Slides
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27 August 2026 2026 FULL YEAR FINANCIAL RESULTS
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SLIDE 2 This presentation should be read in conjunction with the “Financial Results and Outlook – year ended 30 June 2026” announcement released on 27 August 2026, which is available on South32’s website (www.south32.net). FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates; demand for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated productive lives of projects, mines and operations; and provisions and contingent liabilities. These forward-looking statements reflect expectations at the date of this presentation, however they are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. Except as required by applicable laws or regulations, the South32 Group does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. South32 cautions against reliance on any forward-looking statements or guidance. NON-IFRS FINANCIAL INFORMATION This presentation includes certain non-IFRS financial measures, including Underlying earnings, Underlying EBIT and Underlying EBITDA, Underlying revenue, Underlying net finance costs, Underlying depreciation and amortisation, Underlying operating costs, Underlying income tax expense, Underlying royalty related tax expense, Underlying effective tax rate, Operating margin, Free cash flow, return on invested capital and net cash/(debt). These measures are used internally by management to assess the performance of our business, make decisions on the allocation of our resources and assess operational management. Non-IFRS measures have not been subject to audit or review and should not be considered as an indication of, or alternative to, an IFRS measure of profitability, financial performance or liquidity. NO OFFER OF SECURITIES Nothing in this presentation should be read or understood as an offer or recommendation to buy or sell South32 securities, or be treated or relied upon as a recommendation or advice by South32. RELIANCE ON THIRD PARTY INFORMATION Any information contained in this presentation that has been derived from publicly available sources (or views based on such information) has not been independently verified. The South32 Group does not make any representation or warranty about the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by South32. NO FINANCIAL OR INVESTMENT ADVICE - SOUTH AFRICA South32 does not provide any financial or investment 'advice' as that term is defined in the South African Financial Advisory and Intermediary Services Act, 37 of 2002, and we strongly recommend that you seek professional advice. MINERAL RESOURCES AND ORE RESERVES Information in this presentation that relates to Ore Reserve and/or Mineral Resource estimates for all operations and projects was declared as part of South32’s annual Resource and Reserve declaration in the "Annual Report 2026" dated 27 August 2026 (www.south32.net) and prepared by Competent Persons in accordance with the requirements of the JORC Code. South32 confirms that it is not aware of any new information or data that materially affects the information included in the original announcement. All material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. South32 confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement. Sierra Gorda: The information in this presentation that relates to Ore Reserve and Mineral Resource estimates for Sierra Gorda was declared in the announcement "61% increase in Sierra Gorda Ore Reserve estimate" dated 25 August 2026 (www.south32.net) and was prepared by Competent Persons in accordance with the requirements of the JORC Code. South32 confirms that it is not aware of any new information or data that materially affects the information included in the original announcement. All material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. South32 confirms that the form and context in which the Competent Persons' findings are presented have not been materially changed from the original market announcement. PRODUCTION TARGETS Cannington: The information in this presentation that refers to the Production Target and forecast financial information for Cannington is based on Proved (83%) and Probable (17%) Ore Reserves. The Ore Reserves underpinning the Production Target have been prepared by Tom Bailey in accordance with the requirements of the JORC Code and was declared in South32’s "Annual Report 2026" dated 27 August 2026 (www.south32.net). South32 confirms that all material assumptions underpinning the Production Target and forecast financial information derived from the Production Target continue to apply and have not materially changed. Taylor: The information in this presentation that refers to the Production Target and forecast financial information is based on Proved (41Mt, 32%) and Probable (58Mt, 44%) Ore Reserves and Measured (1.1Mt, 1%), Indicated (4.2Mt, 3%), Inferred (13Mt, 10%) Mineral Resources and Exploration Target (13Mt, 10%) for the Taylor deposit and was originally disclosed in "Hermosa Project Update" dated 30 April 2026 (www.south32.net). The Exploration Target, Mineral Resources and Ore Reserves underpinning the Production Target have been prepared by Competent Persons in accordance with the JORC Code. South32 confirms that all the material assumptions underpinning the Production Target in the initial public report referred to in ASX Listing Rule 5.16 continue to apply and have not materially changed. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target will be realised. The potential quantity and grade of the Exploration Target is conceptual in nature. In respect of the Exploration Target used in the Production Target, there has been insufficient exploration to determine a Mineral Resource and there is no certainty that further exploration work will result in the determination of Mineral Resources or that the Production Target itself will be realised. The stated Production Target is based on South32’s current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. South32 confirms that inclusion of 20% of tonnage (10% Inferred Mineral Resources and 10% Exploration Target) is not the determining factor of the project viability and the project forecasts a positive financial performance when using 80% tonnage (32% Proved Ore Reserves, 44% Probable Ore Reserve, 1% Measured and 3% Indicated Mineral Resources). South32 is satisfied, therefore, that the use of Inferred Mineral Resources and Exploration Target in the Production Target and forecast financial information reporting is reasonable. EXPLORATION TARGETS AND EXPLORATION RESULTS Catabela Northeast: Information in this presentation that relates to the Exploration Target for Catabela Northeast was prepared by Competent Person and declared in South32's "2026 Half Year Financial Results" dated 12 February 2026 (www.south32.net) in accordance with the requirements of the JORC Code. South32 confirms that it is not aware of any new information or data that materially affects the information included in the original announcement. South32 confirms that the form and context in which the competent persons' findings are presented have not materially modified from the original market announcement. IMPORTANT NOTICES
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SLIDE 3 The Group’s profit after tax attributable to members increased by US$874M to US$1,087M in FY26. Underlying earnings attributable to members increased by US$366M to US$1,032M in FY26. Consistent with our accounting policies, various items are excluded from the Group’s profit/(loss) to derive Underlying earnings1. Total adjustments to derive FY26 Underlying EBIT (+US$332M), shown in the table below, include: • Significant items (+US$122M): recognition of costs related to Mozal Aluminium's transition to care and maintenance2, including employee separation costs and termination of contractual arrangements (+US$33M), and the non- cash write-down of raw materials and consumables and work in progress inventories (+US$89M); • Joint venture adjustments3 (+US$613M): to reconcile the equity accounting position to a proportional consolidation basis for our manganese and Sierra Gorda EAIs; • Gain on the disposal of subsidiaries and joint operations (-US$16M): recognition of a gain on disposal from finalisation of the upfront consideration for the sale of IMC (-US$19M) and loss on disposal of Cerro Matoso (+US$3M); • Impairment reversal of financial assets (-US$249M): periodic revaluation of the shareholder loan receivable from Sierra Gorda reflecting higher copper prices and other macroeconomic assumptions. An offsetting amount is recorded in the Sierra Gorda joint venture adjustments noted above; and • Gain on non-trading derivative instruments and contingent consideration measured at fair value through profit and loss (-US$146M): revaluation of the contingent consideration receivable4 from the sale of IMC reflecting higher metallurgical coal prices (-US$93M) and determination that no contingent consideration is payable5 in relation to our acquisition of Sierra Gorda (-US$55M). IMPORTANT NOTICES Profit/(loss) to Underlying EBITDA reconciliation US$M FY26 FY25 Operating profit/(loss) from continuing operations 1,359 554 Operating profit/(loss) from discontinued operations 26 (61) Adjustments to derive Underlying EBIT: Significant items 122 (71) Joint venture adjustments3 613 122 (Gains)/losses on the disposal of subsidiaries (16) 47 Exchange rate (gains)/losses on restatement of monetary items 8 8 Impairment losses/(reversals) of financial assets (249) 27 Impairment losses/(reversals) of non-financial assets — 464 (Gains)/losses on non-trading derivative instruments and contingent consideration measured at fair value through profit and loss (146) 121 Total adjustments to derive Underlying EBIT 332 718 Underlying EBIT 1,717 1,211 Underlying depreciation and amortisation 745 717 Underlying EBITDA 2,462 1,928 Profit/(loss) to Underlying earnings attributable to members reconciliation US$M FY26 FY25 Profit/(loss) after tax attributable to members 1,087 213 Total adjustments to derive Underlying EBIT 332 718 Total adjustments to derive Underlying net finance costs (180) (237) Total adjustments to derive Underlying income and royalty related tax expense (207) (28) Underlying earnings attributable to members 1,032 666
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SLIDE 4 Agreed to sell our aluminium value chain business to Alcoa for up to US$5.6B(e) Invested US$711M at Hermosa to grow future base metals production Sierra Gorda Ore Reserve ↑61% to 1.1 Bt(c) and fourth grinding line approved for execution(d) Delivered strong financial results and accelerated our portfolio transition to base metals FY26 OVERVIEW Underlying EBITDA US$2.5B at an operating margin of 31%6 Net cash of US$283M after returning US$327M(b) to shareholders during the year Free cash flow increased by 136% to US$610M(a) Notes: a. Includes distributions from EAIs. b. Comprises fully-franked ordinary dividend paid in respect of H2 FY25 (US$117M), fully-franked ordinary dividend paid in respect of H1 FY26 (US$175M) and returns under our on-market share buy-back in H1 FY26 (US$35M). c. Refer to important notices (slide 2) for additional disclosure. The total Ore Reserve includes: 446Mt of Proved @ 0.41% TCu, 0.021% Mo and 0.06g/t Au and 650Mt of Probable @ 0.39% TCu, 0.014% Mo and 0.06g/t Au. d. Refer to market release "Final investment approval for Sierra Gorda’s fourth grinding line” dated 1 July 2026. e. Refer to market release "Agreement to sell aluminium value chain assets to Alcoa for up to US$5.6B and Chief Executive Officer transition” dated 1 July 2026.
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SLIDE 5 2.0 1.4 1.0 FY24 FY25 FY26 FY26 SAFETY PERFORMANCE We remain united in our belief that everyone can go home safe and well every day LTIF8 0 1 1 FY24 FY25 FY26Fatalities7 5.1 3.7 3.4 FY24 FY25 FY26 TRIF8 122 196 245 FY24 FY25 FY26 Significant hazards frequency9 • On 14 March 2026, Mr Simon Mukwarami, a contractor at Worsley Alumina, was fatally injured while he and his work crew were undertaking a plant maintenance activity at the refinery. Our thoughts remain with Mr Mukwarami’s family and colleagues. Worsley Alumina is cooperating with authorities in relation to their investigations and activities • We continue work to embed our 'safety guarantee', knowing that we cannot be truly successful unless everyone goes home safe and well at the end of every shift • FY26 safety performance metrics: ◦ LTIF decreased by 29% to 1.0 ◦ TRIF decreased by 8% to 3.4 ◦ Significant hazards frequency increased by 25%, indicating improved hazard awareness and a positive reporting culture Notes: • Metrics describing health, safety, environment, people and community related performance in this presentation apply to ‘operated operations’, which include our controlled entities and South32-operated joint arrangements. Incidents are included where South32 controls the work location or controls the work activity.
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ALUMINIUM VALUE CHAIN SALE
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SLIDE 7 ALUMINIUM VALUE CHAIN SALE Sale of aluminium value chain assets for up to US$5.6B(a), realising significant upfront value and retaining upside price participation Unlocks and captures our share of value from material synergies from Western Australian alumina Creates the leading ASX-listed upstream base metals company with high-margin assets and transformational growth A simplified business with ~US$125M lower annual overhead costs that will deliver ongoing value(b) Sale proceeds to further strengthen our balance sheet, fund high-returning growth options and shareholder returns 1 2 3 4 5 Sale unlocks significant value for shareholders and repositions South32 as a focused, upstream supplier of base metals with transformational growth Notes: a. Excludes Mozal Aluminium. Herein referred to as "Transaction". Total implied enterprise value of US$5.6B comprises: upfront cash US$3.1B, upfront equity US$1.0B, debt assumed US$0.75B and contingent payments of up to US$0.75B. b. Full benefits to be realised in FY29, based on certain functional services provided under a Transitional Services Agreement for up to 18 months following completion.
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SLIDE 8 Transaction repositions South32 as the leading ASX-listed base metals focused company with high-margin producing assets and transformational growth INVESTMENT HIGHLIGHTS • Long-life, high-margin copper, zinc, silver and lead operations, and a large producer of manganese • Life extension and de-bottlenecking projects to unlock further value from our operationsHigher quality portfolio • Producing five critical minerals as listed by multiple major developed nations and trading blocs • Growing presence in the Americas through Sierra Gorda, Hermosa and our Ambler Metals joint venture Less complexity and a strong balance sheet • Streamlined upstream portfolio that is expected to realise overhead savings of ~US$125M per annum(b) • Balance sheet flexibility to allocate capital into both high-returning growth projects and shareholder returns Tailwinds from global support for critical minerals • Portfolio value concentrated in tier one mining jurisdictions in Australia, Chile and USA • Significantly improved sustainability profile with low GHG emissions exposure(c)Lower risk exposures Transformational growth • Projects in construction or approved for development are expected to grow our production volumes by ~55%(a) • Next phase of projects in copper and zinc are advancing through study and exploration phases Notes: a. Refers to production growth, compared to FY26 Group copper equivalent production, from the Taylor deposit assuming annual average steady-state production per market release “Hermosa Project Update” dated 30 April 2026, and additional production from Sierra Gorda reflecting the fourth grinding line expansion assuming a ~30% increase in FY26 production. b. Full benefits to be realised in FY29, based on certain functional services provided under a Transitional Services Agreement for up to 18 months following completion. c. Pro-forma operational GHG emissions would reduce by ~95% relative to FY26.
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SLIDE 9 A portfolio of upstream base metals assets and growth projects, backed by our deep operating and project development capability OUR PORTFOLIO Ambler Metals JV (50%) High-grade copper and zinc growth options in the Ambler Mining District Hermosa (100%) Taylor zinc-lead-silver underground mine under construction, targeting nameplate production of 123kt zinc, 8.2Moz silver, 155kt lead with future copper production being studied(a) South Africa Manganese (54.6%12) Leading producer in the Kalahari manganese basin FY26 production: 2,085kwmt Cannington (100%) High-grade zinc-lead-silver underground mine FY26 production: 39.2kt zinc, 8.9Moz silver, 82.9kt lead (290.0kt zinc equivalent11) Sierra Gorda (45%) Large-scale, long-life open pit copper mine FY26 production: 69.2kt copper, 1.9kt molybdenum, 18.5koz gold, 741koz silver (87.8kt copper equivalent10) Australia Manganese (60%) High-grade open pit manganese mine FY26 production: 3,031kwmt Copper Zinc-lead-silver Manganese South32 operated Notes: a. Refer to important notices (slide 2) for additional disclosure. b. Mozal Aluminium was placed on care and maintenance on 15 March 2026.
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SLIDE 10 Attractive commodity exposure in favourable jurisdictions OUR PORTFOLIO Underlying EBITDA by commodity Capital expenditure by region Copper Zinc-lead-silver Manganese Underlying EBITDA by region AmericasAustralia Africa AmericasAustralia Africa 53% 29% 18% 48% 50% 2% 11% 87% 2% Notes: • Based on FY26 financial results and excludes the aluminium value chain being sold to Alcoa, Mozal Aluminium (placed on care and maintenance on 15 March 2026), Cerro Matoso (divested on 1 December 2025) and general corporate costs.
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SLIDE 11 Group FY26 production Pro-forma including growth projects Pro-forma including Ambler Arctic deposit 100 200 300 400 Committed production growth of 55%, with further life extension opportunities and greenfield options that offer additional upside Notes: a. This illustrative Group copper equivalent analysis is calculated using FY26 realised prices and is based on: FY26 Group copper equivalent production; production from the Taylor deposit assuming annual average steady-state production per market release “Hermosa Project Update” dated 30 April 2026; additional production from Sierra Gorda reflecting the fourth grinding line expansion assuming a ~30% increase in FY26 production; and production from Ambler’s Arctic deposit per news release by Trilogy Metals Inc. “Trilogy Metals Announces Updated Feasibility Study Results for the Arctic Project” dated 14 February 2023. b. Refer to important notices (slide 2) for additional disclosure. Cannington underground Mineral Resource includes 33Mt @ 168g/t Ag, 4.84% Pb and 2.98% Zn of Measured; 8.9Mt @ 100g/t Ag, 3.10% Pb and 2.81% Zn of Indicated and 1.9Mt @ 59g/t Ag, 1.52% Pb and 2.70% Zn of Inferred Mineral Resources. Cannington open pit Mineral Resource includes 20Mt @ 110g/t Ag, 3.38% Pb and 2.23% Zn of Measured; 5.0Mt @ 55g/t Ag, 2.17% Pb and 2.24% Zn of Indicated and 1.8Mt @ 44g/t Ag, 1.43% Pb and 1.44% Zn of Inferred Mineral Resources. c. The potential quantity and grade of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource, and its uncertain if further exploration will result in the estimation of a Mineral Resource. d. The stockpiled oxide material is not included as Mineral Resources in accordance with the JORC Code. South32 cannot confirm whether the estimate has been compiled using an appropriate foreign reporting code. Group copper equivalent production(a) (kt) Copper Zinc-lead-silver Manganese ~55% OUR GROWTH PROFILE …with life extension and growth options to deliver further value A substantial embedded production growth profile… ~80% Hermosa Taylor project Sierra Gorda Fourth grinding line Cannington Stockpiled material to supplement ore feed Life extension from 44Mt underground Mineral Resource(b) Life extension from 27Mt open pit Mineral Resource(b) Hermosa Taylor plant de-bottlenecking Future copper circuit from existing resource Regional exploration package Initial discovery made at Flux Sierra Gorda Catabela Mineral Reserve increased by 61% to 1.1Bt Catabela Northeast Exploration Target of 1.1Bt – 2.9Bt(b)(c) ~110Mt of oxide stockpiles(d) Non-binding MOU signed with BHP’s Spence to pursue regional efficiencies Ambler Metals Summer field season underway, focused on advancing Arctic Arctic added to FAST-41 permitting process Bornite copper deposit for a potential second phase Highly prospective regional VMS belt for future exploration Ambler Arctic deposit(b)
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FINANCIAL RESULTS
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SLIDE 13 Strong operating performance and commodity price tailwinds underpinned one of our best underlying financial results FY26 FINANCIAL PERFORMANCE Profit after tax(a) US$1,087M Underlying earnings(a) US$1,032M Underlying EBITDA US$2,462M Operating margin6 31% Growth capital expenditure US$711M Free cash flow(b) US$610M H2 FY26 ordinary dividend US 5.4 cents per share (US$242M) Returns to shareholders US$327M(c) Net cash US$283M Notes: a. Attributable to members. b. Includes free cash flow from operations after capital expenditure, intangibles and capitalised exploration (+US$107M), distributions from Sierra Gorda (+US$401M) and our manganese EAI (+US$102M). c. Comprises fully-franked ordinary dividend paid in respect of H2 FY25 (US$117M), fully-franked ordinary dividend paid in respect of H1 FY26 (US$175M) and returns under our on-market share buy-back in H1 FY26 (US$35M).
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SLIDE 14 54% 42% 34% FY23 FY24 FY25 FY26 30% 18% 10% 8% 34%Copper Zinc-lead-silver Manganese Alumina Aluminium 14% 20% 40% 12% FY23 FY24 FY25 FY26 Delivered a 31% Group operating margin, capturing the benefit of higher commodity prices 29% 23% 26% 31% FY23 FY24 FY25 FY26 PERFORMANCE ANALYSIS Alumina operating margin Zinc-lead-silver operating margin Copper operating margin13 South Africa Manganese operating margin FY26 Underlying EBITDA by commodity(a) Group operating margin6 52% 43% 58% 66% FY23 FY24 FY25 FY26 39% 46% 43% 53% FY23 FY24 FY25 FY26 19% 19% 13% 8% FY23 FY24 FY25 FY26 8% 4% 6% 24% FY23 FY24 FY25 FY26 Aluminium operating margin Ramp-up of Brazil Aluminium Australia Manganese temporarily suspended Australia Manganese operating margin Notes: a. Presented on a proportional consolidation basis. Excludes Cerro Matoso, Hermosa, and Group and unallocated items/eliminations.
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SLIDE 15 FY25 Underlying EBIT Sales price Market traded consumables and price-linked costs Foreign exchange Inflation Sales volume Controllable costs Portfolio changes(a) Australia Manganese(b) Other(c) FY26 Underlying EBIT Underlying net finance costs Underlying income tax expense Non-controlling interests FY26 Underlying earnings attributable to members FY26 totals(d) EARNINGS ANALYSIS 596 (60) (159) (74) (98) 58 (97) (512) 314 331 435 (504) Copper Silver Aluminium Alumina Sales price by commodity (US$M), including: Higher base and precious metals prices, disciplined cost management and the restart of Australia Manganese drove a 42% increase in Underlying EBIT (US$M) (175) 1,211 2 1,717 1,032 72268 Notes: a. Reduced contribution from IMC and Cerro Matoso following their divestment in August 2024 and December 2025, respectively. b. Increased contribution from Australia Manganese as operations resumed following the impacts of Tropical Cyclone Megan. c. Other primarily reflects higher EBIT from Mozal Aluminium prior to care and maintenance, partially offset by higher depreciation and amortisation at Sierra Gorda and Cannington. d. Underlying net finance costs, Underlying income tax expense (includes Underlying royalty related tax expense) and non-controlling interests are actual FY26 results, not year-on-year variances.
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SLIDE 16 50% 18% 11% 10% 5%6% Energy Smelter raw materials Caustic soda Freight Royalties Other FY25 cost base FY25 third party product cost14 FY25 adjusted cost base Foreign exchange impact on costs Market traded consumables and price-linked costs Inflation Controllable costs Portfolio changes(b) Australia Manganese(c) Other(d) FY26 adjusted cost base FY26 third party product cost14 FY26 cost base15 COST ANALYSIS (US$M) (364) 159 60 74 (58) 230 5,439 5,534 FY26 expenditure for market traded consumables and energy supply(a) US$2.2B Divestment of lower-returning businesses and active cost management offset stronger producer currencies and industry-wide inflationary pressure 5,803 5,764 (435) 304 (9) Notes: a. Refers to FY26 expenditure for market traded consumables and price-linked costs, as well as the energy supply contracts for Brazil Aluminium, Hillside Aluminium and Mozal Aluminium. b. Reduced cost base following the divestment of IMC and Cerro Matoso in August 2024 and December 2025, respectively. c. Increase in cost base as Australia Manganese operations resumed following the impacts of Tropical Cyclone Megan. d. Other primarily relates to general and administrative expenses.
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SLIDE 17 Higher operating cash flow has supported balance sheet strength, investment in growth and shareholder returns FY25 net cash Free cash flow from operations excluding capital expenditure and working capital Unwind in working capital Net distributions from EAIs(a) Capital expenditure(b) Hermosa growth capital expenditure Dividends paid On-market share buy-back Other(c) FY26 net cash CASH FLOW ANALYSIS 1,119 503 (383) (711) (292) (35) (123) 123 283 (US$M) 82 Includes sale of finished goods inventories at Mozal Aluminium Notes: a. Includes distributions from Sierra Gorda (+US$401M) and our manganese EAI (+US$102M). b. Includes safe and reliable capital expenditure (excluding EAIs), improvement and life extension capital expenditure (excluding EAIs) and intangibles and capitalised exploration (excluding EAIs). c. Includes amounts related to the disposal of IMC and Cerro Matoso, additional lease liabilities (-US$115M), foreign exchange movements and other items.
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SLIDE 18 Pro-forma Transaction adjustments 283 (242) (209) (168) Net cash at FY26 Ordinary dividend in respect of H2 FY26 Remaining capital management program Pro-forma net debt at FY26 Net debt assumed by Alcoa Upfront cash proceeds from Transaction Pro-forma net cash Transaction will further strengthen our balance sheet, supporting investment in growth and shareholder returns BALANCE SHEET Pro-forma net cash/(debt) (US$M) (a) Strong current liquidity position, with US$2.1B cash and an undrawn US$1.4B revolving credit facility, maturing in December 2028 Debt following Transaction completion primarily comprised of leases and cash managed for manganese EAIs(d) 3,482 Pro-forma net cash ~US$3.5B plus Alcoa equity consideration shares 3,100 (b) (c) ~550 Includes ~US$100M cash subject to the Transaction’s “locked box” mechanism Notes: a. Our US$2.5B capital management program has US$209M remaining to be returned to shareholders ahead of its extension or expiry on 10 September 2027. b. Excludes MRN equity accounted net debt. c. Excludes transaction costs. d. Assumes early redemption of US$700M senior unsecured notes, by tender offer, issuer’s optional redemption, or otherwise at the option of South32, while the ~US$570M Worsley multi-fuel co-generation lease will be transferred to Alcoa.
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SLIDE 19 CAPITAL MANAGEMENT FRAMEWORK Capital management framework Committed to a strong balance sheet and disciplined capital allocation Current dividend policy with 40% pay-out ratio applies until completion; US$209M remaining to be returned under capital management program An updated framework to apply post Transaction, designed to maximise per-share value over the long term Prioritise safe and reliable operations Maintain a strong balance sheet Execute committed growth and life extension projects Dividends Other shareholder returns Acquisitions Greenfield exploration Competition for excess capital Delivering long-term shareholder value Shareholder returns(a) (US$M) Ordinary dividendsOn-market share buy-back H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26H2 FY26 100 200 300 400 500 Notes: a. Shareholder returns refers to dividends declared in respect of each period and on-market share buy-back amounts paid during each period.
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OUTLOOK
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SLIDE 21 Australia Manganese managing constrained pit access with approvals progressing to enable additional water management infrastructure PRODUCTION GUIDANCE 90.7 87.8 91.8 94.0 FY25 FY26 FY27e FY28e 1.10 3.002.20 2.10 2.00 2.00 Australia ManganeseSouth Africa Manganese FY25 FY26 FY27e FY28e 332.2 290.0 290.0 290.0 FY25 FY26 FY27e FY28e Sierra Gorda Copper equivalent10 (kt) Cannington Zinc equivalent11 (kt) Manganese ore (Mwmt) Higher planned copper grades Stockpiled material to supplement ore feed 718 717 720 138 144 140 Hillside Aluminium Brazil Aluminium FY25 FY26 FY27e Improved bauxite quality at Worsley Alumina 3,727 3,722 3,900 1,340 1,411 1,360 Worsley Alumina Brazil Alumina FY25 FY26 FY27e Aluminium(a) (kt) Alumina(a) (kt) Stable aluminium volumes 2.65-2.90 2.65-2.90 Notes: a. Guidance for aluminium value chain will be reflected in the Transaction's "locked box" mechanism.
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SLIDE 22 100% Advancing construction of Hermosa's Taylor zinc-lead-silver project Sierra Gorda's fourth grinding line project and underground infrastructure upgrades at Cannington Includes deferred stripping at Sierra Gorda and additional water infrastructure at Australia Manganese CAPITAL EXPENDITURE GUIDANCE ManganeseCopper Aluminium value chain FY27e Improvement and life extension(a) (US$M) FY27e Growth - Hermosa (US$M) FY27e Safe and reliable(a) (US$M) Unlocking value from our operations and growing our production of copper, zinc and silver 50% 5%3% 42% 36% 13%15% 36% US$1,000MUS$180MUS$620M Zinc-lead-silver Notes: a. Includes manganese and Sierra Gorda EAIs. Aluminium value chain cashflow is subject to the Transaction’s “locked box” mechanism.
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SLIDE 23 SIERRA GORDA (45% SOUTH32) 90.7 87.8 91.8 94.0 Copper equivalent Ore processed FY25 FY26 FY27e FY28e 25 50 75 100 10 20 30 Operating unit cost16,17 and operating margin (US$/t ore processed, LHS; %, RHS) 16.1 18.9 17.5 Operating unit cost Operating margin FY25 FY26 FY27e 5 10 15 20 25 % 20% 40% 60% 80% 100% Production (kt CuEq, LHS; Mt ore processed, RHS) Increasing our exposure to copper and unlocking further value from this long-life, high-margin operation Ore Reserve ↑61% to 1.1Bt CuEq production10 ↑5% in FY27 and ↑2% in FY28 Fourth grinding line project expected to ↑ CuEq production by ~30% from FY31(b) Non-binding MOU with BHP's Spence mine FY27e operating unit costs ↓7%(a) Notes: a. Reduction in operating unit costs due to lower labour costs following the prior period's one-off workforce payment. b. Refer to market release "Final investment approval for Sierra Gorda’s fourth grinding line” dated 1 July 2026.
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SLIDE 24 CANNINGTON (100% SOUTH32) 332.2 290.0 290.0 290.0 Zinc equivalent Ore processed FY25 FY26 FY27e FY28e 100 200 300 400 500 1,000 1,500 2,000 2,500 Operating unit cost16,17 and operating margin (US$/t ore processed, LHS; %, RHS) 194 185 205 Operating unit cost Operating margin FY25 FY26 FY27e 50 100 150 200 250 % 20% 40% 60% 80% Production (kt ZnEq, LHS; kdmt ore processed, RHS) Delivering strong cash flow while investing to extend mine life ZnEq production11 ~290kt across both FY27 and FY28, supported by processing of lower grade stockpiles FY27e Operating unit cost guidance reflects a stronger Australian dollar, general inflation, and costs to support an extended mine life Advancing life extension options from the 44Mt underground Mineral Resource and 27Mt open pit Mineral Resource Underground Ore Reserve of 11Mt(a) (Reserve life to FY33) Notes: a. Refer to important notices (slide 2) for additional disclosure. The total Ore Reserves include 9.5Mt of Proved @ 183g/t Ag, 5.10% Pb and 3.17% Zn and 1.9Mt of Probable @ 211g/t Ag, 5.11% Pb and 1.41% Zn. The total underground Mineral Resource include 33Mt of Measured @ 168g/t Ag, 4.84% Pb and 2.98% Zn; 8.9Mt of Indicated @ 100g/t Ag, 3.10% Pb and 2.81% Zn and 1.9Mt of Inferred @ 59g/t Ag, 1.52% Pb and 2.70% Zn.
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SLIDE 25 AUSTRALIA MANGANESE (60% SOUTH32) 1,106 3,031 FY25 FY26 FY27e FY28e 500 1,000 1,500 2,000 2,500 3,000 3,500 Operating unit cost16,18 and operating margin (US$/dmtu, LHS; %, RHS) 2.62 3.15 Operating unit cost Operating margin FY25 FY26 FY27e 1.00 2.00 3.00 4.00 % 20% 40% 60% Manganese production (kwmt) Managing elevated site water levels with approvals progressing to enable additional water management infrastructure Temporarily suspended due to Tropical Cyclone Megan Temporarily suspended due to Tropical Cyclone Megan 2,650 - 2,900 2,650 - 2,900 Production guidance reflects constrained mine pit access due to elevated water volumes Planned investment of ~US$70M in additional water management infrastructure across FY27 and FY28, subject to regulatory approvals FY27e Operating unit cost guidance reflects lower planned volumes, a stronger Australian dollar and general inflation FY28 guidance subject to regulatory approval for additional water management infrastructure, and its installation during next dry season
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SLIDE 26 SOUTH AFRICA MANGANESE (54.6% SOUTH32) 2,151 2,085 2,000 2,000 FY25 FY26 FY27e FY28e 500 1,000 1,500 2,000 2,500 Operating unit cost16,18 and operating margin (US$/dmtu, LHS; %, RHS) 3.05 3.22 3.50 Operating unit cost Operating margin FY25 FY26 FY27e 1.00 2.00 3.00 4.00 5.00 % 10% 20% 30% 40% Manganese production (kwmt) Taking action to mitigate inflationary pressures and support margins Higher diesel prices and stronger South African rand in FY26 Targeting sustained operational and cost base improvements, while reviewing the use of higher cost trucking in current market conditions Substantial resource base in the Kalahari Manganese Basin provides long-term manganese exposure through the cycle Leveraging modernised rail infrastructure to increase rail utilisation and reduce in-land logistics costs
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SLIDE 27 Large-scale, expandable base and precious metals project under construction HERMOSA PROJECT (100% SOUTH32) Taylor Ore Reserve(a) 99Mt @ 3.95% Zn, 4.50% Pb, 77g/t Ag Taylor Mineral Resource(a) 169Mt @ 3.51% Zn, 3.88% Pb, 76g/t Ag Peake Mineral Resource(a) 33Mt @ 0.87% Cu, 0.28% Zn, 36g/t Ag Taylor project initial 33-year operating life(a)(b) Continuing to drill the adjacent Peake copper deposit First production expected H2 FY28 with steady-state ZnEq volumes of 346ktpa(c) Expected to deliver annual steady-state EBITDA of~US$650M(c) 15+ exploration prospects across highly prospective land package Notes: a. Refer to important notices (slide 2) for additional disclosure. Taylor underground Ore Reserves includes Proved Ore Reserves of 41Mt @ 5.02% Zn, 5.12% Pb and 79g/t Ag and Probable Ore Reserves of 58Mt @ 3.19% Zn, 4.05% Pb and 76g/t Ag. Taylor underground Mineral Resource includes 57Mt @ 4.56% Zn, 4.68% Pb and 75g/t Ag of Measured; 86Mt @ 3.11% Zn, 3.86% Pb and 78g/t Ag of Indicated and 26Mt @ 2.48% Zn, 2.18% Pb and 67g/t Ag of Inferred Mineral Resources. b. Life extensions beyond the mine plan of operations are subject to future regulatory approvals. c. Payable zinc equivalent (ZnEq) calculated by aggregating revenues from payable zinc, silver and lead, and dividing by the price of zinc over steady state production years: FY31-FY59. Our long-term price assumptions for zinc (~US$3,390/t), silver (~US$50/oz) and lead (~US$2,200/t) have been used to calculate ZnEq. Average EBITDA (real) calculated based on annual average steady-state production of 123kt zinc, 8.2Moz silver and 155kt lead. Refer to market release “Hermosa Project Update" dated 30 April 2026.
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SLIDE 28 HERMOSA – TAYLOR DEPOSIT Shaft pad (July 2026) Construction and development progressing in line with Taylor project update Physical construction progress (as at August 2026) —% 20% 40% 60% 80% 100% Ventilation shaft Main shaft Underground mine development • Ventilation shaft expected to reach primary production level in Q1 FY27 • Decline extension to Taylor underway Surface infrastructure construction • Primary and secondary mills installed • All flotation cells installed • Substation for 138kV power line construction completed Permitting • Final Record of Decision received, completing the federal permitting process under NEPA(a) • Notice to Proceed expected in Q1 FY27 Notes: a. National Environmental Policy Act.
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SLIDE 29 HERMOSA – TAYLOR DEPOSIT Investing in underground and surface infrastructure to deliver first production in H2 FY28 Taylor capital expenditure(a) (US$M, real) Actual Taylor growth capital expenditure Guidance Taylor growth capital expenditure Sustaining and other capital expenditure FY25 FY26 FY27 FY28 FY29 FY30 250 500 750 1,000 1,250 US$470M US$335M US$155M Surface facilities Mining and shaftsIndirects FY27e Taylor growth capital expenditure US$960M Notes: a. Sustaining capital expenditure in FY28 and FY29 includes spend on the decline and underground infrastructure. This amount is included in the life of mine sustaining capital expenditure.
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SLIDE 30 District-scale base and precious metals opportunity, with an existing high-grade resource in Alaska, USA AMBLER METALS (50% SOUTH32) State of Alaska progressing engineering for the Ambler Access Road US$42M CY26 work program(b) underway for drilling and development studies at Arctic Commenced federal permitting for the Arctic deposit, covered by FAST-41 Arctic Resource(a) 43Mt @ 2.93% Cu, 4.30% Zn, 0.79% Pb, 47 g/t Ag, 0.59 g/t Au Bornite Resource (Open pit)(a) 78Mt @ 1.04% Cu Bornite Resource (Underground)(a) 70Mt @ 2.29% Cu Advancing Arctic study work to support a potential investment decision, in parallel with progress on the Ambler Access Road Extensive landholding in the highly prospective Ambler mining district Notes: a. Arctic open pit Mineral Resource consists of Measured (24Mt @ 3.14% Cu, 4.35% Zn, 0.77% Pb, 49 g/t Ag, 0.62 g/t Au), Indicated (15Mt @ 2.84% Cu, 4.46% Zn, 0.84% Pb, 46 g/t Ag, 0.60 g/t Au) and Inferred Resources (3.7Mt @ 1.84% Cu, 3.24% Zn, 0.70% Pb, 39 g/t Ag, 0.40 g/t Au). Bornite open pit Mineral Resource consists of Indicated (40Mt @ 1.06% Cu) and Inferred Resources (38Mt @ 1.03% Cu). Bornite underground Mineral Resource consists of Inferred Resources (70Mt @ 2.29% Cu). Refer to important notices (slide 2) for additional disclosure. b. On a 100% basis.
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SLIDE 31 Advancing options in highly prospective mineral belts OUR EXPLORATION PORTFOLIO 1 Ambler mining district, USA: high-grade base metals options within an underexplored, regional scale landholding British Columbia, Canada: equity exposure to large-scale NAK copper project in a copper-gold porphyry district Great south-western mineral belt, USA: targeting Taylor-style potential at Selena in Nevada and copper targets in Arizona San Juan copper district, Argentina: two large-scale copper porphyry discoveries in an emerging copper belt Northern Australian base metals targets: copper and zinc options, including Cannington-style targets in Queensland Kalahari copper belt: strategic alliance over prospective areas in Namibia and a project in Botswana 3 6 4 2 5 1 2 3 4 5 6Nickel Copper Polymetallic Zinc Notes: • The exploration projects, partnerships or options on this slide reflect a combination of wholly-owned South32 projects, exploration partnerships, strategic alliances and earn-in agreements.
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SUMMARY AND OUTLOOK
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SLIDE 33 High-margin base metals operations with large, expandable resource bases Focused on maintaining operational momentum into FY27 Simplified, lower cost operating model focused on base metals capability Approved growth projects in copper and zinc expected to grow production by ~55% Creating the leading ASX-listed upstream base metals focused company SUMMARY AND OUTLOOK Strong balance sheet to deliver base metals growth and shareholder returns Sale of aluminium value chain to unlock significant value for shareholders
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SUPPLEMENTARY INFORMATION
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SLIDE 35 Commodity EBIT sensitivity(a) +/- 10% US$M Aluminium(b) 285 Alumina(b) 185 Copper(c) 118 Manganese ore 68 Silver 54 Lead 14 Zinc 13 Australian dollar 163 South African rand 130 Brazilian real 45 Chilean peso 21 EARNINGS SENSITIVITIES Notes: a. The sensitivities reflect the annualised estimated impact on FY27e Underlying EBIT of a 10% movement in FY26 actual realised prices and FY26 actual average exchange rates applied to FY27e volumes and operating costs. b. Aluminium sensitivity does not include the Group consolidation impact of inter-company alumina sold on index. Aluminium sensitivity is shown without any associated increase in alumina pricing. c. Includes copper, molybdenum, gold and silver at Sierra Gorda.
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SLIDE 36 FY25 Profit and lossCerro Matoso Other FY26 Aluminium value chain (ex Mozal) Pro-forma FY26 post Transaction Balance sheet (-US$293M) Profit and loss impact (+US$118M)(a) CLOSURE & REHABILITATION PROVISIONS South32 GroupClosure and rehabilitation provisions by operation (South32 share, excluding EAIs) FY26 FY25 US$M US$M Worsley Alumina 778 825 Brazil Alumina (non-operated) 94 108 Brazil Aluminium (non-operated) 19 13 Hillside Aluminium 252 221 Mozal Aluminium 125 116 Cannington 362 363 Hermosa 20 23 Ambler Metals 2 — Total (excluding divested operations) 1,652 1,669 Cerro Matoso — 158 Total 1,652 1,827 118 Americas Australia Americas Australia (177) Africa Africa (116) (b) Americas Australia Africa (1,143) Notes: a. Profit and loss includes discount unwind (+US$104M), increase during the year (+US$3M) and foreign exchange movements (+US$11M). b. Cerro Matoso was divested from the Group on 1 December 2025. Movements in Cerro Matoso's closure and rehabilitation provision up to the date of divestment include a +US$5M discount unwind recorded through the profit and loss and +US$14M of foreign exchange movements capitalised to the balance sheet.
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SLIDE 37 CAPITAL EXPENDITURE GUIDANCE Capital expenditure for base metals and manganese US$M FY26 FY27e Sierra Gorda 227 220 Cannington 41 80 Australia Manganese 75 80 South Africa Manganese 22 15 Cerro Matoso19 6 — Safe and reliable capital expenditure (excluding EAIs) 47 80 Safe and reliable capital expenditure (including EAIs) 371 395 Sierra Gorda 8 90 Cannington 1 10 Australia Manganese 3 5 South Africa Manganese 5 — Cerro Matoso19 2 — Group & Unallocated 4 — Improvement and life extension capital expenditure (excluding EAIs) 7 10 Improvement and life extension capital expenditure (including EAIs) 23 105 Hermosa 711 1,000 Growth capital expenditure 711 1,000 Total capital expenditure (excluding EAIs) 765 1,090 Total capital expenditure (including EAIs) 1,105 1,500 Capital expenditure for aluminium value chain assets US$M FY26 FY27e Worsley Alumina 55 85 Brazil Alumina 25 35 Brazil Aluminium 15 15 Hillside Aluminium 62 90 Mozal Aluminium (care & maintenance)20 9 — Safe and reliable capital expenditure 166 225 Worsley Alumina 105 75 Hillside Aluminium 1 — Improvement and life extension capital expenditure 106 75 Total capital expenditure 272 300
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SLIDE 38 FOOTNOTES 1. Our Group underlying financial measures reflect continuing and discontinued operations. 2. Refer to market release "Mozal Aluminium placed on care and maintenance" dated 16 March 2026. 3. The underlying information reflects the Group’s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group’s management to assess its performance. The joint venture adjustments reconcile the proportional consolidation to the equity accounting position included in the Group’s consolidated financial statements. The FY26 Sierra Gorda joint venture adjustments include a revaluation loss of US$(249)M (US$(182)M post-tax) relating to the shareholder loan payable that was eliminated from the Group's Underlying earnings upon proportional consolidation. The FY26 Australia Manganese joint venture adjustments include significant items of US$92M (US$59M post-tax) relating to insurance income recognised as Australia Manganese finalised its insurance recoveries for the impacts of Tropical Cyclone Megan in March 2024. The FY26 South Africa Manganese joint venture adjustments include an impairment of US$49M (US$38M post- tax) recognised for the Wessels mine at Hotazel Manganese Mines. 4. Applicable for five years from the date of completion of the sale of IMC, with no annual cap. The first two years will be calculated and paid on the second anniversary of completion and annually thereafter. The contingent price-linked consideration will be calculated as 50% of incremental metallurgical coal revenue from equity production, net of royalties, based on the following metallurgical coal price thresholds: Year 1: US$200/t, Year 2: US$200/t, Year 3: US$190/t, Year 4: US$180/t, Year 5: US$180/t. 5. Under the sale agreement, contingent price-linked consideration of up to US$500M, was payable at threshold copper production rates and prices for years 2022 to 2025. Specifically, 50% of incremental revenue realised above the following copper price threshold, only where payable copper production exceeds the agreed threshold: CY25: US$3.80/lb and 158kt Cu. The production threshold was not achieved in CY25. As a result, no amount is payable for CY25 and the contingent consideration payable was written down to nil in FY26 (FY25: US$55M). 6. Comprises Underlying EBITDA excluding third party products and services EBITDA, divided by Underlying revenue excluding third party products and services revenue. 7. Since FY20, we have disclosed fatalities that occur as part of activities associated with our operations, where we seek to influence safety performance, but which occur in locations where we do not have operational control. 8. Lost time injury frequency (LTIF): (The sum of lost time injuries x 1,000,000) ÷ exposure hours, for employees and contractors. Total recordable injury frequency (TRIF): (The sum of recordable injuries x 1,000,000) ÷ exposure hours, for employees and contractors. Frequency rates are stated in units of per million hours worked for employees and contractors. We adopt the United States Government Occupational Safety and Health Administration and the International Council on Mining and Metals guidelines for the recording and reporting of occupational injuries and illnesses. 9. Significant hazard frequency: (The sum of significant hazards x 1,000,000) ÷ exposure hours. This is stated in units of per million hours worked for employees and contractors. A significant hazard is something that has the potential to cause harm, ill health or injury, or damage to property, plant or the environment. 10. Payable copper equivalent production (kt) was calculated by aggregating revenues from copper, molybdenum, gold and silver, and dividing the total Revenue by the price of copper. FY26 realised prices for copper (US$5.92/lb), molybdenum (US$25.90/lb), gold (US$4,462/oz) and silver (US$70.6/oz) have been used for FY25, FY26, FY27e and FY28e. 11. Payable zinc equivalent production (kt) was calculated by aggregating revenues from payable silver, lead and zinc, and dividing the total Revenue by the price of zinc. FY26 realised prices for zinc (US$3,000/t), lead (US$1,944/t) and silver (US$66.4/oz) have been used for FY25, FY26, FY27e and FY28e. 12. The Group holds a 60 per cent interest in Samancor Holdings (Pty) Ltd (Samancor). Samancor indirectly owns 74 per cent of Hotazel Manganese Mines (Pty) Ltd (HMM), which gives the Group its indirect ownership interest of 44.4 per cent. Of the remaining 26 per cent of HMM, 17 per cent of the interests were acquired by B-BBEE entities using vendor finance with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these loans are repaid, the Group's interest in HMM is accounted for at 54.6 per cent. 13. References to Sierra Gorda and/or copper refer to copper, molybdenum, gold and silver. 14. FY26 Third party products and services cost, excluding third party depreciation and amortisation costs, comprises US$69M for aluminium, US$55M for raw materials, US$81M for freight services, US$35M for manganese and US$(10)M for alumina. FY25 Third party products and services cost, excluding third party depreciation and amortisation costs, comprises US$139M for aluminium, US$116M for raw materials, US$28M for coal, US$34M for freight services, US$35M for manganese and US$12M for alumina. 15. Cost base includes material EAIs and excludes Other income. 16. FY27e Operating unit cost guidance includes royalties (where appropriate), the influence of exchange rates, and various assumptions for FY27, including: an alumina price of US$320/t; a manganese ore price of US$4.90/dmtu for 44% manganese product; a silver price of US$65.0/oz; a lead price of US$2,000/t (gross of treatment and refining charges); a zinc price of US$3,500/t (gross of treatment and refining charges); a copper price of US$6.20/lb (gross of treatment and refining charges); a molybdenum price of US$26.00/lb (gross of treatment and refining charges); a gold price of US$4,300/oz; an AUD:USD exchange rate of 0.70; a USD:ZAR exchange rate of 17.00; a USD:CLP exchange rate of 930; and a reference price for caustic soda; which reflect forward markets as at August 2026 or our internal expectations. 17. Sierra Gorda and Cannington Operating unit cost is Underlying revenue less Underlying EBITDA divided by ore processed. Periodic movements in finished product inventory may impact Operating unit costs. 18. FOB ore Operating unit cost is Underlying revenue less Underlying EBITDA, freight and marketing costs, divided by ore sales volumes. 19. Reflects five months of ownership prior to the divestment of Cerro Matoso on 1 December 2025. 20. Capital expenditure for Mozal Aluminium reflects the period ending March 2026. The denotation (e) refers to an estimate or forecast year. The following abbreviations may be used throughout this presentation: silver (Ag); gold (Au); Australian dollar (AUD); aluminium tri-fluoride (ATF); billion (B); Chilean peso (CLP); Colombian peso (COP); copper (Cu); copper equivalent (CuEq); calendar year (CY); dry metric tonne unit (dmtu); estimate (e); equity accounted investment (EAI); earnings before interest and tax (EBIT); earnings before interest, tax, depreciation and amortisation (EBITDA); earnings per share (EPS); effective tax rate (ETR); final investment decision (FID); free on board (FOB); foreign exchange (FX); financial year (FY); half (H); high-purity manganese sulphate monohydrate (HPMSM); Illawarra Metallurgical Coal (IMC); Joint Ore Reserve Committee (JORC); joint venture (JV); kilo (k); pound (lb); lost time injury frequency (LTIF); metre (m); million (M); manganese (Mn); South Africa Manganese (MnSA); molybdenum (Mo); total copper (TCu); total recordable injury frequency (TRIF); troy ounces (oz); lead (Pb); quarter (Q); return on invested capital (ROIC); rest of world (ROW); Shanghai Futures Exchange (SHFE); tonnes (t); treatment and refining charges (TCRCs); tonnes per annum (tpa); United States (US); United States dollar (US$); wet metric tonne (wmt); year-on-year (YoY); South African rand (ZAR) and zinc (Zn).