South32 (S32) investor relations material

Strategic portfolio transformation

• Shifted from a geographically diverse, coal-heavy portfolio to 90% base metals, with over 50% of value now in the Americas within two years.

• Executed major asset sales (coal, manganese alloy, nickel) and acquisitions (notably Sierra Gorda copper).

• Expanded exploration with about 25 projects and significant investments in copper and zinc.

Asset performance and development

• Cannington mine life extended to FY 2033, with studies underway for further extension to FY 2040 via open pit.

• Sierra Gorda copper project evaluating a fourth grinding line to boost throughput by 20%, with FID expected by year-end and production 3–4 years after.

• Hermosa (Taylor and Clark) progressing, with Taylor mine life likely exceeding 40 years and federal approval expected this year; Clark project supported by government grants.

• GEMCO recovered from severe cyclone, with mine life extended to eight years and new exploration starting on northern leases.

• Mozal aluminum smelter placed on care and maintenance due to power shortages, with potential restart in 4 years if energy supply improves.

Cost, inflation, and operational challenges

• Cost inflation most acute in Chile and the U.S. due to tariffs and rising steel prices; Australia remains relatively stable.

• Specialist labor shortages and rising pay in Western Australia gold sector noted as a risk.

• Insurance covered cyclone-related damages at GEMCO; operational lessons incorporated into rebuilds.