Investor Presentaiton
1.
2.
3.
4.
5.
56
6.
7.
8.
9.
FOOTNOTES
ΞΙΙΙ
III
SOUTH32
In January 2023, South32 Limited received an ESG Risk Rating of 25.3 and was assessed by Morningstar Sustainalytics to be at Medium risk of experiencing material financial impacts from ESG factors. In no event shall this
presentation be construed as investment advice or expert opinion as defined by the applicable legislation. Copyright © 2023 Morningstar Sustainalytics. All rights reserved. This publication contains information developed by
Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an
endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at
https://www.sustainalytics.com/legal-disclaimers
In May 2022, South32 Limited received a rating of A (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment. The use by South32 Limited of any MSCI ESG Research LLC or its affiliates ("MSCI") data, and the use of MSCI
logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of South32 Limited by MSCI. MSCI services and data are the property of MSCI or its
information providers, and are provided 'as-is' and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
As at H1 FY23. Commencing FY23 the definition of Operational Lead Team was expanded to include functional leaders based at operations.
Target is defined as an intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. Goal is defined as an aspiration to deliver an
outcome for which we have not identified a pathway for delivery, but for which efforts will be pursued towards achieving that outcome, subject to certain assumptions or conditions.
Refers to aluminium produced using renewable power.
FY23e growth in copper equivalent production at our aluminium (Brazil Aluminium, Hillside Aluminium and Mozal Aluminium) and base metals (Sierra Gorda, Cannington and Cerro Matoso) operations, compared to FY22. Copper
equivalent production was calculated using FY22 realised prices for all operations except for Brazil Aluminium which is based on FY22 average index price for aluminium.
Total capital expenditure, greenfield exploration and intangibles (including equity accounted investments and divested operations) from FY16 onwards to H1 FY23.
Includes ordinary dividends, special dividends and on-market share buy-back paid from FY16, plus US$109M remaining on our current capital management program.
Calculated as the difference in net debt of US$402M at 30 June 2015 and net debt of US$298M as at 31 March 2023. Net debt number is unaudited and should not be considered as an indication of or alternative to an IFRS
measure of profitability, financial performance or liquidity.
10. Inclusive of special dividends and on-market share buy-back (incorporating the US$109M remaining on our capital management program which expires on 1 September 2023 unless the program is extended).
11. Based on the CRU Cost Model 2022, cash cost basis.
12. Refer to market release "South32 completes acquisition of additional shareholding in Mozal Aluminium" dated 31 May 2022.
13. Refer to market release "Restart of Brazil Aluminium using renewable power" dated 6 January 2022.
14. South Africa Manganese ore is reported as a 54.6% interest reflecting our Metalloys manganese alloy smelter (60% interest) having been placed on care and maintenance, and aligning with our interest in Hotazel Manganese
Mines (HMM). South32 has a 44.4% ownership interest in HMM. 26% of HMM is owned by a B-BBEE consortium comprising Ntsimbintle Mining (9%), NCAB Resources (7%), Iziko Mining (5%) and HMM Education Trust (5%). The
interests owned by NCAB Resources, Iziko Mining and HMM Education Trust were acquired using vendor finance with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these
loans are repaid, South32's interest in HMM is accounted at 54.6%.
15. Based on the CRU Cost Model 2022.
16.
IRR is predicated on our internal price forecast for 44% manganese.
17. Refer to market release "Hermosa Project Update" dated 9 May 2023.
The denotation (e) refers to an estimate or forecast year.
The following abbreviations have been used throughout this presentation: silver (Ag); gold (Au); Australian dollar (AUD); billion (B); battery-grade manganese (BGM); Brazilian real (BRL); Chilean peso (CLP); Colombian peso (COP);
copper (Cu); calendar year (CY); dry metric tonne (dmt); equity accounted investment (EAI); environmental, social and governance (ESG); electric vehicle (EV); Title 41 of the Fixing America's Surface Transportation Act (FAST-41); final
investment decision (FID); financial year (FY); greenhouse gas (GHG); half (H); high-purity manganese sulphate monohydrate (HPMSM); joint venture (JV); kilo (k); lithium ferrophosphate (LFP); lithium manganese iron phosphate (LMFP);
metre (m); million (M); manganese (Mn); molybdenum (Mo); Mineração Rio do Norte (MRN); Mozambican metical (MZN); 60% nickel, 20% cobalt and 20% manganese battery (NCM-622); new electric vehicles (NEV); cobalt-free nickel-
manganese (NMX); original equipment manufacturer (OEM); Ore Sorting and Mechanical Ore Concentration (OSMOC); troy ounces (oz); pre-feasibility study (PFS); selection phase of the pre-feasibility study (PFS-S); return on invested
capital (ROIC); Taskforce on Nature-related Financial Disclosures (TNFD); tonnes per annum (tpa); United States (US); United States dollar (USD); volcanogenic massive sulphide (VMS); wet metric tonne (wmt); South African rand (ZAR)
and zinc (Zn).
SLIDE 40View entire presentation