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Investor Presentaiton

MANGANESE MARKET III SOUTH32 Chinese energy costs have supported a preference for high-grade ores and a widening premium Price movement in the short-term remains driven by pace of recovery in Chinese demand and supply dynamics Manganese ore price and China port stocks in consumption days (US$/dmtu, LHS; days of consumption, RHS) 10 45 45 China port stocks (Mt) We continue to expect the long term price to be set by marginal South African supply transitioning underground over time 9 8 7 6 5 4 3 2 1 40 7 35 30 6 11 5 ти 25 4 20 Apr 16 Apr 17 Apr 18 Apr 19 Apr 20 Apr 21 Apr 22 Port stock in consumption days (RHS) 37% Mn ore, CIF Tianjin Source: Fastmarkets, Ferroalloy.net, South32 Analysis 44% Mn ore, CIF Tianjin 15 3 2 10 1 5 Apr 22 ■High-grade Mar 23 Mid-grade ■Low-grade Source: Ferroalloy.net, South 32 Analysis SLIDE 35
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