#1AngloAmerican H1 2023 results 27 July 2023 AND SEGURO FJOR FUTURO 04#2Cautionary statement Disclaimer: This document has been prepared by Anglo American plc ("Anglo American") and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing this document you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. 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Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Anglo American Report. 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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. AngloAmericom TMTM and FutureSmart MiningTM are trade marks of Anglo American Services (UK) Ltd. Some of the images used are under licence from iStock by Getty Images. 2#3H1 2023 results agenda Operating performance Duncan Wanblad The numbers Stephen Pearce Long term outlook Duncan Wanblad Anglo American 29 830 KOM#4Committed to delivering safe operations 2.14 2 2020 Safety Anglo American 2.24 2 20211 2.19 2 2022 TRIFR 1,2 1.92 Fatalities¹ 1 H1 2023 Improving safety performance reflecting renewed operational focus Occupational health - new cases ¹,3 30 Health 2020 16 2021 5 2022 0 H12023 Elimination of hazards at source aims to remove people from harm's way Level 3 & above significant incidents ¹,4 1 Environment 2020 1 2021 1 2022 0 H12023 Digitalised planning & controls enable predictive analysis & improvement 4#5Healthy environment & thriving communities focus GHG emissions Mt CO₂e (Scopes 1 & 2)5 15 I 2020 Anglo American 15 2021 13 2022 5 May YTD 2023 South America - 100% renewable electricity supply with Australia from 2025 Billion litres (water scarce areas) ¹ 37 Water 37 III 2021 2020 36 2022 14 May YTD 2023 Efficiency and technology key to reducing our water withdrawals Cumulative jobs supported off site ('000) 137 92 Livelihoods 2020 105 2021 115 2022 H1 2023 Of which local procurement activities support >91,000 jobs 5#6H1 2023 results summary Production? 个10% Group basket price ✓19% Anglo American EBITDA8 $5.1bn Unit costs 个1% 5% MIDTH FLSMIDT#7H1 2023 operating performance Copper & Nickel Los Bronces integrated licence approved Expected grade challenges at Copper Chile & Nickel De Beers Strong operational performance Achieved first production at Venetia Underground Project Macro conditions impacting demand Anglo American PGMs Robust processing performance despite load curtailment & planned maintenance Macro pressures impacting basket price Iron ore Operational improvements at Minas-Rio, hitting quarterly records in Q2 Solid performance at Kumba but challenging rail logistics Steelmaking coal Improving performance at undergrounds Reduced wet weather impacts Significant step-up expected in H2 7#8Quellaveco successfully ramped up & delivering strong results Strong operational performance Moly plant near steady-state 2023F production 310-350kt Anglo American Production since start-up 240kt 2023F unit cost ~100c/lb ORNELA C. D American O QUELL#9De Beers agrees in principle renewal of longstanding partnership with Botswana¹⁰ New 25 year mining licences New 10 year sales agreement Diamonds for Development fund Anglo American Debswana partnership extended to 2054 Underpins continued development of the most valuable diamond mines in the world New sales arrangements to 2033 De Beers allocation commences at 70%, reducing over time to a minimum of 50% after 10 years ~$75m initial investment by De Beers & further contributions proportional to cash distributions from Debswana up to a cumulative maximum of ~$750m 9#10Established next phase of value delivery Refreshed leadership team Effective organisation Sustainability integral to strategy the platform for the Anglo American Tighter Executive Leadership Team drives next phase of value creation Functional expertise to support operational & strategic delivery ~$0.5bn annual cost savings Commitment to sustainability underpins strategy & value creation model#11AngloAmerican The numbers Stephen Pearce 裕平 UBUNTU EQUALITY#12H1 2023 financial results Anglo American EBITDA8 $5.1bn EPS8 $1.38 DPS $0.55 Dividend yield¹1 ~4% Net debt $8.8bn ROCE ¹2 18% 12#13Resilient 41% group margin Copper & Nickel $1.6bn EBITDA8 41% mining margin¹3 Diamonds Anglo American $0.3bn EBITDA8 50% mining margin 13 PGMs $0.7 bn EBITDA8 37% mining margin ¹3 13 Iron ore $1.8bn EBITDA8 48% mining margin ¹3 Steelmaking coal $0.6bn EBITDA8 31% mining margin ¹3 13#14EBITDA reflects weaker commodity prices EBITDA8 $bn 8.7 H1 2022 Anglo American (4.5) Price 14 0.8 FX (0.5) CP115 4.5 0.6 Volume & cost 16 5.1 H1 2023 14#15Higher volumes mitigating cost pressure 7% CPI & input costs Anglo American H1 2023 unit cost performance⁹ (6)% FX (3)% Volumes 3% Other ¹7 1% H1 2023 2023F unit cost outlook? ~3% estimated unit cost increase Volumes benefit from Quellaveco Reflects stronger Chilean peso & Brazilian real 15#16Transparent taxes & royalties in host countries $2.5bn Taxes and royalties 18 Paid in host countries Anglo American Peru $0.1bn Chile $0.3bn UK $0.2bn Brazil $0.2bn Other Africa $0.5bn South Africa $0.4bn Australia/Asia $0.8bn 36-38% 2023F effective tax rate8 Reflects expected deferred tax impact of new Chile royalty... ... with current tax expense impact from 2024 16#17Sustaining capex underpins stable operations Capex¹⁹ $bn Growth 2.7 0.6 Sustaining 2.0 Anglo American H1 2023 (Previously 6.0-6.5) ~6.0 ~1.5 ~4.5 2023F Woodsmith core infrastructure progressing well FY growth capex guidance lowered by ~$0.3bn FY sustaining capex guidance of ~$4.5bn SIB projects to ramp-up in H2 2023 Reflects investment in operational stability ● 17#18Committed to maintaining a flexible balance sheet Net debt $bn 6.9 0.7 Anglo American 0.9 0.6 FY 2022 Working Dividends Growth (0.4) 8.8 Cash H1 2023 19 capital paid capex¹⁹ generation Increase driven by weaker prices & investment in value-adding projects Build in working capital - diamonds inventory & lower PGMs prices impacting POC creditor & customer prepayment 21% gearing 18#19Balanced capital allocation framework H1 2023 allocation of capital ing 1. Cash flow Anglo American capital flow after Future project options Balance sheet flexibility Discretionary capital options to base Portfolio upgrade 2. Commitment dividend Additional shareholder returns 1) $0.2bn Sustaining attributable free cash flow 20 2) $0.7bn H1 2023 dividends at 40% of underlying earnings 3) $0.6bn Growth capex 1¹⁹ 19 19#20Enhancing resilience in an uncertain macro context Operational re-focus to reduce costs & drive consistent performance Working capital remains a critical focus area Capex reduction of ~$0.3bn Anglo American Stay-in-business capital investment underpins operational stability Business support savings ~$0.5bn pa OMATS 559-5800 eva www#21AngloAmerican Long term outlook Duncan Wanblad#22Unique portfolio supplying the world's needs & wants Steelmaking Coal High quality Iron Ore Manganese Crop Nutrients Anglo American Production mix7 Diamonds Copper Nickel PGMs Decarbonisation Improving living standards Food security FutureSmart Mining 22#23Economic development underpins demand outlook Significant increase in all commodities required for decarbonisation & just transition Level of investment required implies sustained higher prices are needed Copper (kg) per person²1 233 61 Current global average Anglo American Required level Steel (tonnes) per person²1 14 4 Current global average Required level Global installed stock²1 1,761 497 Copper (Mt) Current level 107 36 Steel (Bnt) Required for UN SDGs 23#24Clear value creation model 2022 Anglo American +5% 2023F Production growth vs 20227 +25% ~2032F Operating Model drives safety and operational excellence P101 targets constraints in value chain FutureSmart MiningTM is our sustainability-led approach to technology Pipeline of high margin projects will upgrade portfolio 24#25Copper: quality organic options to grow to >1Mtpa²3 +100ktpa Sakatti greenfield² +300ktpa +150ktpa Quellaveco greenfield 22 Collahuasi brownfield 23 ...with further brownfield options from Quellaveco expansion and Los Bronces underground 23 Anglo American 25#26Woodsmith: portfolio cornerstone asset for the future >40 years Anglo American 13Mtpa²5 25 +3-5% crop yields Q1 cost curve Low carbon26 Organic 27 26#27Good progress at Woodsmith Service shaft ~500m²8 sunk of ~1.6km Anglo American 28 Mineral transport tunnel ~24km 28 of 37 km from mine to port Production shaft ~245m28 sunk of ~1.6km Shallower MTS shafts all 3 excavated#28FutureSmart MiningTM integrates innovative technology & sustainability Technology Anglo American Envusa Energy: southern Africa renewables Sustainable Mining Plan Delivering holistic sustainable outcomes South America & Australia renewable electricity Los Bronces integrated water solution 28#29Operational excellence & sustainability focus underpins value creation through the cycle Operational stability Organisational effectiveness Anglo American Relentless focus on costs Capital discipline Strong balance sheet Sustainable shareholder returns Attractive high-margin growth 29#30To ask a question Anglo American Copper Nickel jakowrican ELECT FUEL CELL VEHICLE ERLE PGMs Diamonds iron ore & Steelmaking d Crop Nutrients UK & other +44 20 3481 4247 / SA +27 105 003 945 / US +1 646 307 1963 Conference ID: 3643225 30#31Footnotes 1. Data relates to subsidiaries and joint operations over which Anglo American has management control. Data excludes results from De Beers' joint operations in Namibia and Botswana. Historical GHG, energy consumption and fresh water withdrawals data has been adjusted to exclude Thermal Coal South Africa, which was demerged in June 2021.2021 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. 3. New cases of occupational disease. 4. 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. Emissions refers to Scopes 1 and 2. Jobs supported since 2018, in line with the Sustainable Mining Plan Livelihoods stretch goal. Copper equivalent production is calculated including the equity share of De Beers' production and using long-term consensus parameters. Future production levels (~2032) are indicative and subject to further studies and final approval, see Cautionary Statement slide. 8. 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 Manganese, Crop Nutrients, third party thermal coal, shipping, exploration expenditure and unallocated corporate costs. 9. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. 10. Constitutes a related party transaction under the UK Listing Rules, and therefore will be subject to approval by Anglo American's shareholders in due course. 11. Annualised dividend yield based on 30 June 2023 share price. 12. 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. 13. 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. 14. Price variance calculated as increase/(decrease) in price multiplied by current period sales volume. 15. Inflation variance calculated using CPI on prior period cash operating costs that have been impacted directly by inflation. 16. Volume plus cost. Volume: increase/(decrease) in sales volumes multiplied by prior period EBITDA Anglo American 5. 6. 7. margin (ie flat unit costs, before CPI). For assets with no prior period comparative (eg in ramp up) all EBITDA is included in the volume variance. Cost: change in total USD costs before CPI inflation. 17. Other includes the impact of items such as maintenance, deferred stripping and stock movements. 18. 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. 19. 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. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies. Refer to appendix for more details. 20. Sustaining attributable free cash flow is defined as net cash flows from operating activities net of capital expenditure (sustaining/lifex only), net interest paid, dividends paid to minorities and capital repayment of lease obligations. 21. Internal analysis using Wood Mackenzie, ICSG, WSA and UN data. 22. Expected average over first 10 years. 100% basis. 23. Copper equivalent future production levels (~2032) are indicative and subject to further studies and final approval, see Cautionary Statement slide. Collahuasi at our 44% share and represents the upper end of debottlenecking expectations (as well as the next stage expansion). Quellaveco and Sakatti at 100% basis. Sakatti is a polymetallic ore body and is stated in copper equivalent terms. 24. Asset life including Inferred Mineral Resources in the Life of Asset Plan. Reserve Life is 27 years. Indicative, subject to further studies and Board approval. 25. Indicative only. Subject to further studies and Board approval. 26. In comparison to other fertiliser products. 27. Organically certified. Currently certified for organic use in EU and North America with other certification pending for approval. 28. Progress as at mid-July. 31#32AngloAmerican Appendix Vil CALEKS POO WVS P009#33AngloAmerican Simplified earnings and guidance [0]---string boangth-1 2560 100000 *)+0) (-trow:17 (1-e frog PARTICLE FLOW RATE 7. of string(6)-ength-120) Index- 38) (e-true;st(s.fronto!]][X1-1]++1) 1130-000][6] can be con creatabocumentfrogant Ope cleaninh, lition O O ofn Lok 45722#34H1 2023 simplified earnings by Business De Beers (Diamonds) $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 unit ¹⁹ FOB Margin per unit Mining EBITDA Material processing & trading26 Total EBITDA Attributable share pricing per unit See next slide for footnotes and supporting calculations. Anglo American Copper¹ 389kt $8,686/t7 n/a $(22)/t¹1 $8,664/t $3,946/t 16 $883/t20 $3,835/t 1,492 1,492 -79%28 Nickel 19.1kt $24,207/t7 $(4,277)/t n/a 110 110 PGMs 100% 1,185koz4 n/a $19,930/t $1,983/oz13 $12,125/t $993/oz $117/t17 $49/oz $1,929/t21 $200/oz22 $5,759/t $741/oz n/a n/a 878 (211)27 667 -79% 15.3Mct5 n/a n/a n/a $142/ct14 $63/ct $4/ct $29/ct23 $46/ct 286 61 347 ~85% Iron Ore² 30.3Mt $123/t $4/t⁹ $(22)/1¹2 $105/t $36/t $3/t18 $7/t24 $59/t 1,775 1,775 ~71%29 Steelmaking Coal 6.9 Mt6 $287/t8 $(19)/t10 n/a $268/t15 $135/t15 $59/t $(15)/t25 $89/t 615 615 100% Other³ 108 108 100% Total 5,264 (150) 5,114 -78% 34#35H1 2023 simplified earnings by Business - notes Own mined PGMs basket Platinum Palladium Rhodium Iridium, ruthenium & gold Base metals & other 30 Total revenue PGMs basket price PGM volume4 Basket price (per PGM oz)13 Realised price $1,033/oz $1,544/oz $8,994/oz Volume Revenue 511koz 442koz 68koz 164koz $528m Market price³1 $682m Freight $612m $204m $324m $2,350m 1,185koz $1,983/oz 5. Proportionate share of sales volumes (19.2% Botswana, 50% Namibia): 6.2 Mct. 6. Excludes thermal coal by-product sales. Moisture content32 Lump premium? Fe premium 10. Sales volumes -78% HCC, averaging 95% realisation of quoted low vol HCC price. 11. Provisional pricing & timing differences on sales. 12. Freight and moisture. See Iron Ore realised price table above. Other⁹ Realised FOB price Iron Ore realised price 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 ($138m), Crop Nutrients ($(20)m), Exploration ($(65)m), corporate activities and unallocated costs ($55m gain). 4. Own mined sales volumes including proportionate share of joint operation volumes. PGM ounces are reported on a 5E+Au basis. basis Total iron ore 7. LME price, c/lb converted to $/tonne (2,204.62 lbs/tonne). 8. Weighted average of HCC/PCI prices, FOB Aus. See Steelmaking Coal blended price table above. 9. Kumba: 63.3% 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, difference exists in "Other" total due to rounding. $123/t $(17)/t $(5)/t $3/t $3/t $(2)/t $105/t Kumba $118/t $(14)/t $(2)/t $5/t $3/t $(4)/t $106/t Minas-Rio $132/t $(21)/t $(10)/t $4/t $(1)/t $104/t HCC PCI Steelmaking Coal blended price Weighted average steelmaking coal Market price $294/t $261/t 13.Price for basket of own mined product per 5E+Au PGM oz. See PGMs basket price table above. 14. The realised price for proportionate share (19.2% Debswana, 50% Namibia) excluding the 2% trading margin achieved. 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. From 2024, the new Chile 31. Kumba: Platts 62% Fe CFR China; Minas-Rio: MB 65% Fe concentrate CFR. mining royalty on sales will impact EBITDA. 32. Moisture adjustment converts dry benchmark to wet product. Kumba: -1.6%; Minas-Rio: -9%. Anglo American $287/t Sales Volume 5.4Mt 1.5Mt 6.9 Mt 17. Royalties for Nickel, in Brazil, are based on production costs incurred. 18. Weighted average. Kumba: $2/t; Minas-Rio: $4/t. 20. 19. Includes market development & strategic projects, exploration & evaluation costs, restoration & rehabilitation costs and other corporate costs. Weighted average. Chile: 56c/lb; Peru: 22c/lb. Chile is higher than previous period due to FX movements and lower sales volumes. Difference exists in the copper total due to rounding. 21.Higher than previous period as H1 2022 benefitted from a one-off credit. 22. Higher than previous period partly reflecting lower sales volumes. 23. Higher than previous period largely due to lower earnings from Element Six, brands and consumer markets and lower equity sales volumes. 24.Weighted average. Kumba: $7/t; Minas-Rio: $9/t. Difference exists in the iron ore total due to rounding. 25. Reflects the benefit of the margin achieved on the sales of thermal coal by-product and a favourable contribution from non- managed operations. 26. Principally processing & trading of product purchased from third parties. 28. Reflecting a reduction in Pomargins and the negative impact of POC inventory adjustments due to lower PGM prices. average. Chile: -91%; Peru: 60%. 29. Weighted average. Kumba: -53%; Minas-Rio: 100%. 30.Nickel, copper, chrome & other metals. 35#36Guidance summary Earnings Volumes Unit costs 2023 depreciation 2023 underlying effective tax rate LT underlying effective tax rate Base dividend pay-out ratio Anglo American See slide 37-38 See slide 39 $3.0-3.2bn (prev. $3.3-3.5bn) 36-38%² (prev. 35-37%) 33-37%² 40% of underlying earnings Capex¹ 2023 Growth Includes: . Sustaining • Baseline Lifex Collahuasi desalination4 Woodsmith 2024 Growth Sustaining Baseline Lifex Collahuasi desalination4 . 2025 Growth Sustaining seline • Lifex . Collahuasi desalination4 LT sustaining (2022 real) ~$6.0bn (prev. $6.0-6.5bn) -$1.5bn³ (prev.~$1.8bn) -$0.7bn (prev. -$0.8bn) -$4.5bn (prev. $4.2-4.7bn) -$3.5bn (prev. $3.1-3.6bn) -$0.6bn (prev. ~$0.7bn) ~$0.4bn $5.3-5.8bn (prev. $5.5-6.0bn) ~$0.8bn3 (prev. -$1.0bn) $4.5-5.0bn $3.5-4.0bn ~$0.7bn -$0.3bn $4.8-5.3bn (prev. $5.0-5.5bn) ~$0.8bn3 (prev. -$1.0bn) $4.0-4.5bn $3.2- bn -$0.5bn ~$0.3bn $3.0-3.5bn + lifex Other 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, remaining growth capex reflects 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. Underlying 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. The -1% increase in 2023 underlying effective tax rate guidance reflects the expected deferred tax impact of the Chile mining royalty bill, which is expected to be substantively enacted in H2 2023. 3. Lower growth guidance reflects equity accounting of the SA Regional Renewable Energy Ecosystem joint venture, Envusa Energy. 4. Attributable share of capex. Collahuasi desalination capex shown includes related infrastructure. 36#37Production outlook Copper¹ Nickel² Platinum Group Metals³ Diamonds4 Iron Ore5 Steelmaking Coal Units See next slide for footnotes and additional guidance. Anglo American kt kt Moz Mct Mt Mt 2020 647 44 3.8 25 62 17 2021 647 42 4.3 32 64 15 2022 664 40 4.0 35 59 15 H1 2023 387 20 1.8 17 31 7 2023F 840-930 38-40 3.6-4.0 30-33 57-61 16-19 2024F 910-1,000 39-41 3.6-4.0 29-32 61-65 20-22 2025F 840-930 37-39 3.5-3.9 32-35 64-68 20-22 37#38Production outlook - supplementary guidance Copper¹ Platinum Group Metals - M&C by metal³ Platinum Group Metals - Refined Iron Ore (Kumba)8 Iron Ore (Minas-Rio)⁹ Units 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 H1 2023 Chile: 249 Peru: 138 Pt: 0.8 Pd: 0.6 Other: 0.4 1.7 19 12 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 Pt: 1.6-1.8 Pd: 1.1-1.2 Other: 0.8-0.9 3.3-3.7 39-41 25-27 1. Copper business only. On a contained-metal basis. Total copper is the sum of Chile and Peru. Production guidance in Chile is subject to water availability. 2. 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. 3. 5E + gold PGMs 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 s 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. 4. 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 - with first production recently achieved. 5. Total iron ore is the sum of Kumba and Minas-Rio on a wet basis. 6. Production excludes thermal coal by-product. 7. 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-curtailment. 8. 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 finalisation of UHDMS plant review. 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 38#39Unit costs performance by Business 154 2022 59 Copper (C1 USc/lb)¹ 179 Anglo American H1 2023 ~166 63 2023F De Beers (US$/ct)³ ~75 Chile: ~205c/lb Peru: -100c/lb 513 2022 Nickel (C1 USc/lb) 38 550 H1 2023 ~560 Iron Ore (FOB US$/t)4 36 2023F -39 Kumba: -$43/t Minas-Rio: -$33/t 2023F PGMs (US$/PGM oz)² 937 2022 107 993 H12023 2022 Steelmaking Coal (US$/t)5 135 ~1,000 2022 H1 2023 2023F 2022 H12023 Spot (July) FX rates used for H2 2023F costs: ~18 ZAR:USD, ~1.5 AUD:USD, ~4.8 BRL:USD, ~800 CLP:USD, ~3.7 PEN:USD Note: Unit costs exclude royalties, depreciation and include direct support costs only. 1. The total copper unit cost is the weighted average of Copper Chile and Copper Peru based on actual production or the mid-point of production guidance. H1 2023 unit cost for Chile is 205c/lb and Peru is 132c/lb. 2023F unit cost guidance for Chile is c.205c/lb and Peru is c. 100c/lb. 2. Unit cost is per own mined 5E + gold PGMs metal in concentrate ounce. 3. 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. 2023F H12023 - 105 2023F 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. H1 2023 unit cost for Kumba is $39/t and for Minas-Rio is $32/t. 2023F unit cost guidance for Kumba is c.$43/t and Minas-Rio is c. $33/t. 5. Steelmaking Coal FOB/t unit cost comprises managed operations and excludes royalties and study costs. 39#40Earnings sensitivities. Sensitivity analysis - H1 2023 Commodity / Currency Copper (c/lb)² Nickel ($/lb)³ Platinum ($/oz) Palladium ($/oz) Rhodium ($/oz) Iron Ore ($/t)4,5 Steelmaking Coal (hard coking coal) ($/t) Oil price South African rand Australian dollar Brazilian real Chilean peso 1. Reflects change on actual results for H1 2023. 2. Includes copper from both the Copper (Chile and Peru) and PGMs businesses. 3. Includes nickel from both the Nickel and PGMs businesses. 4. 30 June spot for iron ore ($/t): Platts 62% Fe CFR China. 5. Average realised price for iron ore ($/t) on a wet basis. Kumba: $106/t; Minas-Rio: $104/t. Anglo American 30 June spot 372 9.13 897 1,254 4,300 112 233 75 18.85 1.50 4.82 801 Average realised 393 9.04 1,008 1,532 9,034 105 280 80 18.22 1.48 5.07 806 Impact of 10% change in price / FX 6-month EBITDA ($m) 331 52 57 77 77 306 116 32 406 106 50 5 40#41Capex guidance Capex¹ $bn Woodsmith Collahuasi desal Growth Totals Baseline sustaining Lifex Anglo American ~0.7 (prev.-0.8) -0.82 (prev. -1.0) ~0.4 ~0.6 (prev.-0.7) ~3.5 (prev. 3.1-3.6) 2023F ~6.0 (previously 6.0-6.5) ~0.8² (prev. -1.0) ~0.3 ~0.7 3.5-4.0 2024F 5.3-5.8 (previously 5.5-6.0) (excl. ~$1bn Woodsmith) ~0.8² (prev. -1.0) ~0.3 ~0.5 3.2-3.7 2025F 4.8-5.3 (previously 5.0-5.5) (excl. ~$1bn Woodsmith) 3.0-3.5 + lifex Long-term (2022 real)¹ 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, remaining 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 -$1bn pa is excluded after 2023. Long-term sustaining capex guidance is shown on a 2022 real basis. 2. Lower growth guidance reflects equity accounting of the SA Regional Renewable Energy Ecosystem joint venture, Envusa Energy. 41#42Life extension capex Major components of lifex¹ ($bn) Approved Mototolo - Der Brochen (PGMs) Kolomela (Iron Ore) Venetia Underground (Diamonds) Mototolo - Der Brochen (PGMs) Kolomela (Iron Ore) Jwaneng (Diamonds) Lifex projects - subject to disciplined capital allocation framework Venetia (Diamonds) Anglo American Approved Guidance Approved Approved Approved Capex (pa) ~$0.2-0.3bn ~$0.1bn² ~0.6 (previously ~0.7) ~$0.1bn ~$0.1bn4 ~0.1 ~0.1 (prev. ~0.2) ~0.2 2023F Volume (pa) 4Mct 0.25Moz PGMs 4Mt 9Mct4 From¹ 2023 2024 2024 2027 ~0.7 ~0.1 ~0.3 2024F LOA extension +22 years +30 years² +3 years³ +9 years IRR ~15% Forecast Returns >25% >20% >15% ~0.5 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 LOA beyond 30 years. 3. This project adds three years to the Reserve Life (RL), which is included in the disclosed 12 year RL. 4. Attributable share of capex. 100% of production volumes. Capex spend <$0.1bn in certain years therefore not shown on graph above. ~0.3 2025F Margin >50% >35% >35% 1. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Shown excluding capitalised operating cash flows. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies. 'From' column represents first production. >50% 42#43Key projects driving growth capex Major components of growth capex¹ ($bn) Approved Unapproved Ongoing Guidance Anglo American Quellaveco² (Copper) Mogalakwena (PGMs) Technology & innovation³ ~0.8 (previously ~1.0) ~0.1² ~0.2 ~0.33 2023F + ~0.7 Woodsmith (previously ~0.8) ~0.8 (previously ~1.0) ~0.1 ~0.33 2024F ~0.8 (previously ~1.0) ~0.4 ~0.23 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, remaining 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. Attributable share of capex (60%). 3. Technology and innovation capex is estimated to be between $0.1-0.3bn pa (previously $0.2-0.5bn pa), including capex on Zero Emissions Haulage Solution (ZEHS) programmes and the lower guidance reflects equity accounting of the SA Regional Renewable Energy Ecosystem joint venture, Envusa Energy. 43#44Attractive greenfield and brownfield options Growth capex¹ ($bn) Long life greenfields and fast returning brownfields Collahuasi 5th Ball Mill (Copper) Sishen³ (Iron Ore) Woodsmith (Crop Nutrients)< Mogalakwena expansion (PGMs) Collahuasi debottlenecking5 (Copper) Collahuasi expansion (Copper) Technology & innovation Approved Under Review³ 2023 capex approved* Anglo American Ongoing -2023 -2027/8 Ongoing Capex ~$0.1bn² Volume (pa) +15kt² $0.1 bn to $0.3bn pa From¹ Q4 2023 Payback ~3 years Forecast Returns IRR >30% Project plan under review Optimisation of development timeline and design ongoing Progressing the six workstreams for the Future of Mogalakwena to drive the best value outcome Debottlenecking studies in progress; implementation between 2025-2028, potential for ~20-50ktpa² Margin >70% Studies under way for next stage expansion; potential up to +100ktpa² from ~2032 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. 2. Attributable share of capex and production volumes (44% share). 3. 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. 4. 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 studies underway; capex & schedule then subject to Board approval. 5. 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. 6. Technology and innovation capex is estimated to between $0.1-0.3bn pa (previously $0.2-0.5bn pa), including capex on Zero Emissions Haulage Solution (ZEHS) programmes and the lower guidance reflects equity accounting of the SA Regional Renewable Energy Ecosystem joint venture, Envusa Energy. 44#45AngloAmerican Results by business ROUTE PLANNING ENERGY SETURN MANE#46Copper Total - Quellaveco offsetting lower production in Chile H1 2023 Vs. 1 2022 Underlying EBITDA ($m) 1,166 H1 2022 Production Anglo American 387kt 个 42% 24 Price 1. Excludes third-party sales. 2. Includes by-product credits. 3. Excludes impact of third-party trading activities. Sales¹ 389kt ↑ 47% (144) FX Realised price 393c/lb ↓2% (111) Inflation Unit cost² 179c/lb ↑ 19% 935 Underlying EBITDA $1,492m ↑ 28% 469 Cost & volume 88 Mining margin³ 43% ✓ 4pp Other 1,492 Capex $878m ↓8% H1 2023 46#47Copper Chile - production challenges & higher unit costs H1 2023 VS. 11 2022 Underlying EBITDA ($m) 1,166 H1 2022 Production Anglo American ↓9% 24 249kt 1. Excludes impact of third-party sales. 2. Includes by-product credits. 3. Excludes impact of third-party trading activities. Price Sales¹ 238kt ↓10 (144) FX Realised price 393c/lb ↓2% (111) Inflation Unit cost² 205c/lb ↑ 37% 935 Underlying EBITDA $691m ↓41% (332) Cost & volume Mining margin³ 88 Other 29% 18pp 691 Capex $657m ↑ 14% H12023 47#48Copper Peru - reached commercial production levels in June H1 2023 Vs. 11 2022 Underlying EBITDA ($m)² Production Anglo American 0 H1 2022 138kt n/a Sales 151kt n/a Realised price 394c/lb n/a 801 Cost & volume Unit cost 132c/lb n/a Underlying EBITDA $801m n/a Mining margin 65% 801 n/a H1 2023 Capex¹ $221m 41% 1. 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 $0.1 billion; the remainder primarily relates to development and stripping capex (100% basis). 2. Quellaveco presented based on ramp-up methodology. 48#49Nickel-impacted by lower prices H1 2023 vs. H1 2022 Underlying EBITDA ($m) 239 H1 2022 1. Nickel BU only.. Anglo American Production¹ 19.6kt (116) Price 0% Sales¹ 19.1kt ↑ 14% FX Realised price $9.04/lb ✓22% Inflation Unit cost $5.50lb 个 13% 120 Underlying EBITDA $110m ↓54% (6) Cost & volume (4) Mining margin Other 29% 30pp Capex $41m 个 28% 110 H12023 49#50PGMS-impacted by lower basket price and volumes H1 2023 vs. H1 2022 Underlying EBITDA ($m) 2,732 Production¹ Anglo American 1,844koz ↓ 7% (1,832) Sales² 1,807koz ✓ 12% 487 Realised basket price3 $1,885/PGM oz ✓29% (104) Unit cost4 $993/PGM oz ↑ 5% 1,283 H1 2022 Price FX Inflation 1. Production is on a metal in concentrate basis. PGM volumes consist of 5E metals and gold. 2. Sales volumes exclude the sale of refined metal purchased from third-parties and toll material. PGM volumes consist of 5E metals and gold. 3. Excludes trading volumes. Basket price on a per PGMs basis (own mined and purchased concentrate). 4. Own mined 5E+Au PGMs metal in concentrate production. 5. Represents the underlying EBITDA margin for the mining business. It excludes the impact of purchases of concentrate, tolled material and third-party trading activities. Underlying EBITDA $667m ↓76% (678) Cost & volume 62 Mining margin Other 37% 18pp 667 Capex $449m ↑ 14% H12023 50#51Diamonds - soft demand & prices, with higher costs H1 2023 Vs. 1 2022 Underlying EBITDA ($m) 944 Production¹ Sales (Cons.)² Anglo American 16.5Mcts 2% (407) 15.3Mcts 0% 84 Average price index 137 ✓2% (59) Realised price3 $163/ct Inflation ✓ 23% 562 Unit cost4 $63/ct 个 7% (202) Underlying EBITDA $347m ↓ 63% H1 2022 Price FX 1. Shown on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis. 2. Consolidated accounting basis. Sales of 17.3Mct on a 100% basis. 3. Consolidated average realised price based on 100% selling value post-aggregation. 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 non-mining activities, third-party sales, purchases, trading downstream and corporate. (13) Cost & volume Other Mining margin5 50% 3pp Capex 347 $302m ↑ 21% H1 2023 51#52Iron Ore Total - impacted by lower prices H1 2023 VS. 11 2022 Underlying EBITDA ($m) 2,298 H1 2022 Production¹ Anglo American 30.7 Mt ↑ 12% (927) Price Sales¹ 30.3Mt ↑ 7% 212 FX Realised price (FOB)¹ $105/t 1. Wet basis. Kumba product is shipped with -1.6% moisture. Minas-Rio product is shipped with -9% moisture. ↓22% (83) Inflation Unit cost (FOB)1 $36/t ↓ 10% 1,500 Underlying EBITDA $1,775m ↓23% 234 Cost & volume -41- Mining margin 48% Other 3pp Capex 1,775 $382m ↓11% H12023 52#53Kumba (Iron Ore) - impacted by lower prices. H1 2023 Vs. 1 2022 Underlying EBITDA ($m) 1,570 H1 2022 Production¹ Anglo American 18.7 Mt ↑ 6% (518) Price Sales¹ 1. Wet basis. Product is shipped with -1.6% moisture. 2. Break-even price of $65/t for H1 2023 (H1 2022: $66/t) (62% CFR wet basis). 19.0Mt ✓3% 213 FX Realised price (FOB)1.2 $106/t ↓21% (74) Inflation Unit cost (FOB)1 $39/t ↓9% 1,191 Underlying EBITDA $1,105m ↓30% (86) Cost & volume Mining Margin Other 51% 3pp Capex 1,105 $277m ↓22% H12023 53#54Minas-Rio (Iron Ore) - strong production offset by prices H1 2023 vs. H1 2022 Underlying EBITDA ($m) 728 H1 2022 Production¹ Anglo American 12.0Mt 个 22% (409) Price 1. Wet basis. Product is shipped with -9% moisture. Sales¹ 11.4Mt ↑ 31% (1) FX Realised price (FOB)¹ $104/t ↓22% (9) Inflation Unit cost (FOB)¹ $32/t 309 ✓9% Underlying EBITDA $670m 320 ↓8% Cost & volume 41 Mining margin 44% ✓ 1pp Other 670 Capex $105m ↑ 46% H12023 54#55Steelmaking Coal - higher volumes offset by lower prices H1 2023 Vs. 1 2022 Underlying EBITDA ($m) 1,399 Production¹ 6.9Mt Anglo American ↑ 42% (1,087) Sales¹ 6.9Mt ↑ 33% 95 H1 2022 Price 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. Reflects the impact of a credit to H1 2022 EBITDA of $250m relating to Grosvenor insurance proceeds. Realised price2 $274/t (94) Inflation 31% Unit cost³ $135/t ↓ 16% 313 Underlying EBITDA $615m ↓56% 665 Cost & volume Mining margin (363) Other4 31% 32pp 615 Capex $273m ↑ 3% H12023 55#56AngloAmerican Liquidity 211 24% 981 565#57Strong liquidity & limited near-term debt maturities Liquidity¹ $14.9bn $7.8bn cash +$7.1bn undrawn committed facilities Majority of cash held centrally in US dollars Strong Investment Grade credit metrics and ratings, with recent upgrade to BBB+ from Fitch Moody's (Baa2) changed outlook to 'positive' from 'stable' and removed credit rating cap to SA sovereign rating Weighted average bond maturity is 7.8 years, majority of debt is based off floating interest rates Debt profile includes sustainability-linked bond - KPIs linked to 2030 GHG, water & jobs targets 1. At 30 June 2023. Anglo American Debt repayments ($bn)¹ 0.7 0.2 1.2 0.1 2024 2025 % of portfolio 0.6 0.4 1.5 2026 2027 0.1 Euro bonds 25% US bonds Euro bonds 1.7 2.4 2028 0.9 US$ bonds 53% 1.8 2029 2030 2031 2032 Capital markets 80% Euro SLB bonds GBP bonds 1.0 0.7 GBP bonds 2% 0.1 0.9 0.5 HE 2033 2050 2052 Subsidiary financing 20% Bank 5% Other 15% Subsidiary financing 0.8 57#58AngloAmerican Portfolio overview#59Portfolio overview - key assets¹ Gahcho Kué 2.8Mcts² Anglo American Barro Alto 40kt 375 Minas-Rio 22Mt6 Quellaveco 240kt4 Collahuasi 251kt5 271kt Los Bronces Woodsmith project ~13Mtpa³ Namibia 38Mt6 2.1 Mcts² Sishen/Kolomela Jwaneng/Orapa 24.1 Mcts² Venetia 5.5Mcts² Mogalakwena 1.0Moz7 Amandelbult 0.7Moz7 Diamonds (De Beers) Copper PGMs Iron Ore Steelmaking Coal Nickel Crop Nutrients Moranbah, Grosvenor, Aquila and open pits 15Mt8 1. FY2022 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 delivered first production in July 2022 - it has produced 240kt in the last 12 months and in FY2023 guidance is 310-350kt. 5. Anglo American's 44% share of Collahuasi production. Wet Wet basis. 6. 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. 59#60A differentiated portfolio of high quality assets Revenue by product¹ Iron Ore PGMs Copper Diamonds (De Beers) Steelmaking Coal Corporate & Other³ Nickel Manganese % 22 21 21 17 12 3 2 2 Anglo American Capital employed by geography² 1. Group revenue by product based on business unit. 2. Attributable basis. 3. Corporate & Other revenue primarily relates to third-party shipping activities, as well as the Marketing business's Energy Solutions activities.. Chile & Peru South Africa Brazil Namibia & Botswana Australia United Kingdom Other % 28 21 21 10 9 8 3 60#61Commodity outlook - medium to long term Demand is robust in the long term, given its critical role in decarbonisation as well as traditional industrial applications Consensus estimates continue to underestimate the complexity and lead times involved in the commissioning of new supply Copper Nickel PGMs Diamonds Iron Ore Steelmaking coal Crop nutrients ● While use of nickel in batteries continues to expand at pace, stainless steel remains the cornerstone of global nickel consumption, growing at a rate well in excess of economic output, given its range of applications central to modern life Sustainably sourced nickel units are likely to become ever more important Vehicle ownership continues to track overall economic development Delivering aspirations for transportation services will continue to require growth in the total auto fleet - hence all forms of future powertrain from Fuel Cells, PHEV, hybrids as well as pure BEV will be required alongside continued legacy ICE demand Supply expected to be, at most, stable The supply base of natural mined diamonds has been in contraction since 2017 due to a series of mine closures and a lack of major projects Yet, the anticipated expansion of the middle class (+0.5bn by 2030)¹ presents significant continued demand growth potential for diamonds as a luxury product Steel remains essential for all efforts to deliver continued economic development for a growing and urbanising global population and even more so for "green steel" produced from high quality iron ores While the scrap share of steel production will rise over time, the speed at which this happens will not displace the need for continued growth in iron ore supply Contracting investment in mine supply driven by ESG pressures is at odds with the actual observed trajectory for metallurgical coal use in steelmaking The speed of the transition to alternative (scrap and gas based) steelmaking will be constrained by the scale of the integrated steel production capacity that is still to reach the end of its economic life POLY4: Long term demand for fertilisers is secure, being a critical enabler for supplying the ever-expanding crop requirements of the global population from an increasingly constrained area of arable land 1. Source: Brookings. 2030 vs 2020. Includes upper and upper middle income categories. Anglo American 61#62A growing, world class copper business Quality assets with growth Collahuasi 251 ktpa¹ (our 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 Anglo American Up to 1 Mtpa 664 20223 ~900 2023F Up to 1,000 2024F With further growth potential from new projects, such as Sakatti (Finland) & expansions at Collahuasi 1. Reported basis. Based on FY2022 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. 3. Includes production from Copper Chile (Collahuasi, Los Bronces and El Soldado mines) as well as Copper Peru, reflecting the ramp-up of production from Quellaveco, which delivered first production in July 2022, producing 102kt in FY2022. In the first months of 2023, Quellaveco has produced 138kt and in June 2023, reached commercial production levels. 62#63World leader in PGMs Asset focused 1. Mogalakwena 49% Mining EBITDA margin 2. Amandelbult 30% Mining EBITDA margin 3. Processing purchased concentrate¹ 18% EBITDA margin¹ Anglo American 1. Including tolling. Represents an average margin for processing purchased concentrate from 2021-H1 2023. Own mined production - by volume Platinum ● Palladium ● Ruthenium Rhodium Gold Iridium ● % 46 35 8 6 Nwa Own mined production - by revenue Palladium Rhodium Platinum ● Iridium Gold Ruthenium % 34 30 26 NE 63#64PGMs sector Platinum demand¹ 82 ICE to maintain high share in light vehicles² Global light duty vehicle production outlook (million vehicles) 102 2022 Automotive Industrial ● Jewellery Anglo American ● ● Battery Hybrid (Pt, Pd, Rh)³ Gasoline (Pd, Rh)³ Diesel (Pt)³ % 40 40 20 3E PGM prices and basket price movement since 2019 2029F 1. Source: Johnson Matthey PGM Market Report 2023, 2022 demand on a gross basis. 2. Source: GlobalData, Light Vehicle Engine Forecast, Q1 2023. 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. 2019 2020 2021 2022 2023 Platinum Palladium Rhodium Basket Rhodium +43% PGM Basket +33% Platinum +14% Palladium -1% 64#655E Platinum group metals Platinum ~2 Our supply -$1.75bn Spot revenue² Ruthenium Large producer -$150m Anglo American Global mined supply ¹ See previous slide for demand data Pt & Pd interchangeable in autocatalysts ~4g Pt/diesel car Broad range of emerging applications ● ~95% Industrial demand Applications mainly in electronics & chemicals • Hard disks Semiconductors ~6 • Chloralkali electrodes Palladium ~1.2 -$1.7bn Iridium Industrial Large producer -$400m 14% 86% Pt & Pd convert harmful carbon monoxide & hydrocarbons to CO₂ Autocatalysts Autocatalysts -2g/diesel car ~4g/gasoline car . ~6.5 ~95% Industrial demand Hardness & high melting point support unique applications: Spo plugs Biomedical uses, crucibles PEM electrolysis (demand growth opportunity) Rhodium ~0.2 ~$1.7bn Prices ($/oz) Platinum Palladium Rhodium 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 17 July 2023. Ruthenium Iridium ~90% of demand is autocatalysts demand Converts harmful NOx to nitrogen Not easily substituted ~0.5g/gasoline car Spot² 970 1,300 4,200 400 4,400 ~0.7 65#66De Beers: world leader in diamonds Best-in-class business... Mining EBITDA margin¹ 50% Trading margin (typical level)2 -7% ...focused on consumers Anglo American Global Diamond Jewellery Demand³ O Self purchases4 Growing Gen Z5 ~44% -18% of 2022 demand of US demand in 2022 USA ● China India ● Japan Gulf Rest of world LGD discount continues ~76% discount to natural 1. Represents an average underlying EBITDA margin for the mining business from 2021-H1 2023. It excludes the impact of the sale of non-equity product by De Beers. 2. Typical level for trading margin. H1 2023 margin of 2% reflects the softening in demand for rough diamonds and the impact of the drop in price on the trading stock held in the midstream. 3. De Beers Strategy Insights and Analytics based on 2022 data - global natural diamond jewellery demand. 4. De Beers commissioned US Consumer Study 2023, % of volume demand (pieces of diamond jewellery) in 2022. 5. De Beers commissioned US Consumer Study 2023, % of value demand (US$) in 2022. 6. LGD discount continues, at wholesale and retail, for all sizes and qualities, online and offline, vs natural diamond equivalent product 7. Estimate using online prices for 1 ct of all colours and clarities as of June 2023. Lab Grown Diamonds (LGD) continue to see significant price reductions at the retail level differentiating the product from natural diamonds. % 55 10 6 5 4 20 66#67Structural 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 59 Anglo American 2022 1. Wet basis. 2. Production basis. 3. 2021-2022 production impacted by operational challenges. Minas-Rio production -67% Fe Pellet feed products 57 - 61 2023F Steelmaking Coal: premium products Production (Mt) High quality portfolio ~80% Hard coking coal (typical level)² 15 20223 16-19 2023F 67#68Woodsmith: 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 Anglo American Low carbon4, organics minimal processing and little waste 1. Including Inferred Mineral Resources in the Life of Asset Plan. Reserve Life is 27 years. Project is subject to further studies and Board approval. 2. Indicative only. Subject to further studies and Board approval. 3. Capex revised to -$0.7bn (previously ~$0.8bn), reflecting the revised timing of payments for certain non-critical activities. 4. In comparison to other fertiliser products. 5. Organically certified. Currently certified for organic use in EU and North America with other certification pending for approval. Progressing project infrastructure ~$0.7 bn³ 2023 capex focused on shafts and tunnel ~$1.0bn annual capex indicative² 68#69POLY4 is a multi-nutrient fertiliser Key nutrients N Nitrogen Secondary nutrients S Sulphur Other key attributes Low chloride POLY4 nutrients P Phosphates Anglo American Ca Calcium Micro-nutrients 1. Organically certified. Currently certified for organic use in EU and North America with other certification pending for approval. 2. In comparison to other fertiliser products. K Potassium Mg Magnesium Organic¹ & low carbon² 69#70POLY4 is differentiated from traditional fertilisers Current main potassium fertiliser sources MOP (Muriate of potash)¹ Chloride Potassium ~68Mt² High chloride: harmful to some plants Principally bulk crops & emerging markets Anglo American 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 I I I I 1 1 I I I I I 1 1 1 I 1 1 I I I I I T I Total: ~39Mt of potassium² POLY4: ~1.8Mt potassium ³ 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. 70#71AngloAmerican Innovation & technology AUK www.#72Operational 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 Anglo American 180 Performance (% Capacity) 120- 68 84 96 Stabilisation at higher performance 20 Example: dominant constraint at various assets & their improvement to achieve P101 over 2020-2022 Mototolo (mining) Low stability & high variation 56 88 98 Orapa (plant) Further improvement impacting stability 2020 97 96 99 El Soldado (plant) 2021 A 2022 Stabilisation at still higher performance 101 104 103 Barro Alto (plant) P100 72#73Technology & innovation will transform the physical footprint of mining $0.1-0.3bn¹ pa capex to support FutureSmart MiningTM & the delivery of our Sustainable Mining Plan targets Initiative Application Progress Los Bronces (Copper) Confluencia Plant (~65% of complex feed) unit operational with workplans under way to support business as usual. Currently, units are being impacted by feed constraints Barro Alto (Nickel) in-pit upgraded unit commenced operation in Q2 2023 and currently ramping up to achieve upgrade potential. Planning for trials at Kolomela (Iron Ore) under way Bulk ore sorting Coarse particle recovery (CPR) Hydraulic dewatered stacking (HDS) Zero Emissions Haulage Solution (ZEHS) Copper & Nickel Anglo American Copper, PGMs & Iron Ore Copper & PGMs Portfolio-wide Impact 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 Through First Mode, developing hydrogen- powered ultra-class mining haul trucks to decarbonise our largest source of diesel consumption, through renewable energy . . . El Soldado (Copper) CPR unit in operation Constructing full scale system at Mogalakwena North Concentrator (PGMs) - slurry commissioning completed and in the ramp-up and optimisation phase. Expected to deliver productivity benefits in H2 2023 CPR approved at Quellaveco (Copper) to treat flotation tails, improving recoveries by ~3% over the LOA. 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) - the trial is still on-going and expected to continue to Q2 2024. Phase 1 is complete, and results are encouraging with ~80% water recovery and rapid consolidation Assessing application to tailings expansion at Mogalakwena (PGMs) with benefits from water quality and quantity improvements. Brownfield trial started in Q2 2023, after learnings from El Soldado trial ZEHS hydrogen-powered hybrid mine haul truck at Mogalakwena (PGMs) successfully completed its prototype testing phase, accessing the deepest parts of the mine and hauling 300t loads Truck development continues with second generation powerplant, refuelling systems and infrastructure to be built and tested 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 1. Technology and innovation capex is estimated to be between $0.1-0.3bn pa (previously $0.2-0.5bn pa), including capex on Zero Emissions Haulage Solution (ZEHS) programmes and the lower guidance reflects equity accounting of the SA Regional Renewable Energy Ecosystem joint venture, Envusa Energy. 73#74AngloAmerican Sustainability performance#75Our Sustainable Mining Plan at the heart of our strategy Anglo American Partnership and engagement Environment Healthy Environment Climate change Biodiversity ✔ Water Social Thriving Communities Zero harm Education Health and well-being Livelihoods Governance III Trusted Corporate Leader & Accountability Policy advocacy Ethical value chains 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. 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. Inclusion Group standards and and diversity processes Leadership and culture Human rights Compliance with legal requirements Partnership and engagement 75#76Active route to a more sustainable world 2020 8% energy efficiency¹ 22% saving in GHG emissions¹ 2021-23 SA Thermal Coal demerger completed² Anglo American 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 100% renewable electricity across South American operations 2025 100% renewable electricity powering Australian operations >45% of Los Bronces water needs, secured from desalination offtake 3 jobs off-site for one on-site 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. All operations to undergo 3rd party audits for responsible mine certification 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. 2030 3-5 GW renewable energy generated from Envusa Energy³ in South Africa 30% improvement in energy efficiency4 5 jobs off-site for one on-site 30% absolute reduction in GHG emissions4 2040 Net positive impact on biodiversity5 50% Reduction in fresh water abstraction in water scarce areas Carbon neutrality across our operations & in our controlled ocean freight 50% Scope 3 reduction ambition 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. Included within Healthy Environment related Global Stretch Goals in Sustainable Mining Plan (https://www.angloamerican.com/sustainability/environment). 6. Targets and guidance as announced on 7 May 2020. For more information on our targets, see our latest 2022 Sustainability Report and Climate Change Report. 76#77Operations carbon neutral by 2040 Scopes 1 & 2 - GHG emissions 2016 2018 South America 100% renewable energy Hydrogen truck pilot 2020 Anglo American Fossil fuels and other3 4. CO₂ emissions from electricity consumption (all Scope 2). 5. CO₂ sub-set from fossil fuel consumption. 6. Fugitive emissions from steelmaking coal mining. 2022 Three solar PV plants in South Africa Australia 100% renewable energy VAM abatement demonstrator project 2024e 2026e Electricity purchased4 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. 3. CO₂ from fossil fuel consumption (excluding diesel) used in processing, and other activities. VAM abatement technology in implementation Diesel5 2028e Ongoing roll-out of integrated solar and wind generation in southern Africa 2030e Hydrogen trucks roll-out to priority sites Fugitive methane emissions 2032e 2030 goal - 30% reduction of GHG emissions vs 20161 Electrification of energy sources for processing facilities 2034e Hydrogen and electric mobility for wider fleets 2036e Carbon negative technologies Carbon neutrality across our operations² 2038e 2040e 77#78Ambition: 50% reduction in Scope 3 emissions by 2040 Driving scope 3 emissions reduction within our sphere of influence and control Anglo American 2020 baseline 15-20% Kumba emission intensity levers 10-15% Minas-Rio emission intensity levers Iron ore 15-20% Steelmaking coal emission intensity levers Steelmaking coal Other T ----10-15%-- 41- I I 50% reduction from other scope 3 categories ~45-55% 2040 ambition 50% Emissions reduction target 78#79Tailings dam safety management Managing tailings safely 1. Managed operations. Anglo American Group Technical Specialists 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 62 24 TSFs inactive or in care & maintenance TSFs managed in total 29 TSFs in active use Downstream/ other Upstream 9 TSFs closed or rehabilitated Southern Africa Australia 79#80ESG integrated into management remuneration SHE targets in annual bonus EPS 34% Sustainable attributable FCF 16% ESG targets in LTIPs Anglo American Individual 10% 10% 20% 20% Health & Environment 10% Safety Strategic All employees incentivised on safety¹ 30% strategic and individual measures that can contain additional ESG-linked metrics 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 for off-site jobs supported for each on-site job Mines being assured against recognised responsible mining standard 1. All employees under the Group bonus scheme and local site-specific operational bonus schemes are incentivised on safety. 80#81Measuring our ESG progress: 2023 targets Pillar of value Safety & health Environment Socio-political People Metric Work-related fatal injuries Total recordable injury frequency rate per million hours New cases of occupational disease GHG emissions - Scopes 1 & 2 (Mt CO₂e)² Fresh water withdrawals (ML)² Level 4-5 environmental incidents Social Way 3.0 implementation³ Number of jobs supported off site4 Local procurement spend ($bn)5 Taxes & royalties ($m)6 Women in management Women in the workforce H1 2023 1 1.92 0 5.2 13,700 0 66% 137,000 6.5 2,511 33% 25% Voluntary labour turnover 1. Sustainability performance indicators for the six months ended 30 June 2023 and the prior period are not externally assured. 2. Data for current and prior period is to 31 May 2023 and 31 May 2022, respectively. Anglo American is on track to meet its target of a 30% reduction in GHG emissions by 2030, based on the 2016 baseline, & despite the expected increase in 2023 as production volumes increase from Quellaveco, as outlined on page 24 of Climate Change Report 2022. Fresh water withdrawal data can vary year-on-year due to seasonal variations in hydrological cycles, production profiles & operational requirements. The fresh water savings projects & initiatives, as detailed in our Sustainability Report 2022, are on track to achieve our 2030 water reduction targets, compared with the 2015 baseline. 3. Current and prior period data presented is at 31 December 2022 and 2021, respectively. 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 Socio-political commentary on page 4 of the interim results press release. 4. Jobs supported since 2018, in line with the Sustainable Mining Plan Livelihoods stretch goal. Current period data is to 30 June 2023 and prior period data is to 31 December 2022. Anglo American 3% 5. H12022 Target 1 2.36 0 5.0 12,500 0 49% 115,000 5.7 3,491 31% 24% 2% Zero Reduction year on year Reduction year on year Reduce absolute GHG emissions by 30% by 2030 Reduce fresh water abstraction in water scarce 50% by 2030 Zero Full implementation of the Social Way 3.0 by end 2022 To achieve 33% by 2023 reas by < 5% Target achieved Not achieved On track On track On track On track on a 3- year rolling average On track Behind schedule On track On track 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. The figure for 30 June 2022 has been restated (previously $6.1bn) due to a calculation error. 6. 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. 81#82Sustainability summary Sustainability twice-yearly update presentations: → For presentations and webinar replays, visit: angloamerican.com/investors/investor-presentations Our 2022 reporting suite: 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 Anglo American Anglo American Sustainability Report 2022 Anglo American Tax and Economic Contribution Report 2022 AngloAmerican Climate Change Report 2022 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 Intelligent Mine Concentrating the Mine™M Sustainability-linked financing framework: → For more information, visit: angloamerican.com/investors/fixed-income- investors/slb-investor-downloads Sustainability-linked financing framework September 20122 AngloAmerican Other relevant sections of our website include: → ESG summary factsheets: angloamerican.com/investors/esg-summary-factsheets → Sustainability: angloamerican.com/sustainability → Approach & policies: angloamerican.com/sustainability/approach-and-policies → Social Way: socialway.angloamerican.com/en → People: angloamerican.com/sustainability/people → Inclusion & diversity: angloamerican.com/sustainability/people/diversity-and-inclusion 82#83AngloAmerican Investor Relations Paul Galloway [email protected] Tel: +44 (0)207968 8718 Emma Waterworth [email protected] Tel: +44 (0)207968 8574 Juliet Newth [email protected] Tel: +44 (0)20 7968 8830 Michelle Jarman [email protected] Tel: +44 (0)207968 1494 n