Glencore Plc · LSE:GLEN
Glencore — Investor Day (December 2025)
119 slides from Glencore's investor day presentation, Dec 3, 2025
Slide 1: Capital Markets Day, 3 December 2025
3 December 2025 Capital Markets Day
Slide 2: Important notice
Important notice This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities. This material does not purport to contain all of the information you may wish to consider. Sources Cautionary sta
Slide 3: Agenda
Agenda 1. Overview Gary Nagle – CEO 2. Operating model Xavier Wagner – COO 3. Ready for growth Jon Evans – Industrial Lead Copper 4. Argentina Martín Pérez de Solay – CEO Argentina; Christoff Kühn – Head of Major Projects 5. Balancing growth and shareholder returns Steven Kalmin – CFO 6. Marketing J
Slide 4: Presenting speakers
Presenting speakers Gary Nagle Xavier Wagner Jon Evans Chief Executive Officer Chief Operating Officer Industrial Lead Copper Martín Pérez de Solay Christoff Kühn Steven Kalmin CEO Glencore Argentina Head of Major Projects Chief Financial Officer Jyothish George Andrew Fikkers Head of Marketing Coal
Slide 5: 1. Creating value
1. Creating value CEO – Gary Nagle
Slide 6: Investment case
CREATING VALUE Investment case Exceptional portfolio Strategic role in Amongst the best Optimised and Constant focus of copper assets and supporting the Marketing franchises simplified operating on long-term projects should energy needs of in the industry, with structures value creation position Gle
Slide 7: Favourable fundamentals for many of our transition-enabling commodities
CREATING VALUE Favourable fundamentals for many of our transition-enabling commodities Global energy transition investment of $9.6 trillion (1) … … has reduced fossil fuel’s share of total global energy demand by 7% so far (2) 1'769 c.654EJ 1'511 Renewables Clean shipping c.445EJ Nuclear Clean indus
Slide 8: Favourable fundamentals for many of our transition-enabling commodities
CREATING VALUE Favourable fundamentals for many of our transition-enabling commodities Energy transition needs a further +$304 trillion (1) … … and our commodities to support this pathway Batteries, solar power, wind power, Investment Fuel Copper mobility, electronics, grid, AI infrastructure Electr
Slide 9: Significant supply growth and investment needed
CREATING VALUE Significant supply growth and investment needed Higher copper mine and scrap supply is needed to meet Changes in supply/demand and industry cost structures the anticipated demand for copper (1) are now better reflected in copper prices ($/t) (2) 11500 Cathode demand 11000 Supply gap t
Slide 10: Delivering our priorities
CREATING VALUE Delivering our priorities Operational Portfolio De-risking excellence optimisation copper growth Industrial operating Simplified and upgraded Relentless focus on structures now aligned to portfolio through optimising timing and a commodity focused recycling of capital from value of co
Slide 11: Delivering our priorities – portfolio optimisation
CREATING VALUE Delivering our priorities – portfolio optimisation Portfolio simplification Portfolio enhancement Cost/efficiency drive c.35 Assets sold/shut since 2021 Selective M&A of high-quality assets in key/core commodities, including c.$1bn of recurring cost saving opportunities identified acr
Slide 12: Delivering our priorities – derisking copper growth
CREATING VALUE Delivering our priorities – derisking copper growth Market fundamentals Country risks Enhanced project / Project are more favourable improving portfolio returns development pathways • Strong long-term • Argentina’s RIGI • Improved economics demand drivers framework seeks to from proje
Slide 13: Delivering our priorities – enviable portfolio of copper growth options
c.1.4Mtpa CREATING VALUE of copper at Delivering our priorities – enviable portfolio of copper growth options (1,5) c.$16.6k / CuEq t Antapaccay Alumbrera MUMI Project name Coroccohuayco Agua Rica district restart Sulphides Ownership 100% 100% 100% 100% 95% Location Peru Peru Argentina Argentina DRC
Slide 14: Our base copper portfolio – back to 1Mt by 2028f
CREATING VALUE Our 2000 base copper portfolio – back to 1Mt by 2028f (1) ktCu 1500 From 2026 low: KCC +c.65kt Collahuasi: +c.90kt 1000 Illustrative base business (2) 500 0 2025f 2026f 2027f 2028f 2029f 2030f 2031f 2032f 2033f 2034f 2035f 2036f 2037f 2038f 2039f 2040f 2041f 2042f 2043f 2044f 2045f 20
Slide 15: Illustrative copper growth pipeline
CREATING VALUE Illustrative 2000 copper growth pipeline (1) ktCu + Antapaccay district + NewRange – 145ktpd + El Pachón – 185ktpd + Collahuasi – New Concentrator Project + NewRange – 36ktpd + Agua Rica 1500 + MUMI – Sulphides + Antapaccay – Coroccohuayco + Collahuasi – LG stockpile leaching + Alumbr
Slide 16: Illustrative copper growth pipeline
CREATING VALUE Illustrative 2000 copper growth pipeline (1) ktCu Targeting c.1.6Mt of production by 2035 1500 1000 Base business (2) 500 0 2025f 2026f 2027f 2028f 2029f 2030f 2031f 2032f 2033f 2034f 2035f 2036f 2037f 2038f 2039f 2040f 2041f 2042f 2043f 2044f 2045f 2025 Capital Markets Day 16
Slide 17: Copper projects
CREATING VALUE Copper projects (1,3) Average Average Indicative LOM Cu Average LOM CuEq Capital Mine Construction Indicative Indicative first project production LOM by-prod production intensity life Country Type risk FID production Capex ($bn) (kt Cu) production (kt CuEq) $k/CuEq tonne (years) Low:
Slide 18: Copper project pipeline – projected to be highly capital efficient
Collahuasi - LG leach 20.0 Brownfield CREATING VALUE Antapaccay - 10.9 Coroccohuayco MUMI - 2.2 Sulphides Agua Rica 19.6 Expected capital intensity ($k/CuEq t) (1) NewRange - 19.2 36ktpd Collahuasi - New concentrator 24.4 project Antapaccay 6.4 district NewRange - 18.1 145ktpd Glencore weighted 13.2
Slide 19: Pathway to become one of the world's largest copper producers
CREATING VALUE Pathway to become one of the world’s largest copper producers Top 5 copper producer in 2029f (1) (ktCu) … … with a projected 1st quartile total cash cost position (2) Attributable basis c/lb 600 500 400 Glencore 300 200 100 Southern Copper Anglo American Glencore 2029 f Glencore 2035
Slide 20: 2. Optimised operating model
2. Optimised operating model COO – Xavier Wagner
Slide 21: Integrating and maturing bedrock processes
OPERATING MODEL Integrating and maturing bedrock processes Business planning HSEC&HR strategy Risk management Global sourcing Rolling climate cycle and annual plans plans plans action plans Annual industrial Detailed Deployment of ERM including: planning process department plans framework: Global fr
Slide 22: Old structure
OPERATING MODEL Old structure Copper Nickel Zinc Coal Alloys Oil Upstream Agua Rica Asturiana South Africa Ferrochrome • E&P Koniambo Altonorte BRM Downstream Colombia Vanadium • ALE Antamina Murrin-Murrin CEZinc • Astron • ACE JV Antapaccay (Bukom Island) Nikkelverk Canada (EVR) Manganese General S
Slide 23: New structure
OPERATING MODEL New structure Copper NickelZinc Coal Alloys Argentina Capital Oil Projects Special projects Australia Metals Australia Upstream Chrome Glencore African Copper El Pachón (Murrin-Murrin, • E&P Technology (KCC and MUMI) Mt Isa Mines) Canada (EVR) Vanadium Downstream MARA Koniambo South
Slide 24: Restructure of Industrial Segment
OPERATING MODEL Restructure of Industrial Segment Copper Nickel Zinc Collection of Need to Harmonising of Department: Department Department, distracting non- enhance project department optimise and became too following core operating capability to structure and simplify to small after sale/end of li
Slide 25: Leverage structure to improve reliability
OPERATING MODEL Leverage structure to improve reliability Standardise department structures – place accountability at regions & assets Leverage accountability to improve quality of underlying plans & drive reliability Harness synergies between departments operating in the same region Refine requirem
Slide 26: Delivering an operating model to support safe reliable production
OPERATING MODEL Delivering an operating model to support safe reliable production Acquisition Informed by the Coal department’s +20 years of successful investment and operations Build 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 Ravensworth Hunter Valley Mangoola Teralba Ulan MIM
Slide 27: We believe in a devolved model
OPERATING MODEL We believe in a devolved model Performance Engineering Refined over 20 Driven Excellence years of acquiring, Create your Confirm and integrating and own space validate operating Small numerous coal Business Mentality assets and Know your successful project Site based employment role,
Slide 28: Safety as a proxy for operating discipline
OPERATING MODEL Safety as a proxy for operating discipline (1) Our ambition is to prevent all work- related fatalities, occupational diseases and injuries Our SafeWork initiative supports long-term sustainable change that promotes the elimination of fatalities and serious injuries SafeWork is built
Slide 29: Overview of HSEC performance
OPERATING MODEL Overview of HSEC performance Annual work-related fatalities by department, 2015-2025 YTD (1) 18 16 14 12 10 8 6 4 2 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Copper Special projects Oil NickelZinc Warehousing Coal Ferroalloys 3yr avg 2025 Capital Markets Day 29
Slide 30: Overview of ICMM 2024 performance
OPERATING MODEL Overview of ICMM 2024 performance (1) ICMM Member Fatality Frequency Rate and Total Recordable Injury Frequency Rate by Company (2024) 2025 Capital Markets Day 30
Slide 31: Production scorecard – Near-term outlook 2026-2029
OPERATING MODEL Production scorecard – Near-term outlook 2026-2029 Copper Zinc Energy coal Steelmaking coal Rising volumes Volumes step down Steady production Steady production expected from 2027 with mine depletion volumes anticipated volumes anticipated with higher production and lower Antamina ov
Slide 32: 2025f copper production review
OPERATING MODEL 2025f copper production review Lower end of initial 850-910kt guidance range should be met – but delivery has been uneven • Expected Q4 performance (at + c.1Mtpa annualised) demonstrates the potential/capacity of the existing asset base Reconciliation of initial 2025f copper guidance
Slide 33: 2026f copper production – a more balanced year
OPERATING MODEL 2026f copper production – a more balanced year Initial 2026 guidance of 930kt lowered to 840kt (mid-point of range), mainly reflecting short-term Collahuasi mine plan adjustments • Collahuasi: rising volume profile over 2026, as availability of primary ores and water increases throug
Slide 34: Production scorecard – Near-term outlook – 2026-2029
OPERATING MODEL Production scorecard – Near-term outlook – 2026-2029 Key commodities 2025-2029 production guidance (1) 2025f 2026f (2) 2027f 2028f 2029f Copper (kt) 850-875 810-870 930 1000 1100 Base copper business 750-775 755-815 895 975 1075 NickelZinc Department c.100 c.55 35 25 25 Cobalt (kt) (
Slide 35: 3. Ready for growth
3. Ready for growth Industrial Lead Copper – Jon Evans
Slide 36: Copper business planning approach
READY FOR GROWTH Copper business planning approach Above assets Assets Simplify the business Plan to deliver • Leverage the Glencore accountability • Mine planning structures on site culture professionally supported • Standardised planning and scheduling • Empower regions/assets with people, tools r
Slide 37: Highly experienced copper leadership team
READY FOR GROWTH Highly experienced copper leadership team Industrial CEO Lead Copper Argentina c.330 years Jon Evans Martín Pérez de Solay of combined mining 42 years mining 25 years mining experience experience experience Australia South America South America Africa Lithium Europe Copper Coal Oil
Slide 38: KCC
READY FOR GROWTH KCC 2025 Capital Markets Day 38
Slide 39: KCC
KCC 5 Luilu refinery 7 Near West TSF 6 Mupine TSF 1 KOV pit 8 T-17 pit 3 KTO UG 4 KTC concentrator B COMMUS (Zijin and Gecamines) A Sicomines (CREC, Sinohydro and 2 Mashamba pit Gecamines) 2025 Capital Markets Day 39
Slide 40: KCC
READY FOR GROWTH KCC (1) Life of mine drivers Asset potential - LOM Base case • Land access has constrained operations for a number of Average Cu prod. p.a. (kt) 303 Average CuEq prod. p.a. (kt) 420 years, forcing sub-optimal short and long-term waste Average Co prod. p.a. (kt) 29 dump and tailings
Slide 41: KCC – supporting the mine plan
READY FOR GROWTH KCC – supporting the mine plan Plan to deliver 1 Pit optimisation 2 Sequence optimisation 3 Hauling vector efficiency Revenue Sequence Hauling factor year efficiency 0.6 2026 0% 0.7 2027 20% 0.8 2028 40% 0.9 2029 60% 1.0 2030 80% 1.1 2031 90% 1.2 2032 100% Mining hygiene/Dilution Co
Slide 42: MUMI
MUMI 2025 Capital Markets Day 42
Slide 43: MUMI
READY FOR GROWTH MUMI 7 Kansuki lease B Kimin (CMOC) 1 CNW pit 6 TSF-3B C Kisanfu 2 Central pit (CMOC and A Deziwa CATL) (CNMC and 3 East pit 5 TSF-3A Gecamines) 4 SX-EW 2025 Capital Markets Day 43
Slide 44: MUMI
READY FOR GROWTH MUMI (1) Life of Mine drivers Asset potential - LOM Base Sulphides Average Cu prod. p.a. (kt) 75 97 • Smoother production profile expected in 2026 Average CuEq prod. p.a. (kt) 155 182 • Asset integrity focus in 2025 after bringing additional Average Co prod. p.a. (kt) 19 26 processi
Slide 45: MUMI – supporting the mine plan
READY FOR GROWTH MUMI – supporting the mine plan 2026 mine plan • Updated mine plan includes accelerated central north-west pit (CNW) and two design changes to the east pit and CNW • East pit cutback optimised to include previously excluded ore • Dividing pillar between central pit (CP) and CNW adde
Slide 46: Collahuasi
Collahuasi 2025 Capital Markets Day 46
Slide 47: Collahuasi
READY FOR GROWTH Collahuasi 7 Tailings Storage Facility: 6 billion tonnes capacity 10 New concentrator 3 Waste rock dump 1 project Concentrator 6 9 Leaching 4 Waste rock dump 2 plant 1 Rosario Open Pit (Active) 2 Ujina Open Pit (Gradual restart) 5 Waste rock dump 3 8 LG Stockpile leaching 2025 Capit
Slide 48: Collahuasi (44%)
READY FOR GROWTH Collahuasi (44%) (1) LG Stockpile New Life of Mine drivers Asset potential - LOM 210ktpd leaching (3) Concentrator (3) Average Cu prod. p.a. (kt) 211 22 142 • 2026 mine plan incorporates low-grade stockpiles with Average CuEq prod. p.a. (kt) 225 22 148 an increasing proportion of pr
Slide 49: Collahuasi – supporting the mine plan
READY FOR GROWTH Collahuasi – supporting the mine plan Commissioning of the C20+ desalination plant Better reduces water related risks geometallurgical modelling with more information and knowledge of mineral behavior responsible for copper recovery Reduced low grade stockpile usage in the second ha
Slide 50: Antamina
Antamina 2025 Capital Markets Day 50
Slide 51: Antamina
READY FOR GROWTH Antamina 2 North waste rock dump 1 Antamina pit 5 TSF 6 Truck workshop & mine offices 4 Antamina concentrator 7 Camp 3 South waste rock dump 2025 Capital Markets Day 51
Slide 52: Antamina (33.75%)
READY FOR GROWTH Antamina (33.75%) (1) Life of Mine drivers Asset potential - LOM Base • Experienced Glencore team members seconded to Average Cu prod. p.a. (kt) 140 Antamina to stabilise operations after H1 2025 Average CuEq prod. p.a. (kt) 180 underperformance Average Zn prod. p.a. (kt) 65 • Addit
Slide 53: Antamina – supporting the mine plan
READY FOR GROWTH Antamina – supporting the mine plan Bench preparation Wall & crest scaling • Improving wall control blasting to • Adjusted drill and blast design minimise bench preparation and application of backhoe • Timely pit dewatering shovel to minimise scaling work Drilling Loading • Incorpor
Slide 54: Lomas Bayas
Lomas Bayas 2025 Capital Markets Day 54
Slide 55: Lomas Bayas
READY FOR GROWTH Lomas Bayas 7 Alice exploration tenement 6 Espejo exploration tenement 4 Heap leach 1 Lomas 1 pit 5 SX-EW 2 Lomas 2 pit 3 ROM leach 2025 Capital Markets Day 55
Slide 56: Lomas Bayas
READY FOR GROWTH Lomas Bayas (1) Life of Mine drivers Asset potential - LOM Base Average Cu prod. p.a. (ktCu) 55 • SX-EW operation with significant low-grade sulphide LOM (years) 10 resources • Longer-term optionality from the nearby owned Espejo Mineral resource (2024) (2) M+I I M+I+I and Alice dep
Slide 57: Antapaccay district
Antapaccay district 2025 Capital Markets Day 57
Slide 58: Antapaccay district
READY FOR GROWTH Antapaccay district 5 Tintaya concentrator 6 Tintaya SX-EW 7 Tintaya pit/TSF 4 Antapaccay concentrator 1 North pit 2 South pit 3 Waste rock dump 8 Coroccohuayco 2025 Capital Markets Day 58
Slide 59: Antapaccay district
READY FOR GROWTH Antapaccay district (1) Life of Mine drivers Asset potential - LOM Base case Coroccohuayco District Average Cu prod. p.a. (kt) 104 148 201 • Highly mineralised district offering volume upside and Average CuEq prod. p.a. (kt) 119 165 longevity Average Au prod. p.a. (koz) 51 53 Averag
Slide 60: Antapaccay – supporting the mine plan
READY FOR GROWTH Antapaccay – supporting the mine plan Understanding ore hardness • Axb (ore hardness) sampling volumes have increased 34% to improve the confidence of the mine model in 2026 • Additional sampling reduces variability and local uncertainty in North Pit ore, helping to mitigate the ris
Slide 61: NewRange
READY FOR GROWTH NewRange 2025 Capital Markets Day 61
Slide 62: NewRange
READY FOR GROWTH NewRange 3 TSF (existing) 4 Sunrise deposit 2 NorthMet concentrator 1 NorthMet deposit 2025 Capital Markets Day 62
Slide 63: NewRange (50%)
READY FOR GROWTH NewRange (50%) (1) Life of Mine drivers Asset potential - LOM 36ktpd 145ktpd (2) Average Cu prod. p.a. (kt) 18 55 • Potentially the largest undeveloped Cu-Ni-Co-PGM Average CuEq prod. p.a. (kt) 36 93 resource in North America Average Ni prod. p.a. (kt) 4 12 • Project expected to ben
Slide 64: Alumbrera restart
READY FOR GROWTH Alumbrera restart 2025 Capital Markets Day 64
Slide 65: Alumbrera restart
READY FOR GROWTH Alumbrera restart 2 Bajo el Durazno pit 3 Concentrator 4 TSF 1 Bajo de la Alumbrera pit 2025 Capital Markets Day 65
Slide 66: Alumbrera restart
READY FOR GROWTH Alumbrera restart (1) Life of Mine drivers Asset potential Alumbrera Cu prod. Total (kt) 75 • Alumbrera restart FID approved Q4 2025 – stand alone Au prod. Total (koz) 317 value accretive project Mo prod. Total (kt) 1 • Experienced local workforce of ex-Alumbrera employees LOM (year
Slide 67: 4. Argentina
4. Argentina CEO Argentina – Martín Pérez de Solay Head of Major Projects – Christoff Kühn
Slide 68: Overview
ARGENTINA UNLOCKED Overview MARA • Argentina has the potential to be amongst the world’s largest copper producers El Pachón • In country, we are closest to first copper – Alumbrera restart approved in Nov 2025, preparing the way for Agua Rica from 2031 Buenos Aires • We have a long operating history
Slide 69: De-risking delivery
ARGENTINA De-risking delivery Risk Risk mitigation De-risking expected results Next Steps Argentina country • Regulatory regime • RIGI filings and approvals settings and risk provides higher • Stable and reliable tax and legal framework likelihood of • FX and repatriation confidence to protect cash
Slide 70: Experienced team now in place
ARGENTINA Experienced team now in place COO Glencore CFO Glencore CEO Argentina CFO Copper Head of Major Corporate Affairs Sustainability Human Capital Risk Finance Projects & Legal Administration Study / PD Accounts Project Controls Corporate Affairs Community HC MARA MARA Payable & Purchasing Stud
Slide 71: RIGI framework
ARGENTINA RIGI framework General RIGI regime – key benefits $200M per project, with a minimum of $80M to be spent within 2 years post-approval Minimum investment of application Corporate income tax Reduced from 35% to 25% Dividend WHT Reduces from 7.0% to 3.5% after year 7 Export duties Exempt after
Slide 72: Agua Rica
ARGENTINA Agua Rica 2025 Capital Markets Day 72
Slide 73: Agua Rica
ARGENTINA Agua Rica Agua Rica deposit 5 2 Bajo el Durazno pit 3 Concentrator 4 TSF 1 Bajo de la Alumbrera pit 2025 Capital Markets Day 73
Slide 74: Agua Rica
ARGENTINA Agua Rica (1) Life of Mine drivers Asset potential - LOM Agua Rica • Large-scale copper, gold, silver and molybdenum Average Cu prod. p.a. (kt) 156 Average CuEq prod. p.a. (kt) 204 resource in close proximity to the Alumbrera copper Average Au prod. p.a. (koz) 108 complex Average Ag prod.
Slide 75: Current project development timeline – Agua Rica
ARGENTINA Current project development timeline – Agua Rica (1) 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 RIGI submission Expected RIGI approval IIA submission Pre-Feasibility Study Gate review Feasibility Study/Execution planning Gate review Final Investment Decision Long lead items and earl
Slide 76: Agua Rica ore transport
ARGENTINA Agua Rica ore transport c.35 km conveyor c.6.5 km tunnel 2025 Capital Markets Day 76
Slide 77: Agua Rica pit shell
ARGENTINA Agua Rica pit shell 2025 Capital Markets Day 77
Slide 78: El Pachón
ARGENTINA El Pachón 2025 Capital Markets Day 78
Slide 79: El Pachón
ARGENTINA PACHÓN El Pachón Una compañía Camp 6 5 TSF 4 Concentrator A Los Pelambres 3 Waste rock dump 2 2 Waste 1 Open pit rock dump 1 2025 Capital Markets Day 79
Slide 80: El Pachón
ARGENTINA PACHÓN El Pachón (1) Una compañía Life of Mine drivers Asset potential - LOM 185ktpd • One of the world’s largest undeveloped copper resources – Average Cu prod. p.a. (kt) 338 c.6 billion tonnes @ 0.43% Cu (2) Average CuEq prod. p.a. (kt) 359 Average Au prod. p.a. (koz) 32 • Scale allows p
Slide 81: Current project development timeline – El Pachón – 185ktpd
ARGENTINA Current project development timeline – El Pachón – 185ktpd (1) 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 RIGI submission Expected RIGI approval IIA submission Growth and value definition Gate review Feasibility Study/Execution planning Gate review Final Investment Decision Long lea
Slide 82: El Pachón pit shell
ARGENTINA PACHÓN El Pachón pit shell Una compañía Open to the south, west, north and at depth 2025 Capital Markets Day 82
Slide 83: 5. Balancing growth and shareholder returns
5. Balancing growth and shareholder returns CFO – Steven Kalmin
Slide 84: Our copper business can self-fund its full indicative growth pipeline
BALANCING GROWTH AND SHAREHOLDER RETURNS Our copper business can self-fund its full indicative growth pipeline … Copper production (ktCu) (1) Project capex ($bn) (2) Unlevered cash flows after capex ($bn) (3,4) Antapaccay district NewRange – 145ktpd Antapaccay district El Pachón – 185ktpd NewRange –
Slide 85: Opportunities to reduce financial and operational risk
BALANCING GROWTH AND SHAREHOLDER RETURNS … but we’ll look at opportunities to reduce financial and operational risk Potential options include: Construction risk Active Strategic Investor Partners Assumes some disproportionate JV project risk structures Non-dilutive Active infrastructure Investor fun
Slide 86: Potential risk-sharing strategies by project
CREATING VALUE Potential risk-sharing strategies by project (1) Average Indicative LOM CuEq Capital Mine Financing Indicative first project production intensity life strategy/Risk production capex ($b) (kt CuEq) ($k/CuEq t) (years) reduction Collahuasi – LG stockpile leaching (44%) 2028 0.44 22 20.0
Slide 87: Strong track record of shareholder returns
BALANCING GROWTH AND SHAREHOLDER RETURNS Strong track record of shareholder returns $25.3 billion of announced shareholders returns Announced shareholder returns 2021 to 2025 ($bn) since 2021 9.3 $12.9bn $3.5bn $8.9bn 8.4 Base cash Special cash Buybacks distributions distributions 2.7 c.$7.0bn 3.6 p
Slide 88: Near-term capex outlook – base business
BALANCING GROWTH AND SHAREHOLDER RETURNS Near-term capex outlook – base business Excluding the various copper growth projects, 2026f-2028f Industrial capex average (1) is c.$6.5bn p.a., including Copper: c.35-40% allocated to copper, comprising: • Alumbrera restart • Collahuasi’s Ujina Growth Projec
Slide 89: Mine costs/margins
BALANCING GROWTH AND SHAREHOLDER RETURNS Mine costs/margins (1) Copper (c/lb) Zinc (c/lb) Steelmaking coal ($/t) Energy coal ($/t) By-product credits By-product credits Adj. EBITDA margin Adj. EBITDA margin Copper net cash unit costs Zinc net cash unit costs Steelmaking Coal FOB cash costs Energy Co
Slide 90: Illustrative spot cost/margin reconciliation
BALANCING GROWTH AND SHAREHOLDER RETURNS Illustrative spot cost/margin reconciliation (1) Industrial ($bn) Steelmaking Energy Copper (2) Zinc (3) Other Marketing (6) Group Coal (4) Coal (5) Primary production 840.0kt 720.0kt 32.0Mt 97.5Mt Production from other -50kt -65.0kt departments Payability de
Slide 91: 6. Marketing
6. Marketing Head of Marketing (Metals and Bulks) – Jyothish George
Slide 92: Glencore – underpinned by three core pillars
MARKETING Glencore – underpinned by three core pillars Multi-generational own- source assets underpin Unique capability to large-scale long-term beneficiate volumes Copper integrated industrial and generate margin asset volumes for through physical marketing logistics capabilities Zinc Cobalt and ca
Slide 93: Metals and bulks marketing
MARKETING Metals and bulks marketing Battery Steelmaking materials raw materials Customers and suppliers Power markets Stainless steel 2025 Capital Markets Day 93
Slide 94: Producers – major producing countries have multiple commodities
MARKETING Producers – major producing countries have multiple commodities Marketing office Copper Bauxite Nickel Zinc Cobalt Manganese Lithium Vanadium Ferroalloys Iron Ore Steelmaking Energy LNG Oil Alumina Aluminium coal coal 2025 Capital Markets Day 94
Slide 95: 7. Coal market update
7. Coal market update Coal Marketing – Andrew Fikkers
Slide 96: Coal is expected to be a meaningful earnings contributor for decades to come
COAL UPDATE Coal is expected to be a meaningful earnings contributor for decades to come Australia has Basis illustrative Our approved climate strategy provides for a historically been the spot free cash flow responsibly managed run down of our energy nucleus of the business analysis (slide 90), coa
Slide 97: Steelmaking coal LOM profile vs global steel demand
COAL UPDATE - STEELMAKING Steelmaking coal LOM profile vs global steel demand (1) Glencore steelmaking coal production (Mt) Global steel demand (Mt) (3) 40 2'300 2'100 Potential projects / Life extensions (2) 1'900 30 1'700 History World ex China BOF Steel ex China IEA CPS WEO 2025 1'500 20 1'300 Ca
Slide 98: Seaborne coking coal brand quality
COAL UPDATE - STEELMAKING Seaborne coking coal brand quality (1) 2025 Capital Markets Day 98
Slide 99: Low cost / high margin business
COAL UPDATE - STEELMAKING Low cost / high margin business (1) PHCC 300 $/t Demand 250 PHCC = 216.3/t 200 Projects/Life extensions Margin 150 Cost structure supportive of a price recovery; over the years, 100 market price has generally Glencore Aust exceeded the Glencore EVR 100th percentile 50 0 0 5
Slide 100: Volatility = asymmetric upside
COAL UPDATE - STEELMAKING Volatility = asymmetric upside (1) 700 $/t Historical average margin of: $105/t over 10 years 600 HCC Nominal ($/t) $130/t over 5 years Industry average FOB Cash cost ($/t) Real terms Average ($/t) 500 400 Real terms 2025 300 average price: $241/t 200 100 0 Jan.15 Nov.15 Se
Slide 101: Energy demand trend = relatively stable coal demand
COAL UPDATE - ENERGY Energy demand trend = relatively stable coal demand Global energy demand (EJ) (1) Coal demand (btce) (1) 750 6 700 650 600 4 550 500 450 400 2 350 300 250 0 2030 2032 2034 2020 2022 2024 2026 2028 1980 2000 2014 2016 2018 1982 1984 1986 1988 1990 2002 2004 2006 2008 2010 2012 19
Slide 102: Low cost / high margin business
COAL UPDATE - ENERGY Low cost / high margin business (1) $/t 40 Cost structure supportive of a price recovery, 30 c.30% of supply is loss making after sustaining capex 20 Glencore Demand 10 0 -10 -20 -30 -40 0 100 200 300 400 500 600 700 800 900 1000 Seaborne energy coal – Mt 2025 Capital Markets Da
Slide 103: High quality coal pricing is currently below the industry FOB unit cash cost
COAL UPDATE - ENERGY High quality coal pricing is currently below the industry FOB unit cash cost (1) 500 $/t Historical average margin of: 450 $45/t over 10 years GcNewc Nominal ($/t) $60/t over 5 years 400 Industry average FOB Cash cost ($/t) Real terms average 350 300 250 200 Real terms 2025 aver
Slide 104: 8. Uniquely positioned
8. Uniquely positioned CEO – Gary Nagle
Slide 105: Our 2026 priorities
UNIQUELY POSITIONED Our 2026 priorities Safework: Focus on Organic growth: Maintain a Value creation ambition to operational derisk and strong balance for shareholders: prevent work- excellence: successfully sheet: deliver related fatalities, deliver expected progress organic commitment to predictab
Slide 106: Investment case
UNIQUELY POSITIONED Investment case Exceptional portfolio Strategic role in Amongst the best Optimised and Constant focus of copper assets and supporting the Marketing franchises simplified operating on long-term projects should energy needs of in the industry, with structures value creation positio
Slide 107: 9. Appendix
9. Appendix
Slide 108: Nickel Rim South Extension (NRSE) (50%)
APPENDIX Nickel Rim South Extension (NRSE) (50%) Life of Mine drivers Asset potential (LOM) NRSE • NRSE is a copper/nickel resource located in close proximity Average Cu prod. p.a. (kt) c.21 Average CuEq prod. p.a. (kt) c.42 to Glencore’s existing Nickel Rim South Mine infrastructure LOM (years) +20
Slide 109: Shareholder returns framework
APPENDIX Shareholder returns framework Predictable minimum shareholder returns grounded on a formulaic base distribution, topped up as the balance sheet allows Shareholder returns calculation flowsheet 1 Base Announced Base distribution Full-year results Half-year results annually at the full compri
Slide 110: Industrial: Copper production outlook
APPENDIX Industrial: Copper production outlook (1) Pathway back to >1Mtpa Copper Production guidance – own source copper (kt Cu) • Copper volumes expected to trend higher over the outlook Base Cu period to reach c.1Mt by 2028f and >1Mt thereafter, reflecting: business 750-775 755-815 895 975 1075 Ni
Slide 111: Industrial: Zinc production outlook
APPENDIX Industrial: Zinc production outlook (1) Production guidance – own source zinc (kt Zn) Base Zn Streamlined portfolio anchored around Australia business Cu Dept 800-825 c.150 635-675 (2) c.65 670 60 645 70 660 70 and Kazakhstan Group 950-975 (2) 700-740 (3) 730 715 730 Cu Dept • Expected zinc
Slide 112: Industrial: Steelmaking coal production outlook
APPENDIX Industrial: Steelmaking coal production outlook (1) Production guidance – own source steelmaking coal (Mt) Steady production profile over the outlook period Group 30-35 (2) 30-34 (3) 33 33 34 • With the addition of EVR, we now have a top-tier steelmaking coal business, comprising high- Aust
Slide 113: Industrial: Energy coal production outlook
APPENDIX Industrial: Energy coal production outlook (1) Production guidance – own source energy coal (Mt) Near-term stable production outlook Group 92-97 (2) 95-100 (3) 100 100 100 • Energy coal production volumes stable over the Cerrejón outlook period, but then expected to trend lower SA domestic
Slide 114: Footnotes
APPENDIX Footnotes Section 1 – Creating value Slide 17 – Copper projects (1) All data highly indicative and subject to change Slide 7 – Favourable fundamentals for many of our transition-enabling commodities (2) Excludes the Alumbrera restart (1) Bloomberg NEF – Energy Transition Investment Trends 2
Slide 115: Footnotes
APPENDIX Footnotes Slide 32 – 2025f copper production review Slide 59 – Antapaccay district (1) Reconciliation of initial 2025f copper production to today based on first 2025f guidance provided (1) All data highly indicative and subject to change at the 2022 CMD in December 2022 (2) The Antapaccay d
Slide 116: Footnotes
APPENDIX Footnotes Section 5 – Balancing growth and shareholder returns Slide 88 – Near-term capex outlook – base business (1) 2026F-2028F figures are based on current portfolio and subject to change Slide 84 – Our copper business can self-fund its full indicative growth pipeline (2) Steelmaking coa
Slide 117: Footnotes
APPENDIX Footnotes Section 6 – Marketing Slide 110 – Industrial: Copper production outlook (1) Figures are based on management estimates and current portfolio (except where indicated). Slide 92 – Glencore underpinned by three core pillars These estimates are subject to change (1) Volume data sourced
Slide 118: Glossary of acronyms
APPENDIX Glossary of acronyms $ United States Dollar IIA Informe de Impacto Ambiental - Environmental Impact Assessment AI Artifical intelligence JSE Johannesburg Stock Exchange Al Aluminium k Thousand AUD Australian Dollar KCC Kamoto Copper Company Axb Measure of ore hardness: higher value equals s
Slide 119: Glencore plc contact details
Glencore plc Baarermattstrasse 3 6340 Baar Switzerland Tel: +41 41 709 2000 E-mail: investors@glencore.com glencore.com 2025 Capital Markets Day 119