HY 2023 Results and Growth Prospects

Strong Chinese iron ore imports absorbing supply gains China's crude steel production (Mt annualised) 1200 Iron Ore¹ (-15% YoY) $/dmt 250 1100 01000 900 200 150 100 50 50 este o 800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 0 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 5 Yr range -----5 Yr avg 2022 2023 Iron ore (US$/dmt) HY Average Seaborne Iron Ore supply run rate (Mt annualised²) 1700 1600 1500 1400 1300 1200 Although China's steel demand recovery encountered headwinds, crude steel production increased by 3% YoY during H1 Disruptions to scrap processing and availability, compounded by electricity shortages, helped lift China's pig iron production by 5% YoY during H1 This absorbed the 6% YoY increase in China's H1 iron ore imports, while domestic iron ore supply continues to experience significant safety and environmental challenges Meanwhile, Chinese steel exports trended up sharply towards 100 million tonne annualised run-rates, last observed in 2016 Seaborne iron ore supply performed strongly during the first half of the year, with June shipments from Australia and Brazil estimated at or close to all-time highs 1100 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total iron ore exports rose 5% YoY in H1, comprising a 2.5% increase from the major producers, >75% YoY rise of India's shipments, and 10% YoY gains from Canada 5 Yr range -----5 Yr avg 2022 2023 Rio Tinto ©2023, Rio Tinto, All Rights Reserved ¹Monthly average Platts (CFR) index for 62% iron fines | 2Total seaborne suppliers annualised, reported at 100% | YoY = change in average price during first half compared to previous year Sources: Rio Tinto Market Analysis, NBS, Kpler, S&P Global 29

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