• Rio Tinto and Glencore engaged in preliminary discussions about a possible combination
• Potential merger to be effected through acquisition of Glencore by Rio Tinto via scheme of arrangement
• No certainty an offer will be made or terms of any offer

Rio Tinto plc and Rio Tinto Limited have announced that they are engaged in preliminary discussions with Glencore plc about a possible combination of some or all of their businesses, which could include an all-share merger between Rio Tinto and Glencore. The parties' current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a Court-sanctioned scheme of arrangement. However, Rio Tinto has stated that there can be no certainty that an offer will be made or as to the terms of any such offer, should one be made. Rio Tinto has reserved the right to introduce other forms of consideration and/or vary the mix or composition of consideration of any offer. In accordance with UK Takeover Code rules, Rio Tinto has until 5:00 pm (London time) on 5 February 2026 to either announce a firm intention to make an offer for Glencore or announce that it does not intend to make an offer.