H1 FY21 Finance and Cost Analysis

PRODUCTION OVERVIEW Alumina (Mt) 2.6 2.6 2.7 2.6 Aluminium (kt) Manganese ore (Mwmt) 496 496 497 2.8 490 2.5 2.9 2.6 III SOUTH32 H1 FY20 H2 FY20 H1 FY21 H2 FY21e H1 FY20 H2 FY20 H1 FY21 H2 FY21e H1 FY20 H2 FY20 H1 FY21 H2 FY21e Record year to date production at both alumina refineries with Worsley Alumina exceeding nameplate capacity Both smelters continued to test their maximum technical capacity, despite the impact from load-shedding Record year to date production at Australia Manganese with H2 FY21 volumes in South Africa and Australia subject to market demand and weather Zinc equivalent³ (kt) Nickel (kt) Metallurgical coal (Mt) 179.9 20.6 20.0 18.5 168.7 2.9 167.3 2.7 163.9 16.1 3.3 3.1 H1 FY20 H2 FY20 H1 FY21 H2 FY21e H1 FY20 H2 FY20 H1 FY21 H2 FY21e H1 FY20 H2 FY20 H1 FY21 H2 FY21e Increased FY21 production guidance at Cannington with underground mine performance expected to support the acceleration of a higher-grade mining sequence Increased FY21 and FY22 production guidance at Cerro Matoso following our approval to accelerate the development of the higher-grade Q&P project Metallurgical coal volumes continue to benefit from the return to a three longwall configuration at Illawarra Metallurgical Coal SLIDE 8

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