FY22 Overview & Safety Program Update

FY22 PERFORMANCE ANALYSIS Our operations delivered to revised plans, enabling the Group to capitalise on significant price tailwinds and deliver a record 47% operating margin FY22 Underlying EBITDA contribution by commodity(a)(b)(c) Aluminium Alumina Copper Zinc-lead-silver 20% 31% 15% Aluminium & alumina operating margin .34% 31% 28% 25% 23% Copper operating margin(c) Zinc-lead-silver operating margin 55% 55% 53% 33% Nickel 9% Manganese ore 12% 8% Metallurgical coal 11% 3%--- FY20 FY21 Includes 4 months Aluminium FY22 Alumina FY20 FY21 FY22 FY20 FY21 FY22 of Sierra Gorda Group operating margin7,(d) 37% 33% 26% 22% Nickel 47% FY18 FY19 FY20 FY21 FY22 operating margin Manganese ore operating margin¹ Metallurgical coal operating margin(b) 57% 53% 47% 46% 40% 36% 26% 12% 64% FY20 FY21 FY22 FY20 FY21 FY22 FY20 FY21 FY22 Notes: a. b. Presented on a proportional consolidation basis and excludes manganese alloys, Hermosa, and Group and unallocated costs. Metallurgical coal comprises Illawarra Metallurgical Coal, including energy coal by-product volumes. C. Copper comprises Sierra Gorda, including molybdenum, gold and silver by-product volumes. d. Group operating margin reflects our material EAI on a proportional consolidation basis and an ownership interest of 54.6% for South Africa Manganese ore. SLIDE 11 SOUTH32

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