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Investor Presentaiton

HERMOSA EXPLORATION POTENTIAL Our resource range analysis work supports the potential for further resource growth Taylor Deposit and Exploration Target A highly prospective mineralised system, open at depth and laterally We have completed resource range analysis work aimed at developing an unconstrained, spatial view of the Exploration Target at Taylor, considering extensional and near-mine exploration potential Our resource range analysis utilises deterministic estimates of potential volumes and grades using assumptions for continuity and extension consistent with available data and models Exploration Target ranges from 10 to 95Mt, with a mid case of ~45Mt Exploration Target(a)(b) SOUTH32 Low Case Mid Case High Case % % g/t % % g/t % % g/t Mt Mt Mt Zn Pb Ag Zn Pb Ag Zn Pb Ag Clark Deposit (NSR cut-off US$175/t) Taylor Deposit (NSR cut-off US$80/t) Exploration Target extension 0 10.5 km Sulphide 10 3.8 4.2 81 45 3.4 3.9 82 95 3.6 4.0 79 Notes: a. Refer to important notices (slide 2) for additional disclosure. b. Cut-off grade: NSR of US$80/t. SLIDE 9
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