South32 Ltd. · ASX:S32
South32 — Investor Presentation (September 2026)
53 slides from South32's investor presentation, Sep 15, 2026
Slide 1: Business Update
15 September 2026 For personal use only 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 BUSINESS UPDATE South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) is pleased
Slide 2: Business Update
rsonal use only BUSINESS UPDATE 15 September 2026
Slide 3: Important Notices
IMPORTANT NOTICES FORWARD-LOOKING STATEMENTS This presentation 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 sched
Slide 4: Important Notices: Mineral Resources and Ore Reserves
IMPORTANT NOTICES MINERAL RESOURCES AND ORE RESERVES (AS AT 30 JUNE 2026)(a) Measured Indicated Inferred Total Proved Probable Total Reserve Operation Mineral Resources Mineral Resources Mineral Resources Mineral Resources Ore Reserves Ore Reserves Ore Reserves life 498Mt @ 0.39% TCu, 853Mt @ 0.36%
Slide 5: Safety Share
rsonal use only SAFETY SHARE
Slide 6: Agenda
AGENDA rsonal use only Slide Portfolio 7 Operating model 11 Commodity exposures 14 Balance sheet and capital management 20 Operations and development projects 23 MATT DALEY SANDY SIBENALER SIMON COLLINS Chief Executive Officer Chief Financial Officer Chief Development & Exploration, royalty and equi
Slide 7: Key Messages
KEY MESSAGES A leading base metals company with high-margin assets and transformational growth, underpinned by a simpler, lower-cost operating model and a focus on operational excellence rsonal use only Long-life, high-margin assets in copper, zinc and silver Expected ~55% production growth from pro
Slide 8: Portfolio Highlights
PORTFOLIO HIGHLIGHTS High-margin producing assets and transformational growth rsonal use only • Long-life, high-margin copper, zinc, silver and lead operations, and a large producer of manganese Higher quality portfolio • Life extension and debottlenecking projects to unlock further value • Projects
Slide 9: Our Portfolio
OUR PORTFOLIO Attractive commodity exposures in favourable jurisdictions rsonal use only Underlying EBITDA by commodity Underlying EBITDA by region Capital expenditure by region 2% 2% 11% 18% 48% 53% 50% 29% 87% Copper Zinc-lead-silver Manganese Australia Americas Africa Australia Americas Africa No
Slide 10: Our Growth Profile
OUR GROWTH PROFILE Committed production growth of 55%, with further life extension and greenfield options rsonal use only A substantial embedded production growth profile… …with life extension and growth options to deliver further value Group copper equivalent production(a) (kt) Cannington Hermosa S
Slide 11: Our Business
OUR BUSINESS Higher returns expected from a simplified business rsonal use only Higher margins Fewer operated sites and less complexity Group Operating margin(a) Potential for further margin expansion Number of operated sites(b) from overhead reduction and (%) Taylor commissioning 16 31% 22% 7 48% 4
Slide 12: Operating Model
OPERATING MODEL Moving from a functional to an asset-led operating model in line with our simplified portfolio rsonal use only Implementing an asset-led operating model… …to improve efficiency and reduce cost Giving operations greater accountability for local • Decisions closer to the orebody enabli
Slide 13: Operating Model
OPERATING MODEL Strengthening our capabilities in base metals mining to unlock embedded potential rsonal use only Focused on driving operational excellence… …and strategic planning to improve decisions and unlock value Relentless focus on safety Excellence in mine design Stable, well-planned operati
Slide 14: Cannington Strategic Planning
CANNINGTON STRATEGIC PLANNING Applying a refreshed technical planning approach to drive maximum value at Cannington rsonal use only Cannington Resource model 1 Strategic planning approach Value-based mine planning Dynamic cut-off grades 2 Integrated open pit and Targeted outcomes underground plannin
Slide 15: Commodity Exposures
rsonal use only COMMODITY EXPOSURES
Slide 16: Our Commodity Exposures
OUR COMMODITY EXPOSURES Exposed to numerous, structurally attractive critical minerals markets rsonal use only Designated critical mineral(a) by: Copper A key metal for power transmission in vehicles, data centres and electrical grids • Increased mine supply is required to meet a ~10Mt shortfall by
Slide 17: Copper Market
COPPER MARKET Resilient demand, tariff-driven stockpiling and tight mine supply Demand underpinned by electrification, AI and data centres rsonal use only Copper price and inventories(a) Copper total demand (US$/t, LHS; kt, RHS) (Mt Cu) 50 16,000 1,500 +30% 15,000 ~3x increase in EV production, 14,0
Slide 18: Copper Market
COPPER MARKET Average copper grades have declined ~30% Accelerating demand, declining production and new mine globally in the past two decades supply challenges underpin attractive market outlook rsonal use only Trend of feed grade for copper mines and future projects Total mine production versus pr
Slide 19: Zinc Market
ZINC MARKET Demand growth is pivoting towards India and emerging Asian Demand growth linked to galvanisation with economies, driven by increasing urbanisation and industrialisation increased intensity of use in developing markets rsonal use only Zinc primary demand growth outlook(a) Zinc consumption
Slide 20: Zinc Market
ZINC MARKET A structural supply deficit is emerging as mines deplete and Taylor is the only major ex-China discovery grades decline, which will require three Taylor-sized projects to in the past decade, with very few be developed annually over the next decade to fill the gap development-ready projec
Slide 21: Balance Sheet and Capital Management
rsonal use only BALANCE SHEET AND CAPITAL MANAGEMENT
Slide 22: Our Capital Management Framework
OUR CAPITAL MANAGEMENT FRAMEWORK An updated framework to apply post-Transaction completion Committed to a strong balance sheet and disciplined capital allocation to support our strategy rsonal use only Delivering long-term shareholder value Competition for excess capital • Competition for excess cap
Slide 23: Our Balance Sheet
OUR BALANCE SHEET Committed to a strong balance sheet to deliver growth and returns rsonal use only Pro-forma net cash/(debt) with Transaction adjustments (US$M) 3,100 ~3,500 Taylor project construction Includes ~US$100M cash subject to the Transaction’s ~4,700 Sierra Gorda fourth grinding line cons
Slide 24: Operations and Development Projects
rsonal use only OPERATIONS AND DEVELOPMENT PROJECTS
Slide 25: Our Operations and Development Projects
OUR OPERATIONS AND DEVELOPMENT PROJECTS Our highest-margin operations have large, expandable resource bases or options to pursue life extension rsonal use only Cost curve position(a) FY26 EBITDA Ore Reserve Mineral 1st 4th margin Reserve(b) life(c) Resource(b) Sierra Gorda 66% 1,100Mt 19 years 1,870
Slide 26: Sierra Gorda (45% South32)
SIERRA GORDA (45% SOUTH32) Long-life, open pit copper mine with ~30% growth from a brownfield plant expansion rsonal use only FY26 EBITDA US$758M for an operating margin of 66% Ore Reserve ↑61% to 1.1Bt through infill drilling Fourth grinding line expansion in execution Resource growth potential fro
Slide 27: Sierra Gorda Reserve Upgrade
SIERRA GORDA RESERVE UPGRADE Unlocking further value from this large-scale, long-life copper deposit rsonal use only Sierra Gorda Catabela pit (looking northwest) 85km of infill drilling between 2023 and 2025 Ore Reserve increased 61% to 1.1Bt @ 0.46% CuEq Reserve life extended by five years to 2045
Slide 28: Sierra Gorda Fourth Grinding Line Project
SIERRA GORDA FOURTH GRINDING LINE PROJECT A high-returning brownfield plant expansion utilising existing infrastructure rsonal use only Fourth grinding line proposed plant layout (facing south)(a) 25% increase in processing capacity and improved recoveries Ball mill circuit Flotation system First pr
Slide 29: Sierra Gorda Catabela Northeast Prospect
SIERRA GORDA CATABELA NORTHEAST PROSPECT Mine life extension potential from adjacent Catabela Northeast prospect rsonal use only Catabela Northeast location Large-scale copper porphyry discovery Spence Exploration Target range 1.1Bt @ 0.48% TCu to 2.9Bt @ 0.45% TCu Sierra Gorda Catabela pit Signific
Slide 30: Sierra Gorda Regional Opportunities
SIERRA GORDA REGIONAL OPPORTUNITIES Potential value realisation from operational synergies rsonal use only Sierra Gorda proximity to Spence N Non-binding MOU signed with nearby BHP Spence mine in May 2026 Evaluating operational and commercial synergies Sierra Gorda Sierra Gorda oxide stockpile Catab
Slide 31: Cannington (100% South32)
CANNINGTON (100% SOUTH32) High-margin zinc-lead-silver mine with underground and open pit life extension potential rsonal use only FY26 EBITDA US$451M for an operating margin of 53% Processing lower-grade stockpiles(b) to utilise available plant capacity Significant life extension potential from und
Slide 32: Cannington Lower-Grade Stockpiles
CANNINGTON LOWER-GRADE STOCKPILES Processing lower-grade stockpiles to utilise available plant capacity rsonal use only Lower-grade stockpiles (looking north) Lower-grade stockpiles (looking northwest) SLIDE 31
Slide 33: Cannington Underground Life Extension
CANNINGTON UNDERGROUND LIFE EXTENSION Extensive underground resource supports substantial life extension potential rsonal use only Cannington resource model (looking east) Ore Reserve of 11Mt for a 7-year Reserve life Underground Mineral Resource of 44Mt plus additional potential inventory outside c
Slide 34: Cannington Exploration
CANNINGTON EXPLORATION Investing ~US$20M in extensional drilling across FY27 and FY28 rsonal use only Underground drilling Central South exploration potential Surface drilling exploration SLIDE 33
Slide 35: Cannington Open Pit Development Option
CANNINGTON OPEN PIT DEVELOPMENT OPTION Open pit development has the potential to increase volumes and extend mine life rsonal use only Open pit conceptual plan Open pit Mineral Resource of N 27Mt @ 2.17% Zn, 3.02% Pb and 95g/t Ag Open pit development potential unlocks additional ore feed, maximising
Slide 36: Cannington Open Pit Development Option
CANNINGTON OPEN PIT DEVELOPMENT OPTION Potential staged open pit development to optimise capital and preserve operational flexibility rsonal use only Stage 3: Stage 1: Stage 2: Expansion and integration of Targeted north pit Targeted south pit north and south pits N N N SLIDE 35
Slide 37: Hermosa Project (100% South32)
HERMOSA PROJECT (100% SOUTH32) Fully permitted, large-scale, expandable base and precious metals project under construction rsonal use only Taylor project initial 33-year operating life(a)(b) First production expected H2 FY28 with steady-state ZnEq volumes of ~346ktpa(c) Expected to deliver annual s
Slide 38: Hermosa Taylor Project Highlights
HERMOSA TAYLOR PROJECT HIGHLIGHTS Large-scale, long-life zinc-lead-silver underground mine rsonal use only Key Highlights Globally significant zinc Autonomous, digitally Dual shaft design Plant debottlenecking Zn-Pb-Ag mine plus ~8Moz p.a. silver enabled mine plus decline access studies underway Sul
Slide 39: Hermosa Peake Highlights
HERMOSA PEAKE HIGHLIGHTS Potential source of future copper production and mine life extension rsonal use only Peake deposit (looking east) Copper-rich deposit located south of Taylor Potentially continuous mineralised system connecting Peake and Taylor Mineral Resource has grown ~10x since the initi
Slide 40: Hermosa Regional Land Package
HERMOSA REGIONAL LAND PACKAGE Highly prospective land package with regional growth potential rsonal use only Hermosa land package Patented Unpatented Original land package More than doubled our land tenure in the most prospective areas South32 private land Prospects Deposits High-priority corridor i
Slide 41: Ambler Mining District
AMBLER MINING DISTRICT District-scale base and precious metals opportunity in Alaska, USA rsonal use only Extensive landholding in 50% of Ambler Metals JV and 30+ untested regional VMS targets State of Alaska progressing engineering highly-prospective, under explored 100% of Roosevelt project along
Slide 42: Ambler Metals JV (50% South32)
AMBLER METALS JV (50% SOUTH32) High-grade base metals development options plus substantial exploration potential rsonal use only Ambler Metals JV, Alaska ~190Mt of high-grade base metals resources from two known deposits Preliminary studies confirmed potential for attractive returns from Arctic and
Slide 43: Ambler Metals Arctic Deposit
AMBLER METALS ARCTIC DEPOSIT High-grade polymetallic development option rsonal use only Arctic deposit drilling Open pit VMS deposit with a Mineral Resource of 43Mt at 5.05% CuEq(a) Open pit mine and conventional process plant design Accepted as a covered project for FAST-41 federal permitting US$42
Slide 44: Ambler Metals Bornite Deposit
AMBLER METALS BORNITE DEPOSIT Additional copper growth potential from open pit and underground sources rsonal use only Bornite camp Large scale copper deposit located 27km from Arctic Open pit Mineral Resource of 78Mt @ 1.04% Cu Underground Mineral Resource of 70Mt @ 2.29% Cu Open at depth and along
Slide 45: Exploration, Royalty and Equity Portfolios
rsonal use only EXPLORATION, ROYALTY AND EQUITY PORTFOLIOS
Slide 46: Our Exploration Portfolio
OUR EXPLORATION PORTFOLIO An extensive portfolio from which to discover our next generation of base metals mines rsonal use only Exploration teams Ambler Metals Successfully embedded in four strategically • Arctic deposit 20+ greenfield prospects • Bornite deposit located regional hubs Roosevelt Ame
Slide 47: Greenfield Exploration - North America
GREENFIELD EXPLORATION - NORTH AMERICA Exposure to large-scale copper projects in British Columbia, Canada, and the southwestern mineral belt, USA rsonal use only 1 NAK project: 19.9% equity in American Eagle Gold (AEG) • AEG holds 100% of the NAK project, located in British Columbia Roosevelt • Adv
Slide 48: Greenfield Exploration - South America
GREENFIELD EXPLORATION - SOUTH AMERICA Early mover in San Juan, Argentina, and established exploration presence in Chile rsonal use only 1 San Juan, Argentina • Established a low-cost, district-scale position in this emerging copper belt through our earn-in to Chita Valley and equity stake in Aldeba
Slide 49: Our Royalty Interests
OUR ROYALTY INTERESTS Exposed to copper assets in production, development and exploration phases rsonal use only We hold 32 royalties in our portfolio Four royalties offer exposure to Balance of the portfolio contains a mix of following two successful royalty sales operating and advanced stage devel
Slide 50: Our Equity Interests
OUR EQUITY INTERESTS Significant value exists in our strategic equity interests rsonal use only Strategic equity interests provide Holding in Ecora Royalties following Current equity value ~US$220M; exposure to attractive copper successful sale of four base metals Previously realised ~US$150M from t
Slide 51: Summary
rsonal use only SUMMARY
Slide 52: Summary
SUMMARY rsonal use only Simplified, high-quality, Focus on operational Executing a transformational copper and zinc portfolio excellence in base metals growth pipeline Extension and debottlenecking Streamlined, effective and Strong balance sheet and projects driving further value lower-cost operatin
Slide 53: rsonal use only
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