FY22 Overview & Safety Program Update

ILLAWARRA METALLURGICAL COAL Dendrobium proposed mine plan 1.5 Area 3B Previously mined Development consent Coal Reserves Area 3C Longwall 23 Longwall 21 Longwall 22 Longwall 21A 4.5 km Area 3A Longwall 19 Longwell 19A Appin proposed mine plan Measured Coal Resources Indicated Coal Resources Inferred Coal Resources Previously mined LW719 LW718 LW717 LW716 LW715 LW714 LW713 LW712 LWT Single longwall configuration Hybrid longwall configuration LW710A LW 905 LW710B Illawarra Metallurgical Coal complex FY23 saleable production expected to be 7.4Mt with Operating unit costs of US$116/t Between FY24 and FY28 (a) (b) we expect the current configuration to deliver on average: • • Annual saleable production of ~5.5Mt Operating unit costs of between US$105/t to US$120/t, with further improvements targeted to bring sustainably to the bottom of the range III SOUTH32 FY23 Safe and reliable capital expenditure is expected to be US$263M, with our annual spend to remain elevated until Appin's transition to a single longwall in FY25 Dendrobium mine Elected to not proceed with the DND project, with expected returns from the US$700M up-front capital estimate insufficient to support an investment, relative to alternatives for the complex Focussed on continuing to optimise Dendrobium within approved domains (Areas 3A, 3B and 3C) Saleable production is expected to step down from 3.6Mt in FY23 to an average of ~1.5Mtpa between FY24 and FY28, reflecting expectations for increased gas drainage in Area 3C Appin mine Transition to a single longwall at Appin from FY25 is expected to bring further operating and capital efficiencies • Includes planned work to invest ~US$260M (c) to install additional ventilation capacity that will enable mining to continue in Area 7 until at least 2039 (b)(d) Based on average between FY24 and FY28, on a real basis with a AUD:USD exchange rate of 0.69, with outcomes to vary depending on the timing of longwall moves. Production Target for Illawarra Metallurgical Coal (FY24 to FY28) is based on 23% Proved and 52% Probable Coal Reserves and 20% Measured and 5% Indicated Coal Resources from Wongawilli, and 11% Proved and 89% Probable Coal Reserves from Bulli. Refer to important notices (slide 2) for additional disclosure. Subject to Board approval, based on an AUD:USD exchange rate of 0.69. Expenditure has been incorporated in Safe and reliable capital guidance for FY23 (-US$60M) and FY24 (~US$80M). Production Target and forecast financial information for the Appin mine at Illawarra Metallurgical Coal is based on Proved (11%) and Probable (89%) Coal Reserves from Bulli. Notes: a. b. ة ن فـ d. 1.5 3 4.5 km SLIDE 26

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