South32 Ltd.

Wholly owned integrated silver-lead-zinc underground mining and processing operation in north-west Queensland, 200 km southeast of Mount Isa; operating since 1998. Broken Hill-type high-grade Ag-Pb-Zn deposit in the Proterozoic Mount Isa inlier, mined by long-hole open stoping with backfill; crushing, grinding and flotation produce silver-rich lead concentrate and zinc concentrate exported through Townsville. The 10Mt underground Ore Reserve supports a 6-year reserve life; options are progressing to extend mine life from the 53Mt underground Mineral Resource, and study work is advancing on a potential open-pit development of the 25Mt open-pit Resource to capitalise on higher silver prices. FY26 payable zinc-equivalent production guided at 200.6kt under a revised mine plan managing challenging underground conditions.

Integrated ferronickel mining and smelting operation ~20 km southwest of Montelibano in northern Colombia (South32 99.9%); one of the world's largest ferronickel producers, operating since the 1980s. Nickeliferous laterite within the Cauca ophiolite complex mined by open-pit truck and shovel; ore is blended from active areas and long-term stockpiles and processed through rotary kilns and electric furnaces into ferronickel pellets exported via Cartagena. In July 2025, South32 entered into a binding agreement to divest Cerro Matoso, with completion expected late H1 FY26 subject to conditions - pending sale not yet closed at reporting date. A contractor fatality occurred in September 2024.

Integrated bauxite mining and alumina refining operation in south-west Western Australia (South32 86%): mine near Boddington, refinery near Collie, alumina shipped from the port of Bunbury; operations commenced 1984. Shallow lateritic bauxite on the Darling Range slopes of the Yilgarn Craton, mined by conventional truck-and-shovel open pit; bauxite moves by overland conveyor to a Bayer-process refinery. Production Target based on Proved (87%) and Probable (13%) Ore Reserves. The Worsley Mine Development Project improves bauxite access, with improved quality expected to benefit volumes and costs from FY27; FY26 capex reduces on new mining-area development completion.

Large integrated copper-molybdenum-gold open-pit mining and processing operation 60 km south-west of Calama in the Antofagasta region of northern Chile (South32 45%, non-operated equity-accounted JV with KGHM); operations commenced 2014. Porphyry copper hydrothermal system with breccias, veining and dissemination; ore processed through crushing, grinding and flotation to copper concentrate (with Au/Ag credits) and a separate molybdenum concentrate, exported via Antofagasta. Embedded options for further growth; FY27 production rises ~5% on higher planned copper grades.

Non-operated integrated bauxite and alumina interest: the Mineracao Rio do Norte (MRN) bauxite mine at Porto Trombetas in northern Brazil (South32 interest 33%) and the Alumar alumina refinery at Sao Luis. Shallow lateritic bauxite plateaus of the Alter do Chao formation mined by conventional open pit; ore is washed on site and shipped to Alumar for Bayer-process refining. Operations commenced in the 1980s. Production Target based on Proved (16%) and Probable (2%) Ore Reserves and Measured/Indicated Resources.

Groote Eylandt Mining Company (GEMCO) manganese mining and processing operation in the Gulf of Carpentaria, Northern Territory (South32 60%, equity-accounted JV with Anglo American); operating since the 1960s. Shallow stratiform manganese sheets mined by open-pit strip mining; ore is crushed and washed on site, with a dedicated Sands circuit reprocessing tailings, and exported from the co-located port. FY25 production was rebuilt following tropical cyclone Megan recovery works, with FY26-FY27 guidance of 3,200kwmt as operations return to normalised rates.

Non-operated interest in the Alumar aluminium smelter at Sao Luis, north-eastern Brazil, restarted on renewable power and ramping up all three pot lines. FY26-FY27 guidance reflects the continuing ramp-up; smelter costs are influenced by raw-material input and energy prices and are expected to trend lower as the ramp-up completes.

Wholly owned aluminium smelter at Richards Bay, South Africa - the largest aluminium smelter in the southern hemisphere - expected to continue testing its maximum technical capacity. Production guidance assumes no load-shedding impact; the cost profile is influenced by raw-material input prices, the South African rand and inflation-linked energy costs.