• Rio Tinto confirms it is no longer considering a possible merger or business combination with Glencore
• Rio Tinto determined it could not reach an agreement that would deliver value to its shareholders
• Rio Tinto assessed the opportunity through the disciplined lens set out at its Capital Markets Day in December 2025

Rio Tinto plc and Rio Tinto Limited (together, 'Rio Tinto') have confirmed that they are no longer considering a possible merger or other business combination with Glencore plc ('Glencore'). Rio Tinto assessed the opportunity and came to this view through the disciplined lens set out at its Capital Markets Day in December 2025, prioritising long-term value and delivering leading shareholder returns. As a result of this announcement, Rio Tinto will, together with any party acting in concert with it, be bound by the restrictions contained in Rule 2.8 of the City Code on Takeovers and Mergers (the 'Code'). However, Rio Tinto and any person(s) acting in concert with it reserve the right to set aside the restrictions in Rule 2.8 in certain circumstances, such as with the agreement of the board of Glencore, if a third party announces a firm intention to make an offer for Glencore, or if Glencore announces a Rule 9 waiver proposal or a reverse takeover.