Tali is a private company which is 40 per cent owned by ASX listed Agrimin (ASX:AMN).
It is focused on exploring for precious and base metal deposits in the West Arunta and Madura regions of Western Australia.
The area is prospective for iron oxide copper-gold mineralisation.
Under the deal, Rio Tinto can earn a joint venture interest of up to 75 per cent in five tenements held by Tali, by providing staged funding for exploration.
Shares in Rio Tinto (ASX:RIO) are trading 1.23 per cent higher at $117.12.