Investor Presentaiton

IMPORTANT NOTICES EIII SOUTH32 This presentation should be read in conjunction with the "Financial Results and Outlook - half year ended 31 December 2022" announcement released on 16 February 2023, which is available on South32's website (www.south32.net). FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates; demand for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated productive lives of projects, mines and facilities; and provisions and contingent liabilities. These forward-looking statements reflect expectations at the date of this release, however they are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. Readers are cautioned not to put undue reliance on forward-looking statements. Except as required by applicable laws or regulations, the South32 Group does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. South32 cautions against reliance on any forward-looking statements or guidance, including any disruption arising in connection with COVID-19. NON-IFRS FINANCIAL INFORMATION This presentation includes certain non-IFRS financial measures, including Underlying revenue, net debt, and ROIC. These measures are used internally by management to assess the performance of our business, make decisions on the allocation of our resources and assess operational management. Non-IFRS measures have not been subject to audit or review and should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity. NO OFFER OF SECURITIES Nothing in this presentation should be read or understood as an offer or recommendation to buy or sell South32 securities, or be treated or relied upon as a recommendation or advice by South32. RELIANCE ON THIRD PARTY INFORMATION Any information contained in this presentation that has been derived from publicly available sources (or views based on such information) has not been independently verified. The South32 Group does not make any representation or warranty about the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by South32. NO FINANCIAL OR INVESTMENT ADVICE - SOUTH AFRICA South32 does not provide any financial or investment 'advice' as that term is defined in the South African Financial Advisory and Intermediary Services Act, 37 of 2002, and we strongly recommend that you seek professional advice. MINERAL RESOURCES AND ORE RESERVES Information in this presentation that relates to Ore/Coal Reserve or Mineral/Coal Resource estimates for all operations and projects was declared as part of South32's annual Resource and Reserve declaration in the FY22 Annual Report (www.south32.net) issued on 9 September 2022 and prepared by Competent Persons in accordance with the requirements of the JORC Code. South32 confirms that it is not aware of any new information or data that materially affects the information included in the original announcements. All material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. South32 confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. For material assumptions and technical parameters underpinning Worsley Mineral Resources and Ore Reserves, please refer to the original announcement titled "Worsley Alumina Ore Reserves updated" dated 23 August 2018 and for material assumptions and technical parameters underpinning Illawarra Metallurgical Coal, Coal Resources and Coal Reserves, please refer to original announcement titled "Illawarra Metallurgical Coal- Coal Reserves update" dated 17 June 2019. Resource life is estimated using Mineral Resources (extracted from South32's FY22 Annual Report published on 9 September 2022 and available to view on www.south32.net) and Exploration Target (details of which are available in the "Hermosa Project Update" announcement published on 17 January 2022), converted to a run-of-mine basis using conversion factors, divided by the nominated run-of-mine production rate on a 100% basis. Whilst South32 believes it has a reasonable basis to reference this resource life and incorporate it within its Production Targets, it should be noted that resource life calculations are indicative only and do not necessarily reflect future uncertainties such as economic conditions, technical or permitting issues. Resource life is based on our current expectations of future results and should not be solely relied upon by investors when making investment decisions. The cautionary statement included in the next paragraph relates to the proportion of Inferred Resources and Exploration Target when calculating Resource life and should be read in conjunction with this paragraph. The information in this presentation that relates to the mineral resource and mineral reserve estimates for the Sierra Gorda Cu-Mo-Au deposit was declared in the market release "South32 to acquire a 45% interest in the Sierra Gorda Copper Mine" dated 14 October 2021. The estimates are qualifying foreign estimates and are not reported in accordance with the JORC Code. Competent persons have not done sufficient work to classify the foreign estimates as Mineral Resources and Ore Reserves in accordance with the JORC Code. It is uncertain that following evaluation and further exploration the foreign estimates will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code. South32 is not in possession of any new information or data relating to the foreign estimate that materially impacts on the reliability of the estimates. South32 confirms that the information contained in the clarifying statement in the market release referred above continues to apply and has not materially changed. South32 notes that the stockpiled ore referred to in this presentation is unclassified and cannot confirm whether the estimate has been compiled using an appropriate foreign reporting standard. PRODUCTION TARGETS Cannington: The information in this announcement that refers to the Production Target for Cannington is based on 100% Proved Ore Reserves. The Ore Reserves underpinning the Production Target was disclosed in South32's FY22 Annual Report published on 9 September 2022 (www.south32.net). The Ore Reserve estimate and supporting documentation was prepared by a Competent Person in accordance with the requirement of the JORC Code. Illawarra Metallurgical Coal: The information in this announcement that refers to the Production Target for Appin (Illawarra Metallurgical Coal) is based on 14% Proved and 86% Probable Coal Reserves and for Wongawilli, it is based on 23% Proved and 52% Probable Coal Reserves and 20% Measured and 5% Indicated Coal Resources. The Coal Resources and Coal Reserves underpinning the Production Target was disclosed in South32's FY22 Annual Report published on 9 September 2022 (www.south32.net). The Coal Resource and Reserve estimate and supporting documentation was prepared by Competent Persons in accordance with the requirement of the JORC Code. Australia Manganese: The information in this announcement that refers to Production Target and forecast financial information is based on Proved (64%) and Probable (36%) Ore Reserves. The updated Mineral Resources and Ore Reserves underpinning the Production Target have been prepared by Joshua Harvey and Mark Bryant, Competent Person in accordance with the requirements of the JORC Code. The Mineral Resources and Ore Reserves estimates are published with this presentation and are available to view as an Annexure to this presentation. MRN: The information in this announcement that refers to production target and forecast financial information for MRN is based on Measured (63%), Indicated (8%) and Inferred (29%) Mineral Resources. The Mineral Resources underpinning the Production Target have been prepared by a Competent Person in accordance with the requirement of the JORC Code and is available to view in South32's FY22 annual report (www.south32.net) published on 9 September 2022. South32 confirms that inclusion of 29% Inferred Mineral Resource tonnage is not the determining factor of the project viability and the project forecasts a positive financial performance when using 71% tonnage (63% Measured and 8% Indicated Mineral Resources). South32 is satisfied, therefore, that the use of Inferred Mineral Resources in the Production Target and forecast financial information reporting is reasonable. EXPLORATION TARGETS Peake: The information is this presentation that relates to Exploration Target for Peake is extracted from "Hermosa Project Update" released on 17 January 2022 and is available to view on www.south32.net. The information was prepared by a Competent Person in accordance with the requirements of the JORC Code. South32 confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. South32 confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. Flux: The information is this presentation that relates to Exploration Target for Flux is extracted from "South32 Strategy and Business Update" released on 18 May 2021 and is available to view on www.south32.net. The information was prepared by a Competent Person in accordance with the requirements of the JORC Code. South32 confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. South32 confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. SLIDE 2