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Energising today Advancing tomorrow 2024 Preliminary results
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22024 Preliminary Results Information preparation In preparing this document, Glencore has made certain estimates and assumptions that may affect the information presented. Certain information is derived from management accounts, is unaudited and based on information Glencore has available to it at the time. Figures throughout this document are subject to rounding adjustments. The information presented is subject to change at any time without notice and we do not intend to update this information except as required. This document contains alternative performance measures which reflect how Glencore’s management assesses certain aspects of the performance of the Group, including results that exclude certain items included in our reported results. These alternative performance measures should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance or position reported in accordance with IFRS. Such measures may not be uniformly defined by all companies, including those in the Group’s industry. Accordingly, the alternative performance measures presented may not be comparable with similarly titled measures disclosed by other companies. Further details can be found in the Appendix to this presentation and in the section of our Preliminary Results 2024 Report entitled ‘Alternative Performance Measures’ which is available on our website. Subject to any terms implied by law which cannot be excluded, Glencore accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by any person as a result of any error, omission or misrepresentation in information in this document. Other information The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies. Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. Important notice This material does not purport to contain all of the information you may wish to consider. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. Cautionary statement regarding forward-looking information Certain descriptions in this document are oriented towards future events and therefore contains statements that are, or may be deemed to be, “forward- looking statements” which are prospective in nature. By their nature, forward -looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from any future events, results, performance, achievements or other outcomes expressed or implied by such forward- looking statements. No statement in this document is intended as any kind of forecast (including, without limitation, a profit forecast or a profit estimate), guarantee or prediction of future events or performance and past performance cannot be relied on as a guide to future performance. Except as required by applicable rules or laws or regulations, Glencore is not under any obligation, and Glencore and its affiliates expressly disclaim any intention, obligation or undertaking, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, see the “Important notice” section of our Preliminary Results 2024 Report which is available on our website at glencore.com/publications. Cautionary statement regarding climate strategy Glencore operates in a dynamic and uncertain market and external environment. Plans and strategies can and must adapt in response to dynamic market conditions, changing preference of our stakeholders, joint venture decisions, changing weather and climate patterns, new opportunities that might arise or other changing circumstances. Investors should assume that our climate strategy will evolve and be updated as time passes. Additionally, a number of aspects of our strategy involve developments or workstreams that are complex and may be delayed, more costly than anticipated or unsuccessful for many reasons, including, without limitation, reasons that are outside of Glencore’s control. Our strategy will also necessarily be impacted by changes in our business. For further information, see our 2024-2026 Climate Action Transition Plan, which can be found on our website. Sources Certain statistical and other information included in this document is sourced from publicly available third-party sources. This information has not been independently verified and presents the view of those third parties, and may not necessarily correspond to the views held by Glencore and Glencore expressly disclaims any responsibility for, or liability in respect of, and makes no representation or guarantee in relation to, such information (including, without limitation, as to its accuracy, completeness or whether it is current). Glencore cautions readers against reliance on any of the industry, market or other third -party data or information contained in this document.
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32024 Preliminary Results Overview 2024 Scorecard 4 2024 Portfolio Scorecard 5 Overview Financial performance Positioned for the future Appendix Overview
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42024 Preliminary Results 2024 Scorecard Overview Financial performance Positioned for the future Appendix Financial ($bn) Industrial Operationally, a strong year with our assets delivering full year production within original guidance ranges Stronger Metals and Minerals contribution (+$0.4bn y/y) from higher earnings in zinc, nickel and aluminium, tempered by the impact of tight concentrate markets (low TCs) on our copper and zinc metallurgical assets Energy and Steelmaking Coal Adj. EBITDA declined (-$3.1bn y/y), primarily reflecting the lower energy coal pricing benchmarks, partially offset by the $1bn contribution from EVR since acquisition in July 2024 Marketing Marketing performance at the top end of our long-term $2.2-$3.2bn Adj. EBIT guidance range • A strong performance from Metals and Minerals offset by the impacts of weaker and less volatile energy markets 14.4 -16% Adj.EBITDA(1) 0.78x Net debt/ Adj. EBITDA 10.6 -20% Adj. Industrial EBITDA 4.6% 2024 growth in CuEq(2) production 3.2 -8% Adj. Marketing EBIT 2.2 2025 announced shareholder returns(3)
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52024 Preliminary Results 2024 Portfolio scorecard – EVR post-acquisition update Overview Financial performance Positioned for the future Appendix Successfully Integrated into Glencore’s global coal business Strong 2024 performance – production in line with original guidance and highest in three years – c.$1bn EBITDA contribution since acquisition in July 2024 Post acquisition performance in line with Glencore expectations, with a significant improvement in H2 production and unit costs vs H1 2024: Production up 8% and unit cash cost down 14% Synergies from Glencore coal marketing expertise and network Integration with Glencore HSEC Systems is well-advanced Performance optimisation initiatives underway to maximise long-term value including: • Value chain and plant debottlenecking • Group procurement synergies • Mine plan and permit process optimisation
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62024 Preliminary Results Overview Financial Scorecard 7 Industrial Adj. EBITDA 8 Industrial Adj. EBITDA bridge 9 Key commodity scorecard 10 Marketing Adj. EBIT 11 Net debt & Working Capital 12 Shareholder returns 13 Business reinvestment 14 Guidance - Production 15 Guidance – Costs/margins 16 Spot illustrative EBITDA 17 Overview Financial performance Positioned for the future Appendix Financial performance
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72024 Preliminary Results Financial scorecard Overview Financial performance Positioned for the future Appendix $bn 2024 2023 Chg Adj. EBITDA(1) 14.4 17.1 -16% Industrial Adj. EBITDA 10.6 13.2 -20% Marketing Adj. EBIT 3.2 3.5 -8% Net Income -1.6 4.3 n.m. Net Income pre-significant items 3.7 6.7 -45% Funds from operations 10.5 9.5 11% Net capex cashflow(2) 6.7 5.6 21% Net funding 36.4 31.1 17% Net debt 11.2 4.9 127% Readily Marketable Inventories (RMI) 25.2 26.1 -3% Committed liquidity 11.5 12.9 -10% Net debt/Adjusted EBITDA 0.78 0.29 169% Credit ratings(3) Moody’s: A3 S&P: BBB+
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82024 Preliminary Results Industrial: Adjusted EBITDA $10.6bn Overview Financial performance Positioned for the future Appendix Industrial Assets • Adjusted EBITDA of $10.6bn, down 20% • Period-on-period reduction primarily driven by lower energy coal pricing benchmarks, partially offset by the addition of EVR’s steelmaking coal business and higher y/y earnings in our zinc business, primarily via its exposure to higher gold prices Metals and Minerals • Adjusted EBITDA of $5.8bn, up 7% compared to the prior period • The net increase primarily reflects stronger Kazzinc earnings (higher gold prices), along with improved contributions (c.$0.3bn y/y) from our aluminium and nickel departments, offset partially by the continued impact of tight concentrate markets on our copper and zinc custom metallurgical assets (c.$0.6bn lower y/y) • Improved Adjusted EBITDA metals and minerals mining margin of 28%, compared to 26% in 2023 Energy and Steelmaking coal • Adjusted EBITDA of $5.3bn, down from $8.5bn in the prior period, primarily reflecting lower thermal coal prices, partially offset by the $1bn contribution from EVR since its acquisition in July 2024 • Adjusted EBITDA margins for Steelmaking and Energy coal of 45% and 32% respectively (vs 49% and 48% in 2023) EBITDA mining margins 2024 2023 Copper 44% 43% Zinc 17% 9% Metals and Minerals 28% 26% Steelmaking coal 45% 49% Energy coal 32% 48% Energy and Steelmaking coal 36% 49% Group Industrial 30% 35% 2023 $13.2bn 2024 $10.6bn Metals and Minerals: $5.8bn Energy and Steelmaking Coal: $5.3bn Metals and Minerals: $5.4bn Energy and Steelmaking Coal: $8.5bn Corp -$0.7bn Corp -$0.6bn Note: Totals may not add due to rounding
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92024 Preliminary Results Industrial: Adjusted EBITDA bridge Overview Financial performance Positioned for the future Appendix 2023 $13.2bn -3.0 -0.4 -0.6 +0.1 +1.0 +0.3 2024 $10.6bn 2023 Price Volume Cost FX EVR Koniambo 2024 $bn Cost: -$0.6bn: Inflationary impacts, most notably impacting our copper and coal assets, including: higher fuel costs in DRC, higher explosives costs at Lomas Bayas, higher electricity costs at our Peruvian operations and higher labour, fleet and equipment maintenance costs at Cerrejón Volume: -$0.4bn: Reflecting longwall moves and mine closures in Australian coal, along with lower SA coal volumes to match export rail capacity. Copper volumes impacted by Antapaccay geotechnical event and water constraints on Collahuasi production, partially offset by improved Zhairem zinc volumes FX: +$0.1bn: Primarily weaker CLP, CAD and KZT Price: -$3.0bn: Primarily weaker average coal prices: HCC -19%, Newcastle: -22%, API4 Coal -13%. Favourable metals component via Copper +8%, Gold +23%, Silver +22% and Zinc +5%, partially offset by Nickel -22% and Cobalt -23% Note: Totals may not add due to rounding
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102024 Preliminary Results Industrial: Key commodity scorecard Overview Financial performance Positioned for the future Appendix Copper Zinc Steelmaking Coal Energy Coal 2023 2024 % chg 2023 2024 % chg 2023 2024 % chg 2023 2024 % chg Production(1) 1.01Mt 0.95Mt -6% 0.92Mt 0.91Mt -1% 7.5Mt 19.9Mt 165% 106.1Mt 99.6Mt -6% Unit cost (pre credit) 220c/lb 231c/lb 5% 308c/lb 310c/lb 1% 141.3/t 115.6/t -18% 70.5/t 68.1/t -3% By-product credit 57c/lb 62c/lb 9% 259c/lb 280c/lb 8% Net unit cash cost(2) 163c/lb 169c/lb 4% 49c/lb 30c/lb -39% Portfolio mix adjustment(2) 28.8/t 39.2/t 36% 36.1/t 34.2/t -5% Portfolio adjusted Realisation(2) 267.4/t 201.5/t -25% 136.7/t 100.6/t -26% Realised price(2) 367c/lb 395c/lb 7% 116c/lb 125c/lb 8% 296.2/t 240.7/t -19% 172.8/t 134.8/t -22% Adjusted EBITDA ($bn)(3) 3.9 3.8 -5% 1.0 1.4 44% 0.9 1.7 81% 7.0 3.2 -54% Calculated EBITDA margin 204c/lb 225c/lb 10% 67c/lb 95c/lb 41% 126.1/t 85.9/t -32% 66.2/t 32.5/t -51% Capex ($bn)(3) 2.9 3.2 10% 0.9 0.9 1% 0.2 0.9 393% 1.15 1.3 15% Review • Production down 4% (like for like), excluding Cobar sold in 2023, reflecting lower anticipated production at Antapaccay and Collahuasi, as well as unplanned mill downtime at KCC and a geotechnical event at Antapaccay in H1 2024 • Net unit cost (+4%), primarily impacted by various inflation adjustments, including across labour, explosives and energy • While overall 2024 production was in line with 2023, zinc department own source volumes were 51kt higher year-on-year (excluding Antamina), reflecting the continued ramp up of Zhairem • Lower zinc net unit cash cost (-39%) reflects higher gold and silver by-product credits, which more than offset the impact of low TCs at our custom zinc smelting assets • Production up 12.4Mt period- on-period, following the addition of EVR volumes from July 2024 • On a weighted average price basis, the 2024 realised prime hard coking coal price was $218.1/t, less a portfolio mix adjustment of $16.7/t (4) • Lower FOB unit cash cost (-18%) reflects reduced price linked royalties and a reweighting towards EVR volumes • Higher capex (+$0.7bn) with the addition of EVR • Production volumes declined 6% in 2024, primarily reflecting scheduled mine closures and longwall moves in Australia, SA rail export constraints and permit delays, community blockades and unusually heavy rain at Cerrejón • Elevated energy coal portfolio mix adjustment largely reflects the impact of Cerrejón’s lower margin coal, given its geographical disadvantage • Lower FOB unit cost (-3%) reflects reduced price linked royalties
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112024 Preliminary Results Marketing: Adjusted EBIT $3.2bn Overview Financial performance Positioned for the future Appendix 2024 Adjusted EBIT: $3.2bn, -8% p/p • Marketing Adjusted EBIT of $3.2bn came in at the top end of our long-term $2.2-$3.2bn guidance range, albeit 8% lower than 2023 • A strong performance from Metals and Minerals was more than offset by the progressive normalisation of energy markets from the severe disruption and extreme volatilities seen in 2022/23 Marketing Adjusted EBIT ($bn) Long-term Marketing Adjusted EBIT performance ($bn) Metals and Minerals: • $2.4bn, +39%, reflecting tight physical markets and drawdown of inventories in various commodities, including copper and zinc concentrates. Fiscal stimulus measures in China and monetary policy actions in the US maintained positive momentum in H2 Energy and Steelmaking Coal: • $0.9bn, -47%, reflecting the continued rebalancing and normalisation of international energy trade flows, where natural gas and thermal coal prices trended materially lower vs 2023, amid weaker European demand and supply growth Viterra: • $165M share of Net Income (included in Corporate and Other) from Viterra’s underlying 100% basis Adjusted EBITDA of $1.6 billion. Outstanding regulatory approvals and closing of sale expected in the coming months 1.6 2.3 1.9 2.1 2.4 2.8 2.5 2.8 2.9 2.4 2.4 3.3 3.7 6.4 3.5 3.2 2009 2012 2015 2018 2021 2024 2023 $3.5bn 2024 $3.2bn Metals and Minerals $2.4bn Energy and Steelmaking Coal: $0.9bn Metals and Minerals: $1.7bn Energy and Steelmaking Coal: $1.7bn Corp $0.03bn Corp -$0.1bn
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122024 Preliminary Results Dec 2023 Net debt, +$4.9bn FFO, -$10.5bn Net investments (M&A), +$7.0bn Dec 2024 Net debt, +$11.2bn Leases and other, +$1.6bn Capital allocation: Balance sheet – change in Net debt & working capital Overview Financial performance Positioned for the future Appendix 2024 movement in Net debt ($bn) (1) Net capex cash flow, +$6.7bn Reduction in non-RMI working capital, -$0.8bn Distributions, +$1.9bn Includes c.$1.1bn of Marketing lease liabilities, representing primarily charted vessels and various storage facilities, where more than 60% of such commitments expire within 2 years Note: Totals may not add due to rounding Assumption of EVR debt(2), +$0.6bn
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132024 Preliminary Results Capital allocation: Shareholder returns Overview Financial performance Positioned for the future Appendix Shareholder returns framework • 2024 Net debt: $11.2bn, up $6.3bn, heavily impacted by the cash acquisition of EVR • Applying our Shareholder returns framework, a 2025 base distribution of $1.2bn is calculated (1,2) basis 2024 cash flows: • $1.0bn from Marketing cash flows and • $0.2bn from 25% of Industrial adjusted equity free cash flow • After excluding Marketing lease liabilities and adjusting for relevant cash receipts/commitments expected in the current year, Net debt decreases to an adjusted $9.3bn, which allows for c.$1.0bn of top-up returns, repositioning proforma Net debt at $10.3bn (1,2), aligned with our ordinary course of business net debt cap of c.$10bn • Top up returns will be affected as a $1bn buyback to be completed by the release of H1 results on 6 August Net debt 31 Dec 24, $11.2bn 2025 Base cash distribution of FY2024 adjusted equity free cash flow, +1.2bn Marketing lease liabilities, 31 Dec 24, -$1.1bn Other adjustments: EVR debt(3), -$0.6bn Relevant tax receivables, -$0.4bn Viterra sale cash proceeds(4), -$1.0bn Top up returns, +$1.0bn Proforma Net debt, $10.3bn Proforma Net debt after adjustments Adjusted to exclude Marketing lease liabilities and reflect consideration of relevant cash receipts/commitments in the current year c.$2.2 billion of shareholder returns: • $10c/share base distribution (c$1.2bn) • $1.0bn buyback (c.$8.2c/share)
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142024 Preliminary Results Capital allocation: Business reinvestment Overview Financial performance Positioned for the future Appendix 2024 Industrial capex and net purchase and sale of PP&E • Capitalised Industrial segment capex of $7.0bn • $6.7bn net capex cash outflow, up from $5.6bn in 2023, largely reflecting the addition of EVR in July 2024 and additional deferred stripping investment across Copper and Coal 2025F-2027F Industrial capex average (1): $6.6bn p.a., including c.$1.4bn p.a. for EVR • Excludes up to c.$400M earmarked over this period for extensive MARA, El Pachon and Collahuasi (4 th line) feasibility and development work 25-27F Industrial capex: $6.6bn(4) p.a. 2025F-2027F estimated major capex spend Copper: c.35-40% allocated to copper, comprising: • Collahuasi’s Ujina Growth Project (to 210ktpd) • Extensive deferred stripping at KCC, Antapaccay, Collahuasi and Antamina • KCC/Antapaccay fleet renewals • Antamina fleet and tailings investments Nickel: Completion of Onaping Depth project Steelmaking coal: • EVR water treatment facilities; increasing current 77.5M litres per day (LPD) capacity to 150M LPD per day by 2027F, in line with permit commitments • Extra haul trucks/shovels expected to deliver 35% increase in materials movement capacity • Extensive deferred stripping • c.$1.4bn average EVR capex over 2025F-2027F; expected to reduce to c.$1.1bn p.a. thereafter Energy coal: Deferred stripping Copper Zinc Nickel Energy Coal Oil Ferroalloys Copper Zinc Nickel Steelmaking Coal Oil Deferred mining open cut 2024 Industrial capex: $7.0bn(1,2) Ferroalloys Steelmaking Coal(3) Energy Coal
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152024 Preliminary Results 2025 Guidance: Production Overview Financial performance Positioned for the future Appendix Key commodities 2025-2028 production guidance(1) 2024 2025F 2026F 2027F 2028F Copper (kt) 951.6 850-910(2) 930 930 1000 Cobalt (kt) 38.2 40-45(2) 45 45 65 Zinc (kt) 905.0 930-990 855 725 765 Nickel (kt) 82.3 74-86 80 100 95 Steelmaking coal (Mt) 19.9 30-35 35 35 35 Energy coal (Mt) 99.6 92-100 100 100 100 Copper eq (Mt)(3) 3.3 3.6(4) 3.8 3.7 3.9 Year-on-year growth 4.6% 9.2% 3.7% -0.4% 4.5% 2024-2028 key commodities CAGR 4.2% Gold (koz) 738 Silver (Moz) 19.3 3PGE (koz) 143 Lead (kt) 186 Ferrochrome (kt) 1166 Oil E&P (Mbbl) 4.0
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162024 Preliminary Results 2025 Guidance: Mine unit cash costs/margins(1) Overview Financial performance Positioned for the future Appendix 163 169 178 57 62 61 220 231 239 2023 2024 2025F By-product credits Copper net cash unit costs Copper (c/lb) 49 30 6 259 280 249 308 310 255 2023 2024 2025F By-product credits Zinc net cash unit costs 141.3 115.6 110.7 126.1 85.9 82.6 2023 2024 2025F EBITDA margin Steelmaking Coal FOB cash costs 70.5 68.1 66.5 66.2 32.6 22.5 2023 2024 2025F EBITDA margin Energy Coal FOB cash costs Zinc (c/lb) Steelmaking coal ($/t) Energy coal ($/t) • Improved 2025F unit cost position reflects outcome of recent portfolio optimisation and cost initiatives across the business • 2025F peak in copper unit cost, basis lower volumes and cyclically weak cobalt and custom metallurgical credits • Long-term business case of Metallurgical operations being strategically evaluated • Lower copper unit costs expected from 2026F • Lower 2025F FOB unit cash cost in line with full benefit of lower cost EVR volumes, lower revenue linked royalties and favourable FX • Lower 2025F FOB thermal unit cash cost in line with lower revenue linked royalties as well as favourable FX
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172024 Preliminary Results 2025 Guidance: Illustrative spot annualised FCF(1) Industrial ($bn) Copper(2) Zinc(3) Steelmaking Coal(4) Energy Coal(5) Other Marketing(6) Group Primary production 850-910kt 930-990kt 30-35Mt 92-100Mt Production from other departments -90kt -155kt Payability deduction -133kt Net relevant production 790kt 672kt 32.5Mt 96Mt Net relevant sales(a) 822kt 694kt 32.5Mt 96Mt Realised price 413.7/lb 129.8/lb 206.2/t 123.1/t Portfolio mix adjustment -12.9/t -34.1/t Unit cost -178.0/lb -6.1/lb -110.7/t -66.5/t Margin per unit 236c/lb 124c/lb Margin per unit ($)(b) 5196/t 2728/t 82.6/t 22.5/t Base Adj.EBITDA ($bn) (a*b) 4.3 1.9 2.7 2.2 1.0 3.4 15.5 Development projects & other -0.2 -0.2 KNS closure & C+M costs 0.0 -0.0 Adjusted EBITDA ($bn) 4.1 1.9 2.7 2.2 1.0 3.4 15.3 Cash taxes, interest, minorities + other -3.8 Capex: Ind+Mktg (7) -6.7 Illustrative spot FCF(8) 4.8 Overview Financial performance Positioned for the future Appendix Adj.EBITDA $bn Ferroalloys, Nickel, Aluminium and Oil 1.5 Corporate/Other -0.5
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182024 Preliminary Results Overview Delivering our strategy 19 2025 Priorities 22 Overview Financial performance Positioned for the future Appendix Positioned for the future
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192024 Preliminary Results energising today | advancing tomorrow Overview Financial performance Positioned for the future Appendix + EVR Delivering our strategy Simplified portfolio Larger resource base Value accretive M&A • Today our portfolio is aligned around assets that favourably contribute to our production, recycling and marketing of the commodities needed for today and tomorrow • We seek to continuously monetise/ recycle capital from assets/sites that don’t fit/align with our strategy • We have built a major portfolio of large, long-life copper assets/projects in key copper producing regions • Significant growth in our copper resource base since 2022, primarily in Argentina through El Pachon and MARA, and New Range Copper in the USA (JV with Teck) • Addition of EVR adds c.800Mt of steelmaking marketable coal reserves • We have enhanced our commodity portfolio through selective M&A of high-quality assets in key/core commodities, including copper/alumina/bauxite and high- quality steelmaking coal • Acquisition of various JV partner minority stakes over a number of years has added c.20Mtpa of attributable energy coal production for c.$270M (3) • c.1.2bn Glencore shares acquired since August 2021, representing c.10% of current shares eligible for distributions (4) >20 Disposals/ closures to date (1) Copper resources(2) 2024 2022 M+I 10.8bt 8.4bt @ 0.63% Cu @ 0.70% Cu M+I+I 19.9bt 14.3bt @ 0.56% Cu @ 0.64% Cu
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202024 Preliminary Results energising today | advancing tomorrow Overview Financial performance Positioned for the future Appendix Notes: All project data highly indicative and subject to change prior to eventual financial investment decision Antamina Coroccohuayco (p)(4) Antapaccay El Pachon (p) MARA (p) Alumbrera Altonorte Smelter Lomas Bayas Collahuasi Ujina Growth Project (p) Collahuasi 4th line (p) KCC Mutanda Mutanda Sulphides (p) 0 10 20 30 40 Avg Greenfield Avg Brownfield Glencore Capex per CuEq tonne ($)(2) 15-20k Coroccohuayco(5) Collahuasi 4th line (44%) MARA Mutanda Sulphides El Pachon Organic growth options (1) Delivering our strategy c.1Mt Cu LOM annual production • Key copper projects progressing towards feasibility conclusions and FID • Updated study estimates indicate the potential for 1Mtpa of copper production from our El Pachon, Mutanda sulphides, Coroccohuayco, MARA and Collahuasi projects - at an attractively low capital intensity of $15-20k per CuEq tonne (est) • RIGI enrollment preparation Key copper projects(3) 20
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212024 Preliminary Results energising today | advancing tomorrow Overview Financial performance Positioned for the future Appendix MARA/Alumbrera Location Catamarca, Argentina Type Brownfield Ownership 100% Commodities Cu, Au, Ag, Mo Operation Open pit mine, utilising existing Alumbrera infrastructure Production | Cu c.165ktpa Production | Cu eq. (3) c.210ktpa Life of Asset c.20+ years Coroccohuayco/Antapaccay Complex Location Espinar, Peru Type Brownfield Ownership 100% Commodities Cu, Au, Ag Operation Open pit mine, utilising existing Antapaccay infrastructure Production | Cu* c.300ktpa Production | Cu eq.* (4) c.320ktpa Life of Asset* c.10 years *Broader Antapaccay complex has an anticipated mine life of 25+ years at average life of mine of c.185ktpa of Cu and c.205ktpa of CuEq, including the Coroccohuayco project above El Pachon Location San Juan, Argentina Type Greenfield Ownership 100% Commodities Cu, Au, Ag, Mo Operation Open pit mine, concentrator plant Production | Cu (5) c.340ktpa Life of Asset 20+ years Delivering our strategy – organic growth options(1,2)
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222024 Preliminary Results energising today | advancing tomorrow Overview Financial performance Positioned for the future Appendix Safety • Ambition to prevent work-related fatalities, occupational diseases and injuries wherever we operate Supply discipline • Balanced/over-supplied/unfavourable, primarily downstream, market conditions in some commodities; we will curtail production where it makes sense (e.g. coal, ferrochrome, copper/zinc smelting) • 2025F floor for copper production volumes; on pathway back to 1Mtpa by 2028 (1), with significant growth potential thereafter • Targeting c.4% CAGR in CuEq. production growth to 2028(1,2), excluding growth projects(3) • “Shovel worthy” copper projects progressing towards approval, subject to supporting market/investment environment Delivering our strategy 2025 Priorities Marketing • Nearer term macro uncertainties from tariff changes, but also presents opportunities • Potential US tariffs across commodities and countries can create product and/or country dislocations Creating value for shareholders • Optimal location for our primary listing remains under study • Focus on maximising free cash flow generation (c.$4.8bn at spot illustrative prices)(4) • Additional returns to shareholders as and when our returns framework allows
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232024 Preliminary Results Overview 2024 Margin/cost reconciliation 24 Coal H1/H2 margin reconciliation 25 Shareholder returns calculation 26 Industrial capex by category 27 Shareholder returns framework 28 2025 H1 Distribution timetable 29 2025 H2 Distribution timetable 30 Production outlook – key commodities 31 Footnotes 35 Overview Financial performance Positioned for the future Appendix Appendix
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242024 Preliminary Results 2024 cost/margin reconciliation(1) Overview Financial performance Positioned for the future Appendix Industrial ($bn) Copper Zinc Steelmaking Coal Energy Coal Other Marketing Group Primary production 951.6kt 905.0kt 19.9Mt 99.6Mt Production from other departments -116.6kt -92.1kt Payability deduction -134.6kt Net relevant production 834.9kt 678.3kt 19.9Mt 99.6Mt Net relevant sales(a) 830.4kt 681.0kt 19.9Mt 99.6Mt Realised price 394.5/lb 125.2/lb 240.7/t 134.8/t Portfolio mix adjustment -39.2/t -34.1/t Portfolio adjusted realisation 201.5/t 100.7/t Unit cost -169.1/lb -30.1/lb -115.6/t -68.1/t Margin per unit 225.4c/lb 95.1c/lb Margin per unit ($)(b) 4969/t 2097/t 85.9/t 32.6/t Base Adj.EBITDA ($bn)(a*b) 4.1 1.4 1.7 3.2 0.6 3.8 14.8 Development projects & other(2) -0.3 KNS closure & C+M costs -0.1 Adjusted EBITDA ($bn) 3.8 1.4 1.7 3.2 0.5 3.8 14.4 Totals may not add due to rounding. (1) Refer slide 10 for underlying data. (2) Comprising $0.1bn of development projects and c.$0.15bn of allocatable copper division overhead previously reported in “Corporate and Other”. The latter has accordingly reduced year-over-year Adj.EBITDA $bn Ferroalloys 0.5 Nickel 0.2 Aluminium 0.1 Oil 0.4 Corporate/Other(2) -0.6
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252024 Preliminary Results Coal H1/H2 cost/margin reconciliation Overview Financial performance Positioned for the future Appendix H1 2024 H2 2024 2024 2024(1) Wtd avg price Energy Coal Production (Mt) 47.1 52.5 99.6 NEWC Price ($/t) 130.7 139 134.8 Portfolio mix adjustment ($/t) -27.5 -41.2 -34.1 Energy Coal FOB cash cost ($/t) -72.6 -63.3 -68.1 Energy Coal EBITDA margin ($/t) 30.5 34.5 32.6 Energy Coal EBITDA ($bn) 1.4 1.8 3.2 Steelmaking Coal Production (Mt) 3.4 16.4 19.9 19.9 PHCC Price ($/t) 275.1 206.3 240.7 218.1 Portfolio mix adjustment ($/t) -19.9 -15.7 -39.2 -16.7 Steelmaking Coal FOB cash cost ($/t) -139.9 -110.9 -115.6 -115.6 Steelmaking Coal EBITDA margin ($/t) 115.3 79.8 85.9 85.9 Steelmaking Coal EBITDA ($bn) 0.4 1.3 1.7 1.7 Notes: Totals may not add due to rounding. (1) PHCC price weighted by timing of production/sales (heavily influenced by timing of EVR acquisition) to calculate a more sensible portfolio mix adjustment applied to PHCC prices
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262024 Preliminary Results Notes: Totals may not add due to rounding. (1) Based on eligible shares of 12.2bn (net of 1.4bn shares held in Treasury and employee Trusts as at 31 December 2024). (2) Refer slides 30 and 31 for distribution timetable. (3) Refer slide 29 for Shareholder returns framework February 2025 announced shareholder returns calculation $bn Marketing Industrial Corporate Total Adjusted EBITDA 3.8 10.6 14.4 Unrealised inter-segment profit adjustment 0.1 0.1 Cash net interest allocation -0.9 -0.6 -1.5 Cash tax allocation -0.4 -1.9 -2.3 Equity associates, including Viterra (earnings less dividend) -0.0 -0.1 -0.2 Legal related costs -0.3 -0.3 Remuneration provisioning (including shares and deferred) 0.6 0.6 Other -0.2 -0.2 FFO 2.5 7.9 0.1 10.5 Capex -1.0 -7.0 -8.1 Adj: lease capex/other 0.9 0.1 0.2 1.2 Adj: sales of PP&E 0.1 0.1 Dividends to minorities -0.1 -0.1 Adjusted equity free cash flow 2.4 0.9 0.4 3.7 Base Distribution Marketing: fixed $1bn 1.0 1.0 Industrial: fixed 25% 0.2 0.2 Base distribution 1.0 0.2 $1.2 Shares outstanding 12.2 Base Distribution ($/share)(1,2) $0.10 Top-up calculation(3) Net debt at 31 December 2024 11.2 Less Marketing leases -1.1 Add base distribution above 1.2 11.3 Outflows/inflows/adjustments EVR debt -0.6 Expected Viterra/Bunge cash component consideration -1.0 Relevant tax receivables (excess payments expected to be refunded) -0.4 Revised Net debt 9.3 Initiation of new buyback program 1.0 Pro-forma Net debt 10.3 Total shareholder returns – base distribution + top-up buyback (c.$/share)(1) c.$0.182 Total shareholder returns - base distribution + top-up buyback ($bn) c.$2.2 Overview Financial performance Positioned for the future Appendix
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272024 Preliminary Results Notes: Totals may not add due to rounding. (1) Excludes $5M of Aluminium “Other” category capex and $79M of Corporate and Other 2024 Industrial capex by category Total Industrial Capex ($M)(1) Copper Zinc Nickel Ferro alloys Steelmaking Coal Energy Coal Oil 2024 Major Equipment Overhaul 160 160 16 5 40 253 633 Infrastructure 111 115 72 4 144 117 563 Smelters/Refineries 282 158 69 32 0 0 73 615 Coal Handling & Prep. Plant (CHPP) 0 0 0 0 22 96 118 Mining & Processing Equipment – Mobile 134 168 54 17 74 438 885 Mining & Processing Equipment – Fixed 340 37 13 63 9 32 494 Water Management 556 31 4 3 191 12 797 Tailings 244 28 10 10 13 8 313 Development Drilling 56 0 10 0 7 0 73 Exploration 194 14 26 1 38 52 326 Property Purchases 6 0 0 1 0 9 16 Deferred mining – Open cut 821 90 0 28 292 203 1434 Deferred mining - Underground 7 79 129 0 0 0 216 Lease Recognition (primarily fleet) 102 40 1 0 27 38 3 211 Other 164 10 74 14 10 58 11 341 Total 3178 930 478 178 867 1316 88 7034 Category Definition Major Equipment Overhaul Total cost greater >$750k, involving a major rebuild which extends the OEM equipment’s original useful life expectancy Infrastructure Onsite and offsite earthworks, structural engineering, pipelines and electricity ( etc) in support of mining Smelters/Refineries Spend on fixed plant at smelters and refineries (incl. integrated), including the capital element of any plant turnaround Coal Handling & Prep. Plant (CHPP) Spend on fixed plant within the CHPP area – Coal only Mining & Processing Equipment – Mobile Purchase of mobile mining and processing equipment (e.g. trucks, loaders, diggers) Mining & Processing Equipment – Fixed Purchase of fixed mining and processing equipment (e.g. capitalisation of OEM parts and replacements for crushers, mills, longwalls) Water Management Spend on dams, dewatering, water treatment, pipelines or other water facilities other than tailings storage facilities Tailings Spend on tailings storage facilities Development Drilling Development drilling after the Prefeasibility and Feasibility Phases Exploration Exploration & Evaluation Spend including Lease requirements, Drilling, Prefeasibility and Feasibility Phases Property Purchases Acquisition of land Deferred mining – Opencut Opencut - capitalised working costs / deferred stripping Deferred mining - Underground Underground - Capitalised development Lease Recognition CAPEX Initial recognition of leases under IFRS 16 Overview Financial performance Positioned for the future Appendix
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282024 Preliminary Results Predictable minimum shareholder returns grounded on a formulaic base distribution, topped up as the balance sheet allows Notes: (1) Industrial attributable adjusted equity cash flows defined as Industrial Adjusted EBITDA less Industrial capex, tax, interest and distributions to minorities. (2) Excluding Marketing lease liabilities and consideration of relevant cash receipts/commitments in the current year. The net debt cap may be flexed temporarily up to $16 billion for M&A opportunities, subject to accelerated deleveraging to reposition net debt back to optimal levels. (3) BD = Base Distribution. Capital allocation: Shareholder returns framework 1 Base Distribution 2 Top-up Shareholder Returns Announced annually at the full year results and based on the prior year cash flows Then paid in two equal payments in H1 and H2 $1.0bn Related to Marketing cash flows ($bn) 25% of Industrial attributable adjusted equity cash flows(1) Base distribution increased, as appropriate, by additional “top-up” shareholder payments reflecting the maintenance, in the ordinary course of business, of a c.$10bn (2) Net debt cap Full-year results Is period end Net debt <$10bn ?(2) No Declare BD(3) Yes Is period end Net debt + BD <$10bn ?(2) No Yes Declare BD Is period end Net debt <$10bn ?(2) No No additional returns Yes Is period end Net debt + 2nd payment of BD <$10bn ?(2) No Yes No additional returns Declare BD + top-up to increase Net debt back to the c.$10bn cap Top-up shareholder returns to increase Net debt back to the c.$10bn cap Shareholder returns calculation flowsheet Half-year results Base distribution comprises: Overview Financial performance Positioned for the future Appendix
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292024 Preliminary Results 2025 H1 Distribution timetable Overview Financial performance Positioned for the future Appendix 1st tranche of 2025 base distribution: ($5.0 cents/share) H1 2025 Applicable exchange rate reference date (Johannesburg Stock Exchange (JSE)) Wednesday, 16 April Applicable exchange rate announced on the JSE Thursday, 17 April Last day to effect removal of shares cum distribution between Jersey and JSE registers at commencement of trade Friday, 25 April Last time to trade on JSE to be recorded in the register on record date Friday, 25 April H1 Ex-Distribution date (JSE) Tuesday, 29 April H1 Ex-Distribution date (Jersey) Thursday, 1 May H1 Distribution Record Date for JSE Friday, 2 May H1 Distribution Record Date in Jersey Friday, 2 May Removal of shares between the Jersey and JSE registers permissible from Monday, 5 May Deadline for return of currency election form (Shareholders on Jersey Register only) Tuesday, 6 May Applicable exchange rate reference date (Jersey) Thursday, 8 May Annual General Meeting Wednesday, 28 May Shareholders vote to approve aggregate Distribution for financial year ended 31 December 2024 H1 Distribution payment date Wednesday, 4 June
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302024 Preliminary Results 2025 H2 Distribution timetable Overview Financial performance Positioned for the future Appendix 2nd tranche of 2025 base distribution: ($5.0 cents/share) H2 2025 Applicable exchange rate reference date (JSE) Monday, 18 August Applicable exchange rate announced on the JSE Tuesday, 19 August Last day to effect removal of shares cum distribution between Jersey and JSE registers at commencement of trade Tuesday, 26 August Last time to trade on JSE to be recorded in the register on record date Tuesday, 26 August H2 Ex-Distribution date (JSE) Wednesday, 27 August H2 Ex-Distribution date (Jersey) Thursday, 28 August H2 Distribution Record Date for JSE Friday, 29 August H2 Distribution Record Date in Jersey Friday, 29 August Removal of shares between the Jersey and JSE registers permissible from Monday, 1 September Deadline for return of currency election form (Shareholders on Jersey Register only) Monday, 1 September Applicable exchange rate reference date (Jersey) Thursday, 4 September H2 Distribution payment date Friday, 19 September
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312024 Preliminary Results 2024 2025F 2026F 2027F 2028F Growing base business; declining by-product copper production from Zinc assets (Mount Isa and Kidd) • Copper business focused around long-life assets in South America and Africa • Collahuasi, Antamina, Antapaccay, Lomas Bayas, KCC and Mutanda comprise >90% of volumes over the outlook period • Lower 2025F base copper business production (vs 2024) primarily reflects South American mine plan changes • H1 2025 impact of Collahuasi lower-grade stockpile recoveries and water constraints (c.30kt FY impact vs 2024) • Lower anticipated copper grades at Antamina (c.15kt impact vs 2024) and mine sequencing at Lomas Bayas (c.10kt vs 2024) • Production trending higher over the outlook period – c.1Mt forecast by 2028 (before growth projects) • The commissioning of Collahuasi’s desalination plant (expected later in 2025) should remove water constraints from H2 2025 • Collahuasi’s Ujina Growth Project (to 210ktpd) and higher grades at Antapaccay are expected to lift South American volumes to c.650kt by 2028F • African copper volumes of c.300kt by 2027F (from c.250kt in 2025F) • + attractive brownfield growth project options – Mutanda Sulphides, Coroccohuayco, MARA and Collahuasi Production guidance – own source copper (kt Cu) Notes: Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change. (1) 2024 Full Year Production Report, Page 1. (2) 2025F production guidance stacked bar based on the mid-point of the guidance range. (3) (p) denotes the named asset as a copper project Industrial: production outlook - copper 2025F own source copper production (kt) 850-910 African copper South America Zn & Ni departments 2025F copper unit cash cost, post credits (c/lb) 1.78 1. KCC 2. Mutanda 3. Horne smelter 4. CCR refinery 5. San Jose Recycling 6. Rhode Island Recycling 7. Antamina 8. Antapaccay / Coroccohuayco (p)(3) 9. Collahuasi 10. Lomas Bayas 11. Altonorte smelter 12. Pasar smelter 13. MARA (p) 14. El Pachon (p) 5 3 4 6 7 89 10 11 12 1 2 Overview Financial performance Positioned for the future Appendix Base Cu business 836 760-810 880 905 975 Zn & Ni 116 90-100 50 25 25 Group 952(1) 850-910(2) 930 930 1000 13 14
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322024 Preliminary Results 2024 2025F 2026F 2027F 2028F Production guidance – own source zinc (kt Zn) Notes: Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change. (1) 2024 Full Year Production Report, Page 1. (2) 2025F production guidance stacked bar based on the mid-point of the guidance range. Industrial: production outlook - zinc 2025F own source zinc production (kt) 930-990 Kazzinc North America Cu Dept (Antamina) Australia 2025F zinc unit cash cost, post credits (c/lb) 5.7 Streamlined portfolio anchored around Australia and Kazakhstan • Key end of life closures of Lady Loretta (Australia) around the end of 2025, and Kidd (North America) and Maleevsky (Kazakhstan) in the 2026/2027 period • Industrial zinc business then oriented towards larger, longer-life assets • Significant additional departmental gold, silver and lead production • Post 2026, production stabilises around the c.750kt level through the end of the decade • Large 2025 increase via jump in Antamina zinc production to c.150kt (mine schedule moving through higher grade zinc areas) 1. Kidd operations 2. General Smelting 3. CEZinc refinery 4. Nordenham Zinc/Lead 5. Britannia Refined Metals 6. Asturiana de Zinc 7. Portovesme 8. Kazzinc 9. McArthur River mine 10. Lady Loretta Mine 11. Mount Isa Mines and smelters 12. Townsville copper refinery 2,31 5 4 6 7 8 9 10,11 12 Overview Financial performance Positioned for the future Appendix Base Zn business 813 790-840(2) 775 675 685 Cu Dept 92 140-150 80 50 80 Group 905(1) 930-990(2) 855 725 765
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332024 Preliminary Results Production guidance – own source steelmaking coal (Mt)1 Notes: Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change. (1) Full Year 2024 Production Report, Page 1. (2) 2025F production guidance stacked bar based on the mid-point of the guidance range. Industrial: production outlook - steelmaking coal 2025F own source steelmaking coal production (Mt) 30-35 2025F steelmaking coal FOB unit cash cost ($/t) 110.7 Steady production profile over the outlook period • With the addition of EVR in July 2024, we now have a world-class steel making coal business, comprising many high-margin, long-life assets • EVR successfully integrated into Glencore’s global coal business • Strong 2024 EVR production performance - highest in three years • Expected EVR volumes of c.26 Mtpa of high-quality steelmaking coal over the outlook period • Elevated capex for additional EVR water treatment and fleet capacity over 2025 and 2026 2024 2025F 2026F 2027F 2028F 201 Canada Australia 30-352 35 1. Elkview 2. Fording River 3. Greenhills 4. Line Creek 5. Oaky Creek 6. Hail Creek 7. Collinsville 35 35 1-4 5-7 Overview Financial performance Positioned for the future Appendix
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342024 Preliminary Results 2024 2025F 2026F 2027F 2028F Production guidance – own source energy coal (Mt) Notes: Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change. (1) An independently managed joint venture in which we have a 23.12% equity interest. (2) Full Year 2024 Production Report, Page 1. (3) 2025F production guidance stacked bar based on the mid-point of the guidance range. a) Glencore operated industrial asset, 37.13% interest is equity accounted. b) Independently managed JV. Glencore holds a 49% stake and manages the operation jointly with Yancoal, with marketing rights divided between the companies by geography Industrial: production outlook - energy coal 2025F own source energy coal production (Mt) 92-100 Cerrejón Aus export 2025F energy coal FOB unit cash cost ($/t) 66.5 SA domestic SA export Aus domestic Near-term stable production outlook • Energy coal production volumes stable over the outlook period, but expected to then trend lower towards the end of the decade • Between 2019 and 2024, we closed six coal mines: La Jagua, Calenturitas, Hlagisa(1), Newlands, Liddell and Integra • We expect to do the same with respect to at least six more mines by the end of 2035 100(2) Aus SSCC 10010010092-100(3) 1 3-5 2 6-9 10 11-17 1. Cerrejón 2. Goedgevonden 3. Tweefontein 4. iMpunzi 5. Wonderfontein 6. Collinsville 7. Hail Creek 8. Oaky Creek 9. Rolleston 10. Clermont(a) 11. Ulan complex 12. Mangoola 13. Hunter Valley Operations(b) 14. Mount Owen complex 15. Ravensworth 16. Bulga 17. United Wambo Overview Financial performance Positioned for the future Appendix
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352024 Preliminary Results Footnotes Slide 4 (1) Refer to basis of presentation in the Financial and Operational Review, Preliminary Results 2024, refer to Note 2 and Alternative Performance Measures, Preliminary Results 2024, for definition and reconciliation of Adjusted EBITDA/EBIT (2) Group copper equivalent volumes for core commodities based on long -term commodity price assumptions. Includes EVR volumes at 100% in line with full consolidation of EVR in accordance with IFRS 10. Refer slide 15. (3) Refer slides 13 and 26 for calculation Slide 7 (1) Refer to basis of presentation in the Financial and Operational Review, Preliminary Results 2024, refer to Note 2 and Alternative Performance Measures, Preliminary Results 2024, for definition and reconciliation of Adjusted EBITDA/EBIT (2) Net capex cash flow refers to net purchase and sale of property, plant and equipment (3) Commitment to minimum strong BBB/Baa ratings Slide 10 (1) Refer Full Year 2024 Production Report, page 1 (2) Refer Full Year 2024 Production Report, page 2 (3) Refer Industrial Activities, Preliminary Results 2024 (4) Refer slide 25 Slide 12 (1) Refer to Financial and Operational Review, Preliminary Results 2024. Totals may not add due to rounding (2) Comprises $0.15bn of leases, $0.15bn proportionate recognition of Neptune terminal debt and $0.3bn of debt payable to minority EVR shareholders. The latter is expected to have “equity” treatment by H1 2025 Slide 13 (1) Refer slide 26 for calculation (2) Refer slide 28 for Shareholder returns framework (3) The net cash consideration for 77% of EVR was $7bn. IFRS consolidation of $0.6bn of EVR debt (see slide 12 for such components) was never meant to constrain shareholder returns and has been adjusted accordingly (4) Viterra transaction is subject to final regulatory approvals Slide 14 (1) Refer Slide 27 for category definitions. (2) Excludes $79M of Corporate and other capex (mainly capitalised interest) and $5M of Aluminium department capex (3) Steelmaking coal segment represents EVR only. Capex for Australian steelmaking coal is included in the energy coal segment (4) 2025F-2027F figures are based on current portfolio and subject to change Slide 15 (1) Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change. Refer Appendix slides 31 -34 for more detail by key commodity (2) 2025F copper and cobalt guidance expected to have a 45:55 production weighting in H1:H2 respectively (3) Group copper equivalent volumes for core commodities based on long -term commodity price assumptions. These assumptions are reviewed and updated annually as appropriate. Includes EVR volumes at 100% in line with full consolidation of EVR in accordance with IFRS 10 (4) 2025F Copper eq calculation based on the mid- point of the guidance range Overview Financial performance Positioned for the future Appendix Slide 16 (1) Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change. Refer Appendix slides 31 -34 for more detail by key commodity Slide 17 (1) Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change. Totals may not add due to rounding (2) Copper spot annualised Adjusted EBITDA calculated basis 2025 production guidance adjusted for copper produced by other departments and net relevant sales. Spot copper price as at 7 February 2025, adjusted for 96% payability, by -products and FX as at 7 February 2025, refer note 9 below for relevant prices. Cost guidance includes by -products, TC/RCs, freight, royalties and a credit for custom metallurgical EBITDA (3) Zinc spot annualised Adjusted EBITDA calculated basis 2025 production guidance adjusted for zinc produced by other departments and net relevant sales less payability adjustment. Spot zinc price as at 7 February 2025, by -products and FX as at 7 February 2025, refer note 9 below for relevant prices. Cost guidance includes a credit for by -products and custom metallurgical EBITDA. (4) Steelmaking Coal spot annualised Adjusted EBITDA calculated basis mid- point of 2025 production guidance. Relevant forecast PHCC price of $206.2/t (Glencore applied next 12 months average PHCC as at 7 February 2025), less $12.9/t portfolio mix adjustment and Steelmaking coal portfolio FOB unit cash cost of $110.7/t, giving a $82.6/t margin to be applied across overall forecast group mid-point of production guidance of 32.5Mt (5) Energy Coal spot annualised Adjusted EBITDA calculated basis mid- point of 2025 production guidance. Relevant forecast NEWC price of $123.1/t (Glencore applied next 12 months average NEWC as at 7 February 2025), less $34.1/t portfolio mix adjustment and Thermal FOB mine costs of $66.5/t, giving a $22.5/t margin to be applied across overall forecast group mid-point of production guidance of 96Mt (6) Marketing Adjusted EBITDA of $3.4bn is calculated as the mid- point of the $2.2-$3.2bn p.a. long-term EBIT guidance range, adjusted for elevated interest rates (plus $300M) and $400M of Marketing D+A (7) Net cash capex including JV capex and Marketing. Excludes Marketing capitalised leases (8) Excludes working capital changes and rehabilitation costs related to closed sites (9) Selected currencies and commodity prices on 7 February 2025: Lead $/t 2005 Gold $/oz 2884 Silver $/oz 32.57 Cobalt metal $/lb 9.77 Cobalt hydroxide payability 50% Oil - Brent US$/bbl 74.8 Australian Dollar USDAUD 1.59 Canadian Dollar USDCAD 1.43 Chilean Peso USDCLP 961 Colombian Peso USDCOP 4093 Kazakhstani Tenge USDKZT 510 Peruvian Nuevo Sol USDPEN 3.71 South African Rand USDZAR 18.33
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362024 Preliminary Results Footnotes Slide 19 (1) Disposals/closures include: Ernest Henry, Mopani, Cobar, BaseCore, Red Chris royalty, Minera Aguilar, Los Quenuales, Sinchi Wayra, Volcan, Kabanga, Koniambo, Mototolo, Middelburg, Yancoal stake, La Jagua, Calenturitas, Hlagisa, Newlands, Liddell, Integra, Access World and Viterra (sale pending completion.) (2) Attributable copper resources. Refer Resources and Reserves reports dated 31 December 2024 and 31 December 2022. “M+I” refers to Measured and Indicated Resources. “M+I+I” refers to Measured and Indicated Resources plus Inferred Mineral Resources (3) JV partner minority stakes acquired in the following assets: Ulan, Clermont, Bulga, Rolleston, Ravensworth North and Cerrejon. (4) Current shares eligible for distributions of c.12.2bn (calculated as issued share capital of 13.6bn less treasury and trust shares of 1.4bn). Refer note 17, Preliminary Results 2024 Slide 20 (1) All project data highly indicative and subject to change prior to eventual financial investment decision (2) Data: Glencore estimates, Barclays (3) Glencore estimates, copper project volumes based on Life of Mine average production (4) (p) denotes the named asset as a copper project (5) Coroccohuayco is a discrete project within the broader Antapaccay complex. The Coroccohuayco project has anticipated average annual production of c.300kt Cu and c.320kt CuEq for c.10 years. Including Coroccohuayco, the Antapaccay complex has an anticipated mine life of 25+ years at average production of c.185ktpa Cu and c.205ktpa CuEq Slide 21 (1) All project data highly indicative and subject to change prior to eventual financial investment decision (2) Data: Glencore estimates (3) MARA Measured and Indicated Resources of 1,220 million tonnes grading 0.47% Cu, 0.2g/t Au, 3.4g/t Ag and 0.03%Mo. Refer Reserves and Resources as at 31 December 2024 (4) Coroccohuayco Measured and Indicated Resources of 643 million tonnes grading 0.6% Cu, 0.08g/t Au and 2.4g/t Ag. Refer Reserves and Resources as at 31 December 2024 (5) El Pachon Measured and Indicated Resources of 2,080 million tonnes grading 0.5% Cu, 0.2g/t Ag and 0.01% Mo. Refer Reserves and Resources as at 31 December 2024 Slide 22 (1) Refer slides 15 and 31 (2) Group copper equivalent volumes for core commodities based on long -term commodity price assumptions. These assumptions are reviewed and updated annually as appropriate. Includes EVR volumes at 100% in line with full consolidation of EVR in accordance with IFRS 10. Figures are based on management estimates and current portfolio (except where indicated). These estimates are subject to change (3) Refer slides 20 and 21 (4) Refer slide 17 for calculation Overview Financial performance Positioned for the future Appendix
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372024 Preliminary Results For more information Overview Financial performance Positioned for the future Appendix
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382024 Preliminary Results Contact information Overview Financial performance Positioned for the future Appendix Glencore plc Baarermattstrasse 3 6340 Baar Switzerland Tel: +41 41 709 2000 E-mail: investors@glencore.com glencore.com