South32 (S32) investor relations material

Strategic portfolio transformation and leadership transition

• CEO transition planned for later this year, positioning the business for its next growth phase with a strong balance sheet.

• Portfolio streamlined to focus on higher-margin base metals, with significant divestments and increased exposure to copper, zinc, silver, and green aluminum.

• Earnings mix has shifted from coal and aluminum to 80% base metals, with Americas set to contribute over 50% of future earnings.

• Leadership advice emphasizes leveraging operational strengths and technical expertise to maximize value from major projects.

• Recognition of the team's role in transforming the company and the importance of continued portfolio optimization.

Strategic direction and business update

• Focus on disciplined capital management, optimizing operations, and unlocking value through innovation and projects.

• Portfolio includes high-quality operations and growth options in critical minerals, with recent care and maintenance for Mozal Aluminium.

• Strong cash flow generation and commodity price tailwinds support investment in copper, zinc, and silver production.

• Disciplined capital allocation has delivered shareholder value and maintained a strong balance sheet.

• Ongoing brownfield expansions and greenfield exploration underpin future growth.

Major project updates and growth pipeline

• Hermosa project in Arizona targets first production from Taylor in H2 FY 2028, with mine life extended to 33 years and significant upside from ongoing exploration.

• Taylor's capital cost increased by $1.1 billion due to inflation, scope changes, and tariffs, but project remains high-margin with expected steady-state EBITDA of $650 million and NPV of $3.1 billion.

• Sierra Gorda copper asset advancing a fourth grinding line, with FID expected mid-2026, and exploration at Catabela Northeast targeting higher grades.

• Ambler Metals in Alaska progressing permitting and development, with $42 million planned for drilling and studies in 2026.

• Cannington mine pursuing life extension through underground and open pit options, with open pit in pre-feasibility.