Investor Presentaiton

CERRO MATOSO NICKEL SOUTH32 We have allocated capital at Cerro Matoso to unlock value and create options for potential supply into new nickel markets Cerro Matoso's recent high-returning investments have helped to re-position the operation ... Q3 FY21 Q4 FY21 Q2 FY23 Completed major furnace rebuild, opening up the operating window Realised first ore from the higher-grade Q&P deposit Commissioned the OSMOC project • and sets a strong platform to unlock further value following its mining contract extension to 2044 Creating options to optimise product mix into battery supply chains Expanded processing capacity delivered by the OSMOC project has underpinned a 15-year extension to the mining contract, creating options for future investments at the operation The proximity of the operation to the US and the Free Trade Agreement with Colombia may provide a pathway to supply the rapidly growing North American market We continue to study the potential to produce incremental volumes of intermediate products for battery markets, including mixed hydroxide precipitate and nickel matte Furnace maintenance program to sustain an extended operating life • • Planned furnace repair and refurbishment scheduled for Q4 FY25 is expected to underpin plant performance over the operating life This is expected to result in a ~20% reduction in nickel production in FY25, before returning to normalised levels in FY26 SLIDE 18

View entire presentation