QUARTERLY REPORT

March 2026

South32 Chief Executive Officer, Graham Kerr: "Our thoughts and deepest sympathies remain with the family, friends and colleagues of Mr Simon Mukwarami, who was fatally injured in an incident at Worsley Alumina on 14 March.

"We know we must have a relentless focus on safety in everything we do. There is no acceptable outcome other than our people going home safe and well at the end of every shift.  

"Our teams delivered several strong operating results in the March quarter, despite adverse weather impacts. Hillside Aluminium continued to test its maximum technical capacity, capitalising on higher aluminium prices, while Brazil Alumina achieved record year to date production, and Sierra Gorda made a record quarterly distribution of US$135M.

"We've maintained annual production guidance for all operations except Australia Manganese, where we continued to manage elevated site water levels in addition to the impacts of wet season rainfall and Tropical Cyclone Narelle in the quarter.

"Operating performance coupled with commodity price tailwinds delivered net cash generation of US$121M in the March quarter, after investment in growth of US$158M as we advanced construction of Hermosa's Taylor zinc-lead-silver project.

"Our strong balance sheet leaves us well placed to manage short-term volatility in global markets, while continuing shareholder returns and investing in high-quality growth options to increase our production of copper, zinc and silver."  

CORPORATE UPDATE

DEVELOPMENT AND EXPLORATION UPDATE

Hermosa project

Ambler Metals project

Exploration

WORSLEY ALUMINA (86% SHARE)

Worsley Alumina saleable production was largely unchanged at 2,779kt in the nine months ended March 2026, despite a temporary reduction in plant availability and third-party gas supply disruptions due to Tropical Cyclone Narelle. FY26 production guidance remains unchanged at 3,750kt.

Sales decreased by 15% in the March 2026 quarter, reflecting lower product availability and timing of shipments.

Notwithstanding actions taken to lower the operation's cost base in response to market conditions, higher global freight rates and caustic soda prices due to the conflict in the Middle East are expected to impact Operating unit costs if these external pressures persist.

BRAZIL ALUMINA (36% SHARE, NON-OPERATED)

Brazil Alumina saleable production increased by 5% (or 54kt) to a record 1,060kt in the nine months ended March 2026, as the refinery continued to operate above nameplate capacity, driven by improved plant availability. FY26 production guidance remains unchanged at 1,360kt.

Sales decreased by 14% in the March 2026 quarter, reflecting a drawdown of inventory in the prior quarter and timing of shipments.

Notwithstanding the refinery's strong operating performance, higher global freight rates and caustic soda prices due to the conflict in the Middle East are expected to impact Operating unit costs if these external pressures persist.

BRAZIL ALUMINIUM (40% SHARE, NON-OPERATED)

Brazil Aluminium saleable production increased by 7% (or 7kt) to 107kt in the nine months ended March 2026. Production decreased by 11% (or 4kt) to 33kt in the March 2026 quarter, following the previously advised pot outages and energy disruptions experienced in December 2025. The operator has implemented measures to deliver sustained improvement in process stability, with all three potlines demonstrating improved stability and output to finish the March 2026 quarter. FY26 production guidance remains unchanged at 135kt.

Sales decreased by 40% in the March 2026 quarter, reflecting the timing of export shipments.

HILLSIDE ALUMINIUM (100% SHARE)

Hillside Aluminium saleable production was largely unchanged at 538kt in the nine months ended March 2026, as the smelter continued to test its maximum technical capacity, despite the impact of load-shedding. FY26 production guidance remains unchanged at 720kt³.

Sales decreased by 16% in the March 2026 quarter as a shipment slipped to the June 2026 quarter.

MOZAL ALUMINIUM (63.7% SHARE)

Mozal Aluminium saleable production decreased by 6% (or 17kt) to 248kt in the nine months ended March 2026, as the smelter was placed on care and maintenance on 15 March 2026, as previously announced¹.

Sales increased by 8% in the March 2026 quarter, with remaining finished goods inventory to be drawn down during the June 2026 quarter.

SIERRA GORDA (45% SHARE, NON-OPERATED)

Sierra Gorda payable copper equivalent production⁴ was largely unchanged at 67.2kt in the nine months ended March 2026. Production decreased by 9% (or 1.9kt) to 20.2kt in the March 2026 quarter, as heavy rainfall impacted access to a mining area, and processing operations were temporarily suspended. FY26 production guidance remains unchanged at 85.7kt, reflecting lower expected metal grades in the June 2026 quarter, due to processing of lower grade stockpiles to supplement ore feed.

Sales decreased by 21% in the March 2026 quarter due to weather-related port congestion.

Sierra Gorda finalised new industrial agreements to 2029 for all covered employees during the March 2026 quarter. FY26 Operating unit costs are expected to be approximately 5-10% above current guidance (US$17.0/t ore processed), reflecting the timing of one-off workforce payments under these new industrial agreements, higher diesel prices and a stronger Chilean peso.

The feasibility study for the fourth grinding line project continues to advance, with an independent review underway by the joint venture partners ahead of a potential joint final investment decision in mid-CY26.

CANNINGTON (100% SHARE)

Cannington payable zinc equivalent production⁵ decreased by 16% (or 27.1kt) to 147.6kt in the nine months ended March 2026, as higher ore processed was offset by lower planned metal grades. The operation mitigated impacts from significant rainfall during the March 2026 quarter, with FY26 production guidance remaining unchanged at 200.6kt.

Lower silver, lead and zinc sales during the March 2026 quarter reflect extended outages of a third-party rail line due to flooding in northwest Queensland. With third-party rail access restored at the end of the quarter, we expect to drawdown inventory in the June 2026 quarter.

AUSTRALIA MANGANESE (60% SHARE)

Australia Manganese saleable production increased to 2,249kwmt in the nine months ended March 2026, as operations resumed following the impacts of Tropical Cyclone Megan in March 2024.

Production decreased by 27% (or 217kwmt) to 589kwmt in the March 2026 quarter, as the operation continued to manage elevated site water levels, in addition to wet season rainfall and Tropical Cyclone Narelle. As a result, FY26 production guidance has been revised lower by 6% to 3,000kwmt. Water management remains a focus for the operation into FY27.

Sales were 2,677kwmt in the nine months ended March 2026, as the operation continued to drawdown inventory.

SOUTH AFRICA MANGANESE (54.6% SHARE)

South Africa Manganese saleable production was largely unchanged at 1,557kwmt in the nine months ended March 2026, with maintenance completed in the December 2025 and March 2026 quarters. FY26 production guidance remains unchanged at 2,000kwmt.

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 April 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