A visit to Rio Tinto''s Oyu Tolgoi copper mine in Mongolia left us more confident in the ramp up of underground operations which commenced in 1Q23. Drawbell firings and undercut firings are running ahead of plan while associated infrastructure (shaft sinking and conveyor to surface) is progressing well. RIO''s ambitions to double copper production by end of decade rely heavily on the successful execution of underground mining at Oyu Tolgoi. Drawbell firing rate ahead of industry average Drawbell firings are ahead of 2023 YTD plan (54 opened as of 30 June 2023) and for the last five months averaging 6 per month vs industry average of 4-5. Similarly, undercut firings are ahead of plan and aligned to drawbell firings. Cave construction is outperforming RIO''s expectations and sustaining development metres and ore tonnes hoisted are both ahead of 2023 YTD plans. These all read positive for the ramp-up of underground operations. Hugo North Lift 2 is expected to be in the resource model mid-2024 while early-stage evaluation of potential downstream processing at Oyu Tolgoi is progressing. Underground infrastructure progressing well Solid progress is being made in the supporting infrastructure for underground operations. Shaft 3 and 4 commissioning is in 2H24 (52% and 60% complete) and recent monthly run-rates are ahead of the pace required to meet those timelines. The conveyor to surface (51% complete) is to be commissioned in 2H24. Mining and Mongolia The mining industry is critically important for Mongolia, representing 28% of GDP. Since 2011, c50% of total foreign direct investment into the country was the investments into Oyu Tolgoi. Mining is 93% of Mongolia''s total exports and while the largest is coal at 52%, copper (predominantly Oyu Tolgoi and then Erdenet) is still 22%. The next parliamentary election is June 2024.