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#1AngloAmerican 2021 results 24 February 2022 Anglo American 006 Processing plant, Quellaveco#2Introductory comments. Stuart Chambers Chairman Anglo American INTERESANT#3Cautionary statement Disclaimer: This presentation 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 the slides 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 presentation is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise arising in connection with this material. Forward-looking statements and third party information This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, 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, 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, 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 produce and transport products profitably, the availability of transport infrastructure, the development, efficacy and adoption of new technology, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, the effects of inflation, political uncertainty, tensions and disputes, and economic conditions in relevant areas of the world, evolving societal and stakeholder requirements and expectations, 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 in light of such risk factors Anglo American and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. 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 presentation 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 presentation 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 presentation, 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 presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this presentation 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 presentation 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. 3#42021 results agenda 2021 overview and look ahead Mark Cutifani The numbers Stephen Pearce Positioned for a sustainable future Mark Cutifani Anglo American#5'WeCare' approach: Covid & resilience Responsible & holistic approach protecting lives & livelihoods in our workforce & communities Robust operating protocols & controls Mental health & gender-based violence support Anglo American Rigorous testing approach Successful vaccine program delivered 5#6SHE performance Safety 5.42 15 Group TRCFR1,2 2013 HH 3.17 9 Anglo American 2.66 5 Fatalities¹ 2.21 2.14 Elimination of Fatalities Taskforce ...driving our improvement journey 2 [11 2017 2018 2019 2020 2021 Covid and managing its impact ...re-established downward trend in H2 H1: 2.33 2.24 H2: 2.16 drive for a safe & healthy future Health Occupational health - new cases1,3 30 Li......... 30 16 2021 2013 209 2013 HE 96 101 39 2017 2018 2019 2020 Elimination of hazards at source ...key focus for sustainable improvement Environment Record low exposures ...upgraded work environments & controls Level 3 & above significant incidents 1,4 2 6 1 2017 2018 2019 1 1 2020 Upgraded planning & controls ...supports continuous improvements 2021 ESG factors being integrated in asset plans ...support effective social engagement#7Driving a healthy environment & thriving communities Energy mGJ 106 L HH 2013 97 84 Anglo American 87 81 85 2017 2018 2019 2020 2021 Increase from 2020 reflects increased production & Quellaveco construction ramp up Operating efficiency, technology & innovation drive longer term improvements GHG emissions CO₂ equivalent emissions 17 2013 HH 18 16 18 16 15 2017 2018 2019 2020 2021 Brazil, Chile and Peru - 100% renewable mains electricity supply secured from 2022 Developing our hydrogen strategy, using renewable energy sources Social Way Compliance Social Way Implementation5 89% 91% i 2017 2018 96% 2019 Social Way 2.0 23% 49% Social Way 3.0 standards far exceed Social Way 2.0 2020 2021 Social Way 3.0 Targeting 5 jobs in the community for every job on the mine by 2030 Schools in host communities to perform within the top 20% of state schools nationally 7#8FY 2021 results Production 个5% Unit cost, FX neutral 个10% Up 16% including FX Anglo American EBITDA $20.6bn EPS7 $7.22/sh Mining EBITDA margin 56% ROCE 10 43% 8#92021-solid operating performance Diamonds PGMs Anglo American Ongoing demand recovery Business transformation accelerated Solid unit cost performance Significantly improved production Record processing performance WIP at more normal levels Base Metals11 Bulks12 Solid Copper performance 2021 water challenges mitigated Stable Nickel performance Robust Iron Ore performance Grosvenor restarted 13 Aquila online on schedule & budget 9#10Our improvement journey Anglo American Portfolio restructuring Technical reconfiguration Operating Model & processes Mining EBITDA margin 35% 2013 56% 2021 P101 cost & volume Incremental growth & debottlenecking New projects 45-50% 2023F Margin based on long- term consensus commodity prices (which are -36% lower than the 2021 basket price) 10#11Significant improvement in our cost curve position 14 Average margin adjusted cost curve ¹4 position over time Anglo American -21% 43% 22% Peer 1 -20% 49% 29% AngloAmerican -8% 45% 37% Peer 2 201314 2021F +3% 36% 39% Peer 3 +13% 27% ↓ 41% Peer 4 11#12AngloAmerican The numbers Stephen Pearce Anglo American Hong Kong, Central District#13FY 2021 results EBITDA7 $20.6bn Unit cost, FX neutral 个10% Up 16% including FX Anglo American EPS7 $7.22/sh Shareholder returns ¹5 $6.2bn Ordinary & special dividends and buyback Net debt $3.8bn Free cash flow 16 $9.6bn 13.#14Strong margins drive record EBITDA Anglo American Diamonds $1.1bn 47% mining EBITDA margin PGMs $7.1bn 62% mining EBITDA margin³ $20.6bn Base Metals¹² $4.3bn 60% mining EBITDA margin³ Bulks¹3 13 $8.1bn 55% mining EBITDA margin 14#15Prices, operational recovery/improvement drive earnings EBITDA7 $bn Anglo American 9.8 2020 10.2 Price 18 (1.5) 1.1 Currency Covid & CPI19 recovery 19.6 0.9 ACP recovery 0.3 Cost & volume20 (0.2) Other 20.6 2021 15#16Cyclical inflationary headwinds driven by strong prices 5% CPI Anglo American 4% 2021 unit cost performance (4%) 2% 3% Input costs Volumes Maintenance Other21 10% 2021 FX neutral 6% FX 16% 2021 2022 unit cost outlook Producer country FX headwinds Inflation & input costs expected to increase in 2022 Partly offset by higher expected volumes 16#17Capex recovering post initial Covid impact Capex²2 $bn Growth Sustaining Anglo American 4.1 1.5 2.6 2020 5.2 1.8 3.4 2021 2021 higher due to partial recovery from Covid delays / supply chain disruptions Growth capex includes $0.8bn for Quellaveco & $0.5bn for Woodsmith 2022 capex to increase by ~$0.9-1.4bn due to Covid rollover & higher sustaining spend Inflation & FX impacts likely in 2022 17#18Strong cash generation drives robust balance sheet Net debt $bn 5.5 1.1 [ 202023 Anglo American Working capital 2.4 Cash generation (1.8) Growth capex22 3.8 2021 $1.7bn reduction in net debt PGM prices & customer prepayment result in working capital reduction Robust cash generation across all business units Supporting disciplined, value-adding growth 10% gearing 18.#19Healthy dividend pay-out with additional returns 499 c/sh 50 c/sh 80 c/sh 80 c/sh 289 c/sh 2021 Anglo American $0.6bn H2 special dividend $1.0bn Buyback $1.0bn H1 special dividend $3.6bn Base dividend 15 40% of underlying earnings $0.6bn Special dividend announced for H2 2021 leading to... 69% Total payout ratio in 2021 Thungela In-specie capital return: >250% increase in its share price 19#20Transparent taxes & royalties in host countries builds trust Anglo American Chile $1.0bn Brazil $0.5bn UK $0.4bn Other Africa $0.7bn South Africa $4.0bn Australia/Asia $0.4bn $7.1bn Taxes and royalties24 Paid in host country ✓89%24 increase from 2020 20#21Balanced capital allocation framework Anglo American flow after ing capital Future project options 3. Discretionary capital options to base Balance sheet flexibility Portfolio upgrade 2. Commitment dividend Additional shareholder returns 2021 allocation of capital 1) $9.6bn Sustaining attributable free cash flow ¹6 2) $3.6bn 2021 dividend at 40% of underlying earnings ¹5 15 3) $4.4bn Growth capex22 ($1.8bn) & additional shareholder returns ($2.6bn¹5) 21#22Cost and volume improvements on track 2021 delivery vs 2017 Anglo American $1.4bn Delivered improvement25 $3.5-4.5bn Up to $2.0bn Up to $2.5bn 2023 target Projects: 2022-23 Quellaveco Marine Diamonds Namibia Technology & Innovation: 2020-23+ Predictive Maintenance Bulk Ore Sorting rollout Coarse Particle Recovery Operating Model & P101: 2017-23 Copper mine & plant performance Minas-Rio ramp up Operational stability 22#23Balanced, disciplined and sustainable approach Cash returns $12.3bn Dividends & buybacks since 201715 Resilient balance sheet Anglo American 0.2x 2021 Net debt:EBITDA7 Attractive growth ~18% Production growth by ~20236 Capital employed by geography26 Other Australia 9% Botswana 12% & Namibia 13% 21% South Africa 23% 22% Chile & Peru Brazil 23#24AngloAmerican Positioned for a sustainable future Mark Cutifani Odaiba - Tokyo#25Driving towards a sustainable future Greener World Cu Eq production Anglo American Transition enabling High quality Iron Ore Electrified World Met Coal Crop Nutrients Nickel & Manganese ~85% Future enabling Diamonds PGMs Consumer World Copper 25#26By 2040 - operations carbon neutral & 50% cut in Scope 3 Operations carbon neutral by 2040 Scope 1 & 2 GHG emissions 2016 2018 Anglo American / 2021 2020 Fossil fuels Anglo American South America renewable energy Hydrogen trucks pilot 2022e Three Solar PV plants in South Africa 2024e Electricity purchased Regionally integrated solar and wind in South Africa VAM implementation 2026e Diesel 2028e 2030e Southern Africa electrical supply predominantly wind and solar PV 2032e Fugitive methane emissions 2030 goal -30% reduction of GHG emissions vs 2016 2034e Carbon neutrality across our operations Hydrogen and electric widely implemented 2036e 2038e Carbon negative technologies 2040e Ambition: 50% reduction in Scope 3 emissions by 2040 Scope 3 GHG emissions Thermal coal mines divested Met coal Iron ore Other Anglo American / 2021 2020 Production growth outpaces steel value chain decarbonisation 2030e Production growth in future enabling products Steel value chain decarbonisation takes effect Our ambition: 50% reduction 204-0e 19 See footnotes 27 & 28 26#27Quellaveco video Anglo American Please click here for video Papujune processing plant 27#28Quellaveco on track for mid 2022 delivery PARE Anglo American Operations-Autonomous haul trucks CARA CARGADO DE VIDA Y SEGUR 01 Quellaveco Greenfield copper project On track for mid 2022 delivery despite Covid challenges First ore delivered October 2021 ● Processing plant - Line 1 ~90% complete, pre-commissioning underway Water dam complete - provider of year round freshwater to communities 100% renewable electricity On budget: $0.7-0.8bn22 capex to go (our share) FY 2021 capex ~$0.8bn22 (our share) Upcoming 2022 milestones on track Completion of 95km freshwater pipeline Primary crusher commissioning Completion of processing plant ● ● ● . 28#29Quellaveco - a world class asset Anglo American Papujune processing plant DE Growth: ~10% CuEq growth (~300ktpa²⁹) Unit costs: since approval, first 5 years' unit cost down from ~96c/lb to ~85c/lb (2018 real basis) (nominal: ~105c/lb to ~95c/lb) Production: +400kt29 of production brought forward - significant value enhancement Value: 4 year payback period; > 50% EBITDA margin Ore reserves: 18% uplift in contained metal leading to 6 years additional LOM Guidance Production (kt) C1 unit cost - nominal (c/lb) Capex - growth ($m)our share 2022F 100-150 ~12530 500-700 2023F 2024F 320-370 320-370 First 5 year ave: ~95 <250 29#30Portfolio complemented by high value growth options31 Moranbah-Grosvenor (Metallurgical Coal) ~2025 ~$0.3bn capex on washplant >15% IRR, +2.5Mtpa saleable tonnes Anglo American Mogalakwena (PGMS) from ~2026 Number of options being considered Good progress in the six workstreams Collahuasi Phase 2 (Copper) ~2028 Next stage expansion, +100ktpa CuEq Reviewing scale-up options Sakatti (Copper) ~2028 Rich polymetallic deposit in Finland, 80-100ktpa CuEq Pre-feasibility studies & permitting Woodsmith (Crop Nutrients) ~TBC Multinutrient, low chloride, low carbon fertiliser Detailed engineering ongoing 30#31Value-adding, future-enabling growth >90% growth capex allocated to future-enabling products Cu Eq production Baseline portfolio Anglo American Met Coal +18% ~2023 Iron Ore PGMs ~50% margin³² projects focus on high quality, low-cost assets Copper +21% ~2025 Crop Nutrients +35% ~20306 31#32Purpose: to re-imagine mining to improve people's lives Effectiveness > 10% 33 Free Cash Flow ³3 (on capital employed) Anglo American 31% Efficiency 15-20% ROCE 10 2021 43% Sustainability 7 Pillars of Value Embedded 32#33Q&A Our investment proposition Competitive assets Strong cost position Long term growth +35% Anglo American Differentiated capabilities Technology-led Sustainability leader W Sustainable returns EBITDA improvement $3.5-4.5bn Disciplined capital allocation To ask a question, Standard International Dial-in: UK +44 (0) 2071 928338/ SA 0800 014552/ US 1 87787 09135 Conference ID: 7117989 33#34Footnotes 1. Recordable incidents. Data relates to subsidiaries and joint operations over which Anglo American has management control. Since 2018 data for fatalities, TRCFR and environmental metrics excludes results from De Beers' joint operations in Namibia and Botswana. Total Recordable Cases Frequency Rate per million hours. 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. In 2020, we launched a new integrated social performance management system (Social Way 3.0) which has raised performance expectations and has resulted in continued improvement i our social performance. Sites are expected to have implemented the Social Way 3.0 by the end of 2022. 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. Copper equivalent production is calculated using long-term consensus parameters. 2021 copper equivalent production is normalised to reflect the demerger of the South Africa thermal coal operations, the sale of our interest in Cerrejón and the closure of the manganese alloy operations. Growth was calculated in Q4 2021 with reference to a 2021F baseline. Future production levels are indicative and subject to final approval. Metrics on an underlying basis - before special items and remeasurements adjusted to include the Group's attributable share of associates' and joint ventures' results. 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, 3rd_ 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. 2021 copper equivalent unit cost is normalised to reflect the demerger of the South Africa thermal coal operations, the sale of our interest in Cerrejón and the closure of the manganese alloy operations. 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. Bulks excludes thermal coal businesses. 234 3. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Approval received from the Resources Safety and Health Queensland in February 2022. Based on 2021 forecast as of Q4 2021. Source: Wood Mackenzie; AAP; De Beers; CRU; McKinsey MineSpans. Excludes non-AA mined commodities (e.g., zinc, bauxite). Excludes non-mining activities (e.g., petroleum, alumina/aluminium processing, marketing). Incorporates 2014 data for diamonds. Greater improvements than peers for our portfolio of commodities. Of the $3.6bn base dividend in respect of the financial year 2021, $2.1bn was paid during the year as an interim ordinary dividend and the remainder will be paid in H1 2022. $0.8bn of the $1.0bn 2021 share buyback programme had been completed at 31 December 2021. The cumulative amount of $12.3bn since 2017 includes the full 2021 base dividend of $3.6bn and all additional special dividends and share buybacks declared as at February 2022. 16. Sustaining attributable free cash flow is defined as net cash inflows from operating activities net of 15. Anglo American 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. capital expenditure (sustaining/lifex only), net interest paid, dividends paid to minorities and capital repayment of lease obligations. Group EBITDA also includes thermal coal, exploration expenditure and unallocated corporate costs. Price variance calculated as increase/(decrease) in price multiplied by current period sales volume. Inflation variance calculated using CPI on prior period cash operating costs that have been impacted directly by inflation. Cost plus volume. Volume: increase/(decrease) in sales volumes multiplied by prior period EBITDA margin (ie flat unit costs, before CPI). Cost: change in total USD costs, again, before CPI inflation. For assets with no prior period comparative (eg in ramp up) all EBITDA is included in the volume variance. Net impact of production and sales disruption and recovery due to Covid-19 as well as PGMs ACP recovery - both excluded and shown separately. Other includes the impact of items such as deferred stripping and stock movements. 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, reflects attributable share of capex, see appendix. Opening Net Debt and prior year comparatives have been restated by $0.1bn following an amendment to the definition of Net Debt to exclude variable vessel leases. Taxes and royalties include all taxes and royalties both borne and collected by the Group. This includes corporate income taxes, withholding taxes, mining taxes 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 (eg Canada & Peru) and hence, rounding differences occur to Group total. For 2021, Peru amounted to $22 million. Cumulative 2021 cost & volume improvement in EBITDA is impacted by above-CPI cost inflation of ~$0.3bn and is included within the total target. Capital employed on an attributable basis. 2030 target based on an absolute reduction in GHG emissions across the business vs 2016 baseline adjusted for structural changes. 2020 Energy and GHG (Scope 1 & 2) savings are calculated relative to projected 'business as usual' consumption levels. For more information on carbon neutral targets see Sustainable Performance presentation from 29 October 2021. Targets and guidance as announced on 7 May 2020. For more information on carbon neutral targets see Sustainable Performance presentation from 29 October 2021. 100% basis. 300kt average annual production over first ten years. 400kt production brought forward is gross of a 200kt offset from Covid. Based on ramp-up year and production volumes of 100-150kt. 2022 is a ramp-up year and therefore unit costs range significantly and are highly dependent on production start date, and subject to further Covid-19 impacts. Growth options that are not yet approved. The margin reflects the targeted potential margin for our growth and lifex projects. Long-term target for 'Sustaining attributable free cash flow'/ average attributable capital employed. 34#35AngloAmerican Appendix Anglo American * 221 pla Mogalakwena North Concentrator 35#36AngloAmerican Simplified earnings & guidance Anglo American Papujune Dome at Quellavede 36#372021 simplified earnings by BU $m (unless stated) Sales volume (mined share) Average benchmark price Product premium/discount Freight/moisture/provisional pricing per unit Realised FOB Price FOB/C1 unit cost Royalties per unit Other costs 18 unit¹ per FOB Margin per unit Mining EBITDA per unit Attributable share Material processing & trading24 Total EBITDA See next slide for footnotes and supporting calculations. Anglo American De Beers (Diamonds) 33.4Mct3 n/a n/a n/a $115/ct12 $58/ct $3/ct $13/ct19 585 515 1,100 Copper 641kt ~85% $9,326/t6 $1,084/t20 $41/ct $6,257/t n/a _15 4,011 4,011 Nickel ~77% 42.1kt $18,497/t6 $(1,455)/t $661/t10 $9,987/t $17,042/t $2,814/oz¹3 $2,646/t $8,311/t $868/oz $77/t16 $136/oz $1,053/t $78/oz21 $7,601/t $1,732/oz n/a 320 320 PGMs 100% 3,442koz4 n/a n/a 5,961 1,138 7,099 Iron Ore¹ ~79% 63.3Mt n/a $(31)/t11 $157/t $33/t $6/117 $22/t $9/122 $(3)/t23 $109/t $68/t 6,871 $169/t $19/t8 6,871 Met Coal ~70%26 14.1Mt5 $211/t7 $(19)/t⁹ n/a $192/t¹4 $105/t14 962 962 100% Other² 258 1325 271 100% Total 18,968 1,666 20,634 ~80% 37#382021 simplified earnings by BU - notes PGMs basket price Own mined PGMs basket Platinum Palladium Rhodium Iridium, ruthenium & gold Base metals & other27 Total revenue PGM volume4 Realised price 3. 4. Volume Revenue $1,088/oz 1,546koz $1,682m $2,432/oz 1,200koz $2,918m $19,517/oz 208koz $4,060m 488koz $555m $470m $9,685m 3,442koz $2,814/oz Iron Ore realised price Market price28 Freight Moisture content2⁹ Lump premium8 Fe premium Product premium Realised FOB price Total iron ore Own mined sales volumes including proportionate share of joint operation volumes. PGM ounces are reported on a 5E+Au basis. 5. Excludes thermal coal sales. Basket price (per PGM oz)13 1. Wet basis. Weighted average of Kumba and Minas-Rio. 2. Manganese ($315m), Crop Nutrients ($(41)m), Exploration ($(128)m), unallocated Corporate costs ($(63)m), Thermal Coal - South Africa ($101m) and Thermal Coal - Cerrejón ($87m)). Proportionate share of sales volumes (19.2% Botswana, 50% Namibia): 14.4Mct. $169/t $160/t $185/t $(24)/t $(21)/t $(29)/t $(14)/t $(7)/t $(3)/t $16/t $10/t 14. Realised price adjusted to include Jellinbah. Unit cost is for managed operations only. 15. Royalties for Copper Chile are recorded in the income tax expense line, after EBITDA. Anglo American $5/t $157/t 13. Price for basket of own mined product per 5E+Au PGM oz. Higher than usual reflecting the strong realised price for rhodium, particularly in the first half of the year. See PGMs basket price table above. $4/t Kumba Minas-Rio $6/t $3/t $161/t $3/t $5/t $150/t Met Coal blended price HCC PCI Weighted average metallurgical coal Market price Volume $226/t 10.8Mt $164/t 3.3Mt $211/t 14.1Mt 6. LME price, c/lb converted to $/tonne (2,204.62 lbs/tonne). 7. Weighted average of HCC/PCI prices, FOB Aus. See Met Coal blended price table above. 8. Kumba: 64.1% Fe content, ~69% of volume attracting lump premium; Minas-Rio: 67% Fe content, pellet feed. Including product premium. See Iron Ore realised price table above. 9. Sales volumes ~76% HCC, averaging 93% realisation of quoted low vol HCC price. 10. Provisional pricing & timing differences on sales. 22. Weighted average. Kumba: $8/t; Minas-Rio: $10/t. 23. Includes a credit to EBITDA reflecting the benefit of the high margin achieved on the sales of thermal coal by-product in Australia. Refer to FY2020 presentation for more typical spend. 24. Principally processing & trading of product purchased from third parties. 11. Freight and moisture. See Iron Ore realised price table above. 12. The realised price for proportionate share (19.2% Debswana, 50% Namibia) excluding the 11% 25. H1 2021 thermal coal trading & Isibonelo domestic operations, included until the demerger of trading margin achieved in 2021. Thermal Coal South Africa on 4 June 2021. 16. In line with prior years, royalties on Nickel, in Brazil, are based on production costs incurred. 17. Weighted average. Kumba: $7/t; Minas-Rio: $5/t. 18. Includes market development & strategic projects, exploration & evaluation costs, restoration & rehabilitation costs and other corporate costs. 19. Lower than previous periods reflecting improved performance at non-mining businesses (in particular, Element Six). 20. Includes costs related to Quellaveco, Covid-19, Chagres third-party purchases of concentrate, corporate allocations, offset by adjustments to rehabilitation provisions. 21. Lower than previous year, reflecting the impact of Covid & ACP disruptions in 2020. Broadly in line with FY2019 ($87/oz), which is more typical spend. 26. Weighted average. Kumba: ~53%; Minas-Rio: 100%. 27. Nickel, copper, chrome & other metals. 28. Kumba: Platts 62% Fe CFR China; Minas-Rio: MB 66% Fe concentrate CFR. 29. Moisture adjustment converts dry benchmark to wet product. Kumba: ~1.6%; Minas-Rio ~9%. 38#39Guidance summary Earnings Volumes Unit costs 2022 depreciation 2022 effective tax rate LT effective tax rate Base dividend pay-out ratio See slide 40-41 See slide 42 Anglo American $3.0-3.2bn 33-35%² 31-35%² 40% of underlying earnings Capex¹ (numbers in brackets are previous guidance) $6.1-6.6bn ($6.2-6.7bn) $1.6-2.1bn ($1.7-2.2bn) -$0.6bn (~$0.7bn) 2022 Growth • Includes Woodsmith Sustaining • Baseline • Lifex ● 2023 Growth Sustaining Baseline ● Collahuasi desal4 • Lifex ● Collahuasi desal4 2024 ● Growth Sustaining Baseline • Lifex Collahuasi desal4 LT sustaining 2. ETR is highly dependent on a number of factors, including the mix of profits, 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. ~$4.5bn ~$3.4bn ~$0.7bn ~$0.4bn $6.0-6.5bn $1.2-1.7bn ~$4.8bn ~$3.5bn ~$0.8bn ~$0.5bn $5.6-6.1bn $1.5-2.0bn ~$4.1bn ~$3.3bn ~$0.6bn ~$0.2bn ~$3.0bn + lifex Other Quellaveco copper project 2022 capex³: 100% $0.8-1.1bn; our share $0.5-0.7bn . ● Our share of capex included in capex guidance¹ Mitsubishi share of capex increase to net debt (slide 51) 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, reflects attributable share of capex, see slide 51. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2022. Long-term sustaining capex guidance is shown on a real basis. Net debt: EBITDA: <1.5x bottom of cycle 39#40Production outlook Diamonds¹ Copper² Platinum Group Metals³ Iron ore4 Metallurgical coal5 Nickel6 Units Anglo American Mct kt Moz Mt Mt kt 2019 31 638 4.4 66 23 43 2020 25 647 3.8 62 17 44 See next slide for footnotes and additional guidance. All guidance subject to the extent of further Covid-19 related disruption. 2021 32 647 4.3 64 15 42 2022F 30-33 660-750 Previously 680-760 4.1-4.5 63-67 20-22 40 2023F 30-33 910-1,020 4.1-4.5 64-68 22-24 41-43 2024F 30-33 910-1,020 4.1-4.5 67-71 24-26 42-44 40#41Production outlook - supplementary guidance Copper² Platinum Group Metals - Refined? Platinum Group Metals - M&C by metal³ Moz Iron ore (Kumba)8 Iron ore (Minas-Rio)⁹ 2. 3. 4. 5. Units 6. 7. kt 8. 9. Moz Mt Mt 2019 638 4.4 4.7 43 23 2020 647 Pt: 1.8 Pd: 1.2 Other: 0.8 2.7 38 24 2021 647 Pt: 1.99 Pd: 1.35 Other: 0.96 5.1 41 23 2022F Chile: 560-600 Peru: 100-150 Previously 120-160 Pt: 1.9-2.1 Pd: 1.3-1.4 Other: 0.9-1.0 4.2-4.6 39-41 24-26 Chile: 2023F Peru: 320-370 Pt: 1.9-2.1 Pd: 1.3-1.4 Other: 0.9-1.0 3.8-4.2 39-41 25-27 2024F Chile: 590-650 Peru: 320-370 Pt: 1.9-2.1 Pd: 1.3-1.4 Other: 0.9-1.0 1. All guidance subject to the extent of further Covid-19 related disruption. 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 during 2022, with ramp-up expected from 2023. Copper business unit only. On a contained-metal basis. Total copper is the sum of Chile and Peru. Chile production is subject to water availability. Chile production in 2022 impacted by lower expected grades at Collahuasi and Los Bronces, and lower water availability at Los Bronces. Peru production for 2022 has been revised down as a result of reduced workforce availability due to Covid-19 following the spread of the Omicron variant in Peru in early 2022. 5E + gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). Total iron ore is the sum of Kumba and Minas-Rio on a wet basis. Excludes thermal coal production in Australia. 2022 production is expected to be at the lower end of the ran due to the delayed restart of operations at Grosvenor, following the suspension from May 2020. Moranbah-Grosvenor plant expansion will be submitted for approval in 2023, dependent on progress of longwall operations post-restart of Grosvenor mine, with volume benefits expected from ~2025. Nickel business unit only. 2022 production is impacted by lower expected ore grades. 2023 and 2024 production dependent on bulk ore sorting technology and briquetting project. 5E + gold produced refined ounces. Includes own mined production and purchased concentrate volumes (excludes tolled material). Refined production is subject to the potential impact of Eskom load-shedding. Higher refined volumes in 2021 owing to the ACP outperformance and release of majority of the work-in-progress (WIP) inventories from 2020. 2022 refined volumes are impacted by lower WIP inventory and a scheduled smelter rebuild. 2023 refined volumes are impacted by a temporary build-up in WIP inventory, due to the impact of the smelter rebuild in 2022, as well as mining through a higher base metals area at Mogalakwena. Volumes are reported as wet metric tonnes (wmt). Product is shipped with ~1.6% moisture. Subject to the third-party rail and port performance. Volumes are reported as wet metric tonnes (wmt). Product is shipped with ~9% moisture. Pipeline inspections impact 2020 and 2023 volumes. Anglo American 4.1-4.5 41-43 26-28 41#42Unit costs performance by Business Unit De Beers (US$/ct)¹ 57 2020 27 58 2020 2021 Iron Ore (FOB US$/t)4 33 ~65 2021 2022F ~35 2022F Copper (C1 USC/lb)² 113 2020 86 120 2020 2021 Met Coal (US$/t)5 105 ~140 2021 2022F Previously -$80/t ~85 2022F PGMs (US$/PGM oz)³ 713 2020 334 868 2020 2021 Nickel (C1 USC/lb) 377 ~900 2021 2022F ~450 2022F Note: Unit costs are subject to any further effects of Covid-19 and exclude royalties, depreciation and include direct support costs only. FX rates for 2022 costs: ~16 ZAR:USD, ~1.4 AUD:USD, ~5.6 BRL:USD, ~830 CLP:USD, ~4 PEN:USD. 1. De Beers unit cost is based on De Beers' share of production. 2022 unit cost increase reflects the impact of inflation. 2. The total copper unit cost for 2022F is the weighted average of Copper Chile and Copper Peru based on the mid-point of production guidance (2020 and 2021 unit cost represents Copper Chile only). 2022 unit cost for Copper Chile~145c/lb (2021:120c/lb), the increase reflects lower production volumes, the impact of inflation, higher input costs and water purchases, as well as lower by-product credits. 2022 unit cost for Copper Peru ~125c/lb, this is based on ramp-up production volumes, and therefore unit costs could range significantly and are highly dependent on production start date, and subject to further Covid-19 impacts. 3. Unit cost is per own mined 5E + gold PGMs metal in concentrate ounce. 2022 unit cost increase reflects the impact of inflation and higher input costs, including labour and electricity. 4. Wet basis. Total iron ore is the weighted average of Kumba and Minas-Rio based on the mid-point of production guidance. 2022 unit cost for Kumba-$41/tonnes (2021: $39/tonnes) and Minas-Rio-$25/tonnes (2021: $24/tonnes), both reflecting the impact of inflation and higher input costs. 5. Metallurgical Coal FOB/t unit cost comprises managed operations and excludes royalties and study costs. 2022 unit cost revision reflects the impact of the delayed restart of operations at Grosvenor, resulting in production volumes towards lower end of guidance range. The decrease in unit costs from 2021 reflect the benefit of higher production volumes expected from Moranbah and Grosvenor in 2022, offset by the impact of inflation and higher input costs. 6. Nickel 2022 unit cost increase reflects impact of inflation, higher input costs and lower production volumes. Anglo American 42#43Earnings sensitivities Sensitivity Analysis - 20211 Commodity / Currency Copper (c/lb)² Platinum ($/oz) Palladium ($/oz) Rhodium ($/oz) Iron Ore ($/t) Met Coal (hard coking coal) ($/t) Nickel (c/lb)5 Oil price South African rand Australian dollar Brazilian real Chilean peso 1. Reflects change on actual results for FY 2021. 2. Includes copper from both the Copper and PGMs Business Units. 3. Platts 62% Fe CFR China. 4. Wet basis. Kumba: $161/t; Minas-Rio: $150/t. 5. Includes nickel from both the Nickel and PGMs Business Units. Anglo American 31 December spot 440 962 1,928 14,150 1193 357 949 77 15.96 1.38 5.57 852 Average realised 453 1,083 2,439 19,613 1574 211 773 71 14.79 1.33 5.40 761 Impact of 10% change in price / FX EBITDA ($m) 582 181 307 443 944 198 101 44 970 100 64 83 43#44Capex recovering post initial Covid impact Capex¹ ($bn) Woodsmith Totals Growth Lifex Baseline sustaining ~0.6 (prev. ~0.7) 1.0-1.5 ~0.4 ~0.7 ~3.4 2022F 6.1-6.6 (prev. 6.2-6.7) Collahuasi → desal 1.2-1.7 ~0.5 ~0.8 ~3.5 2023F 6.0-6.5 (excl. Woodsmith) Collahuasi desal 1.5-2.0 ~0.2 ~0.6 ~3.3 2024F 5.6-6.1 (excl. Woodsmith) HH ~3.0 + Lifex Long-term (real) 1. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex. Collahuasi desalination capex shown includes related infrastructure. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2022. Long-term sustaining capex guidance is shown on a real basis. Anglo American 44#45Life extension capex Major components of lifex¹ ($bn) Approved Mototolo - Der Brochen (PGMS) Kolomela (Iron Ore) Aquila³ (Met Coal) Guidance Venetia Underground (Diamonds) Venetia (Diamonds) Kolomela (Iron Ore) Approved Lifex projects - subject to disciplined capital allocation framework Complete Approved Approved Capex (pa) Approved ~$0.1bn³ ~$0.2-0.3bn²2 ~$0.2bn ~0.7 ~$0.1bn6 ~0.1 ~$0.1bn7 ~0.2 ~0.3 2022F Volume (pa) 4Mct² 3.5Mt 4Mt 9Mct6 From¹ 0.25Moz PGMs 2023 2022 2024 2027 ~0.8 2023 ~0.1 ~0.2 ~0.3 2023F LOM extension +24 years² 7 years4 +3 years5 +9 years IRR >15% >30% Jwaneng (Diamonds) Mototolo - Der Brochen (PGMs) +30 years7 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 progress of project studies. 'From' column represents first production. 2. Previously showed 5Mctpa and LOM extension of +22 years. The life of mine has been extended by 2 years, but with lower volumes per annum due to an updated resource model. 3. Lifex for Grasstree underground mine within Capcoal complex. Reflects attributable share of capex and production. Longwall production commenced in February 2022. Remaining capex spend in 2022 is <$0.1bn. Forecast Returns >20% ~0.6 >15% ~0.1 >25% ~0.3 2024F Margin 4. Per the Anglo American plc Ore Reserves and Mineral Resources Report 2020, the Reserve Life for Aquila is reported at 6 years, 7 years reflects the life of mine which considers the Inferred Mineral Resource in mine plan. 5. This project adds three years to the life extension, this is included in the disclosed LOM (life of mine) to 2034 (12 years). >50% >40% >35% >50% >35% 6. Attributable share of capex. 100% of production volumes. Capex spend <$0.1bn in certain years therefore not shown on graph above. 7. Capex spend is over 6 years, with most of this capex in 2022-2024. Leverages the existing Mototolo infrastructure, enabling mining to extend into the Der Brochen Mineral Resource, which will potentially extend the LOM beyond 30 years. Anglo American 45#46Breakdown of projects driving growth capex Major components of growth capex¹ ($bn) Approved Guidance Quellaveco2 (Copper) Sishen (Iron Ore) Collahuasi 5th ball mill3 (Copper) Technology & innovation 1.0-1.5 + 0.6 Woodsmith (prev. + 0.7) ~0.6² ~0.1 ~0.13³ ~0.1 ~0.3 2022F 1.2-1.7 ~0.2² ~0.1 ~0.4 ~0.5 2023F 1.5-2.0 ~0.5 ~0.2 ~0.5 2024F Mogalakwena (PGMs) Unapproved Moranbah-Grosvenor (Met Coal) Unapproved 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, reflects attributable share of capex. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2022. 2. This capex relates to Quellaveco, attributable share. 3. This capex relates to Collahuasi Phase 1 (Copper), attributable share. The ~$0.1bn is the approved capex spend for the 5th ball mill only (first production expected in ~2023), other near-term initiatives under phase 1 are under study. Anglo American 46#47Attractive greenfield and brownfield options Growth capex¹ ($bn) Long life greenfields and fast returning brownfields Quellaveco (Copper) Marine Namibia (Diamonds) Sishen (Iron Ore) Collahuasi Phase 15 (Copper) Woodsmith (Crop Nutrients) Mogalakwena expansion (PGMs) Moranbah-Grosvenor (Met Coal) Collahuasi Phase 2 (Copper) Technology & innovation 0000000 Approved Delivered Approved Approved Approved Ongoing -2023 -2024 Ongoing Capex ~$2.8bn² ~$0.2bn³ ~$0.2bn ~$0.3bn ~$0.3bn Volume (pa) +300kt² $0.2bn to $0.5bn pa +0.5Mct3 -$1/t4 premium & 3-4 year LOM +50kt From¹ +2.5Mt8 2022 2022 2023 2023 2025 Payback ~4 years ~3 years ~6 years 4. This capex refers to the implementation of Ultra High Dense Media Separation (UHDMS) technology at Sishen. -$1/t premium applies to ~50% of volumes. 5. Attributable share of capex and production volumes. The 5th ball mill has been approved, other near-term initiatives (e.g. leaching) under phase 1 are under study. ~4 years Forecast Returns IRR ~5 years >15% >25% >30% >30% Optimisation of development timeline and design ongoing Progressing the six workstreams for the Future of Mogalakwena to drive the best value outcome? Studies underway for next stage expansion; potential up to +100ktpa from 2028 >15% Margin >50% >60% >40% >50% >50% Multiple options - rapid payback, high profitability, 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 progress of growth project studies and Woodsmith is excluded after 2022. 'From' column represents first production. 2. Attributable share post syndication proceeds. Previously shown as $2.7-$2.8bn capex. Excludes the impact of potential additional Covid-19 disruption. 100% of production volumes; 60% attributable share of production: 180ktpa. 3. Attributable share of capex. 100% of production volumes. 6. Capex spend for 2020, 2021 and 2022 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. 7. Previously showed third concentrator feasibility studies were due to complete in H1 2022. The pathway to further develop Mogalakwena has evolved, and as a result these feasibility studies for the concentrator will continue as part of the six workstreams prior to making a final investment decision. The studies indicate that the earliest date for first production would be from ~2026. 8. Attributable share of capex and production volumes. Moranbah-Grosvenor complex processing capacity increases by +3.5Mtpa ROM. This is equivalent to +2.5Mtpa saleable production, our attributable share. Anglo American 47#48Technology & innovation will transform the physical footprint of mining $0.2-0.5bn pa technology capex to more precisely target metal & mineral with less water, waste & energy Initiative Bulk ore sorting Coarse particle recovery (CPR) Hydraulic dry stack Hydrogen trucks - zero emission haulage solution Anglo American Application Copper, PGMs & Nickel 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 Developing the world's largest hydrogen powered mining truck to decarbonise high power transport, using renewable energy ● ● ● Progress Testing complete at Barro Alto (Nickel) August 2020. ~$35 million capex for 100% throughput with phased upgrade through 2022-23 Testing complete at Mogalakwena (PGMs) November 2020. Full scale North Concentrator unit operational, integration to business as usual is underway (~70% of complex feed) Demo plant construction and commissioning completed in 2021 at El Soldado (Copper) with further testing in progress Constructing full scale system at Mogalakwena North concentrator (PGMs) with start-up anticipated Q3 2022 CPR approved at Quellaveco (Copper) to treat flotation tails, improving recoveries by ~3% over the LOM. Commissioning expected in late 2023 Feasibility work continues at Los Bronces (Copper) & Minas-Rio (Iron Ore) with options being investigated at Collahuasi El Soldado (Copper) demonstration anticipated commissioning in Q1 2022 Assessing application to tailings expansion at Mogalakwena (PGMs) with benefits from water quality and quantity improvements Together with CPR, potential for 20-30% additional production within existing water licences at Quellaveco and Collahuasi (Copper) Proof of concept delivered at Mogalakwena in Q4 2021 and commissioning anticipated Q1 2022. 40 truck roll-out planned to start in 2024, powered by a local solar plant Assessing rollouts at Copper, Diamonds and Iron Ore operations 48#49Quellaveco financial modelling Ownership Accounting treatment Project capex (nominal) ¹ Construction time / first production Production (copper equivalent)¹ (ktpa) By-products3 C1 unit cost ($/lb) (2018 real)4 Grade (%TCu) Stay-in-business capex (real) Tax rate Anglo American 60%, Mitsubishi 40% Fully consolidated with a 40% minority interest Shareholder loans from minority shareholder consolidated in Anglo American net debt $5.4-5.5 billion (previously $5.3-5.5bn) (100% basis - Anglo American share 60%, Mitsubishi share 40%) <4 years, from August 2018. First production in mid-2022 ~330 ave. over first 5 years ~300 ave. over first 10 years ~220² ave. over 36 year Reserve Life² ~6ktpa contained molybdenum (ave. over first 10 years), with silver content 0.96 ave. over first 5 years 1.05 ave. over first 10 years 1.245 ave. over 30 year Reserve Life5 0.84% ROM ave. over first 5 years 0.73% ROM ave. over first 10 years 0.53%² ROM ave. over 36 year Reserve Life² -$70 million pa ~40% 1. Excludes the coarse particle recovery unit approved in February 2021. Production volumes based on the feasibility study completed in 2018. 2. Please refer to the most recent Anglo American plc Ore Reserves and Mineral Resources Report for more details. 3. By-product credits are included in the C1 unit cost. 4. Based on assumptions (e.g. input costs) as at July 2018, when the feasibility study was completed. 5. LT unit cost on 2018 real basis is only available over the original 30 year reserve life, when the feasibility study was completed. 6. Grade based on feasibility study completed in 2018. 7. 100% basis. Excludes deferred stripping. Anglo American 49#50Quellaveco accounting - ramp up & commercial production First ore, ramp up and commissioning 2022 Production C1 unit cost - nominal Accounting treatment considerations Ramp up to commercial production Accounting treatment considerations once commercial production is reached First ore: October 2021, Commissioning: mid-2022 followed by 12-month ramp up Anglo American 100-150kt¹ (previously 120-160kt) ~$1.25/lb² ● ● ● Ramp-up of production levels to full design capacity is expected 12 months after first production Mine depreciation commences Cessation of capitalisation of borrowing costs; interest on Mitsubishi shareholder facility will be expensed in finance costs on consolidation ● Inventory recognised when first ore extracted, at cost of production, including element of waste stripping Revenue recognised in income statement with costs of production recognised in cost of sales Project team and ongoing direct construction costs will continue to be capitalised ● 1. Peru production for 2022 has been revised down as a result of reduced workforce availability due to Covid-19 following the spread of the Omicron variant in Peru in early 2022. 2. 2022 is a ramp-up year and therefore C1 unit costs range significantly and are highly dependent on production start date, and subject to further Covid-19 impacts. 3. Revenue will be recognised in line with the IAS 16 amendment published in May 2020, which states that revenues generated (from first production date) by an asset in construction must be recognized in the income statement as revenue, along with the related cost of production. 50#51Quellaveco accounting - debt After the initial $0.8bn equity injection by Mitsubishi, the project is now 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 ($5.4-5.5bn¹ project total capex range) $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 2022F² 1.0 1.0 0.6 0.4 1. Excludes the coarse particle recovery capex approved in February 2021. Previously shown as $5.3-5.5bn project total capex range. 2. Project spend extended into 2023 due to more than 6-month Covid-19 related delay. 3. Cessation of capitalisation of borrowing costs once commercial production begins, this is expected following a 12-month ramp up from commissioning. Anglo American 2023F² <0.3 <0.3 <0.2 <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 and reported within growth capex) 51#52110 Map of Quellaveco % Loader Transportation. jetway Anglo American Storage dome Moquegua River Asana Moquegua Tumilaca River Capillune River L PAPUJUNE CONCENTRATING PLANT Tambo River Flotation area Mill area Asana Thickeners Dome PAPUJUNE CONCENTRATING PLANT Flotation Mill area area T**** the 3.5 km conveyor 3.1 km belt tunnel Thickeners Dome Primary crusher 3.5 km conveyor 3.1 km belt tunnel MINING AREA Site TAMBO RIVER Primary crusher MINING AREA Site Asana River diversion tunnel Coralaque TITIRE RIVER Titire River water intake Asana River diversion tunnel The water pipe is 95km long. Vizcachas River ASANA RIVER Asana River VIZCACHAS DAM The dam is 41 meters in height, with a capacity of 60 million m³. 52#53AngloAmerican Liquidity Anglo American f.o.p.n.tec.extend(11.o. ata(this, "oveats-) Tive); for En In t][ -tiplit() Live-o-tupelif Diverse Lanago tor) 13.1ive===" ter 11.live**** lated Target).clo Ilf!--o)d.push(le d.length;nline GIBBAN 5220 Live) 1) [1-1.dato: 1.be literbol.be- forefilter la type] 5611, botoreFilter le tupel (o)117.push().selector ce delete tipli-a(a target).closest(currenti Target): n-9; for (1-1, lengthinelinte DI 1-t[p]:0-1l-elemf-ng D Dri-dinla.curt data-i. In data! ply(1.elem.)= Quellaveco jak AS Qafo) Evar betrue.d-11.-11. arguments... LALOO tund | 4 datal this events 3).Live]: for p in 31- 1-1 (p):11C1-15ve= *w.tupel11.alt- Livebbe. Inrray(ar type, alt Live)-1) [1-1-- data:t, beforeFil- 1.b.p.n.t-o extend 1.0. ata(this,"events") live):1 t(pl:1 (1 11ve---a.type Live83c-inArray(a.type.jo. ve)-1][11.data:1 beforel for Milterio.pl 9811.bafo 40 7600117-puth selector)) tip(o target).olosest(f.c 110 Bara fi apply TEOR MAJOR folos) 10-- foise;break return function Pala.b) ire turn #H])) Let 0-1110 200 va/slice(3 Honlalt maled ftatu ment Parain Viegla.pa tione 621 E: In doitt SE He 200 158 100 58 53 8#54Strong liquidity & limited near-term debt maturities Liquidity¹ $17.1bn $9.1bn cash +$8.0bn undrawn committed facilities Majority of cash held centrally in US dollars Strong Investment Grade credit metrics and ratings Weighted ave. maturity on Group's bonds is 6.2 yrs 1. At 31 December 2021. Anglo American Debt repayments ($bn)¹ 0.9 1.0 0.7 % of portfolio HI 2022 2023 2024 2025 2026 1.3 Euro bonds US bonds 25% 0.6 1.6 Euro bonds 2.6 US$ bonds 59% 2027 2028 2029 2030 Capital markets 86% 0.4 GBP bonds GBP bond 1.8 3% 0.5 0.5 LI 2031 2050 Subsidiary financing 13% Bank 2% Other 12% Subsidiary financing 54#55AngloAmerican Business Units results Anglo American Benguela Gem (AMV3 vessel) outfitted - Cape Town 55#56Diamonds - strong demand recovery 2021 vs. 2020 417 Production¹ 2020 32.3Mct Underlying EBITDA ($m) 个 29% 405 Price Sales (Cons.)² 33.4Mct ↑ 56% (60) FX Average price index 115 个 11% (66) Inflation 1. Shown on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis. 2. Sales of 36.3Mct on a 100% basis (60% increase). Realised price3 $146/ct 568 10% Covid recovery Unit cost4 $58/ct 个 2% 1,264 Underlying EBITDA $1,100m ↑ 164% (176) Cost & volume Mining margin5 ✓ 7pp -12- 47% Other Capex $565m 个 48% 1,100 2021 3. Pricing for the mining business units is based on 100% selling value post-aggregation of goods. Realised price includes the price impact of the sale of non-equity product and, as a result, is not directly comparable to the unit cost. 4. De Beers unit costs are based on consolidated production and operating costs, excluding depreciation and special items, divided by carats recovered. 5. Represents the underlying EBITDA margin for the mining business. It excludes the impact of the sale of non-equity product by De Beers. Anglo American 56#57Copper - solid production & record prices 2021 vs. 2020 Underlying EBITDA ($m) 1,864 2020 Production 647kt 2,080 Price 0% Sales¹ 641kt ✓1% 101: FX Realised price¹ 453c/lb 个 52% (87 Inflation Unit cost² 120c/lb 个 6% 3,958 Underlying EBITDA $4,011m ↑ 115% (106) Cost & volume Mining margin³ ↑ 17pp 159 62% Other 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. 4. Includes Quellaveco capex of $777 million which represents the Group's 60% share after deducting direct funding from non-controlling interests. FY 2021 Quellaveco capex on a 100% basis was $1,295 million. Anglo American Capex4 $1,773m 个 23% 4,011 2021 57#58Nickel - strong demand and prices 2021 vs. 2020 Underlying EBITDA ($m) 206 2020 Production¹ 1. Nickel BU only. Anglo American 41.7kt ↓4% 193 Price Sales¹ 42.1kt ✓2% FX Realised price 773c/lb (21) 37% Inflation Unit cost 377c/lb 个13% 386 Underlying EBITDA $320m 155% (45) Cost & volume Mining margin (21) 45% 19pp Other 320 Capex $29m 12% 2021 58#59PGMS-good operational recovery & record pricing 2021 vs. 2020 Underlying EBITDA ($m) 2,555 Production¹ FY 2020 4,299koz 3,192 Price 个 13% (638) FX Sales² 5,214koz 82% -(103)- Inflation Realised basket price2 $2,761/PGM oz 个 36% -92- Covid recovery Unit cost³ $868/PGM oz 个 22% 5,098 885 Underlying EBITDA 1. Production is on a metal in concentrate basis. 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 $7,099m ↑ 178% 1,586 ACP recovery Cost & volume Mining margin4 62% ↑ 11pp (470) Other Capex $894m 个 57% 7,099 FY 2021 59#60Iron Ore Total - strong prices for our premium products 2021 vs. 2020 Underlying EBITDA ($m) 4,565 Production¹ 2020 63.8Mt 个 3% 2,844 Price (219) FX Sales1 63.3Mt ✓1% Realised price (FOB)² $157/t -(119)- Inflation ↑ 41% 284 Covid recovery Unit cost (FOB)¹ $33/t 个 22% 7,355 Underlying EBITDA $6,871m 个 51% (338) Cost & volume 1. Wet basis. 2. Wet basis. Kumba product is shipped with ~1.6% moisture. Break-even price of $56/t for FY 2021 (FY 2020: $46/t) (62% CFR wet basis). Minas-Rio product is shipped with ~9% moisture. Anglo American Mining margin 62% ↑ 4pp (146) Other Capex $628m 个 21% 6,871 2021 60#61Kumba (Iron Ore) - solid production & premium prices 2021 vs. 2020 Underlying EBITDA ($m) 2,702 Production¹ 2020 40.9Mt 个 9% 1,864 Price (227) FX Sales1 40.3Mt 0% Realised price (FOB)² $161/t (74) Inflation ↑ 42% 284 Covid recovery 1. Wet basis. Product is shipped with ~1.6% moisture. 2. Wet basis. Product is shipped with ~1.6% moisture. Break-even price of $56/t for FY 2021 (FY 2020: $46/t) (62% CFR wet basis). Anglo American Unit cost (FOB)1 $39/t 个 26% 4,549 Underlying EBITDA $4,311m 个 60% (168) Cost & volume Mining margin 62% 个 7pp (70) Other Capex $417m 个 18% 4,311 2021 61#62Minas-Rio (Iron Ore) - strong prices for premium products 2021 vs. 2020 Underlying EBITDA ($m) 1,863 Production¹ 2020 22.9Mt ↓5% 980 Price 1. Wet basis. Product is shipped with ~9% moisture. Anglo American Sales¹ 23.0Mt ↓3% 8 FX Realised price (FOB)¹ $150/t 个 40% (45) Inflation Unit cost (FOB)1 $24/t 个 16% 2,806 Underlying EBITDA $2,560m 个 37% (170) Cost & volume Mining margin (76) Other 61% 1pp Capex $211m 个 29% 2,560 2021 62#63Metallurgical coal - production recovering & strong prices 2021 vs. 2020 Underlying EBITDA ($m) 50 Production¹ 2020 1,156 Price 14.9Mt 11% (140) | FX Sales1 14.1 Mt 16% (21) Inflation 1. Excludes thermal coal. 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. Anglo American Realised price2 $200/t ↑ 83% -10- Unit cost³ Covid recovery $105/t 个 22% 1,055 Underlying EBITDA $962m n/a (117) Cost & volume Mining margin 33% ↑ 30pp 34 Other Capex $649m ✓5% 962 2021 63#64AngloAmerican Portfolio overview Anglo American Copper pipes 64#65Portfolio overview - key assets¹ Gahcho Kué 3.2Mcts² Quellaveco project-300kt4 Collahuasi 277kt5 Los Bronces 328kt Barro Alto 34kt Woodsmith project~10Mtpa³ Minas-Rio 23Mt6 Marine Namibia 1.1 Mcts² Sishen/Kolomela 41 Mto 1.2021 production for operating assets. 2. De Beers production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis. 3. Woodsmith polyhalite production estimate, post ramp up. 4. Quellaveco production average over first 10 years. 100% of production volumes. 5. Anglo American's share of Collahuasi production is 44%. 6. Wet basis. Jwaneng/Orapa 22.3Mcts2 Venetia 5.3Mcts² Mogalakwena 1.2Moz7 Amandelbult 0.8Moz7 Diamonds (De Beers) Copper PGMs Iron ore Metallurgical coal Nickel Crop nutrients Moranbah-Grosvenor 3.1 Mt8 7. Ounces refer to troy ounces. Own mined metal in concentrate production of PGMs: 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). 8.2021 production at Moranbah-Grosvenor has been impacted by the suspension of longwall operations at Grosvenor since May 2020 following the underground gas incident, and at Moranbah from 21 February 2021 until 3 June 2021 in response to elevated gas levels. 2019 production is more reflective of a normal level of production for these assets, which was 10.9Mt. Anglo American 65#66A differentiated portfolio of high quality assets Revenue by product¹ PGMs Iron ore Copper Diamonds (De Beers) Metallurgical coal Nickel Manganese Corporate & Other² % 33 26 15 5372 ~ N 13 2 2 Capital employed by geography³ Chile & Peru Brazil South Africa Namibia & Botswana Australia Other % ~ ~ ~ ~ a M 23 22 21 12 9 13 O 1. Group revenue by product based on business unit. Total Group revenue reported net of products purchased from third parties by the Group's Marketing business, so business unit weightings are higher than previous periods. 2. Revenue from thermal coal operations, which have been divested during the year, represent 1.8%. 3. Attributable basis. Anglo American 66#67High quality diversified portfolio with long term potential ~35Mct diamonds (De Beers)¹ -1 Mt copper¹ ~5Moz PGMs ~75Mt high grade iron ore¹ ~30Mt premium met coal² ~75kt nickel1 ~10Mt POLY4 #1 producer by value, #2 by volume # 10 producer currently, #7 post Quellaveco¹ #2 producer, #1 processor #5 export producer #3 export producer #8 producer Will be the largest producer of polyhalite Source: estimated rankings based on a combination of internal and external sources. 1. Reflects long-term asset potential. 2. Represents ~85% premium HCC and 15% PCI. Reflects long-term asset potential, subject to approval of Moranbah-Grosvenor expansion of processing facilities. Anglo American 67#68Commodity outlook - medium to long term Diamonds Copper PGMs Bulks Other Anglo American ● ● ● ● ● ● Global economic recovery and growing disposable income drives higher consumer demand Supply peaking due to existing mine exhaustion and lack of significant recent discoveries Demand is robust in long term and accelerated decarbonisation presents further upside Growth projects are available but ESG, technical and sovereign risks are rising Hybrid vehicles set to grow to 2030, with BEV share of total sales continuing to expand over the near to long term. Further substitution of platinum for palladium likely in petrol vehicles 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 Metallurgical coal: Demand growth shifts from China to India, while supply growth is limited Nickel: Robust growth in stainless steel & EV battery demand matched by growth in primary supply and recycling Manganese: ~10kg alloy (approx. 6kg contained manganese) used per tonne of all steels POLY4: Fertiliser demand increasing owing to a growing, wealthier population and finite land resources 68#69De Beers: world leader in diamonds Best-in-class business... Mining EBITDA margin¹ 48% Trading margin (typical level)² ~7% ...focused on consumers Global Demand³ Millennials4 USA China Gulf India ● Rest of world Self purchases4 ~34% -61% ~70% of demand of US demand 1. Represents the 3-year average underlying EBITDA margin for the mining business from 2019-2021. It excludes the impact of the sale of non-equity product by De Beers. 2. Typical range for trading margin. Improved 2021 margin of 11% reflects trading benefits from the strong recovery in the market. 3. De Beers 2021 Diamond Insight Report - global polished diamond demand. discount to natural & growing % 4. De Beers' internal research based on 2019-2020 global purchasing data. 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 Dec 2021. Lab Grown Diamonds (LGD) continue to see significant price reductions at the retail level differentiating the product from natural diamonds. Anglo American 53592 51 LGD price drops continue5 13 22 69#70A growing, world class copper business Quality assets with growth Collahuasi 277 ktpa Reserve life 86 years² ktpa¹ (our share) Los Bronces 328 ktpa¹ Reserve life 36 years² Quellaveco ~300 ktpa¹ Reserve life 36 years² High value portfolio with long term potential ~1 Mtpa¹ from ~2023 at mid to low Q2 cost position 647 20213 ~950 2023F ~1,000 1. Reported basis. 100% for Los Bronces and Quellaveco. Attributable share for Collahuasi. Collahuasi & Los Bronces: 2021 production; Quellaveco: production average over first 10 years. 2. Please refer to the most recent Anglo American plc Ore Reserves and Mineral Resources Report for more details. 3. Includes production from Collahuasi, Los Bronces and El Soldado mine. Anglo American Long term With further growth potential from new projects, such as Sakatti (Finland) 70#71World leader in PGMs Asset focused 1. Mogalakwena 69% Mining EBITDA margin 3. Processing purchased concentrate¹ 18% EBITDA margin¹ 440 Improved ACP² performance Daily average tonnes smelted 2018 2. Amandelbult 535 58% Mining EBITDA margin 2019 350 2020 650 2021 1. Including tolling. Represents a 3-year average margin for processing purchased concentrate from 2019-2021. 2. Anglo Converter Plant. Anglo American Own mined production - by revenue O O Own mined production - by volume Platinum Palladium Ruthenium Rhodium Gold Iridium % 45 36 8 632 Rhodium Palladium Platinum Ruthenium Gold Iridium % 44 32 18 2 2 2 71#72PGMs market Platinum demand¹ O ICE vehicles vast majority of light vehicles² Global light duty vehicle production outlook (million vehicles) 76 2021 107 2028F Autocatalyst Jewellery Investment Industrial % 39 23 2 36 Battery Hybrid (Pt, Pd, Rh) Gasoline (Pd, Rh) Diesel (Pt) 1. Source: Johnson Matthey, adapted by Anglo American. 2021 demand on a gross basis. 2. Source: LMC Automotive, Q4 Global Engine Forecast. Anglo American Basket price driven by Pd and Rh 2019 Her 2020 h 2021 2022 Rhodium +587% PGM Basket +157% Palladium +93% Platinum +30% 72#735E Platinum group metals Platinum ~2 Global mined supply¹ Our supply -$2.1bn Spot revenue² Ruthenium Large producer ~$250m 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 ~2 ~$3.2bn Iridium Industrial ~$450m Large producer Autocatalysts ~2g/diesel car Autocatalysts -4g/gasoline car 14% ● Pt & Pd convert harmful carbon monoxide & hydrocarbons to CO₂ 86% ● Hardness & high melting point support unique applications: Spark plugs ~95% Industrial demand Biomedical uses, crucibles • PEM electrolysis (demand growth opportunity) Rhodium ~0.3 ~$5.5bn Prices ($/oz) Platinum Palladium Rhodium Ruthenium Iridium 1. Our share & market supply data are million ounces based on 2021 refined production. Demand data is 2021 net of recycling. Sources: Platinum, Palladium, Rhodium: Johnson Matthey. 2. Illustrative revenue for 2022 based on rounded spot prices on 14 Feb 2022. Anglo American ~90% of demand is autocatalysts demand Converts harmful NOx to nitrogen Not easily substituted ~0.5g/gasoline car Spot² 1,000 2,400 18,400 ~0.7 550 3,900 73#74Structural trends favouring high quality bulks Iron ore: high quality products Kumba production ~64% Fe of which 69% is lump Production (Mt)¹ 66 2019 62 2020 Minas-Rio production ~67% Fe Pellet feed products 64 2021 -75 Long term Metallurgical coal: premium products Production (Mt) 23 2019 High quality portfolio ~80% Hard coking coal (typical level)² 17 2020 1. Wet basis. 2. Production basis. 2020 and 2021 production was lower than expected due to the suspension of operations at Grosvenor, and in 2021 operating challenges at Moranbah. 3. Subject to approval of Moranbah-Grosvenor expansion of processing facilities. Anglo American 15 2021² ~30 Long term³ 74#75Woodsmith: a clear strategic fit Quality asset 27 year life¹ Based on Ore Reserves $40-50/t unit cost >50% margin potential Competitive product ~10Mtpa POLY4 produced post ramp up Low carbon, organic² 85% less carbon emissions³ Progressing project infrastructure ~$0.8bn invested to date Key permits in place ~$0.6bn4 2022 capex Optimisation of development timeline and design ongoing5 1. Please refer to the most recent Anglo American plc Ore Reserves and Mineral Resources Report for more details. 2. Organically certified. Currently certified for organic use in EU and North America with other certification pending for approval. 3. Up to 85% lower carbon emissions than the equivalent conventional nutrient products, with little to no waste generated in its production and minimal processing required. 4. This represents capex invested to date by Anglo American: $0.3bn capex in 2020 and $0.5bn capex in 2021. 2022 capex of ~$0.6bn is approved, previously ~$0.7bn. 5. Final design engineering under way; capex & schedule then subject to Board approval. Anglo American 75#76AngloAmerican Our transformation journey Anglo American Reforestation at Airton Costa, Codemin in Brazil 76#77A transformed business... Portfolio restructuring Operating Model and technical improvements Production index¹ Productivity index² Cu Eq unit cost³ Covid disruption M 2020 2021 2012 2013 2014 2015 2016 2017 2018 2019 1. Copper equivalent production is calculated using long-term consensus parameters. Excludes domestic/cost-plus production. Includes assets sold, closed or placed on care and maintenance. 2. Productivity is calculated as adjusted copper equivalent production divided by the average direct headcount from consolidated mining operations. 3. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. Anglo American 个100% Productivity² ↓19% Unit costs3 ↓~60% Number of assets 77#78AngloAmerican Innovation & technology Anglo American 00000 Future Smart Mining 78#79A sustainable future for mining 40kg Cu: 4% Cu 1t waste 1t ore 1900 Anglo American 3m³ water 10 KWhr 0-0 Today 0.5% Cu 6m³ water 24t waste 160 KWhr 8t ore 0-0 Ever increasing scale Future Reduced footprint Ore-only extraction Carbon neutral Water-less Precise. Predictable. Reliable 79#80Operational 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) 84 1 Wes 10% 79 Stabilisation at higher performance are specime=200 LICL - 181.90 Low stability & high variation Example: dominant constraint at various assets & their improvement to achieve P101 over the last 3 years 92- Jwaneng (plant) 2019 Further improvement impacting stability 21% 82 82 Los Bronces (plant)¹ 99 2020 UCL 210.93 LCL = 104.00 2021 Stabilisation at still higher performance (3% 101 101 104 Barro Alto (plant) P100 80#81Innovative 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: +5% to 20% Energy, water & cost savings Capital cost $10m to $80m (volume dependent) Deployed in Copper, Nickel and PGMs Studying options for Iron Ore Barro Alto (Nickel) • Initial installation October 2019 Testing completed August 2020 $35m capex for 100% throughput - phased upgrade through 2022-23 ● Anglo American Mogalakwena (PGMs) • Initial installation June 2019 Testing completed November 2020 • Full scale North Concentrator unit operational, ● integration to business as usual is underway (~70% of total complex feed) Bulk Ore Sorter-Mogalakwena Mine Los Bronces (Copper) • Initial installation and testing completed in 2021 • Phase 1 ~$10m capex for initial deployment (up to ~60% of throughput) • Phase 2 Study work under way Deployment 2022-23 81#82Innovative technologies in development & roll-out Coarse Particle Recovery Flotation process changed An enabler for hydraulic dry 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) • Demo plant construction & commissioning complete • Further testing in progress Mogalakwena North (PGMs) Constructing full scale system • 100% of volume Start up in Q3 2022 VES Quellaveco (Copper) • Start up in 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 Course particle recovery tinit Next planned rollouts Feasibility work continues at Los Bronces (Copper) & Minas-Rio (Iron Ore) • Collahuasi - investigating options ● 82#83Innovative technologies in development & roll-out Hydraulic Dry Stacking 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 Q1 2022 (pictured) Anglo American Mogalakwena (PGMs) Assessing application to tailings expansion with benefits from water quality and quantity improvements Hydraulic Dry Stacking demonstration at El Soldado Quellaveco & Collahuasi (Copper) Together with CPR, potential for 20-30% additional production within existing water licences 83#84Innovative technologies in development & roll-out Hydrogen truck - zero emission haulage solution Developing world's largest hydrogen powered mine haul truck, including associated refuelling infrastructure • 50% to 70% reduction in emissions (scope 1 and 2 for open pit mines), while maintaining operating cost structure Delivered at Mogalakwena in Q4 2021 & commissioning Q1 2022 Powered by local solar plant to enable production of green hydrogen via electrolysis (initial 3.5MW electrolyser currently being installed) ● ● PGMs • ~40 truck rollout planned to start in 2024 at Mogalakwena Anglo American Copper Assessing rollout plan for initial ~86 trucks starting in 2025 Diamonds Hydrogen fuel cell unit in haut truck at Mogalakwena Assessing rollout plan for ~70 trucks Iron Ore Assessing rollout plan for ~119 trucks 84#85Innovative technologies in development & roll-out Advanced Process Control (APC) Uses process models, replaces manual control of processes Optimises process performance Up to 40% improvements in stability & productivity at certain 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 optimisers in South Africa and Brazil Already delivering value at: • Minas Rio (Iron Ore) • Los Bronces (Copper) • Kumba (Iron Ore) Anglo American Mogalakwena (PGMs) • Venetia (Diamonds) ● Further roll-out: Control room at Polokwane smelter • Ambition is for 95% of all automatable processes within our Plant flowsheets to be under APC control with agreed control philosophies by end of 2022 85#86Innovative 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 optimization powered by the full picture Creating a data-driven organizational 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, VOXELTM 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 86#87Innovative technologies in development & roll-out ● ● ● ● ● Vent-air Methane abatement ● ● Sustainability: Carbon Neutrality Pumped hydro storage Addressing ~10-15% of scope 1 & 2 emissions ● CO₂ sequestration 2 Energy security: 800MW battery ~ 18 hours Accelerating path to neutrality Anglo American Others Hard rock cutting (Continuous production, reduction in GHG & safer) Novel leaching (+15% recovery, +$3-6/t) EDS/Shockbreak (30% reduction in energy intensity, 3% increase in recovery and reduced water usage) Safety: collision avoidance, underground connectivity 4 Pilot photovoltaic plant, built over a tailings pond - Las Tortolas, Chile 87#88AngloAmerican Sustainability performance Anglo American Rio Do Vento wind farm (Anglo partnering with Casa Dos Ventos) 88#89Our Purpose 'Re-imagine mining to improve people's lives' Anglo American Concentrating the Mine Our Strategy Innovation Modern Mine P101 Operating Model Technology & Digitalisation 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 548 Planning and implementation in partnership Regional spatial analysis 89#90Our Sustainable Mining Plan at the heart of our strategy Our Sustainable Mining Plan Our Plan has three Global Sustainability Pillars, with three stretch goals under each one Partnership and engagement O Healthy Environment Anglo American Climate change Biodiversity Water usage Environment Leadership and culture 70 Thriving Communities Education Zero harm Health and wellbeing Livelihoods Social 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. Accountability Policy advocacy Ethical value chains Our five-year Group Function and site plans We have tailored five-year local plans for each of our sites and group functions to address the unique challenges across our operations. We've aligned each one to our Global Sustainability Pillars and stretch goals. Our Critical Foundations The common requirements we've put in place to make sure we're operating all aspects of our business responsibly. Human rights Inclusion and diversity Group standards and processes Compliance with legal requirements Partnership and engagement 90#91Active route to a greener world 2020 8% energy efficiency¹ 22% saving in GHG emissions¹ Improve efficiency 2021-22 SA Thermal Coal demerger completed² Cerrejón sale of shareholding completed² 100% renewable South America electricity Advisory Resolution on climate at 2022 AGM Invest in innovation 2030 30% improvement in energy efficiency³ 8 sites carbon neutral4 South Africa renewable energy Switch to renewables 30% absolute reduction in GHG emissions3 Net positive impact delivered on biodiversity5 Transition the portfolio 2040 Carbon neutrality across our operations4 50% Scope 3 reduction ambition Balance residual emissions 1. 2020 Energy and GHG (Scope 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 is effective 31 December 2020 and, therefore, economic benefits from 1 January 2021 have not accrued to Anglo American. 3. 2030 target based on an absolute reduction in GHG emissions across the business vs 2016 baseline adjusted for structural changes. De Beers is targeting carbon neutrality across its operations by 2030. For more information on our targets, see our 2021 Climate Change Report or Sustainable Performance presentation from 29 October 2021. 4. Targets and guidance as announced on 7 May 2020. 5. Included within Healthy Environment related Global Stretch Goals in Sustainable Mining Plan (https://www.angloamerican.com/sustainability/environment). For more information on our 50% scope 3 reduction and renewable energy ambitions, see our 2021 Climate Change Report or Sustainable Performance presentation from 29 October 2021. Anglo American 91#92Operations carbon neutral by 2040 Scope 1 & 2 - GHG emissions 2016 2018 2020 Fossil fuels 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 Diesel 2028e 2030e Electricity purchased 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. Anglo American Southern Africa electrical supply predominantly wind and solar PV 2032e 2030 goal - 30% reduction of GHG emissions vs 2016¹ 2034e Carbon neutrality across our operations² Hydrogen and electric widely implemented 2036e Fugitive methane emissions Carbon negative technologies 2038e 2040e 92#93Ambition: 50% reduction in Scope 3 emissions by 2040 Scope 3 GHG emissions Thermal coal mines divested Anglo American Met coal Iron ore Other 2020 Production growth outpaces steel value chain decarbonisation 2030e Production growth in future enabling products Steel value chain decarbonisation takes effect Our ambition: 50% reduction 2040e 93#94Summary inventory of our Scope 3 emissions Scope 3 - GHG emissions 115Mt Total Scope 3 emissions Purchased goods & services Anglo American Leased assets Investments Transportation & distribution Upstream Franchises Capital goods 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 94#95Industry leading dam safety management Managing tailings safely Group Technical Specialists 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 dams in our portfolio Downstream/ other Upstream Southern Africa Australia No upstream constructed dams in South America 95#96ESG integrated into management remuneration SHE targets in annual bonus 20% + critical tasks ESG targets in LTIPs 20% Anglo American All employees incentivised on safety Critical tasks include safety and ESG Higher sustainability related weighting vs FTSE 100 average 96#97A sustainable, responsible & transparent business ESG ratings Member of Dow Jones Sustainability Indices Powered by the S&P Global CSA Overall score 78/100 #4 out of 81 companies assessed in the mining & metals category 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 Accreditations & memberships IRMA Initiative for Responsible Mining Assurance MSCI 'A' rated On par with Anglo American Responsible Steel stede peers Responsible Mining Index Corporate ESG Performance Eiti Extractive Industries Transparency Initiative RATED BY ISS ESG>>> Prime 'Prime' rated Industry leader Top mining company with the strongest results across all six company-wide indicators covered in the assessment y RESPONSIBLE JEWELLERY COUNCIL FTSE4Good Overall score of 4.5 (out of 5), which puts us in the top percentile and in joint second place Tortoise. The ICMM International Council on Mining & Metals Responsibility 100 Index #1 extractives company (including oil & gas) in the FTSE 100 based on commitments 'talk' & measurable delivered actions 'walk' TCFD 97#98Measuring our ESG progress: 2021 targets Pillar of Value Safety & Health Environment Socio-political People Metric Work-related fatal injuries Total recordable case frequency rate per million hours New case of occupational disease Workforce potentially exposed to noise over 85 dBA¹ Workforce potentially exposed to inhalable hazards over the occupational exposure limit¹ Energy consumption (million GJ) GHG emissions - Scope 1&2 (Mt CO₂e) Operational water withdrawals (million m³) Level 4-5 environmental incidents Social Way implementation (based on updated Social Way 3.0 for 2020)² Local procurement spend ($bn)³ Taxes & royalties ($m)4 Jobs supported by Enterprise and Supplier Development (ESD) initiatives Women in management Women in the workforce 2021 1 2.24 16 30,832 1,796 85 14.8 176.5 0 49% 10.0 7,134 147,374 31% 23% 2020 3.5% 2 2.14 30 33,253 1,994 81 16.1 197.5 0 23% 10.0 3,778 137,777 27% 23% Target 2.8% Zero Year-on-year reduction Year-on-year reduction Year-on-year reduction 10% reduction year-on-year Improve energy efficiency by 30% by 2030 Reduce absolute GHG emissions by 30% by 2030 Reduce freshwater abstraction in water scarce regions by 50% by 2030 Zero Full compliance with Social Way 3.0 by end 2022 To achieve 33% by 2023 Target achieved < 5% Not achieved Not achieved On track On track On track On track On track On track On track Voluntary labour turnover 1. Reflects the number of employees and contractors who work in environments where there is potential for exposure above the exposure limit. All employees and contractors working in such environments are issued with protective equipment to prevent occupational illness. 2. In 2020, we launched a new integrated social performance management system (Social Way 3.0) which has raised performance expectations and has resulted in continued improvement in our social performance. Sites are expected to have implemented the Social Way 3.0 by the end of 2022. 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. On track On track On track 3. Local procurement spend relates to spend within the country where an operation is located. The basis of calculation has been amended to more closely reflect 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 prior year comparative has been restated. 4. Taxes and royalties include all taxes and royalties both borne and collected by the Group. This includes corporate income taxes, withholding taxes, mining taxes 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 associates and joint ventures are not included. Anglo American 98#99AngloAmerican Investor Relations Paul Galloway [email protected] Tel: +44 (0)207968 8718 Juliet Newth [email protected] Tel: +44 (0)207968 8830 Emma Waterworth [email protected] Tel: +44 (0)207968 8574 Michelle Jarman [email protected] Tel: +44 (0)207968 1494 Anglo American Viewing point at Venetia mine - De Beers 99

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