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    Lyndon Fagan • JPMorgan Chase & Co.

    Lyndon Fagan's questions to Rio Tinto PLC (RIO) leadership

    Lyndon Fagan's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Lyndon Fagan of JPMorgan Chase & Co. questioned if Rio Tinto endorses the high lithium demand forecast presented, asked about the status of Arcadian's 'Wave 2' expansions, and requested details on the Simandou project's ramp-up profile.

    Answer

    CEO Jakob Stausholm confirmed belief in the strong lithium demand, citing unexpected growth in stationary batteries. He deferred specifics on 'Wave 2' projects to the Capital Markets Day. CFO Peter Cunningham clarified the Simandou ramp-up will be phased over 30 months based on infrastructure availability, not a straight-line increase.

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    Lyndon Fagan's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Lyndon Fagan of JPMorgan Chase & Co. questioned the company's high lithium demand forecast, asked about the development timeline for Arcadian's 'Wave 2' expansions, and inquired about the ramp-up profile for the Simandou project.

    Answer

    CEO Jakob Stausholm defended the lithium demand forecast, citing unexpected growth in stationary batteries. CFO Peter Cunningham clarified that immediate priorities are the Fenix and Sal de Vida Stage 1 projects, with other options under review. Regarding Simandou, he confirmed a 30-month ramp-up, with the pace dependent on infrastructure coming online.

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