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Investor Presentaiton

OUR CAPITAL EXPENDITURE OUTLOOK Prioritising safe and reliable operations and unlocking value through improvement and growth projects Capital expenditure guidance(a)(b) (US$M per annum) Notes: a. b. ~175 160 0 SOUTH32 We expect to direct US$250M in FY23e at our Hermosa project, delivering critical path activity and study work for our Taylor and Clark deposits Taylor's feasibility study is expected in H2 CY23, as we undertake additional engineering studies to align the development schedule for a permitting process under FAST-41 and incorporate current market cost estimates We have approved a ~US$60M investment to construct a decline at Clark, providing access to ore to facilitate demonstration scale production of battery-grade manganese FY24 improvement and life extension capital includes: . • US$75M at Worsley Alumina for new mining areas, energy security and decarbonisation US$35M at Australia Manganese for the Eastern Lease South life extension project • US$15M at Sierra Gorda for plant de-bottlenecking and the feasibility study for the ~850 fourth grinding line expansion, which is expected to be completed in H1 FY24 730 • US$15M at Brazil Alumina for the De-bottlenecking Phase Two project FY23e Safe and reliable FY24e Improvement and life extension FY24 safe and reliable capital includes: • US$190M at Sierra Gorda including deferred stripping and additional tailings infrastructure • US$290M at Illawarra Metallurgical Coal to support the transition to a single longwall configuration at Appin, and additional ventilation infrastructure (c) to extend Appin to 2039(d) Includes our Manganese and Sierra Gorda EAIS. FY23e and FY24e capital expenditure guidance includes the following assumptions for exchange rates: an AUD: USD exchange rate of 0.67, a USD:BRL exchange rate of 5.51, a USD:COP exchange rate of 4,630, a USD: MZN exchange rate of 67.94, a USD:ZAR exchange rate of 18.80 and a USD: CLP exchange rate of 857. C. d. ~US$260M total investment in additional ventilation infrastructure, with US$50M in FY23e, US$90M in FY24e, US$90M in FY25e and US$30M in FY26e. Refer to important notices (slide 2) for additional disclosure. SLIDE 11
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