Investor Presentaiton

OUR STEELMAKING RAW MATERIALS BUSINESS HOTAZEL MANGANESE MINES (54.6% 14) Manganese ore Supplying high quality manganese ore and coking coal products for domestic and export markets Mid-grade manganese GEMCO (60%) ore to Asia Manganese ore World's largest producer of manganese ore via our Samancor JV High-grade manganese ore to Asia ILLAWARRA METALLURGICAL COAL (100%) Metallurgical coal High grade metallurgical coal supplied to customers in Australia and Asia (ex-China) Supplier of premium-quality, hard coking coal for domestic and export steel markets Notes: a. b. Refer Annexure with Australia Manganese Ore Reserves as at 30 April 2023. Based on average between FY24 and FY28, with outcomes to vary depending on the timing of longwall moves. C. Refer to important notices (slide 2) for additional disclosure. SOUTH32 Manganese ore Approved the Eastern Lease South life extension project (a), extending the life of GEMCO, one of the largest, lowest cost operations in the world 15 • Studying options to unlock logistics capacity in our South Africa manganese business and expand our high-grade Wessels mine Metallurgical coal • Investing to improve productivity and extend the mine life of Appin • • Transitioning to a more efficient single longwall configuration from FY25 Installing additional ventilation capacity to enable mining in Area 7 until at least 2039 Pursuing a capital efficient approach to optimise Dendrobium • • Focused on optimising approved domains (Areas 3A, 3B and 3C), following our decision not to invest in the Dendrobium Next Domain project Saleable production expected to average -1.5Mtpa between FY24 and FY28(b)(c), with gas drainage and study work completed to date supporting the potential for further mine life Between FY24 and FY28 (b)(c) we expect the operation to deliver average annual saleable production of ~5.5Mt SLIDE 19

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