H1 FY21 Finance and Cost Analysis

CAPITAL EXPENDITURE ANALYSIS Additional capital to accelerate development of the Q&P project at Cerro Matoso Major capital expenditure weighted to Hermosa in H2 FY21 Sustaining capital expenditure (excluding South Africa Energy Coal) (US$M) Major capital expenditure (excluding South Africa Energy Coal) (US$M) III SOUTH32 Successful divestment of South Africa Energy Coal will meaningfully reduce the Group's capital intensity South Africa Energy Coal capital expenditure (US$M) FY21 guidance unchanged at US$410M despite stronger producer currencies and Q&P project development Dendrobium Next Domain guidance withdrawn while we assess the Independent Planning Commission's decision to refuse the application for the project Q3 FY21 capital expenditure guidance provided for the first time 214 196 445 44 56 49 H1 FY21 H2 FY21e H1 FY21 H2 FY21e H1 FY21 ■Group EAI Hermosa DND Eagle Downs Sustaining 19 Q3 FY21e ■Major SLIDE 20

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