Investor Presentaiton

PFS CAPITAL EXPENDITURE Upfront investment required to support additional orebody dewatering Four year construction period following final investment decision III SOUTH32 • • • • • • • Direct growth capital includes estimates for all mining, processing and other surface infrastructure, including tailings, water and power Capital estimate reflects assumptions for key inputs including steel, cement and labour as at H1 FY22 Mine development and processing plant cost estimates benchmark favourably, while additional capital has been allocated for upfront dewatering and to establish dedicated power infrastructure Includes pre-commitment capital for dewatering of US$55M in H2 FY22, with further investment expected in FY23 Annual average sustaining capital ~US$40M Further optimisation of costs and design will focus on shaft optimisation and the potential benefits from a co-development of the Clark Deposit Additional costs will be incurred during the study phase, attributable to the Taylor feasibility study and work across the broader Hermosa project Pre-production capital expenditure (US$M) Indirect costs include EPCM, owner's costs and contingency Includes additional expenditure on water wells and a second water treatment plant Includes shaft development (~$310M), mobile equipment and infrastructure ~470 ~565 ~225 ~440 Includes processing plant (~$350M), tailings and utilities Direct costs Surface facilities Mining Dewatering Indirect costs ☐ SLIDE 19

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