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Investor Presentaiton

AUSTRALIA MANGANESE Progressing studies to extend the operation's life into the next decade Australia Manganese mining areas and infrastructure Port and processing plant GROOTE EYLANDT Western Leases • • SOUTH32 We have approved the Eastern Lease South life extension project, with first ore expected FY25 Low capital (US$44M(b)), high-returning project (IRR >50% 16) that extends the operation's life to at least FY28(c) Additional study work underway on other areas within our existing operating footprint and the Southern Areas, to potentially extend the operation's life into the next decade Manganese ore production and average manganese content of external ore sales (kwmt, LHS; % Mn, RHS) 4,000 5.1 5.2 7.7 7.1 6.2 6.0 4.9 Gulf 3,000 of Eastern Leases Carpentaria 2,000 Southern Areas (accessible areas) 1,000 Southern Areas (inaccessible areas(a)) FY22 FY23e FY24e FY25e FY26e FY27e Manganese ore production (60% share) (kwmt) ○ Strip ratio (the ratio of overburden to manganese ore) Notes: a. b. A portion of Southern Areas is currently inaccessible due to water catchment and cultural heritage considerations. South32 share, with expected capital expenditure of US$35M in FY24e and US$9M in FY25e. C. Refer to important notices (slide 2) for additional disclosure. FY28e 50% 40% I Potential to extend resource life I within existing operating footprint ! and Southern Areas 30% I FY29e 20% 10% 0% Average manganese content of external ore sales (% Mn) SLIDE 20
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