Key Highlights

• Oyu Tolgoi copper production increased 29% year-to-date, reaching an annualised rate of approximately 450 kt in Q3

• Global iron ore sales were 90.8 Mt in Q3, up 3% year-over-year, with Pilbara sales also rising 2%

• Simandou iron ore project hit approximately 10 Mtpa annualised production run-rate in Q3, on track for 60 Mtpa by H2 2028

• The company achieved more than $2 billion in Capital release year-to-date as part of its $5 to $10 billion programme

Rio Tinto Ltd(ASX:RIO) closed at A$153.04 on 05 November 2026, gaining 6.98% during a session where the broader S&P/ASX 200 (XJO) advanced 2.61% (+230.60 points) to 9,065.10, and the S&P/ASX 300 Metal & Mining index (XMM) surged 7.90% (+580.50 points) to 7,930.90. Overnight Wall Street gains, fuelled by the Democrats' decisive victory in the U.S. midterm elections, provided a tailwind for global Equity markets. Gold gained 1.77% to USD 4,145.70, silver advanced 1.00% to USD 53.22, and copper edged up 0.06% to USD 14,086.00. Rio Tinto is one of the world's largest diversified mining companies, with operations spanning iron ore, copper, aluminium, lithium and minerals across multiple continents.

Q3 2026 Operational Highlights

Rio Tinto released its third-quarter 2026 production results on 14 October 2026. Copper equivalent production increased approximately 1% year-to-date, driven by growth at Oyu Tolgoi and Pilbara iron ore operations. CEO Simon Trott stated that the company is finishing the year with momentum and significant opportunities to accelerate improvements in safety, productivity and reliability through implementation of its operating system.

The company confirmed it remains on track for a $1.8 billion annualised productivity benefit run-rate by the end of 2026. Major projects remained on schedule and budget, underpinning the growth profile to 2030.

Copper Operations Deliver Significant Growth

Oyu Tolgoi copper production increased 27% year-over-year in Q3 and 29% year-to-date, with the operation running at an annualised rate of approximately 450 kt during the quarter. At Kennecott in the US, Rio Tinto completed the rebuild of the flash converting furnace at the end of August, ahead of plan. Consolidated copper production for Q3 was 205 kt, broadly flat compared to Q3 2025, with year-to-date production of 646 kt. Full-year 2026 guidance of 800 to 870 kt was maintained unchanged.

Iron Ore Performance and Simandou Progress

Global iron ore production on a 100% basis was 89.7 Mt in Q3, up 2% year-over-year. Pilbara iron ore production was 83.4 Mt, down 1% quarter-on-quarter but broadly in line with seasonal patterns. Pilbara sales increased 2% year-over-year. The Simandou iron ore project in Guinea hit an annualised production run-rate of approximately 10 Mtpa on a 100% basis in Q3 and remains on track to reach 60 Mtpa during H2 2028.

Aluminium and Lithium Updates

The aluminium division delivered consistent performance across the full operating system. Pacific smelter repowering arrangements progressed during Q3, following the Tomago and Bell Bay power agreements. Lithium production increased 33% year-to-date despite adverse weather impacts in Q3, with the Fenix 1B ramp-up continuing to progress.

Capital Release Programme

Rio Tinto announced that it had achieved more than $2 billion in capital release year-to-date as part of its active Portfolio Management discipline, contributing to the $5 to $10 billion capital release programme. The company noted it is also progressing decarbonisation initiatives, including the Pacific Aluminium smelter repowering arrangements.

Company Overview

Rio Tinto operates across six continents, producing iron ore, aluminium, copper, lithium, borates and titanium dioxide. The company is dual-listed on the ASX (RIO) and London Stock Exchange, with its head office in London. The Pilbara iron ore operations in Western Australia remain the company's largest Earnings contributor.

Sector and Commodity Context

The mining sector experienced a broad rally on 05 November 2026, with the ASX 300 Metal & Mining index gaining 7.90%. Iron ore, copper and gold prices all showed positive movements, providing a supportive backdrop for diversified miners. Rio Tinto's 6.98% gain aligned with the sector-wide uplift.

Risks to Consider

Iron ore price Volatility remains a primary risk, particularly given ongoing Chinese property sector uncertainty and its impact on steel demand. Copper market dynamics, while currently favourable, are subject to cyclical fluctuations. The Simandou project in Guinea carries geopolitical and execution risks given its scale and location. Currency movements, particularly the A$/US$ rate, affect translated earnings.

Catalysts on Watch

The ramp-up trajectory at Simandou and Oyu Tolgoi will be closely monitored, as both represent significant medium-term production growth drivers. Delivery of the $1.8 billion productivity benefit target by year-end 2026 is a near-term marker. Progress on Pacific Aluminium smelter repowering and the Fenix 1B lithium ramp-up are additional catalysts, alongside further capital release announcements.

Looking Ahead

Rio Tinto's Q3 2026 production update pointed to an operation delivering on multiple growth fronts simultaneously. Oyu Tolgoi's copper ramp-up, Simandou's progress toward full-scale production, and the productivity programme approaching its $1.8 billion target collectively outline a diversified miner executing against its 2030 growth agenda, with more than $2 billion already released through active portfolio management.