Q1 2026 Performance results

First quarter of 2026 – Oyu Tolgoi Performance Scorecard can be viewed here.

Contributions to the State Budget

• In the first quarter of 2026, Oyu Tolgoi paid a total of MNT 2.1 trillion in taxes, fees, and other payments. This brings the company’s cumulative taxes and fees contributions since 2010 to MNT 16.6 trillion.

In-Country Procurement Spending and Contribution to Economic Growth

• In the first quarter of 2026, Oyu Tolgoi has spent US$1.1 billion in-country in the form of salaries, payments to Mongolian suppliers, taxes and other payments to the Government of Mongolia¹. This represents an average of USD 12.22 million per day circulating in Mongolia’s economy as a direct result of Oyu Tolgoi’s operations².
• During the reporting period, 85% of total procurement spend was directed to domestic suppliers. In total, the company engaged 738 suppliers, of which 536 were domestic. For example, during the reporting period, out of all domestic flights operated by air carriers in Mongolia, a total of 80,523 passengers—or 84.2%—traveled on the UB–OT route. This means 8 out of every 10 passengers travelling on domestic air routes were Oyu Tolgoi workforce³.1. This amount includes the MNT 1.6 trillion tax reassessment issued by the General Department of Taxation on 11 February 2026.
  2. This amount also includes MNT 2.9 trillion related to a tax dispute currently under consideration in international arbitration.
  3. Source: National Statistics Office of Mongolia.

Contribution to the Local Community Sustainable Development

Partnering to promote sustainable development in the region we operate.

• Construction of a livestock slaughtering and meat processing plant has commenced in Khanbogd soum, Umnugovi province, with a total investment of MNT 18.5 billion, fully funded by Oyu Tolgoi. Once operational, the facility will enable the regular purchase of livestock from local herders at fair market prices, supply safe and high‑quality meat products to meet growing local demand, and create opportunities for medium‑ and long‑term exports. The project supports value addition in the livestock sector and helps address challenges related to seasonal production and limited storage capacity. https://shorturl.at/S4Nc5
• The Gobi Oyu Development Support Fund (DSF) signed 2026 funding quota agreements with the Governors of Dalanzadgad, Khanhongor, Khanbogd, Bayan‑Ovoo, Tsogt‑Ovoo, Manlai, and Sevrei soums of Umnugovi province during the period from 3-21 April 2026. Under the funding quota framework, non‑profit projects focused on education, health, infrastructure, environmental protection, and social well‑being will be selected and implemented through local government administrations. Through funding provided in previous years, projects such as the upgrading of kindergartens, schools, and health centres, improvements to water and heat supply infrastructure, the establishment of elderly care facilities, waste management initiatives, and measures to enhance community safety have been successfully implemented. In 2026, the Fund will continue to support projects that are directly aligned with the priority needs of local communities.
• During the first quarter of 2026, the Oyu Tolgoi Catalyst Fund implemented a range of initiatives aimed at aligning Khanbogd soum’s development policies and planning while supporting local economic development. At the 8th meeting of the Khanbogd Soum Development Partnership Committee, partners discussed urban development and land use planning, the soum’s 2026 annual development plan, the partial master plans for the three development zones, as well as the Catalyst Fund’s annual plan and investment allocation, and reached a shared understanding on strengthening future cooperation.On 4 March 2026, the Small and Medium Enterprises Agency, the Khanbogd Soum Governor’s Office, and the Oyu Tolgoi Catalyst Fund signed a cooperation agreement to provide concessional loans to support small and medium-sized enterprises and service providers. The agreement creates opportunities to generate local employment and increase household income by channeling mining-related revenues into the local economy. In addition, the Catalyst Fund Centre’s energy supply was upgraded through the installation of a 15 kW hybrid solar power system, successfully delivering a model solution that promotes renewable energy use and sustainable development at the local level.
• A total of eight tonnes of used protective workwear from Oyu Tolgoi employees were recycled and repurposed into livestock blankets, which have begun to be distributed to herder households in areas at high risk of dzud. The blankets were produced for five age groups of large livestock, including calves, yearlings, shudlen (three‑year‑olds), hyazaalan (four‑year‑olds), and soyoolon (five‑year‑olds), covering cattle, horses, and camels. This environmentally responsible initiative was initiated by Rio Tinto Mongolia and implemented in partnership with Urban Jeans LLC, providing practical assistance to herders while promoting sustainable and circular use of resources.

Contribution to Human Development, Training, and Education

Oyu Tolgoi continues to consistently contribute to the long-term development and preparation of skilled miners, engineers, and industry professionals.

• WorldSkills International presented Oyu Tolgoi with a Certificate of Merit in recognition of its tangible contribution to promoting skills development and preparing professionals capable of competing at the international level. The award was presented during the “Mongol Skills” National Championship, jointly organized by the Ministry of Education, the General Authority for Education, and WorldSkills Mongolia. Since 2015, Oyu Tolgoi has consistently provided professional and financial support to Mongolia’s national team competing in the welding category at the WorldSkills Competition. As a result, Mongolian participants have achieved strong international results, earning Medallion for Excellence and Best of Nation awards in 2017, 2019, and 2024, demonstrating their skills on the global stage. Beyond engineering roles, technical professionals such as mechanics, welders, and electricians play a critical role in the mining sector. Through ongoing training and certification initiatives in these fields, Oyu Tolgoi contributes to strengthening the labour market and developing internationally recognised skilled professionals. https://shorturl.at/krTpo
• Since 2016, Oyu Tolgoi has been working in partnership with local authorities and the Umnugovi Polytechnic College to support local employment and develop a pipeline of skilled mine workers, engineers, and industry professionals through training, capacity‑building, and vocational qualification programmes. To date, approximately 1,500 residents of Umnugovi province have participated in these programmes and entered the labour market as skilled professionals.

• A three‑month pre‑employment training programme that has trained 683 participants in occupations such as cooking, tailoring, mechanics, welding, and scaffolding, achieving an employment rate of 69%.
• A vocational qualification programme through which 534 participants received training in welding, mechanics, and electrical disciplines, with an employment rate of 87%.
• An apprenticeship programme focused on occupations in high demand within the mining sector, including maintenance technicians, welders, electricians, and precision measurement technicians, which has supported 227 apprentices to date.

• On 24 February 2026, Oyu Tolgoi’s Remote Operated Vehicles team successfully completed the five‑stage inspection and certification process required by the Civil Aviation Authority of Mongolia under Civil Aviation Regulation 102 (CAR‑102) and received approval to operate unmanned aerial vehicles (drones) weighing 25 kg and above at the mine site, including for night‑time operations.

The introduction of this capability enables the safe, reliable, and timely delivery of essential equipment and materials to areas of the mine site that are inaccessible to personnel or present challenging geographical conditions and elevated safety risks. With this achievement, Oyu Tolgoi became the first mining company to receive certification under CAR‑102, and the second organization in Mongolia to hold a licence in this category, reflecting a significant advancement in workforce capability and the application of modern technology in the mining sector.

Investment made towards Environment

Oyu Tolgoi has been creating a positive impact across Mongolia, extending beyond its mine site.

• In full compliance with Mongolia’s laws and regulations and relevant agreements, Oyu Tolgoi has paid all required water‑use fees, totaling USD 81.7 million since 2013. In the first quarter of 2026, the company recycled 86.4% of the water it used, with an average water intensity of 0.45 cubic metres per tonne of ore processed, which is approximately three times lower than the global industry average.
• The main channel of the Undain ephemeral riverbed, an ecosystem with centuries of history, overlapped with Oyu Tolgoi’s open pit and waste rock storage areas, creating a potential risk of surface and groundwater flowing into the mine. To mitigate this risk, a partial diversion of the riverbed was successfully implemented between 2013 and 2014, with the involvement of professional experts and local communities. In parallel, Oyu Tolgoi has implemented the Undain River Monitoring Programme since 2009, under which regular monitoring is conducted at 109 water points along the riverbed. Long‑term monitoring results confirm that, despite the partial diversion, seasonal water flows continue during periods of heavy rainfall, sustaining springs and seeps and contributing to increased groundwater levels, indicating that the natural hydrological regime remains intact. Following the diversion, the Shine Bor Ovoo spring was formed and has since developed into a year‑round water source, serving as an oasis in the Southern Gobi and an important watering and resting area for wildlife and birds.

Transparency initiatives

• Oyu Tolgoi remains firmly committed to providing transparent, timely, and accurate information to all stakeholders, including the Government of Mongolia, Rio Tinto, international lenders, local communities, employees, and media organisations, in full compliance with international standards and applicable laws and regulatory requirements.To this end, Oyu Tolgoi regularly publishes the following reports and audit outcomes on its website (www.ot.mn):
  • Operational Performance Reports (quarterly), covering production, taxes and fees, procurement, environmental performance, and local investment initiatives
  • Annual Report (annually), in addition to the quarterly reports, the annual report includes updates on workforce well-being and key activities undertaken within the framework of long-term strategic planning.
  • Environmental Performance Audit (annually);
  • Tailings Storage Facility operational progress reports;
  • Lenders’ Environmental, Social and Governance (ESG) audits (two to three times per year), conducted to assess compliance with the Environmental and Social Impact Assessment, with results disclosed publicly.
  • Independent water audit (every five years), assessing compliance with all water-related regulations and the water-related provisions of the Investment Agreement, with results disclosed publicly.
  • Galba-Uush and Doloodiin Gobi Basin Authority water audit (annually);
  • Copper Mark assurance audit (biennially), conducted in conjunction with lenders’ audits.
  • Annual reports of the two local development funds operating in the region.
• As a company in which the Government of Mongolia holds a 34 percent ownership stake through Erdenes Oyu Tolgoi LLC, Oyu Tolgoi maintains regular and structured information sharing through reporting and meetings, including:
  • More than 70 reports per month;
  • Two weekly reports;
  • Four comprehensive quarterly reports;
  • An average of seven meetings per month;
  • Detailed discussions based on submitted reports.
• In addition, Oyu Tolgoi engages with civil society organisations on a regular basis, holding one to two structured meetings annually to present reports and information, address concerns, and receive feedback. As part of this ongoing engagement, the company held its first civil society organization meeting of this year on 21 April 2026, welcoming representatives to the mine site for an open and constructive dialogue.

Production Report

• Safety remains the top priority, with an All‑Injury Frequency Rate of 0.34 per 200,000 person‑hours recorded during the quarter. Preventive measures are being further strengthened to achieve the annual safety target.
• In the first quarter of the year, underground copper and gold production reached new record levels, exceeding planned output for both copper and gold in concentrate by more than 10%.
• Planned maintenance activities for the concentrator plant and the underground ore handling and conveying systems were completed safely and without adverse impact on production, ensuring continued operational reliability.
• Development activities at Panel 2, including undercut blasting, drawbell construction, and ore drawpoint development, progressed ahead of schedule, playing a critical role in supporting the stable ramp‑up of underground production.
• Maintaining flexibility in mine planning, options have been incorporated into and implemented in the production plan to enable the commencement of production from either Panel 1 or Panel 2 South, depending on the timing of the transfer of the Entrée licence.

	2025 Q1	2025 Q2	2025 H2	2025 Q3	2025 Q4	2026 Q1
Ore Treated – consolidated (‘000 tonnes)	9,903.25	10,034.20	19,937.45	10,152.87	11,331.85	10,833.53
Ore Treated – OP (‘000 tonnes)	7,468.92	6,836.49	14,305.41	7,282.38	7,926.14	7,333.77
Ore Treated – UG (‘000 tonnes)	2,434.33	3,197.71	5,632.04	2,870.48	3,405.71	3,499.76
Average mill head grades (consolidated):
Copper (%)	0.82	1.00	0.91	1.00	1.05	1.06
Gold (g/t)	0.32	0.44	0.38	0.59	0.61	0.51
Silver (g/t)	1.87	2.24	2.05	2.19	2.29	2.29
Average mill head grades (Open pit) :
Copper (%)	0.42	0.47	0.44	0.54	0.55	0.54
Gold (g/t)	0.25	0.37	0.30	0.58	0.62	0.46
Silver (g/t)	1.02	1.07	1.04	1.13	1.16	1.08
Average mill head grades (Underground) :
Copper (%)	2.03	2.13	2.09	2.16	2.20	2.16
Gold (g/t)	0.55	0.61	0.58	0.63	0.59	0.61
Silver (g/t)	4.47	4.75	4.63	4.87	4.94	4.81
Copper concentrates produced (‘000 tonnes)	303.38	381.56	684.94	394.91	464.28	465.30
Average concentrates grade (% Cu)	21.50	22.75	22.19	22.60	22.39	21.84
Production of metals in concentrates:
Copper in concentrates (‘000 tonnes)	65.21	86.80	152.02	89.25	103.94	101.63
Gold in concentrates (‘000 ounces)	61.53	97.50	159.03	138.22	158.62	123.09
Silver in concentrates (‘000 ounces)	402.73	549.59	952.32	559.35	668.19	615.89
Metal recovery (%)
Copper	82.98	86.36	84.85	86.69	87.49	88.50
Gold	62.06	68.38	65.75	70.56	70.93	69.95
Silver	69.69	75.76	73.02	77.06	79.89	77.38
Sales of metals in concentrates:
Copper in concentrates (‘000 tonnes)	57.65	86.36	144.02	80.94	92.42	105.09
Gold in concentrates (‘000 ounces)	55.84	92.83	148.67	121.23	144.17	137.47
Silver in concentrates (‘000 ounces)	338.39	514.03	852.42	474.17	556.78	613.67
Open pit material mined (‘000 tonnes)	21,879.71	22,575.99	44,455.70	19,813.80	22,443.10	21,538.74
Concentrate sold in DMT	281,971.67	403,951.58	685,923.25	372,659.63	433,143.89	499,596.82

Legal Framework and Implementation of Relevant Agreements

Oyu Tolgoi operates in full compliance with the legal and regulatory framework of Mongolia, as well as the Investment Agreement signed with the Government of Mongolia in 2009. Under the Investment Agreement, Oyu Tolgoi has assumed 76 obligations, while the Government has assumed 33 obligations. All obligations that are the sole responsibility of the company have either been fully implemented or are being implemented on an ongoing basis. The status of commitments and obligations under the Investment Agreement is outlined in Appendix 1.

Obligations and commitments undertaken by Oyu Tolgoi under the Investment Agreement and their implementation

Category	Commitment	Implementation (Summary)
Investment	Mine development and financing	An investment of more than approximately USD 16 billion has been made, resulting in the establishment of a fully integrated mining operation comprising both open pit and underground mines.
Taxes and Fees	Full payment of taxes, royalties, and statutory fees	A total of MNT 16.6 trillion has been paid into the state budget of Mongolia.
Workforce	Increase the participation of Mongolian employees (more than 90%) and provide training	More than 97% of the workforce is Mongolian, with skills and capabilities that enable them to work internationally.
Domestic Procurement	Prioritise engagement with Mongolian companies	In the first quarter of 2026, 85% of total procurement expenditure was sourced from domestic suppliers. During the period, Oyu Tolgoi worked with 738 suppliers, of which 536 were domestic suppliers. Since 2010, a total of MNT 40.5 trillion in procurement has been sourced from domestic companies. The “Made in Mongolia” programme is being implemented.
Local Development	Invest in the development of Umnugovi province and its soums; diversify the local economy and increase local incomes	Contributions to local development are being made through two dedicated funds, the Gobi Oyu Development Support Fund and the Khanbogd Development Accelerator Fund (Oyu Tolgoi Catalyst Fund). Since 2011, a total of MNT 486.6 billion has been invested in projects supporting the sustainable development of Umnugovi province. A policy is being implemented to increase procurement by strengthening the capacity of local suppliers. Since 2010, goods and services worth MNT 6.4 trillion have been procured from suppliers registered in Umnugovi province. In the first quarter of 2026, procurement from 99 Umnugovi‑based suppliers totalled MNT 303.8 billion. Khanbogd and Dalanzadgad soums rank among the leading areas nationally in terms of business activity.
Infrastructure	Construction of roads, power supply, water supply, and airport infrastructure	Approximately 161 kilometres of paved roads have been constructed, including: Around 100 km of road in the Gashuunsukhait direction 35 km road connecting the mine site and Khanbogd soum 14 km of internal roads within Khanbogd soum 12.5 km of road connecting the mine to the Tavan Tolgoi coal transport corridor In addition, the Khanbumba Airport, the Khanbogd soum water supply system, and systems for mine water source assessment, monitoring, abstraction, and recycling have been developed.
Environment	Comply with environmental standards	Approximately 87% of water used is recycled, with water consumption per tonne of ore processed being around three times lower than the average of comparable mines globally. Regular monitoring and audits are conducted by international and relevant governmental authorities, with results reported transparently. Environmental protection initiatives include the Biodiversity Offset Programme and the “100 Million Trees” programme, under which 36 million trees have been planted and nurtured through direct planting and offset initiatives.
Health and Safety	Comply with HSE standards	Ranked as the safest mine among Rio Tinto’s global mining operations.