Investor Presentaiton

FOOTNOTES 1. Group FY21 operating revenue excluding South Africa Energy Coal. Refer to market release "Financial Results and Outlook - year ended 30 June 2021" dated 19 August 2021. III SOUTH32 2. 3. 4. 5. 6. 7. 8. 9. 45% interest in the Sierra Gorda copper mine. Refer to market release "South32 to acquire a 45% interest in the Sierra Gorda copper mine" dated 14 October 2021. The estimates indicated in the Original announcement are qualifying foreign estimate and are not reported in accordance with the JORC Code. A Competent Person has not done sufficient work to classify foreign estimates as Mineral Resources or Ore Reserves in accordance with the JORC Code. It is uncertain that following evaluation and/or further work that the foreign estimates will be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code. 276kt increase in annual aluminium production (South32 share), following completion of the acquisition of an additional 16.6% interest in Mozal Aluminium and the restart of the Alumar aluminium smelter at nameplate capacity. Refer to market releases, "South32 to acquire up to an additional 25% of Mozal Aluminium" dated 30 September 2021 and "Restart of Brazil Aluminium using renewable power" dated 6 January 2022, respectively. Revenue equivalent production in the PFS steady state years (FY30 to FY44), averaging 130kt zinc, 166kt lead and 8.7Moz silver. Payable zinc equivalent was calculated by aggregating revenues from payable zinc, lead and silver, and dividing the total revenue by the price of zinc. Average metallurgical recovery assumptions are 90% for zinc, 91% for lead and 81% for silver. FY21 average index prices for zinc (US$2,695/t), lead (US$1,992/t) and silver (US$25.50/oz) (excluding treatment and refining charges) have been used. Federal tax of 21.0% and Arizona state tax of 4.9% of taxable income, subject to applicable allowances. Hermosa has an opening tax loss balance of approximately US$83M as at 30 June 2020. Property and severance taxes are also expected to be paid. Based on the PFS schedule, we expect to commence paying income taxes from FY29. Operating unit cost is Revenue less Underlying EBITDA, excluding third party sales and TCRCS, divided by sales volumes. The prices used are FY21 average index prices for zinc (US$2,695/t), lead (US$1,992/t) and silver (US$25.50/oz) (excluding TCRCs). ZnEq Operating unit cost includes lead and silver by-product credits, using FY21 average index prices. All-in sustaining cost (AISC) includes operating unit costs (including royalties), TCRCS, and sustaining capital expenditure. The denotation (e) refers to an estimate or forecast year. The following abbreviations have been used throughout this presentation: all-in sustaining costs (AISC); billion (B); calendar year (CY); earnings before interest, tax, depreciation and amortisation (EBITDA); engineering, procurement and construction management (EPCM); equity accounted investments (EAI); electric vehicle (EV); feasibility study (FS); final investment decision (FID); financial year (FY); free on board (FOB); internal combustion engine (ICE); kilo tonnes (kt); kilo tonnes per annum (ktpa); lead (Pb); left hand side (LHS); life of mine (LOM); million (M); million tonnes (Mt); million tonnes per annum (Mtpa); millivolts per volt (mV/V); National Environmental Policy Act (NEPA); net smelter return (NSR); pre-feasibility study (PFS); pound (lb); Record of Decision (RoD); right hand side (RHS); silver (Ag); tailings storage facility (TSF); treatment and refining charges (TCRCs); United States (US); volts (V); water treatment plant (WTP); zinc (Zn); and zinc equivalent (ZnEq). MINERAL RESOURCES AND ORE RESERVES Mineral Resource Statements for the Taylor and Clark deposits: The information in this presentation that relates to Mineral Resources for the Taylor and Clark deposits is extracted from South32's FY21 Annual Report (www.south32.net) published on 3 September 2021. The information was prepared by a Competent Person in accordance with the requirements of the JORC Code. South32 confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement, and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. South32 confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. Resource life is estimated using Mineral Resources (extracted from South32's FY21 Annual Report published on 3 September 2021 and available to view on www.south32.net) and Exploration Target (details of which are available in the "Hermosa Project Update" announcement published on 17 January 2022), converted to a run-of-mine basis using conversion factors, divided by the nominated run-of-mine production rate on a 100% basis. Whilst South32 believes it has a reasonable basis to reference this resource life and incorporate it within its Production Targets, it should be noted that resource life calculations are indicative only and do not necessarily reflect future uncertainties such as economic conditions, technical or permitting issues. Resource life is based on our current expectations of future results and should not be solely relied upon by investors when making investment decisions. Flux Exploration Target: The information is this presentation that relates to Exploration Target for Flux is extracted from "South32 Strategy and Business Update" published on 18 May 2021 and is available to view on www.south32.net. The information was prepared by a Competent Person in accordance with the requirements of the JORC Code. South32 confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. South32 confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. SLIDE 29

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