Winu, page-3

WINU....a few tidbits from Rio's last few presentations.

RIO 2019 Full Year Results – 26^th February2020

Continued investment in growth projects and development

• Greenfield success with further encouraging drill results released in August 2019 at the Winuproject in Western Australia. Extensive drilling and geophysical testing programme completed: geotechnical, hydrology, mining, processing and basic engineering studies are well advanced. Targeting first production in 2023, subject to regulatory approvals and consents.

. Advancing our options through increased explorationspend

We spent $136 million, or 28%, more on exploration and evaluation compared with last year. This went to our highest value projects, particularly on evaluating the Resolution copper project in Arizona, advancing our Winu copper/gold deposit in Australia and progressing our Falcon diamond project in Canada.

We have had some early success in copper exploration in the Pilbara, Western Australia at ourWinuproject, where we have an extensive drilling and geophysical testing programme. We drilled 124 kilometres in 2019 compared with 16 kilometres in 2018. Initial environmental and sub fauna baseline studies are complete. Other studies are well advanced including geotechnical, hydrology, mining, processing and basic engineering design. We are targeting first production in 2023, subject to regulatory approvals and consents.

April & May 2020 AGM

Rio Tinto Limited AGM Address by the chief executive J-SJacques, chief executive Rio Tinto Limited AGM

We are excited about Winu, our copper opportunity in Western Australia. It is progressing well and is a great example of us building a portfolio of the future. We expect to be able to provide some greater insights on this opportunity soon.

ARNAUD SOIRAT On Winu, it is early stage, but we are already looking at different power solutions, including LNG or renewables. Personally I don’t see actually clean power as a risk, I really see it as an opportunity. If you look all over the world at the cost of energy generated through renewables, particularly solar, it is becoming more and more competitive and so we are definitely looking at cleaner energy and renewable energy for Winu over potentially the medium to long term. As J-S explained, we are looking at the first stage, which will be a smaller mine and then progressively growing, and so renewal power for Winu is both an opportunity to reduce our carbon footprint but potentially it is an opportunity to reduce our costs as well.

Then during the week we all read about Rio files environmental approval requests,....game on



NOW you have the Rio Half Year Results on 29.07.20

1) There will definitively be a serious update on Winu

2) Highly likely an initial resource statement - "that would be a huge development in excitement"

3) A slight possibility of even a release on Calibre drilling JV with AZY....a big bonus


Rest assured Calibre will be incorporated into Winu at some stage, that is pretty clear for all to see.

If Rio was not discovered by RIo at that time, I'm not totally convinced we would have ever found out how valuable Calibre is to us.

Winu will be a regional hub, smallish initially so it can be fast tracked, then grown as additional satellite deposits are found, Calibre would have to be the first cab off the rank for that due to its size and advance stage of drilling and closeness to Winu.

AZY, is a growth stock to me, i don't want to see gap ups in prices, we will see multiples of share price advancement as it unfolds, i don't really want to hear of the take over talk mumbo jumbo that goes on, we are in the box seat of a brilliant mystery/thriller story, let it unfold, we are only in chapter 2, a long way for this story to play out.


Looking forward to the 29.07.20 for chapter 3, "Winu gets Exposed"