Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the **basic materials sector** in China, particularly focusing on **coal**, **steel**, **cement**, and **lithium** in the context of China's **anti-involution policy** [5][12]. Core Insights and Arguments - **Anti-Involution Policy**: This policy aims to rectify low-price and disorderly competition, eliminate outdated capacity, and create a unified national market. It emphasizes sectors like **electric vehicles (EV)**, **solar**, and **e-commerce**, while focusing on **lithium** and **coal** in basic materials [5][12]. - **Coal Inspections**: The National Energy Administration (NEA) is inspecting coal mines in eight provinces to address overproduction. The impact is more significant in **metallurgical coal** (26% volume impact) compared to **thermal coal** (3% volume impact). Production cuts are anticipated, but execution remains uncertain [6][14]. - **Price Projections**: - **Met Coal**: Prices are expected to average around **RMB 1,200/ton** with potential curtailments [6][14]. - **Thermal Coal**: Prices may recover to **RMB 670/ton** during summer but are expected to soften in Q4, averaging **RMB 630/ton** in 2025 [14]. - **Steel Sector**: Steel is considered a lower priority in the anti-involution campaign due to previous successful reforms. Steel output has already declined by **7-9% year-on-year** in May-June [7][14]. Additional Important Insights - **Hydropower Project Impact**: The Yarlung Zangbo hydropower project, costing **RMB 1.2 trillion**, is expected to consume **4.3 million tons per annum (mtpa)** of cement and **0.6 mtpa** of steel, which is not anticipated to significantly impact overall commodity consumption [10][12]. - **Iron Ore Market**: Iron ore prices have increased from **$93/ton** to **$103/ton** due to expectations of property stimulus and supply reform. Steel production in China has slowed, and exports remain strong at **~112 million tons** in June [11][12]. - **Inventory Levels**: Both thermal and metallurgical coal inventories are healthier compared to earlier in 2025, with thermal coal inventories at Independent Power Producers (IPPs) remaining elevated [14]. Conclusion - The conference call provided a comprehensive overview of the implications of China's anti-involution policy on the basic materials sector, particularly coal and steel. The anticipated production cuts and price adjustments reflect the government's efforts to stabilize the market while addressing overproduction issues. The impact of new infrastructure projects on commodity demand appears limited, and the overall sentiment in the iron ore market remains cautiously optimistic.

Group 1 - Friedrich Global Research is focused on identifying high-quality companies for stock investment, emphasizing free cash flow, efficient capital allocation, and superior management performance [1] - The founder of Bern Factor LLC has extensive experience in investment analysis, with nearly 40 years in the field and a background as a CPA and CFA charter holder [2] - The founder's diverse career experience spans various sectors, providing a broad perspective on macroeconomics and detailed operational insights [2] Group 2 - The article mentions a potential special situation that could yield significant gains and income for investors, although the frequency of such situations cannot be predicted [2] - The analysis is based on objective observations of unique patterns derived from research, although it does not constitute investment advice [4]

Group 1: Report's Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Views of the Report - In Q2 2025, the production and transportation volume of the four major iron ore mines increased significantly, with a year - on - year growth of 3.5% and a quarter - on - quarter increase of nearly 20%, basically catching up to last year's level in the first half of the year [1][5]. - The trend of "increase in mainstream mines and decrease in non - mainstream mines" was further reflected in Q2, and the dominant position of mainstream mines in Australia and Brazil in the global seaborne iron ore market may be further strengthened [2][44]. Group 3: Summary of Each Section 1. Overview of the Four Major Mines' Q2 2025 Operations - The total production/transportation volume of the four major mines in Q2 2025 was 293 million tons, with a year - on - year increase of 3.5% and a quarter - on - quarter increase of nearly 20%. The significant volume boost by BHP and Fortescue in June was the main driver of the excellent performance in Q2 [1][5]. - In the first half of 2025, only Rio Tinto's production was still significantly behind last year's level. BHP and Fortescue both raised their production and transportation targets for FY26, indicating confidence in their supply chain efficiency and new production capacity [6]. 2. Key Points of the Four Major Mines' Quarterly Reports 2.1 Vale - **Overall Situation**: In Q2, Vale's iron ore production was 83.599 million tons, a year - on - year increase of 3.7%. Sales volume was 77.346 million tons, a year - on - year decrease of 3.1%. The C1 cash cost was 22.2 US dollars/wet ton, a year - on - year decrease of 10.8%. The AIC was 55.3 US dollars/wet ton, a year - on - year decrease of 9.6% [8][12][13]. - **Operation Details**: The northern system's Q2 production reached 41.222 million tons, a record high since 2021. The southeast system performed well, with the fourth processing line of Brucutu driving production to a new high. The southern system's production declined due to construction issues. The company plans to conduct maintenance on the São Luis pellet plant in Q3. Pellet sales in Q2 were about 7.5 million tons, a year - on - year decrease of 16% [15][16][19]. 2.2 Rio Tinto - **Overall Situation**: In Q2, Rio Tinto's Pilbara mine production was 83.743 million tons, a year - on - year increase of 5.4%, reaching a new high since 2018. The shipping volume was 79.887 million tons, a year - on - year decrease of 0.5%. The company maintained its Pilbara shipping volume guidance range of 323 - 338 million tons but expected the actual volume to be closer to the lower limit [22][23]. - **Operation Details**: The Western Range project was put into production in March and is expected to reach full production by the end of 2025. The Brockman Syncline 1 project is planned to be put into production in 2027, and the Hope Downs - 2 project started construction in June. The first shipment of the Guinea Simandou iron ore project is still expected in November, with an estimated shipment of 50 - 100 million tons in 2025 [25][27]. 2.3 BHP - **Overall Situation**: In Q2, BHP's equity production was 70.339 million tons, a year - on - year increase of 1.6%. Sales volume was 69.843 million tons, a year - on - year increase of 2.2%. In FY2025, the full - year equity production was about 263 million tons, higher than the previous guidance range. The company announced an upward - adjusted equity production guidance range of 258 - 269 million tons for FY2026 [31][32]. - **Operation Details**: In the Western Australia WAIO mine, the improvement of logistics efficiency and the full - production of the South Slope project contributed to the production increase. In the Brazilian Samarco, the production continued to rise with the help of the capacity ramp - up of the No. 2 concentrator [34][35]. 2.4 Fortescue - **Overall Situation**: In Q2, the company's iron ore shipping volume was 55.2 million tons, a year - on - year increase of 2.8%. In FY2025, the full - year shipping volume was 198.4 million tons, a year - on - year increase of 3.5%. The C1 cost of Pilbara hematite in Q2 was 16.29 US dollars/wet ton, a quarter - on - quarter decrease of 7.1%. The company announced a shipping volume guidance range of 195 - 205 million tons and a C1 cost guidance range of 17.50 - 18.50 US dollars/wet ton for FY2026 [37][38]. - **Operation Details**: The shipping volume of the Iron Bridge project in Q2 was 2.4 million tons, and the full - year volume in FY2025 was 7.1 million tons. The company aims to reach full production of 22 million tons/year in FY2028 [41]. 3. Summary and Future Outlook - In Q2, the four major mines made efforts to increase production. Rio Tinto and Vale contributed over 7 million tons of year - on - year incremental production. - The trend of "increase in mainstream mines and decrease in non - mainstream mines" was further strengthened. From January to June 2025, the global seaborne iron ore shipment volume decreased slightly year - on - year, while the shipments from Australia and Brazil increased, and their share in the global market reached 83.3% [44].

VANCOUVER, British Columbia, July 31, 2025 (GLOBE NEWSWIRE) -- Rio2 Limited ("Rio2" or "the Company") (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today provides an update on progress made at Rio2's 100% owned Fenix Gold Project ("Fenix Gold" or "the Project") currently under construction in the Atacama Region, Chile. At the end of Q2 2025, construction was 41% complete and remains on track and on budget for first gold production in January 2026. CONSTRUCTION UPDATE Construction highlights for the nine months from O ...

Group 1: Report's Investment Rating - No information provided Group 2: Core Views of the Report - In the first half of the year, global iron ore shipments decreased by 0.96% year-on-year. Australian and Brazilian shipments were affected by weather in Q1 and increased in Q2. Non-Australian and non-Brazilian shipments decreased significantly year-on-year, and non-mainstream shipments were more affected by ore prices compared to mainstream shipments from Australia and Brazil [2]. - It is expected that the output and shipments of the four major mines will increase in the second half of the year. Rio Tinto and Vale's output/shipments in the first half of the year did not reach half of their guidance targets, while FMG and BHP raised their guidance targets for fiscal year 2026 [2]. - The main contradiction in the black sector lies in the terminal demand for steel, which depends on policy support. The bargaining power of imported iron ore is relatively strong. It is expected that the downside space for iron ore in the second half of the year is limited, and the upside space depends on the trend of steel prices [2]. Group 3: Summary by Relevant Catalogs 1. Iron ore shipments in the first half of the year - In H1 2025, the cumulative global iron ore shipments were 778 million tons, a year-on-year decrease of 0.96%. Affected by cyclones in Australia and rainfall in Brazil in Q1, the cumulative shipments were 362 million tons, a year-on-year decrease of 3.39%. In Q2, shipments increased to make up for the previous shortfall and due to the end - of - quarter rush by Australian mines [3]. - From the source of shipments, the total shipments from Australia and Brazil in H1 were 648 million tons, accounting for 83% of global shipments, with a year-on-year increase of 0.84%. Non-Australian and non-Brazilian shipments were only 130 million tons, a year-on-year decrease of 9.09%. Iron ore prices have a greater impact on non-Australian and non-Brazilian shipments, and Australian and Brazilian shipments show obvious seasonal patterns [5]. 2. Expected increase in shipments of the four major mines in the second half of the year 2.1 Supply summary in the first half of the year - According to SteelHome data, the cumulative shipments of the four major mines in H1 2025 were 529 million tons, a year-on-year increase of 0.29%. Structurally, Rio Tinto and BHP's shipments decreased, FMG's shipments increased significantly, and Vale's shipments increased steadily [6]. - Rio Tinto's 2025 production guidance target remained unchanged. Affected by cyclones and capacity replacement in Q1, its H1 shipments decreased by 5% year-on-year. The Pilbara mine achieved its highest Q2 output since 2018, and the first shipment of iron ore from the Simandou project was advanced to around November 2025. The品位 of PB mixed ore decreased [8][11]. - FMG's Q2 output and shipments increased significantly quarter-on-quarter. In fiscal year 2025, it shipped 198 million tons of iron ore, a year-on-year increase of 4%, achieving its fiscal year target. It raised its 2026 fiscal year guidance target by 5 million tons to 195 - 205 million tons [12][13]. - BHP's Q2 2025 output was 77 million tons, and its fiscal year 2025 output was 290 million tons, a year-on-year increase of 1%. It raised its 2026 fiscal year guidance target by 2 million tons. It increased shipments in Q2 by optimizing operations [14][15]. - Vale's Q2 output was 83.6 million tons, a significant increase, mainly due to the strong performance of the Southeast and Northern systems. It adjusted its 2025 iron ore pellet target output downwards by 7 million tons due to weak demand [16][18]. 2.2 Supply outlook in the second half of the year - It is expected that the iron ore shipments of the four major mines will increase in the second half of the year. Rio Tinto is expected to speed up production and shipments, with the Xipo and Simandou projects as key sources of growth. FMG is expected to have some room for shipment growth. BHP's output and shipments are expected to remain sufficient. Vale's production is expected to accelerate in the second half of the year [19]. 3. Fundamental analysis 3.1 Domestic ore supply - In H1 2025, China's raw iron ore output was about 509 million tons, a year-on-year decrease of 9.1%. The cumulative output of iron concentrate from 433 domestic mines was 138 million tons, a year-on-year decrease of 8.0%. Domestically sourced iron accounted for about 19.0% of the total supply [20]. 3.2 Demand - More than half of the steel mills were profitable in H1. The total profit of规上 steel enterprises in H1 was 46.28 billion yuan, a year-on-year increase of 13.7 times. However, the revenue of the steel industry decreased by 7.5% year-on-year, and the cumulative crude steel output was 515 million tons, a year-on-year decrease of 3.0%. Steel mills' profits came from cost reduction. High steel mill profits supported high pig iron production and thus iron ore demand [21]. 3.3 Inventory - In H1, the inventory pressure on steel mills and ports was small. Steel mills' inventory was below 100 million tons after the Spring Festival, and the inventory - to - consumption ratio was around 30. The inventory of imported iron ore decreased by about 3 million tons year-on-year. The inventory at 47 ports decreased from about 156 million tons at the beginning of the year to 144 million tons by July, 14 million tons lower than last year [24][26]. 4. Future outlook - In Q1, iron ore prices were relatively firm. In Q2, coking coal prices rebounded, but iron ore price increases were limited. In July, affected by policy expectations, funds flowed into coking coal. The main contradiction in the black sector lies in steel terminal demand, which depends on policy support. In the second half of the year, iron ore supply is expected to be strong, demand depends on policies, and inventory pressure is not large. The downside space for iron ore is limited, and the upside space depends on steel prices [27][30].

Exhibit 99.1 Rio Tinto Group Unaudited Condensed Consolidated Interim Financial Report for the six months ended 30 June 2025 TABLE OF CONTENTS | Interim | results 2025 | 2 | | --- | --- | --- | | Market | update | 4 | | Financial | performance | 6 | | Shareholders | returns | 11 | | Review of | operations | 12 | | Capital | projects | 18 | | Future | growth options | 22 | | Directors' | report for the half year ended 30 June 2025 | 24 | | Unaudited | condensed consolidated interim financial statements | 26 ...

Financial Data and Key Metrics Changes - The company reported underlying EBITDA of CHF11.5 billion and operating cash flow of CHF6.9 billion, with a net operating cash flow decrease of just 2% despite lower iron ore prices [10][12][14] - Production volume increased by 6% and sales volume increased by 4% year on year, demonstrating resilience in financial performance [10][12] - Underlying earnings were down 16%, primarily due to a higher interest charge following the Arcadian acquisition and one-off increases in the effective tax rate [14] Business Line Data and Key Metrics Changes - Copper equivalent production was up 6% in the first half, with a 13% increase in the second quarter year on year, driven by strong performance at Oyu Tolgoi [6][10] - Bauxite production hit a new record with 9% growth, supported by consistent performance at the Amrun mine [7][10] - Iron ore generated CHF6.7 billion of EBITDA, with unit costs at $24.3 per tonne despite challenges from cyclones [23][10] Market Data and Key Metrics Changes - The company noted that iron ore prices were 13% lower, but this was offset by increased contributions from copper and aluminium divisions [14][16] - The Pilbara operations generated 58% of group EBITDA, down from 73% in the previous half, indicating a diversification in revenue sources [17][10] - The demand for copper and aluminium is rising due to the energy transition, while iron ore demand remains stable [33][34] Company Strategy and Development Direction - The company is focused on four strategic objectives to unlock business potential, emphasizing operational efficiency and project execution [6][11] - There is a strong emphasis on cost discipline and productivity improvements across all operations, with a commitment to maintaining a strong balance sheet [18][29] - The company is progressing with major projects like Simandou and Oyu Tolgoi, aiming for timely and budget-compliant execution [38][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating global volatility and highlighted the importance of a diversified portfolio to capture new opportunities [11][33] - The energy transition is expected to drive demand for key commodities, with significant growth anticipated in lithium and copper markets [34][35] - The company is optimistic about its competitive position in the lithium market, citing low operational costs and advanced technology [89][90] Other Important Information - The company has maintained a commitment to shareholder returns, declaring a 50% payout for the interim dividend [31][29] - The integration of Arcadian is progressing well, with a focus on enhancing lithium production capabilities [39][90] - The company is actively managing its capital allocation, with a CapEx guidance of around $11 billion for 2025 [29][30] Q&A Session Summary Question: Update on Simandou's ramp-up and lessons learned - Management confirmed the first shipment of high-grade ore is expected in November, with a ramp-up period of 2.5 years to reach full production [51] - The company has learned valuable engineering lessons from its Chinese partners that could be applied to other projects [53] Question: Impact of copper tariffs on profitability - Management indicated that copper tariffs present an opportunity for increased profitability at Kennecott, the U.S.'s largest smelter [57] - The administration's focus on mining development is expected to benefit future projects, including Resolution Copper [59] Question: Iron ore business and revenue impacts from grade adjustments - Management noted that initial shipments under the new product specification have been well received, with a focus on long-term benefits from simplification [80] - The economic impact of grade adjustments is being closely monitored, with expectations of reduced costs in the long term [81] Question: Cost savings opportunities within the company - Management emphasized continuous improvement rather than cost-cutting, focusing on efficiency while growing production [93] - The company is committed to maintaining profitability across its major product groups [105] Question: Update on Genalco discussions - Management acknowledged ongoing discussions regarding share buybacks but did not provide a specific timeline for resolution [96]

Financial Data and Key Metrics Changes - The company reported underlying EBITDA of CHF11.5 billion and operating cash flow of CHF6.9 billion, with a net operating cash flow decrease of just 2% despite a drop in iron ore prices by $14 per tonne [8][12][29] - Copper equivalent production increased by 6% in the first half, with a notable 13% increase in the second quarter year on year [4][11] - Underlying earnings were down 16%, primarily due to higher interest charges and one-off increases in the effective tax rate [12] Business Line Data and Key Metrics Changes - Bauxite production reached a new record with a 9% growth, while copper equivalent production was up 6% overall [5][11] - The aluminium business showed strong performance, with unit revenue up 14%, and profitability doubled despite tariff impacts [20][81] - The iron ore segment generated $6.7 billion of EBITDA, with productivity improvements leading to the highest Q2 production since 2018 [20][29] Market Data and Key Metrics Changes - The company noted that while iron ore prices are below historic averages, demand for copper and aluminium is rising due to the energy transition [14][31] - The demand for lithium is expected to grow significantly, with a projected increase of close to 30% year on year [31][33] Company Strategy and Development Direction - The company is focused on a diversified portfolio and strategic investments to drive profitable growth, with a strong emphasis on operational efficiency [4][29] - The strategy includes a disciplined approach to capital allocation, with CapEx guidance of around $11 billion in 2025 [25][28] - The company aims to leverage its strong social license to operate and enhance its project execution capabilities [6][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating global volatility and highlighted the resilience of the company's diverse asset base [9][31] - The company anticipates ongoing demand growth in the energy transition, particularly for copper and lithium, despite current price challenges [31][33] - Management emphasized the importance of continuous improvement and operational efficiency to maintain profitability [92][104] Other Important Information - The company has successfully integrated the Arcadian acquisition and is progressing well with lithium projects [36][88] - The Simandou project is on track to deliver its first shipment of high-grade iron ore in November, showcasing the company's project execution capabilities [38][39] Q&A Session Summary Question: Update on Simandou production ramp-up - Management indicated that the ramp-up to 120 million tonnes will take approximately 2.5 years, with the first shipment expected in November [50][52] Question: Impact of copper tariffs in the U.S. - Management noted that copper tariffs present an opportunity for profitability at the Kennecott smelter, which has historically underperformed [56][58] Question: Iron ore revenue impact from grade drop - Management stated that initial shipments under the new product specification have been well received, and the simplification of product streams will lead to long-term cost benefits [75][78] Question: Confidence in lithium cost curve - Management expressed confidence in achieving bottom quartile costs due to operational efficiencies and strong reservoir capabilities at Rincon [86][88] Question: Update on Genalco discussions - Management confirmed ongoing discussions regarding share buybacks but did not provide a specific solution at this time [95]

Financial Performance - Rio Tinto's underlying EBITDA was $115 billion, a decrease of 5% compared to H1 2024[20] - Underlying earnings decreased by 16% to $48 billion[20] - Operating cash flow decreased by 2% to $69 billion[20] - The interim dividend was $24 billion, representing a 50% payout ratio[20] Production and Sales - Bauxite production increased by 9% year-over-year in H1 2025[17] - Oyu Tolgoi copper production increased by 54% year-over-year in H1 2025[17] - Sales volumes of copper equivalent increased by 6%[20] - Iron ore price decreased by $14/t, a 13% reduction[21] Capital Allocation and Growth - Share of capital investment increased by 23% to $45 billion[26] - Simandou is accelerating first shipment to ~November 2025[17] - Oyu Tolgoi is on track to average ~500 ktpa of copper from 2028 – 2036[17] Commodity Market - Copper demand is up 3% to 13Mt, aluminium demand is up 3% to 37Mt, and lithium demand is up 28% to 713Kt[53] - Iron ore demand remained flat at 12Bt[53]

Core Viewpoint - Rio Tinto, the world's largest iron ore producer, reported its lowest half-year underlying profit in five years due to weak iron ore prices driven by oversupply concerns and sluggish demand, offsetting gains from its copper business [1] Financial Performance - For the six months ending June 30, Rio Tinto's underlying profit was $4.81 billion, below market expectations of $5.05 billion, marking the worst half-year performance since 2020 [1] - The interim dividend for the first half of the year was announced at $1.48 per share, down from $1.77 per share the previous year [1] Market Conditions - Iron ore prices declined in the first half of the year due to reduced steel production in China and increased iron ore supply from Australia, Brazil, and South Africa, negatively impacting Rio Tinto's earnings from steelmaking raw materials [1] - A Morgan Stanley report indicated that iron ore prices could rebound to $100 per ton by the end of the year, as the market anticipates China will curb steel industry overcapacity and replenish inventories by the end of 2025 [1] Strategic Focus - The company is shifting its focus towards its copper business in response to the challenging iron ore market conditions [1]