Investor Presentaiton

PFS TIMELINE AND APPROVALS Taylor feasibility study and a final investment decision expected in mid CY23 Preferred development path assumed in the PFS (a) PFS completed H2 FY22 Dewatering construction commences Feasibility study completed and final investment decision Shaft development commences First production targeted H2 FY22 Mid CY23 FY24 FY27 SOUTH32 Key approvals and permits required for the Taylor Deposit • Initial underground development, surface infrastructure and initial tailings placement are expected to be located on patented mining claims, requiring approvals and permits from the State of Arizona. Several State-based permits for dewatering are already held • • Surface disturbance on unpatented land will require completion of the National Environmental Policy Act (NEPA) process with the United States Forest Service to receive a Record of Decision (RoD) RoD would enable the establishment of tailings storage capacity on unpatented land The project may benefit from the classification of metals found at Hermosa as critical minerals in the United States. Zinc is proposed to be added as a critical mineral by the U.S. Geological Survey while manganese (Clark Deposit) already has this designation Notes: a. Illustrative development path for the Taylor Deposit in the PFS, which is subject to investment approvals and receipt of required permits. SLIDE 20

View entire presentation