South32 (S32) Investor presentation summary

Strategic direction and portfolio transformation

• Transitioning to a streamlined, asset-led operating model focused on copper, zinc, silver, lead, and manganese, with the sale of aluminium assets to Alcoa for up to $5.6B.

• Portfolio now concentrated in tier-one jurisdictions (Australia, Chile, USA) with a strong sustainability profile and low GHG emissions exposure.

• Overhead cost savings of ~$125M per annum expected by FY29, with a leaner business structure and fewer operated sites.

• High-margin, long-life assets underpin a simplified business with a focus on operational excellence and disciplined capital allocation.

Growth projects and production outlook

• Committed production growth of ~55% driven by projects in construction, notably the Taylor deposit and Sierra Gorda expansion.

• Sierra Gorda’s Ore Reserve increased by 61% to 1.1Bt, with a fourth grinding line expansion underway and significant exploration upside at Catabela Northeast.

• Hermosa’s Taylor project targets first production in H2 FY28, with a 33-year mine life and steady-state EBITDA of ~$650M annually.

• Cannington mine pursuing life extension through underground and open pit development, with ongoing drilling and infrastructure upgrades.

• Ambler Metals JV in Alaska offers high-grade base metals resources and substantial exploration potential, with Arctic and Bornite deposits advancing.

Commodity market positioning

• Exposed to critical minerals (copper, zinc, silver, lead, manganese) with strong demand drivers from electrification, renewables, and infrastructure.

• Copper and zinc markets face structural supply deficits, with declining grades and limited new discoveries supporting robust price outlooks.

• Taylor is the only major ex-China zinc discovery in the past decade, highlighting scarcity of new large-scale projects.