South32 (S32) investor relations material

Project overview

• Large-scale, long-life base and precious metals project located in Arizona, USA, with the Taylor zinc-lead-silver deposit as the flagship asset and significant regional growth potential.

• Taylor project is expected to deliver attractive returns over an initial ~33-year mine life, with first production targeted for H2 FY28 and nameplate production by FY31.

• Federal permitting under FAST-41 is complete, enabling full project development and access to critical infrastructure.

• The project is fully permitted, with major milestones achieved including environmental and water permits, and Notice to Proceed issued in September 2026.

• The land package has more than doubled in size, with over 15 prospects identified for future exploration.

Taylor project details

• Taylor is a large-scale, underground Zn-Pb-Ag sulphide deposit with a 169Mt Mineral Resource and 99Mt Ore Reserve, supporting high productivity and throughput.

• Initial operating life is ~33 years, with annual average steady-state production of ~346kt ZnEq, including 123kt Zn, 8.2Moz Ag, and 155kt Pb.

• Annual average EBITDA is projected at ~$650M, with net cash flow of ~$500M at spot prices.

• Dual shaft and decline access design enhances operational flexibility and ore handling capacity.

• Plant debottlenecking studies are underway to support potential expansion to 5Mtpa at low capital cost.

Capital expenditure and construction

• Approximately 80% of growth capital is invested, contracted, or subject to final pricing, with $230M contingency remaining.

• Shaft sinking and process plant construction are progressing on schedule, with major equipment installed and surface infrastructure advancing.

• First ore from the decline is expected in mid-FY28, with shaft production to follow in H1 FY29.

• Underground infrastructure contracts to be awarded in H1 FY27.