QUARTERLY REPORT

December 2025

South32 Chief Executive Officer, Graham Kerr: "We continued to deliver consistent operating results, with FY26 production guidance maintained across our operated assets and first half operating unit costs tracking in line with guidance.

"Our consistent operating performance, combined with strengthening market conditions, enabled the Group to maintain a strong financial position while investing in our high-returning growth options and delivering returns to shareholders.

"Completing the divestment of Cerro Matoso during the quarter further simplified our business, consistent with our strategy to focus our portfolio on high-quality operations and growth options in base metals.

"We also progressed construction of Hermosa's large-scale, long-life, Taylor zinc-lead-silver project, and completed the exploration decline for the Clark battery-grade manganese deposit.

"Sierra Gorda delivered strong copper volumes and cash returns, and we are pursuing further copper growth through our pipeline of development options and exploration prospects.

"During the quarter, our Ambler Metals joint venture approved a ~US$35M work program to advance the high-grade Arctic polymetallic deposit and test exploration targets within this underexplored, regional land package in Alaska."

CORPORATE UPDATE

DEVELOPMENT AND EXPLORATION UPDATE

Hermosa project

Ambler Metals project

Exploration

MARKETING UPDATE

The average realised prices achieved for our commodities are summarised below. Provisionally priced sales were revalued at 31 December 2025 with the final price of these to be determined in the June 2026 half year.

a.         While Brazil Alumina and Brazil Aluminium are non-operated, South32 owns the marketing rights for our share of production. While Sierra Gorda is also non-operated, the Joint Venture is responsible for marketing our share of production.

OPERATING UNIT COST UPDATE

H1 FY26 Operating unit costs are expected to be in line with or below current FY26 guidance across the majority of operations, driven by strong operating performance and a continued focus on cost management.

The below commentary reflects our current expectations for H1 FY26 Operating unit costs. We will report H1 FY26 Operating unit costs and provide updated FY26 guidance with our December 2025 half year financial results.

a.         Operating unit cost is Revenue less Underlying EBITDA, excluding third party sales, divided by sales volumes.

b.         FY26e Operating unit cost guidance includes royalties (where appropriate) and commodity price and foreign exchange rate forward curves or our

internal expectations (refer to footnote 19).

c.         The denotation (e) refers to an estimate or forecast year.

d.         US dollar per tonne of ore processed. Periodic movements in finished product inventory may impact Operating unit costs.

WORSLEY ALUMINA (86% SHARE)

Worsley Alumina saleable production increased by 2% (or 43kt) to 1,893kt in the December 2025 half year, with quarterly production growth of 3% (or 25kt) following completion of planned calciner maintenance in the September 2025 quarter. FY26 production guidance remains unchanged at 3,750kt.

BRAZIL ALUMINA (36% SHARE, NON-OPERATED)

Brazil Alumina saleable production increased by 4% (or 27kt) to a record 709kt in the December 2025 half year, as the refinery operated above nameplate capacity. FY26 production guidance remains unchanged at 1,360kt.

BRAZIL ALUMINIUM (40% SHARE, NON-OPERATED)

Brazil Aluminium saleable production increased by 16% (or 10kt) to 74kt in the December 2025 half year, as the smelter continued to ramp-up all three potlines. Despite this growth, production in the December 2025 quarter was below plan due to unplanned pot outages in potlines two and three and external energy disruptions late in the period. The smelter's operator is implementing measures to improve stability and continue the ramp-up of all three potlines.

Production guidance is under review as we await the operator's revised ramp-up profile. We will provide revised production guidance with our December 2025 half year financial results.

Sales increased by 55% in the December 2025 quarter due to a carry-over export shipment from the prior quarter.

HILLSIDE ALUMINIUM (100% SHARE)

Hillside Aluminium saleable production was unchanged at 362kt in the December 2025 half year, as the smelter continued to test its maximum technical capacity, despite the impact of load-shedding. FY26 production guidance remains unchanged at 720kt³.

Sales increased by 11% in the December 2025 quarter due to a carry-over shipment from the prior quarter.

MOZAL ALUMINIUM (63.7% SHARE)

Mozal Aluminium saleable production increased by 3% (or 5kt) to 183kt in the December 2025 half year. Production decreased by 3% (or 3kt) in the December 2025 quarter as we stopped pot relining and commenced work to place the smelter on care and maintenance in March 2026, when the current electricity supply agreement expires¹. FY26 production guidance for the period to March 2026 remains unchanged at 240kt³.    

Sales decreased by 38% in the December 2025 quarter, as a shipment slipped to the March 2026 quarter, and we managed customer commitments ahead of the smelter transitioning to care and maintenance. Inventory will be drawn down during the June 2026 half year.

SIERRA GORDA (45% SHARE, NON-OPERATED)

Sierra Gorda payable copper equivalent production⁴ was largely unchanged at 47.0kt in the December 2025 half year, as the operation achieved planned plant throughput and copper production, and increased molybdenum production by 33% due to higher recoveries in the current mining phase.

Strong first half molybdenum, gold and silver volumes position the operation to potentially exceed current FY26 payable copper equivalent production of 85.7kt, if these by-product trends continue through the remainder of the year.

Sierra Gorda is nearing completion of the feasibility study for the fourth grinding line project, which has the potential to increase plant throughput by ~20% to ~58Mtpa (100% basis), for review by the joint venture partners.   

CANNINGTON (100% SHARE)

Cannington payable zinc equivalent production² decreased by 18% (or 23.0kt) to 102.8kt in the December 2025 half year, while quarterly production improved by 13% (or 6.2kt) as the operation exceeded planned processing rates and realised higher silver and zinc grades in accordance with the mine plan. FY26 payable zinc equivalent production guidance remains unchanged at 200.6kt.

CERRO MATOSO (99.9% SHARE)

Cerro Matoso payable nickel production was 15.0kt in the five months prior to its divestment on 1 December 2025.

AUSTRALIA MANGANESE (60% SHARE)

Australia Manganese saleable production increased to 1,660kwmt in the December 2025 half year, as the operation delivered planned volumes after executing its recovery plan following the impacts of Tropical Cyclone Megan. FY26 production guidance remains unchanged at 3,200kwmt, subject to potential impacts from the wet season.

Sales increased to 1,809kwmt in the December 2025 half year, as shipping rates reached full capacity following the commissioning of new wharf infrastructure, enabling a planned drawdown of inventory.

SOUTH AFRICA MANGANESE (54.6% SHARE)

South Africa Manganese saleable production decreased by 2% (or 25kwmt) to 1,057kwmt in the December 2025 half year, reflecting planned maintenance and underground development at Wessels. FY26 production guidance remains unchanged at 2,000kwmt, with further planned maintenance scheduled in the March 2026 quarter.

NOTES

The following abbreviations have been used throughout this report: US$ million (US$M); US$ billion (US$B); grams per tonne (g/t); tonnes (t); thousand tonnes (kt); thousand tonnes per annum (ktpa); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); thousand ounces (koz); million ounces (Moz); thousand wet metric tonnes (kwmt); million wet metric tonnes (Mwmt); million wet metric tonnes per annum (Mwmt pa); dry metric tonne unit (dmtu); thousand dry metric tonnes (kdmt).

Figures in italics indicate that an adjustment has been made since the figures were previously reported. The denotation (e) refers to an estimate or forecast year.

OPERATING PERFORMANCE

Forward-looking statements

This release contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates; demand for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated productive lives of projects, mines and facilities; and provisions and contingent liabilities. These forward-looking statements reflect expectations at the date of this release, however they are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. Readers are cautioned not to put undue reliance on forward-looking statements. Except as required by applicable laws or regulations, the South32 Group does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. South32 cautions against reliance on any forward-looking statements or guidance.

FURTHER INFORMATION

Approved for release to the market by Graham Kerr, Chief Executive Officer
JSE Sponsor: The Standard Bank of South Africa Limited

22 January 2026

South32 Limited

(Incorporated in Australia under the Corporations Act 2001 (Cth))

(ACN 093 732 597)

ASX / LSE / JSE Share Code: S32; ADR: SOUHY

ISIN: AU000000S320