanent crystallising pans. Processing plants and other available facilities Salt is processed through a washing plant, consisting of screw bowl classifiers and static screens at Port Hedland and sizing screens, counter-current classifiers with dewatering screens and centrifuges at Dampier. Dampier produces shipping-ready product for immediate shiploading. Washed salt at Port Hedland is dewatered on stockpiles. Power source Long-term contracts with Hamersley Iron and Horizon Power and on-site generation.

Annual Report on Form 20-F 2024 | 306 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Group mines as at 31 December 2024
Copper
Production properties

| Property Escondida Ownership 30% Rio Tinto, 57.5% BHP, 10% JECO Corporation consortium comprising Mitsubishi, JX Nippon Mining and Metals (10%), 2.5% JECO 2 Ltd Operator BHP Location Atacama Desert, Chile |  |  | Access and infrastructure Road and rail, including a pipeline and road to the deep sea port at Coloso: –Two concentrate transport lines from mine site to port facility at Coloso (9” line from LS1 and LS2 and 6” line from Los Colorados) –Two desalinisation plants at Coloso port along with water treatment plant for concentrate filtrate –Two water pipelines and 4 pump stations for freshwater supply to site –Roadway to site, rail line for supplies and cathode transport, power transport facilities to tie site to power grid –Site offices, housing, and cafeteria facilities to support employees and contractors on site –Warehouse buildings and laydown facilities to support operations and projects on site. Title/lease/acreage Rights conferred by Government under Chilean Mining Code. 764 concessions throughout the site with a total of 406,018ha, including 18 main mineral rights leases with a total of 58,934ha. Key permit conditions Annual tenement payments (due March each year). The current business operates under the rights conferred by the Government under the Chilean Mining Code and includes key underlying documents such as the Environmental Impact Assessment Permit as well as the Closure Plan Permit. History Production started in 1990 and since then capacity has been expanded numerous times. In 1998, first cathode was produced from the oxide leach plant, and during 2006 the sulphide leach plant was inaugurated, a year after the start of Escondida Norte pit production. In 2016, the 3rd concentrator plant was commissioned. |  | Property description/type of mine Two active surface open pit mines in production, Escondida and Escondida Norte with ore being processed via 3 processing options, oxide leach, sulfide RoM leach, or conventional flotation concentrators. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Consists of a series of porphyry deposits containing copper, minor gold, silver, and molybdenum. Processing plants and other available facilities Los Colorados, Laguna Seca Line 1, and Laguna Seca Line 2 Concentrators. Oxide leach facility (OLAP), SL RoM leach facility and SX/EW facility. Power source Supplied from grid under various contracts with local generating companies.
| Property Rio Tinto Kennecott Ownership 100% Rio Tinto Operator Rio Tinto (Kennecott Utah Copper LLC) Location Near Salt Lake City, Utah, US |  |  | Access and infrastructure Pipeline, road and rail. Title/lease/acreage Wholly owned – approximately 95,000 acres in total. Key permit conditions Permit conditions are established by Utah and US Government agencies and comprise: –environmental compliance and reporting –closure and reclamation requirements History Interest acquired in 1989. In 2012, the pushback of the south wall commenced, extending the mine life from 2018 to 2032. Approval for underground mining at Lower Commercial Skarn was obtained in 2022. |  | Property description/type of mine Open pit and underground. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Porphyry and associated skarn deposits containing copper, gold, silver, molybdenum and tellurium. Processing plants and other available facilities Copperton concentrator, Garfield smelter, refinery, and precious metals plant, assay lab and tailings storage facilities. Power source Supply contract with Rocky Mountain Power.

Annual Report on Form 20-F 2024 | 307 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities

| Property Oyu Tolgoi Ownership Rio Tinto owns a 66% interest in Oyu Tolgoi LLC; the remaining 34% interest is held by the Government of Mongolia through Erdenes Oyu Tolgoi LLC Rio Tinto is responsible for the day-to-day operational management and development of the project Operator Rio Tinto Location Khanbogd soum, Umnugovi province, Mongolia |  |  | Access and infrastructure Air and road. Title/lease/acreage Three mining licences are 100% held by Oyu Tolgoi LLC: MV-006708 (the Manakht licence: 4,533ha), MV-006709 (the Oyu Tolgoi licence: 8,490ha), and MV-006710 (the Khukh Khad licence: 1,763ha). Two further licences are held in joint venture with Entrée Resources Ltd, MV-015226 (the Shivee Tolgoi Licence: 42,593ha) and MV-015225 (the Javkhlant Licence: 20,327ha). The licence term under the Minerals Law of Mongolia is 30 years with two 20-year extensions. First renewals are due in 2033 and 2039 for the Oyu Tolgoi and Entrée joint venture licences respectively. Key permit conditions Investment Agreement dated 6 October 2009, between the Government of Mongolia, Oyu Tolgoi LLC (formerly Ivanhoe Mines Mongolia Inc LLC), Turquoise Hill Resources (TRQ) (formerly Ivanhoe Mines Ltd), and Rio Tinto International Holdings Limited in respect of Oyu Tolgoi (Investment Agreement). Amended and Restated Shareholders Agreement dated 8 June 2011 among Oyu Tolgoi LLC, THR Oyu Tolgoi Ltd. (formerly Ivanhoe Oyu Tolgoi (BVI) Ltd.), Oyu Tolgoi Netherlands B.V. and Erdenes MGL LLC, as amended and restated on 2 October 2023 (ARSHA). Erdenes MGL LLC since transferred its shares in Oyu Tolgoi LLC and its rights and obligations under the ARSHA to its subsidiary, Erdenes Oyu Tolgoi LLC. Power Source Framework Agreement dated 31 December 2018, between the Government of Mongolia and Oyu Tolgoi LLC, as amended on 18 June 2020. Electricity Supply Agreement dated 26 January 2022, between Southern Region Electricity Distribution Network SOSC, National Power Transmission Grid SOSC, National Dispatching Center LLC and Oyu Tolgoi LLC. In terms of key government permits, Oyu Tolgoi LLC secured a land use permit until 2036 and water use permit until 2039 as well as the mineral rights. |  | History Oyu Tolgoi was first discovered in 1996. Construction began in late 2009 after the signing of an Investment Agreement with the Government of Mongolia, and the first concentrate was produced in 2012. First sales of copper concentrate were made to Chinese customers in 2013. The first drawbell of the Hugo North underground mine was fired in 2022. In December 2022, Rio Tinto acquired 100% ownership of TRQ. Sustainable production from underground commenced in March 2023. Property description/type of mine Mineral Reserves have been reported at the Oyut and Hugo North Deposits. The Oyut deposit is currently mined as an open pit using a conventional drill, blast, load, and haul method. The Hugo North deposit is currently being developed as an underground mine. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Consists of a series of porphyry deposits containing copper, gold, silver, and molybdenum. Processing plants and other available facilities One copper concentrator with a nominal feed capacity of 100ktpd currently comprising 2 SAG mills, 4 ball mills, rougher and cleaner flotation circuits and up to 1Mtpa copper concentrate capacity. Other major facilities that support the isolated operations include maintenance workshops, heating plant, sealed airstrip and terminal, and camp facilities with up to 6,000 person capacity to accommodate current operations and the underground construction project. Underground infrastructure in place includes several shafts for ore haulage, personnel haulage and ventilation plus a conveyor decline to surface and associated surface infrastructure. Power source Oyu Tolgoi obtains its electricity from the Western Grid of the Inner Mongolia Autonomous Region (IMAR) in the People's Republic of China. This power is delivered through a cross-border 220kV double-circuit transmission line. The electricity is provided by Inner Mongolia Power International Cooperation Co., Ltd (IMPIC), a subsidiary of Inner Mongolia Power (Group) Co., Ltd. This company is responsible for the ownership and operation of IMAR's Western Grid. The current power supply agreement is a collaborative arrangement involving IMPIC and the National Power Transmission Grid SOSC (NPTG) of Mongolia, which holds the necessary import license. Additionally, Oyu Tolgoi maintains an on-site diesel generator that functions as a 24/7 standby emergency power source.

Annual Report on Form 20-F 2024 | 308 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Group mines as at 31 December 2024
Copper continued
Projects

| Property Resolution Ownership 55% Rio Tinto, 45% BHP Operator Rio Tinto Location Superior, Arizona, Pinal County, US |  |  | Access and infrastructure Road, rail and water pipeline. Title/lease/acreage Land ownership: 192 parcels, including 185 fee simple parcels and 7 split estate parcels wherein mineral rights are secured by mining claims. Land ownership totals 16,544 acres. Federal Mining Claims: 2,286 (2,285 lode claims and 1 placer) covering 42,053 acres. State of Arizona Mineral Exploration Permits: 62 permits, 8 permits with a total of 4,163 acres in exploration areas and 54 permits with a total of 26,801 acres in tailings, tailings corridors and tailings buffer areas. State of Arizona Special Land Use Permits: 11 permits covering 8,360 acres in stream monitoring, groundwater monitoring, and tailings surface investigation areas. Federal and State Grazing Permits and Leases: 7 leases covering 80,270 acres. Rights of Way, for rail line and stations, roads, and pipelines, and utilities granted by both the United States and the State of Arizona through a combination of grants, leases, and permits totalling 696 acres. All claims, permits, and leases are subject to annual renewal filings and associated rental fees. A property tax is paid for owned lands. Grants are held not subject to fees or taxes. Key permit conditions Resolution is in the permitting and study stage of the project. It is currently at the end of a multi-year process to complete its Environmental Impact Statement under the National Environmental Protection Act. Future permits will be required for operations such as air quality permits and aquifer protection permits. |  | History The Magma Vein (formerly Silver Queen) was discovered in the 1870s and underground mining continued at the Magma Mine until 1998. In 1996, the Resolution deposit was discovered via an underground drillhole directed south from the Magma Mine workings. Kennecott Exploration (Rio Tinto) entered the project in 2001 and through an exploration “earn-in” agreement became operator in 2004. Property description/type of mine Block cave underground mining method. This Property is considered an exploration stage property for SK-1300 reporting purposes. Type of mineralisation Porphyry copper and molybdenum deposit. Processing plants and other available facilities Water treatment and reverse osmosis plant, historic tailings impoundments from the Magma Mine No. 9 and No. 10 ventilation shafts. Power source 115kV power lines to East and West Plant sites with supply contract with Salt River Project (SRP).
| Property Winu Ownership 100% Rio Tinto Operator Rio Tinto Location Great Sandy Desert, Western Australia, Australia |  |  | Access and infrastructure Air and road. Title/lease/acreage Exploration License E45/4833 hosts the deposit. Several Miscellaneous Licenses cover the road access route, associated facilities, camp accommodation, airstrip and the regional borefields. A Mining Lease Application (M45/1288; 7,500ha) has been made and is awaiting formal approval. Key permit conditions Annual rental payments for licences are required under the Western Australian Mining Act 1978, along with other standard reporting obligations relating to expenditure and works undertaken on the exploration licence. History The exploration licence was granted to Rio Tinto in October 2017 and Winu was discovered in December 2017. The first Inferred Mineral Resource was announced in July 2020 and updated to an Indicated and Inferred Mineral Resource in February 2022. In December 2024, we announced a new partnership with Sumitomo Metal Mining (SMM) to deliver the Winu copper-gold project in Western Australia. Under the Term Sheet signed between the partners, Rio Tinto will continue to develop and operate Winu as the managing partner, with SMM to acquire a 30% equity share. |  | Property description/type of mine Winu is currently undergoing technical studies and finalising all required stakeholder negotiations and applications to secure the necessary approvals for a potential open pit mining operation. Type of mineralisation Copper-gold-silver mineralisation hosted within sulphide breccias and quartz veins. A supergene enrichment profile caps most of the primary mineralisation. This Property is considered an exploration stage property for SK-1300 reporting purposes. Processing plants and other available facilities Winu comprises camp facilities for up to 110 people, unimproved access roads and trails, and a gravel airstrip. Power source Power is provided by diesel generators.

Annual Report on Form 20-F 2024 | 309 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities

| Property La Granja Ownership 45% Rio Tinto, 55% First Quantum Minerals Operator First Quantum Minerals Location Cajamarca, Northern Peru |  |  | Access and infrastructure Mountain road access only, 6 hours from Chiclayo. Title/lease/acreage The present La Granja Mining Concession grants its titleholders the right to explore and exploit all existing mineral resources within the 3,900ha it covers. Key permit conditions The Transfer Agreement (in respect of the acquisition of the La Granja mineral concession dated 31 January 2006, between La Granja Limitada S.A.C. (formerly known as Rio Tinto Minera Peru Limitada S.A.C.) and Activos Mineros S.A.C. requires an annual fee ($5 million per semester split by the Peruvian Government 50:50 between the special federal government fees and the establishment of a social fund). Title is subject to completion and delivery of a feasibility study (FS), and implementation of a mine subject to approval of the FS by the Peruvian Government within the timelines established in the Transfer Agreement. The Transfer Agreement was extended in April 2023 and is scheduled to expire in January 2028. History Rio Tinto received the Mining Concession in 2006, after BHP and Cambior had returned the leases to the Peruvian Government. Numerous studies have been completed by Rio Tinto, up to pre-feasibility study. In August 2023, Rio Tinto and First Quantum Minerals announced the completion of a transaction that will work to unlock the development of the La Granja project. Under the terms of the transaction, First Quantum Minerals acquired a 55% interest in the project and became the project operator, assuming all key permit obligations. |  | Property description/type of mine La Granja is currently undergoing technical studies and engagement with host communities, local and national governments focused on development of a potential open pit mining operation. This Property is considered an exploration stage property for SK-1300 reporting purposes. Type of mineralisation Porphyry copper and associated skarn deposits, with high grade breccias with minor silver, and molybdenum. Processing plants and other available facilities La Granja comprises an exploration camp and water treatment infrastructure. Power source Currently powered by diesel generators. An upgraded power supply is required for development of the asset.

Annual Report on Form 20-F 2024 | 310 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Group mines as at 31 December 2024
Minerals
Production properties

| Property Rio Tinto Borates – Boron Ownership 100% Rio Tinto Operator Rio Tinto Location Boron, California, US |  |  | Access and infrastructure Road and rail. Title/lease/acreage Land holdings include 13,493 acres (owned, including mineral rights) for the mining operation, plant infrastructure and tailings storage facility. Key permit conditions Boron operations currently have all State and Federal environmental and operational permits in place to continue the mining and processing operation. Regular updates to permits are ongoing. History Deposit discovered in 1906, underground mining operations began in 1925, 3 underground mining operations were consolidated and the mining method switched to open pit mining in 1956. Assets were acquired by Rio Tinto in 1967. |  | Property description/type of mine Open pit. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Sedimentary sequence of tincal and kernite containing interbedded claystone enveloped by facies consisting of ulexite and colemanite bearing claystone, and barren claystone. Processing plants and other available facilities Boron operations consists of the open pit mine, an ore crushing and conveying system, 2 process plants (Primary Process and Boric Acid Plant), shipping facility and tailings storage facilities. Power source On-site co-generation units and local power grid.
| Property Rio Tinto Iron and Titanium (RTIT) Quebec Operations – Lac Tio Ownership 100% Rio Tinto Operator Rio Tinto Location Havre-Saint-Pierre, Quebec, Canada |  |  | Access and infrastructure Rail, road and port (St Lawrence River). Title/lease/acreage A total of 6,496ha of licences including 2 mining concessions of total 605ha, granted by Province of Quebec in 1949 and 1951 which, subject to certain Mining Act restrictions, confer rights and obligations of an owner. Key permit conditions The property is held under Quebec provincial government mining concession permits (Concession minière No 368 and 381). Each is of one year duration renewable as long as the mine is in operation. RTIT Quebec Operations – Lac Tio have also a number of claims (exclusive exploration permits) covering ilmenite occurrences in the region of the mine. These claims are renewable every 2 years. |  | History Production started 1950; interest acquired in 1989. Property description/type of mine Open pit. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Magmatic intrusion. Processing plants and other available facilities Lac Tio has a crushing facility, dedicated railway, stockpile at the train terminal, ship loader, office buildings at the mine and at the terminal and waste dumps. Power source Supplied by Hydro-Québec at regulated tariff.
| Property QIT Madagascar Minerals (QMM) Ownership QIT Madagascar Minerals is 80% owned by Rio Tinto and 20% owned by the Government of Madagascar Operator Rio Tinto Location Fort-Dauphin, Madagascar |  |  | Access and infrastructure Road and port. Title/lease/acreage Mining lease covering 56,200ha, granted by central government. Key permit conditions The permit has a validity of 30 years as of 12 December 1996. Additional renewal for 10 years each period are granted at QMM’s request. An annual fee is payable to government authorities following notification at the beginning of January. History Exploration project started in 1986; construction approved 2005. Ilmenite and zirsil production started 2008. QMM intends to extract ilmenite and zirsil from heavy mineral sands over an area of about 6,000ha along the coast over the next 40 years. |  | Property description/type of mine Mineral sand dredging. Type of mineralisation Coastal mineralised sands. This Property is considered a production stage property for SK-1300 reporting purposes. Processing plants and other available facilities QMM has an operating dredge, dry mine unit, heavy mineral concentrator, mineral separation plant, port and bulk loading facilities. Power source On-site heavy fuel oil generators; wind and solar project agreements with an independent power producer are expected to take the asset to 50% renewable energy by 2025. The 8MW photovoltaic (PV) solar plant and 8.25 MWh lithium- ion battery energy storage system were successfully commissioned in 2023, and the mine received its first renewable electricity supply. Construction of the 16MW wind project began in the third quarter of 2023 and is scheduled for completion by 2025.

Annual Report on Form 20-F 2024 | 311 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities

| Property Richards Bay Minerals (RBM) (Richards Bay Mining (Pty) Limited and Richards Bay Titanium (Pty) Limited) Ownership RBM is a joint venture between Rio Tinto (74%) and Blue Horizon – a consortium of investors and our host communities Mbonambi, Sokhulu, Mkhwanazi and Dube (24%). The remaining shares are held in an employee trust (2%). Operator Rio Tinto Location Richards Bay, KwaZulu-Natal, South Africa |  |  | Access and infrastructure Rail, road and port. Title/lease/acreage Mineral rights for Reserve 4 and Reserve 10 issued by South African State and converted to new order mining rights from 9 May 2012. Mining rights run until 8 May 2041 and covers 11,645ha, including the mined Tisand area. Key permit conditions RBM operates in 3 lease areas, Tisand, Zulti North and Zulti South, by means of a notarial deed. Tisand (which contains the stockpiled tails) and Zulti North leases are held by Richards Bay Mining (Pty) Ltd. RBM is owned by a consortium of local communities and businesses in line with South Africa’s Broad-Based Black Economic Empowerment legislation. History Production started 1977; initial interest acquired 1989. Fifth mining plant commissioned in 2000. One mining plant decommissioned in 2008. In September 2012, Rio Tinto doubled its holding in RBM to 74% following the acquisition of BHP Billiton’s entire interests. |  | Property description/type of mine Mineral sand dredging. Type of mineralisation Coastal mineralised sands. This Property is considered a production stage property for SK-1300 reporting purposes. Processing plants and other available facilities RBM manages and operates several dredges, dry mining units, heavy mineral concentrators and a mineral separation plant. RBM also has a smelter with furnaces to produce titania slag, pig iron in addition to rutile and zircon. Power source Contract with ESKOM is currently the sole power source. RBM has signed 3 PPAs for renewable energy with 2 projects currently in construction. The Bolobedu photovoltaic farm and the Khangela Emoyeni wind farm are expected to be producing power by the end of 2025 and 2026 respectively.
| Property Iron Ore Company of Canada (IOC) Ownership IOC is a joint venture between Rio Tinto (58.7%), Mitsubishi Corporation (26.2%) and the Labrador Iron Ore Royalty Corporation (15.1%). Operator Rio Tinto Location Labrador City, Newfoundland and Labrador, Canada |  |  | Access and infrastructure –Railway and port facilities in Sept-Îles, Quebec (owned and operated by IOC) –Public highway –Public airport Title/lease/acreage Mining leases, surface rights and a tailings disposal licence are held by the Labrador Iron Ore Royalty Corporation (LIORC), under the Labrador Mining and Exploration Act. LIORC subleases these rights to IOC. The mining leases cover 10,356ha, the surface rights cover 8,805ha and the tailings licence covers 2,784ha. These sub-leased rights are valid until 2050. IOC also directly holds 3 small mining leases, but none produce saleable products. In addition to the above rights, IOC also holds a number of mineral licences, either directly or under sub-lease from LIORC. Key permit conditions IOC holds numerous permits with the Federal, provincial and local governments covering all aspects of the operation. Key permit conditions include: –maintaining effluent quality within Metal and Diamond Mining Effluent Regulations (MDMER) criteria –maintaining air quality criteria specified in the certificate of approval (for dust, NOx, SO 2, CO) –prudent resource management –progressive rehabilitation –monitoring groundwater quality around permitted landfill –restricting tailings discharge to the permitted area. |  | History Interest acquired in 2000 through acquisition of North Ltd. Current operation began in 1962 and has processed over one billion tonnes of crude ore. Annual capacity 23Mt of concentrate of which 12-13Mt can be pelletised. Property description/type of mine Open pit. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Oxide iron (specular haematite and magnetite). Processing plants and other available facilities Concentrator (gravity and magnetic separation circuits), pellet plant, warehouses, workshops, heating plant and ore delivery system (crusher/conveyor and automated train system). Explosives plant, train loadout facilities, rail line (Labrador City to Sept-Îles), stockyards and shiploaders. Power source Supplied by Newfoundland and Labrador Hydro for the Labrador City operations and by Hydro-Québec and the IOC owned SM2 power station for the Sept-Îles operations.

Annual Report on Form 20-F 2024 | 312 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Group mines as at 31 December 2024
Minerals continued

| Property Diavik Ownership 100% owned by Diavik Diamond Mines (2012) Inc. Operator Diavik Diamond Mines (2012) Inc. is a Yellowknife-based Canadian subsidiary of Rio Tinto plc in London, UK Location Northwest Territories (NWT), Canada |  |  | Access and infrastructure Airstrip and winter road access. Title/lease/acreage Three mineral rights leases with a total acreage of 8,016 (3,244ha). Mining leases are issued by the NWT Government. One lease was renewed in 2017 and 2 leases were renewed in February 2018. The new leases will expire after 21 years. Key permit conditions Our key permit conditions are local employment, procurement and benefit sharing commitments, environmental compliance and reporting, environmental security and closure and rehabilitation planning, and payment of taxes and government royalties. History Deposits discovered in 1994-95. Construction approved in 2000. Diamond production started in 2003. Fourth pipe commenced production in 2018. Mine life through early 2026. In November 2021, Rio Tinto became the sole owner of Diavik Diamond Mine. This followed the completion of a transaction for Rio Tinto’s acquisition of the 40% share held by Dominion Diamond Mines in Diavik, with the Court of Queen’s Bench of Alberta’s approval. |  | Property description/type of mine Open pit and underground operations (blast-hole stoping and sub-level cave methods). This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Diamondiferous kimberlite deposit. Processing plants and other available facilities Includes processing plant and accommodation facilities on-site. Power source On-site diesel generators, installed capacity 44MW, 9.2MW of wind capacity and 3.5MW solar farm.

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Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Minerals
Projects

| Property Rincon Ownership 100% Rio Tinto Operator Rio Tinto Location Rincon Salar, Salta, Argentina |  |  | Access and infrastructure Road and air. Title/lease/acreage Two separate mineral leases for a total of 82,905ha, the largest one being the Grupo Minero Proyecto Rincon with 80,032ha. Mining concessions are issued by the Provincial Mining Court and have lifelong exploitation rights. Key permit conditions Key permit conditions are environmental compliance and reporting, including independent authorisations for industrial water and brine extraction, spent brine disposal facilities, processing plant and ancillary infrastructure. History Rincon Salar was initially explored by Admiralty Resources NL, who acquired mining leases covering approximately 85% of the Salar in 2001. Admiralty demerged the project into a separate Australian Securities Exchange (ASX) listed entity called Rincon Lithium Ltd in October 2007, and sold the company to the private equity group Sentient Equity Partners in December 2008. The project was under evaluation by Sentient until the acquisition of the property by Rio Tinto in March 2022. The Rincon 3000 starter plant achieved first lithium in November 2024 and is scheduled for completion in the first half of 2025. |  | Property description/type of mine Mining will comprise brine extracted from a production wellfield and fed to a central processing facility for lithium recovery and battery grade lithium carbonate production. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Lithium mineralisation occurs as a brine within a sedimentary sequence in a mature salar, composed of halite, volcaniclastic sand and variable amounts of clay/sand. The brine is hosted in 2 separate aquifers: an upper unconfined fractured halitic aquifer and a lower semi-confined aquifer composed mainly of volcaniclastic sand. Processing plants and other available facilities The project includes a wellfield for brine extraction and a plant for the production of lithium carbonate, a spent brine disposal facility, wellfield for the extraction of process water and water pre-treatment equipment, camp and office buildings, warehouses and loading/unloading facilities. Power source Connected to the national electric grid with options for on-site or off-site renewable power purchase agreements.
| Property Jadar Ownership 100% Rio Tinto Operator Rio Tinto Location Loznica town, Serbia |  |  | Access and infrastructure Road and rail. Title/lease/acreage The last extension of the Jadar exploration licence expired on 14 February 2020, with no legal basis for further extension of its term. During the feasibility study the project has completed the Elaborate on Resources and Reserves (declaration based on Serbian law), obtained the Certificate on Resources and Reserves on 6 January 2021 and has submitted the request for exploitation field licence (with Serbian Feasibility Study being one of the supporting documents to this request). In January 2022, the Government of Serbia cancelled the Spatial Plan for the Jadar project (SPSPA) and required all related permits to be revoked. On 16 July 2024, the Government of Serbia enacted the Decree on reinstatement of the SPSPA based on the Decision of the Constitutional Court of Serbia, dated 12 July 2024, which determined that the Decree on cancellation of the SPSPA was not compliant with the Constitution and laws of the Republic of Serbia. As a result of this, Rio Tinto initiated the scoping and content procedure for Environmental Impact Assessment (EIA) for the mine. The Ministry for Environmental Protection issued the EIA Scoping Decision for the Mine which was published on 21 November 2024. This is one of the key documents required to apply for the exploitation field license. Key permit conditions The project is governed by 2 main pieces of Serbian legislation: Mining Law is administered by the Ministry of Mining and Energy (MME), and Planning and Construction Law is administered by the Ministry of Construction, Transportation and Infrastructure (MCTI). The permitting process base case foresees the following: –Mine, beneficiation plant and mine surface facilities are subject to the permitting procedure of MME –Processing plant, industrial waste landfill and infrastructure (rail, roads, power and water pipelines) are subject to the unified permitting procedure under MCTI. |  | History The Jadar deposit was discovered in 2004 by Rio Tinto Exploration geologists during a regional exploration program for borates in the Balkans. The deposit is in its majority composed of a mineral new to science named Jadarite with high concentrations of lithium and boron. Resource definition and processing workflow development and testing were conducted for over a decade. The pre-feasibility study (PFS) completed in July 2020 has shown that the Jadar project has the potential to produce both battery grade lithium carbonate and boric acid. Property description/type of mine Underground mine. This Property is considered an exploration stage property for SK-1300 reporting purposes. Type of mineralisation Jadarite mineralisation is present in 3 broad zones containing stratiform lenses of variable thickness. These units are hosted in a much thicker gently dipping sequence mainly composed of fine-grained sediments affected by syn and post depositional faulting. Processing plants and other available facilities The planned site layout includes a concentrator to beneficiate the primary ore, a chemical plant to produce boric acid and lithium carbonate, paste plant, water and waste treatment plants, surface waste storage (dry stack), railroad spur and warehouses for product storage and loading/unloading, and office buildings. Power source Connected to the national electric grid. Electricity planned to be sourced from nearby hydroelectrical power plant.

Annual Report on Form 20-F 2024 | 314 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Group mines as at 31 December 2024
Aluminium
Production properties

| Property CBG Sangaredi Ownership Rio Tinto Group 22.95%, Guinean Government 49%, Alcoa 22.95%, Dadco Investments Limited 5.1% Operator La Compagnie des Bauxites de Guinée (CBG) Location Sangaredi, Guinea |  |  | Access and infrastructure Road, air and port. Sangaredi-Kamsar railway (leasing rail infrastructure from ANAIM, wholly-owned by Government of Guinea). Title/lease/acreage Mining concession expires in 2040. Leases comprise 2,939km 2. Key permit conditions The obligations of CBG relative to health and safety of workers and to the environment and to the rehabilitation of mined out areas are subject to the Mining Code (2011) and Environmental Code of the Republic of Guinea. History CBG is a joint venture created in 1963 and is registered in US (Delaware). Bauxite mining commenced in 1973. Shareholders are 51% Halco and 49% Government of Guinea. Rio Tinto holds a 45% interest in Halco. Expansion of the CBG bauxite mine, processing plant, port facility and associated infrastructure is currently near completion with ramp up to 18.5Mtpa underway. In 2015, CBG entered into an agreement to share the rail infrastructure in Multi-User Operation Agreement (MUOA) with other bauxite companies, GAC (EGA) and COBAD (RUSAL). |  | Property description/type of mine Open cut. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Bauxite. Processing plants and other available facilities The Sangaredi site is an open cut mine including the following operations: stripping, drilling, blasting, loading, hauling. The bauxite is transported by railway cars approximately 135km away from Sangaredi to Kamsar. In Kamsar, the installations include the following assets: locomotive repair shop, railway cars unloader, primary crusher, secondary crusher, scrubbers, conveyors, stacker, reclaimer, bauxite dryers, dry bauxite storage, bauxite sampling tower, power house, wharf and ship loader. The crushing plant is used only to reduce oversize material – no screening required. Four bauxite dryers are installed in order to reduce the moisture content of the bauxite before shipping. Power source On-site generation (fuel oil).
| Property Gove Ownership 100% Rio Tinto Operator Rio Tinto through Rio Tinto Alumina Gove P/L Location Gove, Northern Territory, Australia |  |  | Access and infrastructure Road, air and port. Title/lease/acreage All leases were renewed in 2011 for a further period of 42 years. The residue disposal area is leased from the Arnhem Land Aboriginal Land Trust. The Northern Territory Government is the lessor of the balance of the leases; however, on expiry of the 42-year renewed term, the land subject to the balances of the leases will all vest to the Arnhem Land Aboriginal Land Trust. Leases comprise 233.5km 2. Key permit conditions Key permit conditions are prescribed by the Northern Territory Government in the form of a Mine Management Plan (MMP). The current MMP runs for a period of 12 years, until 2031, and authorises all activities at the operation. Lease payments are prescribed by the terms of the relevant leases. History Bauxite mining commenced in 1970, feeding both the Gove refinery and export market, capped at 2Mt per annum. Bauxite export ceased in 2006 with feed intended for the expanded Gove refinery. Bauxite exports recommenced in 2008 and will increase in the coming years following the curtailment of the refinery production in 2014 and a permanent shut decision made by the Board of Rio Tinto in October 2017. Current annual production capacity is 12.5Mt on a dry basis. |  | Property description/type of mine Open cut. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Bauxite. Processing plants and other available facilities Crushing plant only to reduce oversize material – no screening required. Power source On-site diesel fired power station.

Annual Report on Form 20-F 2024 | 315 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities

| Property MRN Porto Trombetas Ownership MRN’s shareholders are: Rio Tinto (22%), Glencore (45%) and South32 (33%) Operator Mineração Rio do Norte (MRN) is a non- managed JV. All decisions are approved by shareholders Board of Directors Location Porto Trombetas, Para, Brazil |  |  | Access and infrastructure Air and port. Title/lease/acreage Mining concession granted by Brazilian Mining Agency (ANM), following the Brazilian mining code with no expiration date. The current 44 MRN mining leases cover 22 major plateaus, which spread across 143,000ha and all of them have the status of a mining concession. Key permit conditions All MRN mining leases in Pará State are within the Saracá- Taquera National Forest, a preservation environmental area. However, the right of mining is preserved initially by the Federal law which created the National Forest (that is subsequent to mining concessions), as well by the management plan, which acknowledges a formal mining zone within the confines of the National Forest. Environmental licensing is granted by Brazilian Environmental Agency (IBAMA) for East Zone. MRN is working with IBAMA on permitting to extend the life of the mine from East Zone to West Zone. In September 2024, MRN received the Preliminary Licence from IBAMA for the West Zone Project, after holding public hearings, forums and dialogs with stakeholders, including Quilombola communities. Work is ongoing to draft the Environmental Management Plan and the Quilombola Basic Plan required to obtain the Installation Licence from IBAMA. MRN also obtained the Installation Licence for its Transmission Line Project which will connect the company to the national grid. The project, which is scheduled to be completed in 2027, is expected to reduce MRN’s carbon emissions by approximately 20%. |  | History Mineral extraction commenced in 1979. Initial production capacity was 3.4Mtpa. From 2003, production capacity went up to 16Mtpa on a dry basis. and in 2008, up to 18Mtpa. Due to market and tailings facilities restrictions, the planned production is 11Mtpa on dry basis (up to 2043). The deposit has 2 mine planning sequences: East Zone (1979-2027) and West Zone Phase 1 (2028-2040). On 30 November 2023, Rio Tinto completed an acquisition of Companhia Brasileira de Alumínio’s 10% equity in the MRN bauxite mine in Brazil, raising the Rio Tinto stake from 12% to 22%. Property description/type of mine Open cut. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Consists of a series of bauxite tabular deposits. Processing plants and other available facilities The beneficiation process is formed by a primary crusher, conveyors, scrubbers, secondary crushers, screenings, hydrocyclones and vacuum filters. The superfines tailings are pumped to a tailings storage facility. Power source On-site generation fuel (oil and diesel).
| Property Weipa/Ely Ownership 100% Rio Tinto Operator Rio Tinto through Rio Tinto Alumina Weipa P/L Location Weipa, Queensland, Australia |  |  | Access and infrastructure Road, air and port. Title/lease/acreage The Queensland Government Comalco (ML7024) lease expires in 2042 with an option of a 21-year extension, then two years’ notice of termination; the Queensland Government Alcan lease (ML7031) expires in 2048 with a 21-year right of renewal with a 2-year notice period. Leases comprise 2,716.9km 2 (ML7024 = 1340.8km 2; ML7031 = 1376.1km 2). This property with the associated 2 leases, includes the deposits known as Andoom, East Weipa, Amrun, Norman Creek and North of Weipa. Key permit conditions The respective leases are subject to the Comalco Agreement Act (Comalco Agreement) and Alcan Agreement Act (Alcan Agreement); the relevant State Agreements for the Weipa operations. Key permit conditions are prescribed by the Queensland Government in the relevant Environmental Authority applicable to each lease (ML7024 and ML7031, respectively). Lease payments are subject to the terms of the leases and the respective State Agreements. |  | History Bauxite mining commenced in 1961 at Weipa. Major upgrade completed in 1998. Rio Tinto interest increased from 72.4% to 100% in 2000. In 1997, Ely Bauxite Mining Project Agreement signed with local Aboriginal land owners. Bauxite Mining and Exchange Agreement signed in 1998 with Comalco to allow for extraction of ore at Ely. The Western Cape Communities Co- Existence Agreement, an ILUA, was signed in 2001. Following the ramp up to full production of Amrun the current annual production of the Weipa mine is 35.5Mt. Property description/type of mine Open cut. This Property is considered a production stage property for SK-1300 reporting purposes. Type of mineralisation Bauxite. Processing plants and other available facilities Andoom, East Weipa and Amrun – wet crushing and screening plants to remove ultra fine proportion. Power source On-site generation (diesel) supplemented by a solar generation facility.

Annual Report on Form 20-F 2024 | 316 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Other operations
Project

| Property Simandou, Blocks 3 & 4 Ownership SimFer S.A., a joint venture between SimFer Jersey (85%) and the Republic of Guinea (15%) SimFer Jersey is a joint venture between Rio Tinto (53%) and CIOH (47%), a Chinalco-led joint venture with Baowu, China Rail Construction Corporation and China Harbour Engineering Company Operator SimFer S.A. (mine) Location The SimFer Mining Concession is located ~550km east- southeast of Conakry in the Republic of Guinea |  |  | Access and infrastructure The site has road access and is readily accessible for power, water, and additional infrastructure requirements. Existing camp facilities support construction activity and future Life of Mine operational teams. The existing Beyla airstrip is also being upgraded to enable greater access and larger capacity. Iron ore extracted from the SimFer Mining Concession will be exported through a rail and port infrastructure which is being co-developed by the State, and dedicated infrastructure affiliates of SimFer Jersey (SimFer Infraco) and Winning Consortium Simandou (WCS Infraco). The infrastructure will also be used to export production from Simandou Blocks 1 & 2 which are independently owned and developed by Winning Consortium Simandou (WCS), a consortium comprising Winning International Group, China Hongqiao Group and in which Baowu acquired a 49% participation on 19 June 2024. The infrastructure includes a purpose-built port facility at Morebaya estuary (south of Conakry) to be accessed by a 536km main rail line with rail spurs connecting our Concession (68km) and WCS’s (16km) respectively. The main rail line will have an initial capacity of up to 120Mtpa. The ultimate owner and operator of the infrastructure will be the Compagnie du Transguinéen (CTG), an incorporated joint venture between SimFer Infraco (42.5%), WCS Infraco (42.5%) and the State (15%). Title/lease/acreage SimFer Mining Concession was granted by Presidential Decree on 22 April 2011 under the conditions of the Amended and Consolidated Basic Convention (ACBC), which was ratified by the Guinean National Assembly on 26 May 2014. The SimFer Mining Concession duration is 25 years, renewed automatically for a further period of 25 years followed by further 10-year periods in accordance with the applicable Guinean Mining Code and the ACBC. It covers an area of 369km 2. SimFer has also signed a Co-Development Agreement with the State and WCS on 10 August 2023, to enable co-development of the rail and port infrastructure for the Simandou iron ore projects. The Co-Development Agreement, which, along with bipartite amendments for each of the SimFer and WCS Mine Conventions, adapts the existing investment frameworks of SimFer (including its pre-existing BOT Convention) and WCS. These conventions and amendments were ratified by the Guinean National Transition Council on 3 February 2024 and came into force on 30 May 2024. Key permit conditions In addition to the SimFer Mining Concession, the ACBC, as amended by the mine bipartite agreement, establishes the legal regime for the mine project and sets out SimFer’s key legal rights and protections. The Simandou mine SEIA was originally approved in 2012 and has been updated through an approved SEIA in 2024. A SEIA for the mine and rail spur was approved in July 2024, and updated SEIA for Port terrestrial works approved in September 2024. An updated SEIA for Port marine works is undergoing regulatory approvals as of December 2024. Approvals have been maintained in accordance with applicable law throughout construction, through annual renewals of certificates of conformance. |  | History SimFer submitted a bankable feasibility study to the State in 2016, with further feasibility studies for mine and infrastructure to reflect the infrastructure co-development arrangements completed in 2022, 2023 and 2024, and which have been submitted to or approved by the State as required by the infrastructure co-development arrangements and the investment framework. Property description/type of mine Open pit. This Property is considered a development stage property for SK-1300 reporting purposes. Type of mineralisation Supergene-enriched itabirite hosted iron ore deposits. The deposits are part of a supracrustal belt with the banded iron formation proto-ore likely deposited in a shallow marine setting within a forearc basin. The age of deposition is considered to be between 2.7Ga and 2.2Ga. Processing plants and other available facilities Current plans are for the run-of-mine ore to be coarsely crushed at the Ouéléba mine site at a maximum rate of 60Mtpa phase 1 capacity to P100 of -100mm through 2 identical primary and secondary crushing stations in a staged arrangement. The coarsely crushed ore will then be conveyed to the mine stockyard. The ore will be reclaimed from the stockpiles and conveyed to the train load-out facility for loading into trains which transport materials to the port facility where it will be likely shipped by bulk carrier to several ports including in China. Other major facilities that will support the operations include power generation, explosives facilities, fuel and lubricants facilities, administration buildings, workshops and a permanent village. Power source Current designs contemplate that power for the mine site and other areas will be supplied by a hybrid power plant consisting of diesel generators and a regenerative battery power solution. Further, there is a plan to connect the facility to the power grid local operator Électricité de Guinée. This will require an approximately 20km connection line to the main grid once it is available and would substantially reduce energy costs and fuel consumption.

Annual Report on Form 20-F 2024 | 317 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Group smelters, refineries and remelting & casting facilities (Rio Tinto’s interest 100% unless otherwise shown)

Smelter/refinery/facility | Location | Title/lease | Plant type/product | Capacity (based on 100% ownership)
Aluminium |  |  |  |
Alma | Alma, Quebec, Canada | 100% freehold | Aluminium smelter producing aluminium rod, t-foundry, molten metal, high purity, remelt | 480,000 tonnes per year aluminium
Alouette (40%) | Sept-Îles, Quebec, Canada | 100% freehold | Aluminium smelter producing aluminium high purity, remelt | 627,000 tonnes per year aluminium
Arvida | Saguenay, Quebec, Canada | 100% freehold | Aluminium smelter producing aluminium billet, molten metal, remelt | 145,000 tonnes per year aluminium
Arvida AP60 | Saguenay, Quebec, Canada | 100% freehold | Aluminium smelter producing aluminium high purity, remelt | 60,000 tonnes per year aluminium
Bécancour (25.1%) | Bécancour, Quebec, Canada | 100% freehold | Aluminium smelter producing aluminium slab, billet, t-foundry, remelt, molten metal | 460,000 tonnes per year aluminium
Bell Bay | Bell Bay, Northern Tasmania, Australia | 100% freehold | Aluminium smelter producing aluminium slab, molten metal, small form and t- foundry, remelt | 195,000 tonnes per year aluminium
Boyne Smelters (73.5%) | Boyne Island, Queensland, Australia | 100% freehold | Aluminium smelter producing aluminium billet, EC grade, small form and t-foundry, remelt | 584,000 tonnes per year aluminium
ELYSIS (48.24%) | Saguenay, Quebec, Canada | 100% freehold | Industrial research and development centre producing commercial grade aluminium using carbon free smelting technology | 275 tonnes per year aluminium
Grande-Baie | Saguenay, Quebec, Canada | 100% freehold | Aluminium smelter producing aluminium slab, molten metal, high purity, remelt | 235,000 tonnes per year aluminium
ISAL | Reykjavik, Iceland | 100% freehold | Aluminium smelter producing aluminium remelt, billet | 212,000 tonnes per year aluminium
Jonquière (Vaudreuil) | Jonquière, Quebec, Canada | 100% freehold | Smelter grade alumina | 1,560,000 tonnes per year alumina
Kitimat | Kitimat, British Columbia, Canada | 100% freehold | Aluminium smelter producing aluminium slab, remelt, high purity | 432,000 tonnes per year aluminium
Laterrière | Saguenay, Quebec, Canada | 100% freehold | Aluminium smelter producing aluminium slab, remelt, molten metal | 255,000 tonnes per year aluminium
Queensland Alumina (80%) | Gladstone, Queensland, Australia | 73.3% freehold; 26.7% leasehold (of which more than 80% expires in 2026 and after) | Refinery producing alumina | 3,950,000 tonnes per year alumina
São Luis (Alumar) (10%) | São Luis, Maranhão, Brazil | 100% freehold | Refinery producing alumina | 3,830,000 tonnes per year alumina
Sohar (20%) | Sohar, Oman | 100% leasehold (expiring 2039) | Aluminium smelter producing aluminium, high purity, remelt | 395,000 tonnes per year aluminium
Tiwai Point (New Zealand Aluminium Smelters) | Invercargill, Southland, New Zealand | 19.6% freehold; 80.4% leasehold (expiring in 2029 and use of certain Crown land) | Aluminium smelter producing aluminium billet, slab, small form foundry, high purity, remelt | 373,000 tonnes per year aluminium
Tomago (51.6%) | Tomago, New South Wales, Australia | 100% freehold | Aluminium smelter producing aluminium billet, slab, remelt | 590,000 tonnes per year aluminium
Yarwun | Gladstone, Queensland, Australia | 97% freehold; 3% leasehold (expiring 2101 and after) | Refinery producing alumina | 3,200,000 tonnes per year alumina
Matalco Bluffton Manufacturing (50%) | Bluffton, Indiana, US | 100% freehold | Remelt and manufacture of aluminium billet and slab | 104,000 tonnes per year
Matalco Brampton Manufacturing (50%) | Brampton, Ontario, Canada | 100% freehold | Remelt and manufacture of aluminium billet | 109,000 tonnes per year
Matalco Canton Manufacturing (50%) | Canton, Ohio, US | 100% freehold | Remelt and manufacture of aluminium billet | 64,000 tonnes per year
Matalco Franklin Manufacturing (50%) | Franklin, Kentucky, US | 100% freehold | Remelt and manufacture of aluminium slab | 122,000 tonnes per year
Matalco Lordstown Manufacturing (50%) | Lordstown, Ohio, US | 100% freehold | Remelt and manufacture of aluminium billet | 159,000 tonnes per year
Matalco Shelbyville Manufacturing (50%) | Shelbyville, Kentucky, US | 100% freehold | Remelt and manufacture of aluminium billet | 154,000 tonnes per year
Matalco Wisconsin Rapids Manufacturing (50%) | Wisconsin Rapids, Wisconsin, US | 100% freehold | Remelt and manufacture of aluminium billet and slab | 104,000 tonnes per year

Annual Report on Form 20-F 2024 | 318 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Group smelters and refineries and remelting & casting facilities (Rio Tinto’s interest 100% unless otherwise shown)

Smelter/refinery/facility | Location | Title/lease | Plant type/product | Capacity (based on 100% ownership)
Copper |  |  |  |
Rio Tinto Kennecott | Magna, Salt Lake City, Utah, US | 100% freehold | Flash smelting furnace/Flash convertor furnace copper refinery and precious metals plant | 335,000 tonnes per year refined copper
Minerals |  |  |  |
Boron | Boron, California, US | 100% freehold | Borates refinery | 576,000 tonnes per year boric oxide
IOC pellet plant (58.7%) | Labrador City, Newfoundland and Labrador, Canada | 100% freehold (asset), 100% freehold (land) under sublease from Labrador Iron Ore Royalty Corporation for life of mine. | Pellet induration furnaces producing multiple iron ore pellet types | 13.5 million tonnes per year pellet
Richards Bay Minerals (74%) | Richards Bay, South Africa | 100% freehold | Ilmenite smelter | 1,050,000 tonnes per year titanium dioxide slag, 565,000 tonnes per year iron
Rio Tinto Iron and Titanium Quebec Operations - Sorel-Tracy plant | Sorel-Tracy, Quebec, Canada | 100% freehold | Ilmenite smelter | 1,300,000 tonnes per year titanium dioxide slag, 1,000,000 tonnes per year iron

Group power plants (Rio Tinto’s interest 100% unless otherwise shown)

Power plant | Location | Title/lease | Plant type/product | Capacity (based on 100% ownership)
Iron Ore |  |  |  |
Cape Lambert power station (67%) | Cape Lambert, Western Australia, Australia | Lease | Two LM6000PF dual-fuel turbines | 80MW
Paraburdoo power station | Paraburdoo, Western Australia, Australia | Lease | Three LM6000PC gas-fired turbines | 120MW
West Angelas power station (67%) | West Angelas, Western Australia, Australia | Miscellaneous licence | Two LM6000PF dual-fuel turbines | 80MW
Yurralyi Maya power station (84.2%) | Dampier, Western Australia, Australia | Miscellaneous licence | Four LM6000PD gas-fired turbines One LM6000PF gas-fired turbine | 200MW
Gudai-Darri solar farm | Gudai-Darri, Western Australia, Australia | Miscellaneous licence | Solar PV single-axis tracking | up to 34MW
Aluminium |  |  |  |
Amrun power station | Amrun, Australia | 100% leasehold | Diesel generation | 24MW
Gladstone power station (42%) | Gladstone, Queensland, Australia | 100% freehold | Thermal power station | 1,680MW
Gove power station | Nhulunbuy, Northern Territory, Australia | 100% leasehold | Diesel generation | 24MW
Kemano power station | Kemano, British Columbia, Canada | 100% freehold | Hydroelectric power | 1,014MW installed capacity
Quebec power stations | Saguenay, Quebec, Canada (Chute-à-Caron, Chute-à-la- Savane, Chute-des-Passes, Chute-du-Diable, Isle- Maligne, Shipshaw) | 100% freehold (certain facilities leased from Quebec Government until 2058 pursuant to Peribonka Lease) | Hydroelectric power | 3,147MW installed capacity
Weipa power stations and solar generation facility | Lorim Point, Andoom, and Weipa, Australia | 100% leasehold | Diesel generation supplemented by solar generation facility | 38MW
Yarwun alumina refinery co-generation plant | Gladstone, Queensland, Australia | 100% freehold | Gas turbine and heat recovery steam generator | 160MW

Annual Report on Form 20-F 2024 | 319 | riotinto.com

Production, Mineral Reserves, Mineral Resources and operations | Mines and production facilities
Group power plants (Rio Tinto’s interest 100% unless otherwise shown)

Power plant | Location | Title/lease | Plant type / Product | Capacity (based on 100% ownership)
Copper |  |  |  |
Rio Tinto Kennecott power stations | Salt Lake City, Utah, US | 100% freehold | Steam turbine running off waste heat boilers at the copper smelter | 31.8MW
|  |  | Combined heat and power plant supplying steam to the copper refinery | 6.2MW
|  |  | Solar power plant | 5MW
Minerals |  |  |  |
Boron co-generation plant | Boron, California, US | 100% freehold | Co-generation uses natural gas to generate steam and electricity, used to run Boron’s refining operations | 48MW
Energy Resources of Australia (98.43%) | Ranger Mine, Jabiru, Northern Territory, Australia | Lease | Five diesel generator sets rated at 5.17MW; one diesel generator set rated at 2MW; 4 additional diesel generator sets rated at 2MW | 35.8MW
IOC power station (58.7%) | Sept-Îles, Quebec, Canada | Statutory grant | Hydroelectric power | 22MW
QMM power plant | Fort Dauphin, Madagascar | 100% freehold | Diesel generation supplemented by solar generation facility | 32MW

Annual Report on Form 20-F 2024 | 320 | riotinto.com

Additional information

Shareholder information | 325
US Disclosure | 331
Cautionary statement about forward-looking statements | 357
Contact details | 358

| Image: Chute-à-Caron hydroelectric power plant Quebec, Canada.

Page s 321 to 324 have been intentionally omitted.

Annual Report on Form 20-F 2024 | 325 | riotinto.com

Additional information
Shareholder information
Organisational structure
The Rio Tinto Group consists of Rio Tinto plc
(registered in England and Wales as
company number 719885 under the UK
Companies Act 2006 and listed on the
London Stock Exchange as RIO.L), and Rio
Tinto Limited (registered in Australia as ABN
96 004 458 404 under the Australian
Corporations Act 2001 and listed on the
Australian Securities Exchange as RIO.AX).
LSX is the principal trading market for Rio
Tinto plc shares, and ASX for Rio Tinto
Limited shares.
Rio Tinto plc has a sponsored American
Depositary Receipts (ADR) facility, with
underlying shares registered with the US
Securities and Exchange Commission (SEC)
and listed on the New York Stock Exchange
as RIO.N.
Rio Tinto is headquartered in London with a
corporate office in Melbourne.
Nomenclature and financial data
Rio Tinto plc and Rio Tinto Limited operate
together and are referred to in this report as
Rio Tinto, the Rio Tinto Group or the Group.
These expressions are used for convenience
notwithstanding that they are separate and
distinct legal entities. Likewise, the words "we",
"us", "our" and "ourselves" are used in some
places to refer to one, some or the companies
of the Rio Tinto Group in general. Financial
data in US dollars ($) is derived from, and
should be read in conjunction with, the 2024
financial statements. In general, where we
have provided financial data in other
currencies, it has been translated from the
consolidated financial statements, and is
provided solely for convenience. Exceptions
arise where data has been extracted directly
from source records.
History
Rio Tinto plc was incorporated on
30 March 1962, as The Rio Tinto-Zinc
Corporation Limited (RTZ). Rio Tinto Limited
was incorporated (under a different name)
on 17 December 1959 and following a merger
with other Australian interests in 1962,
formed a group that was later renamed
CRA Limited (CRA).
In 1997, RTZ became Rio Tinto plc and CRA
became Rio Tinto Limited.
Dual-listed companies structure
The businesses of RTZ and CRA were
merged contractually in 1995 by way of a dual-
listed companies structure ('DLC structure').
Both companies agreed to be managed in a
unified way, implementing arrangements to
provide shareholders of both companies with a
common economic interest in the DLC
structure, under a common board of directors.
The ratio of dividend, voting and capital
distribution rights attached to each share in Rio
Tinto plc and Rio Tinto Limited was fixed by a
“DLC Sharing Agreement” at an Equalisation
Ratio of 1:1. This has remained unchanged,
although can be revised in special
circumstances or with the approval of
shareholders of each company under the
class rights action approval procedure
(described below) and subject to any
adjustments to be confirmed by the Group's
external auditors. Rio Tinto shareholders
cannot directly enforce the provisions of the
DLC Sharing Agreement.
To ensure that the Boards of both companies
are identical, resolutions to appoint or
remove Directors must be put to
shareholders of both companies as Joint
Decisions (described below), and Directors
can only be a Director of one company if
they are a Director of both companies.
Dividend arrangements
Dividends paid on Rio Tinto plc and Rio Tinto
Limited shares are equalised
on a net cash basis without taking into
account any associated tax credits.
Dividends are determined in US dollars
(except for ADR holders) and both
companies must announce and pay
distributions (including dividends)
as close to the same time as possible.
If the payment of an equalised dividend
would contravene the law applicable to one
of the companies, they can depart from the
Equalisation Ratio but the relevant company
must put aside reserves for payment on the
relevant shares at a later date.
Voting arrangements
The shareholders of Rio Tinto plc and Rio
Tinto Limited vote as one combined body on
any matters that affect them similarly, subject
to limited exceptions. These are called Joint
Decisions, and include creating new classes
of share capital, changing directors and
auditors, and receiving annual financial
statements.
In class rights actions, where both
companies are not affected equally such
as changes to a company’s articles of
association or constitution, the resolution
must be passed by the shareholders of each
company on a standalone basis.
In other circumstances, only one company
requires a vote, and these matters are single
electorate matters.
All shareholder resolutions that include a
Joint Decision or class rights action are
decided by a poll, although in exceptional
circumstances, certain shareholders can be
excluded from voting at their respective
company's general meeting (such as where
they have breached the limitations on
ownership of shares discussed below).
Where a matter has been expressly
categorised as a Joint Decision or a class
rights action, the Directors cannot change
that categorisation. If a matter is categorised
as both, it is treated as a class rights action.
Otherwise, the Directors decide how issues
should be put to shareholders for approval.
Both companies have entered into
shareholder joint voting agreements, where a
Special Voting Share is issued to a special
purpose company and held in trust for
shareholders by a trustee.
When a resolution is put as a Joint Decision,
each Rio Tinto plc share carries one vote at
Rio Tinto plc shareholders meeting. The
holder of the Special Voting Share has one
vote for each vote cast by the public
shareholders of Rio Tinto Limited in their
parallel meeting. Holders of Rio Tinto Limited
ordinary shares do not hold voting shares in
Rio Tinto plc by virtue of their holding in Rio
Tinto Limited, and cannot enforce the voting
arrangements relating to the Special Voting
Share. Instead, the trustee holding the
Special Voting Share must vote in
accordance with the votes cast by public
shareholders on the equivalent resolution at
the parallel Rio Tinto Limited shareholders'
meeting.
The same arrangements apply for the trustee
holding the Special Voting Share issued by
Rio Tinto Limited to cast a vote
at the Rio Tinto Limited shareholders
meeting for each vote cast by the public
shareholders of Rio Tinto plc in their
parallel meeting.
Capital distribution arrangements
If either company goes into liquidation,
the surplus assets of both companies are
valued. If the surplus assets available for
distribution by one company exceed the
surplus assets available for distribution by
the other company (on each of the shares
held by its shareholders), then, to the extent
permitted by law, an equalising payment
must be made so that the amount available
for distribution on each share held by
shareholders of both companies reflects the
Equalisation Ratio.

Annual Report on Form 20-F 2024 | 326 | riotinto.com

Additional information | Shareholder information
Limitations on ownership of shares and
merger obligations
Control of interests in publicly listed
companies in excess of defined thresholds,
is regulated in both Australia and the UK.
Under UK law, which applies to Rio Tinto plc,
the threshold is 30% and under Australian
law which applies to Rio Tinto Limited, the
threshold is 20%. These thresholds also
apply on a joint basis as Rio Tinto plc's
Articles of Association and Rio Tinto
Limited's Constitution extend these laws to
apply to the combined entity. These
provisions also ensure that a person cannot
exercise control over one company without
having made offers to the public
shareholders of both companies. If one of
these thresholds is exceeded, the person's
voting and distribution rights are suspended,
and their shares may be divested – until they
offer for all publicly held shares of the other
company, reduce their controlling interest
below the thresholds specified, or acquire (by
a permitted means) at least 50% of each
company's publicly held shares.
This ensures equal treatment for all
shareholders, with the Directors unable to offer
exemptions.
Guarantees
Subject to limited exceptions, each company
guarantees the other company's contractual
obligations, creditors and the obligations of
other persons guaranteed by the other
company. All creditors can make demands on
their guarantor without first having recourse to
the company or persons whose obligations are
being guaranteed.
The guarantor's obligations expire on
termination of the Sharing Agreement (but only
for obligations arising after termination) and
under other limited circumstances (after due
notice is given).
Markets
Rio Tinto plc
The principal market for Rio Tinto plc shares
is the London Stock Exchange, with shares
trading through the Stock Exchange
Electronic Trading Service (SETS) system.
Rio Tinto plc American Depositary Receipts
(ADRs) are listed on the New York Stock
Exchange.
Rio Tinto Limited
Rio Tinto Limited shares are listed on the
Australian Securities Exchange (ASX).
The ASX is the principal trading market for
Rio Tinto Limited shares. The ASX is a
national stock exchange with an automated
trading system.
Share ownership
Substantial shareholders in Rio Tinto plc
The following table shows holdings of 3% or more of voting rights in Rio Tinto plc’s ordinary shares as per the most recent notification of each
respective holder to Rio Tinto plc under the UK Disclosure and Transparency Rule 5. The percentage of voting rights detailed below was
calculated as at the date of the relevant disclosures. The following table shows shareholders who have provided this notice or an equivalent as
of 4 February 2025.

Rio Tinto plc | Date of notice | Number of shares | Percentage of capital
BlackRock, Inc.1 | 4 Dec 2009 | 127,744,871 | 8.38
Shining Prospect Pte. Ltd | 7 Dec 2018 | 182,550,329 | 14.02
The Capital Group Companies, Inc. | 6 Jul 2022 | 51,648,733 | 4.13
JPMorgan Nominees Australia Ltd | 28 Jan 2025 | 37,704,651 | 3.01

1.On 25 January 2024, BlackRock, Inc. filed an Amendment to Schedule 13G with the SEC and disclosed beneficial ownership of 112,980,265 ordinary shares in Rio Tinto plc as of 31
December 2023, representing 9.0% of that class of shares.
Substantial shareholders in Rio Tinto Limited
Under the Australian Corporations Act 2001, any person with 5% or more voting power in Rio Tinto Limited is required to provide the company
with notice. The following table shows shareholders who have provided this notice or an equivalent as of 4 February 2025:

Rio Tinto Limited | Date of notice | Number of shares | Percentage of capital 2
State Street Corporation | 23 Jan 2025 | 31,424,591 | 8.47
The Vanguard Group, Inc.3 | 4 Jul 2024 | 22,353,663 | 6.02
BlackRock, Inc.4, 5 | 5 Dec 2022 | 26,031,175 | 7.01
Shining Prospect Pte. Ltd | 9 Feb 2018 | see footnote 6 | see footnote 6

2.The percentage of voting rights detailed was as disclosed in the notice received by the company, calculated at the time of the relevant disclosure.
3.On 13 February 2024, The Vanguard Group Inc. filed an Amendment to Schedule 13G with the SEC and disclosed beneficial ownership of 21,071,571 ordinary shares in Rio Tinto Limited as
of 29 December 2023, representing 5.68% of that class of shares.
4.In its substantial holding notice filed on 5 December 2022, BlackRock, Inc. and its associates disclosed a holding of 115,764,125 shares in Rio Tinto plc and 26,031,175 shares in Rio Tinto
Limited, which gave BlackRock, Inc. and its associates voting power of 8.74% in the Rio Tinto Group on a Joint Decision matter. Accordingly, in addition to being substantial shareholders of
Rio Tinto Limited by virtue of interests held in Rio Tinto Limited’s shares, through the operation of the Australian Corp orations Act 2001 as modified to apply to the DLC structure, these
entities disclosed voting power of 8.74% in Rio Tinto Limited. Based on this notification, as at 5 December 2022, BlackRock, Inc. directly held a 7.01% interest in Rio Tinto Limited.
5.On 2 February 2024, BlackRock, Inc. filed an Amendment to Schedule 13G with the SEC and disclosed beneficial ownership of 24,991,523 ordinary shares in Rio Tinto Limited as of 31
December 2023, representing 6.7% of that class of shares.
6.In its substantial holding notice filed on 9 February 2018, Shining Prospect Pte. Ltd disclosed that its holding of 182,550,329 Rio Tinto plc shares gave Shining Prospect Pte. Ltd and its
associates voting power of 10.32% in the Rio Tinto Group on a Joint Decision matter. Accordingly, through the operation of the Australian Corporations Act 2001 as modified to apply to the
DLC structure, these disclosed voting power of 10.32% in Rio Tinto Limited.

Annual Report on Form 20-F 2024 | 327 | riotinto.com

Additional information | Shareholder information
As far as is known, Rio Tinto plc and
Rio Tinto Limited are not directly or indirectly
owned or controlled by another corporation
or by any government or natural person.
Rio Tinto is not aware of any arrangement
that may result in a change in control of
Rio Tinto plc or Rio Tinto Limited. No
shareholder possesses voting rights that
differ from those attaching to Rio Tinto plc’s
and Rio Tinto Limited’s securities.
As of 4 February 2025, the total amount of
the Group’s voting securities owned by the
Directors and Executives in Rio Tinto plc was
381,338 ordinary shares of 10p each or
ADRs. There were 23,270 holders of record
of Rio Tinto plc’s shares. Of these holders,
337 had registered addresses in the US and
held a total of 286,520 Rio Tinto plc shares,
representing 0.02% of the total number of
Rio Tinto plc shares issued and outstanding
as at such date. In addition, 187,497,933
Rio Tinto plc shares were registered in the
name of a custodian account in London
which represented 14.93% of Rio Tinto plc
shares issued and outstanding. These
shares were represented by 187,497,938
Rio Tinto plc ADRs held on record by 411
ADR holders. In addition, certain accounts on
record with registered addresses other than
in the US hold shares, in whole or in part,
beneficially for US persons.
As of 4 February 2025, the total amount of
the Group’s voting securities owned by
Directors and Executives in Rio Tinto Limited
was 80,391 shares, in aggregate
representing less than 0.01% of the Group’s
total number of ordinary shares in issue.
There were 186,022 holders of record of
Rio Tinto Limited shares. Of these holders,
239 had registered addresses in the US,
representing approximately 0.03% of the
total number of Rio Tinto Limited shares
issued and outstanding as of such date. In
addition, nominee accounts of record with
registered addresses other than in the US
may hold Rio Tinto Limited shares, in whole
or in part, beneficially for US persons.
Unquoted equity securities in
Rio Tinto Limited
As at 4 February 2025, there were Rio Tinto
Limited unquoted equity securities on issue,
comprising 39,652 unvested Bonus Deferral
Awards held by 4 holders; 1,211,294
unvested Management Share Awards held
by 1,154 holders; and 1,384,779 unvested
Performance Share Awards held by 67
holders, all of which were granted under the
Rio Tinto Limited Equity Incentive Plan, and
1,592,590 unvested matching share rights
were granted under the Rio Tinto Limited
Global Employee Share Plan held by 17,993
holders. This information is provided in
compliance with ASX Listing Rule 4.10.16.
Analysis of ordinary shareholders

| Rio Tinto plc |  | Rio Tinto Limited
As at 4 February 2025 | No. of accounts | % | Shares | % |  | No. of accounts | % | Shares | %
1 to 1,000 shares | 17,412 | 74.84 | 5,392,447 | 0.43 |  | 160,885 | 86.49 | 39,986,230 | 10.77
1,001 to 5,000 shares | 4,159 | 17.88 | 8,409,963 | 0.67 |  | 22,619 | 12.16 | 45,069,109 | 12.14
5,001 to 10,000 shares | 464 | 2 | 3,269,939 | 0.26 |  | 1,756 | 0.94 | 12,095,600 | 3.26
10,001 to 25,000 shares | 322 | 1.38 | 5,255,377 | 0.42 |  | 608 | 0.33 | 8,922,442 | 2.40
25,001 to 125,000 shares | 436 | 1.87 | 26,361,847 | 2.1 |  | 115 | 0.06 | 5,475,069 | 1.47
125,001 to 250,000 shares | 140 | 0.6 | 25,182,780 | 2.01 |  | 9 | 0.00 | 1,510,416 | 0.41
250,001 to 1,250,000 shares | 224 | 0.96 | 127,229,621 | 10.13 |  | 16 | 0.01 | 8,075,866 | 2.18
1,250,001 to 2,500,000 shares | 45 | 0.19 | 81,956,292 | 6.52 |  | 7 | 0.00 | 13,270,211 | 3.57
2,500,001 shares and over | 64 | 0.28 | 972,901,325 1 | 77.46 |  | 7 | 0.00 | 236,811,271 | 63.79
|  |  | 1,255,959,591 2 | 100.00 |  |  |  | 371,216,214 3 | 100.00
Number of holdings less than marketable parcel of A$500 |  |  | 2,858 |  |  |

1.This includes 187,507,978 shares held in the name of a nominee on the share register. The shares are listed on the New York Stock Exchange (NYSE) in the form of American Depositary
Receipts (ADRs).
2.The total issued share capital is made up of 1,255,959,591 publicly held shares and 2,907,902 shares held in Treasury.
3.Publicly held shares in Rio Tinto Limited.
Twenty largest registered shareholders
The following table lists the 20 largest registered holders of Rio Tinto Limited shares in accordance with the ASX listing rules, together with the
number of shares and the percentage of issued capital each holds, as of 4 February 2025.

Rio Tinto Limited | Number of shares | Percentage of issued share capital
HSBC Custody Nominees (Australia) Limited | 113,368,977 | 30.54
J. P. Morgan Nominees Australia Pty Limited | 57,336,317 | 15.45
Citicorp Nominees Pty Ltd | 43,888,604 | 11.82
BNP Paribas Nominees Pty Ltd (Agency Lending A/C) | 8,189,356 | 2.21
BNP Paribas Noms Pty Ltd | 7,401,091 | 1.99
National Nominees Limited | 3,830,790 | 1.03
Citicorp Nominees Pty Limited (Colonial First State Inv A/C) | 3,358,616 | 0.90
Australian Foundation Investment Company Limited | 2,200,553 | 0.59
Argo Investments Limited | 2,200,139 | 0.59
HSBC Custody Nominees (Australia) Limited (NT-Comnwlth Super Corp A/C) | 2,141,508 | 0.58
BNP Paribas Nominees Pty Ltd Hub24 Custodial Serv Ltd | 1,970,724 | 0.53
BNP Paribas Nominees Pty Ltd (ACF Clearstream) | 1,869,358 | 0.50
Netwealth Investments Limited (WRAP Services A/C) | 1,794,437 | 0.48
Mutual Trust Pty Ltd | 1,432,029 | 0.39
Custodial Services Limited | 1,120,911 | 0.30
BNP Paribas Noms (NZ) Ltd | 774,816 | 0.21
CGU Insurance | 753,190 | 0.20
IOOF Investment Services Limited (IPS Superfund A/C) | 608,918 | 0.16
IOOF Investment Services Limited (IOOF IDPS A/C) | 598,554 | 0.16
Peter & Lyndy White Foundation Pty Ltd | 591,877 | 0.16

Annual Report on Form 20-F 2024 | 328 | riotinto.com

Additional information | Shareholder information
Material contracts
Articles of Association, Constitution, and
DLC Sharing Agreement
As explained on page 325, under the terms
of the DLC structure, shareholders of
Rio Tinto plc and of Rio Tinto Limited entered
into certain contractual arrangements
designed to place the shareholders of both
companies in substantially the same position
as if they held shares in a single entity that
owned all the assets of both companies. As
far as is permitted by the UK Companies Act
2006, the Australian Corporations Act 2001
and ASX Listing Rules, this principle is
reflected in the Articles of Association of
Rio Tinto plc and in the Constitution of
Rio Tinto Limited.
The following summaries describe the
material rights of shareholders of both
Rio Tinto plc and Rio Tinto Limited.
Objects
At the 2009 AGMs, shareholders of Rio Tinto
plc and Rio Tinto Limited approved
amendments to their Articles of Association
and Constitution whereby the object clauses
were removed to allow the companies to
have the widest possible scope of activities.
Directors’ interests
Under Rio Tinto plc’s Articles of Association,
a Director may not vote in respect of any
proposal in which he or she, or any other
person connected with him or her, has any
interest, other than by virtue of his or her
interests in shares or debentures or other
securities of, in or through the company,
except in certain circumstances, including in
respect of resolutions:
–Indemnifying him or her or a third party in
respect of obligations incurred by the
Director on behalf of, or for the benefit of,
the company, or in respect of obligations
of the company, for which the Director
has assumed responsibility under an
indemnity, security or guarantee.
–Relating to an offer of securities in which
he or she may be interested as a holder
of securities or as an underwriter.
–Concerning another body corporate in
which the Director is beneficially
interested in less than 1% of the issued
shares of any class of shares of such a
body corporate.
–Relating to an employee benefit in which
the Director will share equally with
other employees.
–Relating to liability insurance that the
company is empowered to purchase for
the benefit of Directors of the company in
respect of actions undertaken as
Directors (or officers) of the company.
–Concerning the giving of indemnities in
favour of Directors or the funding of
expenditure by Directors to defend
criminal, civil or regulatory proceedings or
actions against a Director.
Under Rio Tinto Limited’s Constitution,
a Director may be present at a meeting of the
Board while a matter in which the Director
has a material personal interest is being
considered and may vote in respect of that
matter, except where a Director is
constrained by Australian law.
The Directors are empowered to exercise all
the powers of the companies to borrow
money; to charge any property or business
of the companies or all, or any, of their
uncalled capital; and to issue debentures or
give any other security for a debt, liability or
obligation of the companies or of any other
person. The Directors shall restrict the
borrowings of Rio Tinto plc to the limitation
that the aggregate amount of all monies
borrowed by the company and its
subsidiaries shall not exceed an amount
equal to 1.5 times the companies’ share
capital plus aggregate reserves unless
sanctioned by an ordinary resolution of
the company.
Directors are not required to hold any shares
of either company by way of qualification.
The Remuneration Report on pages 119-145
provides information on shareholding policies
relating to Executive and Non-Executive
Directors. Please refer to the Directors’
Report for information on the appointment of
Directors.
Rights attaching to shares
Under UK law, dividends on shares may only
be paid out of profits available for
distribution, as determined in accordance
with generally accepted accounting principles
and by the relevant law. Shareholders are
entitled to receive such dividends as may be
declared by the Directors. Directors may also
pay interim dividends to shareholders as
justified by the financial position of the
Group.
Under the Australian Corporations Act 2001,
dividends on shares may only be paid if the
company’s assets exceed its liabilities
immediately before the dividend is declared,
the excess is sufficient for the payment of the
dividend, the payment is fair and reasonable
to the company’s shareholders as a whole,
and the payment does not materially
prejudice the company’s ability to pay its
creditors. Any Rio Tinto plc dividend
unclaimed after 12 years from the date the
dividend was declared, or became due for
payment, will be forfeited and returned to the
company. Any Rio Tinto Limited dividend
unclaimed may be invested or otherwise
used by the Board for the benefit of the
company until claimed or otherwise disposed
of according to Australian law. Rio Tinto
Limited is governed by the State of Victoria’s
unclaimed monies legislation, which requires
the company to pay to the state revenue
office any unclaimed dividend payments of
A$20 or more that on 1 March each year
have remained unclaimed for over 12
months.
Voting
Voting at any general meeting of
shareholders on a resolution on which the
holder of the Special Voting Share is entitled
to vote shall be decided by a poll, and any
other resolution shall be decided by a show
of hands unless a poll has been duly
demanded. On a show of hands, every
shareholder who is present in person or by
proxy (or other duly authorised
representative) and is entitled to vote, has
one vote regardless of the number of shares
held. The holder of the Special Voting Share
is not entitled to vote in a show of hands. On
a poll, every shareholder who is present in
person or by proxy (or other duly authorised
representative) and is entitled to vote, has
one vote for every ordinary share for which
he or she is the holder. In the case of Joint
Decisions, the holder of the Special Voting
Share has one vote for each vote cast in
respect of the publicly held shares of the
other company.
A poll may be demanded by any of
the following:
–The Chair of the meeting.
–At least 5 shareholders entitled to vote on
the resolution.
–Any shareholder(s) representing in the
aggregate not less than one tenth
(Rio Tinto plc) or one 20 th (Rio Tinto
Limited) of the total voting rights of all
shareholders entitled to vote on the
resolution.
–Any shareholder(s) holding Rio Tinto plc
shares conferring a right to vote at the
meeting on which there have been paid-
up sums in the aggregate equal to not
less than one tenth of the total sum paid
up on all the shares conferring that right.
–The holder of the Special Voting Share of
either company.
A proxy form gives the proxy the authority to
demand a poll, or to join others in
demanding one.
The necessary quorum for a Rio Tinto plc
general meeting is 3 members present
(in person or by proxy or other duly
authorised representative) and entitled to
vote. For a Rio Tinto Limited general meeting
it is 2 members present (in person or by
proxy or other duly authorised
representative).
Matters are transacted at general
meetings by the proposing and passing of
resolutions as:
–Ordinary resolutions (for example the
election of Directors), which require the
affirmative vote of a majority of persons
voting at a meeting for which there is
a quorum.
–Special resolutions (for example
amending the Articles of Association of
Rio Tinto plc or the Constitution of
Rio Tinto Limited), which require the
affirmative vote of not less than three-
quarters of the persons voting at a
meeting at which there is a quorum.

Annual Report on Form 20-F 2024 | 329 | riotinto.com

Additional information | Shareholder information
The Sharing Agreement further classifies
resolutions as Joint Decisions and class
rights actions as explained on pages
325-326.
AGMs must be convened with 21 days’
written notice for Rio Tinto plc and with 28
days’ notice for Rio Tinto Limited. In
accordance with the authority granted by
shareholders at the Rio Tinto plc AGM in
2024, other meetings of Rio Tinto plc may be
convened with 14 days’ written notice for the
passing of a special resolution, and with
14 days’ notice for any other resolution,
depending on the nature of the business to
be transacted. All meetings of Rio Tinto
Limited require 28 days’ notice. In calculating
the period of notice, any time taken to deliver
the notice and the day of the meeting itself
are not included. The notice must specify the
nature of the business to be transacted.
Variation of rights
If, at any time, the share capital is divided
into different classes of shares, the rights
attached to each class may be varied,
subject to the provisions of the relevant
legislation, the written consent of holders of
three-quarters in value of the shares of that
class, or upon the adoption of a special
resolution passed at a separate meeting of
the holders of the shares of that class. At
every such meeting, all of the provisions of
the Articles of Association and Constitution
relating to proceedings at a general meeting
apply, except that the quorum for Rio Tinto
plc should be 2 or more persons who hold or
represent by proxy not less than one-third in
nominal value of the issued shares of
the class.
Rights upon a winding-up
Except as the shareholders have agreed or
may otherwise agree, upon a winding-up, the
balance of assets available for distribution
after the payment of all creditors (including
certain preferential creditors, whether
statutorily preferred creditors or normal
creditors), and subject to any special rights
attaching to any class of shares, is to be
distributed among the holders of ordinary
shares according to the amounts paid-up on
the shares held by them. This distribution
should generally be made in cash. A
liquidator may, however, upon the adoption
of a special resolution of the shareholders,
divide among the shareholders the whole or
any part of the assets in specie or kind.
The Sharing Agreement describes the
distribution of assets of each of the
companies in the event of a liquidation, as
explained on page 325.
Facility agreements
Details of the Group’s credit facilities are set
out in the Our capital and liquidity section to
the financial statements on page 197.
Exchange controls and foreign
investment
Rio Tinto plc
There are no UK foreign exchange controls
or other restrictions on the import or export of
capital by, or on the payment of dividends to,
non-resident holders of Rio Tinto plc shares,
or that materially affect the conduct of
Rio Tinto plc’s operations. It should be noted,
however, that various sanctions, laws,
regulations or conventions may restrict the
import or export of capital by, or the payment
of dividends to, non-resident holders of
Rio Tinto plc shares. There are no
restrictions under Rio Tinto plc’s Articles of
Association or under UK law that specifically
limit the right of non-resident owners to hold
or vote in Rio Tinto plc shares. However,
certain of the provisions of the Australian
Foreign Acquisitions and Takeovers Act
1975 (the Takeovers Act) described below
also apply to the acquisition by non-
Australian persons of interests in securities
of Rio Tinto plc.
Rio Tinto Limited
Under current Australian legislation, Australia
does not impose general exchange or
foreign currency controls. Subject to some
specific requirements and restrictions,
Australian and foreign currency may be
freely brought into and sent out of Australia.
There are requirements to report cash
transfers in or out of Australia of A$10,000 or
more. There is a prohibition on (or in some
cases the specific prior approval of the
Department of Foreign Affairs and Trade or
Minister for Foreign Affairs must be obtained
for) certain payments or other dealings
connected with countries or parties identified
with terrorism, or to whom United Nations or
autonomous Australian sanctions apply.
Sanction, anti-money laundering and counter
terrorism laws may restrict or prohibit
payments, transactions and dealings or
require reporting of certain transactions.
Rio Tinto Limited may be required to deduct
withholding tax from foreign remittances of
dividends, to the extent that they are
unfranked, and from payments of interest.
Acquisitions of interests in shares, and
certain other equity instruments in Australian
companies by non-Australian (“foreign”)
persons are subject to review and approval
by the Treasurer of the Commonwealth of
Australia under the Takeovers Act.
In broad terms, the Takeovers Act applies to
acquisitions of interests in securities in an
Australian entity by a foreign person where,
as a result, a single foreign person (and any
associate) would control 20% or more of the
voting power or potential voting power in the
entity. The potential voting power in an entity
is determined having regard to the voting
shares in the entity that would be issued if all
rights (whether or not presently exercisable)
in the entity were exercised.
The Takeovers Act also applies to direct
investments by foreign government
investors, in certain circumstances
regardless of the size of the investment.
Persons who are proposing relevant
acquisitions or transactions may be required
to provide notice to the Treasurer before
proceeding with the acquisition or
transaction, and may be required to register
their interest on the Register of Foreign
Ownership of Australian Assets.
The Treasurer has the power to order
divestment in cases where relevant
acquisitions or transactions have already
occurred, including where prior notice to the
Treasurer was not required. The Takeovers
Act does not affect the rights of owners
whose interests are held in compliance with
the legislation.
Limitations on voting and shareholding
Except for the provisions of the Takeovers
Act, there are no limitations imposed by law,
Rio Tinto plc’s Articles of Association or
Rio Tinto Limited’s Constitution, on the
rights of non-residents or foreigners to hold
the Group’s ordinary shares or ADRs, or to
vote that would not apply generally to
all shareholders.
Directors
Appointment and removal of Directors
The appointment and replacement of
Directors is governed by Rio Tinto plc’s
Articles of Association and Rio Tinto
Limited’s Constitution, relevant UK and
Australian legislation, and the UK Corporate
Governance Code. The Board may appoint a
Director either to fill a casual vacancy or as
an addition to the Board, so long as the total
number of Directors does not exceed the
limit prescribed in these constitutional
documents. An appointed Director must
retire and seek election to office at the next
AGM of each company. In addition to any
powers of removal conferred by the UK
Companies Act 2006 and the Australian
Corporations Act 2001, the company may by
ordinary resolution remove any Director
before the expiry of his or her period of office
and may, subject to these constitutional
documents, by ordinary resolution appoint
another person who is willing to act as a
Director in their place. In line with the UK
Corporate Governance Code, all Directors
are required to stand for re-election at each
AGM.

Annual Report on Form 20-F 2024 | 330 | riotinto.com

Additional information | Shareholder information
Directors’ powers
The Board manages the business of Rio Tinto under the powers set out in these constitutional documents. These powers include the Directors’
ability to issue or buy back shares. Shareholders’ authority to empower the Directors to purchase its own ordinary shares is sought at the
AGM each year. The constitutional documents can only be amended, or replaced, by a special resolution passed in general meeting by at least
75% of the votes cast.
UK listing rules cross-reference table
The following table contains only those sections of UK listing rule 6.6.1 which are relevant. The remaining sections of listing rule 6.6.1 are
not applicable.

UK Listing rule | Description of listing rule | Reference in report
6.6.1 (1) | A statement of any interest capitalised by the Group during the year | Note 9 Finance income and finance costs.
6.6.1 (11) | Details of any arrangement under which a shareholder has waived or agreed to waive any dividends | See pag e 147.

Metal prices and exchange rates

Metal prices – average for the year |  | 2024 | 2023 | Increase/ (Decrease)
Copper | – US cents/lb | 415 | 386 | 8%
Aluminium | – $/tonne | 2,419 | 2,250 | 8%
Gold | – $/troy oz | 2,386 | 1,941 | 23%
Average exchange rates against the US dollar |  |  |  |
Sterling |  | 1.28 | 1.24 | 3%
Australian dollar |  | 0.66 | 0.66 | (1)%
Canadian dollar |  | 0.73 | 0.74 | (1)%
Euro |  | 1.08 | 1.08 | —%
South African rand |  | 0.055 | 0.054 | 1%
Year-end exchange rates against the US dollar |  |  |  |
Sterling |  | 1.25 | 1.28 | (2)%
Australian dollar |  | 0.62 | 0.69 | (9)%
Canadian dollar |  | 0.70 | 0.76 | (8)%
Euro |  | 1.04 | 1.11 | (7)%
South African rand |  | 0.053 | 0.054 | (2)%

Annual Report on Form 20-F 2024 | 331 | riotinto.com

Additional information
US Disclosure
Disclosure pursuant to Section
13(r) of the U.S. Securities
Exchange Act of 1934
Section 219 of the Iran Threat Reduction and
Syria Human Rights Act of 2012 added
Section 13(r) to the Securities Exchange Act
of 1934 (the “Exchange Act”). Section 13(r) to
the Exchange Act requires an issuer to
disclose in its annual reports whether it or any
of its affiliates knowingly engaged in certain
activities, transactions or dealings relating to
Iran or with the Government of Iran during the
period covered by the report. The Company
notes the following in relation to activities that
took place in 2024, or in relation to activities
the Company became aware of in 2024
relating to disclosable activities prior to the
reporting period.
The Company routinely takes action to
protect its intellectual property rights in many
countries throughout the world, including Iran.
As of 2024, the Company removed Iran from
its intellectual property rights filing strategy.
Rio Tinto acquired its interest in Namibia-
based Rössing Uranium Limited (“Rössing”)
in 1970. The Iran Foreign Investments
Company (“IFIC”) acquired its original
minority shareholding in Rössing in 1975.
IFIC’s interest predates the establishment of
the Islamic Republic of Iran and the U.S.
economic sanctions targeting Iran’s nuclear,
energy and ballistic missile programs. IFIC
acquired a minority shareholding in Rössing
in accordance with Namibian law. The
Treasury Department’s Office of Foreign
Assets Control designated IFIC as a Specially
Designated National on 5 November 2018.
On 16 July 2019, the Company completed
the sale of its entire interest 68.62 per cent
stake in Rössing to China National Uranium
Corporation Limited (“CNUC”) for an initial
cash payment of $6.5 million and a
contingent payment of up to $100 million. The
contingent payment is linked to uranium spot
prices reaching a certain level and Rössing's
net income until calendar year 2026. As a
result of the evolution of uranium prices, the
contingent payment had not been triggered
as of 31 December 2024. In addition, the
Company will receive a cash payment if,
subject to certain conditions, CNUC sell the
Zelda 20 Mineral Deposit during a restricted
period.
As of 31 December 2024, to the best of Rio
Tinto’s knowledge, CNUC had not sold the
Zelda Mineral Deposit. Rio Tinto Marketing
Pte Ltd has continued to purchase a quantity
of uranium produced by Rössing, in order to
satisfy existing contractual commitments with
customers, pursuant to an ongoing marketing
arrangement which will cease on 26
December 2026.
Rössing was neither a business partnership
nor joint venture between the Company and
IFIC. Rössing is a Namibian limited liability
company with a number of shareholders
which included Rio Tinto.
When the Company was a shareholder, IFIC
had no uranium product off-take rights.
Neither IFIC nor other Government of Iran
entities had any supply contracts in place with
Rössing and none received any uranium from
Rössing. IFIC also did not have access to any
technology through its investment in Rössing
or rights to such technology.
Rio Tinto had no power or authority to divest
IFIC’s holding in Rössing. The Rössing board
took steps in 2012 to terminate IFIC’s
involvement in the governance of Rössing.
When Rio Tinto was a shareholder in
Rössing, IFIC was entitled under Namibian
law to attend annual general meetings of
Rössing, which they did attend. IFIC was
represented on the board of Rössing by two
directors. While this level of board
representation did not provide IFIC with the
ability to influence the conduct of Rössing’s
business on its own, the Rössing board
nonetheless determined that, in light of
international economic sanctions, it would be
in the best interest of Rössing to terminate
IFIC’s involvement in board activity.
Therefore, on 4 June 2012, at the annual
general meeting of Rössing, the
shareholders, including the Company, voted
not to re-elect the two IFIC board members.
This ended IFIC’s participation in Rössing
board activities.
While IFIC has a notional entitlement to its
pro rata share of any dividend that the
majority of the board declared for all
shareholders in Rössing, such dividend
payments have been held in a blocked
account in Namibia to ensure compliance
with US sanctions legislation. Accordingly,
IFIC has not received such monies since
early 2008. Simply by maintaining its own
shareholding in Rössing, the Company was
not engaging in any activity intended or
designed to confer any direct or indirect
financial support for IFIC.
While the Company does not view itself as
actively transacting or entering into business
dealings with an instrumentality of the
Government of Iran or a Specially Designated
National, this information has been provided
to ensure transparency regarding the
passive, minority shareholding in Rössing
held by IFIC while the Company was a
shareholder.
Taxation
US residents
The following is a summary of the principal
UK tax, Australian tax and US federal income
tax consequences of the ownership of Rio
Tinto plc ADSs, Rio Tinto plc shares and Rio
Tinto Limited shares, “the Group’s ADSs and
shares”, by a US holder (as defined below). It
is not intended to be a comprehensive
description of all the tax considerations that
are relevant to all classes of taxpayer. This
summary does not cover all aspects of US
federal income taxation (including the
alternative minimum tax or net investment
income tax) that may be relevant to, or the
actual tax effect that any of the matters
described herein will have on, the acquisition,
ownership, or disposal of the Group’s ADSs
and shares by particular investors. Future
changes in legislation may affect the tax
consequences of the acquisition, ownership
or disposal of the Group’s ADSs and shares.
This summary is based in part on
representations by the Group’s depositary
bank as depositary for the ADRs evidencing
the ADSs and assumes that each obligation
in the deposit agreements will be performed
in accordance with its terms.
You are a US holder if you are a beneficial
owner of the Group’s ADSs and shares and
you are for US federal income tax purposes:
a citizen or resident of the United States; a
corporation created or organised under the
laws of the United States, any state thereof or
the District of Columbia; an estate whose
income is subject to US federal income tax
regardless of its source; or a trust if a US
court can exercise primary supervision over
the trust’s administration and one or more US
persons are authorised to control all
substantial decisions of the trust.
This section applies to US holders only if the
Group’s ADSs or shares are held as capital
assets for US federal income tax purposes.
This section does not address tax
considerations applicable to investors that
own (directly, indirectly, or by attribution) 5%
or more of the stock of the company (by vote
or value) and does not apply to shareholders
who are members of a special class of
holders subject to special rules, including a
dealer in securities, a trader in securities who
elects to use a mark-to-market method of
accounting for securities holdings, a tax
exempt organisation, a life insurance
company, a person that holds the Group’s
ADSs or shares as part of a straddle or a
hedging or conversion transaction, persons
that have ceased to be US citizens or lawful
permanent residents of the United States,
investors holding the Group’s ADSs or shares
in connection with a trade or business
conducted outside of the United States, US
expatriates or a person whose functional
currency is not the US dollar.

Annual Report on Form 20-F 2024 | 332 | riotinto.com

Additional information | US Disclosure
This section is based on the US Internal
Revenue Code of 1986, as amended (the
Code), its legislative history, existing and
proposed regulations, published rulings and
court decisions, Australian tax law and practice,
UK tax law as applied in England and Wales
and HM Revenue & Customs published
practice (which may not be binding on HM
Revenue & Customs) and on the convention
between the United States and the UK, and the
convention between the United States and
Australia (together, the Conventions) which
may affect the tax consequences of the
ownership of the Group’s ADSs and shares,
all as of the date hereof. These laws and
Conventions are subject to change, possibly on
a retroactive basis.
The summary describes the treatment
applicable under the laws and Conventions in
force at the date of this report.
UK taxation of shareholdings in
Rio Tinto plc
The comments below are based on current
United Kingdom tax law as applied in
England and Wales and HM Revenue &
Customs (“HMRC”) practice (which may not
be binding on HMRC) as at the latest
practicable date before the date of this
document. This section is based on the
assumption that for UK tax purposes a US
holder who holds ADRs evidencing ADSs will
be treated as the beneficial owner of the
underlying shares represented by the ADSs.
Case law in the UK has cast doubt on this
view; however, HM Revenue & Customs
have stated that, except in so far as the
relevant US laws (being the laws applicable
to the territory in which the ADRs are issued)
conclusively dictate that the holder of an ADR
will not have beneficial ownership in the
underlying shares, they will continue to apply
their practice of regarding the holder of an
ADR as having a beneficial interest in the
underlying shares.
Taxation of dividends
Under current UK tax legislation, no income tax
is required to be withheld from dividends paid
by Rio Tinto plc. Where dividends are paid by
Rio Tinto plc to a US holder who is not resident
in the UK and who does not hold the Group’s
ADSs and shares in connection with any trade,
profession or vocation carried on through a
branch, agency or permanent establishment in
the UK, no liability to UK tax will generally arise
to the US holder in respect of such dividends.
Capital gains
A US holder, who (if an individual) is not
resident in the UK for the tax year in question
or (if a company) is not resident in the UK
when the gain accrues, will not normally be
liable to UK tax on capital gains realised on
the sale of a Group ADS or share unless (i)
the holder carries on a trade, profession or
vocation in the UK through a branch, agency
or permanent establishment in the UK and
the ADS or share has been used for the
purposes of the trade, profession or vocation
or is acquired, held or used for the purposes
of such a branch, agency or permanent
establishment or (ii) the Group's ADSs or
shares are held by an individual who
becomes resident in the UK having left the
UK for a period of non-residence of five years
or less and who was resident for at least four
of the seven tax years prior to leaving the UK.
Inheritance tax
Under the UK/US Inheritance and Gift Tax Treaty
(1978) (UK/US Estate Tax Treaty), a US holder,
who is an individual shareholder and is domiciled
for the purpose of UK/US Estate Tax Treaty in
the United States and is not for the purposes of
the UK/US Estate Tax Treaty a national of the
UK, will not be subject to UK inheritance tax
upon the holder’s death or on a gift of a Group
ADS or share during the holder’s lifetime, unless
that ADS or share (i) forms part of the business
property of a permanent establishment of the
shareholder in the UK, (ii) pertains to a fixed
base situated in the UK used in the performance
of independent personal services, or (iii) where
the ADS or share is held on trust, at the time of
the settlement, the settlor was domiciled for the
purposes of UK/US Estate Tax Treaty in the
United States and was not for the purposes of
UK/US Estate Tax Treaty a national of the UK.
Where a Group an ADS or share is subject to
both UK inheritance tax and US Federal gift or
estate tax, tax payments are relieved in
accordance with the priority rules set out in the
UK/US Estate Tax Treaty.
Stamp duty and stamp duty reserve tax
UK stamp duty should not be required to be
paid in respect of a transfer of Rio Tinto plc
ADSs provided that the transfer instrument is
not executed in, and at all times remains
outside, the UK and does not relate to any
property situated or to any matter or thing to be
done in the UK. An agreement for the transfer
of a Group ADS will not be subject to stamp
duty reserve Tax (SDRT). Unconditional
agreements to transfer Rio Tinto plc shares are
subject to SDRT at a rate of 0.5% of the
amount or value of the consideration payable
for the transfer. Transfers of Rio Tinto plc
shares using a written transfer instrument are
subject to stamp duty at a rate of 0.5% of the
amount or value of the consideration on
transactions over £1,000 (rounded up to the
nearest £5). However, if within six years of the
date of the agreement becoming unconditional,
an instrument of transfer is executed pursuant
to the agreement, and stamp duty is paid on
that instrument of transfer, any SDRT already
paid will be refunded (generally, but not
necessarily, with interest) provided that a claim
for repayment is made, and any outstanding
liability to SDRT will be cancelled. Conversions
of Rio Tinto plc shares into Rio Tinto plc ADSs
will be subject to additional stamp duty or
SDRT at a rate of 1.5% of the amount or value
of the consideration given or, in certain
circumstances, the value of the shares, on all
transfers to the depositary or its nominee,
unless such a transfer is an integral part of the
raising of capital by Rio Tinto plc. All
subsequent transfers of depositary receipts
within the depositary receipts system are free
from SDRT and stamp duty.
Australian taxation of shareholdings
in Rio Tinto Limited
Taxation of dividends
US holders are not normally liable to
Australian withholding tax on dividends paid
by Rio Tinto Limited because such dividends
are normally fully franked under the
Australian dividend imputation system,
meaning that they are paid out of income that
has borne Australian income tax. Any
unfranked dividends would suffer Australian
withholding tax which under the Australian
income tax convention is limited to 15 per
cent of the gross dividend.
Capital gains
US holders are not normally subject to any
Australian tax on the disposal of Rio Tinto
Limited shares unless they have been used in
carrying on a trade or business wholly or
partly through a permanent establishment in
Australia, or the gain is in the nature of
income sourced in Australia.
Gift, estate and inheritance tax
Australia does not impose any gift, estate or
inheritance taxes in relation to gifts of shares
or upon the death of a shareholder.
Stamp duty
An issue or transfer of Rio Tinto Limited
shares does not require the payment of
Australian stamp duty.
US federal income tax
In general, taking into account the earlier
assumptions that each obligation of the
Deposit Agreement and any related
agreement will be performed according to its
terms, for US federal income tax purposes, if
you hold ADRs evidencing ADSs, you will be
treated as the owner of the shares
represented by those ADRs. Exchanges of
shares for ADRs, and ADRs for shares,
generally will not be subject to US federal
income tax.
Taxation of dividends
Under the US federal income tax laws, and
subject to the Passive Foreign Investment
Company (PFIC) rules discussed below, if
you are a US holder, the gross amount of any
distribution a company pays out of its current
or accumulated earnings and profits (as
determined for US federal income tax
purposes) is subject to US federal income
taxation as dividend income. The dividend will
not be eligible for the dividends-received
deduction generally allowed to US
corporations in respect of dividends received
from certain other corporations. Distributions
in excess of current and accumulated
earnings and profits, as determined for US
federal income tax purposes, will be treated
as a non-taxable return of capital to the
extent of your tax basis in the Group’s ADSs
or shares and thereafter as capital gain. The
Group does not maintain calculations of its
earnings and profits in accordance with US
federal income tax accounting principles. US
holders should therefore assume that any
distributions that a Group member pays with
respect to the Group’s ADSs or Shares will be
reported as dividend income.
Dividends paid to a non-corporate US holder
generally may be taxable at the reduced rate
normally applicable to long-term capital gains
provided the shares are readily tradable on

Annual Report on Form 20-F 2024 | 333 | riotinto.com

Additional information | US Disclosure
an established securities market in the United
States or the company paying the dividend
qualifies for the benefits of an income tax
treaty between the United States and the
relevant jurisdiction and certain other
requirements are met (including certain
holding period requirements). Rio Tinto plc
ADSs are traded on the NYSE. Rio Tinto
Limited believes it qualifies for the benefits of
the convention between the United States
and Australia.
The dividend is taxable to you when you, in
the case of shares, or the depositary, in the
case of ADSs, receive the dividend, actually
or constructively. The amount of the dividend
distribution that you must include in your
income as a US holder will be the US dollar
value of the non-US dollar payments made,
determined at the spot UK pound/US dollar
rate (in the case of Rio Tinto plc) or the spot
Australian dollar/US dollar rate (in the case of
Rio Tinto Limited) on the date the dividend
distribution is includible in your income,
regardless of whether the payment is in fact
converted into US dollars.
Generally, any gain or loss resulting from
currency exchange fluctuations during the
period from the date you include the dividend
payment in income to the date you convert
the payment into US dollars will be treated as
ordinary income or loss and will not be
eligible for the reduced tax rate normally
applicable to capital gains. The gain or loss
generally will be income or loss from sources
within the US for foreign tax credit
limitation purposes.
You must include any Australian tax withheld
from the dividend payment in this gross
amount even though you do not in fact
receive it. Subject to certain complex and
evolving limitations, any Australian tax
withheld (at a rate not exceeding any
applicable rate under the convention between
United States and Australia) may be
creditable against your US federal income tax
liability. For foreign tax credit purposes,
dividends will generally be income from
sources outside the United States and will
generally constitute “passive category
income” for purposes of computing the
foreign tax credit allowable to you. In lieu of
claiming a tax credit, a US holder may be
able to take a deduction for any Australian
taxes withheld. An election to deduct
creditable foreign taxes instead of claiming a
foreign tax credit must be applied to all
creditable foreign taxes paid or accrued in the
US holder’s taxable year. The rules regarding
foreign tax credits are complex and US
holders should consult their own tax advisers
regarding the application of the foreign tax
credit rules to their particular situation.
Taxation of capital gains
Except if subject to the PFIC rules discussed
below, if you are a US holder and you sell or
otherwise dispose of the Group’s ADSs or
shares, you will recognise a capital gain or
loss for US federal income tax purposes
equal to the difference between the US dollar
value of the amount that you realise and your
tax basis, determined in US dollars, in your
Group’s ADSs or shares. The capital gain of a
non-corporate US holder is generally taxed at
preferential rates where the holder has a
holding period greater than one year.
The gain or loss will generally be income or
loss from sources within the United States for
foreign tax credit limitation purposes. The
rules governing foreign tax credit are complex
and US holders should consult their own tax
advisers regarding the US federal income tax
consequences in case non-US taxes (if any)
are imposed on disposition gains.
US holders should consult their own tax
advisers about how to account for proceeds
received on the sale or other disposition of
the Group’s ADSs or shares that are not paid
in US dollars.
Passive Foreign Investment
Company Rules
We believe that the Group’s ADSs or shares
should not be treated as stock of a PFIC for
US federal income tax purposes for the most
recent taxable year, and we do not expect the
Group ADSs or shares to be treated as stock
of a PFIC for the current taxable year or the
foreseeable future. However, this conclusion
is a factual determination that is made
annually and thus may be subject to change.
If we were to be treated as a PFIC, US
holders generally would be taxed under one
of three recognition provisions which can be
elected by the US taxpayer that holds a PFIC
interest. The available PFIC recognition
regimes include 1) a mark-to-market regime,
2) an excess distribution regime, or 3) a
qualified electing fund regime. These
alternative regimes can require the US
taxpayer to accelerate the recognition of
income, to pay an interest charge on certain
tax liabilities and to change the character of
the gain recognition from capital gains to
ordinary income. Moreover, if we were to be
treated as a PFIC, dividends that you receive
from us will not be eligible for the reduced
rate of tax described above under “Taxation
of dividends.” US holders should consult their
own tax advisers regarding the potential
application of the PFIC rules.
Backup Withholding and
Information Reporting
The proceeds of a sale or other disposition,
as well as dividends and other proceeds, with
respect to the Group’s ADSs or shares by a
US paying agent or other US intermediary will
be reported to the US Internal Revenue
Service and to the US holder as may be
required under applicable regulations.
Backup withholding may apply to these
payments if the US holder fails to provide an
accurate taxpayer identification number or
certification of exempt status or fails to
comply with applicable certification
requirements. Certain US holders are not
subject to backup withholding. US holders
should consult their tax advisers about these
rules and any other reporting obligations that
may apply to the ownership or disposition of
the Group’s ADSs or shares, including
requirements related to the holding of certain
foreign financial assets.
American Depositary Shares
American depositary receipts
(ADRs)
Rio Tinto plc has a sponsored ADR facility
with JPMorgan Chase Bank NA (“JPMorgan”)
under a Deposit Agreement, dated 13 July
1988, as amended on 11 June 1990, as
further amended and restated on 15 February
1999, 18 February 2005 (when JPMorgan
became Rio Tinto plc’s depositary), 29 April
2010, 19 February 2016 and 17 June 2021.
The ADRs evidence Rio Tinto plc ADSs, each
representing one ordinary share.
The shares are registered with the US
Securities and Exchange Commission
(“SEC”), are listed on the NYSE and are
traded under the symbol RIO.

Annual Report on Form 20-F 2024 | 334 | riotinto.com

Additional information | US Disclosure
Fees and charges payable by a holder of ADSs
In accordance with the terms of the Deposit Agreement, JPMorgan may charge holders of Rio Tinto ADSs, either directly or indirectly, fees or
charges up to the amounts described in the table below.

Category | Depositary actions | Associated fee
| Issuance of ADSs against the deposit of shares, including deposits and issuance in respect of: –Share distributions, stock split, rights, merger –Exchange of securities or other transactions –Other events or distributions affecting the ADSs or the deposited securities | $5.00 or less per 100 ADSs (or portion thereof) evidenced by the new ADSs delivered
Selling or exercising rights | Distribution or sale of securities, the fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities | $5.00 or less for each 100 ADSs
Distributing dividends | Distribution of cash or other dividends | $0.02 or less per ADS
Withdrawing an underlying share | Acceptance of ADSs surrendered for withdrawal of deposited securities | $5.00 or less for each 100 ADSs evidenced by the ADSs surrendered
Transferring, splitting or grouping receipts | Transfers, combining or grouping of depositary receipts | $1.50 per ADS
General depositary services, particularly those charged on an annual basis | Other services performed by the depositary in administering the ADRs Provide information about the depositary’s right, if any, to collect fees and charges by offsetting them against dividends received and deposited securities | $0.02 or less per ADS not more than once each calendar year and payable at the sole discretion of the depositary by billing holders or deducting such charge from one or more cash dividends or other cash distributions
Expenses of the depositary | Expenses incurred on behalf of holders in connection with: –Compliance with foreign exchange control regulations or any law or regulation relating to foreign investment –The depositary’s or its custodian’s compliance with applicable law, rule or regulation –Stock transfer or other taxes and other governmental charges –Cable, telex, facsimile and electronic transmission/delivery –Expenses of the depositary in connection with the conversion of foreign currency into US dollars (which are paid out of such foreign currency) –Any other charge payable by the depositary or its agents | Expenses payable at the sole discretion of the depositary by billing holders or by deducting charges from one or more cash dividends or other cash distributions

Fees and payments made by the
depositary to the issuer
JPMorgan has agreed to reimburse certain
company expenses related to the Rio Tinto
plc ADR programme and incurred by the
Group in connection with the programme.
The Group received US $1,749,507.54 in
respect of expenses incurred by the Group in
connection with the ADR programme for the
year ended 31 December 2024. JPMorgan
did not pay any amount on the Group’s behalf
to third parties.
JPMorgan also waived certain of its standard
fees and expenses associated with the
administration of the programme relating to
routine programme maintenance, reporting,
distribution of cash dividends, annual meeting
services and report mailing services.
Under certain circumstances, including
removal of JPMorgan as depositary or
termination of the ADR programme by the
Company, the Company is required to repay
JPMorgan any amounts of administrative
fees and expenses waived during the 12-
month period prior to notice of removal or
termination.
Document on display
Rio Tinto is subject to the SEC reporting
requirements for foreign companies. This
Form 20-F, which corresponds with the Form
10-K for US public companies, was filed with
the SEC on 20 February 2025. Rio Tinto’s
Form 20-F and other filings can be viewed on
the Rio Tinto website as well as the SEC
website at www.sec.gov

Annual Report on Form 20-F 2024 | 335 | riotinto.com

Additional information | US Disclosure
Cyber security
Strategy
Our vision is to create an environment where
cyber security is implicit in everything we do,
enabling the business to operate and grow,
while actively managing cyber risks to our
people, information and assets.
Our Cyber Security Strategy (2023-2025)
(Cyber Security Strategy) builds upon
foundations established by the Cyber Security
Strategy and multi‐phased Cyber Security
Remediation Program implemented between
2020 and 2022. This program improved
segregation of corporate and process control
networks, and allowed us to strengthen
privileged identity management and close
control gaps on the corporate network.
Our Cyber Security Strategy has 4 strategic
objectives that guide how, together, we can
build and maintain cyber security resilience.
These objectives will enable us to strengthen
and evolve our current cyber security
approach, while keeping pace with an ever-
changing cyber security threat landscape, to
provide a safe, stable and secure technology
platform.

Objective 1: Maintain a ”best-in-class” cyber security capability Continue to uplift and align our cyber security capabilities with industry standards through ongoing assurance and benchmarking.
Objective 2: Realise and sustain essential control improvements for our core technology platforms Embed robust frameworks for continuous monitoring, assurance and improvement of the cyber security operational control environment.
Objective 3: Build a culture of cyber security resilience and consciousness Increase our visibility and security consciousness, and ensure everyone is aware of and understands their responsibilities and obligations.
Objective 4: Secure our digital future Adopt effective cyber control measures in new and emerging technologies critical to our digital future.

Our Cyber Security Strategy requires
ongoing investment to embed and sustain
cyber security capabilities and controls, to
best support our operations as cyber threats
continue to rapidly evolve. We develop a
plan each year detailing the initiatives,
investment and goals we will deliver, aligned
to each of the 4 pillars of the Strategy. At the
beginning of each financial year, the Cyber
Security Steering Committee (CSSC), a
management committee chaired by the Chief
Financial Officer, endorses the plan. Detailed
quarterly plans are then prepared to
communicate our goals to the wider Cyber
Security team, and the milestones we will
need to meet to accomplish these goals. This
provides the Cyber Security function with a
structured way to ensure clarity on priorities
and accountabilities, and a way to measure
progress throughout the year.
Major initiatives and improvement objectives
for 2025 relate to improving Operational
Technology (OT) endpoint detection and
response, securing remote access to
process control networks, and strengthening
privileged identity management controls in
OT networks.
Governance
Accountability for the effective management
of cyber security risks and events rests with
Executive Management. In addition to
functional oversight, management has
established a Cyber Security Steering
Committee comprising a multi-disciplinary
team of senior executives who monitor
current and evolving cyber security risks and
the effectiveness of measures taken to
respond to them.
The Board oversees our material risks, and
the Audit & Risk Committee monitors the
overall effectiveness of our risk management
and internal controls framework. Exposures
to cyber security risks are managed
consistent with other material Group risks,
and are reported to the Board, Audit & Risk
Committee and the Executive Committee.
Refer to Our approach to risk management
on page 88 for further details.
Our Cyber Security function is overseen by
the CSSC. The remit of the function is
defined within our Group Procedure for
Information and Cyber Security. Specific
expectations for all employees are detailed
within our Acceptable Use of Information
and Electronic Resources Group
Standard, and our employee Code of
Conduct, The Way We Work.
For external assurance, we commission
independent assessment and benchmarking
against the US National Institute of
Standards and Technology Cybersecurity
Framework (NIST CSF), upon which our
internal standards are based. These reviews
are conducted by consultancies specialising
in cyber security and include penetration
testing and the simulation of external attacks
on our information security.
Capabilities of our Cyber Security function:

Threat intelligence | Understanding the latest cyber security threats and assessing our potential exposure.
Vulnerability management | Maintaining awareness of, and continuously resolving, security vulnerabilities before they can be exploited, including a dedicated internal function to test our defences against the latest vulnerabilities.
Security risk and advisory | Ensuring information technology (IT) projects and changes stay within our risk appetite by assessing and advising on appropriate and effective cybersecurity controls.
Security operations | Keeping core information security platforms and services available, accessible and operating effectively at all times.
Security architecture | Ensuring solution designs and our overall technology architecture are in line with good cyber security practice to be robust, resilient, and sustainable.
Incident response | Persistent monitoring, alerting and triage of cyber security events. As required, initiating appropriate responses to contain threats, resolve vulnerabilities, and recover services.
Cyber governance | Facilitating the definition, dissemination and monitoring of our security policies, standards and control environment.
Education and awareness | Educating employees and third parties we work with about keeping information technology secure and being vigilant against social engineering.

Annual Report on Form 20-F 2024 | 336 | riotinto.com

Additional information | US Disclosure
Board
The Board, supported by the Audit & Risk
Committee, is responsible for overseeing our
material risks, including those related to
cyber security.
The Audit & Risk Committee receives
periodic updates on cyber security from
management. Cyber security is also subject
to a comprehensive assurance program, the
rules of which are reported to the Audit &
Risk Committee in line with standard
processes for reporting assurance findings.
This annual update is also reviewed by the
Board.
Management
Our Cyber Security function operates
under the direction of our Chief Information
Security Officer (CISO), who executes
strategic direction and leads the function.
The CISO reports directly to the Chief
Information Officer (CIO) who is accountable
to the Chief Financial Officer. Additional
oversight is provided by the CSSC.
Our CISO leads a management team that
oversees delivery of the capabilities listed in
the table on the previous page.
The CSSC is our primary governing body for
operational management, responsible for
cyber security and the oversight of Group-wide
cyber security, reporting regularly to the
Executive Committee. The objective of the
CSSC is to ensure proper steps are taken to
proactively manage cyber security risk and
protect our most valuable information assets,
process control systems and users.
The CSSC also helps drive appropriate
behaviours, and ensures high-priority initiatives
receive executive support across the Group.
In the event of a cyber security incident, our
Cyber Incident Response team takes action
to contain, analyse and remediate the
incident. Impact thresholds trigger
disclosures to governance bodies, including
the CSSC and the Disclosure Committee,
who may consult with external legal counsel.
See “Disclosure Committee” on page 101.
The following table lists the members of the
CSSC as well as their relevant experience.

Name | Title | Relevant experience
Peter Cunningham | Chief Financial Officer | Peter joined Rio Tinto in March 1993 and was appointed Chief Financial Officer and Executive Director in June 2021. As Chair of the Cyber Security Steering Committee, he has presided over regular cyber security threat intelligence briefings, the active monitoring of key cyber risks, and progress of our cyber security improvement and assurance initiatives since assuming the duties of the Chair of the CSSC in 2021. With his leadership of our IT, Group Risk and Group Internal Audit functions, he maintains strong oversight of our broader risk management processes and internal controls.
Daniel Evans | Chief Information Officer | Daniel has 13 years' cyber security leadership experience in senior, cyber intelligence and operational leadership roles.
Scott Brown | Chief Information Security Officer | Scott has more than 15 years' cyber security experience in both senior leadership and operational roles.
Isabelle Deschamps | Chief Legal Officer, Governance and Corporate Affairs | Isabelle, Mark, Alex and Richard bring operational and business risk expertise that is relevant to cyber security and their respective roles on the CSSC.
Mark Davies | Chief Technical Officer
Alex Markovski | Head of Group Risk
Richard Cohen | Operational Managing Director from a product group (currently Rio Tinto Iron Ore).

Annual Report on Form 20-F 2024 | 337 | riotinto.com

Additional information | US Disclosure
Risk management
Group risk management process
Cyber security risk exposures are managed
consistent with the Group risk management
process, which can be described as a plan-do-
check-act cycle. See “Our approach to risk
management” on pages 88-90. The following
steps of our Group risk management process
are applicable to cyber security:
–Set strategy, objectives and risk
appetite
We review our Cyber Security Strategy,
objectives and risk appetite after
improvements in controls and actions.
–Risk analysis
Managers delivering our business
objectives must identify potential risks
against a common risk taxonomy, which
includes a category for information and
cyber security. Where exposure is
identified, the accountable manager uses
a universal evaluation scheme to assess
the potential impact of a cyber security
event.
–Risk management
Where material consequences are
identified, there is a common set of 8
Group controls that the risk owner is
responsible for implementing, with
support from Cyber Security as required.
These governance controls ensure a
considered level of engagement and
collaboration with the Cyber Security
team and the services they offer,
commensurate with the risk.
–Assurance
Cyber Security, as owner of the Group
controls, will oversee and support their
implementation and operation in line with
the Group control framework. Where we
have material exposure, the first line of
assurance and verification of these
controls will be incorporated into first-line
assurance plans. Risk profiles and trends
inform second- and third-line assurance.
–Communication
Cyber security risk exposure is
communicated as part of integrated
risk reporting processes and can be
escalated through standard risk
escalation channels. Beyond this,
there is extensive monitoring of the
performance of critical controls,
which is communicated to control owners
and the CSSC.
–Improvement
Where exposure to cyber security risk is
outside of tolerance, as highlighted in risk
profiles or through assurance activity,
Cyber Security will support or sponsor
improvement initiatives through the
business planning process.
Cyber security risk
management framework
The management of cyber security is a focus
across all IT operations and projects for our
business and the third parties we rely on. Our
cyber security risk management framework is
based on the globally recognised NIST CSF. In
aligning to this framework, we maintain a
control environment supported by dedicated
functions covering identification, protection and
control, detection, response and recovery from
cyber incidents. We also inspect and assure
on an ongoing basis to improve our internal
and external cyber security environment.
–Identify risk
Our overall risk management process and
evaluation scheme supports the
assessment of cyber security risks. To
ensure awareness and consistency in
understanding cyber risk, IT relationship
managers partner with the leaders of our
businesses to identify critical enterprise
systems and assets, completing business
impact assessments as required. We
assess the consequence should the
confidentiality, integrity or availability of
our information systems be breached.
Our Threat Intelligence function maintains
relationships with government, industry,
professional bodies, and educational
institutions, to ensure we remain aware
and vigilant of the external threat
landscape. Where threats are identified,
this function will investigate our exposure
(triggering an overall risk assessment
where required), drive awareness and
education to enhance vigilance and
recommend control improvements. The
Threat Intelligence function tests our
vulnerability to key threats through
penetration testing (ethical hacking) and
simulating incidents such as the receipt of
phishing emails. Finally, the function also
consults with other IT and cyber functions
to ensure we are designing our controls
with knowledge of the latest threats.
To identify new risks which may arise
from technology changes, and from the
evolution or ageing of technology
environments, we maintain a dedicated
capability in cyber risk analysis. This
function conducts security risk
assessments for IT projects and change
requests, including for all third parties
which impact our cyber security posture.
They also deliver a program of risk-based
deep-dive assessments of established
technology environments to identify any
emergent exposures.
–Protect and control
Cyber Security, in collaboration with IT
operations, operates a suite of IT controls
that protect our information systems
through access control, change
governance, back-up, and continuous
vulnerability management. We use a
variety of tools to continuously scan for,
patch and monitor security vulnerabilities.
To ensure an appropriate level of
protection, we maintain a directory of
control requirements and facilitate the
development of technical standards.
Management reporting on control
performance, along with targeted
compliance assessments, enables us to
monitor our conformance to these
standards. To operationalise the
standards effectively, we maintain
specialist capability across many security
domains such as application, networks
and secure operations.
We maintain a persistent focus on
developing the vigilance of employees
and third-party users, which is essential
for protection of information systems.
Mandatory training is assigned to all
relevant employees and contractors and
is enhanced by a dedicated Cyber
Security Awareness function. The cyber
awareness training outlines user
responsibilities in protecting Rio Tinto’s
information assets, the acceptable use of
information and electronic resources
(including specific areas such as
information classification and handling,
appropriate internet use, email use and
mobile device protection) and general
awareness regarding specific cyber
security threats. Role-based security
training is also provided to key system
support personnel with assigned
privileged roles and responsibilities. The
training must be completed before they
are authorised to access the information
system, perform assigned duties, or when
key changes have been made to the
information system. All employees and
contractors are required to formally
acknowledge their understanding and
acceptance of the training upon
completion. Our Cyber Security
Awareness function also provides
communications, events, on-demand
materials and presentations, and a suite
of cyber safety shares integrated into
Health, Safety, Environment and Security
processes.
In recognition of the role all employees
play in the cyber security risk
management process, clear expectations
for data privacy, cyber security, and
handling of confidential information are
set out in The Way We Work. These state
that all employees must: i) understand
that cyber security is also their
responsibility and what they do with
electronic devices can weaken or
strengthen Rio Tinto’s cyber security; ii)
adhere to our Acceptable Use of
Information and Electronic Resources
Standard; iii) complete the mandatory
cyber awareness training; iv) remain
vigilant and report anything suspicious to
the Cyber Security team; and v) never
consciously try to bypass any cyber
security control.

Annual Report on Form 20-F 2024 | 338 | riotinto.com

Additional information | US Disclosure
To extend protection to third parties, we
conduct security risk assessments upon
engaging a third party. We also share our
policies and expectations with third
parties, and apply standard clauses within
contractual agreements, enabling a
program of risk-based compliance
assessments to be conducted across the
third parties we engage.
–Detect events
We persistently monitor network traffic
and system logs through our monitoring
function. This includes automated alerting
of anomalous events, and the triage and
response initiation for these. A key
capability of the function is to
continuously test, refine and optimise our
monitoring and alerting framework which
we do by simulating cyber events and
leveraging industry datasets and
knowledge.
In addition to technical monitoring, we
maintain reporting and communication
channels, allowing all users and third
parties to report any anomalies or
incidents they observe. This includes
anonymous reporting via our whistle-
blower processes.
For situations where the first indicator of
an event may be a system issue or
outage, our Critical Incident Management
and Cyber Incident Response functions
have established ways of working to
ensure the earliest detection of any cyber
security events.
–Respond
For identified cyber security events, the
24-7 Cyber Incident Response function
will take action to contain, analyse and
remediate. A defined triage process
guides the assessment of the impact to
determine the level and urgency of the
response required, and to trigger the
critical incident management process as
required. Throughout the response, we
maintain incident records which include
an assessment of the scale of potential
and verified impacts. Impact thresholds
trigger disclosures to governance bodies
including the CSSC, Chief Legal Officer
and the Disclosure Committee.
This response function is regularly
exercised to test the speed and
effectiveness of response. Internal
processes and agreements with our
partners enable us to scale the function
rapidly in the case of major events. Our
incident response function also has
defined points of integration with other
functions such as business resilience,
corporate communication and networks.
Cyber Security leverages a combination
of tools for detecting and responding to
incidents across all our operations. These
include, but are not limited to, endpoint
detection and response, network, identity
and access management, email, cloud
platform, and industrial and operational
technology monitoring tools. For incidents
not detected and responded to through
automated means, Cyber Security uses a
security information and event
management solution (Microsoft Sentinel)
for log aggregation and analysis, with
specific rules configured to alert on
anomalous or suspicious behaviour.
Incidents are managed and tracked in
Jira, which integrates with the Microsoft
Security stack. The tooling is supported
by a number of people and process-
related controls that ensure incidents are
identified in an accurate and timely
manner.
–Recover
Recovery plans in place for critical
applications cover the steps and actions
required to restore services in the case of
a cyber security incident. In addition to
information system recovery plans, our
overall Business Resilience and
Recovery Program may trigger the
formation of business resilience teams to
execute business continuity and recovery
plans, as well as handling crisis
communications, governance and
disclosures. The business resilience
management plan for our IT function is
tested annually.
To ensure the readiness and
effectiveness of recovery plans, we run
training programs for all accountable
persons and involve them in simulated
events that are run to test and improve
response capability. For any simulation or
actual event, a debrief occurs to capture
lessons learnt. These are then shared
and reported on to ensure the lessons
drive continuous improvement of our
recovery processes.
–Assure and improve
Our cyber security risk management
process includes ongoing inspection and
assurance to test the cyber security of our
environment and of our third parties,
which is key to addressing weaknesses
before they are exploited.
In 2024, neither Rio Tinto nor any third
parties who operate our IT systems and
processes, were exposed to cyber
security threats or any risk which will or
may be reasonably likely to materially
affect our strategy, performance or
financial position. However, the growing
reliance on technology to underpin
productivity is increasing the breadth and
magnitude of operational disruption
exposures. As a result, we are initiating a
program to simplify cyber security
governance and improve
the integrity, consistency and monitoring
of key cyber security controls. We will
focus on uplifting the skill and capability of
IT relationship managers and owners of
IT risk, with the goal of improving cross-
functional collaboration in assessing local
exposures to cyber security risk, and
enhancing the breadth and depth of cyber
security business impacts assessments.
We are also investing in strengthening
our core cyber security capabilities such
as our Threat Intelligence function to
ensure we remain aware and vigilant of
the threat landscape.
–Third party cyber security
requirements
Each component of our cyber security
risk management framework considers
the role of third parties we engage, and
supports adaptation of our controls for all
third party relationships.
For each third party working with us or
managing our systems and data, cyber
security is considered within the process
of on-boarding and managing the
relationship.
Some of the specific requirements we
make publicly available for any third
parties who engage with us are outlined
below.
Third parties must ensure their
information technology and other
business systems meet the following
general requirements when providing
products or services to the Group, or
otherwise interfacing with Rio Tinto’s
enterprise and industrial and operational
technology systems:
1)Any technology systems used or services
provided by the third party must not
expose Rio Tinto to material cyber
security risk.
2)An appropriate cyber security risk
assessment has been conducted on
relevant own and any third party systems
in particular: identifying key technical, and
compliance measures required to ensure
the confidentiality, integrity and availability
of information is maintained; and ensuring
that control measures applied are
commensurate with assessed risk. The
results of any risk assessment will be
made available to us on request.
3)Key technology systems have response
and recovery plans, with recovery plan
testing being undertaken periodically to
ensure procedures and controls are
effective and services are able to be
restored as soon as possible.
4)On termination of the relationship with us,
third parties must ensure the return, or
the destruction, of Rio Tinto information
being held; any access to the Rio Tinto
environment is terminated; and any Rio
Tinto intellectual property is appropriately
transitioned back to Rio Tinto.

Annual Report on Form 20-F 2024 | 339 | riotinto.com

Additional information | US Disclosure
5)If access is required to any Rio Tinto
information technology or business
systems, the third party must ensure: (i)
access must be appropriately restricted to
only the personnel requiring access; (ii)
access procedures must cover
identification, authentication, authorisation
and auditing requirements; (iii) each user
identity requiring access to Rio Tinto
systems is linked to or owned by a
uniquely identifiable individual; (iv) users,
devices, and other assets are
authenticated (e.g., single-factor, multi-
factor) commensurate with the risk of the
transaction; (v) where access is required
from outside the Rio Tinto network, multi-
factor authentication must be used for
client access; and (vi) information related
to, or generated by, account management
activities must be documented and
retained for auditing purposes.
6)If remote access to any of our systems is
required, third parties must ensure: (i)
remote access is securely designed and
managed; (ii) access is provided only to
authorised parties for valid business
reasons; (iii) access is revoked where no
longer required; (iv) they will follow the
required minimum technical controls to
support the secure operation of remote
access as specified by Rio Tinto; and (v)
they will periodically review and monitor
such remote access when no longer
required.
7)Third parties must also do all things
reasonably required to ensure our
network integrity remains protected.
To ensure our information is protected,
third parties must ensure (where
applicable) to:
–Establish and maintain effective
change control processes including: (i)
determining the types of changes to
the third parties' information system
that are configuration-controlled, with
explicit consideration for security
impact analyses; (ii) documenting
configuration change decisions
associated with the third parties'
information system; (iii) complying with
Rio Tinto’s applicable change
management processes; and (iv)
retaining adequate records of
configuration-controlled changes to
the third parties' information system, to
be provided to Rio Tinto on request.
–Maintain response and recovery plans
incorporating the following: (i) Disaster
Recovery Plans (DRPs) for critical
systems, incorporating essential
service continuity, response and
recovery requirements for these
systems, and taking into consideration
relevant cyber security threats and
scenarios; (ii) DRP testing on a
periodic basis to ensure procedures
and controls are effective, and
services restored are able to be
restored within parameters.
8)Third parties must ensure appropriate
encryption standards are applied to Rio
Tinto information, including: (i) information
classified by Rio Tinto as “Confidential” or
“Highly Confidential” when stored on
computer storage devices designed to be
inserted and removed from a computer or
system, including but not limited to optical
discs and USB flash drives (removable
media), or back-up media at off-site
premises; and (ii) information exchanged
through the internet, irrespective of its
classification.
9)Third parties must: (i) ensure that all
removable media is protected and its use
restricted only to relevant personnel; (ii)
maintain documented procedures for the
management of removable media,
including the specification of approved
media, processes of handling and
disposal, as well as the technical
enforcement of controls; and (iii) comply
with any security controls for removable
media reasonably required by us, and
provide details of such compliance to us.

Annual Report on Form 20-F 2024 | 340 | riotinto.com

Additional information | US Disclosure
Summary disclosure of
operations pursuant to Item
1303 of SK-1300 under
Securities Act of 1933
Overview of operations
Rio Tinto is a mining and metals company
with over 60 operations and projects and
approximately 60,000 employees in 35
countries across six continents, including in
Australia, North and South America, Europe,
Asia and Africa. Rio Tinto owns and operates
open pit and underground mines, mills,
refineries, smelters, power stations and
research and service facilities to produce iron
ore, copper, aluminium, diamonds, gold and
industrial minerals products, which it delivers
to customers using its own railways, ports
and ships.
The map below sets out the locations of
Rio Tinto’s operations and assets globally.
For additional details regarding the location of
each of Rio Tinto’s mining properties, see
Mineral Reserves and Mineral Resources on
pages 278-299. See also Mines and
Production Facilities on pages 302-319 for a
summary of the ownership interests,
operators, titles and leases (including
acreage involved), stages of the properties,
key permit conditions, mine types and
mineralisation styles and processing plants
related to Rio Tinto’s operations.
Further, information regarding the aggregate
production for Rio Tinto’s operations for
the last three fiscal years can be found on
pages 275-276.
Summary of Mineral Resources and
Mineral Reserves
For a summary of the amount and grade of
Rio Tinto’s Measured, Indicated and Inferred
Mineral Resources by type and geographic
area, as determined by a Qualified Person as
of 31 December 2024, see Mineral
Resources on pages 290-299.
For a summary of the amount and grade of
Rio Tinto’s Proven and Probable Mineral
Reserves by type and geographic area, as
determined by a Qualified Person as of 31
December 2024, see Mineral Reserves on
pages 278-289.
Individual property disclosure
pursuant to Item 1304 of
SK-1300 under Securities Act
of 1933
Rio Tinto tested each of its properties to
determine which are material to the Group
based on the previous financial year reporting
based on the following guidelines:
Short term value – where underlying earnings
for the current and next year constitute
>~10% of Group underlying earnings.
Medium term value – where underlying
earnings over the remainder of the 10-year
plan are anticipated to constitute >~10% of
Group underlying earnings on average; and
the Mineral Reserves constitute >~10% of
Group Mineral Reserves (on a CuEq basis).
Long term value – where the Mineral
Reserves constitute >~20% of Group Mineral
Reserves (on a CuEq basis).
Qualitative value – where the company takes
a qualitative view on the importance of the
project based on criteria including but not
limited to planned expenditure, strategic
importance, or media coverage.
Based on these tests, the Pilbara Operations,
Escondida, Oyu Tolgoi and Simandou are
considered material to the Group and hence
require individual property disclosure and the
submission of a Technical Report Summary
for each pursuant to Items 1302 and 1304 of
SK-1300, respectively.
Managed and non-managed operations

Annual Report on Form 20-F 2024 | 341 | riotinto.com

Additional information | US Disclosure
The following disclosure provides a brief
description of the individual properties which
Rio Tinto considers material to its business
and financial condition.
Pilbara operations
Property overview
Rio Tinto owns and operates an integrated
portfolio of iron ore assets in the Pilbara
region of Western Australia comprising a
network of 17 iron ore mines, four port
terminals, a nearly 2,000km rail network and
other infrastructure (Pilbara Property).
The Pilbara Property includes Mineral
Resources and Mineral Reserves which are
dispersed across the Pilbara region over an
area of approximately 70,000 square km
across the Hamersley Province of Western
Australia, located on the southern margin of
the Pilbara Craton. The Pilbara Property lies
within the volcanic and sedimentary rock
sequence of the Mount Bruce Supergroup,
which contains the 2,500m thick Hamersley
Group, the main host to iron ore deposits,
characterised by around 1,000 m of laterally
extensive Banded Iron Formation (BIF).
Mineralisation at the Pilbara Property may be
grouped into three categories by genesis. BIF
Derived Iron Deposits (BIDs) (Boolgeeda,
Brockman, and Marra Mamba), Channel Iron
Deposits (CIDs), and Detrital Iron Deposits
(DIDs). The five ore type categories defined for
reporting Mineral Resources are Boolgeeda,
Brockman, Marra Mamba, CID, and DID.
All mines operated by Rio Tinto at the Pilbara
Property are open pit mines. The mining
method employed uses conventional surface
mining, whereby shovels and loaders are
used to load drilled and blasted material into
trucks for removal to waste dumps or feed
process plants.
For SEC reporting purposes the Pilbara
operations are considered a production stage
property. The location of the operations is shown
in the location map and is centred around
Latitude 22° S, Longitude 118° E.
In addition to mining activities, Rio Tinto
conducts both exploration and development
activities across the property.
History
Rio Tinto commenced exploration in the
Hamersley Ranges in 1962 through its
subsidiary Conzinc Riotinto of Australia
(CRA) following the easing of the Australian
Government’s iron ore export embargo in
November 1960 and the subsequent issue of
exploration permits, which laid the foundation
for the development and growth of the iron
ore industry in the Pilbara region.
Rio Tinto’s initial first full calendar year of
production commenced by Hamersley Iron in
1967, mining 6.2Mt and shipping 3.6Mt of
iron ore, supported by a workforce of some
4,500 employees. As of 31 December 2024,
the Pilbara Property had over 17,000
employees and contractors operating a total
of 17 mines. For a full description of
the history of the previous operations
(including identities of the previous
operators) of each of the mines which
makeup the Pilbara Property, see Mines and
Production Facilitie s on p ages 302-305.
Infrastructure
Roads
Rio Tinto operates and maintains nearly
10,000km of roads and tracks at the Pilbara
Property. Approximately 360km are sealed
roads located within mine sites or between
mine sites and public roads. The remaining
are unsealed with approximately 80%
classified as tracks and 20% classified
as roads.
Rail
Rio Tinto’s railway at Pilbara is the largest
privately owned, operated, and maintained
railway in the world. Nearly 2,000km of track
infrastructure, connects the 17 mine sites to
two ports. The rail system includes an
integrated control signalling system and is
further supported by the Pilbara
communication, train control and
AutoHaul® systems.
Rio Tinto’s railway at the Pilbara Property
operates and complies under the
requirements set by the Office of the National
Rail Safety Regulator in Australia.

Annual Report on Form 20-F 2024 | 342 | riotinto.com

Additional information | US Disclosure
Port facilities
The Pilbara Property’s mining assets are
facilitated by port facilities in Dampier and
Cape Lambert in Western Australia. These
facilities include car dumping, conveying,
stacking, reclaiming, screening and ship
loading assets. One facility includes crushing
and assets to handle crushed and deslimed
ore from the Robe Valley operations.
Stockyards allow for product management
and blending to obtain the requisite
specification requirement. There are seven
operational wharf facilities with a total of 14
marine berths protected by berthing dolphins.
Cape Lambert marine berths are capable of
berthing vessels up to 280,000 deadweight
tonnage. Further, Rio Tinto owns a fleet of
tugs for the management of vessels during
arrival and departure from the wharfs for the
Pilbara Property.
Potable water and wastewater
Water supply for the towns, mines, rail, ports,
and camps at the Pilbara Property is provided
by production and dewatering bores at the
Pilbara Property, and from the Water
Corporation of Western Australia. Water
supply systems at the Pilbara Property
incorporate drinking water source protection
plans, bores, pipelines, pumps and storage
tanks and water treatment and disinfection
assets. Wastewater from towns, mines, rail,
ports and camps at the Pilbara Property is
collected by the Rio Tinto managed sewerage
systems and treated by onsite wastewater
treatment facilities. Water supply and
wastewater systems are regulated by
Australian regulators (the Economic
Regulation Authority, the Department of
Water and Environmental Regulation and the
Department of Mines, Industry Regulation
and Safety).
Power supply
Rio Tinto operates and maintains the power
generation and transmission network within
the Pilbara Property. There are four power
stations operating a total of twelve gas
turbine generators located at Karratha, Cape
Lambert, Paraburdoo and West Angelas.
Construction of a 34MW photovoltaic solar
farm at the Gudai-Darri mine commenced in
2023. The facility is expected to be fully
commissioned by Q1 2025.
The network load varies seasonally between
200-300 megawatts (MW) with gas provided
by the Dampier to Bunbury Nature Gas
Pipeline and the Goldfields Gas Pipeline. The
transmission network is predominantly 220
kilovolts (kV) with nearly 800km of overhead
transmission line and a 132kV transmission
line between Cape Lambert and
Pannawonica. There are three 220kV
switching stations and twelve bulk terminal
substations located near the port and mine
operations where the transmission voltage is
stepped down to 33kV for distribution within
the facilities. Rio Tinto is also the network
operator for the towns of Tom Price,
Paraburdoo, Wickham, Dampier, and
Pannawonica.”
Personnel
Personnel are engaged on either a residential
or fly-in-fly-out basis, sourced from capital
and regional centres in Western Australia.
Age, modernisation and condition of the
equipment and facilities
The infrastructure, equipment and facilities
within the Pilbara Property vary considerably
in age, and many have been subject to
brownfields development since original
construction. All infrastructure, equipment and
facilities within the Pilbara Property are
subject to an ongoing regime of sustaining
capital investment and maintenance,
underpinned by asset integrity audits,
engineering inspections, engineering life
cycles for key equipment and safety
inspections and audits.
Book value
For the book value for the Pilbara Property,
see Rio Tinto Financial Information by
Business Unit on pages 266-267.
Titles, rights and permits
Title details
In Western Australia, all minerals are the
property of the Crown with few exceptions.
A mining title must be obtained before any
prospecting, exploration or mining activities
can be carried out. In Western Australia, the
Mining Act 1978, Mining Act 1904, Mining
Regulations 1981 and various State
Agreements provide the framework of rights
and obligations which govern most of
Rio Tinto’s exploration and mining activities.
Conditions on the grant of mining tenements
include the requirements to meet specific
reporting and expenditure commitments,
which have been met as of the date of this
Form 20-F filing.
Mineral rights
The Pilbara Property Mineral Resources and
Mineral Reserves are held under a
combination of State Agreement mining and
mineral leases, exploration licences and
mining leases under the Mining Act 1978 and
temporary reserves held under the Mining Act
1904. State Agreement mining and mineral
leases and mining leases under the Mining
Act are granted for a period of 21 years and
are typically renewable for further periods of
21 years.
Exploration licences applied for prior to 10
February 2006 are initially for a five year term
and are renewable for two periods of either
one or two years and are then renewable for
periods of one year. Exploration licences
applied for after 10 February 2006 are initially
for a five year term and are renewable for an
additional five year term and then periods of
two years. Renewal of exploration licences is
subject to satisfying prescribed criteria.
Temporary reserves are renewed for a one
year term. The renewal of all tenure at the
Pilbara Property is maintained by the tenure
and geographical information systems team.
Further, a tenement database provides
reminder notices of pending renewals and
renewal procedures are adhered to in
accordance with established guidelines.

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Additional information | US Disclosure
The following table lists the Rio Tinto mining leases containing the Pilbara Property Mineral Reserves. This is a subset of the 121 tenements
held across the Pilbara Property, covering approximately 429,350ha.

Lease | Holder | Type | Area (ha)
ML4SA | Hamersley Iron Pty. Limited | SA Mineral Lease | 79,469
M272SA | Hamersley Iron Pty. Limited | SA Mineral Lease | 14,136
ML252SA | Mount Bruce Mining Pty Limited | SA Mineral Lease | 67,616
ML246SA | Hamersley Iron Pty. Limited | SA Mineral Lease | 12,950
M265SA | Channar JV | SA Mineral Lease | 5,956
M274SA | Hamersley Iron - Yandi Pty Limited | SA Mineral Lease | 30,550
M282SA | Hope Downs JV | SA Mineral Lease | 57,222
ML248SA | Robe River Ltd | SA Mineral Lease | 78,600

Permitting requirements
Rio Tinto conducts various environmental
studies as needed to support operations and
for compliance with regulatory obligations.
Baseline studies are undertaken to inform
formal impact assessment processes in
accordance with provisions under the
Environmental Protection Act 1986, and
where relevant, the Environment Protection
and Biodiversity Conservation Act 1999.
Mining related activities require additional
approvals under the Mining Act 1978.
A significant proportion of the Pilbara
Property’s Mineral Reserves estimate is
located within existing permitted operating
mining areas with three pending proposals
covering deposits included in the estimate,
Brockman Syncline and Hope Downs 2
(pending approval) and West Angelas
(referred for assessment). All these projects
are in advanced stages of study.
The Pilbara Property also operates under
several Indigenous Land Use Agreements
and other agreements with traditional owner
groups, which include matters such as, but
not limited to, commitments for payments
made to trust accounts, indigenous
employment and business opportunities and
heritage and cultural protections.
Encumbrances
There are no known significant
encumbrances to the Pilbara Property’s
Mineral Resources or Mineral Reserves.
For further details regarding the titles, leases
and rights for each of the mines in the
Pilbara Property, see Mines and Production
Facilities–Pilbara on pages 302-305.
Mineral Resources
The table on pages 292-293 of this Form 20-F
sets out the amount and grade, of the Pilbara
Property’s Measured, Indicated and Inferred
Mineral Resources for the year ended 31
December 2024 for the Pilbara Property
(Australian Iron Ore operations). Mineral
Resources are reported as in situ estimates.
Compared to the year ended 31 December
2023, there was a 6% increase in Measured
and Indicated Resources and a 1% increase in
Inferred Resources for the year ended 31
December 2024. This is due to the net effects
of the addition of new Mineral Resources,
model updates and the conversion of Mineral
Resources to Mineral Reserves.
The Mineral Resources estimate is based on
the following assumptions:
–Exclusive of Mineral Reserves – Mineral
Resources are reported exclusive of
Mineral Reserves.
–Moisture – All Mineral Resources
tonnages are estimated and reported on
a dry basis.
–Mining Factors or Assumptions – It is
assumed that standard open pit load and
haul mining operations used by Rio Tinto
will be applicable for the mining of Mineral
Resources ore.
–Cut-off – Currently, Rio Tinto reports
Mineral Resources by deposit type
(BID further sub-divided by geological
formation, CID and DID). In addition to
this, Rio Tinto sub-divides iron
mineralisation for reporting Mineral
Resources typically using the following
criteria:
•High-grade Brockman is reported as ≥
60% iron (Fe).
•Brockman Process Ore is reported as
≥ 50% Fe <60% and ≥ 3% alumina
(Al 2 O 3) < 6% where geology is coded
as Joffre Member, Dales Gorge
Member or Footwall Zone.
•High-grade Marra Mamba is reported
as ≥ 58% Fe where geology is coded
as Newman Member, MacLeod
Member, or Nammuldi Member.
•Boolgeeda is reported as High Grade ≥
60% Fe and as Blending Aluminous ≥
55% Fe < 60% and ≥ 3% Al 2 O 3 < 6.5%.
•Detritals are reported in relation to
their Bedded origins; ≥ 58% Fe for
Marra Mamba detritals, ≥ 60% Fe for
Brockman detritals; or Boolgeeda
detritals are reported as High Grade ≥
60% Fe and as Blending Aluminous ≥
55% Fe < 60% and ≥ 3% Al 2 O 3 <
6.5%.
•CIDs are reported primarily based on
strand (geological subdivision), but
with some exceptions where a cut-off
grade is applied based on
metallurgical processing recovery
assumptions. In addition, Mineral
Resources are reported for major
strands only.
–Metallurgical Factors or Assumptions – It is
assumed that crushing, screening and
beneficiation processes used by Rio Tinto
will be applicable for the processing of
reported Mineral Resources. Predicted
yield and upgrade are deposit specific and
are based on metallurgical test work
conducted on representative samples
collected from those deposits or adjacent
analogous deposits.
–Environmental Factors or Assumptions –
Extensive environmental surveys and
studies will be completed during the project
study phases to determine if the project
requires formal State and Commonwealth
environmental assessment and approval.
Mapping of oxidised shales, black
carbonaceous shales, lignite, and the
location of the water table, is used to
predict and manage potential
environmental impacts.
–Heritage Factors or Assumptions –
Extensive cultural heritage studies, surveys
and engagement with traditional owners
will be completed during project study
phases to determine if projects require
additional assessment, monitoring, or
exclusion areas to be maintained during
mining, to manage potential impacts to
sites and cultural values.
For more information regarding the material
assumptions for the Mineral Resources
estimates, see Section 11 of the Pilbara
Operations Technical Report Summary filed as
exhibit 96.1 to the Form 20-F for the year ended
31 December 2021 (“2021 Form 20-F”).
Mineral Reserves
The table on pages 280-281 of this Form 20-
F sets out the amount, grade, prices and
metallurgical recovery of the Pilbara
Property’s Proven and Probable Mineral
Reserves for the year ended 31 December
2024 (Australian Iron Ore operations).
Compared to the year ended 31 December
2023, the Mineral Reserves decreased by
1%. Changes were due to mining depletion,
which was offset by the addition of new
deposits and changes to cut-off grade. Other
minor changes are attributed to updated

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Additional information | US Disclosure
geology models and changes to pit designs
for various reasons.
The Mineral Reserves estimates are based
on the following assumptions:
–Geological model – Orebody block
models (OBMs) are developed for Mineral
Resources reporting within each mining
area and form the basis of the Mineral
Reserves estimates.
–Moisture – Geology models contain
tonnage estimates on a dry in situ basis.
During generation of the OBMs, the
estimated water content (moisture) for
each block model block is added. The
moisture estimate includes consideration of
material physical properties and
hydrogeology. By including both dry tonnes
and water content in the block models,
estimates for dry and wet tonnages can be
determined from the block models as
required for planning, reporting or any other
purpose. Metallurgical regressions are
applied to dry material. From this, expected
water content is predicted for each product,
allowing reporting of wet product tonnes by
combining the dry tonnes and moisture
content.
–Metallurgical and processing recoveries –
Metallurgical and processing recovery
estimates are applied to crusher feed
tonnages based on the processing plant
type. Dry crushing and screening plants
achieve a recovery of 100%. Wet plants
achieve typical recoveries of 85 to 92%
(dry basis) for the Marra Mamba and
Brockman ores. Processing of pisolite
ores results in recoveries ranging from
50% to 90% due to the relatively higher
and more variable clay content. The
beneficiation plant yield is approximately
60% to 70%.
–Cut-off – The key determinant for the
classification of material into ore and waste
is the target product specification of the
various iron ore products. Whether a
particular parcel of material has economic
value or not does not depend on the
characteristics of the parcel itself, but on its
potential contribution to a material blend.
Target product specifications determine the
quantity of saleable ore that can be
economically extracted from the orebodies,
and thus the reported Mineral Reserves.
The cut-off grade for the reported Mineral
Reserves is not based on calculation of a
break-even content of a payable mineral,
or similar economic break-even analysis.
The primary parameter for determining if
material is ore or waste is iron content.
Deleterious elements such as phosphorous
or alumina can also influence the ore-waste
determination. Iron cut-off grade ranges for
the different material types can be seen
below:

Ore Type | Cut-off Range (Fe%)
Yandicoogina Pisolite | 55%
Robe Valley Pisolite | 53-55%
Brockman | 57-60%
Marra Mamba | 56-58%

–Methodology – A mining schedule that
fully consumes the scheduling inventory
for the Pilbara Property is developed from
the prepared OBMs. To demonstrate
economic viability of the Mineral
Reserves, economic modelling is
completed. Material is only reported as
Mineral Reserves if the level of geological
certainty is sufficient to allow a Qualified
Person to apply the modifying factors in
sufficient detail to support detailed mine
planning and economic viability of
the deposit.
For more information regarding the material
assumptions for the Mineral Reserves
estimates, see Section 12 of the Pilbara
Operations Technical Report Summary filed
as exhibit 96.1 to the 2021 Form 20-F.
Exploration
Additional information on exploration at the
Pilbara Property can be found in Section 7 of
the Pilbara Operations Technical Report
Summary filed as exhibit 96.1 to the 2021
Form 20-F.
Rio Tinto has an ongoing, active programme
of exploration over various parts of the Pilbara
Property. During 2024, 367,000m of drilling
was completed on programs that are aimed at
discovery and development of Rio Tinto’s iron
ore deposits in the Pilbara Property.
Surface exploration activities are also
undertaken as part of geological mapping
programs over areas where there are
no or limited mining activities. A small
number of grab samples (1-3kg) are
collected when required.
The following table provides a summary of the exploration drilling across the Pilbara Property.

Exploration / Mining Area | Total drill holes by drill type |  | Total drill metres by drill type
P/A/V | RC | DD | U |  | P/A/V | RC | DD | U
Greater Brockman | 2,600 | 36,445 | 1,901 | 81 |  | 147,700 | 2,605,102 | 156,260 | 2,383
Greater Tom Price | 8,267 | 11,299 | 1,304 | 61 |  | 493,017 | 890,486 | 118,616 | 2,958
Greater Paraburdoo | 6,950 | 9,646 | 898 | 29 |  | 501,178 | 674,096 | 92,271 | 2,947
Robe Valley | 1,457 | 26,829 | 8,248 | 3,467 |  | 34,517 | 1,054,253 | 414,145 | 91,953
West Pilbara | 584 | 5,501 | 272 | 146 |  | 26,567 | 352,379 | 11,839 | 5,061
Greater West Angelas | 615 | 26,748 | 1,820 | 3,291 |  | 20,647 | 2,066,219 | 156,227 | 221,291
Gudai-Darri | 774 | 16,223 | 573 | 17 |  | 40,734 | 1,031,487 | 37,047 | 252
Greater Hope Downs | 173 | 19,227 | 1,295 | 157 |  | 5,154 | 1,501,597 | 122,334 | 7,685
Greater Rhodes Ridge | 1,791 | 10,091 | 525 | 9 |  | 140,576 | 953,269 | 55,408 | 874
Yandicoogina | 211 | 4,624 | 5,647 | 25 |  | 9,722 | 318,007 | 308,305 | 1,385
East Pilbara | - | 1,392 | 19 | 17 |  | - | 172,111 | 2,404 | 1,486

Notes: DD = Diamond, RC = Reverse Circulation, P/A/V = Percussion, Aircore, Vacuum. U = Unknown.

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Additional information | US Disclosure
Current drilling techniques at the Pilbara
Property are reverse circulation (RC) drilling
and diamond drilling (DD). RC holes are
sampled in 2m composites and collected in
alpha-numerically numbered calico bags. Due
to potential fibre mineral intersections, water
injection has been used throughout the
programs since 2014. ‘A’ and ‘B’ splits are
collected and always taken from the same
respective chute of the splitter, keeping any
possible biases constant. Regular cleaning of
the splitter and cyclone is undertaken to avoid
smearing and contamination across intervals.
Respective splits are laid out in separate rows
on the ground adjacent to bulk reject samples,
avoiding mixing of bags and ensuring only ‘A’
sample splits and one in every 20 ‘B’ sample
splits are collected and sent to the laboratory.
The particle size of RC chips is around 6mm
and the primary sample collected post splitting
is between 5 and 8kg, depending on the
density of the material.
Each diamond hole is sampled in 1m
composites using a ‘crushing sheet’ created
by a geologist and collected in alpha-
numerically numbered calico bags (the
‘crushing sheet’ allocated bag numbers to
each metre drilled and showed where check
standards are to be inserted).
Field check standards are inserted
selectively by the rig/logging geologist at a
rate of one in every 30 samples in
mineralised zones and one in every 60
samples in waste with a minimum of one per
drill hole. All check standards contained a
trace of strontium carbonate that is added at
the time of preparation. These standards are
used to check sample preparation and
analytical precision and accuracy at the
laboratory. No direct recovery measurements
of RC samples are performed. Sample
weights are recorded at the laboratory upon
receipt and are qualitatively estimated for
loss per drilling interval at the rig. Diamond
core recovery is maximised via the use of
triple-tube sampling and additive drilling
muds. Diamond core recovery is recorded
using rock quality designation measurements
with all cavities and core loss recorded.
Sample recovery in some friable
mineralisation may be reduced however it is
unlikely to have a material impact on the
reported assays for these intervals. There
were no other factors that materially affected
the accuracy or reliability of the results
recorded.
Geological logging is performed on 2m
intervals for all RC drilling and either 1m or 2m
intervals for diamond holes, depending on the
level of detail required. Magnetic susceptibility
readings are recorded for each interval. All
diamond drill core is photographed. Since
2001, all drill holes have been logged geo-
physically for gamma trace, calliper, gamma
density, resistivity and magnetic susceptibility.
Open-hole acoustic and optical televiewer
image data is collected in specific RC and
diamond holes throughout the deposit for
structural analyses.

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Additional information | US Disclosure
Escondida
Property Overview
Escondida is a leading producer of copper
concentrate and cathodes located in the
Atacama Desert in northern Chile, 170km
southeast of Antofagasta, Chile at an elevation
of approximately 3,100m above sea level.
It is a non-managed joint venture operated
by Minera Escondida Limitada (MEL)
consisting of the Escondida deposit and
Escondida Norte deposit. The location of the
operations centred upon the two pits are
listed and shown in the location map:
–Escondida: Latitude 24°16’ S, Longitude
69° 04’ W
–Escondida Norte: Latitude 24°13’ S,
Longitude 69° 03’ W
Escondida consists of a series of porphyry
deposits containing copper, gold, silver and
molybdenum and includes two active surface
open pit mines in production (the Escondida
deposit and Escondida Norte deposit) with ore
being processed through three processing
options (oxide leach, sulphide run of mine
leach and conventional flotation
concentrators). The processing plants at
Escondida include the Los Colorados, Laguna
Seca Line 1 and Laguna Seca Line 2
concentrators. Escondida also includes the
oxide leach facility, SL run of mine leach facility
and SX/EW facility.
For SEC reporting purposes, Escondida is
considered a production stage property.
In addition to mining activities, MEL conducts
both exploration and development activities
across the property.
History
Utah International Inc. (Utah) and Getty Oil Co.
(Getty) commenced geochemical exploration
in the region in 1978 which led to the discovery
of the Escondida deposit in 1981. In 1984
through corporate acquisitions, BHP acquired
the Escondida property. Ownership changed in
1985 to a joint venture between BHP (57.5%),
Rio Tinto Zinc (30%), JECO Corporation
(10%) and World Bank (2.5%). The joint
venture undertook all the subsequent
exploration and development work to bring
Escondida into operation in 1990. The first
cathode was produced in 1998 from the oxide
leach plant, and in 2006 the sulphide leach
plant was inaugurated, one year after the start
of production at the Escondida Norte pit. The
third concentrator plant was commissioned in
2016. Current ownership since 2010 is BHP
(57.5%), Rio Tinto (30%), JECO Corporation
(10%) and JECO 2 Limited (2.5%). MEL
operates Escondida.
For further details regarding the history for
the Escondida property, see Mines and
Production Facilities-Escondida on
page 306.
Infrastructure
All required infrastructure supporting the
current mine plan including roads, rail and
port, power and water supply is in place.
Access to Escondida is via a company
maintained public road from the city of
Antofagasta in northern Chile, which is
serviced by the regional airport.
The site infrastructure, centred on the two
pits, includes three concentrator plants, one
heap and one dump leaching process
facilities, associated cathode production
plant, tailings deposit, along with support and
service facilities.
Two MEL owned and operated seawater
desalination plants are located at Punta
Coloso on the Antofagasta coastline and
supply water for processing plants, mine
operations and supporting infrastructure via
three pipelines to the mine site. Water is
recycled from the tailings dam for re-use in
the concentrator plants.
The nearby Coloso port facility receives
copper concentrate via a pipeline from the
mine site and processes this to a dry
concentrate ready for stockpiling and loading
via a dedicated concentrate shiploading
facility. Both concentrate pipeline and port
facilities are owned and operated by MEL.
Additional third-party owned port
infrastructure is located at Antofagasta,
including rail, train unloading and ship
loading facilities.

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Additional information | US Disclosure
Escondida utilises an existing privately
owned railway system to transport copper
cathode product from site and consumables
to site through the ports of Antofagasta and
Mejillones. Escondida owns a minor rail spur
connecting the mine site into the publicly
owned railway.
Since 2022, Escondida has had contracts in
place with ENEL and Colbun for energy
purchase, both providing power from 100%
renewable sources. Power from Tamakaya is
used as back up when required.
The power is supplied at 220kV and then
distributed throughout the operations to the
required locations via a series of substations.
The power transmission system that supplies
the mine site is owned and managed by
MEL.
The workforce is a combination of employees
and contractors supporting the operations.
Operational personnel reside in on-site
accommodation at Escondida and are sourced
from Antofagasta or from other parts of Chile.
Titles, leases and permits
MEL holds a total of 764 mining concessions
for Escondida covering an area of 406,018ha.
There are 18 principal mining concessions that
provide MEL with the right to explore and mine
indefinitely at Escondida, subject to payment
of annual license fees. All leases were
obtained through the legally established
process in which judicial requests are
presented to the Chilean state.

Lease name | Registered tenement holder | Expiry date | Surface area (ha)
Alexis 1/1424 | Minera Escondida Ltda. | Permanent | 7,059
Amelia 1/1049 | Minera Escondida Ltda. | Permanent | 5,235
Catita 1/376 | Minera Escondida Ltda. | Permanent | 1,732
Claudia 1/70 | Minera Escondida Ltda. | Permanent | 557
Colorado 501/977 | Minera Escondida Ltda. | Permanent | 2,385
Costa 1/1861 | Minera Escondida Ltda. | Permanent | 9,159
Donaldo 1/612 | Minera Escondida Ltda. | Permanent | 3,060
Ela 1/100 | Minera Escondida Ltda. | Permanent | 500
Gata 1 1/100 | Minera Escondida Ltda. | Permanent | 400
Gata 2 1/50 | Minera Escondida Ltda. | Permanent | 200
Guillermo 1/368 | Minera Escondida Ltda. | Permanent | 1,785
Hole 14 | Minera Escondida Ltda. | Permanent | 1
Naty 1/46 | Minera Escondida Ltda. | Permanent | 230
Paola 1/3000 | Minera Escondida Ltda. | Permanent | 15,000
Pista 1/22 | Minera Escondida Ltda. | Permanent | 22
Pistita 1/5 | Minera Escondida Ltda. | Permanent | 9
Ramón 1/640 | Minera Escondida Ltda. | Permanent | 3,200
Rola 1/1680 | Minera Escondida Ltda. | Permanent | 8,400
Total |  |  | 58,934

In addition to mining concessions, Chilean law also regulates,
independently of mining concessions, the rights to the use of the
land surface. MEL owns 155,000ha of surface rights at Escondida
and these are also renewable on an annual basis. These rights are
also obtained through legal process presented to the Chilean state
and potentially to other third party owners, including the Chilean
“Consejo de Defensa del Estado” as required, MEL’s main surface
rights for Escondida cover operational activities such as pits, dumps,
leach pads, plant and other infrastructure.

Infrastructure | Surface rights identifier 1 | Register | Regional office | Surface area (ha)
Folio | Number | Year
Pits, waste dumps, leach pads, plants | 619 V | 964 | 1984 | Hipotecas y Gravámenes | Bienes Raíces Antofagasta | 22,084
Energy transmission lines, aqueducts, mineral pipelines, roads | 1121 V | 1117 | 2018 | Hipotecas y Gravámenes | Bienes Raíces Antofagasta | 26,988

1.As defined by Chilean legal requirements
MEL also holds maritime concessions for the Coloso port facilities.
These concessions are requested through submission of the
proposed project to the Chilean Ministry of Defence and are
awarded by legal decree.
Encumbrances
There are no known significant encumbrances to the Escondida
property that would impact the current Mineral Resources and Mineral
Reserves.
For further details regarding the titles, leases and rights for the
Escondida property, see Mines and Production Facilities-Escondida
on page 306.
Present condition of property
Continuous resource definition activities are ongoing to upgrade Mineral
Resources understanding to support the mine plans and to develop
Mineral Reserves. These activities include drilling and in-pit mapping.
Geological understanding of the two deposits is supported by a total of
approximately 2,732km of drilling undertaken in a total of approximately
8,740 drill holes.
Surface mining is by drilling and blasting along with shovel/excavator
loading and truck haulage from each of the two open pits. Extracted
sulphide ore undergoes crushing prior to processing in one of three
concentrators with concentrate piped to the Coloso port for drying.
Lower grade sulphide ore is directly dumped onto leach pads and is
processed by biological leaching. Oxide and transitional ores are
processed using heap leaching. Leached products are converted to
copper cathode then railed to Antofagasta port.

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Additional information | US Disclosure
Age modernisation and condition of the
equipment and facilities
The infrastructure, equipment and facilities
within Escondida are of variable age.
Construction commenced at Escondida in
1998 with first production in 1990. A number
of expansion phases followed from 1993
onwards which included the development of
additional infrastructure to increase
production. Key milestones subsequent to
first production in 1990 relating to the
development of the operations were:
–1998 Acid heap leaching of oxides
commenced
–2002 Second concentrator (Phase 4)
inaugurated
–2005 Mining commenced at the
Escondida Norte deposit
–2006 Dump bio-leaching of sulphides
commenced
–2007 First desalination plant commenced
pumping
–2016 Third concentrator inaugurated
–2017 Second desalination plant
commenced pumping
–2020 Operation converted to 100% use of
desalination water
MEL undertakes planned maintenance
programs at Escondida and implements
scheduled replacements of mine fleet and
infrastructure components that are intended
to maintain continued reliable operation of
equipment, facilities and infrastructure to
meet operational requirements.
Book value
For the book value for Escondida, see
Rio Tinto Financial Information by Business
Unit on pages 266-267.
Geology and mineralisation
The Escondida deposit and Escondida Norte
copper deposit lie in the Escondida-Sierra de
Varas shear lens of the Domeyko Fault
System. The deposits are supergene-
enriched copper porphyries with primary
sulphide mineralisation associated with
multiple phase intrusions of monzonite to
granodiorite composition into host volcanics.
Primary mineralisation has undergone
secondary supergene leaching and
enrichment with associated local formation of
copper oxide mineralisation, predominately
brochantite. Supergene enrichment
generated laterally-continuous and sub-
horizontal high-grade sulphide mineralisation
zones across the deposit, predominately
chalcocite and covellite. The primary
hypogene mineralisation, present in the
deepest parts of the deposits is chalcopyrite
with bornite.
Mineral Resources
The table on pages 294-295 sets out the
amount and grade of Escondida’s Measured,
Indicated and Inferred Mineral Resources for
the year ended 31 December 2024. Mineral
Resources for Escondida are reported as in
situ estimates. Compared to the year ended
31 December 2023, there is an increase of
7% in Measured and Indicated Resources
and a decrease of 6% in Inferred Mineral
Resources resulting in an overall decrease of
3% as at December 31 2024. These
changes were mainly due to mine factors
and inclusion of additional drilling results to
the estimate.
The Mineral Resources estimate for
Escondida is based on the following
assumptions:
–Exclusive of Mineral Reserves – Mineral
Resources are reported exclusive of
Mineral Reserves.
–Moisture – All Mineral Resources
tonnages are estimated and reported on
a dry basis.
–Mineral Resources are estimated using
ordinary kriging.
–Escondida point of reference for the
Mineral Resources is mine gate.
–Escondida Mineral Resources cut-off
criteria used are Oxide ≥ 0.20% soluble
Cu; Mixed ≥ 0.30% Cu; Sulphide ≥ 0.25%
Cu for mineralisation assigned to be
processed via leaching or ≥ 0.30% Cu for
mineralisation assigned to be processed
via the concentrator.
–Escondida metallurgical recoveries are
Oxide 54%; Mixed 41%; Sulphide 42% for
material processed by leaching or 85%
for material processed via the
concentrator.
–The pit optimisation used to determine
the Mineral Resources that have
reasonable prospects of economic
extraction based on a copper price of
US$4.29/lb.
For more information regarding the material
assumptions for the Mineral Resources
estimates for Escondida, see Section 11 of
the Escondida Technical Report Summary
filed as exhibit 96.2 to this Form 20-F for the
year ended 31 December 2022 (“2022 Form 20-
F”).
Mineral Reserves
The table on pages 282-283 sets out the
amount, grade, cut-off grade, price and
metallurgical recovery of the Escondida
Property’s Proven and Probable Mineral
Reserves for the year ended 31 December
2024. Compared to the year ended 31
December 2023, there was less than a 1%
increase in Mineral Reserves as at 31
December 2024 due to net impact of
depletion offset by increases in mine and
processing costs.
Material assumptions in the estimation of
Mineral Reserves for Escondida are:
–The resource model reflects the continuity
and complexity of the deposit with the
confidence stated in the classification.
–Variable cut-off grade strategy that
maximises throughput for the
concentrator, smelter and refinery.
–The point of reference for Mineral
Reserves is mine gate.
–Escondida Mineral Reserves cut-off
criteria used are for Oxide ≥ 0.20%
soluble Cu. For Sulphide ≥ 0.30% Cu and
where greater than the variable cut-off of
the concentrator. Sulphide ore is
processed in the concentrator plants as a
result of an optimised mine plan with
consideration of technical and economic
parameters in order to maximise net
present value. For Sulphide Leach ≥
0.25% Cu and 70% or less of copper
contained in chalcopyrite and lower than
variable cut-off grade. Sulphide leach ore
is processed in the leaching plant as an
alternative to the concentrator process.
–Escondida metallurgical recoveries for
Oxide 54%; Sulphide Leach 41%;
Sulphide 42% for material processed by
leaching or 85% for material processed
via the concentrator.
–Commodity prices, operating and
capital costs.
For more information regarding the material
assumptions for the Mineral Reserves
estimates for Escondida, see Section 12 of
Escondida Technical Report Summary filed
as exhibit 96.2 to the 2022 Form 20-F.
Exploration
A total of 2,732km of exploration drilling has
been completed (up until December 2023),
distributed across 5,978 drill holes for
Escondida and distributed across 2,891 drill
holes for Escondida Norte.
The main objective of the exploration
programs implemented at Escondida
has been the exploration of new deposits,
as well as to improve mineral resources
classification to support the annual planning
cycle. The results of these programs serve
as the basis to support planning and growth
strategies as well as investment programs for
the modernisation of the mining unit.
Additional information can be found in
Section 7 of the Escondida Technical Report
Summary filed as exhibit 96.2 to the 2022
Form 20-F.

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Additional information | US Disclosure
Oyu Tolgoi
Property Overview
The Oyu Tolgoi property, which contains the
Oyu Tolgoi project is located in the South Gobi
region of Mongolia, approximately 645km by
road south of the capital, Ulaanbaatar. Oyu
Tolgoi is being developed by Oyu Tolgoi LLC
and consists of a series of deposits containing
copper, gold, and silver. Oyu Tolgoi consists of
an open pit copper-gold mine and concentrator
facilities and an underground block cave mine
and related infrastructure.
The Oyu Tolgoi copper-gold porphyry deposits
are distributed along a 12km north-northeast
striking corridor. From north to south, the
deposits comprise Hugo North, Hugo South,
Oyut, and Heruga. The Oyut deposit is
currently mined as an open pit using a
conventional drill, blast, load, and haul method.
The Hugo North deposit is currently being
developed as an underground mine.
Rio Tinto holds a 66% interest in Oyu Tolgoi
LLC following the purchase of Turquoise Hill
Resources Ltd (TRQ) in 2022. The remaining
34% interest is held by the Government of
Mongolia through Erdenes Oyu Tolgoi LLC.
Oyu Tolgoi is centred at approximately
latitude 43°00’45”N, longitude 106°51’15”E.
For SEC reporting purposes Oyu Tolgoi is
considered a production stage property. In
addition to mining activities, Oyu Tolgoi
conducts both exploration and development
activities across the property.
The location of the operations is shown in the
location map and is centred around Latitude
43° 00' N, Longitude 106° 52'' E.
History
The existence of copper in the Oyu Tolgoi area
has been recognised since the Bronze Age,
but contemporary exploration for Mineral
Resources did not begin until the 1980s, when
a joint Mongolian and Russian geochemical
survey team identified a molybdenum
anomaly. In September 1996, geologists from
the Magma Copper Company identified a
porphyry copper leached cap over what is now
known as the Central zone of the Oyut
deposit. The Magma Copper Company
subsequently secured exploration tenements
in the area. Magma Copper Company was
subsequently acquired by BHP, which
became BHP.
In 1999, TRQ (known at the time as Ivanhoe
Mines Ltd.) visited Oyu Tolgoi and agreed to
acquire 100% interest in Oyu Tolgoi.
In 2009, the Investment Agreement between
Ivanhoe Mines (now TRQ), Rio Tinto and the
Government of Mongolia was signed and
Oyu Tolgoi LLC was formed.
In 2010 open pit mining commenced with first
ore delivered in 2012 and first concentrate
sales in 2013. In 2012, Rio Tinto became the
majority shareholder of Ivanhoe.
In 2022 the first drawbell of the Hugo North
underground mine was fired. At the end of
2024, a total of 124 drawbells had been fired
completing the Panel 0 production level
development.
Rio Tinto has managed the project since 2011
and became majority shareholder of Ivanhoe
Mines in 2012. Rio Tinto now has a 66% direct
interest in Oyu Tolgoi following the successful
completion of the acquisition of TRQ. This is
allowing Rio Tinto to focus fully on strengthening
its relationship with the Government of Mongolia
and moving Oyu Tolgoi forward with a simpler
and more efficient ownership and governance
structure.
For further details regarding the history and
previous operators for the Oyu Tolgoi
Property, see Mines and Production
Facilities– Oyu Tolgoi on page 307.

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Additional information | US Disclosure
Infrastructure
Road access to Oyu Tolgoi from Ulaanbaatar
is currently by an unpaved road, via
Mandalgovi. Oyu Tolgoi LLC maintains a set of
gravel roads internal to the Oyu Tolgoi, locally
a 35.1km gravel road to the Khanbogd Soum,
and regionally via the access road from Oyu
Tolgoi to the Mongolian-Chinese border
crossing at Gashuun Sukhait which is a sealed
all-weather 105km long road. The Chinese
Government has upgraded 226km of road
from Ganqimaodao to Wuyuan, providing a
direct road link between the Mongolian border
crossing at Gashuun Sukhait, 80km south of
Oyu Tolgoi, and the Trans-China
railway system.
A permanent domestic airport has been
constructed at Oyu Tolgoi, 13km north of the
camp area, to support the transportation of
people and goods to the site from
Ulaanbaatar. It further serves as the regional
airport for Khanbogd soum. The airport is
designed to accommodate commercial aircraft
up to the Boeing 737-800 series. The flight
time from Ulaanbaatar is just over one hour.
A major groundwater resource was discovered
at Gunii Khooloi, the development of which
provides the raw water supply for the camp
and operations at Oyu Tolgoi.
Power for Oyu Tolgoi is currently supplied with
electricity from China’s Inner Mongolia
Autonomous Region (IMAR) in accordance
with the Electricity Purchase and Sales
Agreement for the Oyu Tolgoi Project between
Oyu Tolgoi LLC, the Inner Mongolia Power
International Cooperation (IMPIC) company,
and the National Power Transmission Grid of
Mongolia.
Power is supplied via a 220kV double-circuit
transmission line from the IMAR West grid.
Either circuit can supply approximately
350MW, thus Oyu Tolgoi’s load can be met
entirely from one circuit while the other is kept
for redundancy.
Oyu Tolgoi operates and maintains assets
within remote fly-in-fly-out (FIFO) Village at
Oyu Tolgoi. There are ~18,000 rooms along
with assorted central facilities such as dining
rooms, taverns, and recreational facilities.
Critical infrastructure that supports the FIFO
Villages includes potable and waste water
plants, potable water networks, and back-up
power generation.
The Oyut open pit mine supplies ore to
the concentrator via a primary crusher
and overland conveyor. The Hugo North
underground mine is currently being
developed and will consist of multiple
block caves supported by multiple shafts and
a conveyor to surface material
handling system.
Titles, leases and permits
The following key agreements relating to the
development and operation of Oyu Tolgoi
have been entered into by Rio Tinto, the
Government of Mongolia, and other entities
and have an impact on Rio Tinto’s interest in,
and obligations relating to Oyu Tolgoi:
–Investment Agreement dated 6 October
2009, between the Government of
Mongolia, Ivanhoe Mines Mongolia Inc
LLC (renamed Oyu Tolgoi LLC), and Rio
Tinto International Holdings Limited in
respect of Oyu Tolgoi (Investment
Agreement).
–In 2004, Entrée Gold Inc (renamed
Entrée Resources Ltd) entered into an
equity participation and earn-in
agreement (EPEA) with Ivanhoe Mines
Ltd (now TRQ). Subsequently, TRQ
transferred its interest under the EPEA in
the Shivee Tolgoi and Javkhlant mining
licences to Oyu Tolgoi LLC in 2005. The
resulting economic interest in the
minerals extracted from such licenses is
currently held as follows:
•70% Oyu Tolgoi LLC / 30% Entrée
Resources Ltd for minerals extracted
from up to 560 m below the surface;
and
•80% Oyu Tolgoi LLC / 20% Entrée
Resources Ltd for minerals extracted
more than 560 m below the surface
–Amended and Restated Shareholders
Agreement (ARSHA) dated 8 June 2011
among Oyu Tolgoi LLC, THR Oyu Tolgoi
Ltd. (formerly Ivanhoe Oyu Tolgoi (BVI)
Ltd.), Oyu Tolgoi Netherlands B.V. and
Erdenes MGL LLC as amended on 2
October 2023. Erdenes MGL LLC since
transferred its shares in Oyu Tolgoi LLC
and its rights and obligations under the
ARSHA to its subsidiary, Erdenes Oyu
Tolgoi LLC.
–Power Source Framework Agreement
(PSFA) dated 31 December 2018,
between the Government of Mongolia
and Oyu Tolgoi LLC, including the
amendment to the PSFA dated
18 June 2020.
These agreements establish obligations and
commitments of the involved parties,
including the Government of Mongolia,
providing clarity and certainty in respect of
the development and operation of Oyu
Tolgoi.
Activities related to Oyu Tolgoi must be
carried out in accordance with these
agreements and the laws of Mongolia. As of
the date of this Form 20-F filing, material
permits and authorizations necessary to
develop and operate Oyu Tolgoi have been
obtained.
Rights to mining are held under five Mine
Licences. Three are 100% owned by Oyu
Tolgoi LLC and two are subject to the EPEA
between Entrée Resources Ltd and Oyu
Tolgoi LLC, which established a joint venture
arrangement between the parties, which
enables Oyu Tolgoi LLC to carry out
operations over the licensed areas, subject
to the terms of the agreement. Although a
formal joint venture agreement has not been
signed, the earn-in requirements have been
met. Both the Shivee Tolgoi and Javkhlant
licences are operated by Oyu Tolgoi LLC.

Annual Report on Form 20-F 2024 | 351 | riotinto.com

Additional information | US Disclosure

Tenure Number | Tenure Name | Tenure Type | Holder Group | Oyu Tolgoi’s Interest | Tenure Status | Expiry Date | Current Area (ha)
MV-006708 | Manakht | Mining Licence | Oyu Tolgoi LLC | 100% | Live | 23 Dec 2033 | 4,533
MV-006709 | Oyu Tolgoi | Mining Licence | Oyu Tolgoi LLC | 100% | Live | 23 Dec 2033 | 8,490
MV-006710 | Khukh Khad | Mining Licence | Oyu Tolgoi LLC | 100% | Live | 23 Dec 2033 | 1,763
MV-015225 | Javkhlant | Mining Licence | Entrée LLC | 70% from the surface to 560 m below the surface; and 80% from below 560 m | Live | 27 Oct 2039 | 20,327
MV-015226 | Shivee Tolgoi | Mining Licence | Entrée LLC | 70% from the surface to 560 m below the surface; and 80% from below 560 m | Live | 27 Oct 2039 | 42,593

Encumbrances
There are no known significant
encumbrances to the Property at Oyu Tolgoi
that would impact the current Mineral
Resources or Mineral Reserves.
For further details regarding the titles, leases
and rights for Oyu Tolgoi, see Mines and
Production Facilities-Oyu Tolgoi on page 307.
Personnel
Personnel are engaged on either a residential
or FIFO basis, sourced from capital and
regional centres in Mongolia.
Age, modernisation and condition of the
equipment and facilities
The infrastructure, equipment and facilities at
Oyu Tolgoi are subject to an ongoing regime
of sustaining capital investment and
maintenance, underpinned by asset integrity
audits, engineering inspections, engineering
life cycles for key equipment and safety
inspections and audits.
Book value
For the book value for Oyu Tolgoi, see
Rio Tinto Financial Information by Business
Unit on pages 266-267.
Geology and mineralisation
The mineral deposits at Oyu Tolgoi lie in a
structural corridor where mineralisation has
been discovered over a 26km strike length.
Four deposits hosting Mineral Resources
have been identified: Oyut, Hugo Dummett
North, Hugo Dummett South, and Heruga.
The Oyu Tolgoi copper-gold porphyry
deposits are distributed along a 12km north-
northeast striking corridor. From north to
south, the deposits comprise Hugo North,
Hugo South, Oyut, and Heruga.
These deposits lie within the Gurvansayhan
island-arc terrane, a fault bounded segment
of the broader Silurian to Carboniferous
Kazakh-Mongol arc, located towards the
southern margin of the Central Asian
Orogenic Belt. Mineralisation is associated
with multiple, overlapping, intrusions of
late Devonian quartz-monzodiorite intruding
Devonian (or older) juvenile, probably intra-
oceanic arc-related,
basaltic lavas and lesser volcaniclastic rocks,
unconformably overlain by late Devonian
basaltic to dacitic pyroclastic
and volcano sedimentary rocks.
These quartz-monzodiorite intrusions range
from early-mineral porphyritic dykes, to
larger, linear, syn-, late- and post-mineral
dykes and stocks.
Mineral Resources
The table on pages 294-295 sets out the
amount and grade, of Oyu Tolgoi’s
Measured, Indicated and Inferred Mineral
Resources for the year ended 31 December
2024. The negligible <1% reduction in
Mineral Resources compared to the year
ended 31 December 2023 is primarily due to
the 2024 mined (production) Inferred material
from the Oyut open pit Mineral Resources.
The Mineral Resources estimate is based on
the following assumptions:
–Exclusive of Mineral Reserves – Mineral
Resources are reported exclusive of
Mineral Reserves.
–Moisture – All Mineral Resources tonnages
are estimated and reported on a dry basis.
–Mineral Resources are estimated using
ordinary kriging.
–The sample data preparation including
data capping is appropriate for use in
estimation of a Mineral Resource.
–The pit optimisation used to determine
the resources that have reasonable
prospects of economic extraction.
–It is assumed that standard open pit load
and haul mining operations and
underground block cave mining
operations will be applicable for the
mining of Mineral Resources. Processing
will be through crushing, grinding and a
froth flotation concentrator process.
–Copper, gold and silver are payable
elements and are included in the
calculation of a copper equivalent cut-off.
At Heruga, molybdenum is also included
as a payable element.
For more information regarding the material
assumptions for the Mineral Resource
estimates, see Section 11 of the Oyu Tolgoi
Technical Report Summary filed as exhibit
96.3 to the 2022 Form 20-F.
Mineral Reserves
The table on pages 282-283 sets out the
amount, grade, price and metallurgical
recovery of Oyu Tolgoi ‘s Proven and
Probable Mineral Reserves for the year
ended 31 December 2024. The 5%
reduction in Mineral Reserves compared to
the year ended 31 December 2023 is
primarily due to the 2024 mined (production)
Proven and Probable ore from the Oyut open
pit Mineral Reserves.
The Mineral Reserves estimates for Oyu
Tolgoi are based on a Life of Mine plan that
has been developed according to SK-1300
and using industry accepted strategic
planning approaches which defined the life of
the mines at Oyu Tolgoi. Inferred Mineral
Resources have been treated as waste. The
final reserves plan is the outcome of the
application of appropriate modifying factors
in order to establish an economically viable
and operational mine plan. At Oyu Tolgoi, a
variable cut-off grade strategy is applied to
develop the mine plan. The Mineral
Reserves estimate includes both the Oyut
and Hugo North deposits and more detail is
provided in Table 1.2 of exhibit 96.3 of the
2022 Form 20-F.
Material assumptions in the estimation of
Mineral Reserves are:
–The resource model reflects the continuity
and complexity of the deposit with the
confidence stated in the classification.
–Mineral Reserves are reported as dry mill
feed tonnes.
–A variable net smelter return cut-off
strategy that maximises throughput for
the concentrator.
–Commodity prices, operating and
capital costs.
–Geology models contain tonnage
estimates on a dry in situ basis. The
estimated water content (moisture) for
each block model block is added.
–Metallurgical and processing recovery
estimates are applied to crusher feed
tonnages based on ore types.

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Additional information | US Disclosure
Uncertainties that affect the reliability or
confidence in the Mineral Reserves estimate
include but are not limited to:
–Future macro-economic environment,
including metal prices and foreign
exchange rate.
–Changes to operating cost assumptions,
including labour costs.
–Ability to continue sourcing water.
–Changes to mining, hydrological,
geotechnical parameters, and
assumptions.
–Ability to maintain environmental and
social licence to operate.
–Metallurgical recovery assumptions.
For more information regarding the material
assumptions for the Mineral Reserves
estimates at Oyu Tolgoi, see Section 12 of
Oyu Tolgoi Technical Report Summary filed
herewith as exhibit 96.3 to the 2022
Form 20-F.
Exploration
Exploration on the mine leases is undertaken
by Oyu Tolgoi LLC’s site technical services
team. The current exploration strategy is
focused on developing a project pipeline
prioritised in areas that can impact the
current development of the Oyu Tolgoi
deposits, seeking low-cost development
options and continuing the assessment of
legacy datasets to enable future discovery.
Exploration targets, based on identified
medium or high priority, have had exploration
work completed in 2024, and will continue to
be investigated going forward based on
priority and potential. Development of the
known Mineral Resources is a key objective
of stakeholders and over the life of Oyu
Tolgoi. Oyu Tolgoi LLC will continue to
progress its orebody knowledge of these
known resources to improve decision making
on their potential development.
Additional information can be found in
Section 7 of the Oyu Tolgoi Technical Report
Summary filed as exhibit 96.3 to the 2022
Form 20-F.

Annual Report on Form 20-F 2024 | 353 | riotinto.com

Additional information | US Disclosure
Simandou
Property Overview
The SimFer Iron Ore Project (Simandou) is an
iron ore mining project located in the Republic
of Guinea, approximately 550km southeast of
Conakry (Guinea’s capital), towards the
southern end of the 110km long Simandou
Range. The Simandou orebodies are located
within the 369km² area (Blocks 3 and 4) of the
Simandou South Mining Concession (the
Concession) which is held by SimFer S.A.
(SimFer). Simandou is located at latitude
08°31′N, longitude 08°54′W.
Iron ore extracted from Blocks 3 and 4 (and the
neighbouring Winning Consortium Simandou
(WCS) mining concession Blocks 1 and 2) will be
exported via rail and port infrastructure being co-
developed between the Guinean State, SimFer
Jersey, and WCS, with the ultimate owner and
operator of the infrastructure being the
Compagnie du Transguinéen (CTG), an
incorporated joint venture (JV) between SimFer
Jersey (42.5% through its subsidiary SimFer
Infraco Limited), WCS (42.5%) and the
Government of Guinea (15%).
SimFer is owned by SimFer Jersey (85%),
and the Guinean State (15%). SimFer Jersey
is an incorporated JV comprising Rio Tinto
SimFer UK Limited (53%), and Chalco Iron
Ore Holdings Limited (CIOH) (47%).
For SEC reporting purposes, Simandou is
considered a development stage project
property. In addition to project construction,
SimFer conducts both exploration and
development activities across the property.
History
The existence of iron ore in the Simandou
Range has been recognized since the
1950’s, with the commencement of drilling
activities by Rio Tinto in 1997.
From 1999 through to 2011, some 81km of
drilling was undertaken at the Pic de Fon
deposit, adjacent to the Ouéléba deposit,
and a further 98km of drilling was undertaken
within the Ouéléba deposit during the period
2005 to 2013.
Total drilling of more than 250km has been used
as the basis for interpretation of the Mineral
Resources, more than 130km/680 holes at
Ouéléba, of which approximately 30% were
diamond core and the remainder Reverse
Circulation (RC) and more than 110km/570
holes at Pic de Fon with approximately 30%
being diamond core and the remainder RC.
SimFer mining concession over Blocks 3 and
4 was granted on 22 April 2011 by
Presidential Decree.
In 2022, co-development of the rail and port
infrastructure between the Guinean State, WCS
Railway, and Rio Tinto through its SimFer
holdings was agreed and a co-development
agreement (and its appendices) which was
signed on 10 August 2023, ratified by law on 29
March 2024 and fully entered into force on 30
May 2024 (Co-Development Agreement).
For further details regarding the history and
previous operators for the Simandou
Property, see Mines and Production
Facilities–Simandou on page 316.
Infrastructure
A new trans-Guinean railway consisting of a
multi-use, multi-user main line approximately
536km long is being constructed in
conjunction with WCS.
Two separate spur lines from the main rail
line are being constructed to each of the two
separate mining areas, the WCS Spur Line
for Blocks 1 and 2, and the SimFer Spur Line
for Blocks 3 and 4.
There is an existing airport at Beyla, which is
located some 35km from the Simandou camp.
A purpose built crushing and material
handling facility will be constructed at the
project, which is capable of handling the
Direct Shipping Ore (DSO) product from the
mine.
The product from the Ouéléba crushing plant
will be stacked by dedicated stackers onto
separate rows of stockpiles in a common
stockyard.
Power for Simandou will be supplied by a
combination of diesel generated electrical
power, and solar/battery power. Downhill
conveying from the mine to the stockyard will
supply regenerative power when ore is being
transported from the mine.
The power plant is a hybrid renewable plant
that supplies a maximum demand of
approximately 18.5MW using diesel-fired
generators initially, plus capacity for future
expansion using a combination of diesel-fired
generators and future renewable sources.

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Additional information | US Disclosure
Current site access roads are being
upgraded to handle mine traffic and
contractor access for construction of the
processing plant, and associated
infrastructure.
Camp facilities are in place, with a current
workforce involved in further geological
sampling and construction works. Planned
expansion of camp facilities in addition to an
expansion and upgrade of an existing airstrip
are planned for the project construction
phase.
Port access will be through the port located
in the Morebaya Estuary south of Conakry in
the Forécariah prefecture, which will allow for
the global distribution of iron product. The rail
and port infrastructure to enable export of ore
from the Property is being co-developed as a
JV between the Guinean State, SimFer
Jersey, and WCS, with the ultimate owner
and operator of the co-developed
infrastructure being the CTG.
General infrastructure will include mine
access control and guard house, mine
administration buildings, workshops, mine
operations buildings, prayer building, site
laboratory, and a central messing and
ablution facility.
Critical infrastructure that supports the camp
includes potable and wastewater plants,
potable water networks, and back-up power
generation.
The Ouéléba mine will supply ore to the
stacker/reclaimer via a dual primary crusher,
and downhill conveyor.
Titles, leases and permits
The following key agreements relating to the
development and operation of Simandou
have been entered into by Rio Tinto, the
Guinean State, and other entities, and have
an impact on Rio Tinto’s interest in, and
obligations relating to, Simandou:
–SimFer mining concession over Blocks 3
and 4 was granted on 22 April 2011 by
Presidential Decree No. D/2011/134/
PRG/SGG, which was published in the
April special issue of the Official Journal
of the Republic of Guinea (Concession
Decree).
–In 2012, the Environment and Social
Impact Assessment (ESIA) was originally
approved, and the Government of Guinea
declared Simandou a “Project of National
Interest”. Approvals have been
maintained in accordance with applicable
law throughout construction, through
annual renewals of certificates of
conformance.
–The ESIA has been updated through
approved ESIAs. An ESIA for the SimFer
Mine and Spur Line was approved in July
2024, and updated ESIA for Port
terrestrial works was approved in
September 2024. An updated ESIA for
Port Marine works is undergoing
regulatory approval as of
December 2024.
–The investment framework for the
development of Simandou, including a
mining convention (Amended and
Consolidated Basic Convention), as
adjusted on 10 August 2023 (Mine
Bipartite Agreement) to take into account
the new co-developed rail and port
infrastructure project; and a Build Operate
Transfer convention (BOT Convention),
as amended on 10 August 2023 by the
Co-Development Agreement. The BOT
Convention will remain in force during the
whole construction of the SimFer scope.
During operation, CTG will operate the
rail and port infrastructure under
dedicated rail and port conventions.
–The Concession duration is 25 years,
renewed automatically for a further period
of 25 years followed by further 10-year
periods in accordance with the mining
convention and the applicable Guinean
mining legislation, provided SimFer has
complied with its obligations under the
Amended and Consolidated Basic
Convention.
–The co-developed rail and port
infrastructure includes a purpose-built
port facility to be constructed at Morebaya
estuary, which will facilitate the export of
the iron ore from the SimFer Mine, and
WCS Mine. The port will have a capacity
of 120 million tonnes per annum (Mtpa)
and will be shared with WCS. The port
will be accessed by a purpose built
536km main rail line with spurs to connect
the SimFer Mine (68km), and WCS Mine
(16km) to the port at Morebaya. The rail
will have initial capacity of up to 120Mtpa.
These agreements establish obligations and
commitments of the involved parties,
including the Guinean State, providing clarity
and certainty in respect of the development
and operation of Simandou.
Access to the mine site and to the ore is
guaranteed under the applicable mining
legislation and the Amended and
Consolidated Basic Convention. Mining,
exploration, and exploitation works carried
out or to be carried out on site are authorized
in accordance with the applicable legislation
and/or the Amended and Consolidated Basic
Convention. Other required permits and
authorizations (e.g., environmental, building,
etc.) are applied for by SimFer in compliance
with the application legislation and its
investment framework.
Activities related to Simandou must be
carried out in accordance with these
agreements and the laws of Guinea. As of
the date of this Form 20-F filing, material
permits and authorizations necessary to
develop and operate Simandou have
been obtained.

Tenure Number | Tenure Name | Tenure Type | Holder Group | Rio Tinto’s Interest | Tenure Status | Expiry Date | Current Area (ha)
A2011/011/ DIGM CPDM | Simandou Blocks 3 and 4 | Mining concession | SimFer Jersey Limited (shareholders RT SimFer UK Ltd and CIOH) of which we have a 53% interest in 85% of the project => 45.05% | 45.05% | Live | 07 July 1964 | 36,900

Annual Report on Form 20-F 2024 | 355 | riotinto.com

Additional information | US Disclosure
Encumbrances
There are no known significant
encumbrances to the Property at Simandou
that would impact the current Mineral
Resources or Mineral Reserves. It should
however be noted that:
–In addition to its existing 15% share in the
share capital of SimFer S.A., the State
has been granted various options to
purchase over time additional shares in
the share capital of SimFer S.A up to 20%
(of which 10% based on Mining Historical
Costs and 10% at market value). None of
these options have been exercised on the
date of this submission; and
–The State can terminate the Amended
and Consolidated Basic Convention and/
or withdraw the Concession in various
circumstances such as (i) a material
breach by SimFer S.A. of its obligations
under the Amended and Consolidated
Basic Convention, including not reaching
first commercial production by a certain
date; (ii) the physical completion of the
Mining Infrastructure does not occur by
31 December 2026; the Main Rail Line,
SimFer Spur Line, WCS Spur Line and
WCS Barge Port are not completed by 31
December 2026, and the State withdraws
the WCS Concession, provided that these
deadlines can be postponed based on
legitimate grounds such as force majeure
events and/or following the application of
extension mechanisms provided for in,
and in accordance with, the Co-
Development Agreement and/or the Mine
Bipartite Agreement. No such termination
or withdrawal has been notified to SimFer
S.A. to date.
For further details regarding the titles, leases
and rights for Simandou, see Section 3 of the
Simandou Technical Report Summary filed
as exhibit 96.4 to this Form 20-F for the year
ended 31 December 2023 (“2023 Form 20-F”).
Personnel
Personnel will be engaged on either a
residential, or FIFO basis. During
construction, personnel will be sourced from
capital and regional centers in Guinea, as
well as overseas where local skills are
unavailable.
Age, modernisation and condition of the
equipment and facilities
The facilities at Simandou are relatively new,
or under construction. All infrastructure,
equipment, and facilities are subject to an
ongoing regime of sustaining capital
investment and maintenance, underpinned
by asset integrity audits, engineering
inspections, engineering life cycles for key
equipment, and safety inspections and
audits.
Book value
For the book value for Simandou, see Rio
Tinto Financial Information by Business Unit
on pages 266-267.
Geology and mineralisation
The Ouéléba and Pic de Fon deposits are
located in the Simandou Range, on a
prominent ridge. The Simandou Range is the
result of multi-phase ductile deformation
represented by tight synformal fold keels and
sheared antiformal structures. The ridge
consists of a formation of itabirites
(metamorphosed Banded Iron Formation
(BIF)) and phyllites, overlying basement
gneiss and amphibolite. The itabirites and
phyllites have been deeply weathered and
identifying stratigraphy is difficult, with the
only discernible contact being that between
the itabirites, and phyllites.
The Ouéléba deposit is located towards the
southern end of the Simandou Range,
approximately 5km north of the Pic de Fon
deposit. It is an approximately 7km long and
700m wide zone of mineralisation.
The Pic de Fon deposit is an approximately
7.5km long, and 500m wide (extending
briefly to just over 1,000m wide at the
northern end of the deposit) zone of
mineralisation. The deposit forms part of a
north-northwest trending ridge, and both
deposits originated from an itabirite
precursor.
The ridge line likely forms part of an ancient
erosion surface, probably mid-tertiary in age,
which has been subjected to deep prolonged
tropical weathering.
Ouéléba hematite goethite mineralisation
consists mainly of friable hematite-goethite
material extending locally also to depths
greater than 400m below surface. Hematite
mineralisation at Pic de Fon consists mainly
of friable hematite material extending locally
to depths greater than 400m below surface.
Mineral Resources
The table on pages 292-293 sets out the
amount and grade, of Simandou’s Measured,
Indicated and Inferred Mineral Resources for
the year ended 31 December 2024. The 9%
increase in Measured and Indicated Mineral
Resources and 4% decrease in Inferred
Mineral Resources compared to the year
ended 31 December 2023 is primarily due to
updates to the Oueleba North model.
The Mineral Resources estimate is based on
the following assumptions:
–Exclusive of Mineral Reserves – Mineral
Resources are reported exclusive of
Mineral Reserves.
–Moisture – All Mineral Resources
tonnages are estimated and reported on
a dry basis.
–Mineral Resources are estimated using
ordinary kriging.
–The sample data preparation including
data capping is appropriate for use in
estimation of Mineral Resources.
–The pit optimisation used to determine
the resources that have reasonable
prospects of economic extraction.
–It is assumed that standard open pit load
and haul mining operations will be
applicable for the mining of Mineral
Resources. Processing will be through
crushing and blending.
–Studies are currently in progress to
determine the viability of producing a
DSO dual product including Blast
Furnace (BF), and Direct Reduction (DR)
quality products from the operation over
the life of mine.
For more information regarding the material
assumptions for the Mineral Resources
estimates, see Section 11 of the Simandou
Technical Report Summary filed as exhibit
96.4 to the 2023 Form 20-F.

Annual Report on Form 20-F 2024 | 356 | riotinto.com

Additional information | US Disclosure
Mineral Reserves
The table on pages 280-281 sets out the
amount, grade, price and metallurgical
recovery of Simandou‘s Proven and
Probable Mineral Reserves for the year
ended 31 December 2024. There is no
material change in total Mineral Reserves
compared to the year ended 31 December
2023. The updated Mineral Reserves reflect
a classification change from Proven Mineral
Reserves to Probable Mineral Reserves due
to geotechnical parameters supporting
design being largely at pre-feasibility study
level.
The Mineral Reserves estimates for
Simandou are based on a Life of Mine plan
that has been developed in accordance with
SK-1300 and using industry accepted
strategic planning approaches which defined
the life of the mine at Ouéléba. Inferred
Mineral Resources have been treated as
waste. The final reserves plan is the outcome
of the application of appropriate modifying
factors in order to establish an economically
viable and operational mine plan. At Ouéléba
a variable cut-off grade strategy is applied to
develop the mine plan to separate the BF
and DR products within the iron ore
mineralisation. The Mineral Reserves
estimate only includes the Ouéléba deposit.
The Pic de Fon deposit will be the subject of
a feasibility study level investigation in the
future and more detail is provided in Table
1.2 of exhibit 96.4 to the 2023 Form 20-F.
Material assumptions in the estimation of
Mineral Reserves are:
–The resource model reflects the continuity
and complexity of the deposit with the
confidence stated in the classification.
–Mineral Reserves are reported as dry mill
feed tonnes.
–Cut-off grades for Direct Shipping Ore
(DSO) iron ore product. have been
applied within the life of mine final pit
design based upon Fe >=58%, Al 2 O 3 +
SiO 2 <= 8%, P <= 0.25%.
–Commodity prices, operating and
capital costs.
–Geology models contain tonnage
estimates on a dry in situ basis. The
estimated water content (moisture) for
each block model block is added.
–Processing recovery estimates are
applied to ex-pit handling as 0.5% losses.
Uncertainties that affect the reliability or
confidence in the Mineral Reserves estimate
include but are not limited to:
–Future macro-economic environment,
including metal prices and foreign
exchange rate.
–Changes to operating cost assumptions,
including labour costs.
–Ability to continue sourcing water.
–Changes to mining, hydrological,
geotechnical parameters, and
assumptions.
–Ability to maintain environmental and
social licence to operate.
For more information regarding the material
assumptions for the Mineral Reserves
estimates at Simandou, see Section 12 of
Simandou Technical Report Summary filed
as exhibit 96.4 to the 2023 Form 20-F.
Exploration
Exploration at Simandou is undertaken by
SimFer’s site resource evaluation team. The
current exploration strategy is focused on
developing a project pipeline prioritized in
areas that can extend current development.
Further drilling and updates to the Pic de Fon
Mineral Resourcea model will permit a
feasibility level study to assess the potential
conversion of the Mineral Resources in a
mineable extension of the current project.
Development of the known Mineral
Resources is a key objective of stakeholders
and over the life of mine, SimFer will
continue to progress its understanding of
these resources, and ultimately make
decisions on their development.
Additional information can be found in
Section 7 of the Simandou Technical Report
Summary filed as exhibit 96.4 to the 2023
Form 20-F.
Internal controls disclosure
pursuant to Item 1305 of
SK-1300 under Securities Act
of 1933
For a description of the internal controls that
Rio Tinto uses in its exploration and Mineral
Resources and Mineral Reservse estimation
efforts, quality control and quality assurance
programs, verification of analytical
procedures and a discussion of the risk
management related to these estimates, see
Mineral Resources and Mineral Reserves
Governance and Internal Controls on
page 300.

Annual Report on Form 20-F 2024 | 357 | riotinto.com

Additional information
Financial calendar

2025 |  |
16 | January | Fourth quarter 2024 operations review
30 | January | Closing date for receipt of nominations for candidates other than those recommended by the Board to be elected as directors at the 2025 annual general meetings
19 | February | Announcement of results for 2024
6 | March | Rio Tinto plc and Rio Tinto Limited ordinary shares quoted “ex-dividend” for the 2024 final dividend
7 | March | Rio Tinto plc ADRs quoted “ex-dividend” for the 2024 final dividend
7 | March | Record date for the 2024 final dividend for Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADRs
27 | March | Final date for elections under the Rio Tinto plc and Rio Tinto Limited dividend reinvestment plans and under facilities for dividends to be paid in alternative currency for the 2024 final dividend
3 | April | Annual general meeting for Rio Tinto plc, UK
8 | April | Dividend currency conversion date
16 | April | First quarter 2025 operations review
17 | April | Payment date for the 2024 final dividend to holders of ordinary shares and ADRs
1 | May | Annual general meeting for Rio Tinto Limited, Australia
16 | July | Second quarter operations review 2025
30 | July | Announcement of half-year results for 2025
14 | August | Rio Tinto plc and Rio Tinto Limited ordinary shares quoted “ex-dividend” for the 2025 interim dividend
15 | August | Rio Tinto plc ADRs quoted “ex-dividend” for the 2025 interim dividend
15 | August | Record date for the 2025 interim dividend for Rio Tinto plc and Rio Tinto Limited ordinary shares and Rio Tinto plc ADRs
4 | September | Final date for elections under the Rio Tinto plc and Rio Tinto Limited dividend reinvestment plans and under facilities for dividends to be paid in alternative currency for the 2025 interim dividend
16 | September | Dividend currency conversion date
25 | September | Payment date for the 2025 interim dividend to holders of ordinary shares and ADRs
16 | October | Third quarter 2025 operations review

Cautionary statement about forward-looking statements
This report 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, 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 statements.
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. Among the important
factors that could cause Rio Tinto’s actual
results, performance or achievements to
differ materially from those in the forward-
looking statements include, but are not
limited to:
an inability to live up to Rio Tinto’s values
and any resultant damage to its reputation;
the impacts of geopolitics on trade and
investment; the impacts of climate change
and the transition to a low-carbon future; an
inability to successfully execute and/or
realise value from acquisitions and
divestments; the level of new ore resources,
including the results of exploration programs
and/or acquisitions; disruption to strategic
partnerships that play a material role in
delivering growth, production, cash or market
positioning; damage to Rio Tinto’s
relationships with communities and
governments; an inability to attract and retain
requisite skilled people; declines in
commodity prices and adverse exchange
rate movements; an inability to raise
sufficient funds for capital investment;
inadequate estimates of ore resources and
reserves; delays or overruns of large and
complex projects; changes in tax regulation;
changes in environmental, social and
governance reporting standards; safety
incidents or major hazard events; cyber
breaches; physical impacts from climate
change; the impacts of water scarcity; natural
disasters; an inability to successfully manage
the closure, reclamation and rehabilitation of
sites; the impacts of civil unrest; breaches of
Rio Tinto’s policies, standards and
procedures, laws or regulations; trade
tensions between the world’s major
economies; increasing societal and investor
expectations, in particular with regard to
environmental, social and governance
considerations; the
impacts of technological advancements; and
such other risks identified 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 SEC or Form 6-Ks furnished to,
or filed with, the SEC. Forward-looking
statements should, therefore, be construed
in light of such risk factors 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 report 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.

Annual Report on Form 20-F 2024 | 358 | riotinto.com

Additional information
Contact details
Registered offices
Rio Tinto plc
6 St James’s Square
London
SW1Y 4AD
UK
Registered in England No. 719885
Telephone: +44 (0)20 7781 2000
Website: riotinto.com
Rio Tinto Limited
Level 43, 120 Collins Street
Melbourne 3000
Australia
ABN 96 004 458 404
Telephone: +61 3 9283 3333
Website: riotinto.com
Rio Tinto’s agent in the US is Cheree Finan,
who may be contacted at
Rio Tinto Services Inc.
80 State Street
Albany
NY 12207-2543
US
Shareholders
Please refer queries about shareholdings to
the investor centre of the respective registrar.
Rio Tinto plc
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS99 6ZZ
UK
Telephone:
+44 (0)800 435 021 (in the UK)
+44 (0)370 703 6364 (overseas)
Website: computershare.com
Holders of Rio Tinto American Depositary
Receipts (ADRs)
Please contact the ADR administrator if you
have any queries about your ADRs.
ADR administrator
J.P. Morgan Chase Bank N.A.
Shareowner Services
PO Box 64504
St. Paul
MN 55164-0504
US residents only, toll free general:
+1 (800) 990 1135
Telephone from outside the US:
+1 (651) 453 2128
US residents only, toll free Global invest
direct: +1 (800) 428 4237
Website: adr.com
Email: shareowneronline.com/informational/
contact-us/
Rio Tinto Limited
Computershare Investor Services Pty
Limited
GPO Box 2975
Melbourne
Victoria 3001
Australia
Telephone: +61 (0) 3 9415 4030
Australian residents only, toll free:
1800 813 292
New Zealand residents only, toll free:
0800 450 740
Website: computershare.com
Former Alcan Inc. shareholders
Computershare Investor Services Inc.
8th Floor
100 University Avenue
Toronto, ON
Canada
M5J 2Y1
Telephone: +1 (514) 982-7555
North American residents only,
toll free: +1 (800) 564-6253
Email: corporateactions@computershare.com
Website: computershare.com
Investor Centre
Investor Centre is Computershare’s free,
secure, self-service website, where
shareholders can manage their holdings
online. The website enables shareholders to:
–View share balances
–Change address details
–View payment and tax information
–Update payment instructions
In addition, shareholders who register their
email address can be notified electronically
of events such as annual general meetings,
and can receive shareholder
communications such as the Annual Report
or notice of meeting electronically.
Rio Tinto plc shareholders
Website: investorcentre.co.uk
Rio Tinto Limited shareholders
Website: www-au.computershare.com/
Investor

riotinto.com
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ITEM 19. EXHIBITS
Exhibits marked “*” have been filed as exhibits to this Annual report on Form 20-F and other exhibits have been incorporated by reference as indicated.
INDEX

Exhibit Number | Description
1.1 | Articles of Association of Rio Tinto plc (adopted by special resolution passed on 20 April 2009 and amended on 1 October 2009 and 8 April 2020) (incorporated by reference to Exhibit 1.1 of Rio Tinto plc Annual Report on Form 20-F for fiscal year ended 31 December 2020, File No. 1-10533)
1.2* | Constitution of Rio Tinto Limited (CAN 004 458 404) (as adopted by special resolution passed on 24 May 2000 and amended by special resolution on 18 April 2002, 29 April 2005, 27 April 2007, 24 April 2008, 20 April 2009, 7 May 2020 and 2 May 2024)
2.1* | Description of securities
3.1** | DLC Merger Implementation Agreement, dated 3 November 1995 between CRA Limited and The RTZ Corporation PLC relating to the implementation of the DLC merger (incorporated by reference to Exhibit 2.1 of Rio Tinto plc's Annual report on Form 20-F for the financial year ended 31 December 1995, File No. 1‑10533)
3.2 | DLC Merger Sharing Agreement, dated 21 December 1995 and amended on 14 April 2005, 29 April 2005 and 18 December 2009 between CRA Limited and The RTZ Corporation PLC relating to the ongoing relationship between CRA and RTZ following the DLC merger (incorporated by reference to Exhibit 3.2 of Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31 December 2009, File No. 1‑10533)
3.3 | RTZ Shareholder Voting Agreement, dated 21 December 1995 and amended on 18 January 2010 between The RTZ Corporation PLC, RTZ Shareholder SVC Pty. Limited, CRA Limited, R.T.Z. Australian Holdings Limited and The Law Debenture Trust Corporation p.l.c (incorporated by reference to Exhibit 3.3 of Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31 December 2009, File No. 1‑10533)
3.4 | CRA Shareholder Voting Agreement, dated 21 December 1995 and amended 18 January 2010 between CRA Limited, CRA Shareholder SVC Limited, The RTZ Corporation PLC and The Law Debenture Trust Corporation p.l.c., relating to the RTZ Special Voting Share (incorporated by reference to Exhibit 3.4 of Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31 December 2009, File No. 1‑10533)
4.1* | Rules of the Rio Tinto plc Equity Incentive Plan 2018, approved on 11 April 2018 and amended on 12 February 2019, 4 March 2021, 28 June 2021, 19 October 2023 and 8 May 2024
4.2* | Rules of the Rio Tinto Limited Equity Incentive Plan 2018, approved on 2 May 2018 and amended on 12 February 2019, 4 March 2021, 28 June 2021 and 19 October 2023 and 8 May 2024
8.1* | List of subsidiary companies
11.1* | Securities Dealing Policy
12.1* | Certifications pursuant to Rule 13a‑14(a) of the Exchange Act
13.1* | Certifications furnished pursuant to Rule 13a‑14(b) of the Exchange Act (such certifications are not deemed filed for purpose of Section 18 of the Exchange Act and not incorporated by reference in any filing under the Securities Act)
15.1* | Consent of KPMG LLP and KPMG, independent registered public accounting firms
16.1* | Mine safety and health administration safety data
17.1* | Guarantors and Issuers of Guaranteed Securities
96.1 | Technical Report Summary Pilbara Operations (incorporated by reference to Exhibit 96.1 of Rio Tinto plc Annual Report on Form 20-F for fiscal year ended 31 December 2021, File No. 1-10533)
96.2 | Technical Report Summary Escondida (incorporated by reference to Exhibit 96.2 of Rio Tinto plc Annual Report on Form 20-F for fiscal year ended 31 December 2022, File 1-10533)
96.3 | Technical Report Summary Oyu Tolgoi (incorporated by reference to Exhibit 96.3 of Rio Tinto plc Annual Report on Form 20-F for fiscal year ended 31 December 2022, file 1-10533)
96.4 | Technical Report Summary Simandou (incorporated by reference to Exhibit 96.4 of Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31 December 2023, File No. 1‑10533)
97.1 | Incentive-Based Compensation Clawback Policy, approved on 19 October 2023 (incorporated by reference to Exhibit 96.5 of Rio Tinto plc Annual report on Form 20-F for the fiscal year ended 31 December 2023, File No. 1‑10533)
101* | Interactive data files

* Filed herewith
** Paper filing in 1995

Signature
The Registrants hereby certify that they meet all of the requirements for filing on Form 20-F and that they have duly caused and authorised the undersigned to sign this Annual Report on their behalf.

Rio Tinto plc | Rio Tinto Limited
(Registrant) | (Registrant)
/s/ Andy Hodges | /s/ Tim Paine
Name: Andy Hodges | Name: Tim Paine
Title: Company Secretary | Title: Company Secretary
Date: 20 February 2025 | Date: 20 February 2025