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Investor Presentaiton

PFS OPERATING UNIT COSTS Operating unit costs are expected to benefit from underground productivity, production scale and favourable location Operating unit costs? US$/t ore milled (average) ~23 ~10 Mining ~13 Processing General and administrative Other Negative Operating unit costs with by-product credits Operating unit costs • Mining costs include all activities related to underground mining, including labour, materials, utilities and maintenance III SOUTH32 . ~35 ZnEq Operating unit cost ~US$(0.71)/lb ZnEq All-in sustaining cost⁹ ~US$(0.05)/lb ZnEq Processing costs include consumables, labour and power • General and administrative costs include head office corporate costs and site support staff • Other costs include shipping and transport, marketing and royalties, with private net smelter royalties averaging 2.4% SLIDE 17
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