Now I'd like to extend a warm welcome to all of our guests today for the 2026 half-year results. Before I begin, I would like to acknowledge the Gadigal people of the Eora Nation, on whose traditional lands we are gathered on today, and I pay my respects to elders past and present.

I extend that respect to all Indigenous peoples around the globe. I acknowledge they continue to play an important role within our communities and our businesses.

We are here today with our CEO Simon Trott and CFO Peter Cunningham to present to you these financial results. This will be followed by a Q&A session.

As a reminder, the usual cautionary statements apply. Now I'm very pleased to introduce Chairman Murray, Chairperson of the Metropolitan Local Aboriginal Land Council, who will deliver our Welcome to Country today before Simon commences the presentation.

I now invite Chairman Murray to the stage.

Good morning. How are yous?

How was the

coffee?

Good. My coffee was a bit like that, so.

A Welcome to Country, particularly in this country, has been subject to a lot of criticism, particularly on the right and particularly on the left, and there's no middle ground. If you are wanting to be welcomed by First Nations people, particularly here in Sydney, New South Wales, Australia, you do the right thing by acknowledging First Nation.

I want to pay respects to the Gadigal people of the Eora Nation. I don't know if you understand when it comes to sunrise and sunset.

Sunrise comes from the east, then it travels, and the sunlight travels all over, particularly Sydney, Sydney region, and then New South Wales, then across all the different clans there are. Something like in New South Wales there are 54 clans.

Across Australia, there are over 500 different clans. We're not as homogenous, not as one.

We're whereas many, and that's the purpose is that you would have a different relationship from neighboring clans, and, in particular, here in Sydney. There are no traditional owners here in Sydney, the five local Aboriginal land councils become, by default, are the traditional custodians.

It means a lot that you understand the respect. We've been here for thousands and thousands of years, and we want to continue to have that relationship with yourselves and to make sure, if you can, have a good dialogue and understanding and a commitment.

One of the things about us as a cohort, First Nations people, we are the poorest. We are the poorest Australians, and we don't see that wealth transfix or trans-related to us because all the different legislative laws that have taken place since colonization of Australia.

I'm not going to delve in that because I think you know what I'm saying. With that, welcome to Sydney.

Welcome to all the delegates. Welcome to all the investors.

Welcome to Sydney, and I pay respects to the Gadigal people of the Eora Nation. With that, that's one thing about coming here, understanding the colonial aspects of Sydney, and that's what we've got.

We've still got the colonial fix. With that, welcome to Gadigal land, Aboriginal land, always was, always will be Aboriginal land.

Thank you very much.

Thank you to Chairman Murray for that Welcome to Gadigal Country. Good morning and good evening, and thanks very much for being here.

As Rachel mentioned earlier, joined today by Peter Cunningham, our CFO, together with two other ExCo members in the audience, Jérôme and Mark. I'll start with safety.

In this half, we lost two of our colleagues, and I carry that with me. Nothing we report today means anything if our people do not go home safely.

Safety is my first priority, it is Rio's first priority, and it will always be. Across the business, we are continuing to make the changes that we need to ensure our people stay safe.

Now let me tell you where this business is heading. This has been a strong half, with real momentum building month on month.

We're running our assets harder and smarter, moving fast, changing how we work, and today it's showing through in the numbers. I said at Capital Markets Day last December that Rio was entering a new era and becoming stronger, sharper, and simpler.

Seven months on, I'm here to show the evidence. Now, two things drive everything we do: a relentless focus on both performance and on returns for you, our shareholders.

Everything else follows from that. Let me take you through it.

There are three reasons why Rio is the mining and the metal business to own. Firstly, we have a leading exposure amongst diversified miners to the biggest trends of our time: electrification, AI and digital, together with traditional demand.

Our commodities—copper, aluminum and lithium, and iron ore—sit right at the heart of these trends. These are the materials the world needs, and Rio is positioned to supply them at scale.

Second, along with the right commodities, we also have world-class assets. They are large, low-cost, and scalable, and we've got the balance sheet and the skills to monetize them.

What makes Rio distinctive is this combination, with its embedded growth. Major projects tracking to plan, and in several areas, ahead.

Simandou is now more than three-quarters complete. Oyu Tolgoi continues to ramp up and is achieving record production.

Lithium inflight projects are advancing, and the Rhodes Ridge study is progressing on track. This is a portfolio built for the decades ahead.

Now, we've talked about being more diversified, and today we're delivering. Nearly 60% of EBITDA in the first half was delivered from copper, aluminum, and lithium.

Thirdly, and this is where I want to spend most of the time today, we are focused on driving outstanding performance. This is where we have a real opportunity to unlock our potential.

These three strengths set us apart, and together these are why we continue to deliver both industry-leading returns as well as growth. That means consistent shareholder payments, resilience through the cycle, and capturing market upsides.

Outstanding performance is what turns a great asset base into a great business. Today I've flipped things around in the pack because I want to talk more about our performance first, before then coming to the macro.

Across the business, we're changing how we operate. This goes well beyond taking out costs, although we're doing that as well.

We're building a more agile Rio Tinto, pushing decisions closer to the assets where our people have the accountability to act. Our momentum is broad-based, and you can see it in our first-half numbers.

We grew copper equivalent production by 3%, and free cash flow rose by 75%. The strength of this performance meant we could deliver a 43% higher interim dividend, worth $3.4 billion.

Let's focus on what's underpinning these operational results. When I launched our program to build a stronger, sharper, simpler Rio Tinto at Capital Markets Day last December, I told you I'd deliver $650 million in productivity benefits, and we've delivered.

We've already banked $870 million to the end of June. I also told you that we would continue to grow the program.

Again, we've delivered. Today, I can announce we are targeting a year-end run rate of $1.8 billion, almost triple where we were just seven months ago.

There is substantially more to go as our momentum grows. This is all consistent with creating an operating culture that underpins the strongest and most valued metals and mining business, and then maintaining that into the future.

I'll give you a bit more sense of what we've been doing. This is not a top-down exercise where we simply squeeze budgets.

It's a structural change, with more than 80 large initiatives running at every level of the business. This is about how we manage contractors, how we source raw materials, how we invest in digital and innovation, how we structure our teams.

It's about the people closest to the work finding better ways of doing it. This is the culture of excellence I want to embed at Rio, codified through our new management operating system.

Let me walk you through a few examples. At OT, we have redesigned the way we approach underground development, harnessing data and speeding drawbell construction.

This is accelerated production, helping to generate around $80 million in productivity improvements. In the Pilbara, we've generated around $55 million in annual benefits by removing redundant capacity through stronger system resilience, building on the changes we made to product strategy.

We've delivered around $40 million in annual savings across Atlantic aluminum operations, with a sharpened focus on contractor management. This follows a focus kaizen looking to remove bottlenecks across all sites.

To me, this is what operational excellence looks like in practice. It's not about slogans.

It's about thousands of people making better decisions every day. Our results-driven operating model gives us the right structure to maintain that momentum.

Our drive to raise performance is unlocking our copper portfolio's potential. Since 2020, we've achieved industry-leading EBITDA growth while maintaining one of the lowest-cost positions in the sector.

There is more to come, as we target 1 million tonnes of copper by 2030. OT continues to ramp up towards 500,000 tonnes a year, while Kennecott is targeting 40% to 50% production growth.

Beyond 2030, we have a compelling pipeline of high-quality opportunities, including both brownfield and greenfield sites. We have industry-leading copper growth today, a clear path to 1 million tonnes by 2030, and exceptional portfolio of options to continue creating value well into the next decade.

I've talked about how we're changing the way we work to drive outstanding performance across our assets. Let's look at the power of applying those principles across our full portfolio.

We have large, low-cost assets in all the right commodities. Each has exceptional frontline teams with unique abilities.

We're a leading, low-cost copper producer at scale, the number one global iron ore producer, leading integrated Western aluminum producer, and the best pipeline of Tier 1 lithium options, targeting 200,000 tonnes of capacity by 2028. Together, these Tier 1 assets are the engines of our business, and they generated around 85% of our product group EBITDA last year.

As we continue to improve performance, these advantages only strengthen. Let me now go back to the macro and tell you about the markets we operate in.

Our portfolio gives us leading exposure among diversified miners to the biggest trends of our time: electrification, AI and digital, together with traditional demand. Starting with electrification, as you can see, up to 60% of the value of raw materials in an electric vehicle comes from our commodities.

Of particular note is the ramp-up in battery electric storage, critical for grid firming and managing the power demands of renewables and hyperscalers. Then there's AI and digital.

Up to 70% of the value of materials that goes into a data center comes from our commodities. The scale of investment is extraordinary, hyperscalers' capex forecast to reach near US$1 trillion next year.

Let's not forget traditional demand. Our commodities account for as much as 65% of the value of materials needed to build a modern office tower in a fast-growing city.

As India and the other economies continue to develop, we expect another construction wave as cities grow vertically. If you want exposure to the major growth trends of our time, Rio Tinto is the business to own.

The question I ask myself every day: How do we capture even more of the opportunities ahead? The answer is what I've mentioned: driving outstanding performance, having the right assets in the right commodities, and ensuring we allocate capital with discipline.

Because ultimately, capital efficiency and discipline is the bedrock of a resource business. We maintain a strong balance sheet with a single-A credit rating.

Every asset must justify its spot in the portfolio, and we rigorously allocate capital to projects that deliver value and returns to our shareholders. World-class projects like Simandou and OT showcase that we can execute at scale across commodities and across countries.

Among our peers and against the wider industry, we've demonstrated leading performance on capital and schedule adherence. We're now reaching an inflection point as those investments start to generate cash.

Turning then to cash release, our work to progress opportunities this year to release up to $5 billion of cash from our asset base is advancing. Finally, before I hand to Peter, I want to revisit our interim payout of $3.4 billion.

This 43% uplift illustrates how far we've come over the half. It reflects the benefits of the previous investments, and it shows our continuing commitment to you, our shareholders, as we continue to build our momentum.

Now over to you, Peter.

Thanks, Simon. We've delivered a step change in our financial performance this half, supported by stronger commodity markets, particularly copper and aluminum, which now represent almost 60% of our EBITDA.

However, this was not just a price story. As Simon mentioned, our productivity program is delivering.

We have strong momentum and see substantial opportunity ahead of us. The earnings uplift has translated directly into cash, with free cash flow rising by 75%, and even with our increased capital investment, we were able to reduce net debt during the period.

In line with our usual practice at the interims, we're declaring a 50% payout for the dividend, delivering a 43% increase to our shareholders. These results demonstrate that we can deliver growth and shareholder returns at the same time.

Let's unpack EBITDA through our standard waterfall. Underlying EBITDA increased 28% to $14.8 billion.

Now the improvement was driven by two distinct sources of value creation. Stronger commodity prices increased underlying EBITDA by $3.6 billion, with $2 billion from copper and $1.3 billion from aluminum.

These more than offset the $1.5 billion of external headwinds, namely foreign exchange, inflation, and a rise in market-driven prices. Let me just touch on these movements in a bit more detail.

It's important to distinguish between those that are persistent, such as general price inflation, and those that are more temporary in nature, such as higher diesel and raw material prices following Middle East supply disruptions. We would expect the latter to reverse over time and, therefore, class them as temporary and one-off.

Turning to the controllables, these contributed a further $1.2 billion. As Simon outlined earlier, we have already banked $870 million of productivity benefits.

These directly correlate to deliberate management actions to structurally lower our cost base and improve volumes, consistent with the full potential of each asset. Each initiative, like the three Simon mentioned earlier, are tracked through from inception through to delivery into our financials and built into our guidance.

In addition to our productivity program, our results are also benefiting from our growth investments, with higher copper and gold volumes from the ongoing ramp-up at OT and our Argentinian lithium operations. There were, however, some offsets.

Mining performance at Kennecott is expected to recover in the second half as geotechnical management activities conclude and access to planned mining areas is restored. However, following the furnace breach in late June, some metal sales and associated cash flows will shift into 2027 while remediation work is completed.

At IOC, production performance remained challenged by pit and asset health, resulting in reduced volumes. The broader point is that while commodity prices remain important, creating value for shareholders is increasingly within our control.

It will be driven by improving operational performance, delivering our growth projects successfully, and maintaining disciplined capital allocation. Let's have a look at the product groups.

Copper was the standout. EBITDA increased 84%, and free cash flow more than trebled, reflecting stronger pricing and the continued ramp-up of OT.

We continue to advance our next wave of growth, reaching key milestones at Resolution and La Granja, and expect to complete a feasibility study for Winu around year-end. We delivered an impressive iron ore result, achieving our highest first-half Pilbara production since the 2018 record and benefiting from resilient pricing.

Productivity improvements offset exchange rate and diesel price headwinds, and we're on track to deliver full-year unit costs within guidance. Simandou is progressing apace.

Construction of the SimFer mine and port is more than three-quarters complete, and we're building inventory across the system as we ramp up. The project remains a key source of future volume growth and portfolio value.

Aluminum sustained its strong operational resilience. Smelting performed particularly well, which together with stronger markets drove a 31% increase in EBITDA.

Our commercial teams continue to navigate the evolving tariff environment. Finally, lithium.

Market conditions continue to improve, supported by stronger demand from battery energy storage. On the growth front, we delivered Fenix 1B and Sal de Vida ahead of schedule.

Rincon remains on track, and we continue to evaluate our attractive expansion options. Given our strong earnings and cash flow performance, I thought it important to remind you of our capital allocation framework.

We expect our cash generation to keep improving as we deliver growth, productivity, and cost reductions, and we remain on track for a 3% CAGR copper equivalent production uplift to 2030 and a 4% CAGR reduction in unit cost. Our first priority is sustaining, replacement, and decarbonization capital, which protects our strong cash flow base and strengthens the portfolio.

We expect to spend around $7 billion to $8 billion a year here. Next, shareholder returns.

We paid out 60% of underlying earnings for 10 years. This provides you with cash flow today, while keeping us disciplined with how we deploy residual capital.

As Simon mentioned, we are progressing around $5 billion of cash release opportunities in 2026, with a broader pipeline exceeding $10 billion. These options provide flexibility to further strengthen the balance sheet, invest in value-accretive growth, and support shareholder returns.

We will remain disciplined, pursuing only those opportunities that create value and align with our capital allocation priorities. In summary, we have a strong platform to deliver industry-leading returns while, at the same time, investing in growth.

Our capex guidance is unchanged, up to $11 billion in 2026 and 2027, before a reduction from 2028 to $10 billion in real '25 terms. Sustaining capital is stable at around $4 billion a year.

Replacement spend is fundamentally about strengthening the business, extending life, and improving cash flows from our assets. Returns are high.

We assess the current portfolio as delivering an average of 26% IRR. By 2030, our plan includes delivery of a significant step-up in Pilbara mine and port capacity, including commencing phase one of Rhodes Ridge.

Secondly, the upgrade of our bauxite system in Queensland. Thirdly, extension of Kennecott beyond 2040 and OT development.

Lastly, the ongoing modernization of our Canadian hydropower plants, which support our highly competitive aluminum smelters. Later this decade, we will benefit from a significant uplift from the performance of these world-class assets.

For growth capital, copper dominates our future plans. For now, we'll spend about $1 billion a year on lithium and completing Simandou by the end of 2027.

Turning to the balance sheet. We were able to reduce net debt while funding $5 billion of capex and paying the 2025 final dividend of $4.2 billion in the half.

The balance sheet is in very good shape, and we have options to reduce net debt further. We are committed to our shareholder returns policy and have established a 10-year record of paying at the top of the range.

In line with our usual practice at the interims, we're paying out at 50%, with a 43% uplift in the absolute dividend given the rise in underlying earnings. Let me leave you with three key messages.

First, this has been an outstanding half. With strong operational performance across the portfolio, we captured the benefit of stronger markets while continuing to improve the business.

Second, we have real momentum. Productivity, cost reductions, and operating performance are translating into the financial results.

Third, we have the financial strength to execute. The balance sheet is strong, cash flow generation is robust, and our portfolio is weighted towards the commodities where we see the greatest long-term opportunity.

That gives us the confidence to invest in disciplined growth and continue delivering attractive returns to shareholders. Now back to Simon.

Thanks, Pete, and thank you to all for joining us. At Rio, we have a leading exposure to the biggest trends of our time: world-class assets in the right commodities, providing volume, resilience, and upside.

We're relentless drive for outstanding performance, and we're making the changes we need to our business to make sure everyone goes home safely at the end of each day. At Capital Markets Day, I told you there was much more to come.

Today, you can see momentum and growing confidence in our results. Banked the $870 million in productivity benefits and almost tripling that run rate to $1.8 billion by the end of this year, advancing our growth projects at pace, and paying an interim dividend of $3.4 billion to you, our shareholders.

I'm single-minded about continuing to deliver returns and growth, because that's how we'll become the most valued metals and mining business. Thanks for your attention, and look forward to your questions.

Okay. Now we have around 45 minutes for Q&A.

I please ask you to limit yourself to one question and one follow-up. There'll be plenty of time to get through it.

Please remember to state your name as you begin. We will start with two here from the audience, and then we'll go to those online.

Paul.

Thanks. It's Paul Young from Goldman Sachs.

Simon and Peter, well done on driving the productivity gains in the half. Commend you for that.

Can we just talk about the gap between the $870 million you've exited end of June and the $1.8 billion, the increase there? It's obviously three buckets here.

There's opex, there's capex, there's some productivity-related cost-out as well. Of that billion-dollar increase, how do we actually think about the breakdown of that billion-dollar increase?

It's important to distinguish between banked and the run rate. In some businesses where we've got a run rate, we've got to see some of those benefits come through, and there's obviously some transition costs as we make the changes that we need to our business.

On the breakdown, do you want to talk to that, Pete?

Paul, on the slide, on our waterfall, we set out that breakdown between costs and volume there. The cost was about the $530 million, and then the volume was the rest.

This year, I'd expect a very similar breakdown for the full year as we bring that through. It is very dependent.

This is bottom-up and being driven by the business. It will change, but that broad profile will continue.

Great. Can I ask a question on the aluminum business?

I know we've got Jérôme here. Really it's around what the strategy is and how it fits into the $5 billion to $10 billion of monetization of non-core assets.

Just to talk through aluminum, the strategy really has been growing the bauxite business, growing or improving margins in Canada. You've got eight smelters in Canada, you got six outside of Canada.

We could actually be adding two more: one in Brazil, and potentially one in Finland if that decision gets made next year. Arguably, some of your smelters now are more valuable, like Sohar in Oman, etc.

The aluminum business is fragmented. It doesn't seem to come up a lot in conversations around the focus on streamlining this business.

I'm just wondering where it fits in as far as simplification and that strategy, considering that it appears you're looking to grow the business.

As I moved into the role, we had a bit of a step back and really looked across our full business and the commodities we want to be in. You've seen us simplify the business down to the three product groups and the four commodities.

We chose those commodities because we see those as the strongest in terms of growth going forward, and reflecting our own position in those assets. We've got the best aluminum assets in our view in the industry.

We've got a list there of ways that we're looking to improve those business, improve the cost position of those business, as well as Jérôme and his team driving performance within the existing business, as example on the slide today. I would say, and earlier this year, the whole of ExCo went out around the different operations around the world and did a kaizen.

We spent a week in the operations rolling up our sleeves really to underline the importance that we focus. I spent my week with Jérôme in the aluminum business, and just the system they have embedded for that continuous operational improvement, applying some of that elsewhere in the group is really liberating some advantages.

We've got a great position across bauxite, alumina, and aluminum. The question for us, and as you can see from the notes, how do we further strengthen that and build on it, given particularly the cap in China and you're seeing some of that smelter capacity start to built elsewhere?

Richard... Just it's coming.

James, sorry, called you Richard.

James Redfern from RBC. Hi, Simon and Peter.

First question is just on the Resolution copper project. Can you please provide an update on that and what the next steps are for the project, and catalysts that we should be looking for?

Thank you.

The next step for Resolution is drilling out the ore body. We've got rigs on site.

We should be intersecting the ore body shortly, and that's the next phase of that project is to really characterize the ore body. That allows then to make decisions around what the development path for that looks like.

We needed to get the land exchange to be able to get on the ground and do that work, and particularly learning from OT. We've got to make sure that we really understand the ore body characterization, geotech, to make the decisions we need on that project.

That's the thing to watch for is as we move through that phase of the study.

Thanks Simon. As my follow-up question is just on the potential $5 billion to $10 billion of asset divestments.

Any comment you can make on that, please? No,

progressing. You've seen really strong cash generation today.

The balance sheet's in good place, and probably refer to my comments around capital discipline and efficiency. The divestment program, $5 billion to $10 billion tracking, we'll make decisions about that and make sure that we get full value.

Targeting $5 billion of announcements this year as part of that broader program.

Thank you.

I'd just like to go to the operator, just also to explain for those online how to ask a question. Over to you, operator, please.

Thank you. I believe we do have one question on the line, if we could go to that next, please.

Morning Simon, team. Thanks very much and congratulations on a strong first half.

I just wanted to start in the Pilbara. Just with the replacement mines, obviously they're progressing, on track for first tonnes next year.

How should we think about that in terms of characterizing the impact on the portfolio Fe grade? Then I'll come back with my second question.

The replacement projects are probably similar to the material we've got available to us at this point, Lachlan. The change in the Pilbara is really as we get into Rhodes Ridge.

Obviously Rhodes Ridge, significant ore body. As I've said a few times before, we'd love to be in it mining it today, but in some ways better ahead of us than behind.

As we get into Rhodes Ridge, that's where some of that better-grade material is. Probably related to your question, the changes we made to product strategy has been putting the business in a much stronger position in terms of the flows through that business being able to stabilize.

You can see that in the Pilbara unit costs in terms of the work Matt and the team have been able to do.

Great. Thank you.

Look, sort of related, and I guess this ties into the really good work you're doing on productivity. Obviously operating conditions in the Pilbara now are undergoing a little bit of change, first time in 30-odd years.

We've got incremental unionization coming into more and more sites. How do you think about this, Simon, in terms of the potential to impact operations, and how should we think about the ability for you to manage that and mitigate some of these forces on a sort of short-, medium-term basis?

Thank you.

In Australia and in any jurisdiction we operate around the world, we obviously operate in accordance with the local terms and conditions. Our focus has been and continues to be, how do we best work together with our employees to make sure that we have the conditions, safe, respectful workplaces, really listening to what people need in their day-to-day job to do those jobs better.

That's delivered for us in the past. I think it's delivered for our business.

It's delivered for our employees. It's delivered for the broader community around us, and that remains our focus, Lachlan.

We'll need to work through that in the years ahead, but that remains the focus of Matt and the team and Jérôme and the team on this side.

Thank you, Lachlan. We've got one more question online, we'll do the second one before coming back to the room.

Good morning. Thank you for taking the question.

A few updates in recent weeks around 232 tariffs in the US. I was interested in how you're thinking about investment into the ally sector off the back of that.

How does that change your view on that market? Is it moving the dial at all, or what would you need to see to be increasing investment into smelter capacity in the US?

Thanks.

If I take a comment on trade policy more generally, you have seen over the last few years increase in terms of trade policy and the effects on flows through an aluminum and across the commodity complex. We need to be good at navigating that because that's likely to continue.

In the aluminum business specifically, I think Jérôme, working together with Commercial, has done a fantastic job in terms of being able to move flows around to respond to policy changes. The impact on the business has been relatively modest, but we're certainly mindful of it as we look ahead and really needing to be able to respond nimbly to those changes to maximize the benefits and supply the customers that we need.

As we look forward to aluminum, through to 2035, we see aluminum growing really strongly. I talked about some of the trends today, and so it's a great industry to be in.

We need to make sure that we're set up to manage in the right way.

Thank you.

Thank you, Baden. Then over to you, Lyndon.

Thanks, it's Lyndon Fagan, J.P. Fagan.

Simon, just wanted to touch on iron ore. Obviously very well run under your management quite recently, and now we've found an extra $400 million of productivity gains.

I guess I'd just like to unpack what exactly that is. That's my first one.

As I've outlined earlier, across the portfolio, and this is more than 80 initiatives, but really at its heart what it is is making sure that people on the frontline have the tools, the systems that they need, and that accountability really sits at the frontline to make better decisions. I'm sure iron ore is better run today, and isn't that a good thing?

We're making other changes to the business to really empower and liberate the frontline. Those system flows I talked about in the Pilbara, that's really looking from mine all the way through to port, how do we maximize the efficiency of those system flows?

You saw iron ore have one of its best halves, and there's no surprise in that because the two are completely correlated. I think Matt and the team have managed to park up something like 80 pieces of kit that we don't need to operate, which obviously flows through to safety.

It flows through to cost savings as well, but is an example of when you get your system flows more consistent and stronger, actually you can liberate some capacity. Part of the savings I outlined today is about stopping redundant plant as we choke feed the other plants.

Thanks. Next one I had was on Kennecott.

Obviously officially ends in 2032, but work well underway on a life extension. Just wondering what is needed to FID that project, and whether you can share some more details about what it looks like beyond 2032.

Progressing at pace. We're well into that work, and so that decision will be coming in the not-too-distant future.

Extends it out into the 2040s, and so looking very promising. We've got a bit more work to go in terms of what the co-commitments around that look like.

Obviously, the de-widening of the wall and the geotech associated is also supporting what that looks like moving forward.

Kate.

Hi, good morning. Kate McCutcheon at Bank of America.

In the result, we had the new disclosure around the tax dispute in Mongolia from the prior years, and I think we're now up to about $900 million if we put everything together. How do we think about this moving forward?

Obviously optically that's not a great place to be. Are there any more decision points to work through, or anything you can talk to there?

Some of the changes you've seen us announce around Mongolia were embedded as part of that investment decision, looking at the shareholder loan got revisited periodically. I think the thing to take away from it, we continue to engage closely with the Mongolian government, and we'll continue to resolve things that need to be resolved as part of that project.

Really happy with the way that project continues to ramp up. It's going to be a fantastic asset for us for many, many decades.

We need to make sure that we have strong community support, including with the Mongolian government, and so we'll continue those discussions as we go forward.

Kate, clearly on the tax, there's a formal arbitration process there to solve it, so that is moving forward through that formal process.

Glyn next, please.

Hi, good morning. It's Glyn Lawcock with Barrenjoey.

Simon, Peter, I'm pretty sure you chose your words pretty carefully today. Simon, you said significantly more to come post the end of this decade on the $1.8 billion cost-out, and then Peter said you've got real momentum.

Can you maybe try and give us a little bit more insight into what lies beyond '26? I know you've got the 3% volume growth, 4% unit cost reduction, but can you help us think about where this journey gets us to?

I know you've reluctantly been unwilling to give some numbers.

There's a plethora of numbers today, Glyn. I do always try and choose words carefully.

I think you've got to go back to what we're talking about. As I've tried to articulate today, this isn't just about squeezing budgets or cutting work that we need to do, and that is top of mind.

We've thought carefully about programs in the past which have done good things, but also sometimes we've stopped doing work that we needed to do for the business. Asset management is one that pulls to mind on some of that capital spend.

What we've got to do is drive the culture of continuous improvement, and then find ways of embedding that so it's codified and systemized. That's why we're talking about the management operating system, because we see that as a way of really simplifying people's work, making sure it's really clear what are the requirements or the distinctive characteristics, how do we run businesses within Rio.

That's the work that we've been doing and seeing huge benefits from that. We need to embed that in each and every business.

The run rate you've seen today we're really confident of through this year. You've seen the money we've already banked.

I say there's significantly more to go because sitting behind these numbers is all the projects that are flowing through, some of which you can see in the numbers, some of which are going to flow through in the years ahead. This isn't a 6-month or a 12-month project.

This is a change in the way that we do our work.

Nice sidestep, Simon.

But

$1.2 billion, $1.2 billion this year versus last year is the target at the end, and so can that momentum be sustained, like real momentum to Peter's words, another $1.2 billion the following year, or does it start to get harder?

Look, the program will mature, and so inevitably you start with some of the decisions in front of you. I think for us there's two bits.

There is maintaining the momentum on the increase, but also making sure that we sustain and maintain it going forward, because if you embed it in the way people work and you embed it in the culture, then I have no doubt that our people, and we've got fantastic people across the business, they'll find better ways of doing things. We just need to take the barriers out of the way to allow our people to do it.

Thanks very much.

Thanks. Rahul.

Rahul Anand, Morgan Stanley. Just want to go back perhaps to the copper business.

Obviously Lyndon talked to you a bit about Kennecott. Beyond 2030, Kennecott becomes increasingly important to extend, mainly to have good copper momentum.

I guess my question is in two parts. Firstly, you've had a bit of unpredictability at the asset, and Apex is the next one that comes up beyond 2030.

In that development, how can you de-risk that to make sure that you have much more predictable production profile? Smelter perhaps needs a bit of work there as well in terms of predictability.

Then I guess the second part of the question is, are there brownfield opportunities that the market doesn't see within the portfolio for copper, or beyond Resolution, absolutely, because that's not brownfield, or do you need to solidify that by doing in organic moves to kind of have a clearer path beyond 2030 in terms of your growth?

The great things about Tier 1 assets is the optionality they provide, and it's true in copper, and hence we've got the million tonnes by 2030, really building off the ramp-up at OT, 40% to 50% production growth at KUC. In terms of KUC, and I want to start by talking about safety.

Obviously fatality there earlier in the year, significant impact on the business and the team, and really a moment in that business to reflect on where we were and what we needed to do to make sure that that business operates safely. I think the team's responded well, seeing that in underlying performance, and they need to build on that as we look forward to some of the decisions coming at us in the near term, like the Apex extension of life.

As I said, that'll take it out to 2040. Amazing ore body.

We'll certainly look and continue to look for ways we can supplement that. Obviously the underground project as well is progressing.

It is a real strategic card for us having a smelter in the US, one of only two in the US, and so thinking about ways that we best monetize that.

In terms of the other brownfields opportunities within any other assets that you'd like to call out, does OT have perhaps flexibility in the mine plan that helps you bring forward a bit of copper from later years, or is there anything you'd like to highlight beyond inorganic opportunities?

No, not really. The focus for OT needs to fairly and squarely be on continuing that ramp-up.

It's that singular focus, and I talked about some of the examples today on harnessing data to drive drawbell development. That's flowing through in terms of the ramp-up, and so that's where the team's primary focus is.

We're obviously looking beyond that in terms of what that next sequence of developments looks like.

Thank you.

Fantastic. Any further questions here in the room?

I believe we have no further questions online. Lyndon.

Second round. We'll go with that for a while.

A few more minutes.

I just had one more, thanks. Just back to Resolution.

To what extent do you think you'd have to build a smelter as part of that project, given the current administration's focus?

That's one of the things we'll assess as part of the study. We expect that material to be processed in the US.

Clearly smelter builds is one of the things we'll consider as part of the assessment of that project. We've got the KUC smelter as well, and so that's all ahead of us in terms of making a decision on which path to take.

Any final question here in the room? Okay.

Then thank you all for joining us today. For those online, we conclude our time with you now.

For those here in Sydney, I welcome you back to the room where you entered for a light refreshments with us today. Thank you again, and with that, we conclude the presentation.

Thank you.

Thanks, all. Cheers.