South32 (S32) Q1 2027 earnings summary

Executive summary

• FY27 production guidance remained unchanged across all operations; key copper and zinc growth projects advanced.

• Sierra Gorda and both manganese operations reported higher production, while Cannington output was constrained by temporary paste backfill availability.

Financial highlights

• Net cash rose US$14M to US$297M, including a US$153M distribution from Sierra Gorda; temporary working-capital build was approximately US$80M.

• A fully franked US$242M ordinary dividend for the June 2026 half year was paid after quarter-end.

Outlook and guidance

• FY27 production guidance was unchanged across operations, including Sierra Gorda CuEq 91.8kt, Cannington ZnEq 290.0kt and Australia Manganese 2,650–2,900kwmt.

• Taylor’s main and ventilation shafts are expected to reach the primary production level in the December 2026 quarter; fourth grinding line production is targeted for mid FY30, with full rates in FY31.

• The aluminium assets sale is expected to complete in the June 2027 half year, subject to remaining conditions precedent and regulatory approvals.