Investor Presentaiton

OUR ALUMINIUM VALUE CHAIN BUSINESS We have leading integrated positions in the aluminium value chain SOUTH32 An integrated chain producing low-carbon aluminium in Brazil MRN (33%) Bauxite BRAZIL ALUMINA (36%) Alumina +-------- Merchant market BRAZIL ALUMINIUM (40%) Aluminium HILLSIDE ALUMINIUM (100%) Aluminium Two integrated bauxite and alumina refineries producing ~5.4Mt(a) MOZAL ALUMINIUM (63.7%) Aluminium Merchant Alumina supply to our smelters Jay --- WORSLEY ALUMINA (86%). Alumina ~2.4Mt of alumina directed to our smelters (S32 share) producing ~1.2Mt aluminium (a) ~3.0Mt of alumina directed to the Atlantic and Pacific merchant markets(a) Bauxite and Alumina • We are investing to further enhance our low-cost, integrated bauxite mines and alumina refineries 11 Feasibility study commenced for the West Zone project at the MRN bauxite mine, with the potential to extend mine life by more than 20 years (b)(c) Executing decarbonisation and energy security projects at Worsley Alumina, with the first coal to gas boiler conversion on-track for mid CY23 De-bottlenecking Phase Two project at Brazil Alumina is expected to lift capacity by 4% from H1 FY26 Aluminium Our recent investments in Mozal Aluminium 12 and Brazil Aluminium 13 have increased our low-carbon aluminium capacity >100% Mozal Aluminium is delivering its recovery plan to schedule, with full production expected to be restored in Q1 FY24 Brazil Aluminium is on-track to deliver nameplate capacity in FY24, with our share of production expected to increase ~100% to 148kt Notes: a. b. C. Based on FY24e production guidance. There is low level of geological confidence associated with the Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target will be realised. The stated Production Target is based on South32's current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. Refer to important notices (slide 2) for additional disclosure. SLIDE 14

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