2022 Full Year Results Q&A

2022 Full Year Results Q&A Thursday, 23rd February 2023 London. In terms of both the government priorities, our priorities, and the value of community activity and social aspects, it plays very well into that whole story. Myles Allsop (UBS): On Woodsmith - would you bring in a partner to derisk like you did with Quellaveco? And on the tax, are we right to say that there is no tax benefit other than the offset to head office costs, but there is no kind of lower tax rate for a certain period of time or anything like that? Stephen Pearce: There is no lower tax rate and there is no head office tax benefit in the models as we present them today, because under the accounting standards, you are not permitted to do that. Myles Allsop: The IRR on the project, the base case, is that over 10% or over 15%? Stephen Pearce: I expect it will meet our hurdles around when we get to that final decision point as we factor in our view of value and the optionality that this project brings through time and how we see the product in the market. We have got to prove up some of those things as we get towards final decision, but where I sit today as a management team and a - - board, we are confident that will play out into that sort of territory to cross the hurdles. Duncan Wanblad: And to your point on potential syndication of the project, always open to that. There are two really good reasons to think about these things from time to time. One is there a partner that is additive to you and can enhance an outcome that that you on your own could not do? Or is this a good way to manage risk, given the nature and type of the project and location of the project going forward? All of that said, it has to be the right partner and it should really be at the right time if it is going to be value accretive to shareholders. There are no plans to do it right now, but that does not mean that there will not ever be. Myles Allsop: Mogalakwena is starting to look like more of a mediocre asset rather than a super-special asset, when you look at the lower grades and the performance over the last 12 months. Could you give us a sense as to how the grade profile will evolve and how we will get Mogalakwena back at the left-hand side of the cost curve? Duncan Wanblad: Matt Daley's in the room, so I am going to ask him to talk to that grade profile. I think the most important thing to remember is that every asset has a grade profile through the whole of that asset. And there are times in the phasing of the development of that asset where you go through higher grade, lower grade, harder ore characteristics and so on. So this is a phase that Mogalakwena has been in at the moment, and it has had some difficulties that have been made prevalent by the elimination of the inter-processing stockpile associated with the geo-metallurgical model from a predictability point of view. But we are getting on top of that, and we will solve that during the course of this year. It is still an incredibly good asset. Matt Daley (Group Director Technical): Starting from an endowment standpoint, this is a remarkable resource. The extent is 18 kilometres along strike, and it is not closed at depth. The ore body width varies from 40 to a couple hundred metres. Depending on where you are in the pit, there is a lot of variability from north to south. The next few years we are moving into the southern part of the pit, where you see much higher grades in the next two or three pushbacks, which will help that grade profile. When you start to look at the transition to 7

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