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Kumba Iron Ore 2025 Annual Results 19 February 2026
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2 Disclaimer This document has been prepared by Kumba Iron Ore Limited (“Kumba” and Company") and comprises written materials/slides for a presentation concerning Kumba. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Kumba or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage of whatever nature, howsoever arising, from any use of, or reliance on, this material or otherwise arising in connection with this material. Forward-looking statements and third party information This presentation includes forward-looking statements. All statements other than statements of historical fact included in this document may be forward-looking statements, including, without limitation, those regarding Kumba’s financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Kumba’s products, production forecasts and Ore Reserve and Mineral Resource positions), the anticipated benefits of mergers and acquisitions (including any assessment or quantification of potential synergies) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations. Forward-looking statements may be identified by the use of words such as “believe”, “expect”, “intend”, “aim”, “project”, “anticipate”, “estimate”, “plan”, “may”, “should”, “will”, “target” and words of similar meaning. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Kumba's or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Kumba’s present and future business strategies and the environment in which Kumba will operate in the future. Important factors that could cause Kumba’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and product prices, unanticipated downturns in business relationships with customers or their purchases from Kumba, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the ability to identify, consummate and integrate pending or potential acquisitions, disposals, investments, mergers, demergers, syndications, joint ventures or other transactions, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, Cautionary statement regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Kumba’s assets and changes in taxation or safety, health, environment or other types of regulation in the countries where Kumba operates, conflicts over land and resource ownership rights and such other risk factors identified in Kumba’s most recent Annual Report. Forward-looking statements should therefore be construed in light of such risk factors, and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Kumba expressly disclaims any obligation or undertaking (except as required by applicable law, rules or regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Kumba’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this document should be interpreted to mean that future earnings per share of Kumba will necessarily match or exceed its historical published earnings per share. Certain statistical and other information included in this document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Kumba and Kumba expressly disclaims any responsibility for, or liability in respect of, such information. Group terminology In this presentation, references to “Anglo American”, the “Anglo American Group”, the “Group”, “we”, “us”, and “our” are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses. No Investment Advice This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this presentation in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicable legislation). Alternative Performance Measures Throughout this presentation, a range of financial and non-financial measures are used to assess our performance, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed ‘Alternative Performance Measures’ (APMs). Management uses these measures to monitor the Company's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and businesses. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Company’s industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.©Kumba Iron Ore Limited 2026. and are trade marks of Kumba Iron Ore Limited. Production and sales volumes, prices and C1 costs are reported in wet metric tonnes. Kumba product is shipped with approximately 1.5% moisture content.
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3 Agenda Business overview and operational performance Mpumi Zikalala, Chief Executive Financial performance Xolani Mbambo, Chief Financial Officer Looking ahead Mpumi Zikalala, Chief Executive
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4 Logistics stability and life extension Operational excellence Disciplined capital allocation Unlock full value of the core Position for a sustainable future Create stakeholder value Continued value delivery despite macro uncertainty
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5 Safety is our No. 1 value and first priority Note: LTI - Lost Time Injuries | TRIFR - Total Recordable Injury Frequency Rate 1. One fatality Relentless focus on safety Fatality free for nine years at Sishen and two years at Kolomela Embedding Fatal Risk Management programme enables learning from leading indicators Nine years of no severe health incidents Continuous employee wellbeing programmes TRIFR LTI ICMM 2.29
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6 1. Comparative 2024 period adjusted EBITDA represents net operating profit before deducting interest, tax, depreciation, amortization and impairment charges or reversals 2. Total full year Kumba shareholders dividend declared excluding R3.3bn for empowerment owners Strong track record of delivering stakeholder value Dividend declared2 R10.3bn Enduring shared value R58.0bn Consistent and resilient performance Sales 37.0Mt 2% Production 36.1Mt 1% EBITDA1 R31.9bn 14% Enduring stakeholder value R58.0bn 7% Attributable free cash flow R12.0bn 17% Dividend declared Rx.xbn xx% ROCE 46% 5pp
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7 1. Includes permanent employees, fixed-term employees and trainees Note: IRMA - Initiative for Responsible Mining Assurance 7 Sustainability - building a lasting legacy IRMA IRMA 75 maintained at both operations Inclusivity and diversity Women represent 32%1 of the workforce and 36%1 of management B-BBEE Level B-BBEE rating further improved to 4 from 5 Livelihoods 835 jobs facilitated through the Social Impact Mitigation, Zimele and IFN programmes Health All six clinics achieved Ideal Clinic realisation model status reaching >79 000 community members Education Supported >10 000 learners and 330 teachers in 19 schools Water stewardship 4% decrease in freshwater withdrawal to 6 971 ML Operations supplied 16 883 ML of water to communities Biodiversity 55.4 ha of land reshaped and 56.5 ha seeded Thriving communities Healthy environment Trusted corporate leader
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8 Shareholders Capital to sustain and grow our business Salaries and benefits R7.1bn Employed from Northern Cape 84% BEE business suppliers R19bn Host community suppliers R3.5bn Direct social investment R485m Owners of Kumba R10.3bn Empowerment owners R3.3bn Income tax R5.9bn Mineral royalty R1.5bn Enduring value of R58bn for all our stakeholders Investment Employees Community livelihoods Government R10.4bn
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9 Operational performance
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10 Finished stock 7.5Mt 2025 7.4Mt 2024 Solid operational performance Waste mining 165.6Mt 6% Production 36.1Mt 1% Ore railed to port 37.6Mt 6% Sales 37.0Mt 2%
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11 Production (Mt)Waste mining (Mt) Cumulative savings (Rbn) Disciplined execution driving operational momentum Waste mining ramping up Production flexibility and reliability +1% +6%Mine optimisation Focus on improving cost efficiencies +16%
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12 Rail replacement programme stabilising train performance Focus on critical port equipment reliability Sustainable logistics network remains critical for SA Ore railed to Port (Mt) Sales (Mt) Continued improvement drive Mutual cooperation agreement and ore corridor restoration programme supporting corridor turnaround Private Sector Partnership Request for Information submissions completed Awaiting Request for Proposal Logistics partnership initiatives yielding results +6% H2 includes annual maintenance shut +2% H2 includes annual maintenance shut
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13 13 Financial performance
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14 Source : Reuters, Oxford Economics, World Steel Association(WSA) *GDP and steel production growth as weighted average of key sales territories in the region EU/MENA: 21% (24%) China: 56% (54%) Other Asia: 23% (22%) GDP Steel output 1.6% 2.1% GDP Steel output 5.0% 4.6% GDP Steel output 3.8% 3.2% Regional share of Kumba sales % 2025 (2024) Evolving macro dynamics shifting steel demand
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15 Global iron ore exports, Mt Platts IODEX, $/t CFR China Source: Platts, Global Trade Tracker (GTT), World Steel Association (WSA), Mysteel, Platts Quality and marketing sustained premiaPrices ~US$100/t mark; premia eases Lower pig iron output; higher IO supply Premium iron ore remains strategically important Global pig iron production, Mt Price premiums over Platts 62 FOB (US$/wmt) Realised price FOB (US$/wmt)Lump premium and China port stocks 5 year CAGR -1.6% 90th Percentile CFR China 62% Fe equivalent ~US$90/dmt 37 21 15 14 14 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Kumba Peers 5 year CAGR +1.5% Average annual lump premium (USc/dmtu) Lump Premium (USc/dmtu) % of lump at Chinese ports (weekly)
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16 1. Comparative 2024 period adjusted EBITDA margin represents net operating profit before deducting interest, tax, depreciation, amortization and impairment charges or reversals 2. C1 unit cost at R17.89/US$ 8% 3% 5pp Resilient financial results Average realised price US$95/t C1 unit cost US$40/t2 3% EBITDA margin1 46% Break-even price US$68/t ZAR/US$ Stronger FX effect on costs R32.03/shareDPSHEPS R45.97/share
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17 EBITDA Rm EBITDA backed by 102% cash conversion1 Sales volumes C1 costs Average FOB price Average R/US$ Inflation Freight rates 2025 37.0Mt US$40/t US$95/t R17.89 3.2% US$16/t 2024 36.3Mt US$39/t US$92/t R18.33 4.6% US$18/t Internal factors +12% External factors +2% 1. Cash conversion: Cash generated from operations as a percentage of EBITDA
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18 (US$/t) C1 unit costs tightly managed
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19 On-mine costs well contained within guidance Kolomela unit costs (R/t) Sishen unit costs (R/t) -3%+2% -10%+3% 1. Excluding the impact of deferred stripping on unit cost: Sishen = FY 2025: R138/t (FY 2024: R115/t); Kolomela = FY 2025: R64/t (FY 2024: R33/t)
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20 Quality premia benefitting break-even price Platts 62% Break-even price (US$/wmt) External factors ($2)Internal factors ($4)
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21 Capex1 Rbn Capital expenditure to sustain and grow our business Expansion: UHDMS2 phased execution Medium-term average: ~R2.0bn p.a. SIB: Safety, asset integrity and reliability prioritised Medium-term average: - HME recapitalisation ~R2.5bn p.a. - Baseline SIB ~R5.0bn p.a. Deferred stripping: Higher stripping at Kolomela offset by lower strip ratio at Sishen Medium term average: ~R4.0bn p.a. 1. Capital expenditure before capital creditors | 2. UHDMS profile: 2021 - 2023: R1.8bn I 2024: R0.5bn | 2025: R1.7bn | 2026: R2.9bn | 2027: R2.2bn | 2028: R1.9bn | 2029: R0.2bn | Note: HME - Heavy Mobile Equipment 3.0 - 3.2 4.1 - 4.3 3.6 - 4.0 13.2 - 14.2 2.5 - 2.7 Baseline SIB HME recapitalisation
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22 Rbn Committed to driving cashflow performance Attributable free cash flow R12.0bn Final dividend declared R5.0bn Dividend payout ratio (FY) 70% Dividend yield2 9% 1. Inclusive of R 0.2bn positive working capital movements 2. Based on Kumba’s share price on 31 December 2025 of R351.06 MinoritiesKumba shareholders (6.6)
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23 Key financial focus areas Strengthen cost efficiency Enhance capital discipline Sustainable dividends, 50-75% of headline earnings Continue to unlock value from the core Position for a sustainable future Create stakeholder value
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24 24 Looking ahead
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25 KSF KSL KPL <20% Total Gangue (SiO2 + Al2O3), % Fe, % Pilbara Brazilian Kumba PremiumStandardLow-grade Ideal blast furnace zone (Alumina+ Silica) % Long-term fundamentals remain solid Lump ore supply is nearing its peakIron ore remains essential Kumba ores suited to customer needs Steel production forecast, annual, % 2025-2040 Source: Wood Mackenzie, AME, Thunder Said, CRU Note: KPL - Kumba Premium Lump | KSL - Kumba Standard Lump | KSF - Kumba Standard Fines Lump supply growth, Mt 2025-2040 Replacement projects required
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26 2026 3 of 6 coarse modules 3 of 5 fines modules Main tie-in 2027 5 of 6 coarse modules 4 of 5 fines modules 2028 All 6 coarse modules All 5 fines modules Ramp-up to final production 2029 Project commissioning on completion of work packages 37% overall project progress • 90% of all engineering work completed • All major procurement completed • First coarse and fines modules nearing completion • Modular substation ready to support first modules Setting up for tie-in of bulk materials handling system • Fabrication, pre-assembly and construction of outside structures • Onboarding of staff and monitoring progress against agreed baselines Coarse and fines module conversion Sequentially advancing margin enhancing UHDMS Project milestones achieved Completion schedule of each phase Total UHDMS capex R11.2bn unchanged
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27 Unlocking further value for a sustainable future Life extensionNorthern Cape of South Africa Mineral endowment Sishen - UHDMS • First modules and main tie-in in 2026 • Trebling premium grade product • Utilises low grade, reducing waste • >50% EBITDA margin and >30% IRR • Life extension and further optionality Kolomela • Ploegfontein (incl. in resource): studies and drilling • Heuningkranz (added resource): studies and drilling • Both leverage Kolomela’s existing infrastructure Exclusive Mineral Resources: ~764Mt • 471Mt existing resources (2024) • 293Mt additional resources (67% Sishen : 33% Kolomela) • Ongoing exploration programme Ore Reserves: ~802Mt • 175Mt replenishment since 2022 (before depletion) • Sishen and Kolomela LoM 2041 • Value accretive lifex pathway Survey Area Kolomela Sishen Legend 15 30 45 60 Kilometres Quartzite Koegas BIF Lava BIF Sediments Dolomite
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28 Total production (Mt) Total sales (Mt) C1 cash costs (US$/t) Capital expenditure (Rbn) 2026 full year guidance Production Waste Unit costs Strip ratio LoA Sishen ~22 Mt 135 – 145 Mt R530 – 560/dmt ~3.7 | LoA ~3.41 ~16 years2 Kolomela ~10 Mt 45 – 50 Mt R430 – 460/dmt ~4.7 | LoA ~4.8 ~16 years3 2026 31 – 33 2027 35 – 37 2028 35 – 37 1. Incl. C-grade | 2. Incl. UHDMS with 2034 – 2041 production being ~24Mtpa 35 – 37 ~45 at R16.00/US$/t 13.2 – 14.2
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29 Strong fundamentals with pathway for value delivery Operational excellence Logistics stability and life extension Ongoing value delivery Continue to unlock value from the core Position for a sustainable future Create stakeholder value
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30 30 Thank you
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31 31 Annexures
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32 Average market prices¹: P62 CFR China price average: US$102/t (2024: US$109/t) Fe premium average: ~US$1.70 per 1% Fe (2024 ~US$1.82 per 1% Fe) Lump premium average: US$0.14/dmtu (2024: US$0.14/dmtu) Marketing: Price premium on high quality products Timing effects: Products generally priced in month after arrival. Provisional pricing adjustments from November and December 2025 shipments Average realised price reflects weaker steel demand Annexure 1 Source: Iron Ore Marketing. 1. Straight average of the daily indices between 1 Jan – 31 Dec 2025 Price driversAverage realised FOB export price (US$/t) US$10/t
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33 Sensitivity analysis Unit change EBITDA impact Currency (Rand/US$) R0.1/US$ R353m Export price (US$/t) US$1/t R635m Volume (kt) 100kt R121m Breakeven price impact Currency (Rand/US$) R1/US$ US$3/t Change per unit of key operational drivers, each tested independently Export volume Export price Currency Sensitivity analysis Annexure 2
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34 Conversion rates dmt to wmt: Moisture: 2025 1.5%. 2024: 1.6% 1. 3rd Party stock purchases included in export sales: 2025: 0.7Mt. (2024: 0.7Mt) Mt 2025 2024 % change H2 2025 H1 2025 % change Railed to port 37.6 35.6 6 18.7 18.9 (1) Sishen mine 26.0 25.4 2 13.1 12.9 2 Kolomela mine 11.6 10.2 14 5.6 6.0 (7) Total sales1 37.0 36.3 2 18.3 18.7 (2) Export 37.0 36.3 2 18.3 18.7 (2) Domestic — — — — — — Total ore shipped 37.0 36.3 2 18.3 18.7 (2) CFR (shipped by Kumba) 24.6 23.6 4 12.0 12.6 (5) FOB (shipped by customers) 12.4 12.7 (2) 6.3 6.1 3 Finished product inventory 7.5 7.4 1 7.5 7.4 1 Logistics improvement supports sales Annexure 3
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35 Rm 2025 2024 % change H2 2025 H1 2025 % change Revenue 70 077 68 529 2 35 542 34 535 3 Other operating income1 942 — 100 — 942 (100) Operating expenses2 (45 261) (42 168) 7 (22 706) (22 555) 1 Operating profit 25 758 26 361 (2) 12 836 12 922 (1) Operating margin (%)2 36.8 38.0 (1.2) 36.1 37.4 (1.3) Profit for the period 19 157 19 275 (1) 9 819 9 338 5 Equity holders of Kumba 14 611 14 699 (1) 7 499 7 112 5 Non-controlling interest 4 546 4 576 (1) 2 320 2 226 4 Effective tax rate (%) 27.0 27.7 (0.7) 27.0 29.5 (2.5) Cash generated from operations 32 448 34 791 (7) 15 179 17 269 (12) Operating margin reflects lower revenue Annexure 4 1.Relates to a take-or-pay penalty income from a service provider for logistics underperformance. 2. Includes a movement in expected credit losses of R28 million (2024: R3 million). Operating costs for 2024 included an impairment reversal of R3.9 billion.
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36 2025 2024 % change H2 2025 H1 2025 % change Export sale of iron(Rm) 63 153 60 346 5 31 973 31 180 3 Net losses / gains on derivatives relating to undelivered physical cargo (Rm) (382) 1 123 (134) (508) 126 (>100) Adjusted FOB revenue (Rm) 62 771 61 469 2 31 465 31 306 1 Tonnes sold (Mt) 37.0 36.3 2 18.3 18.7 (2) US Dollar per tonne 95 92 3 101 91 11 Rand per tonne 1 700 1 686 1 1 755 1 673 5 Domestic (Rm) — 1 (100) — — — Shipping operations (Rm) 6 924 8 182 (15) 3 569 3 355 6 Total revenue 70 077 68 529 2 35 542 34 535 3 Rand/US Dollar exchange rate 17.89 18.33 (2) 17.38 18.39 (5) Revenue analysis Annexure 5
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37 1. Includes the following significant items: administration expenses, third-party stock purchases, equipment hire, consulting fees and lease expenses. 2. Total operating expenses include expected credit losses Rm 2025 2024 % change H2 2025 H1 2025 % change Raw materials and consumables 2 395 2 011 19 1 318 1 077 22 Net movement in inventories (909) 1 575 (>100) (988) 79 (>100) Inventory (reversal of)/increase in write-down (528) 71 (>100) (447) (81) >100 Contractors' expenses 3 530 3 460 2 1 939 1 591 22 Deferred stripping costs capitalised (4 135) (3 238) 28 (2 235) (1 900) 18 Staff costs 7 081 6 706 6 3 567 3 514 2 Shipping services rendered 6 839 7 998 (14) 3 371 3 468 (3) Depreciation of fixed assets 6 165 5 713 8 3 096 3 069 1 Mineral royalty 1 714 1 631 5 998 716 39 Repairs and maintenance 3 771 3 453 9 1 947 1 824 7 Petroleum products 3 032 2 860 6 1 586 1 446 10 Other expenses1 4 442 3 771 18 2 441 2 001 22 Corporate costs 2 251 1 789 26 1 318 933 41 Energy costs 836 745 12 453 383 18 Net finance losses 228 (350) (>100) 131 97 35 Transportation and selling costs 8 549 7 913 8 4 211 4 338 (3) Operating expenses2 45 261 46 108 (2) 22 706 22 555 1 Operating expenditure analysis Annexure 6
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38 1. Includes the following significant items: lease payments, expected credit losses, third-party stock purchases, technical services and project costs and administration expenses. 2. Total operating expenses include expected credit losses and impairment charge. Rm 2025 2024 % change H2 2025 H1 2025 % change Cost of goods sold 28 159 28 566 (1) 14 126 14 033 1 Cost of goods produced 22 496 22 600 — 11 000 11 496 (4) Production costs 22 497 21 760 3 11 617 10 880 7 Sishen mine 16 038 15 790 2 8 507 7 531 13 Kolomela mine 6 459 5 970 8 3 110 3 349 (7) Inventory movement WIP (1) 840 (100) (617) 616 (200) A grade 934 194 381 238 696 (66) B grade (367) 974 (138) (513) 146 (451) C grade (568) (328) 73 (342) (226) 51 Inventory movement finished product (908) 735 (224) (371) (537) (31) Forex and other1 4 394 3 659 20 2 134 2 260 (6) Corporate support and studies 2 177 1 572 38 1 363 814 67 Mineral royalty 1 714 1 631 5 998 716 39 Selling and distribution 8 549 7 913 8 4 211 4 338 (3) Shipping services rendered 6 839 7 998 (14) 3 371 3 468 (3) Operating expenses2 45 261 46 108 (2) 22 706 22 555 1 Operating expense reconciliation Annexure 7
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39 Unit cost analysis by mine 1. Other non-cash costs mainly includes rehabilitation provision and share-based payments 2. Other relates to Kumba’s own logistics costs 3. Dry metric tonnes Sishen Kolomela Rm 2025 2024 % change H2 2025 H1 2025 % change 2025 2024 % change H2 2025 H1 2025 % change Production costs 16 038 15 790 1.6 8 507 7 531 13.0 6 459 5 970 8.2 3 110 3 349 (7.1) WIP 900 1 069 (15.8) 25 875 (97.1) (901) (229) 293.4 (641) (260) 146.7 Non-cash costs (4 085) (3 768) 8.4 (2 304) (1 781) 29.4 (1 671) (1 822) (8.3) (434) (1 237) (64.9) Depreciation (3 692) (3 705) (2 022) (1 670) (2 179) (1 713) (943) (1 237) Other non-cash items1 (393) (63) (282) (111) 508 (109) 508 — Other2 338 335 0.9 174 164 6.1 93 89 4.4 46 46 — Total cash costs 13 191 13 426 (1.8) 6 402 6 789 (5.7) 3 979 4 008 (0.7) 2 081 1 898 9.6 Production volumes3 24.9 25.3 (1.6) 12.7 12.2 4.1 10.6 9.9 7.4 4.9 5.8 (15.8) Cash unit cost per tonne 530 531 (0.2) 504 557 (9.5) 374 404 (7.3) 428 329 30.2 KolomelaSishen Annexure 8
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40 Unit cash cost structure (R/t) Sishen and Kolomela mines Annexure 9 11 10
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41 Sishen and Kolomela mines Annexure 10 Unit cash cost structure (%) 3 3
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42All guidance based on current forecast exchange rates Rm 2025 2024 2026F Approved expansion 1 800 1 260 3 000 - 3 200 Deferred stripping 4 135 3 238 3 600 - 4 000 Sishen 3 450 2 906 2 250 - 2 500 Kolomela 685 332 1 350 - 1 500 SIB 4 476 4 502 6 600 - 7 000 Sishen 3 479 3 912 4 600 - 4 900 Kolomela 997 590 2 000 - 2 100 Unapproved expansion — — — Total approved and unapproved capital expenditure 10 411 9 000 13 200 - 14 200 Capital creditors (380) 673 (700) Cash capex 10 031 9 673 12 500 - 13 500 Capital expenditure analysis Annexure 11
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43 Note: Directional trend in performance, actual volumes and percentage of total volumes may differ. 1. Total waste benefit by H2 2029 of ~55Mt | 2. Total increase in lump by H2 2034 of ~44Mt | 3. Total increase in premium fines by H2 2034 if ~37Mt Total R11.2bn 2024 Total capital spend to 2023 2025 2027 2028 2029 R0.2bnR1.9bnR2.2bnR2.9bnR1.7bn R1.8bn Modular substations; first coarse and fines modules First production, main shut and continue converting course and fines modules Continue conversion of coarse and fines modules Complete final conversion and ramp-up to full production in H1 2028 Close-out of project Contracts awarded, pre-construction and onboarding R0.5bn Staggered modular shut sequence allows for increased safety and stability 2026 Value drivers Forecast volumes per year (Absolute, Mt) Waste benefit (Mt)1 Average of 15Mtpa less waste required 5 25 12 13 Premium lump2 Average increase from 6 to 11.4Mtpa 6 8 11.5 11.5 Premium fines3 New product, average of 5.1Mtpa 0 1.9 5.1 5.1 Investment aligned to phased implementation Annexure 12
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44 Rm (3.2%) Working capital driven by increase in payables, inventories and receivables Annexure 13