FY22 Overview & Safety Program Update

HERMOSA PROJECT Hermosa land package Potential to be a globally significant producer of metals critical to a low-carbon future Patented Unpatented Prospects Deposits Flux Prospect Taylor Deposit N Peake Prospect High Corridor Priority -------- 0 1 2 3 4 5 Km Clark Deposit Area acquired in FY22 ☐ Notes: a. Refer to important notices (slide 2) for additional disclosure. SOUTH32 Taylor Deposit Zinc-lead-silver development option Clark Deposit Battery-grade manganese product potential Exploration A highly prospective land package . • PFS demonstrated potential for a sustainable, low cost operation with 20+ year initial resource life (a) in the first quartile of the industry's cost curve Estimated US$1.7B capital to build a conventional 4.3Mtpa plant and dual shaft access mine with associated infrastructure Final investment decision expected in mid CY23 Scoping study(a) has confirmed the potential to produce battery-grade manganese into rapidly-growing markets Manganese expected to benefit from the decision by the United States Government to invoke the Defense Production Act, supporting the production of critical minerals We are reviewing options to potentially accelerate our development studies for Clark Multi-year geophysics programs have defined a highly prospective corridor within the broader land package High-grade copper-lead-zinc-silver mineralisation intersected at the Peake prospect (a), south of the Taylor Deposit Planning to drill the Flux prospect(a) in early CY23, located down-dip of an historic mining area SLIDE 39

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