Palliser urges shareholders to vote FOR resolution 24 at the Rio Tinto Plc AGM on 3 April 2025 and resolution 21 at the Rio Tinto Limited AGM on 1 May 2025

LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”) today published a letter to shareholders of Rio Tinto (the “Company”) calling for them to vote in favor of the long-overdue full and proper investigation into the merits of unification of Rio Tinto’s dual listed company (“DLC”) structure, in line with the recommendations from leading international proxy advisors ISS and Glass Lewis.

Palliser’s letter to shareholders outlines the corporate governance shortcomings of Rio Tinto’s cursory internal review to date and its subsequent actions to avoid the straightforward enhanced review Palliser has requested:

• Dismissing empirical evidence of the multiple significant benefits and value maximising opportunity presented by unification – grounded in no fewer than 12 precedent DLC unwinds.
• Dismissing the findings of the independent appraisal report by Grant Thornton Australia, which concluded, based on publicly available information, that the advantages of Rio Tinto’s potential unification outweigh the disadvantages.
• Attempting to disenfranchise the Limited line – 23% of Rio Tinto’s shareholder base – from having their vote on their resolution.
• Fighting against the findings of the world’s leading international proxy advisors – ISS and Glass Lewis.

Palliser’s letter and other materials on its engagement with Rio Tinto can be found at UnifyRio.com.

The full text of Palliser’s letter follows: