J P M O R G A N Asia Pacific Equity Research 15 July 2026 Rio Tinto Limited 2Q26 results solid, volume guidance unchanged, costs positively adjusted, retain OW Key takeaways: 1) Pilbara iron ore shipments were broadly in line with market expectations (albeit short of JPMe where we expected a catch-up from Q1 weather), 1H realised revenue was US$1.2/wmt below JPMe. 2) All 2026 volume guidance was unchanged, whilst copper C1 net unit cost guidance was cut by ~50% on higher gold by-product credits (prices) and ...