South32 (S32) AGM 2024 summary

Opening remarks and agenda

• The meeting opened with a Welcome to Country and acknowledgment of traditional owners, emphasizing respect for Indigenous communities and cultural heritage.

• The AGM was conducted as a hybrid meeting, allowing both in-person and remote participation, with procedural details and voting instructions provided.

Financial performance review

• Underlying earnings for FY2024 were $380 million, with $198 million returned to shareholders via dividends and buybacks.

• Two annual production records were achieved, and underlying EBITDA reached $1.8 billion, with improved performance in the second half.

• The sale of Illawarra Metallurgical Coal and investment in the Taylor deposit streamlined the portfolio toward base metals.

• Impairments were recorded at Worsley Alumina and Cerro Matoso due to market and regulatory challenges.

Board and executive committee updates

• Sharon Warburton joined as an Independent Non-Executive Director, enhancing board skills and diversity.

• Keith Rumble retired as Non-Executive Director; succession plans are in place for remaining founding directors.

• Vanessa Torres was appointed COO for Australia, and Erwin Scheffler became Chief Technical Officer.