Investor Presentaiton

LEAD MARKET Growth in the ICE (a) fleet will support demand in the short to medium term Renewable energy storage will remain a key component of demand EV penetration rates and resultant scrap supply will ultimately determine the market balance Total lead demand by end-user sectors 15% 2020 15% 2040 • 37% +29% 46% 18% 19% 12.4Mt 15.9Mt 18% 11% Source: South32 analysis. Notes: a. b. 8% 13% Transport (replacement) Traction (b) Other Transport (original equipment) Stationary (energy storage) ICE refers to internal combustion engine. Traction batteries refers to automotive batteries used to power smaller vehicles, including e-bike, trikes and forklifts. Demand III SOUTH32 While electric vehicle penetration rates are forecast to rise, concurrent growth in the internal combustion engine fleet supports demand for lead batteries in the short to medium term The safety-related and low-cost characteristics of lead-acid batteries makes them an attractive choice for renewables energy storage Supply Mine supply expected to fall by 3.8% pa (~100kt pa) to 2040 In our base case, rising scrap production is insufficient to balance the projected market shortfall, requiring new mine supply and inducement pricing In a 1.5C (climate change) scenario, scrap supply would be significantly higher with the accelerated shift away from ICE vehicles, potentially limiting the need for additional primary supply SLIDE 27

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