#1AngloAmerican Copper portfolio Ruben Fernandes 6 October 2023#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. 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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 Anglo American Report. 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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 TMTM and FutureSmart MiningTM are trade marks of Anglo American Services (UK) Ltd. Some of the images used are under licence from iStock by Getty Images. 2#3Unique portfolio supplying the world's needs & wants Steelmaking Coal High quality Iron Ore Manganese Crop Nutrients Anglo American Diamonds Production mix from long-term portfolio¹ PGMs Nickel Decarbonisation Improving living standards Food security FutureSmart Mining" 3#4Economic development underpins demand outlook Significant increase in all commodities required for decarbonisation & just transition Level of investment required implies sustained higher prices are needed Anglo American Copper (kg) per person² 61 Current global average 233 Required level Global installed copper stock (Mt)² Current global level 1,761 497 Required to meet UN SDGs 4#5Copper supply challenges indicate pricing upside Project capital intensity consistently underestimated across the industry And yet current project forecasts assume lower capital intensity than installed stock 10,634 Pre-feasibility Anglo American Capital intensity, $/tpa Cu³ +29% 13,718 +56% Final investment decision 21,400 Achieved Capital intensity, $/tpa Cu4 25,426 Installed base -15% 21,557 Average estimates of future projects 5#6Copper portfolio overview Peru Chile Anglo American Quellaveco expansion Quellaveco Collahuasi West Wall El Soldado Los Bronces Los Bronces Sur Los Bronces Underground Operation Sakatti Finland Project 29% Of Group EBITDA5 43% Mining EBITDA margin5 28% Of Group capital employed 6#7A world class copper portfolio Long life assets >30 years 664kt 20227 Quality assets Anglo American Low cost Q2 average 840-930kt 2023F8 >1 Mt Long-term8 With long-term growth potential Estimated contained copper (Mt)⁹ Ore Reserve O 50 Proved Probable Exclusive Mineral Resource 132 Measured Inferred Indicated 7#8Quellaveco ramped up & set to deliver strong returns Average first 10 years 10 300kt Reserve life⁹ 35 years Anglo American Cost curve position Q1 Strong operational performance Moly plant at steady-state ORNELA C. D American ORNELA CALLE @ QUEL#9Collahuasi: world class ore body - long life, low cost & expandable Reserve life9 84 years Attributable production 250-300kt Anglo American Cost curve position Q1 2022 unit costs 87c/lb#10Los Bronces looking to lower unit costs Reserve life9 34 years Annual production ~250kt Anglo American Cost curve position Q3 Ore characteristics & water impacting near- term volumes & costs#11Collahuasi aiming for >1Mtpa by early 2030s H2 2023 5th ball mill +15ktpa Anglo American 2025-2028 ~2032 Debottlenecking options 4th processing line & other options +20-50ktpa +100ktpa ~450ktpa our 44% share 11#12Brownfield studies at both Quellaveco & Los Bronces Anglo American ● Current throughput of ~127.5ktpd • Near term low capex options to expand plant throughput; as well as further expansion potential Significant regional potential ● ● ● Quellaveco ● Los Bronces Integrated Project Permit for new areas of existing open cut & underground option Open cut option sustains current production level Modern underground option with minimal surface footprint under study LBUG: >45.6Mt contained copper Mineral Resources at 1.12% TCu⁹ 12#13Sakatti is a high grade, polymetallic greenfield option PO Anglo American Sakatti, Sodankyla - Finland State of the art mine design • Underground mine; minimising surface impact ● Carbon neutral, automated processes & 100% renewable energy Voluntary ecological compensation High grade, future-enabling ore body >100ktpa Copper, battery-grade nickel, platinum, Cu eq production11 palladium, gold & cobalt 1.9% Copper grade ¹2 ● ● ● 5.2% Cu eq grade ¹2 Pathway Finnish EIA approved May require EU Natura review Subject to Natura process, construction in late 2020s; first production in early 2030s 13#14FutureSmart MiningTM integrates innovative technology & sustainability Technology Anglo American South America renewable electricity Delivering holistic sustainable outcomes Sustainable Mining Plan THE COPPER MARK RESPONSIBLY PRODUCED COPPER Thriving communities & ethical value chains Los Bronces integrated water solution 14#15Delivering significant reductions in freshwater abstraction Los Bronces integrated water solution >45% of water needs met through phase 1 Desalinated water 20 yr offtake from 2025 ✓ Lowers unit cost¹3 13 Anglo American Collahuasi desalination plant ✓ Desalination plant under construction ✓ ~66% reduction in water abstraction ✓ Supports capital-efficient scale up Phase 2 studies underway to meet the full need of Los Bronces water requirements & stop fresh water use by 2030 Progressing innovative technologies such as coarse particle recovery & hydraulic dry stacking 15#16Fireside chat FutureSmart Mining At Anglo American we are re-imagining mining to improve people's lives O#17Footnotes 1. Copper equivalent production is calculated including the equity share of De Beers' production and using long-term consensus parameters. Future production levels are indicative and subject to further studies and final approval, see Cautionary Statement slide. 2. Internal analysis using Wood Mackenzie, ICSG, WSA and UN data. 3. Source: Company reports, Wood Mackenzie. Selected projects in studies through to production between 2010 and 2023 4. Source: Company reports, Wood Mackenzie. Installed production base of 5 major copper companies versus consensus estimates for future projects. H1 2023 underlying EBITDA. H1 2023 underlying EBITDA mining margin excludes the impact of third party trading activities performed by Marketing. H1 2023 attributable capital employed. 5. 6. 7. Includes production from Copper Chile (Collahuasi, Los Bronces & El Soldado mines) as well as Copper Peru, reflecting the ramp-up of production from Quellaveco, which delivered first production in July 2022, producing 102kt in FY2022. In the first 6 months of 2023, Quellaveco has produced 138kt and in June 2023, reached commercial production levels. 8. Copper business only. On a contained-metal basis. Production guidance in Chile is subject to water availability, and in Peru is subject to any socio-political effects and full ramp-up. Long-term outlook is subject to further studies and project approvals. 9. Refer to the Anglo American plc Ore Reserves and Mineral Resources Report 2022 for more details. 10. Expected average over first 10 years. 100% basis. 11. Indicative, subject to further studies and final approval, see Cautionary Statement slide. Sakatti is a polymetallic ore body and is stated in copper equivalent terms. 12. Estimated Mineral Resources of ~44.4 Mt at 1.90 %TCu, 0.96 %Ni, 1.46 3E PGE g/t. Refer to the Anglo American plc Ore Reserves and Mineral Resources Report 2022 for more details. 13. Cost of desalinated supply is lower than the current cost of water purchases. Anglo American 17#18Longer dated options also exist within the portfolio West Wall (Chile) 8.9Mt contained copper? 0.46% TCu⁹ 50% ownership Mineral Resource Los Bronces Sur (Chile) 7.3Mt contained copper? 0.81% TCu 50.1% ownership Anglo American Discovery programmes Strong pipeline Targets in Namibia, Peru, Australia, Angola, Ecuador & more Sourcing & origination Opportunities to leverage our Marketing & Technology capabilities outside of our portfolio