Slide 1: Climate Change Action Plan 2025 Briefing Presentation
10 September 2025 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 south32.net CLIMATE CHANGE ACTION PLAN 2025 BRIEFING PRESENTATION South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (Sout
Slide 2: Climate Change Action Plan Briefing
For personal use only CLIMATE CHANGE ACTION PLAN BRIEFING 10 September 2025
Slide 3: Important Notices
IMPORTANT NOTICES • This presentation should be read in conjunction with the “Climate Change Action Plan 2025” released on 28 August 2025, which is available on South32’s website (www.south32.net). • FORWARD-LOOKING STATEMENTS AND SCENARIO ANALYSIS For personal use only • This presentation contains
Slide 4: Acknowledgement of Country
ACKNOWLEDGEMENT For personal use only OF COUNTRY
Slide 5: Agenda
AGENDA For personal use only 1. Climate Change Action Plan 2025 2. A portfolio for the global energy transition 3. Working to reduce our emissions 4. Strengthening our resilience to climate impacts GRAHAM KERR KELLY O’ROURKE 5. Summary and Q&A Chief Executive Officer Chief Legal, External Affairs an
Slide 6: Our Climate Change Action Plan 2025
OUR CLIMATE CHANGE ACTION PLAN 2025 We have matured our approach to climate change to reflect progress, learnings and updated risks, while remaining broadly consistent with our inaugural CCAP For personal use only Taking climate action Position our portfolio for the energy transition Reduce our oper
Slide 7: Our Purpose and Strategy
OUR PURPOSE AND STRATEGY For personal use only Our purpose • Our purpose is underpinned by a simple strategy To make a difference by We optimise our business by working developing natural resources, safely, minimising our impact, improving people’s lives now consistently delivering stable and predic
Slide 8: Addressing Climate Change
ADDRESSING CLIMATE CHANGE Repositioning our portfolio, working to reduce emissions and strengthening our resilience to climate impacts For personal use only Our journey addressing climate change: Committed to supporting the goals of the Paris Agreement(a) Set a target(b) to halve our net operati
Slide 9: A Portfolio for the Energy Transition
A PORTFOLIO FOR THE ENERGY TRANSITION Portfolio repositioned towards minerals and metals critical to the world’s energy transition For personal use only South32 FY25 Underlying EBITDA(a) Commodities Applications Portfolio opportunities New mining areas at Worsley Alumina 4% Lightweight metal for ele
Slide 10: Demand for most commodities expected to rise through the energy transition
A PORTFOLIO FOR THE ENERGY TRANSITION Demand for most of our commodities is expected to rise through the energy transition For personal use only Future modelled primary demand, by scenario1,(a) Accelerated Transition(b) Fragmented Transition(b) Primary demand Primary demand Risks and opportunities ■
Slide 11: Directing 100% of our capital expenditure towards transition materials
A PORTFOLIO FOR THE ENERGY TRANSITION Directing 100% of our capital expenditure towards transition materials(a) For personal use only Acquired and commenced construction of Acquired 45% interest in the Sold IMC, unlocking value and Progressing a pipeline of Hermosa’s Taylor zinc-lead-silver project
Slide 12: Our Capital Management Framework
OUR CAPITAL MANAGEMENT FRAMEWORK Our capital management framework considers investments and strategic decisions, including those designed to support our Climate Change Action Plan For personal use only ROIC Portfolio improvements • Acquired a 45% interest in Sierra Gorda, adding copper to our portfo
Slide 13: Addressing Emissions and Strengthening Resilience
For personal use only ADDRESSING EMISSIONS AND STRENGTHENING RESILIENCE
Slide 14: Our Operational Emissions
OUR OPERATIONAL EMISSIONS Operational emissions are concentrated in our aluminium value chain For personal use only Operational emissions (Mt CO2-e) Hillside • Energy efficient smelter operating at technical capacity 25 Aluminium 22.0 21.7 • Fourth quartile emissions intensity due to electricity fro
Slide 15: Our Preferred Pathway to Achieve Our FY35 Target
OUR PREFERRED PATHWAY TO ACHIEVE OUR FY35 TARGET Our target to halve our net operational emissions by FY35(a) requires multi-stakeholder support to secure large-scale, reliable and affordable low-carbon electricity for Hillside Aluminium For personal use only (b) Notes: a. Relative to our FY21 basel
Slide 16: Hillside Aluminium
HILLSIDE ALUMINIUM Working to secure large-scale, reliable and affordable low-carbon electricity For personal use only Hillside FY25 operational emissions (Mt C02-e) Electricity from Progress and learnings since our 2022 CCAP carbon-intensive Eskom grid • Relined 57% of the smelter’s pots using AP3X
Slide 17: Worsley Alumina
WORSLEY ALUMINA Fuel switching as an interim step while we progress our steam electrification study For personal use only Progress and learnings since our 2022 CCAP Operational Operational Decarbonisation emissions sources emissions (average)(a) pathways • Converted two of five coal-fired boilers to
Slide 18: Our Scope 3 Emissions
OUR SCOPE 3 EMISSIONS Portfolio reshaping has reduced our transition risk and contributed to an ~80% reduction in Scope 3 emissions For personal use only Scope 3 emissions FY19 to FY25 FY25 Scope 3 emissions by position in our value chain (Mt C02-e) (excludes IMC) 116.5 Upstream (24%) Downstream (76
Slide 19: Resilience to Climate Impacts
RESILIENCE TO CLIMATE IMPACTS Strengthening our capabilities to adapt and respond to physical climate change impacts through five key initiatives For personal use only Present-day resilience Future resilience 1 Enhance weather and climate forecasting 3 Embed adaption into key business processes . In
Slide 20: Supporting a Just Transition
SUPPORTING A JUST TRANSITION Effective responses to climate change must address sustainability-related risks and opportunities For personal use only Our just transition guiding principles Embedding these principles into our approach Net zero pathways • Continuing to deliver our economic development
Slide 21: Summary
SUMMARY Addressing the risks and opportunities of climate change has been central to our strategy since day one For personal use only Repositioned our portfolio and lowered transition risk Growing our base metals production Advancing low-carbon solutions through stakeholder collaboration Strengtheni
Slide 22: Q&A
Q&A For more information please refer to our 2025 Annual Reporting Suite For personal use only We will now be opening the session up to questions If you would like to ask a question please pause the broadcast and click the link for audio questions Note that there may be a short delay in switching Cl
Slide 23: Supplementary Information
For personal use only SUPPLEMENTARY INFORMATION
Slide 24: Transition Risk Key Scenario Assumptions and Inputs
TRANSITION RISK KEY SCENARIO ASSUMPTIONS AND INPUTS Accelerated Transition Fragmented Transition For personal use only Temperature 1.5°C 2.8°C (2100) Global CO2 Global CO2 emissions (including non-energy sources) fall below zero Global CO2 emissions decline but do not achieve net zero by 2050. emiss
Slide 25: Footnotes
FOOTNOTES 1. We use transition risk scenario analysis to stress test how different market and policy environments may affect our portfolio across a range of plausible climate futures. A scenario consists of a set of assumptions narrating a pathway towards a particular outcome. It is not intended as
Slide 26: South32
SOUTH32 AjuO asn yeuosiad Jo — A | 4