#1AngloAmerican 2022 results 23 February 2023 Anglo American Angle American#2Introductory comments. Stuart Chambers Chairman Anglo American#3Cautionary 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. 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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 necessarily 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, FutureSmart MiningTM and Concentrating the Mine™ are trade marks of Anglo American Services (UK) Ltd. nuGenTM and VOX3LTM are trade marks of Anglo American Technical & Sustainability Services Ltd. 3#42022 results agenda 2022 operating performance Duncan Wanblad The numbers Stephen Pearce Enabling the future sustainably & Woodsmith update Duncan Wanblad#5Safe & healthy operations are our first priority Safety Group TRIFR1,2 2.14 2 2020 Fatalities¹ 2.24 Anglo American 2 20211 • 2.38 H1 2.19 ◆ 2.00 H2 2 2022 Safety reset & call to action in H2 led to significant improvement Planned work drives safer outcomes operational stability refocus also benefited H2 Health Occupational health - new cases1,3 30 2020 16 2021 01 5 2022 Elimination of hazards at source - key focus is removing people from harm's way Focus on work environments & digital controls supported by Operating Model adherence Environment Level 3 & above significant incidents ¹,4 1 2020 1 2021 1 2022 Digitalised planning & controls supports predictive analysis & improvement Proactive hazard & risk assessment tools facilitate real-time, data-led decision-making 5#6Striving for a healthy environment & thriving communities Energy mGJ5 84 ill 78 2020 2021 83 Anglo American 2022 Operational performance impacting energy consumption Efficiency, technology & innovation drive longer term improvements GHG emissions Mt CO₂ equivalent emissions5 15 2020 15 2021 13 2022 South America - 100% renewable electricity supply from 2023; Australia from 2025 Partnership with EDF Renewables to develop solar & wind farms in South Africa Social Social Way 3.0 Implementation6 23% 2020 49% 2021 66% 2022 Social Way 3.0 is the industry's highest bar for social performance Targeting 5 jobs off-site for every job on-site by 2030#72022 summary EBITDA7 $14.5bn Mining EBITDA margin⁹ 47% Anglo American Production8 √2% Unit cost¹0 个15% edna 7#82022 operating performance Diamonds PGMs Anglo American Strong operating performance Benefit of Venetia open-pit final cut Strong US consumer demand Lower grade at Mogalakwena Amandelbult planned lower volumes Polokwane smelter rebuild complete Base Metals Bulks Quellaveco ramping up Expected lower grades in Chile 61kt of nickel produced Minas-Rio - operational & weather impacts Kumba - weather & logistics impacts Steelmaking Coal longwalls in ramp-up 8#92022 sustainability highlights nuGenTM hydrogen truck World's largest H₂ powered haul-truck Anglo American 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 G 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 9#10AngloAmerican The numbers Stephen Pearce T#112022 financial results EBITDA7 $14.5bn EPS7 $4.97/sh Anglo American DPS $1.98/sh 40% of underlying earnings Shareholder returns11 $2.4bn Net debt $6.9bn ROCE 12 30% 11#12Robust EBITDA & margins supported by strong pricing Diamonds $1.4bn7 52% mining margin Anglo American Base Metals¹3 $2.6bn7 40% mining margin PGMs $4.4bn7 54% mining margin Bulks¹4 $6.6bn7 14 49% mining margin⁹ 12#13Strong earnings despite operational & macro headwinds EBITDA7 $bn 20.6 2021 Anglo American (2.2) Price 15 1.1 FX [(0.9)】 CP116 18.6 3.3 (3.3) 2.2 PGMs 0.8 0.3 Copper Other Chile (0.8) Volume & cost¹7 Other 14.5 2022 13#14Inflationary headwinds & lower volumes 5% Volumes Anglo American 8% CPI 2022 unit cost performance 10 (7)% FX 6% Input costs 3% Other18 15% 2022 2023F unit cost outlook 10 ~3% unit cost increase in 2023F Volumes benefit from Quellaveco Reflects ongoing inflationary pressure 14#15Significant economic contribution of $30.6bn¹⁹ Paid to employees $3.7bn Paid to suppliers $14.8bn Anglo American Paid in taxes and royalties 20 $5.9bn Paid in host country Paid to providers of capital $6.0bn#16Project re-scoping triggered Woodsmith impairment. Anglo American Schedule & capex updated to accommodate 13Mtpa21 expansion, scope changes & phased development Commercial-led operational ramp-up strategy Carrying value impaired by $1.7bn Project re-scoping to optimise capital efficiency & align to market Conservative discount rate reflecting early stage project Probabilistic average of various pricing methodologies Confident in future value upside potential 16#17Higher capex reflects recovery in sustaining spend Capex22 $bn Growth Sustaining Anglo American 5.2 1.8 3.4 2021 5.7 1.6 4.1 2022 Higher sustaining spend reflects deferred 2021 expenditure & increase in investment programmes Growth capex driven by Quellaveco & Woodsmith 2023F: $6.0-6.5bn reflects ramp-up in sustaining projects & Woodsmith Sustainability integrated into capital allocation decisions 17#18Robust cash generation & resilient balance sheet Net debt $bn 3.8 2021 Anglo American 2.1 3.7 1.6 Working Shareholder Growth capital (4.3) Cash returns capex22 generation 6.9 2022 Build in working capital - mainly inventory Attractive shareholder returns from record 2021 earnings & strong 2022 results Growth capex allocated to value-adding projects aligned to future demand themes 17% gearing $0.8bn sustainability-linked debt issued 18#19Balanced capital allocation framework Future project options Anglo American flow after sustaining capital Balance sheet flexibility 3. Discretionary capital options to base 2. Com Portfolio upgrade dividend Additional shareholder returns 2022 allocation of capital 1) $3.3bn Sustaining attributable free cash flow 23 2) $2.4bn 2022 dividends at 40% of underlying earnings¹1 3) $2.4bn Growth capex22 ($1.6bn) & 2021 additional returns ($0.8bn)¹1 19#20Our balanced, disciplined & sustainable approach Anglo American Strong balance sheet 0.5x 2022 net debt:EBITDA7 Attractive shareholder returns 40% payout base, through the cycle dividend Quality organic growth >90% growth capex aligned to future demand themes in high margin products²² 20#21AngloAmerican Enabling the future - sustainably Duncan Wanblad#22A carbon neutral world requires metals & minerals Current warming trajectory ~2.7°C based on current policies24 Anglo American Limiting warming to 1.5°C is metals & minerals intensive ~60 new Quellaveco size copper mines needed by 204025 >$1tn needed by 205026 but supply is constrained with new mines taking 15-20 years to develop 22#23Diversified product suite aimed at the two major demand trends Copper equivalent production8 Anglo American Long term energy transition enabler High quality Iron Ore Manganese Steelmaking Coal Crop Nutrients I Diamonds ~85% aligned to future demand themes PGMs I I Nickel Copper 23#24Quellaveco 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 2023F: 310-350kt at ~100c/lb27 2023 production is H2 weighted 24#25AngloAmerican Woodsmith update Duncan Wanblad M DET! Woodsmith mine#26Delivering against our model of mine development Building a platform for project success Project parameters agreed Change in execution strategy e.g. EPCM model Established core infrastructure schedule Anglo American Experienced team leveraging our capabilities Anglo American Additional studies to maximise value Mine development & ventilation Materials transport & handling Port & storage Targeted drilling to define mine plan 26#27Significant progress on core infrastructure Two 1.6km deep shafts ~364m sunk of service shaft28 Intermediate shafts 3 well progressed Anglo American Q1 2023 started production shaft SBR sink Mineral transport tunnel ~21km of 37 km from mine to port28 Production foreshaft#28Indicative phased project development pathway to 13Mtpa Core infrastructure Annual capex21 ~$1.0bn initial focus on shafts & tunnel First product available to market²1 ~2027 Anglo American Commercial-led ramp-up Capacity from 203021 Up to ~5Mtpa Expected design capacity21 ~13Mtpa Shaft boring roadheader Anglomera 28#29Developing a larger, scalable operation Sandstone Woodsmith Mine Ladycross Plantation (Whitby) access shaft Mudstone / Shales Polyhalite seam -364m MTS Shaft Service shaft Lockwood Beck access shaft 21km 213 Mineral Transport System (MTS) Production shaft Not to scale. Graphic and information is illustrative only as studies are ongoing and subject to Board approval. Shafts Materials Handling Facility (Wilton) Mine Underground conveyor Processing & port facilities Port Facility (Redcar Bulk Terminal) 1,600m access and hoisting shafts Mechanised underground operation 37km underground tunnel Materials Handling Facility Priority access export facilities 29#30Developing a larger, scalable operation Sandstone Woodsmith Mine Ladycross Plantation (Whitby) access shaft Ventilation Mudstone / Shales Polyhalite seam MTS Shaft Service shaft Mineral Transport System (MTS) Upgraded conveyor Production shaft Lockwood Beck access shaft ALTRO Materials Handling Facility (Wilton) Mine Granulation capacity Not to scale. Graphic and information is illustrative only as studies are ongoing and subject to Board approval. Shafts Underground conveyor Processing & port facilities Port Facility (Redcar Bulk Terminal) Bran Sands expansion 1,600m access and hoisting shafts Mechanised underground operation Potential to phase ventilation and production level development 37km underground tunnel Potential to phase conveyor upgrades Materials Handling Facility Priority access export facilities Phased expansion as required 30#31POLY4 tackles the three key challenges facing the agricultural industry Increased food demand +2bn people by 2050 Higher calorific demands Flat/decreasing arable land ✓ Increases yields Anglo American Crop Environment POLY4 Soil Environmental responsibility Existing fertilisers CO₂ intensive Minimising waste streams Organic product desirability Low carbon & waste, organic Deteriorating soil health Nutrient depletion Soil strength & structure ✓ Improves soil health 31#32POLY4 is a differentiated, high value product Anglo American 1,500 commercial scale on-farm demonstrations complete ● ● Market development key to realising full value • Nutrient-use efficiency improvements ● 3-5% yield improvements vs standard practice ● 85% lower CO₂ than comparative conventional fertilisers29 Low waste: 100% of mined ore is product • Certified for use in organic agriculture Developing the POLY4 solution to industry challenges 32#33Marketing strategy is key to unlocking the full value potential of POLY4 Indicative price Nutrient value Low-chloride potassium Sulphur Magnesium Calcium Other micronutrients Anglo American Product quality & performance 3-5% yield increase Granular product Nutrient-use efficiency Sustainable solution Organic Low-CO₂ footprint Improved soil health High value demand, industry trends Long-term price forecast at 13Mtpa²1 Significant upside potential ~$190/t ~$20/t ~$170/t Assumed upside31 Nutrient substitution value30 33#34A large-scale, long-life Tier 1 asset Significant structural advantages Highly cash generative Long-term endowment potential Anglo American ~25m consistent seam thickness Only scalable polyhalite resource globally Limited processing Close to port ~$190/t long-term price with significant upside potential³2 >40yr asset life33 Q1 expected cost curve position 13Mtpa planned development capacity21 ~290Mt ~1.8Bt Ore Reserves34 Mineral Resources3 34#35AngloAmerican Delivering attractive growth Duncan Wanblad CENTURION Anglo American#36~25% organic growth optionality over the next decade 2022 Anglo American +5% 2023F +10% 2024F Growth vs 20228 +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 36#37Q&A Our investment proposition Competitive assets Strong cost position Long-term growth options Anglo American Differentiated capabilities Technology-led Sustainability leader Sustainable returns Disciplined capital allocation Robust EBITDA margins To ask a question: UK +44 20 3481 4247/SA +27 105 003 945/US+1 646 307 1963/Other +44 20 34814247 Conference ID: 5265507 37#38Footnotes 1. 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. 2. Total Recordable Injury Frequency Rate per million hours worked. 234 3. New cases of occupational disease. 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. 5. Energy and emissions data has been restated to exclude Thermal Coal South Africa. Emissions refers to Scopes 1 and 2. While sites are assessed annually against all requirements applicable to their context, for consistency during the transition period, the metric reflects performance against the Social Way foundational requirements. 6. 7. 8. 9. 10. 11. 12. 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. $2.4bn base dividend represents the dividend declared in respect of FY2022, of which $1.5bn was paid out during H2 2022 in respect of H1 2022. $2.4bn allocated to discretionary capital options includes $0.8bn additional returns (dividends and completion of buyback) paid out in respect of FY2021 earnings. Attributable ROCE is defined as attributable underlying EBIT divided by average attributable capital employed. It excludes the portion of the return and capital employed attributable to non-controlling interests in operations where the Group has control but does not hold 100% of the equity. Base metals consists of Copper (Chile and Peru) and Nickel. 13. 14. Bulks consists of Iron Ore, Steelmaking Coal and Manganese. 15. Price variance calculated as increase/(decrease) in price multiplied by current period sales volume. 16. Inflation variance calculated using CPI on prior period cash operating costs that have been impacted directly by inflation. Volume plus cost. Volume: increase/(decrease) in sales volumes multiplied by prior period EBITDA margin (ie flat unit costs, before CPI). For assets with no prior period comparative (eg in mp up) all EBITDA is included in the volume variance. Cost: change in total USD costs before CPI inflation. 18. Other includes the impact of items such as maintenance, deferred stripping and stock movements. 19. Includes $175m community social investment spend not shown on slide. 17. Anglo American 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 33. Taxes and royalties include all taxes and royalties borne and collected by the Group. This includes corporate income taxes, withholding taxes, mining taxes and royalties, employee taxes and social security contributions and other taxes, levies and duties directly incurred by the Group, as well as taxes incurred by other parties (eg customers and employees) but collected and paid by the Group on their behalf. Figures disclosed are based on cash remitted, net of entities consolidated for accounting purposes, plus a proportionate share, based on the percentage shareholding, of joint operations. Taxes borne and collected by equity accounted associates and joint ventures are not included. Indicative only. Subject to further studies and Board approval. 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. Refer to appendix for more details. 34. Sustaining attributable free cash flow is defined as net cash inflows from operating activities net of capital expenditure (sustaining/lifex only), net interest paid, dividends paid to minorities and capital repayment of lease obligations. Source: Climate Action Tracker https://climate actiontracker.org/global/temperatures/. Data was originally published in November 2022, is protected by copyright and is published in this document with consent of Climate Analytics and NewClimate Institute. The data is based on the median of the combined low and high ends of current policy projections. 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. 31. Long term 2023 real terms premia at 13Mtpa based on risk-weighted price outcomes. Long term 2023 real terms price at 13Mtpa based on a blend substitution pricing methodology (see footnote 30 for more details) plus a premia based on risk-weighted price outcomes. 32. Including Inferred Mineral Resources. Reserve Life is 27 years. Indicative, subject to further studies and Board approval. Refer to the Anglo American plc Ore Reserves and Mineral Resources Report 2022 for more details (published 6 March 2023). Production is subject to any subject to any socio-political effects and full ramp-up. Progress as at mid-February 2023. Subject to studies and final design. Long term 2023 real terms at 13Mtpa based on a blend substitution pricing methodology, which 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. 38#39AngloAmerican Appendix Prostate) TH H98194 PHS000 Pun 18 121 17 CAT#40AngloAmerican Simplified earnings & guidance 17:44. 58667 ATE 673 SAFETY OFFICER 10. SH fine PEN detal 201 14 TER MONARENG 60141#412022 simplified earnings by BU $m (unless stated) Sales volume (mined share) Average benchmark price Product premium/(discount) per unit Freight/moisture/provisional Realised FOB Price FOB/C1 unit cost Royalties per unit Other costs per unit20 FOB Margin per unit Mining EBITDA Material processing & trading26 Total EBITDA pricing per unit Attributable share See next slide for footnotes and supporting calculations. Anglo American De Beers (Diamonds) 30.4Mct4 n/a n/a n/a $158/ct13 $59/ct $4/ct $32/ct²1 $63/ct 828 589 1,417 ~85% Copper¹ 641kt $8,708/t7 n/a - 16 $1,689/122 $3,404/t 2,182 2,182 Nickel ~85%27 39.Okt $25,596/t7 $(2,977)/t $(220)/t¹1 $8,488/t $22,619/t $2,643/oz¹4 $3,395/t $937/oz $11,310/t $106/t17 $116/oz $1,434/t $173/0z23 $9,769/t $1,417/oz n/a 381 381 PGMs 100% 2,552koz5 n/a n/a 3,617 800 4,417 Iron Ore² ~79% 58.0Mt $129/t $8/t⁹ n/a $(26)/t12 $111/t $38/t $3/t18 $55/t19 $10/124 $(40)/t25 $60/t $187/t 2,749 3,455 3,455 Steelmaking ~70%28 Coal Other³ Total 14.7Mt6 $356/t8 $(47)/t10 n/a $309/t15 $107/t15 2,749 100% (106) (106) 100% 13,106 1,389 14,495 ~84% 41#422022 simplified earnings by BU - notes PGMs basket price Iron Ore realised price Own mined PGMs basket Platinum Palladium Rhodium Iridium, ruthenium & gold Base metals & other29 Total revenue PGM volume5 Total iron ore Kumba Minas-Rio $959/oz 1,124koz $1,078m Market price 30 $129/t $120/t $145/t $2,084/oz 902koz $1,880m Freight $(21)/t $(18)/t $(27)/t $15,472/oz 165koz $2,553m Moisture content31 $(5)/t $(2)/t 2012 361koz $466m Lump premium⁹ $6/t $9/t $769m Fe premium $4/t $4/t $(2)/t $0/t $(3)/t HCC 2,552koz Realised FOB price $111/t $113/t $108/t PCI Basket price (per PGM oz)14 Realised 6. 7. price Volume Revenue $6,746m Other⁹ $2,643/oz 1. Total of Chile and Peru. Prices and costs are weighted average of Chile and Peru. 2. Wet basis. Total of Kumba and Minas-Rio. Prices and costs are weighted average of Kumba and Minas-Rio. 3. Manganese ($378m), Crop Nutrients ($(44)m), Exploration ($(155)m), corporate activities and unallocated costs ($(285)m). 4. Proportionate share of sales volumes (19.2% Botswana, 50% Namibia): 13.1 Mct. 5. Own mined sales volumes including proportionate share of joint operation volumes. PGM ounces are reported on a 5E+Au basis. Excludes thermal coal by-product sales. LME price, c/lb converted to $/tonne (2,204.62 lbs/tonne). Average copper benchmark price is the weighted average of the 2022 LME price for Copper Chile (400c/lb) and the average LME price from 26 September 2022 onwards when sales commenced for Copper Peru (362c/lb). 8. Weighted average of HCC/PCI prices, FOB Aus. See Steelmaking Coal blended price table above. 9. Kumba: 63.8% Fe content, ~67% of volume attracting lump premium; Minas-Rio: 67% Fe content, pellet feed. Includes 'other' of product premium and provisional pricing. See Iron Ore realised price table above. 10. Sales volumes ~77% HCC, averaging 85% realisation of quoted low vol HCC price. 11. Provisional pricing & timing differences on sales. See Copper realised price table above. 12. Freight and moisture. See Iron Ore realised price table above. 13. The realised price for proportionate share (19.2% Debswana, 50% Namibia) excluding the 10% trading margin achieved in 2022. 14. Price for basket of own mined product per 5E+Au PGM oz. See PGMs basket price table above. 15. Realised price adjusted to include Jellinbah. Unit cost is for managed operations only. 16. Royalties for Copper Chile and Peru are recorded in the income tax expense line, after EBITDA. Anglo American $(10)/t Copper realised price $3/t Average benchmark7 Provisional pricing¹1 Realised price Total Copper $8,708/t $(220)/t $8,488/t Weighted average steelmaking coal Chile 400c/lb 17. Royalties for Nickel, in Brazil, are based on production costs incurred. 18. Weighted average. Kumba: $3/t; Minas-Rio: $4/t. (14)c/lb Steelmaking Coal blended price 386c/lb Market price $364/t $331/t $356/t Peru 362c/lb 17c/lb 379c/lb Sales Volume 11.3Mt 3.4Mt 14.7 Mt 19. From 1 July 2022, additional tiers have been added to the Queensland royalty rates. 20. Includes market development & strategic projects, exploration & evaluation costs, restoration & rehabilitation costs and other corporate costs. 21. Higher than previous year largely due to rehabilitation provisions, FX movements and lower equity sales volumes. 22. Weighted average. Chile: 72c/lb; Peru: 109c/lb. Chile is higher than previous year due to rehabilitation provision, FX movements and lower sales volumes. Peru other costs are skewed on a per unit basis as the operation ramps up. 23. Higher than previous year which benefited from higher sales volumes, as well as the stock count adjustment in H1 2022. 24. Weighted average. Kumba: $10/t; Minas-Rio: $11/t. Kumba is higher than previous year due to higher corporate costs and lower sales volumes. 27. Weighted average. Chile: ~89%; Peru: 60%. 28. Weighted average. Kumba: ~53%; Minas-Rio: 100%. 29. Nickel, copper, chrome & other metals. 30. Kumba: Platts 62% Fe CFR China; Minas-Rio: MB 66% Fe concentrate CFR. 31. Moisture adjustment converts dry benchmark to wet product. Kumba: ~1.6%; Minas-Rio ~9%. 25. Includes $343m of one-off credits to EBITDA relating to insurance receipts for the Grosvenor gas ignition claim and the overpressure event at Moranbah, as well as the benefit of the margin achieved on the sales of thermal coal by-product in Australia. 26. Principally processing & trading of product purchased from third parties. 42#43Guidance summary Earnings Volumes Unit costs 2023 depreciation 2023 effective tax rate LT effective tax rate Base dividend pay-out ratio See slide 44-45 2023 See slide 46 $3.3-3.5bn 35-37%² 33-37%² Capex¹ 40% of underlying earnings Growth Includes: • Woodsmith SA renewables5 & nuGen™ Sustaining • Baseline • Lifex Collahuasi desalination4 ● 2024 Growth Includes: • SA renewables5 & nuGen™ Sustaining • Baseline • Lifex • Collahuasi desalination4 2025 Growth Includes: . SA renewables5 & nuGen™ Sustaining • Baseline • Lifex Collahuasi desalination4 LT sustaining (2022 real) ● Other $6.0-6.5bn Quellaveco copper project ~$1.8bn ~$0.8bn ~$0.3bn $4.2-4.7bn $3.1-$3.6bn ~$0.7bn ~$0.4bn $5.5-6.0bn ~$1.0bn ~$0.3bn $4.5-5.0bn $3.5-$4.0bn ~$0.7bn ~$0.3bn $5.0-5.5bn ~$1.0bn ~$0.3bn $4.0-4.5bn $3.2-$3.7bn ~$0.5bn ~$0.3bn $3.0-3.5bn + lifex ● ● 2023 capex³: 100% ~$0.2bn; our share ~$0.1bn Our share of capex included in capex guidance¹ Net debt: EBITDA: <1.5x bottom of cycle 1. 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. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, growth capex reflects our attributable share. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, and unapproved Woodsmith capex of ~$1bn pa is excluded after 2023. Long-term sustaining capex guidance is shown on a 2022 real basis. 2. ETR is highly dependent on a number of factors, including the mix of profits and any corporate tax reforms impacting the countries where we operate, and may vary from the guided ranges. 3. Excludes the coarse particle recovery capex approved in February 2021. 4. Attributable share of capex. Collahuasi desalination capex shown includes related infrastructure. 5. Regional Renewable Energy Ecosystem in South Africa (RREE). RREE and nuGenTM programmes capex is subject to change as studies and execution plans progress. Includes the Group's proportionate share of capex incurred by Envusa Energy. Anglo American 43#44Production outlook Diamonds¹ Copper² Nickel³ Platinum Group Metals4 Iron Ore5 Steelmaking Coal See next slide for footnotes and additional guidance. Anglo American Units Mct kt kt Moz Mt Mt 2020 25 647 44 3.8 62 17 2021 32 647 42 4.3 64 15 2022 35 664 40 4.0 59 15 2023F 30-33 840-930 38-40 3.6-4.0 57-61 16-19 2024F 29-32 910-1,000 39-41 3.6-4.0 61-65 20-22 2025F 32-35 840-930 37-39 3.5-3.9 64-68 20-22 44#45Production outlook - supplementary guidance Copper² Platinum Group Metals - M&C by metal4 Platinum Group Metals - Refined? Iron Ore (Kumba)8 Iron Ore (Minas-Rio)⁹ NM 2. 3. 4. Units 5. 6. 7. 8. kt Moz Moz Mt Mt 2020 647 Pt: 1.8 Pd: 1.2 Other: 0.8 2.7 38 24 2021 647 Pt: 2.0 Pd: 1.4 Other: 0.9 5.1 41 23 2022 Chile: 562 Peru: 102 Pt: 1.9 Pd: 1.2 Other: 0.9 3.8 38 22 2023F Chile: 530-580 Peru: 310-350 Pt: 1.6-1.8 Pd: 1.2-1.3 Other: 0.8-0.9 3.6-4.0 35-37 22-24 2024F Chile: 550-600 Peru: 360-400 Pt: 1.6-1.8 Pd: 1.2-1.3 Other: 0.8-0.9 3.6-4.0 37-39 24-26 2025F Chile: 530-580 Peru: 310-350 1. Production on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis, and is subject to trading conditions. Venetia continues to transition to underground operations - first production is expected in 2023. Copper business unit only. On a contained-metal basis. Total copper is the sum of Chile and Peru. Production guidance in Chile is subject to water availability, and in Peru is subject to any socio-political effects and full ramp-up. Nickel operations in Brazil only. The Group also produces approximately 20 kt of nickel on an annual basis as a co-product from the PGM operations. Nickel production is impacted by declining grades. Bulk ore sorting unit benefits 2024, and 2025 is impacted by a maintenance shutdown. 5E + gold produced metal in concentrate (M&C) ounces. Includes own mined production (~65%) and purchased concentrate (POC) volumes (~35%). Metal in concentrate production is impacted by lower grade and recoveries at Mogalakwena, planned infrastructure closures and lower volumes from Amandelbult. Kroondal switches to a tolling arrangement upon our exit from the operation, expected in 2024. Lower volumes in 2025 reflect the transition of the Siyanda POC agreement to tolling. Total iron ore is the sum of Kumba and Minas-Rio on a wet basis. Production excludes thermal coal by-product. 5E + gold produced refined ounces. Includes own mined production and POC volumes. Kroondal switches to a tolling arrangement upon our exit from the operation, expected in 2024. Lower volumes in 2025 reflect the transition of the Siyanda POC agreement to tolling. Subject to the impact of Eskom load-shedding. Volumes are reported as wet metric tonnes (wmt). Product is shipped with ~1.6% moisture. Production in 2023 is impacted by high levels of on-mine inventory and 2024 is subject to UHDMS plant coming online. Subject to the third-party rail and port performance. 9. Volumes are reported as wet metric tonnes (wmt). Product is shipped with ~9% moisture. Pipeline inspections impact 2020 and 2025 volumes. Anglo American Pt: 1.6-1.8 Pd: 1.1-1.2 Other: 0.8-0.9 3.3-3.7 39-41 25-27 45#46Unit costs performance by Business Unit De Beers (US$/ct)¹ 58 2021 868 59 2021 2022 PGMs (US$/PGM oz)³ 937 ~80 2022 2023F ~1,025 2023F Copper (C1 USc/lb)² 120 2021 33 154 2021 2022 Iron Ore (FOB US$/t)4 38 ~156 2022 2023F ~39 2023F Nickel (C1 USc/lb) 377 2021 105 2021 513 Spot FX rates used for 2023F costs: ~17 ZAR:USD, ~1.5 AUD:USD, ~5.3 BRL:USD, ~900 CLP:USD, ~3.8 PEN:USD 2022 Steelmaking Coal (US$/t)5 107 ~515 2022 2023F ~105 2023F Note: Unit costs exclude royalties, depreciation and include direct pport costs only. 1. De Beers unit cost is based on De Beers' share of production. Step-up in 2023 unit cost is primarily driven by change in production mix, as Venetia transitions to underground operations and delivers a lower carat profile during ramp-up. 2. The total copper unit cost for 2022 and 2023F is the weighted average of Copper Chile and Copper Peru based on actual production or the mid-point of production guidance. 2022 unit cost for Chile is 157 c/lb and Peru is 136c/lb. 2023F unit cost guidance for Chile is c.190c/lb and Peru is c. 100c/lb. 3. Unit cost is per own mined 5E + gold PGMs metal in concentrate ounce. 4. Wet basis. Total iron ore unit cost is the weighted average of Kumba and Minas-Rio based on actual production or the mid-point of production guidance. 2022 unit cost for Kumba is $40/t and for Minas-Rio is $35/t. 2023F unit cost guidance for Kumba is c.$44/t and Minas-Rio is c.$32/t. 5. Steelmaking Coal FOB/t unit cost comprises managed operations and excludes royalties and study costs. Anglo American 46#47Earnings sensitivities Sensitivity Analysis - 2022¹ Commodity / Currency Copper (c/lb)² Nickel ($/lb)³ Platinum ($/oz) Palladium ($/oz) Rhodium ($/oz) Iron Ore ($/t)4,5 Steelmaking Coal (hard coking coal) ($/t) Oil price South African rand Australian dollar Brazilian real Chilean peso 1. Reflects change on actual results for FY 2022. 2. Includes copper from both the Copper (Chile and Peru) and PGMs Business Units. 3. Includes nickel from both the Nickel and PGMs Business Units. 31 December spot 380 4. 31 December spot for iron ore ($/t): Platts 62% Fe CFR China. 5. Average realised price for iron ore ($/t) on a wet basis. Kumba: $113/t; Minas-Rio: $108/t. Anglo American 13.80 1,065 1,788 12,250 117 295 85 16.94 1.47 5.28 859 Average realised 385 10.26 962 2,076 15,600 111 310 100 16.37 1.44 5.16 874 Impact of 10% change in price / FX EBITDA ($m) 548 133 109 191 273 632 346 72 715 110 96 113 47#48Capex guidance Capex¹ $bn Woodsmith Growth SA renewables² & nuGen™ Collahuasi desal Totals Lifex Baseline sustaining ~0.8 ~0.7 ~0.3 ~0.4 ~0.7 3.1-3.6 2023F 6.0-6.5 ~0.7 ~0.3 ~0.3 ~0.7 3.5-4.0 2024F 5.5-6.0 ~0.7 ~0.3 ~0.3 ~0.5 3.2-3.7 2025F 5.0-5.5 3.0-3.5 + lifex Long-term (2022 real)¹ (excl. ~$1bn Woodsmith) (excl. ~$1bn Woodsmith) 1. 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. Shown excluding capitalised operating cash flows. 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 the progress of project studies, and unapproved Woodsmith capex of ~$1bn pa is excluded after 2023. Long-term sustaining capex guidance is shown on a 2022 real basis. 2. Regional Renewable Energy Ecosystem in South Africa (RREE). RREE and nuGenTM programmes capex is subject to change as studies and execution plans progress. Includes the Group's proportionate share of capex incurred by Envusa Energy. Anglo American 48#49Life extension capex Major components of lifex¹ ($bn) Approved Mototolo - Der Brochen (PGMs) Mototolo - Der Brochen (PGMs) Kolomela (Iron Ore) Guidance Venetia Underground (Diamonds) Kolomela (Iron Ore) Jwaneng (Diamonds) Venetia (Diamonds) Lifex projects - subject to disciplined capital allocation framework Approved Approved Approved Approved Capex (pa) ~$0.1bn² ~0.7 ~$0.2-0.3bn ~$0.2bn ~$0.1bn4 ~0.1 ~0.2 2023F ~0.2 Volume (pa) 4Mct 0.25Moz PGMs 4Mt 9Mct4 From¹ 2023 2024 2024 2027 ~0.7 ~0.1 ~0.3 2024F LOM extension +24 years +30 years² +3 years³ +9 years IRR >15% Forecast Returns >25% >20% ~0.5 >15% ~0.3 2025F Margin >50% >35% >35% >50% 1. 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. Shown excluding capitalised operating cash flows. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies. 'From' column represents first production. 2. Capex spend is over 6 years, with most of this capex in 2022-2024. Leverages the existing Mototolo infrastructure, enabling mining to extend into the Der Brochen Mineral Resource, which extends the LOM beyond 30 years. 3. This project adds three years to the life of mine (LOM), which is included in the disclosed 12 year LOM. 4. Attributable share of capex. 100% of production volumes. Capex spend <$0.1bn in certain years therefore not shown on graph above. Anglo American 49#50Key projects driving growth capex Major components of growth capex¹ ($bn) Approved Ongoing Guidance Unapproved Mogalakwena (PGMS) Ongoing Quellaveco² (Copper) SA renewables³ & nuGen™ Technology & innovation ~1.0 + ~0.8 Woodsmith ~0.1² ~0.2 ~0.3 ~0.23 2023F ~1.0 ~0.1 ~0.3 ~0.23 2024F ~1.0 ~0.4 ~0.3 ~0.13 2025F 1. 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. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, growth capex reflects our attributable share. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, and unapproved Woodsmith capex of ~$1bn pa is excluded after 2023. 2. This capex relates to Quellaveco, attributable share. 3. Technology and innovation capex is estimated to be between $0.2-0.5bn pa, including capex on Regional Renewable Energy Ecosystem in South Africa (RREE) and nuGenTM. In this graph, SA renewables (RREE) and nuGenTM capex has been shown separately from other technology and innovation capex. RREE and nuGenTM programmes capex is subject to change as studies and execution plans progress. Includes the Group's proportionate share of capex incurred by Envusa Energy. Anglo American 50#51Attractive greenfield and brownfield options Growth capex¹ ($bn) Long life greenfields and fast returning brownfields Quellaveco (Copper) Collahuasi 5th Ball Mill (Copper) Sishen (Iron Ore) Woodsmith (Crop Nutrients)5 Mogalakwena expansion (PGMs) Collahuasi debottlenecking (Copper) Collahuasi expansion (Copper) Technology & innovation Delivered 0000000 Approved Under Review4 2023 capex approved5 Ongoing -2023 -2027 Ongoing Capex ~$2.8bn² ~$0.1bn³ Volume (pa) +300kt² +15kt3 $0.2bn to $0.5bn pa7 From¹ 2022 2023 Payback ~4 years ~3 years Project plan under review Forecast Returns IRR >15% Optimisation of development timeline and design ongoing >30% Studies under way for next stage expansion; potential up to +100ktpa³ from ~2030 Progressing the six workstreams for the Future of Mogalakwena to drive the best value outcome Margin Debottlenecking studies in progress; implementation between 2025-2028, potential for ~20-50ktpa³ 2. Attributable share post syndication proceeds. 100% of production volumes on Cu Eq basis; 60% attributable share: 180ktpa. Excludes the coarse particle recovery capex approved in February 2021. 3. Attributable share of capex and production volumes (44% share). >50% 6. Previously these initiatives were included in Collahuasi Phase 1, which is now split between the 5th Ball Mill and debottlenecking initiatives (e.g. leaching) which are under study. 7. Also includes capex on Regional Renewable Energy Ecosystem in South Africa (RREE), which includes the Group's proportionate share of capex incurred by Envusa Energy. Anglo American >70% Multiple options - typically value accretive with sustainability benefits 1. 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. Shown excluding capitalised operating cash flows. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, and unapproved Woodsmith capex of ~$1bn pa is excluded after 2023. 'From' column represents first production. 4. This refers to the implementation of Ultra High Dense Media Separation (UHDMS) technology at Sishen. Due to additional complexities identified, the project has been delayed pending a further review. 5. Capex spend for 2020-2023 is approved. Ongoing technical review confirmed there are several improvements to modify design to bring it up to Anglo American's safety and operating integrity standards and optimise value for the long term. Final design engineering under way; capex & schedule then subject to Board approval. 51#52Technology & innovation will transform the physical footprint of mining $0.2-0.5bn¹ pa capex to support FutureSmart MiningTM & the delivery of our Sustainable Mining Plan targets Application Impact Initiative Bulk ore sorting Coarse particle recovery (CPR) Hydraulic dewatered stacking (HDS) nuGen™ Zero Emissions Haulage Solution (ZEHS) Copper, PGMs & Nickel Copper, PGMs & Iron Ore Copper, PGMs Portfolio-wide Deliver improved feed grade to plants through early rejection of waste, resulting in energy, water and cost savings Innovative flotation process allows material to be ground to a larger particle size, rejecting coarse gangue and allowing water to release from coarser ore particles, improving energy efficiencies and water savings Engineering of geotechnically stable tailings facilities that dry out in weeks, facilitating up to 85% water recovery Developing the world's largest hydrogen powered mining truck and providing critical supporting infrastructure such as refuelling, recharging, and facilitation of hydrogen production to decarbonise high power transport, using renewable energy ● ● ● ● ● ● ● ● ● Progress Mogalakwena North Concentrator (PGMs) (~70% of complex feed) and Los Bronces (Copper) Confluencia Plant (~65% of complex feed) units operational with workplans under way to support business as usual Barro Alto (Nickel) in-pit unit will recommence in H1 2023, after the upgrade is completed, resulting in improved future sorting performance. Additional in-pit unit under technical evaluation Planning for trials at Kolomela (Iron Ore) under way El Soldado (Copper) CPR unit in operation Constructing full scale system at Mogalakwena North Concentrator (PGMs) - slurry commissioning commenced in Dec 2022 CPR approved at Quellaveco (Copper) to treat flotation tails, improving recoveries by ~3% over the LOM. Commissioning expected in late 2023 Feasibility work continues at Los Bronces (Copper) & Minas-Rio (Iron Ore). Options being investigated at Collahuasi (Copper) El Soldado (Copper) demonstration unit commissioned. The trial is still on-going, with encouraging results, expected to continue to Q4 2023 Assessing application to tailings expansion at Mogalakwena (PGMs) with benefits from water quality and quantity improvements. Brownfield trial starting in Q1 2023, after learnings from El Soldado trial ZEHS hydrogen-powered mine haul truck at Mogalakwena (PGMs) is continuing operational testing - it has accessed the deepest parts of the mine, hauling 300t loads of ore and waste materials In January 2023, completed the transaction to combine First Mode and Anglo American's nuGenTM ZEHS, to accelerate the transition of mining and other heavy industries towards zero emissions Supporting decarbonisation of global fleet of ~400 ultra-class mine haul trucks 1. Also includes capex on Regional Renewable Energy Ecosystem in South Africa (RREE), which includes the Group's proportionate share of capex incurred by Envusa Energy. Anglo American 52#53Quellaveco modelling Accounting treatment Production (copper content) (ktpa) By-products² Grade (%TCu)³ Stay-in-business capex (nominal)4 Tax rate Ramp-up to full design capacity Accounting treatment considerations once commercial production is reached Fully consolidated with a 40% minority interest Shareholder loans from minority shareholder consolidated in Anglo American net debt ~330 ave. over first 5 years ~220 ave. over 35 year Reserve Life¹ ~5ktpa contained molybdenum (ave. over first 5 years), with silver content 0.82% ROM ave. over first 5 years 0.53%¹ ROM ave. over 35 year Reserve Life¹ ~$0.1bn pa ~40% Ramp-up ongoing with full design capacity expected around mid-2023 Threshold for commercial production will be reached ahead of full design capacity, at which point: Mine depreciation commences Cessation of capitalisation of borrowing costs; interest on Mitsubishi shareholder facility will be expensed in finance costs on consolidation ● ● 1. Refer to the Anglo American plc Ore Reserves and Mineral Resources Report 2022 for more details (published 6 March 2023). 2. By-product credits are included in the C1 unit cost and volumes are based on the average over the first 5 years of production. 3. Grade based on the average over the first 5 years of production. 4. 5-year average on nominal basis. 100% basis. Excludes deferred stripping. Anglo American 53#54Quellaveco accounting - debt After the initial $0.8bn equity injection by Mitsubishi, the project was funded 60:40 through shareholder debt Group net debt by the end of the project is expected to include ~$1.9bn debt from Mitsubishi (40% of shareholder debt); which is funded from their 40% share of Quellaveco Illustrative project spend post approval (~$5.5bn¹ total project capex) $bn 100% project capex Less: subscription Net capex Our 60% share Mitsubishi 40% share Interest on facility 2018 0.3 (0.3) 2019 1.3 (0.5) 0.8 0.5 0.3 2020 1.3 1.3 0.8 0.5 Reported in 'Other net debt movements' in 2018 - representing cash received but not spent at 2018 year end 2021 Reverses with $0.5bn outflow in 2019 'Other net debt movements' representing pre-funded capex 1.3 1.3 0.8 Capitalisation of borrowing costs on shareholder facility 0.5 2022 1.1 1.1² 0.6 0.4 1. Excludes the coarse particle recovery capex approved in February 2021. 2. Net capex does not cast due to rounding. 3. Cessation of capitalisation of borrowing costs once commercial production begins, this is expected following a 12-month ramp-up from commissioning. Anglo American 2023F ~0.2 ~0.2 ~0.1 <0.1 Recognised as finance costs3 Total 5.5 (0.8) 4.7 2.8 1.9 Consolidated net debt (cash funded by Mitsubishi but reported within our other net debt movements) Consolidated net debt (cash funded by Anglo American and reported within growth capex) 54#55AngloAmerican Business Unit results ENG A GEN w OPALD SLOPS DE EERS#56Diamonds - strong demand drives operational performance 2022 vs. 2021 1,100 Production¹ Sales (Cons.)² Underlying EBITDA ($m) 2021 34.6Mct 个 7% 438 Price 30.4Mct ↓9% 76 FX Average price index 142 个 23% (152) Inflation 1. Shown on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis. 2. Sales of 33.7 Mct on a 100% basis. Realised price3 $197/ct 个 35% 1,462 Unit cost4 $59/ct 个 2% 73 Underlying EBITDA $1,417m 个 29% Cost & volume Mining margin5 (118) Other 52% 个 5pp Capex $593m 个 5% 1,417 2022 3. Consolidated average realised price based on 100% selling value post-aggregation of goods. Realised price includes the price impact of the sale of non-equity product and, as a result, is not directly comparable to the unit cost. 4. Unit costs are based on consolidated production and operating costs, excluding depreciation and special items, divided by carats recovered. 5. Represents the underlying EBITDA margin for the mining business. It excludes the impact of the sale of non-equity product. Anglo American 56#57Copper Total - Quellaveco offsetting lower production in Chile 2022 vs. 2021 Underlying EBITDA ($m) 4,011 2021 Production 664kt 个 3% (705) Price Sales¹ 641kt 11- FX 0% Realised price¹ 385c/lb 15% (305) Inflation Unit cost² 154c/lb 个 28% 3,012 1. Excludes impact of third-party sales. 2. Includes by-product credits. 3. Includes exploration and evaluation costs, restoration and rehabilitation costs, and other corporate costs, excludes impact of third-party trading activities. Anglo American Underlying EBITDA3 $2,182m 46% (612) Cost & volume Mining margin³ 23pp (218) 39% Other Capex $2,031m 个 15% 2,182 2022 57#58Copper Chile - lower prices and production challenges 2022 vs. 2021 Underlying EBITDA ($m) 4,011 2021 Production 562kt 13% (705) Price Sales¹ 563kt ↓12% 11 FX Realised price¹ 386c/lb ✓ 15% (305) Inflation Unit cost² 157c/lb 个 31% 3,012 1. Excludes impact of third-party sales. 2. Includes by-product credits. 3. Includes exploration and evaluation costs, restoration and rehabilitation costs, and other corporate costs, excludes impact of third-party trading activities. Anglo American Underlying EBITDA3 $1,952m 51% (842) Cost & volume Mining margin³ (218) Other 40% 22pp Capex $1,217m 个 22% 1,952 2022 58#59Copper Peru - successful start of production ramp-up 2022 vs. 2021 Production Underlying EBITDA ($m)³ 2021 102kt n/a Sales 78kt n/a Realised price 379c/lb n/a 230 Cost & volume Unit cost 136c/lb n/a Underlying EBITDA¹ $230m n/a 230 Mining margin 38% 2022 n/a Capex² $814m 个 5% 1. Includes exploration and evaluation costs, restoration and rehabilitation costs, and other corporate costs. 2. Included in capex is the project capex spend, which represents the Group's share (60%) as it is after deducting direct funding from non-controlling interests. Group's share of project capex $0.6 billion; the remainder primarily relates to development and stripping capex (100% basis). 3. Quellaveco presented on ramp-up methodology. Anglo American 59#60Nickel - strong pricing underpins earnings 2022 vs. 2021 Underlying EBITDA ($m) 320 2021 Production¹ 1. Nickel BU only. Anglo American 39.8kt ↓5% 213 Price Sales¹ 39.Okt ✓7% (5) FX Realised price $10.26/lb 个 33% (17) Inflation Unit cost $5.13lb 个 36% 511 Underlying EBITDA $381m ↑ 19% (120) Cost & volume Mining margin (10) Other 44% 1pp Capex $79m 个 172% 381 2022 60#61PGMs - impacted by lower volumes 2022 vs. 2021 Underlying EBITDA ($m) 7,099 Production¹ 2021 4,024koz ↓6% (846) Price Sales² 3,861koz ↓26% 671 FX Realised basket price² $2,551/PGM oz (211) Inflation ↓8% Unit cost³ $937/PGM oz 个 8% 6,713 Underlying EBITDA (2,154) $4,417m Cost & volume 38% 1. Production is on a metal in concentrate basis. Sales volumes exclude the sale of refined metal purchased from third-parties and toll material. PGM volumes consists of 5E metals and gold. 2. Excludes trading volumes. Basket price on a per PGMs basis (own mined and purchased concentrate). 3. Own mined 5E+Au PGMs metal in concentrate production. 4. Represents the underlying EBITDA margin for the mining business. It excludes the impact of purchases of concentrate, tolled material and third-party trading activities. Anglo American (142) Other Mining margin4 54% 8pp Capex $1,017m 个 14% 4,417 2022 61#62Iron Ore Total - impacted by lower prices 2022 vs. 2021 Underlying EBITDA ($m) 6,871 Production¹ 2021 59.3Mt ↓7% (2,534) Price Sales1 58.0Mt ✓8% 206 FX Realised price (FOB)¹ $111/t 29% (73)- Inflation 1. Wet basis. Kumba product is shipped with ~1.6% moisture. Minas-Rio product is shipped with ~9% moisture. Anglo American Unit cost (FOB)1 $38/t 个 15% 4,470 Underlying EBITDA $3,455m (896) 50% Cost & volume Mining margin (119) Other 45% 17pp Capex $834m 个 33% 3,455 2022 62#63Kumba (Iron Ore) - lower prices drive earnings 2022 vs. 2021 Underlying EBITDA ($m) 4,311 Production¹ 2021 37.7 Mt ↓8% (1,770) Price Sales1 36.7 Mt ↓9% 245 1. Wet basis. Product is shipped with ~1.6% moisture. 2. Break-even price of $68/t for FY2022 (2021: $56/t) (62% CFR wet basis). Anglo American FX Realised price (FOB)1,2 $113/t (47) 30% Inflation Unit cost (FOB)1 $40/t 个 3% 2,739 Underlying EBITDA $2,211m ✓ 49% (483) Cost & volume Mining margin ✓ 14pp (45) 48% Other Capex $674m 个 62% 2,211 2022 63#64Minas-Rio (Iron Ore) - impacted by prices & operational challenges 2022 vs. 2021 Underlying EBITDA ($m) 2,560 Production¹ 2021 21.6Mt ↓6% (764) Price 1. Wet basis. Product is shipped with ~9% moisture. Anglo American Sales¹ 21.3Mt ✓7% (39) FX Realised price (FOB)¹ $108/t (26) 28% Inflation Unit cost (FOB)¹ $35/t 个 46% 1,731 Underlying EBITDA $1,244m ↓51% (413) Cost & volume Mining margin ↓20pp (74) 41% Other Capex $160m ✓24% 1,244 2022 64#65Steelmaking Coal - higher prices driving earnings 2022 vs. 2021 Underlying EBITDA ($m) 962 Production¹ 2021 15.0Mt 个 1% 1,130 Price Sales¹ 14.7 Mt 个 4% 196 FX 1. Excludes thermal coal. Includes production relating to the processing of third-party product. 2. Weighted average HCC and PCI realised price at managed operations. Excludes thermal coal. 3. FOB unit cost at managed operations excluding royalties and study costs. 4. Includes a credit to EBITDA of $343m relating to insurance proceeds. Anglo American Realised price² $304/t 个 52% (89) Inflation Unit cost3 $107/t 个 2% 2,199 Underlying EBITDA $2,749m ↑ 186% 177 Cost & volume Mining margin ↑22pp 373 55% Other4 Capex $648m 2,749 2022 0% 65#66AngloAmerican Liquidity H Anglomerit Anglo Americ Estación de Hidrógeno Verde#67Strong liquidity & issued first sustainability-linked bond Liquidity¹ $16.1bn $8.4bn cash +$7.7 bn undrawn committed facilities Majority of cash held centrally in US dollars Strong Investment Grade credit metrics and ratings, with recent upgrade to BBB+ from S&P Weighted average bond maturity is 7.7 years, majority of debt is based off floating interest rates Issued first sustainability-linked bond by a diversified miner - KPIs linked to 2030 GHG, water & jobs target 1. At 31 December 2022. Anglo American Debt repayments ($bn)¹ 1.0 0.7 1.2 1.2 0.9 inbettik. 0.4 0.1 2028 0.6 2023 2024 2025 2026 % of portfolio 1.5 2027 Euro bonds 15% US bonds Euro bonds 2.3 US$ bonds 60% 1.8 Capital markets 78% 2029 2030 2031 2032 Euro SLB bonds GBP bonds 0.5 GBP bonds 0.7 3% HH 0.5 Subsidiary financing 0.8 2050 2052 Subsidiary financing 22% Bank 4% Other 18% 67#68AngloAmerican Portfolio overview Anglo America#69Portfolio overview - key assets¹ Gahcho Kué 2.8Mcts2 Quellaveco 102kt4 Collahuasi 251kt5 Los Bronces 271kt Barro Alto 40kt Woodsmith project~13Mtpa³ Minas-Rio 22Mt6 Marine Namibia 2.1 Mcts² Sishen/Kolomela 38Mt6 1. 2022 production for operating assets. 2. De Beers production is on a 100% basis, except for the Gahcho Kué joint operation which is on an attributable 51% basis. 3. Indicative only. Subject to further studies and Board approval. 4. Quellaveco started operations in July 2022, ramp-up to nameplate capacity ongoing. 5. Anglo American's 44% share of Collahuasi production. 6. Wet basis. Jwaneng/Orapa 24.1Mcts² Venetia 5.5Mcts² Mogalakwena 1.0Moz7 Amandelbult 0.7Moz7 7. Ounces refer to troy ounces. Own mined metal in concentrate production of PGMs: 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). 8. Anglo American's attributable share of production. Includes production relating to processing of third-party product. Anglo American Diamonds (De Beers) Copper PGMs Iron Ore Steelmaking Coal Nickel Crop Nutrients Moranbah, Grosvenor, Aquila and open pits 15Mt8 69#70A differentiated portfolio of high quality assets Revenue by product¹ PGMs Iron Ore Diamonds (De Beers) Copper Steelmaking Coal Nickel Manganese Corporate & Other % 27 20 18 15 14 Anglo American 2 2 2 1. Group revenue by product based on business unit. 2. Attributable basis. Capital employed by geography² Chile & Peru South Africa Brazil Namibia & Botswana Australia Other % 28 23 22 11 9 7 O 70#71Transparent taxes & royalties in host countries Chile $1.0bn UK $0.4bn Brazil $0.4bn Other Africa $1.0bn South Africa $2.1bn Australia/Asia $0.9bn $5.9bn Taxes and royalties¹ Paid in host country 17%¹ decrease from 2021 due to lower earnings Queensland royalty increase impacted H2 profitability Chilean tax stability agreement until end 2023 1. Taxes and royalties include all taxes and royalties both borne and collected by the Group. This includes corporate income taxes, withholding taxes, mining taxes and royalties, employee taxes and social security contributions and other taxes, levies and duties directly incurred by the Group, as well as taxes incurred by other parties (eg customers and employees) but collected and paid by the Group on their behalf. Figures disclosed are based on cash remitted, net of entities consolidated for accounting purposes, plus a proportionate share, based on the percentage shareholding, of joint operations. Taxes borne and collected by associates and joint ventures are not included. Numbers are rounded and not all countries are included on the map where not material and hence, rounding differences occur to Group total. For 2022, Peru taxes amounted to $43 million. Anglo American 71#72Commodity outlook - medium to long term Diamonds Copper PGMs Bulks Other Anglo American ● ● ● ● ● ● ● ● ● ● ● Global economic recovery and growing disposable income drives higher consumer demand Global supply of rough diamonds expected to slightly decline due to lack of significant recent discoveries Demand is robust in the long term and accelerated decarbonisation presents further upside Supply growth is increasingly challenging due to heightened ESG, technical and sovereign risks PGM loadings to rise further with introduction of next generation of emissions standards in mid-2020s. Further substitution of platinum for palladium likely in petrol vehicles. BEV share continuing to expand over the near to long term Longer term: palladium and rhodium tightness eases; expected platinum demand growth from hydrogen fuel cells & industrial uses Supply expected to be, at most, stable Iron ore: In a decarbonising world, iron ore is vital and premium grade iron ore will be preferred. Expected growth in India and the rest of Asia to drive demand. Supply expected to be able to respond Steelmaking coal: Demand growth shifts from China to India, while supply growth is limited Nickel: Demand is increasingly driven by EV batteries but stainless steel growth is also robust. Supply is trying to respond, particularly in Indonesia Manganese: An essential alloy for providing strength in steel; demand to rise in line with crude steel production POLY4: Fertiliser demand increasing owing to a growing, wealthier population and finite land resources 72#73De Beers: world leader in diamonds Best-in-class business... Mining EBITDA margin¹ 51% Trading margin (typical level)² ~7% ...focused on consumers Global Diamond Jewellery Demand³ O USA China Japan India Gulf Rest of world Self purchases4 Millennials4 ~39% ~64% ~76% of US demand of US demand 1. Represents an average underlying EBITDA margin for the mining business from 2020-2022. It excludes the impact of the sale of non-equity product by De Beers. 2. Typical level for trading margin. 2022 margin of 10% reflects trading benefits from the strong recovery in the market. 3. De Beers Strategy Insights and Analytics based on 2021 data - global natural diamond jewellery demand. 4. De Beers commissioned study, US Diamond Acquisition Study 2022. LGD price drops continue5 discount to natural & growing % 54 11 6 5 4 20 5. At wholesale and retail, LGD prices have dropped and continue to drop, for all sizes and qualities, online and offline, vs natural diamond equivalent product. 6. Estimate using online prices for 1 ct of all colours and clarities as of January 2023. Lab Grown Diamonds (LGD) continue to see significant price reductions at the retail level differentiating the product from natural diamonds. Anglo American 73#74A growing, world class copper business Quality assets with growth Collahuasi 251 ktpa tour share) Reserve life 84 years² Los Bronces 271 ktpa¹ Reserve life 34 years² Quellaveco 102 ktpa¹ Reserve life 35 years² High value portfolio with long term potential ~1 Mtpa in ~2024 at mid to low Q2 cost position 664 20223 ~900 2023F ~1,000 1. Reported basis. Based on 2022 production, 100% for Los Bronces and Quellaveco. Attributable share for Collahuasi. 2. Refer to the Anglo American plc Ore Reserves and Mineral Resources Report 2022 for more details (published 6 March 2023). 3. Includes production from Copper Chile (Collahuasi, Los Bronces and El Soldado mines) as well as Copper Peru, reflecting the ongoing ramp-up of production from Quellaveco which started in July 2022. Anglo American 2024F With further growth potential from new projects, such as Sakatti (Finland) & expansions at Collahuasi 74#75World leader in PGMs Asset focused 1. Mogalakwena 63% Mining EBITDA margin 2. Amandelbult 23% EBITDA margin¹ 52% Mining EBITDA margin 3. Processing purchased concentrate¹ 1. Including tolling. Represents an average margin for processing purchased concentrate from 2020-2022. Anglo American Own mined production - by revenue O O Own mined production - by volume Platinum Palladium Ruthenium Rhodium Gold Iridium % 46 35 8 6 3 2 Rhodium Palladium Platinum Ruthenium Gold Iridium % 43 31 18 4 NN 2 2 75#76PGMs sector Platinum demand¹ C ICE to maintain high share in light vehicles² Global light duty vehicle production outlook (million vehicles) 102 82 2022 Automotive Industrial ● Jewellery 2029F % 40 40 20 Battery Hybrid (Pt, Pd, Rh)³ Gasoline (Pd, Rh)³ Diesel (Pt)3 Basket price driven by Pd and Rh 2019 2020 Bl 2021 2022 1. Source: Johnson Matthey 2022 demand on a gross basis. 2. Source: GlobalData, Light Vehicle Engine Forecast, Q4 2022. ICE (internal combustion engines) includes gasoline, diesel and hybrids. 3. Typical range of PGM loadings for gasoline and diesel engines is between 2-7g per vehicle, and for hybrids, the PGM loadings is between 2-8g per vehicle. Dependent on the size of the light duty vehicle. Anglo American Whih Rhodium +387% PGM Basket +118% Palladium +40% Platinum +31% 2023 76#775E Platinum group metals Platinum ~2 Global mined supply¹ Our supply ~$1.8bn Spot revenue² Ruthenium Large producer ~$150m See previous slide for demand data Pt & Pd interchangeable in autocats ~4g Pt/diesel car Broad range of emerging applications Applications mainly in electronics & chemicals ● ● ~95% Industrial demand ● Hard disks Semiconductors Chloralkali electrodes Palladium ~1 -$2.2bn Iridium Industrial Large producer ~$400m 14% Autocatalysts ~2g/diesel car Autocatalysts ~4g/gasoline car • 86% ● Pt & Pd convert harmful carbon monoxide & hydrocarbons to CO₂ ~7 ~95% Industrial demand Hardness & high melting point support unique applications: Spark plugs Biomedical uses, crucibles • PEM electrolysis (demand growth opportunity) Rhodium ~0.2 ~$3.0bn Prices ($/oz) Platinum Palladium Rhodium Ruthenium Iridium 1. Our share & market supply data are million ounces based on 2022 refined production. Demand data is 2022 net of recycling. Sources: Platinum, Palladium, Rhodium: Johnson Matthey. 2. Illustrative revenue for 2023 based on rounded spot prices on 8 February 2023. Anglo American ~90% of demand is autocatalysts demand Converts harmful NOx to nitrogen Not easily substituted ~0.5g/gasoline car Spot² 1,000 1,700 11,900 ~0.7 400 4,200 77#78Structural trends favouring high quality bulks Iron Ore: high quality products Kumba production ~64% Fe of which 67% is lump 20-25% lower GHG emissions from using our high quality iron ore products compared to a ~58% product Production (Mt)¹ 64 2021 59 2022 Minas-Rio production ~67% Fe Pellet feed products 1. Wet basis. 2. Production basis. 3. 2021-2022 production impacted by operational challenges. Anglo American 57 - 61 2023F Steelmaking Coal: premium products Production (Mt) 15 20213 High quality portfolio ~80% Hard coking coal (typical level)² 15 20223 16-19 2023F 78#79Woodsmith: a world class asset with a differentiated product Quality asset >40 year asset life¹ Q1 unit cost expected >50% EBITDA margin potential Competitive product 13Mtpa planned development capacity² Low carbon, organic³ 85% less carbon emissions4 Progressing project infrastructure ~$0.8bn 2023 capex focused on shafts and tunnel ~$1.0bn annual capex indicative2 1. Including Inferred Mineral Resources. Reserve Life is 27 years. Indicative, subject to further studies and Board approval. 2. Indicative only. Subject to further studies and Board approval. 3. Organically certified. Currently certified for organic use in EU and North America with other certification pending for approval. 4. Expected up to 85% lower carbon emissions (subject to further studies) than the equivalent conventional fertilisers, with little waste generated in its production and minimal processing required. Anglo American 79#80POLY4 is a multi-nutrient fertiliser Key nutrients N Nitrogen Secondary nutrients S Sulphur Other key attributes Anglo American Low chloride POLY4 nutrients P Phosphates Ca Calcium Micro- nutrients i K Potassium Mg Magnesium Organic & low carbon#81POLY4 is differentiated from traditional fertilisers MOP (Muriate of potash)¹ Chloride Current main potassium fertiliser sources Potassium ~68Mt² High chloride: harmful to some plants Principally bulk crops & emerging markets SOP (Sulphate of potash)¹ Chloride Sulphur Potassium ~7 Mt² Sulphur supports production of proteins, enzymes, vitamins & amino acids Principally specialist crops & developed markets Chloride Calcium Magnesium Sulphur Potassium POLY4¹ Low cost, high value in use substitute Wide range of established nutrients & low in chloride Flexible product for blending POLY4:~1.8Mt potassium ³ Total: ~39Mt of potassium² 1. Charts show split of product by mass with potassium, calcium and magnesium expressed as oxides for comparison. Oxygen component of sulphate for SOP and POLY4 included in unlabelled segment of chart. 2. Source: CRU. Average deliveries 2020-22. MOP market includes industrial demand. SOP market includes primary & secondary SOP. Smaller SOPM market not shown. Estimated potassium (K₂O) market includes agricultural MOP, primary SOP & primary SOPM. 3. POLY4 potassium content based on indicative 13Mtpa of volume. Anglo American I I I 1 81#82AngloAmerican Our transformation journey#83A transformed business since 2012... ● ● Portfolio restructuring Operating Model and technical improvements Unit costs² √7% Productivity¹ 197% Number of assets3 ↓~60% 1. Productivity is calculated as adjusted copper equivalent production divided by the average direct headcount from consolidated mining operations. 2. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. 3. Change in the number of assets since 2012. Anglo American 83#84AngloAmerican Innovation & technology RANGE INDICATOR INGA functions. WAN ELEVATION GRADE Colfontan h HelX - Stray Will SAFETY CHECKS tippe (‹‹-#85Operational excellence underpins transformation Operating Model: delivering stable & predictable outcomes Work is planned, scheduled and properly resourced Stable and consistent performance Safer and lower cost P101: achieving & redefining best-in-class performance Focused on the key equipment for each asset Identify route to industry best-in-class and beyond Optimise: higher tonnes and/or lower equipment costs 1. Global throughput (Los Bronces and Confluencia). Anglo American 200 180 160- 140- 120- Performance (% Capacity) 10% UCL 181.90 84 79 LCL = 107.84 Stabilisation at higher performance arget spec line-200 Low stability & high variation Example: dominant constraint at various assets & their improvement to achieve P101 over 2019-2021 92- Jwaneng (plant) Further improvement impacting stability 21% 82 82 2019 99 Los Bronces (plant)¹ UCL-210 93 CL-164.58 2020 Stabilisation at still higher performance 2021 (3%) 101 101 104 Barro Alto (plant) P100 85#86Innovative technologies in development & roll-out Bulk Ore Sorting Sensors determine ore content prior to processing Delivers improved feed grade to plants Waste rejected early: Grade uplift: +3% to +15% ● • Energy, water & cost savings Capital cost $10m to $80m (volume dependent) Deployed in Copper, Nickel and PGMs Planning for trials for Iron Ore Barro Alto (Nickel) • Initial installation October 2019 Testing completed August 2020 • Barro Alto (Nickel) in-pit unit will recommence in H1 2023, after the upgrade is completed, resulting in improved future sorting performance. Additional in-pit unit under technical evaluation ● Anglo American Mogalakwena (PGMs) • Initial installation June 2019 Testing completed November 2020 • Full scale North Concentrator unit (~70% of total complex feed) operational and integration to business as usual is under way Bulk Ore Sorter-Mogalakwena Mine Los Bronces (Copper) • Initial installation and testing completed in 2021 • Confluencia Plant (~65% of complex feed) unit operational and integration to business as usual is under way 86#87Innovative technologies in development & roll-out Coarse Particle Recovery (CPR) Flotation process changed An enabler for hydraulic dewatered stacking Allows material to be crushed to larger particle size: • Throughput increase: +15% to +20% • 20% energy reduction per tonne¹ • Up to 85% water recovery with hydraulic dry stack Capital cost $10m to $150m El Soldado (Copper) • Full scale technology demonstration completed-handed over to operations Mogalakwena North (PGMs) • Construction complete • 100% of volume Slurry commissioning commenced Dec 2022 Quellaveco (Copper) • Commissioning expected late 2023 • Treatment of tailings Recoveries c. +3% over LOM ● 1. Total energy consumed remains the same, but CPR allows the throughput to increase, hence our energy efficiency improves, and energy consumed per tonne treated reduces. Anglo American ● SESE Next planned rollouts ● Coarse particle recovery unit Feasibility work continues at Los Bronces (Copper) & Minas-Rio (Iron Ore) Collahuasi-investigating options 87#88Innovative technologies in development & roll-out Hydraulic Dewatered Stacking (HDS) Low cost, safe, geotechnically stable dry tailings Eliminate risk of liquefaction Increases water recovery ~ 85% Can be repurposed, benefiting host communities and biodiversity ● ● El Soldado (Copper) • El Soldado demonstration unit commissioned (pictured) • The trial is still ongoing, with encouraging results, expected to continue to Q4 2023. Full-scale demonstration plant is under development Anglo American Hydraulic Dewatered Stacking demonstration at El Soldado tailing Mogalakwena (PGMs) Assessing application to tailings expansion with benefits from water quality and quantity improvements • Brownfield trial starting in Q1 2023 88#89Innovative technologies in development & roll-out nuGen™ Zero Emissions Haulage Solution (ZEHS) Developing the world's largest hydrogen powered mine haul truck, including associated refuelling infrastructure • Launched prototype in Q2 2022 50% to 70% reduction in emissions (Scopes 1 and 2 for open pit mines), while maintaining operating cost structure by end of decade Powered by renewable energy (such as Envusa Energy) to enable production of green hydrogen via electrolysis ● Supporting decarbonisation of global fleet (currently ~400 trucks) In January 2023, completed transaction to combine nuGenTM ZEHS with specialist engineering technology company, First Mode (our partners in prototype development) PGMs Assessing roll-out plan for ~40 trucks for Mogalakwena to potentially start in 2025 Anglo American Copper ● Assessing roll-out plan for initial ~230 trucks for use in high altitude, cold climate conditions AC Diamonds Assessing roll-out plan for ~30 trucks at Orapa Hydrogen fuel cell unit in haul truck at Mogalakwena Iron Ore Assessing roll-out plan for ~120 trucks across Minas-Rio & Sishen (Kumba) 89#90Innovative technologies in development & roll-out Advanced Process Control (APC) Uses process models, replaces manual control of processes Stabilises and optimises process performance Improves equipment and process safety by managing constraints Up to 40% improvements in mainstream process stability with associated productivity improvements at most operations 4% reduction in water consumption at Los Bronces grinding mills 4-12% energy reductions from APCs controlling SAG mills ● ● ● ● ● ● 80% reduction in plant micro-stoppages from plant-wide APC optimisers in South Africa and Brazil Already delivering value at: • Minas-Rio (Iron Ore) • Los Bronces (Copper) • El Soldado (Copper) ● Chagres (Copper) Quellaveco (Copper) • Kumba (Iron Ore) Anglo American • Mogalakwena (PGMs) • Venetia (Diamonds) • Benguela Gem (Diamonds) • Moranbah (Steelmaking Coal) Capcoal & Dawson (Steelmaking Coal) • Barro Alto & Codemin (Nickel) FITZE Further roll-out: Control room at Polokwane smelter • Achieved our 2022 ambition for 95% of automatable processes within our plant flowsheets to be under Advanced Process Control (2022: 96.5%) • New ambition for 100% by end of 2024 90#91Innovative technologies in development & roll-out Integrated Data Solutions Industry-first dedicated digital platform to deliver data-driven insights for mining operations Integrated suite of applications across the mining value chain Creating a set of Digital Twins Enabling each application to deliver insights and optimisation powered by the full picture Creating a data-driven organisational culture to make our mining operations safer, more reliable, and more effective Delivers the Intelligent Mine pillar of FutureSmart Mining™ For example, as an integrated digital platform, VOX3L™ allows geologists to rapidly develop ore body models using cloud computing, optimises the running of our processing plants using machine learning, and helps our business improvement team optimise mine planning across the value chain Technology • Built on a scalable, cloud-based platform ensuring common standards and cohesion • Connected to an industry-first data lake linked to live data from Anglo American operations Anglo American Process • Consultancy Services to support value realisation Deployment teams to ensure seamless integration & change management into Business Units and sites ● VOX3L™ TM People • Data and Digital Literacy upskilling our workforce, preparing them for digital transformation Enhancing the skills of the communities in which we operate 91#92Innovative technologies in development & roll-out Sustainability: Carbon Neutrality nuGenTM hydrogen trucks ● Vent-air methane abatement ● ● Piloting the world's first Hydrogen Ultra-Class truck Roll-out will include installation of H₂ & refuelling infrastructure ● Energy storage Developing improved-safety Regenerative Thermal Oxidation and other technologies Addressing ~10-15% of scopes 1 & 2 GHG emissions Novel "flow" battery technologies Energy eco-system models ● • CO₂ sequestration 2 Mineral and Nature based solutions • Accelerating path to neutrality Other technology Hard rock cutting - safer, continuous production & reduction in GHG Anglo American • SandLix - low intensity copper recovery using engineered sand (+15% recovery, +$3-6/t) • Modular processing - precise processing in small, simple and repeatable units Safety - collision avoidance, underground connectivity Pilot photovoltaic plant, built over a tailings pond - Las Tortolas, Chile 92#93AngloAmerican Sustainability performance#94Our Purpose: 'Re-imagine mining to improve people's lives' Anglo American Concentrating the Mine ୬ Our Strategy Innovation Modern Mine P101 Technology & Digitalisation Operating Model FutureSmart Mining™ Technology, Digitalisation and Sustainability working hand in hand. Water-less Mine Marketing Model Intelligent Mine Sustainability Sustainable Mining Plan Healthy environment Trusted corporate leader Thriving communities Collaborative Regional Development 24 Planning and implementation in partnership Regional spatial analysis 94#95Our Sustainable Mining Plan at the heart of our strategy Partnership and engagement Environment Healthy Environment Anglo American Climate change Biodiversity Water Social Zero harm My Thriving Communities Education Health and well-being Livelihoods Governance Trusted Corporate Leader Collaborative Regional Development Our innovative partnership model to catalyse independent, scalable and sustainable economic development in regions around our operations - the objective being to improve lives by creating truly thriving communities that endure and prosper well beyond the life of the mine. Inclusion and diversity Accountability Policy advocacy Ethical value chains Our Critical Foundations These form the common and minimum requirements for each of our operations and our business as a whole. The Critical Foundations are essential to the long term credibility and success of both the Sustainable Mining Plan and to maintain our social licence to operate. Leadership and culture Human rights Group standards and processes Compliance with legal requirements Partnership and engagement 95#96Active route to a more sustainable world 2020 8% energy efficiency¹ 22% saving in GHG emissions¹ 2021-23 Improve efficiency SA Thermal Coal demerger completed² Cerrejón sale of shareholding completed² Advisory Resolution on Climate Change Report at 2022 AGM Envusa Energy³ – launched pipeline of >600 MW of wind and solar projects in South Africa in 2022 2025 100% renewable electricity across South American operations Invest in innovation 2030 100% renewable electricity powering Australian operations >45% of Los Bronces water needs, secured from desalination offtake 3 jobs off-site for one on-site 30% improvement in energy efficiency4 Switch to renewables 8 sites carbon neutral5 3-5 GW renewable energy generated from Envusa Energy³ in South Africa All operations to undergo 3rd party audits for responsible 5 jobs off-site for mine certification one on-site 2040 30% absolute reduction in GHG emissions4 Net positive impact on biodiversity 50% Reduction in fresh water abstraction in water scarce areas Transition the portfolio Carbon neutrality across our operations5 & in our controlled ocean freight 50% Scope 3 reduction ambition Balance residual emissions 1. 2020 Energy and GHG (Scopes 1 & 2) savings are calculated relative to projected 'business as usual' consumption levels. 2. The demerger of the South Africa thermal coal operations was completed on 4 June 2021. The sale of Anglo American's 33% interest in Cerrejón was completed on 11 January 2022 following receipt of the relevant regulatory approvals. The agreement was effective 31 December 2020 and, therefore, economic benefits from 1 January 2021 did not accrue to Anglo American. 3. Envusa Energy - a new jointly owned company, with EDF Renewables, developing a regional renewable energy ecosystem (RREE) in South Africa. Pipeline of >600 MW of wind and solar projects, expected to begin construction in 2023. 4. 2030 target based on an absolute reduction in Scope 1 & 2 GHG emissions across the business vs 2016 baseline adjusted for structural changes. De Beers is targeting carbon neutrality across its operations by 2030. 5. Targets and guidance as announced on 7 May 2020. 6. Included within Healthy Environment related Global Stretch Goals in Sustainable Mining Plan (https://www.angloamerican.com/sustainability/environment). For more information on our targets, see our latest 2022 Sustainability Report and Climate Change Report, published on 6 March 2023. Anglo American 96#97Operations carbon neutral by 2040 Scopes 1 & 2 - GHG emissions 2016 2018 2020 South America renewable energy Hydrogen trucks pilot 2022e 2024e Three Solar PV plants in South Africa Regionally integrated solar and wind in South Africa VAM implementation 2026e 2028e Fossil fuels and other Electricity purchased Diesel 1. 2030 target based on an absolute reduction in GHG emissions across the business vs 2016 baseline adjusted for structural changes. 2. Targets and guidance as announced on 7 May 2020. Please refer to the 2022 Climate Change Report for the latest Scope 1 & 2 emissions chart, published on 6 March 2023. Anglo American 2030e Southern Africa electrical supply predominantly wind and solar PV 2032e Fugitive methane emissions 2030 goal - 30% reduction of GHG emissions vs 2016¹ 2034e Carbon neutrality across our operations² Hydrogen and electric widely implemented 2036e 2038e Carbon negative technologies 2040e 97#98Ambition: 50% reduction in Scope 3 emissions by 2040 Scope 3 - GHG emissions Thermal coal mines divested Steelmaking Anglo American coal Iron ore Other 2020 Production growth outpaces steel value chain decarbonisation 2030e Production growth aligned to future demand themes Steel value chain decarbonisation takes effect Our ambition: 50% reduction 2040e 98#99Summary inventory of our 2020 Scope 3 emissions Scope 3 - GHG emissions 115Mt¹ Total Scope 3 emissions Purchased goods & services Leased assets Investments Transportation & distribution Upstream Franchises Capital goods 1. 2020 Scope 3 emissions. Please refer to the 2022 Climate Change Report for the latest Scope 3 emissions, published on 6 March 2023. Anglo American Operational waste generated 77% of our emissions driven by steel industry Business travel Transportation & distribution Employee commuting Downstream Processing sold product Use of sold products 99#100Industry leading dam safety management Managing tailings safely Group Technical Specialists 1. Managed operations. Anglo American Internal risk assurance Independent Technical Review Panel BU Technical Standard expert Engineer of Record Operation 6 levels of assurance: 2 internal, 2 external, 2 independent Tailings storage facilities in our portfolio¹ Downstream/ other Upstream Southern Africa Australia 100#101ESG integrated into management remuneration SHE targets in annual bonus 20% ESG targets in LTIPs 20% All employees incentivised on safety¹ Critical tasks include Sustainable Mining Plan roll-out target LTIPs include metrics incentivising delivery of: Creating renewable energy supply for sites Reduction in GHG emissions ● ● Reduction in the abstraction of fresh water in water scarce areas Targets of off-site jobs supported for each on-site job 1. All employees under the Group bonus scheme and local site-specific operational bonus schemes are incentivised on safety. Anglo American 101#102A sustainable, responsible & transparent business. ESG ratings Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA Overall score 79/100 In the top 5 in mining & metals group Included in both European & World Index (top 10% of global companies) SUSTAINALYTICS #5 in diversified metals and mining, rated in the top category for ESG Management of Material risk, whilst perceived risk associated with exposure to South Africa & South America remains IRMAX Initiative for Responsible Mining Assurance MSCI 'AA' rated Ahead of peers Accreditations, memberships & frameworks EiTi Extractive Industries Transparency Initiative. Anglo American Responsible Steel Responsible Mining Index Y Corporate ESG Performance RESPONSIBLE JEWELLERY COUNCIL RATED BY ISS ESG Top mining company with the strongest results across five of six company-wide indicators covered in the assessment Prime 'Prime' rated Industry leader ICMM International Council on Mining & Metals Tortoise. 14 FTSE4Good Overall score of 4.5 (out of 5), which puts us in the top percentile and in joint second place TCFD The Responsibility 100 Index #1 extractives company (including oil & gas) in the FTSE 100 based on commitments 'talk' & measurable delivered actions 'walk' TIN FD THE COPPER RESPONSIBLY PRODUCED MARK COPPER 102#103Measuring our ESG progress: 2022 targets Pillar of value Safety & health Environment Socio-political People Metric Work-related fatal injuries³ Total recordable injury frequency rate per million hours3 New case of occupational disease Employees potentially exposed to noise over 85 dBA4,5 Employees potentially exposed to inhalable hazards over the occupational exposure limit4,5 Energy consumption (million GJ)5 GHG emissions - Scopes 1 & 2 (Mt CO₂e)5 Fresh water withdrawals (ML) 5,6 Level 4-5 environmental incidents5 Social Way 3.0 implementation? Local procurement spend ($bn)8 Taxes & royalties ($m)⁹ Number of jobs supported off-site Women in management Women in the workforce Voluntary labour turnover 2022 2 2.19 5 23,179 317 83 13.3 35,910 0 66% 13.6 5,917 114,534 32% 24% 3.6% 2021² 2 2.24 16 30,832 1,796 84 14.5 36,888 0 49% 10.0 7,134 104,860 31% 23% 3.5% 1. Sustainability performance indicators for the year ended 31 December 2022, and the comparative period, are not externally assured, unless otherwise stated. 2. 2021 data includes Thermal Coal South Africa until the date of the Thungela demerger on 4 June 2021, unless otherwise stated. Target Zero Year-on-year reduction Year-on-year reduction Year-on-year reduction 5% reduction year-on-year Improve energy efficiency by 30% by 2030 Reduce absolute GHG emissions by 30% by 2030 Reduce fresh water abstraction in water scarce areas by 50% by 2030 Zero Full implementation of the Social Way 3.0 by end 2022 To achieve 33% by 2023 < 5% Target achieved Not achieved On track On track On track On track On track On track On track On track Behind schedule On track On track 3. Safety data is externally assured. The work-related fatal injuries figure presented for 2021 has been restated to reflect the death of an employee in April 2022, following a fall-related injury in November 2021. While the Group's TRIFR improved year-on-year, it has not yet decreased below the rate experienced in 2020. The focused safety interventions in the second half of 2022 did, however, result in a significant improvement in our injury rates, with a H2 2022 TRIFR of 2.00. 4. Reflects the number of employees who work in environments where there is potential for exposure above the exposure limit. All employees working in such environments are issued with protective equipment to prevent occupational illness. 5. Energy, GHG emissions, occupational exposure, fresh water withdrawals and Level 4-5 environmental incidents data is externally assured. Energy, GHG emissions, fresh water withdrawals and occupational exposure data for 2021 excludes Thermal Coal South Africa. 6. Water metric and data have been revised in line with our fresh water definition. 7. While sites are assessed annually against all requirements applicable to their context, for consistency during the transition period, the metric reflects performance against the Social Way foundational requirements. For further information on progress, see full year financial report. 8. Local procurement spend relates to spend within the country where an operation is located. The basis of calculation reflects the Group's financial accounting consolidation, i.e. 100% of subsidiaries and a proportionate share of joint operations, based on Anglo American's shareholding. 9. Taxes and royalties include all taxes and royalties borne and taxes collected by the Group. This includes corporate income taxes, withholding taxes, mining taxes and royalties, employee taxes and social security contributions and other taxes, levies and duties directly incurred by the Group, as well as taxes incurred by other parties (e.g. customers and employees) but collected and paid by the Group on their behalf. Figures disclosed are based on cash remitted, net of entities consolidated for accounting purposes, plus a proportionate share, based on the percentage shareholding, of joint operations. Taxes borne and collected by equity accounted associates and joint ventures are not included. Anglo American 103#104Sustainability summary Sustainability twice-yearly update presentations: → For presentations and webinar replays, visit: angloamerican.com/investors/investor-presentations Our 2022 reporting suite (available from 6 March 2023): You can find the below reports and others, including the Tax and Economic Contribution Report and the Ore Reserves and Mineral Resources Report on our corporate website → For more information, visit: angloamerican.com/reporting Climate Change Report 2021 AngloAmerican Anglo American Sustainability Report 2021 Tax and Economic Contribution Report 2021 chille Pi are Limón uchire Mano $350 $300 AngloAmerican AngloAmerican FutureSmart Mining™: TM. To deliver on our Purpose, we are changing the way we mine through smart innovation across technology, digitalisation and sustainability through our Sustainable Mining Plan → For more information, visit: angloamerican.com/futuresmart/ futuresmart-mining angloamerican.com/sustainability/our-sustainable-mining-plan Modern Mine Water-less Mine Sustainability-linked financing framework: → For more information, visit: angloamerican.com/investors/ fixed-income-investors/slb- investor-downloads Intelligent Mine Concentrating the Mine™ Sustainability-linked financing framework September 2022 Other relevant sections of our website include: → Sustainability: angloamerican.com/sustainability → Approach & policies: angloamerican.com/sustainability/approach-and-policies → Social Way: socialway.angloamerican.com/en AngloAmerican → People: angloamerican.com/sustainability/people → Inclusion & diversity: angloamerican.com/sustainability/people/diversity-and-inclusion 104#105AngloAmerican Investor Relations Paul Galloway [email protected] Tel: +44 (0)207968 8718 Emma Waterworth [email protected] Tel: +44 (0)207968 8574 Michelle Jarman [email protected] Tel: +44 (0)207968 1494 10050120134 40 50 60 70 80 90 100 this church com oploot of t Anglo American KUMBA RON