Kumba Iron Ore : 2026 AGM

Terence Goodlace, Chairperson 26 May 2026

Mpumi Zikalala, Chief Executive 26 May 2026

Cautionary statement

Disclaimer

This document has been prepared by Kumba Iron Ore Limited ("Kumba" and Company") and comprises written materials/slides for a presentation concerning Kumba. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

This presentation is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Kumba or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient.

No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage of whatever nature, howsoever arising, from any use of, or reliance on, this material or otherwise arising in connection with this material.

Forward-looking statements and third party information

This presentation includes forward-looking statements. All statements other than statements of historical fact included in this document may be forward-looking statements, including, without limitation, those regarding Kumba's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Kumba's products, production forecasts and Ore Reserve and Mineral Resource positions), the anticipated benefits of mergers and acquisitions (including any assessment or quantification of potential synergies) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations. Forward-looking statements may be identified by the use of words such as "believe", "expect", "intend", "aim", "project", "anticipate", "estimate", "plan", "may", "should", "will", "target" and words of similar meaning. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Kumba's or industry results to be materially different from any future results, performance or achievementsexpressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Kumba's present and future business strategies and the environment in which Kumba will operate in the future. Important factors that could cause Kumba's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and product prices, unanticipated downturns in business relationships with customers or their purchases from Kumba, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the ability to identify, consummate and integrate pending or potential acquisitions, disposals, investments, mergers, demergers, syndications, joint ventures or other transactions, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficultiesrelating to acquisitionsor divestitures, competitive pressures and the actions of competitors, activitiesby courts,

regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Kumba's assets and changes in taxation or safety, health, environment or other types of regulation in the countries where Kumba operates, conflicts over land and resource ownership rights and such other risk factors identified in Kumba's most recent Annual Report. Forward-looking statements should therefore be construed in light of such risk factors, and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Kumba expressly disclaims any obligation or undertaking (except as required by applicable law, rules or regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Kumba's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Nothing in this document should be interpreted to mean that future earnings per share of Kumba will necessarily match or exceed its historical published earnings per share. Certain statistical and other information included in this document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Kumba and Kumba expressly disclaims any responsibility for, or liability in respect of, such information.

Group terminology

In this presentation, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.

No Investment Advice

This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this presentation in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicablelegislation).

Alternative Performance Measures

6.

d

Throughout this presentation, a range of financial and non-financial measures are used to assess our performance, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor the Company's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and businesses. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Company's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.©Kumba Iron Ore Limited 202 an are trade marks of Kumba Iron Ore Limited.

Production and sales volumes, prices and C1 costs are reported in wet metric tonnes. Kumba product is shipped with

approximately 1.5% moisture content. 3

Safety is our No. 1 value and first priority

Relentless focus on safety

T5R0 IFR

1.55

0.98

ICMM 2.29

0.95

1L5TI

0.76

2022

2023¹

2024

2025

28

Fatality free for ten years² at Sishen and three years at Kolomela

TRIFR of 0.49 in Q1 2026 (Q1 2025: 0.92)

Embedding Fatal Risk Management programme enables learning from leading indicators

Nine years of no severe health incidents Continuous employee wellbeing programmes

Note: LTI - Lost Time Injuries | TRIFR - Total Recordable Injury Frequency Rate

1. One fatality | 2. As at 16 May 2026 4

FY2025 - Consistent and resilient performance

Waste mining165.6Mt

6%

EBITDA1

R31.9bn

14%

Production

36.1Mt

1%

ROCE

46%

5pp

Ore railed to port

37.6Mt

6%

HEPS

R45.97/share

Sales

37.0Mt

2%

DPS

R32.03/share

1. Comparative 2024 period adjusted EBITDA represents net operating profit before deducting interest, tax, depreciation, amortization and impairment charges or reversals 5

Markets and supply chain remain resilient in Q1 2026

Prices reflect higher freight costs

Increased sales and realised prices

Resilient supply chain

Fastmarkets 62% Fe Fines, $/t CFR China

240

210

180

150

120

90

160

120 120

109

102 109*

90th Percentile

60 CFR China 62% Fe equivalent ~US$90/dmt

2021 2022 2023 2024 2025 2026

Lump premium and China port stocks

80

13* 18%

60

16%

40

14%

20

12%

0

2021

10%

2022

2023

2024

2025

2026

Mysteel % of lump at Chinese ports

Fastmarkets Lump Premium (USc/dmtu) Average annual lump premium (USc/dmtu)

* End of 2026 Q1 value

Kumba sales (Mt)

Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026

Realised price FOB (US$/wmt)

Peer 1 Peer 2 est. Peer 3

Peer 4

Kumba

84

85

Export sales trade routes

• Trade routes to markets (EU, China and Other China) remain open and unaffected

• Freight rates on sales on a CFR basis are passed onto customers

• Kumba's sales comprised of ~2/3 CFR &

~1/3 FOB

Key mining input supplies

• On-mine diesel storage capacity of 14-18 days

• Suppliers assured security of supply

• More than one supply source with supplies secured to end of 2026

Source: Fastmarkets, Global Trade Tracker (GTT), World Steel Association (WSA), Mysteel, Platts 6

Sustainability strategy refreshed

Our far-reaching Sustainability Strategy is integrated with our business strategy and is built around the following three global sustainability themes that are aligned with 12 of the UNSDGs

Source: Kumba 2025 Sustainability Report, page 13

Trusted Corporate Leader

Building trust through our people, with our stakeholders and in our industry Our people | Ethical business | Global voice

• Climate: Produce carbon-neutral metals and minerals that the world needs by 2040.

• Nature: Deliver nature positive outcomes now and in the future.

• Water: Protect, preserve and restore our water catchments to support resilient operations, communities and the environment.

• Our people: Be a truly inclusive workplace, where every colleague feels safe, valued and supported to thrive.

• Ethical business: Operate responsibly and foster trust through deep respect for human rights, meaningful engagement, and applying the highest standards.

• Global voice: Use our voice to shape global standards, catalyse multi sector impact and advocate for responsible business, driving enduring positive outcomes.

Healthy Environment

Delivering positive environmental outcomes, minimising our footprint and achieving carbon neutrality

Climate | Nature | Water

Thriving Communities

Acting as a catalyst to make meaningful, enduring contributions to the communities where we operate Livelihoods | Education | Health

• Livelihoods: Improve local economic opportunities and diversification.

• Education: Improve quality education for current and future generations with a focus on systems change.

• Health: Improve health equity by helping to strengthen health systems and addressing local priorities.

Building a lasting legacy for all our stakeholders

Trusted corporate leader

B-BBEE Level

Inclusivity and diversity

B-BBEE rating further improved to 4 from 5

Women represent 32%1 of the workforce and 36%1 of management

IRMA

IRMA 75 maintained at both operations

4% decrease in freshwater withdrawal to 6 971 ML Operations supplied 16 883 ML of water to communities

Healthy environment

55.4 ha of land reshaped and 56.5 ha seeded

Livelihoods

835 jobs facilitated through the Social Impact Mitigation, Zimele and IFN programmes

Thriving communities

Education

Supported >10 000 learners and 330 teachers in 19 schools

Health

All six clinics achieved Ideal Clinic realisation model status reaching >79 000 community members

1. Includes permanent employees, fixed-term employees and trainees

Note: IRMA - Initiative for Responsible Mining Assurance 88

1

4

Legend

Survey Area Kolomela Sishen

Quartzite Koegas BIF Lava

BIF

Sediments Dolomite

Unlocking further value for a sustainable future

Northern Cape of South Africa

Mineral endowment

Life extension

Exclusive Mineral Resources: ~764Mt

• 471Mt existing resources (2024)

• 293Mt additional resources

  (67%Sishen:33%Kolomela)

• Ongoing exploration programme

Ore Reserves: ~802Mt

• 175Mt replenishment since 2022

  (beforedepletion)

• Sishen and Kolomela LoM 2041

• Value accretive lifex pathway

Sishen - UHDMS

• First modules and main tie-in in 2026

• Trebling premium grade product

• Utilises low grade, reducing waste

• >50% EBITDA margin and >30% IRR

• Life extension and further optionality

  Kolomela

• Ploegfontein (incl. in resource): studies and drilling

• Heuningkranz (added resource): studies and drilling

• Both leverage Kolomela's existing infrastructure

Attributable free cashflow (Rbn)

30.5

2021

10.4

2022

14.9

2023

14.5

2024

12.0

2025

Attributable free cashflow

Value delivered 2021 - 2025

Dividends (Rbn)

33.2

8.1

14.5

1.1

15.1

12.5

3.1

10.3

25.1

2021

13.4

2022

15.1

2023

9.4

2024

10.3

2025

Base dividend

Top-up dividend

Consistent delivery of shareholder returns

Total attributable free cashflow

R82.1bn

Total dividends paid1

R85.6bn

Average payout ratio

84%

1. Excluding dividends declared to minorities 10

Enduring value of R58bn created

Government

Income tax R5.9bn

Mineral royalty R1.5bn

Investment

Capital to sustain

and grow our business

Shareholders

Owners of Kumba R10.3bn

Empowerment owners R3.3bn

Employees

Salaries and benefits R7.1bn

Employed from Northern Cape 84%

Community livelihoods

BEE business suppliers R19bn

Host community suppliers R3.5bn

Direct social investment R485m

Strong fundamentals with pathway for value delivery

Continue to unlock

value from the core

Operational

excellence

Position for a

sustainable future

Logistics stability and

life extension

Create

stakeholder value

Ongoing

value delivery

Ordinary resolutions

Ordinary Resolution Number 1: Reappointment of independent external auditor

Ordinary Resolution Number 2: Re-election/election of directors

Ordinary Resolution Number 3: Election of Social, Ethics and Transformation Committee members

Ordinary resolutions

Ordinary Resolution Number 4: Election of Audit Committee members

Ordinary Resolution Number 5: Approval of the Remuneration Policy

Ordinary Resolution Number 6: General authority for directors to allot and issue ordinary shares

Ordinary Resolution Number 7: General authority to issue shares for cash

Ordinary resolution number 8: Authorisation to sign documents to give effect to resolutions

Special resolutions

Special resolution number 1: Remuneration payable to non-executive directors

Special resolution number 2: Approval for the granting of financial assistance in terms of sections 44 and 45 of the Companies Act

Special resolution number 3: General authority to repurchase shares

Questions?

16

Thank you

17