Hermosa

Wholly owned polymetallic development project near Patagonia in southern Arizona, USA, with mining and processing facilities under construction. Comprises Taylor, a carbonate-replacement zinc-lead-silver deposit (probable reserves 65Mt; 19-year reserve life) to be accessed via shafts using long-hole open stoping with zinc and lead concentrates trucked to customers or export facilities; Clark, a manto-style manganese-rich zinc-silver oxide deposit with potential to produce battery-grade manganese; and Peake, a copper-rich skarn discovery (Resource increased by additional drilling). South32 is investing US$2.16 billion to develop Taylor; FY26 capex of US$750M reflects increased shaft and surface-infrastructure construction.