14 October 2026

Strong operational performance at Oyu Tolgoi copper and Pilbara iron ore

Rio Tinto Chief Executive Simon Trott said: “We delivered strong operational performance in the third quarter.  Oyu Tolgoi copper production increased 29% year-to-date, with the operation running at a ~450 kt annualised rate in the quarter, and global iron ore sales are up 3% year-to-date. The Simandou iron ore mine hit an annualised production run-rate of ~10 Mtpa (100% basis) in the quarter as the project continues to ramp up.

“We are finishing the year with momentum, with significant opportunities to accelerate improvements in safety, productivity and reliability through implementation of our operating system. We remain on track for a $1.8 billion annualised productivity benefit run-rate by the end of 2026.  Our major projects remain on schedule and budget, underwriting our growth profile to 2030.

“We made further significant steps in decarbonising our business in the third quarter, with our Pacific Aluminium smelter repowering arrangements now well progressed.

“Today, we announce that we have achieved more than $2 billion1 of capital release year-to-date, as we actively manage our portfolio with discipline to maximise long-term value, as part of the $5 to 10 billion capital release program.”

1.  Executive Summary

•  Operational excellence: ~1% YTD increase in copper equivalent (CuEq2) production, driven by growth from Oyu Tolgoi copper and Pilbara iron ore.

•  Copper: Oyu Tolgoi production increased by 27% YoY in Q3 and 29% YTD. At Kennecott, we successfully completed the rebuild of the flash converting furnace at end-August ahead of plan.

•  Iron ore: Q3 global iron ore sales were 90.8 Mt, up 3% YoY, while Pilbara sales increased 2% YoY. Simandou hit an annualised production run-rate of ~10 Mtpa (100% basis) in Q3 as the project ramps up and remains on track to reach a 60 Mtpa production run-rate during H2 20283.

•  Aluminium: Consistent, stable performance across the full operating system. Pacific smelter repowering arrangements are now well progressed, following the Tomago and Bell Bay power agreements in Q3.

•  Lithium: Production up 33% YTD despite adverse weather impacting Q3 operations. Fenix 1B ramp-up continues to progress well.

1 Announced year-to-date. Completion and cash receipt is subject to entry into binding agreements and satisfaction of conditions precedent. We remain on track to announce around $5 billion in total of capital release initiatives by end 2026. 2 Copper equivalent (CuEq) volume = Rio Tinto’s share of production volume / Volume conversion factor x Product price ($/t) / Copper price ($/t). Prices are based on long-term consensus prices.  3 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 Presentation”. Rio Tinto confirms that all material assumptions underpinning that production target continue to apply and have not materially changed. 4 Rio Tinto share unless otherwise stated. 5 Iron Ore production for Pilbara operations and Iron Ore Company of Canada (IOC) refers to saleable production (after crushing, screening and beneficiation). For Simandou, it represents ore ready for train loading at the SimFer mine gate: final (tertiary) crushing of Simandou ore takes place in China. 6 Includes all shipments from Pilbara and IOC, including those to our Portside trading business; excludes shipments from our Portside trading business. It also includes Simandou sales. At our Dec-2025 Capital Markets Day, we announced the move to guide on global iron ore sales (100%): indicated sales ranges (all on 100% basis) - Pilbara of 323 - 338 Mt, IOC of 15 - 18 Mt and Simandou of 5 - 10 Mt. For the Simandou value chain to China: at full production targeting a ~75-to-90-day cycle, with customer collection up to a further 30 days (mine to recognised sales). 7 Pilbara iron ore sales range remains subject to the timing of approvals for planned mining areas and heritage clearances. 8 QAL production included on a 100% basis. 9 Includes primary aluminium only. 10 Year-to-date 2025 represents production since March following completion of the Arcadium acquisition. Q1 2025 LCE production was 5.6kt (6.5kt on a 100% basis); LCE shipments were 3.8kt (5.0kt on a 100% basis). 11 Wet metric tonnes. 12 See further notes in Section 2, 2026 guidance.

Production/sales guidance is maintained1.

Unit cost guidance is maintained2, 3, 4.

Notes for the quarter:

•       Pilbara iron ore unit cash costs: impacts from external factors

◦      Diesel: Higher diesel prices increased unit costs by $0.9/t YTD vs 2025 YTD. Assuming the current spot price of ~$175/bbl for Q4, the full-year impact is expected to increase to $1.1/t.

◦      Foreign exchange: At US$0.70/A$, the full-year impact to unit costs is around $1.0/t relative to the guidance assumption of US$0.67/A$.

1 Guidance remains subject to weather impacts.

2 There will be timing differences between market rates and realised diesel prices due to contractual arrangements.

3 Subject to the impact of higher diesel prices and foreign exchange. Based on Australian dollar exchange rate of 0.67.

4 Gold price assumption is $4,026/oz (spot price as at 30 June 2026).

3. Group update 

Expenditure on exploration and evaluation

•          YTD pre-tax and pre-divestment expenditure on exploration and evaluation charged to the Income Statement was $692 million compared with $537 million in 2025. Approximately 50% of the spend was by the Copper product group, 28% by central exploration and other operations, and 22% by the Iron Ore product group.

•          Copper accounts for the majority of total expenditure on exploration and evaluation (included in the Copper product group and central exploration).

Capital release

We are systematically redeploying capital into higher-returning opportunities. To date, we have entered arrangements to release more than US$2 billion1 for redeployment through our capital allocation framework.

This comprises:

◦         In July, we signed an agreement with Yindjibarndi WaterCo for the proposed sale of the Dampier Seawater Desalination Plant in Western Australia.

◦         We have agreed the sale of land in Kitimat, British Columbia, Canada, to LNG Canada for their Phase II project. Completion expected in Q4.

◦         We have entered into a non-binding arrangement for a lithium sales contract with a pre-payment component.

◦         We have completed a number of smaller non-core asset disposals as part of our ongoing portfolio optimisation.

We are progressing other opportunities, with further announcements expected in 2026 as we deliver the initial ~$5 billion of the $5–10 billion capital release program announced at Capital Markets Day 2025.

1 Announced year-to-date. Completion and cash receipt is subject to entry into binding agreements and satisfaction of conditions precedent.

Middle East conflict

Ongoing disruptions in the Middle East continued to drive volatility in energy and freight markets. Operational impacts to Rio Tinto remained limited, with no material disruption to production or outbound supply chains. Rio Tinto’s fuel availability remained adequate, supported by inventory buffers and alternative sourcing.

Conditions in the Strait of Hormuz remain highly volatile, and we continue to monitor developments and maintain contingency plans for further disruption.

Global economy: global growth moderated slightly through Q3 due to persistent geopolitical and energy market uncertainty. Developed market activity remained strong, supported by ongoing AI-linked investment and resilient manufacturing output.

Chinese economy: domestic economic activity moderated in Q3, with strong export demand and manufacturing activity partly offset by weaker domestic consumption and investment. August’s industrial production grew 5% YoY, driven by a 17% YoY increase in high-tech manufacturing. Policy support remained focused on infrastructure, including grid and AI development.

US economy: growth remained resilient, supported by AI-related investment, broader business spending and consumer demand. Inflation remained elevated, prompting the Federal Reserve to raise interest rates by 25 basis points in September.

Copper

•          London Metal Exchange (LME) copper reached a record high of $6.74/lb ($14,850/t) in mid-August, supported by constrained mine supply, strong investor flows and optimism around AI-driven electricity demand. Prices averaged $6.40/lb ($14,110/t) for the quarter.

•          Copper mine supply remained constrained during Q3, with major storms in Chile adding to existing supply challenges. DRC production remained relatively resilient despite concerns around sulphur and sulphuric acid availability.

•          Uncertainty around potential US tariffs on refined copper cathode imports persisted through Q3, sustaining a premium between Chicago Mercantile Exchange (CME) and LME prices and driving continued US imports above underlying demand.

•          The copper concentrate market remained extremely tight in Q3, with spot treatment and refining charges ending the quarter at a record low of -$267/t. High sulphuric acid prices are helping to offset pressure on smelter economics.

Iron ore

•          During Q3, iron ore prices were sustained in a narrow band around their $97/dmt 61% delivered (CFR) average. Higher seaborne freight costs compressed producer netbacks, particularly for longer haul Atlantic supply. Seaborne lump premiums rebounded by 33% QoQ, realigning to long-term historical average levels and the marginal cost of sintering in China.

•          China's finished steel consumption is estimated to have declined ~4% QoQ and ~2% YoY in Q3, while steel exports increased 3% YoY to a 122 Mt annualised rate, partly offsetting weaker domestic demand and supporting crude steel and pig iron production.

•          Seaborne iron ore supply declined 1% QoQ in Q3 in response to elevated operating and freight costs putting pressure on marginal supply. Of note, long-haul shipments outside Australia and Guinea declined by an estimated 8% MoM in September.

•          China's domestic iron ore production declined 8% YoY in Q3, affected by flooding, safety inspections and scheduled maintenance.

Aluminium

•          LME aluminium averaged $3,226/t in Q3, 23% above the 2025 average but below the four-year high reached in Q2.

•          Middle East supply saw some recovery through Q3, with most of the smelting capacity curtailed earlier in the year remaining offline, while Chinese production remained close to its 45 Mt capacity cap.

•          The global aluminium market remained in deficit as ex-China demand showed early signs of recovery and reported inventories continued to decline. Regional physical premiums remained elevated, reflecting constrained metal availability and higher freight costs.

•          Australian FOB alumina prices increased 8% during Q3 to $355/t as the ex-China market tightened, while Chinese bauxite CIF prices remained supported by elevated Capesize freight costs.

Lithium 

•          Lithium carbonate prices averaged around $19,000/t in Q3, supported by healthy demand amid announcements of potential supply restarts in Australia and Africa.

•          Battery energy storage systems (BESS) remained the strongest source of lithium demand growth, with global shipments increasing 94% YoY in the first eight months of 2026 to an annualised rate of around 1,050 GWh. Total EV sales have moderated as policy support in China and North America continues to unwind.

•          Lithium demand is gaining further support from larger battery packs across vehicle models and strong growth in commercial EVs.

1 Monthly average Platts (CFR) index for 61% iron fines from 1 January 2026.

2 Fastmarkets Iron ore 65% Fe Brazil-origin fines, CFR Qingdao, $/dmt.

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

​

Kennecott

•          Q3:

◦         After the flash converting breach in late June 2026, we successfully completed the rebuild - over approximately 70 days - at the end of August and the furnace has since returned to normal capacity. The outage drove lower cathode production in Q3.

◦         Mined copper production increased QoQ on higher throughput, as Q2 was impacted by planned concentrator maintenance and a three-day safety stand-down in April. Grades and recoveries also increased.

◦         As previously disclosed, geotechnical management activities in the open pit are ongoing to restore access to the planned mining areas.

◦         Molybdenum production is expected to fall as planned through the rest of 2026 and into 2027 as the open-pit mining sequence moves into lower-molybdenum-bearing material, while gold production is expected to increase due to higher grades and recovery rates.

•          YoY:

◦         Lower cathode production due to the flash converting furnace breach, with mined copper converted into matte and accumulated ahead of the flash converting furnace for subsequent processing to cathode. Note: Q3 2025 production was weak, impacted by a 45-day planned smelter shutdown which commenced in early September.

◦         Higher mined copper due to the timing of the annual concentrator shutdown which occurred in the third quarter in 2025 versus the second quarter in 2026.

Escondida

•          Q3: lower concentrate production, reflecting lower throughput caused by scheduled maintenance, a safety stand-down following a fatal incident, planned lower concentrate feed grades and severe weather disruptions.

•          YoY: lower concentrate production also reflected planned lower feed grades in line with mine sequence, scheduled maintenance, the safety stand-down and severe weather disruptions, partially offset by higher refined copper production.

Oyu Tolgoi

•          Q3: increase in production driven by the continued ramp up of underground operations with higher  recoveries.

•          YoY: increase in production driven by the ramp up of underground operations, higher ore grades and improved recovery rates. Q3 2025 was impacted by a planned concentrator shutdown; the equivalent shutdown this year occurred in Q2.

•          Open pit update: we have recently completed the latest phase of mining in a high gold-grade area of the pit and the next planned phases of the open pit mine sequence contain lower gold grades for the rest of 2026 and into 2027.

•          In June 2026, the Government of Mongolia agreed to commence work on resolution of the Entrée licence transfer for Panel 1. As this remains in progress, we continue to advance Panels 0 and 2 North followed by Panel 2 South. Panel 1 is expected to be the final panel brought into production. Mine plan options will continue to be assessed and optimised as appropriate.

•          As part of the periodic review required under the Shareholders Agreement, we formally signed the previously agreed adjustment to the Oyu Tolgoi shareholder loan interest rate during Q3.

•          Production ramp-up remains on track to reach an average of around 500 thousand tonnes of copper per year (100% basis and stated as recoverable metal) from 2028 to 20361, inclusive of ongoing sustaining capital expenditure associated with ramp-up activities.

Pilbara operations

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

1 SP10 includes other lower grade products.

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

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

•          Q3 production: strong mine performance continued through Q3 supported by ongoing productivity initiatives.

•          Q3 sales: +2% YoY, supported by mine performance and sustained healthy port inventories.

◦         Port outload capacity will be impacted during some quarters in 2027 and 2028 with several scheduled major capital projects underway (including Parker Point reclaimers) to improve system flexibility and prepare for the Rhodes Ridge project.

•          Q3 sales: 9% of sales priced by reference to the prior quarter’s average index lagged by one month:

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

◦         26% of sales were made on a free on board (FOB) basis, with remainder sold including freight.

•          Q3 portside sales in China: 4.7 Mt (4.9 Mt in Q3 2025)

◦         71% of our portside sales were either screened or blended in Chinese ports.

◦         End-September inventory levels at portside were 3.7 Mt, including 2.4 Mt of Pilbara product.

​

Iron Ore Company of Canada (IOC)

1 Sales includes material shipped from IOC to our portside trading facility in China which may not be sold onwards by the group in the same period.

•          Q3 production: up 30% QoQ (down 5% YoY). Operational focus remains on progressively improving pit health. This has been supported by mine sequencing and an increase in total material movement.

•          Q3 sales: up 20% QoQ (down 6% YoY) reflecting higher concentrator feed and a return to normal in-load rates at the port following the ore dumper replacement.

Simandou

1 Simandou production represents ore ready for train loading at the SimFer mine gate.

2 2.3 Mt (100% SimFer) of crushed iron ore (1 Mt, Rio Tinto share) was produced in 2025 and was recorded for the first time in Q4 2025, some of which required reprocessing in 2026.

•          Q3 production: a ~10 Mtpa (100%) production run-rate was achieved in Q3. Fixed-plant commissioning and operational readiness continued to progress as planned, supporting the transition to permanent plant infrastructure in Q4.

•          Stockpiles: as at the end of September, 7.9 Mt of uncrushed ore was stockpiled at the mine, which contributes to 11.1 Mt across the entire system including the Guinean port, on ships and in China ports.

•          Q3 sales: 2.2 Mt (100%) was shipped to China and sales totalled 1.3 Mt.

◦         Simandou value chain to China: at full production targeting a ~75-to-90-day cycle, with customer collection up to a further 30 days (mine to recognised sales).

Aluminium

Bauxite

•          Q3: production increased 4% QoQ, as Weipa operations continued to recover from the Q1 weather disruption, partially offset by timing of a major maintenance on the off-loading line (10 days) at CBG (Sangaredi) in Guinea. Production was 4% lower YoY, primarily reflecting planned shutdowns at Weipa in August.

Alumina

•          Q3: production increased 3% QoQ, with reliability improving at QAL, Yarwun and Vaudreuil. Production increased 10% YoY, primarily reflecting QAL being reported on a 100% basis from 2026.

•          Yarwun production is expected to reduce by 40% in Q4 2026, as announced in November 2025, due to tailings constraints. The change is expected to reduce annual production by approximately 1.2 Mt and extend the refinery life to 2035.

Aluminium

•          Q3: production was stable QoQ (down -2% YoY) with the completion of the planned Arvida smelter closure offset by improved performance across the remaining portfolio.

◦         Kitimat: production increased YoY as the smelter operated at higher pot and amperage levels, supported by improved underlying performance and reservoir levels.

◦         Boyne: production increased YoY, reflecting improved operating stability and higher output.

◦         AP60 and Arvida: AP60 continued to ramp up, while the final Arvida potlines closed in June 2026 as planned.

•          Pacific smelter repowering arrangements: now well progressed, following the Tomago and Bell Bay power agreements in Q3 (see further details on page 18).

Tariffs

•          Q3: all produced metal was shipped, with sales pricing, product mix and shipping destinations flexed to optimise outcomes in a changing market environment.

Recycled aluminium

•          Q3: recycled aluminium production was broadly stable QoQ and increased 3% YoY. Improved output at the remaining US facilities more than offset lower Canadian production. YTD volumes remained 4% below 2025, reflecting the closure of the Canton, Ohio facility in mid-2025 as part of the reshaping of the downstream portfolio.

Lithium

•          Q3: impacted by planned maintenance and weather.

◦         Olaroz: production was affected by planned annual maintenance and lower lithium concentration in the ponds following weather events.

◦         Fenix: line 1B ramp-up is progressing well. Planned annual maintenance on Lines 0 and 1A, and severe weather in July, affected production during the quarter.

◦         Sal de Vida: ramp-up is progressing slower than anticipated due to available uptime of key equipment.

•          YTD: 2025 YTD reflects Mt Cattlin in operation in Q1 2025 (now in care and maintenance since end of March 2025).

•          To note: full year production expected at the low end of the guidance range, primarily reflecting the slower ramp-up at Sal de Vida.

We are advancing our strategic reviews and are actively testing the market for our Borates business and evaluating options for Rio Tinto Iron & Titanium. 

Borates

•          Q3: delivered solid production supported by continued strong market conditions.

Iron & Titanium

•          Q3: continued to align production with market demand, operating six (of nine) furnaces in Quebec and three (of four) furnaces at Richards Bay Minerals.

1. The La Granja Mineral Resource estimate is sourced from First Quantum Minerals Ltd. Quote from the First Quantum release: “the Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of December 31, 2025.”
2. Mitsui holds its 40% interest through an entity named SPC Blue Pty Ltd and AMB holds its 10% interest through Rhodes Ridge Mining (No 1) Pty Ltd, a wholly owned subsidiary of Wright Prospecting Pty Ltd, that is managed and controlled by AMB.

1. Non-operated.

•          Overall, Rio Tinto has a strong portfolio of exploration projects with activity in 13 countries across five commodities. During the quarter, Rio Tinto continued to progress a range of high-quality copper exploration opportunities. This included making a strategic investment in Mogotes Minerals and forming a strategic & technical alliance covering the Filo Sur copper project in Argentina.

This announcement is authorised for release to the market by Matthew Whyte, Rio Tinto’s Group Company Secretary.

riotinto.com

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Forward-looking statements

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

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

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

Rio Tinto share of production

Throughout this report, figures in italics indicate adjustments made since the figure was previously quoted on the equivalent page or reported for the first time. Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result between the total of the quarter figures and the year to date figures.
(a) Iron Ore production for Pilbara operations and Iron Ore Company of Canada refers to saleable production (after crushing, screening and beneficiation). For Simandou, it represents ore ready for train loading at the SimFer mine gate: final (tertiary) crushing of Simandou ore takes place in China. Simandou value chain to China : at full production targeting a ~75-to-90-day cycle, with customer collection up to a further 30 days (mine to recognised sales).

(b) Year-to-date 2025 represents production since March following completion of the Arcadium acquisition. Q1 2025 LCE production was 5.6kt  (6.5kt on a 100% basis);  LCE shipments were 3.8kt  (5.0kt on a 100% basis).

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

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

Rio Tinto share of production

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

(b) We continue to process third party concentrate to optimise smelter utilisation, including 5 thousand tonnes of cathode produced from purchased concentrate in Q3 2026. Purchased and tolled copper concentrates are excluded from reported production figures and guidance. Sales of cathodes produced from purchased concentrate are included in reported revenues.

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

​

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

(b) We continue to process third party concentrate to optimise smelter utilisation, including 5 thousand tonnes of cathode produced from purchased concentrate in Q3 2026. Purchased and tolled copper concentrates are excluded from reported production figures and guidance. Sales of cathodes produced from purchased concentrate are included in reported revenues.