#1AngloAmerican BMO Global Metals, Mining & Critical Minerals Conference Duncan Wanblad - CEO 27 February 2023 Anglo American Angie American#2Cautionary statement Disclaimer: This document has been prepared by Anglo American plc ("Anglo American") and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing this document you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise arising in connection with this material. Forward-looking statements and third party information This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Report. Forward-looking statements should, therefore, be construed Anglo American in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward- looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will cessarily match or exceed its historical published earnings per share. Certain statistical and other information about Anglo American included in this document is sourced from publicly available third party sources. As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information. Group terminology In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses. No Investment Advice This document has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this document in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicable legislation). Alternative Performance Measures Throughout this document a range of financial and non-financial measures are used to assess our performance, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor the Group's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and business units. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. ©Anglo American Services (UK) Ltd 2023. Anglo American TM, TM and FutureSmart Mining TM are trade marks of Anglo American Services (UK) Ltd. nuGenTM is a trade mark of Anglo American Technical & Sustainability Services Ltd. 2#3Safe & healthy operations are our first priority Safety Group TRIFR1,2 Fatalities¹ 2.14 2 2020 2.24 2 2021¹ Safety reset & call to action in H2 Anglo American • 2.38 H1 2.19 Planned work drives safer outcomes ◆ 2.00 H2 2 2022 Health Occupational health - new cases 1,3 30 2020 16 2021 Elimination of hazards at source 5 2022 Focus on work environments & digital controls Environment Level 3 & above significant incidents1,4 1 2020 1 2021 Digitalised planning & controls 1 2022 Proactive hazard & risk assessment tools 3#42022 summary EBITDA5 $14.5bn Mining EBITDA margin7 47% Anglo American Production √2% Unit cost 个15% Sedna#5Robust EBITDA & margins Diamonds $1.4bn5 52% mining margin? Anglo American Base Metals $2.6bn5 40% mining margin? 9 PGMs $4.4bn5 54% mining margin Bulks 10 $6.6bn5 49% mining margin? 5#62022 sustainability highlights nuGenTM hydrogen truck Fast Anglo American World's largest H₂ powered haul-truck Key step to decarbonising mining fleet Now combined with First Mode Envusa Energy: SA renewable energy ecosystem 600MW initial project pipeline Equates to ~2Mtpa emission reduction Supports region's energy transition Los Bronces water solution Desal water offtake from 2025 Meets >45% of the mine's need Phase 2 water swap to benefit communities South Africa Living with Dignity hub Supports our inclusion & diversity strategy Victim-centric first responder support Independent reporting channel#7Our balanced, disciplined & sustainable approach Anglo American Strong balance sheet 0.5x 2022 net debt: EBITDA5 Attractive shareholder returns 40% payout base, through the cycle dividend Quality organic growth >90% growth capex aligned to future demand themes in high margin products¹1 7#8Diversified portfolio positioned for a carbon neutral world Limiting warming to 1.5°C is metals & minerals intensive ~60 new Quellaveco size copper mines needed by 204012 >$1tn needed by 205013 but supply is constrained: 15-20 years to develop new mines Anglo American Copper equivalent production Steelmaking Coal Long term energy transition enabler High quality Iron Ore Manganese Crop Nutrients Diamonds ~85% aligned to future demand themes PGMs Copper Nickel 8#9Quellaveco ramp up progressing Anglo American Built on time & budget despite pandemic Processing lines in ramp-up - full capacity expected from mid-2023 Moly plant completion expected in Q1 14 2023F: 310-350kt of copper at ~100c/lb ¹4 2023 production is H2 weighted 9#10POLY4 tackles the three key challenges facing the agricultural industry Crop Anglo American Environment POLY4 Soil Increases yields Improves soil health Low carbon & waste, organic 10#11Woodsmith - a large-scale, long-life Tier 1 asset Significant progress Significant structural advantages Highly cash generative Anglo American Core infrastructure underway Studies ongoing 37km mine to port ~$1.0bn annual capex¹: 15 >40yr asset life16 ~$190/t long-term price, significant capacity from 203015 upside potential 17 ~2027 first product available to market¹5 Q1 expected cost curve position to ~5Mtpa ~13Mtpa planned development capacity 15 11#12~25% organic growth optionality over the next decade 2022 Anglo American +5% 2023F +10% 2024F Copper equivalent growth vs 20226 +25% ~2032F >90% capex allocated to products aligned to future demand themes Attractive value-adding options Integrating technology expertise & holistic sustainability considerations Leveraging our customer-centric marketing capabilities 12#13Q&A Our investment proposition Competitive assets Anglo American Strong cost position Long-term growth options Differentiated capabilities Technology-led Sustainability leader Sustainable returns Disciplined capital allocation Robust EBITDA margins 13.#14Footnotes 1. 2. 3. 4. 5. Environmental incidents are classified in terms of a 5-level severity rating. Incidents with medium, high and major impacts, as defined by standard internal definitions, are reported as level 3-5 incidents. Metrics on an underlying basis - before special items and remeasurements adjusted to include the Group's attributable share of associates' and joint ventures' results. Group EBITDA also includes Crop Nutrients, third party thermal coal, shipping, exploration expenditure and unallocated corporate costs. Copper equivalent production is calculated including the equity share of De Beers' production and using long-term consensus parameters. It is normalised to reflect the demerger of the South Africa thermal coal operations and the sale of our interest in Cerrejón. Future production levels are indicative and subject to final approval, see Cautionary Statement slide. 2024F growth vs 2022 updated from Dec-22 investor update presentation to reflect higher 2022 performance. Margin represents the Group's underlying EBITDA margin for the mining business. It excludes the impact of non-mining activities (eg PGMs purchases of concentrate, sale of non-equity product by De Beers, third party trading activities performed by Marketing) & at Group level reflects Debswana accounting treatment as a 50/50 joint operation. Mining margin for De Beers on a stand alone basis is based on proportionate consolidation of mining businesses in De Beers only. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. Copper equivalent unit cost is normalised to reflect the demerger of the South Africa thermal coal operations and the sale of our interest in Cerrejón. Base metals consists of Copper (Chile and Peru) and Nickel. 10. Bulks consists of Iron Ore, Steelmaking Coal and Manganese. 11. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Consequently, for Quellaveco, growth capex reflects our attributable share. Collahuasi desalination capex shown includes related infrastructure. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies. Source: Anglo American internal analysis, based on sector outlooks in Wood Mackenzie's 1.5 Degree Scenario, March 2022. Source: Wood Mackenzie's 1.5 Degree Scenario, M&M Corporate Service, March 2022. Includes copper, aluminum, iron ore, zinc, nickel, lithium, cobalt, manganese, rare earths, bulk and noble alloys. Rounded to the nearest $100bn. 14. Production is subject to any subject to any socio-political effects and full ramp-up. 15. Indicative only. Subject to further studies and Board approval. 16. Including Inferred Mineral Resources. Reserve Life is 27 years. Indicative, subject to further studies and Board approval. 17. Long term 2023 real terms price at 13Mtpa based on a blend substitution pricing methodology plus a premia based on risk-weighted price outcomes. The blend substitution pricing methodology assesses whether a current fertiliser blend can be reassembled with the inclusion of POLY4 and the resulting price a purchaser would be willing to pay for the POLY4 without changing the total cost of the blend. In many cases, the inclusion of POLY4 offers further benefits such as providing Mg, Ca and micronutrients, enhancing the blend at no further cost. 6. 7. 8. 9. 2= Recordable incidents. Data relates to subsidiaries and joint operations over which Anglo American has management control. Data for fatalities, TRIFR and environmental metrics excludes results from De Beers' joint operations in Namibia and Botswana. 2021 fatalities was previously restated as a colleague tragically passed away in 2022 following complications after an accident in 2021. Total Recordable Injury Frequency Rate per million hours worked. New cases of occupational disease. 12. 13. Anglo American 14