Investor Presentaiton

TAYLOR PFS SUMMARY IIIE SOUTH32 Potential for a large scale, low-cost, multi-decade operation adopting a conventional processing circuit PFS summary information Mine design Process design Nameplate capacity Products Resource life Head grades Recoveries Metal payability Annual payable zinc production Annual payable lead production Annual payable silver production Annual payable ZnEq production5 Operating unit costs Longhole open stoping underground mine with paste backfill plant Conventional sulphide ore flotation circuit Up to 4.3Mtpa in the preferred PFS development scenario (a) Zinc and lead concentrates, with silver credits ~22 years ~4.1% Zn, ~4.5% Pb, ~82 g/t Ag ~90% Zn, ~91% Pb, ~81% Ag (in Pb concentrate) ~85% Zn, ~95% Pb, ~95% Ag (in Pb concentrate) ~111kt ~138kt ~7.3Moz ~280kt ~US$81/t ore milled Taylor site map Main shaft WTP1 Ventilation shaft WTP2 T Dry-stack TSF Paste plant Primary access road Operating unit costs Growth capital Sustaining capital Fiscal terms Notes: a. ~US$(0.71)/lb ZnEq ~US$1,700M comprising ~US$1,230M (direct) & ~US$470M (indirect) ~US$40M per annum Corporate tax rate ~26% Refer to important notices (slide 2) for additional disclosure. Processing plant Harshaw Road SLIDE 7

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