Anglo American Plc

Discontinued steelmaking coal operations in Queensland's Bowen Basin (Capcoal open-cut and underground, Moranbah North, Grosvenor and JVs), classified as held for sale with divestment to Peabody Energy in progress; the Jellinbah interest was sold in November 2024. 2025 production fell 43% to 8.2 Mt reflecting the Jellinbah sale and suspension of mining at the Grosvenor longwall following the June 2024 underground fire; impairments of $209M (Moranbah-Grosvenor) and $255M (Capcoal) were recognised. Pending sale not yet closed at the reporting date - emitted per divestment-edge-case rule.

60%-owned (Mitsubishi 40%) open-pit copper mine in Moquegua, Peru - a cornerstone world-class asset with a 30-year reserve life. 2025 production rose 1% to 310,200 tonnes on strong plant performance (+3% throughput) despite slightly lower grades. The approved stage-one expansion (second pebble crusher and additional flotation cells) lifts throughput to c.142,000 tpd with improved recoveries by late 2026; planned concentrator maintenance in 2027 will modestly impact production. Significant expansion potential exists beyond the initial high-grade area, subject to sectoral permits and water availability. 2025 realised price 472 c/lb.

50.1%-owned world-class open-pit copper mine near Santiago, Chile, accounting for more than 2% of the world's known copper resources. 2025 production of 164,600 tonnes was 5% lower as the smaller processing plant was on care and maintenance from end-July 2024, partially offset by higher grade (0.52% vs 0.47%) and improved recoveries. Donoso 2 development is ahead of schedule, opening wider access to higher-grade, softer ore with full opening expected by early 2027; improved flexibility, cost control and strong copper prices enabled a temporary restart of the second plant (c.+25kt in 2026) until its infrastructure is needed for the Perez Caldera tailings facility removal from 2027. The first phase of the integrated water security project is ongoing.

44%-owned copper joint venture (with Glencore 44% and Mitsui consortium 12%) in the Tarapaca region of northern Chile - one of the world's largest copper deposits with a 63-year reserve life. Attributable production fell 28% in 2025 to 177,800 tonnes on lower ore grade (0.90% vs 1.15%) and higher-than-expected stockpile oxidisation affecting recovery, partially offset by higher throughput as the operation began receiving ultra-filtered sea water from the new desalination plant pipeline from Q3 2025. Exploration drilling below and around the current pit shell has yielded promising results. 2026 Copper Chile production is H2-weighted on progressively improving access to fresh, higher-grade ore.

85%-owned (Vale 15%) integrated iron ore operation in Minas Gerais, Brazil: the Serra do Sapo open-pit mine and beneficiation plant producing premium pellet feed (67% Fe) pumped through a 529km slurry pipeline to the Acu port; manages more than 27,000 hectares. 48-year reserve life. 2025 production held at 24.8 Mt despite a 23-day planned pipeline inspection shutdown; the tailings filtration plant began ramp-up in December 2025 ahead of schedule. Options to integrate the contiguous, higher-grade Serra da Serpentina Mineral Resource (acquired with Vale's 15% entry) are being evaluated to maximise long-term value.

Flagship open-pit iron ore mine of 52.5%-owned Kumba Iron Ore in the Northern Cape, South Africa, producing high-grade (64.0% Fe) lump and fine haematite product railed via the third-party Saldanha line. 2025 production of 25.3 Mt was slightly lower following a proactive drawdown of high mine stockpiles and maintenance to facilitate implementation of the UHDMS (ultra-high dense media separation) quality-enhancement project.

Open-pit iron ore mine of 52.5%-owned Kumba Iron Ore near Postmasburg, Northern Cape, South Africa, producing direct-shipping haematite ore (63.5% Fe). Delivered strong operational performance in 2025 with production up 7% to 10.8 Mt, supporting Kumba's 2% sales growth to 37.0 Mt on improved third-party rail performance.

50.1%-owned open-pit copper mine in the Valparaiso region of Chile. 2025 production decreased 12% to 42,600 tonnes on planned lower grade (0.83% vs 0.94%) from processing lower-grade stockpiles during the mine-phase transition. Output is projected to decline progressively to c.25,000 tpa by 2028; the environmental permit application for the life extension of the operation is expected to be submitted in Q1 2026.

De Beers Consolidated Mines' flagship South African diamond mine in Limpopo province (Anglo effective 62.9%), transitioned from open pit to underground mining; the underground project continued its ramp-up in 2025 with production steady at 2.2 Mct. 23-year life of asset.

Open-pit diamond mine in Canada's Northwest Territories, operated by De Beers Canada as a joint operation (De Beers 51%; Mountain Province 49%; Anglo American effective 43.4%). Six-year remaining life of asset on current reserves.

Debswana's Jwaneng mine in Botswana - by value one of the world's richest diamond mines (Anglo effective 42.5% via De Beers' 50% of Debswana). Production levels were lowered from 2024 in response to prevailing rough-diamond demand. Underground study options support a 14-year reserve life of asset, with additional tailings (TMR/ORT) resources.

Debswana's Orapa mine in Botswana (Anglo effective 42.5%), the world's largest diamond mine by area. 2025 saw planned production reductions including extended maintenance downtime as De Beers aligned output with demand. 33-year life of asset on current reserves.

Discontinued ferronickel operations in Goias, Brazil, classified as held for sale: the Barro Alto and Niquelandia open-pit saprolite mines and the Barro Alto and Codemin ferronickel processing plants, with sale of the Nickel business agreed to MMG Resources for $358 million - pending sale not yet closed at the reporting date, emitted per the divestment edge-case rule. 2025 production rose 1% to 39,700 tonnes on continuous operational stability and improved recoveries. Barro Alto carries a 16-year reserve life on 47.3 Mt of saprolite reserves at 1.29% Ni.

Namibian diamond operations held 50/50 with the Government of Namibia (Anglo effective 42.5%): Debmarine Namibia's Atlantic 1 offshore marine placer mining licence (26-year life) and Namdeb's land-based Mining Area 1 beaches and Orange River fluvial placers. 2025 production decreased 7% to 2.1 Mct on the decommissioning of the Coral Sea and Grand Banks vessels, partially offset by higher-grade ore and improved recoveries at Namdeb.

De Beers Group, 85%-owned by Anglo American (Government of Botswana 15%), spanning Debswana (Jwaneng, Orapa, Damtshaa, Letlhakane - 42.5% accounting interest), DBCM Venetia in South Africa (62.9%), Namdeb and Debmarine Namibia (42.5%), Gahcho Kue in Canada (51% JO) plus rough-diamond trading, Brands and Diamond Desirability businesses. Anglo American is progressing the divestment of De Beers as part of portfolio simplification. 2025 production fell 12% to 21.7 Mct as the business produced into prevailing demand: planned reductions at Orapa, Letlhakane Tailings Treatment Plant moved to care and maintenance, and Coral Sea / Grand Banks vessels decommissioned at Debmarine; consolidated rough diamond sales $3.0bn; total sales 23.9 Mct (100% basis).

Wholly owned crop nutrients project in the north east of England accessing the world's largest-known deposit of polyhalite - a natural fertiliser mineral containing potassium, sulphur, magnesium and calcium. Being developed as a FutureSmart low-environmental-impact underground mine with a conveyor tunnel to port facilities at Teesside for export of granular POLY4 product. Feasibility studies progressing; market development expanded 2025 pilot sales of POLY4 into Europe, North America, China and India, with product performance confirmed in 2,500+ field demonstrations across 80+ crops and a five-year IAEA research partnership on soil salinity.