South32 Ltd. · ASX:S32
South32 — Technical Presentation (September 2026)
41 slides from South32's technical presentation, Sep 14, 2026
Slide 1: Hermosa Site Visit
14 September 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 south32.net HERMOSA SITE VISIT South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) will today host an equity anal
Slide 2: Hermosa Site Tour Presentation
HERMOSA SITE TOUR PRESENTATION 14 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: Hermosa Highlights
HERMOSA HIGHLIGHTS Large-scale, long-life base and precious metals project in Arizona, USA Taylor zinc-lead-silver project Taylor project on track for Federal permitting under expected to deliver attractive first production in H2 FY28 FAST-41 complete returns over initial ~33-year life(a) Taylor pro
Slide 5: Taylor Project Highlights
TAYLOR PROJECT HIGHLIGHTS Large-scale, long-life zinc-lead-silver underground mine 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 Sulphide deposit ~33 years
Slide 6: Taylor Capital Expenditure
TAYLOR CAPITAL EXPENDITURE Investing in underground and surface infrastructure to deliver first production in H2 FY28 ~80% of growth capital invested, Shaft sinking now at unit rates, process ~US$230M of contingency contracted or subject to final pricing plant on maximum guaranteed price remains ava
Slide 7: Fully Permitted for Development
FULLY PERMITTED FOR DEVELOPMENT Federal permitting completed under FAST-41 Hermosa permitting timeline Sep-26 Notice to Proceed issued Federal permits received in two years under the FAST-41 program Jul-26 Final Record of Decision received • First mining project added to FAST-41 Mar-26 Final Environ
Slide 8: Sustainable Development
SUSTAINABLE DEVELOPMENT Aligned with our purpose to make a difference by developing natural resources, improving people’s lives now and for generations to come • Largest private investment in Southern Arizona • Located in Santa Cruz County, where ~20% of residents currently live below Economic impac
Slide 9: Taylor Project
TAYLOR PROJECT
Slide 10: Taylor Mineral Resource and Ore Reserve
TAYLOR MINERAL RESOURCE AND ORE RESERVE A large orebody expected to support high productivity and throughput Taylor geology and mineralisation (looking southwest) Ore Reserve of 99Mt at 11.38% ZnEq(a), supporting initial reserve life of 25 years Shafts Mineral Resource of 169Mt at 10.44% ZnEq(a), re
Slide 11: Taylor Near-Mine Exploration
TAYLOR NEAR-MINE EXPLORATION Federal permitting expands drill access to test near-mine extensions Taylor orebody (looking southwest) N Taylor orebody remains open at depth and laterally Potential for continued mineralisation down dip and along strike Extension drill targets to be tested following No
Slide 12: Taylor Mine Design
TAYLOR MINE DESIGN Conventional mining methods delivering high productivity from multiple faces Taylor underground mine design Dual shaft access with nameplate capacity of 4.3Mtpa Longhole open stoping with paste backfill, similar to Cannington Ore mined in an optimised sequence across four independ
Slide 13: Decline Access
DECLINE ACCESS Decline access to deliver first ore for plant commissioning and increase ore handling capacity by ~25% Enhanced operational flexibility Exploration decline for the Clark Decline Decline being being extended extended to to provide provide Enables first production with additional ventil
Slide 14: Decline Progress
DECLINE PROGRESS First ore mined from Taylor via the decline is expected in mid-FY28 Decline entrance Decline development SLIDE 13
Slide 15: Shaft Progress
SHAFT PROGRESS Both shafts progressing towards the primary production level, representing major de-risking milestones Ventilation shaft Ventilation shaft is expected to reach the primary production level in October 2026 Main shaft expected to reach the primary production level in Q2 FY27 Shaft sinki
Slide 16: Underground Infrastructure
UNDERGROUND INFRASTRUCTURE Underground infrastructure to be installed following shaft sinking Main shaft development Lateral development at the first mining level completed Underground infrastructure, including primary crusher, ore storage and hoisting systems, to be installed at primary production
Slide 17: Taylor Processing Plant
TAYLOR PROCESSING PLANT Conventional processing plant design with 4.3Mtpa nameplate capacity, enhanced with proven technology Taylor concentrator Automated process controls operated remotely from Nogales operations centre Grinding All Jameson cell circuit to reduce footprint, Coarse Flotation improv
Slide 18: Plant and Surface Infrastructure Construction
PLANT AND SURFACE INFRASTRUCTURE CONSTRUCTION Surface construction advancing in line with plan Taylor process plant construction (looking north) FY26 milestones • Major process plant transformers installed • Primary and secondary mills installed • All flotation cells installed • Substation for the 1
Slide 19: Plant Debottlenecking
PLANT DEBOTTLENECKING Plant debottlenecking opportunity to support potential expansion to 5Mtpa Flotation circuit (looking north) Capacity in comminution, flotation and concentrate filtration Additional materials handling infrastructure and pumping capacity required to reach 5Mtpa Expansion expected
Slide 20: Peake Deposit
PEAKE DEPOSIT
Slide 21: Peake Highlights
PEAKE HIGHLIGHTS Potential source of future copper production and mine life extension 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 initial 2023 estimate(c) Mine
Slide 22: Peake Drill Results
PEAKE DRILL RESULTS Successful drill results support the potential for further resource growth Peake deposit (looking east) Shafts Continued exploration momentum(a) (In progress) • ~15,000m drilled over the past 12-months, including further Clark deposit high-grade copper and polymetallic intercepts
Slide 23: Integration with Taylor
INTEGRATION WITH TAYLOR Assessing the potential to integrate with Taylor Taylor deposit and Peake deposit (looking east) Peake would be accessed via Taylor’s shaft infrastructure Embedded flexibility in process plant design to add a copper circuit Plant modification estimated at ~US$50M Taylor stope
Slide 24: Regional Exploration
REGIONAL ' Te a RORATION . - eee
Slide 25: Regional Land Package
REGIONAL LAND PACKAGE Highly prospective land package with regional growth potential 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 identified utilising data
Slide 26: Flux Prospect
FLUX PROSPECT Successful exploration at Flux demonstrates the potential for future discoveries Flux prospect (looking south) Located downdip of a historic mining area with the potential to host Taylor-like mineralisation Flux historic mining area reported production of 850kt @ 8% Zn, 5% Pb, 2.5% Cu,
Slide 27: Priority Regional Targets
PRIORITY REGIONAL TARGETS Drilling priority prospects adjacent to patented lands as permits are issued Hermosa high-priority corridor Strategy to systematically permit, drill and assess high-priority targets World’s Fair Lead Queen Taylor TSF2 Patented Unpatented Targets located downdip of historic
Slide 28: Summary and Outlook
SUMMARY AND OUTLOOK Long-life, large-scale, high margin base metals project advancing to first production Decline development Both shafts nearing primary Surface infrastructure progressing towards first ore production level, de-risking construction progressing for plant commissioning critical path s
Slide 29: South32
SOUTH32
Slide 30: Annexure 1: JORC Code Table 1: Peake deposit
Annexure 1: JORC Code Table 1: Peake deposit The following tables provide a summary of important assessment and reporting criteria used for the reporting of Exploration Results for the Peake deposit, which forms part of the Hermosa project located in South Arizona, USA (Figure 1). Sections 1 and 2 b
Slide 31: JORC Table 1: Sampling and logging criteria
Criteria Commentary recovery is observed at intersections of the carbonates with a major thrust structure, or when locally natural karstic voids have been encountered alongside shallow historic workings. Logging • The entire length of core is photographed and logged for lithology, alteration, struct
Slide 32: JORC Table 1: Assay quality control
Criteria Commentary • The performance of ALS internal QA/QC samples is continuously monitored. In the event of a blank failure, the entire batch is reprocessed from the crushing stage. If one CRM fails, data reviewers internal to ALS examine the location of the failure in the batch and determine how
Slide 33: JORC Table 1: Sample security and tenure
Criteria Commentary Sample security • Samples are tracked and reconciled through a sample numbering and dispatch system from site to the ALS sample distribution and preparation facility in Tucson or other ALS preparation facilities as needed. The ALS LIMS assay management system provides an addition
Slide 34: JORC Table 1: Geology and mineralisation
Criteria Commentary stratigraphy are a result of late-Precambrian to early-Palaeozoic rifting, subsequent widespread sedimentary aerial, and shallow marine deposition through the Palaeozoic Era, followed by Mesozoic volcanism and late batholitic intrusions of the Laramide Orogeny. Mineral deposits a
Slide 35: JORC Table 1: Relationship between mineralisation widths and intercept lengths
Criteria Commentary Relationship • The intersection length can be approximately 30% longer than true width when drilling between intersects the low-to-moderately dipping (30°) stratigraphy. mineralisation widths and intercept lengths Diagrams • Relevant maps and sections are included with this annou
Slide 36: Figure 1: Regional location plan
Figure 1: Regional location plan HERMOSA SITE TOUR PRESENTATION – PEAKE EXPLORATION RESULTS
Slide 37: Figure 2: Hermosa project regional geology
Figure 2: Hermosa project regional geology HERMOSA SITE TOUR PRESENTATION – PEAKE EXPLORATION RESULTS
Slide 38: Figure 3: Peake deposit local geology and collar locations
Figure 3: Peake deposit local geology and Exploration Results collar locations HERMOSA SITE TOUR PRESENTATION – PEAKE EXPLORATION RESULTS
Slide 39: Figures 4 and 5: Peake Mineral Resource plan and cross-section
Figure 4: Plan view of the Peake Mineral Resource and favourable setting with newly reported exploration drill holes shown as circles where the holes intersected. Figure 5: Cross-section through the Taylor and Clark mineral domains (unsliced), and Peake mineral resource shapes showing Exploration Re
Slide 40: Table 1: Peake drill hole collar details
Table 1: Hole ID, collar location, dip, azimuth, and drill depth of new drill holes from the Peake deposit East North Elevation Wedge Hole ID Dip Azimuth TD Depth (m) (UTM) (UTM) (m) Depth (m) HDS-689-B 525963 3479775 1666 649 -69 288 1695 HDS-690 525964 3479774 1666 N/A -76 238 1336 HDS-690-A 52596
Slide 41: Table 2: Significant intersections – Peake deposit
Table 2: Significant intersections – Peake deposit Exploration Results From To Cut Off Width Zinc Lead Silver Copper Molybdenum CuEq ZnEq Hole ID (m) (m) (m) (%) (%) (ppm) (%) (%) (%) (%) 1225.9 1246.9 2% ZnEq 21.0 6.41 6.14 283 1.53 0.001 26.58 1355.9 1425.4 0.2% Cu 69.5 0.25 0.55 37 0.61 0.006 1.5