Anglo American (AAL) investor relations material

Operational overview

• Q3 production: copper 174.9 kt, down 5% YoY; premium iron ore 13.8 Mt, down 4%; manganese ore 1,031 kt, up 6%.

• Diamonds output was 6.8 Mct, down 11% YoY; steelmaking coal was 2.9 Mt, up 53%; nickel was 10.4 kt, up 3%.

• Resilient operations and planned Q4 copper grade improvements support 2026 guidance; extreme winter weather in Chile affected Q3 production.

Copper

• Q3 copper production fell 5% YoY to 174.9 kt; Chile declined 6% amid extreme weather and lower planned grades, while Peru fell 3% on expected lower ore grades.

• Quellaveco production increased 8% QoQ to 80.7 kt; recoveries improved to 85.6% from 83.8% YoY, partly offset by lower grades of 0.73% versus 0.76%.

• 2026 production guidance remains 700–760 kt; total unit cost guidance improves to ~139 c/lb from ~145 c/lb, with Peru at ~50 c/lb from ~65 c/lb.

• YTD 2026 realised copper prices rose 40% YoY to 623 c/lb; Chile was 628 c/lb and Peru 617 c/lb.

Premium iron ore and manganese

• Premium iron ore production fell 4% YoY to 13.8 Mt: Kumba declined 19% to 7.5 Mt during the UHDMS tie-in, partly offset by Minas-Rio growth of 24% to 6.3 Mt.

• Kumba sales rose 3% to 9.7 Mt as finished stocks were drawn down; 2026 iron ore production and unit cost guidance remain 55–59 Mt and ~ $41/t, respectively.

• Manganese ore production increased 6% YoY to 1,031 kt, supported by higher Australian operating levels and productivity improvements in South Africa; YTD output rose 31%.