#1TRONOX Second Quarter 2022 Conference Call Tronox Holdings ple July 28, 2022 Tronox Holdings plc | tronox.com | Confidential & Proprietary | 2022#2Presenters John Romano Co-Chief Executive Officer TRONOX Jean-Francois Turgeon Co-Chief Executive Officer Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2022 Timothy Carlson Senior Vice President, Chief Financial Officer 2#3Safe Harbor Statement and Non-U.S. GAAP Financial Terms Cautionary Statement about Forward-Looking Statements Statements in this this presentation that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance including anticipated synergies based on our growth and other strategies, anticipated completion of extensions and upgrades to our mining and operations, anticipated trends in our business, anticipated costs and benefits of project newTRON and Atlas Campaspe and the Company's anticipated capital allocation strategy. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, actual synergies, or achievements to differ materially from the results, level of activity, performance, anticipated synergies or achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, macroeconomic conditions; inflationary pressures; political instability, including the ongoing Russia and Ukraine conflict and any expansion of such conflict; supply chain disruptions; market conditions and price volatility for titanium dioxide, zircon and other feedstock materials, as well as global and regional economic downturns, that adversely affect the demand for our end-use products; disruptions in production at our mining and manufacturing facilities; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company's filings with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments. Use of Non-GAAP Information To provide investors and others with additional information regarding the financial results of Tronox Holdings plc, we have disclosed in this presentation certain non-U.S. GAAP operating performance measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted net income attributable to Tronox on a per share basis, and a non-U.S. GAAP liquidity measure of Free Cash Flow. These non-U.S. GAAP financial measures are a supplement to and not a substitute for or superior to, the Company's results presented in accordance with U.S. GAAP. The non-U.S. GAAP financial measures presented by the Company may be different from non-U.S. GAAP financial measures presented by other companies. Specifically, the Company believes the non-U.S. GAAP information provides useful measures to investors regarding the Company's financial performance by excluding certain costs and expenses that the Company believes are not indicative of its core operating results. The presentation of these non-U.S. GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-U.S. GAAP financial measures to U.S. GAAP results is included herein. For the Company's guidance with respect to third quarter 2022 non-U.S. GAAP financial measures, the Company is not able to provide without unreasonable effort the most directly comparable GAAP financial measure, or reconciliation to such GAAP financial measure, because certain items that impact such measures are uncertain, out of the Company's control or cannot be reasonably predicted. TRONOX Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2022 3#4#5#6#7Second Quarter 2022 Financial Highlights Record Adjusted EBITDA and strong margin performance ● ● Revenue increased YoY driven by higher TiO₂ revenues Income from operations of $190M and net income of $375M due to the reversal of a portion of the valuation allowance in Australia relating to deferred tax assets Effective tax rate of (147)%; -22% normalized Q2 ETR¹ GAAP Diluted EPS of $2.37, an increase of 415% YoY, and Adjusted Diluted EPS of $0.84, an increase of 38% YoY Adjusted EBITDA of $275M, slightly above the midpoint of guidance; Adjusted EBITDA margin of 29.1%, up 350bps YoY, owing to improved pricing and favorable product mix Revenue TRONOX Income from Operations Net Income GAAP Diluted EPS Adjusted Diluted EPS Adjusted EBITDA Adj. EBITDA Margin % Free Cash Flow Q2 '22 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2022 $945 $ 190 $375 $ 2.37 $ 0.84 $275 29.1% Q2 '21 $ (67) $927 $150 $77 $ 0.46 $0.61 $ 237 25.6% YoY % A 2% 27% 387% 38% 16% 350 bps Q1 '22 QoQ % A 415% $0.10 $ 965 $150 (145)% $69 $16 Returned $66M to shareholders in Q2 through share repurchases and dividend payments Note: All figures are US$ in millions unless otherwise noted. See appendix reconciliations for non-GAAP financial measures. 1. Normalized for valuation allowance reversal and loss on debt extinguishment. $ 0.60 $ 240 24.9% $ 86 (2)% 175% n/m n/m 40% 15% 420 bps (178)% 7#8Commercial Performance Improved pricing supporting commercial performance Price ● Volume TiO₂ volumes slightly below expectations due to China COVID lockdowns and ongoing supply chain challenges ● Improved pricing in TiO₂ across all geographies, driven by the continuation of regional pricing initiatives Pricing momentum continued in zircon market • Zircon volumes impacted by logistics challenges and shipping delays in Australia and South Africa 2021 volumes benefited from sales from inventory ● Feedstock sales lower due to lower pig iron volumes, partially offset by higher average selling prices Currency ● Strengthening USD was a headwind to revenue due to unfavorable translation impacts, primarily from the weakening of the Euro Revenue TiO₂ Zircon Feedstock & Other TRONOX TiO₂ Local Currency Zircon Q2'22 vs Q2'21 Revenue $175 $927 Q2 2021 Price $131 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2022 Q2 '22 $ 945 769 111 65 $26 Q2 '21 $945 $ 927 740 121 66 YOY % A Volume (9)% n/a (38)% YOY % A 2% 4% (8)% (2)% $965 Volume / Currency Q2 2022 Mix Note: All figures are US$ in millions unless otherwise noted. Comparisons are year-over-year unless otherwise stated. Bridge amounts may not add across due to rounding. Price 15% 19% 47% Q1 2022 $43 Q1 '22 Price $ 965 773 108 84 Q2'22 vs Q1'22 Revenue Volume (3)% n/a (5)% QoQ % A (2)% (1)% 3% (23)% QoQ % A $49 Price 2% 4% 8% $14 $945 Volume / Currency Q2 2022 Mix 8#9#10Key Capital Projects Update 2 Supporting vertically-integrated strategy, enhancing position as a leading TiO, producer and becoming the industry leader in financial performance Growth and Cost Reduction 1 ● ● ● newTRON Strategic, multi-year, global digital transformation component of our operational excellence program CapEx: $90M in 2022E $20M in EBITDA savings in 2021A Estimated Savings: Expect $150-$200 per ton in annual run-rate savings by end of 2023E 2 Vertical Integration Atlas Campaspe • Mining development in Eastern Australia to replace Snapper / Ginkgo mines as they reach end of life TRONOXX Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2022 Mining Extensions Expanding Fairbreeze and Namakwa mines in South Africa to replace mines that would otherwise deplete in 2024 & 2025 CapEx: $150-$175M in 2022E Sustaining TROX's 85% internalization of feedstock Estimated Savings: $300-$400 feedstock cost per ton savings relative to open market purchases 10#11Investing Now to Secure Future Vertical Integration Ample titanium ore reserves for 2035 and beyond Australia Eastern Ops KZN Namakwa Australia Northern Ops Australia Southern Ops 2016 2017 2018 2019 2020 2021 Snapper Ginkgo Fairbreeze C/C Extension Namakwa West Namakwa East RAS Cooljarloo Wonnerup Brazil Paraiba¹ TRONOX Ginkgo / Crayfish Flexible CapEx approach can be paused, accelerated or delayed / slowed down if needed based on market conditions Mine Production Forecast 2022 2023 2024 2025 2026 2027 Atlas Campaspe Fairbreeze A/B Namakwa East OFS Sustaining our current level of feedstock integration by executing on pipeline of high-value mine projects 2028 2029 2030 2031 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2022 Other Regional Deposits 2032 2033 2034 2035 Other Deposits Cooljarloo West Dongara >50% IRR and payback <5 years for active current developments 1) Supply of ilmenite for TROX's Bahia plant in Brazil is expected to be sourced from existing inventory until the end of 2024, after which the plant is expected to be supplied through alternative sources, including imports from TROX's other mines. Investments made today ensure feedstock integration for next 10+ years with significant optionality thereafter 11#12#13#14#15#16#17#18#19#20#21#22#23#24#25