Dr O Dubhthaigh

My Story...I am beginning to write a book reflecting on my experiences over many years working with Rio Tinto, Mongolia and Oyu Tolgoi. This slide is part of an early story framework based on my opinions, lived experiences, contemporaneous records and information shared with me over time. It reflects my perspective on leadership, governance, ethics and the consequences of raising difficult questions.

WHEN A COMPANY LIKE RIO TINTO STARTS CALLING GOVERNANCE QUESTIONS “HOSTILE,” YOU SHOULD ASK WHO FEARS THE ANSWERS. Not the same people who helped secure a $2.75bn reset. Nor the same people who secured a $138.9m shareholder settlement after findings connected to cost overruns, delays and management failures. And certainly not the families whose lives were destroyed in the process — including my wife, now terminally ill, while I am again warned last week by Senior Law Officers that I was under constant surveillance because of my whistleblowing. Yet apparently, for some, the real problem is still the people asking questions. Evidence is not hostile. Scrutiny is not hostile. Governance is not hostile. And to those who question our commitment, motives or integrity — step forward and show what you personally risked to get to the truth. Show the pressure. Show the cost. Show what you stood to lose. Because too many cheer “integrity” from a safe distance while others carry the consequences of actually speaking up.

NEW DEAL OYU TOLGOI....IS THIS A WIN — OR JUST ANOTHER RETREAT? The headlines focus on management fees. But the real questions are much bigger: • Does Mongolia actually improve long-term cashflow? • Will dividends arrive meaningfully sooner? • Has debt pressure genuinely changed? • Are transparency and audit rights materially stronger? • And most importantly — can the 2028 underground mine plan deliver what is being promised? The real test was never the press conference. The real test begins in 2028.

THE OYU TOLGOI DEAL. Management fees were never the real money. They are diminishing anyway!!! Lost Leader. The real question is simple: Can the 2028 underground mine actually deliver the production, recoveries and cashflow assumptions underpinning Oyu Tolgoi's future returns? A 10% mine underperformance could massively wipe out decades of headline “savings”. Investors should ask for: • full 2028 mine plan transparency • throughput assumptions • recovery assumptions • downside scenarios • dividend timing • debt sensitivity Because optics are cheap....Cashflow is not.

Why is nobody demanding it back from.... Rio Tinto

MONGOLIA IS LOSING BILLIONS to RIO TINTO WHILE POLITICIANS CHASE SHADOWS Potentially another $3–5bn this year. I am raising alarm bells because the red flags are no longer theoretical. Governance matters. Transparency matters. Debt structures matter. Future dividend flows matter. Mongolia is sitting on extraordinary wealth, yet too many of those tasked with protecting it are behaving like headless chickens pecking at each other while the farm burns. Three people helped deliver a historic multi-billion-dollar reset for Mongolia $2.75BN. Solongoo Bayarsaikhan Richard Bowley Now the noise machine appears determined to bury the very people who proved Mongolia did not have to accept the old structure or the Rio Tinto story for the naive. Meanwhile, every day the chicken distraction costs Mongolia more and Rio park their $$$$$$$$ in banks offshore So the question is simple: If another $3–5bn may be available to Mongolia… who is actually fighting to bring it home and just as important who can?

Interesting. In 2021–2022, when Mongolia faced one of the largest governance, cost and transparency disputes in its modern mining history, collaboration with whistleblowers and external advisers was described internally as necessary, legitimate and in the national interest. Today, some of the very same facts are apparently being reframed as scandal. Let’s be clear about a few things. The issues raised concerning Oyu Tolgoi were not invented by “social media”, politics or conspiracy theories. They became the subject of: regulatory engagement; international legal proceedings; shareholder litigation; governance investigations; and substantial settlements. They delivered a $2.5 bn reset. The US shareholder action succeeded because a Court accepted evidence that investors had been misled regarding cost overruns, delays and management failures connected to the underground project. That deliver $250m settlement. That is not gossip. That is litigation reality. I provided information in relation to matters connected to the 2022 reset because Mongolia was attempting to understand: why costs exploded; why delays escalated; why governance concerns persisted; and whether the country had been materially disadvantaged. Those are legitimate national-interest questions. And I will say this openly. When I recently brought information to Rio Tinto concerning matters of significant concern connected to Mongolia, the 2028 mining plan, and issues extending beyond the 2022 reset, I was told the information was “hostile” and “counterproductive.” That should concern everyone. Because evidence is not hostile. Questions are not hostile. Governance scrutiny is not hostile. Suppressing uncomfortable information is what damages organisations and countries. The real danger begins when difficult questions are treated as threats rather than examined on their merits. Even more troubling: When I recently sought legal support to bring forward proceedings concerning matters I believe remain of serious importance to Mongolia, only one lawyer — Solongoo Bayarsaikhan — was prepared to act. In fact she is doing it on a pro bono basis because its for her country. How many detractors are prepared to work for nothing just public interest. How many detractors are prepared to act against Rio Tinto interest in the national interest. Think about that for a moment. A country facing disputes involving billions. Questions surrounding governance, cost escalation, mining plans and national interest. International litigation already resulting in substantial findings and settlements. Yet almost nobody wishes to touch it. That tells its own story. People often ask why whistleblowers eventually become exhausted, isolated or cynical. Because many institutions publicly praise truth… until truth becomes commercially or politically inconvenient. I have spent years listening to organisations say: “Speak up.” “Challenge.” “Integrity matters.” “Psychological safety.” But the real test comes afterwards. What happens when someone actually does? Too often, the issue is not whether the information is true. The issue becomes: “Why is this person still asking questions?” What is deeply concerning now is not scrutiny itself. It is the growing pressure to redefine scrutiny as disloyalty. That is how cultures drift from governance into protectionism. And history shows that when organisations begin labelling scrutiny as “counterproductive,” the problem is rarely the scrutiny itself. Truth should not depend on political convenience. And governance does not become “anti-Mongolian” simply because it becomes uncomfortable.

WHAT WOULD YOUR ANSWER BE? If a CEO said to you: “I demand loyalty.” Would your loyalty be: >Loyalty to the truth? >Loyalty to the team? >Loyalty to the organisation? >Loyalty to the individual leader? And if those loyalties collided… Which one comes first? At what point does loyalty become silence? At what point does silence become risk? And can an organisation ever truly be healthy if people are rewarded more for obedience than honesty? Interested in your answer.

Хуульч Б.Солонгоо: Рио Тинтотой хэлэлцээр хийх үед мэдээллийн тэнцвэргүй байдал их үүсдэг. Тэд өмнө нь Монголын Засгийн Газарт худал мэдээлэл өгч байсан. Тэгэхээр ажлын хэсэг Монголын талд үнэн зөв, бодитой мэдээлэл өгч байна уу гэдэгт анхаарах хэрэгтэй.

OYU TOLGOI MAY BE THE MOST EXPENSIVE “SUCCESS STORY” MONGOLIA HAS EVER BEEN SOLD. Water depletion. Destroyed grazing routes. Dust pollution. Economic dependency. Elite enrichment. Governance questions. Communities fractured while billions leave the country. The sales pitch was prosperity. The lived reality for many Mongolians is very different. The uncomfortable question remains: How can one of the world’s largest copper mines sit beside continuing public frustration, distrust and inequality @riotinto @RTMongolia @OyunerdeneMN @Uyanga_ts @dempartym @elbegdorj @orgodol456 @SolongooBayars1

THE REAL WHISTLEBLOWING SCANDAL NOBODY WANTS TO TALK ABOUT; 47% of whistleblowers fear retaliation if they report misconduct. 39% fear for their personal safety. Think about that.... Nearly half of employees believe telling the truth could damage their career. Four in ten believe it could damage them personally. This is not just a compliance problem....It is a fear culture. The real scandal is not that people stay silent....It’s that too many organisations still make silence the safer option. My latest research into whistleblowing, retaliation, smear campaigns and organisational fear cultures is uncovering patterns that should concern every leader, regulator and board. Because once people stop speaking honestly: • misconduct grows • psychological safety collapses • groupthink accelerates • and leadership starts managing appearances instead of truth If truth feels dangerous, safety never existed. #Whistleblowing #Leadership #PsychologicalSafety #Culture #Governance #Ethics #MentalHealth #Research #SpeakingUp #LeadershipDevelopment

Э.Баясгалан: Бид Оюу толгойгоос ногдол ашгаа хэзээ хүртэх вэ гэж ярих ёстой.

Оюутолгой төслийн шууд бус сөрөг нөлөөг ярья. Таны бодлоор юу вэ?

Уул уурхайн “шууд бус өгөөж” гэж их ярьдаг ч бодит байдал дээр бусад салбар, ялангуяа хүнс, хөдөө аж ахуйг шахаж, уул уурхайн өндөр цалингаас хамаарсан үнийн хөөрөгдөл бий болгодог. Үр дүнд нь амьжиргааны өртөг тэнгэрт хаддаг ч эдийн засаг улам уул уурхайгаас хамааралтай болдог.

@DuffyUnfiltered You raise truly insightful points. Deep dives into core operational assumptions, beyond just headline figures, are absolutely essential for discerning long-term value. Prudence truly pays dividends.

Member O. Batnairamdal is operationally correct to highlight the stark difference in contribution percentages between Erdenet, Erdenet Tavantolgoi and Oyu Tolgoi. But we must also be careful not to lose sight of what is hidden beneath headline percentages. Mining economics are not simply about: current tax flows, operational contribution, or short-term government receipts. The deeper questions sit underneath: debt structures, underground mine assumptions, capital recovery, management frameworks, production modelling, future dividend timing, governance quality, and what Mongolia actually receives over the life of the asset. That is where complexity begins. It is entirely legitimate for Mongolians to ask: “How can such a world-class deposit produce such comparatively low direct returns today?” But it is equally important to understand: some of the biggest risks and realities in mining are often buried inside the assumptions ordinary people never see. In my experience, public debate often focuses on the visible numbers… while the most important conversations remain hidden inside: models, agreements, governance, and long-term operational assumptions. And history repeatedly shows: what is hidden in mining eventually matters more than what is politically convenient in the moment. @RioTinto @NyamUchral @Daimka07 @m3ndee Ask @SolongooBayars1 -there is $3-5bn that needs to be collected

Энэ хүн яг л хэлж бна. Учралын ЗГ монголчуудыг тэнэг л гэж бодоод бна даа. Менежментийн төлбөр зардалаас авдаг. Үүнийг тал болголоо гээд юу ч өөрчлөгдөхгүй монгол ашиг авах хугацаа тодорхойгүй хэвээр. Яагаад тодорхой биш гэхээр цаашид зардал дахиад нэмэгднэ.

FROM MY RESEARCH ON PSYCHOLOGICAL SAFETY, SECRETS, SANCTIONS & SMEAR CAMPAIGNS… TO MY NEW RESEARCH ON “PERFORMING WHEN EMPTY”… One brutal truth keeps appearing: People rarely break suddenly. They erode silently under pressure, politics, fear, exhaustion, retaliation, and the emotional cost of pretending they are still fine. Most organisations focus on performance. Very few truly understand: the hidden cost of silence, the psychological weight of sustained pressure, or what happens when people keep performing long after emotionally running dry.

“HALVING THE MANAGEMENT FEE? MONGOLIANS ARE STILL ASKING THE REAL QUESTION: WHERE ARE THE DIVIDENDS? Cutting fees makes headlines... but does it actually put money in Mongolians’ pockets? The Oyu Tolgoi management fee story risks becoming political theatre while the real dividend question remains unanswered. Less management fees. Still no clear dividend timeline. Is this really a win? The real test of Oyu Tolgoi is not management fees... it is whether Mongolians ever see the national wealth and long-term returns they were promised. Mongolia was promised prosperity, ownership, and dividends. So why is the dividend clock still unclear? Headlines may say ‘good negotiations,’ but many Mongolians are still waiting for proof.” @RioTinto @Daimka07 @SolongooBayars1 @rbowley2

THE BRUTAL TRUTH ABOUT PSYCHOLOGICAL SAFETY. Most organisations talk confidently about psychological safety… right up until somebody challenges power, reputation, money, or leadership. .. That’s when the theatre begins. Over the last five years, my research has moved from lived experience into behavioural analysis — examining what really happens when people speak up inside high-pressure systems. The findings are uncomfortable..... Too many organisations:...celebrate “speak up” cultures publicly,...while privately punishing dissent....isolating whistleblowers...managing narratives, ...and protecting power structures. My research now combines: ✔ lived experience ✔ behavioural analysis ✔ leadership psychology ✔ whistleblower testimony ✔ regulatory insight ✔ global governance trends The conclusion? Psychological safety is not tested during calm....It is tested during conflict. ...And if truth cannot survive pressure, then safety never really existed. This work has now evolved into: 🔹 coaching 🔹 leadership programmes 🔹 workshops 🔹 behavioural risk discussions 🔹 whistleblowing and governance insight 🔹 performance-under-pressure learning Because organisations do not become stronger by silencing truth. They become stronger by learning how to absorb it. If your organisation wants to explore: >psychological safety, >leadership under pressure, >culture and trust, >burnout and “performing when empty,” >whistleblowing dynamics, >or high-performance behavioural environments— Contact.... media@mauriceduffy.com #Leadership #PsychologicalSafety #Whistleblowing #Culture #Governance #Burnout #LeadershipDevelopment #Behaviour #Coaching #PerformingWhenEmpty #Trust #Resilience #SpeakingUp