Glencore plc · LSE:GLEN
Glencore — Investor Presentation (October 2026)
68 slides from Glencore's investor presentation, October 2026
Slide 1: ASX listing compendium October 2026
ASX listing compendium October 2026
Slide 2: Important notice
Important notice Cautionary statement regarding climate strategy This document does not constitute or form part of any offer or invitation to sell or issue, or any Glencore operates in a dynamic and uncertain market and external environment. Plans and strategies solicitation of any offer to purchase
Slide 3: Overview
Overview 1. Creating value 2. Industrial 3. Marketing 4. Shareholder returns 5. Sustainability and Compliance 6. Our investment case 7. Appendix Glencore in Australia Our value chain Main financing arrangements Overview of safety performance Copper projects Footnotes For more information 2026 ASX Li
Slide 4: 1. Creating value
1. Creating value
Slide 5: Who we are
ENERGISING TODAY | ADVANCING TOMORROW Who we are • We produce, recycle, source, market and distribute the commodities that support growing energy demand/security, continued urbanisation, the energy transition and AI infrastructure • We have scale and diversity across multiple commodities, activities
Slide 6: Growing energy demand/security concerns + transition, urbanisation and AI infrastructure
ENERGISING TODAY | ADVANCING TOMORROW Growing energy demand/security concerns + transition, continued urbanisation and AI infrastructure support our various commodities Global energy transition investment of $14.3 trillion(1) … … has reduced fossil fuels’ share of total global energy demand by just
Slide 7: Growing energy demand/security concerns + transition, urbanisation and AI infrastructure
ENERGISING TODAY | ADVANCING TOMORROW Growing energy demand/security concerns + transition, continued urbanisation and AI infrastructure support our various commodities Energy transition investment needs an additional Our various commodities help support the growing $304 trillion for global climate
Slide 8: Significant supply growth and investment is needed
ENERGISING TODAY | ADVANCING TOMORROW Significant supply growth and investment is needed Higher copper mine and scrap supply is needed to Changes in supply/demand and industry cost structures meet the anticipated demand for copper(1) are now better reflected in copper prices ($/t)(2) 15000 Cathode d
Slide 9: 2. Industrial segment
: oo 2. Industrial segment
Slide 10: We have a diversified portfolio of high-quality assets
INDUSTRIAL We have a diversified portfolio of high-quality assets KCC/MUMI INO MIM SA Cerrejon EVR Century Astron Collahuasi McArthur River chrome HVO Hail Creek (30%) Bukom Antamina Kazzinc Rav North Oaky Creek Alunorte (20%) Antapaccay Asturiana Bulga (30%) District Ulan Lomas Bayas Mangoola MARA
Slide 11: Our base copper portfolio – back to 1Mt by 2028f
INDUSTRIAL Our 2000 base copper portfolio – back to 1Mt by 2028f (1) ktCu 1500 1000 Illustrative base business (2) 500 0 2025 2026f 2027f 2028f 2029f 2030f 2031f 2032f 2033f 2034f 2035f 2036f 2037f 2038f 2039f 2040f 2041f 2042f 2043f 2044f 2045f 2026 ASX Listing 11
Slide 12: We have an enviable portfolio of copper growth options
INDUSTRIAL c.1.4Mtpa of copper We have an enviable portfolio of copper growth options (1,4) growth Alumbrera MUMI Project name Coroccohuayco Quechua Agua Rica restart Sulphides Ownership 100% 100% 100% 100% 95% Location Peru Peru Argentina Argentina DRC Average CuEq LOM 75kt Cu (total) 165ktpa (2) 2
Slide 13: Illustrative copper growth pipeline
INDUSTRIAL Illustrative 2000 copper growth pipeline (1) ktCu + Antapaccay - Quechua + NewRange – 145ktpd + El Pachón – 185ktpd + Collahuasi – New Concentrator Project + NewRange – 36ktpd + Agua Rica 1500 + MUMI – Sulphides + Antapaccay – Coroccohuayco + Collahuasi – LG stockpile leaching + Alumbrera
Slide 14: Targeting 1.6Mt of copper production by 2035
INDUSTRIAL Targeting 2000 1.6Mt of copper production by 2035 (1) ktCu c.1.6Mt 1500 1000 Base business (2) 500 0 2025 2026f 2027f 2028f 2029f 2030f 2031f 2032f 2033f 2034f 2035f 2036f 2037f 2038f 2039f 2040f 2041f 2042f 2043f 2044f 2045f 2026 ASX Listing 14
Slide 15: Pathway to become one of the world's largest copper producers
INDUSTRIAL 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 f An
Slide 16: A leading seaborne supplier of high-quality steelmaking and energy coal
INDUSTRIAL A leading seaborne supplier of high-quality steelmaking and energy coal Energy Coal Leading seaborne supplier of Highly cash generative high-quality high-energy coal through the cycle • Glencore average energy content: 5710 Kcal NAR vs • Illustrative c.$1.9bn seaborne average of 4880 EBIT
Slide 17: Steelmaking coal now >50% of coal Industrial Adj. EBITDA
INDUSTRIAL Steelmaking coal now >50% of coal Industrial Adj. EBITDA Steelmaking coal share of group coal EBITDA(1,4) Consolidated production (Mt)(1,3) Steelmaking Energy c.59% 57% Guidance(2) 9.2 Steelmaking coal share of earnings expected to 33.0 33.0 34.0 32.5 31.0 increase over time 7.5 19.9 with
Slide 18: 3. Marketing segment
3. Marketing segment
Slide 19: Underpinned by three core pillars
MARKETING Underpinned by three core pillars Multi-generational own- source assets underpin Unique capability to large-scale long-term beneficiate volumes Copper integrated industrial and generate margin asset volumes for through physical marketing logistics capabilities Zinc Cobalt and capture of ar
Slide 20: Major producing countries and our global presence
MARKETING Major producing countries and our global presence Marketing offices Marketing office Copper Bauxite Nickel Zinc Cobalt Manganese Lithium Vanadium Ferroalloys Iron Ore Steelmaking Energy LNG Oil Alumina Aluminium coal coal 2026 ASX Listing 20
Slide 21: 19-year through the cycle Marketing Adjusted EBIT track record
MARKETING 19-year through the cycle Marketing Adjusted EBIT track record 6.4 Marketing Adj. EBIT ($bn) >5.0(1) $4.2bn(3) 3.7 Viterra 3.3 Mid-point 3.2 sale - 50% 3.5 3.2 $3.5bn Xstrata 3.3 Acquisition 2.9 2.9 2.8 2.8 $2.8bn 2.5 2.4 Long-term 2.3 2.4 2.4 2.1 guidance range(2) 1.9 1.6 China Russia ME
Slide 22: Marketing Adj. EBIT guidance range and Readily Marketable Inventories
MARKETING Our updated Marketing Adj. EBIT guidance range(1) incorporates, via a matrix, an assumed correlated relationship with levels of RMI(3) & funding costs/interest rates Readily Marketable Inventories ($bn) Example range: Marketing Adj. EBIT range - low to high matrix RMI $34bn and 4.1 $34bn M
Slide 23: Creating additional value through arbitrage
MARKETING In addition to a base embedded Marketing/logistics margin, creating additional value through arbitrage Arbitrage opportunities Many of the physical commodity markets in which we operate are fragmented or periodically volatile (more so in recent years). This can result in arbitrage: price d
Slide 24: Risk management is a core component of our marketing operations
MARKETING Risk management is a core component of our marketing operations Our marketing We are exposed to the We operate with fixed We mitigate credit risk operations seek to have risk of changes between VaR(1) limits and certain through various relatively low outright the price of the hedged volume
Slide 25: 4. Shareholder returns
I | 7. pee i rf } ! - fey {om = r i . ian i lo Ul ail i Ee 4. Shareholder returns
Slide 26: Shareholder returns framework
SHAREHOLDER RETURNS Shareholder returns framework Predictable 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 com
Slide 27: Strong track record of shareholder returns
SHAREHOLDER RETURNS Strong track record of shareholder returns $28.7bn of announced shareholders returns since Announced shareholder returns 2021 to 2026 ($bn) 2021 9.30 $14.1bn $5.3bn $9.3bn 8.40 Base cash Special cash Buybacks 2.700 distributions distributions c.$7.0bn purchase of EVR in 3.550 202
Slide 28: 5. Sustainability and compliance
5. Sustainability and compliance
Slide 29: Safety approach
SUSTAINABILITY AND COMPLIANCE Safety approach Our ambition is to prevent all work- related fatalities, occupational diseases and injuries Our SafeWork initiative supports long-term sustainable practices that seek to advance the elimination of fatalities and serious injuries SafeWork is built on a se
Slide 30: Our climate strategy
SUSTAINABILITY AND COMPLIANCE Our climate strategy Our climate action transition plan (CATP) was We are currently conducting a process to first released in 2020 and updated in 2024 review and update our CATP taking into • We have continued to make progress account: against our targets and report pub
Slide 31: Our Compliance Programme
SUSTAINABILITY AND COMPLIANCE Our Compliance Programme We are committed to upholding a culture of ethics and compliance across our business Our Ethics and Compliance Programme supports responsible and ethical decision-making at all levels of the organisation and helps us manage the risks associated
Slide 32: 6. Our investment case
Creating value 6. Our investment case
Slide 33: Our investment case
ENERGISING TODAY | ADVANCING TOMORROW Our 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
Slide 34: 7. Appendix
7. Appendix
Slide 35: Glencore in Australia
ENERGISING TODAY | ADVANCING TOMORROW Glencore in Australia One of Australia’s largest producers of coal and critical minerals 16,800 Employees and contractors A$2.7bn Wages and salaries A$14.2bn Spent on goods and services 6,440 Suppliers In 2025, Glencore directly A$2.4bn contributed A$19.3bn in T
Slide 36: Our value chain
APPENDIX Our value chain 2026 ASX Listing 36
Slide 37: Elements of Glencore's main financing arrangements
APPENDIX Elements of Glencore’s main financing arrangements Credit Rating Letter of Credit (“LC”) • Standard & Poor’s: BBB+, stable outlook As part of Glencore’s ordinary sourcing and procurement of physical commodities and • Moody’s: A3, stable outlook other ordinary marketing obligations, the sell
Slide 38: Overview of safety performance
APPENDIX Overview of safety performance Annual work-related fatalities by department, 2015-2026 YTD(1) 18 16 14 12 10 8 6 4 2 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Copper Special projects Oil NickelZinc Warehousing Coal Ferroalloys 3yr avg 2026 ASX Listing 38
Slide 39: Overview of ICMM 2025 performance
APPENDIX Overview of ICMM 2025 performance(1) ICMM Member Fatality Frequency Rate and Total Recordable Injury Frequency Rate by Company (2025) 2026 ASX Listing 39
Slide 40: Appendix: Copper projects
Appendix Copper projects
Slide 41: Copper projects
APPENDIX Copper projects (1,3) Average Average Indicative LOM Cu Average LOM CuEq Capital Mine Construction Indicative Indicative first project production LOM by-prod production intensity life Country Type risk FID production Capex ($bn) (kt Cu) production (kt CuEq) $k/CuEq tonne (years) Low: restar
Slide 42: Copper project update – well positioned for c.1Mt by 2028f and 1.6Mt by 2035
APPENDIX Copper project update – well positioned for copper production volumes to reach c.1Mt by 2028f and our c.1.6Mt target by 2035(1) Alumbrera restart ahead Land access package MUMI Sulphides Coroccohuayco Quechua acquisition of schedule. Mining finalised, unlocking project gated to permitting a
Slide 43: KCC
APPENDIX 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) 2026 ASX Listing 43
Slide 44: KCC
APPENDIX 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 facility
Slide 45: MUMI
APPENDIX 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 2026 ASX Listing 45
Slide 46: MUMI
APPENDIX MUMI (1) Life of Mine drivers Asset potential - LOM Base Sulphides Average Cu prod. p.a. (kt) 75 97 • Options to accelerate production from further sulphide Average CuEq prod. p.a. (kt) 155 182 ore processing Average Co prod. p.a. (kt) 19 26 • Potential additional operational upside from in
Slide 47: Collahuasi
APPENDIX 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 2026 ASX Listing 4
Slide 48: Collahuasi (44%)
APPENDIX 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 primary or
Slide 49: Antamina
APPENDIX 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 2026 ASX Listing 49
Slide 50: Antamina (33.75%)
APPENDIX Antamina (33.75%) (1) Life of Mine drivers Asset potential - LOM Base • Additional potential upside from pit and sequence Average Cu prod. p.a. (kt) 140 optimisation to utilise full mill capacity along with Average CuEq prod. p.a. (kt) 180 additional ultra-class excavators and haulage truck
Slide 51: Lomas Bayas
APPENDIX 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 2026 ASX Listing 51
Slide 52: Lomas Bayas
APPENDIX 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 (2025) (2) M+I I M+I+I and Alice deposits Lo
Slide 53: Antapaccay district
APPENDIX 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 9 Quechua 2026 ASX Listing 53
Slide 54: Antapaccay district
APPENDIX 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 Average Ag pro
Slide 55: NewRange
APPENDIX NewRange 3 TSF (existing) 4 Sunrise deposit 2 NorthMet concentrator 1 NorthMet deposit 2026 ASX Listing 55
Slide 56: NewRange (50%)
APPENDIX 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 benefit fro
Slide 57: Alumbrera restart
APPENDIX Alumbrera restart 2 Bajo el Durazno pit 3 Concentrator 4 TSF 1 Bajo de la Alumbrera pit 2026 ASX Listing 57
Slide 58: Alumbrera restart
APPENDIX Alumbrera restart (1) Life of Mine drivers Asset potential Alumbrera Cu prod. Total (kt) 75 • Mining re-commenced – stand alone value accretive Au prod. Total (koz) 317 project Mo prod. Total (kt) 1 • Experienced local workforce of ex-Alumbrera employees LOM (years) 4 Indicative capex (est.
Slide 59: Agua Rica
APPENDIX Agua Rica Agua Rica deposit 5 2 Bajo el Durazno pit 3 Concentrator 4 TSF 1 Bajo de la Alumbrera pit 2026 ASX Listing 59
Slide 60: Agua Rica
APPENDIX 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. p.
Slide 61: Agua Rica ore transport
APPENDIX Agua Rica ore transport c.35 km conveyor c.6.5 km tunnel 2026 ASX Listing 61
Slide 62: El Pachón
APPENDIX 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 2026 ASX Listing 62
Slide 63: El Pachón
APPENDIX 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.6.6 billion tonnes @ 0.40% Cu (2) Average CuEq prod. p.a. (kt) 359 Average Au prod. p.a. (koz) 32 • Scale allows p
Slide 64: 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 65: Footnotes
APPENDIX Footnotes Slide 5 – Who we are Slide 15 – Pathway to become one of the world’s largest copper producers (1) Refer page 7 and APM section, 2026 Half-Year Report for underlying data and reconciliation (1) Wood Mackenzie, Global copper strategic planning outlook – Q2 2026, 2029 copper equity i
Slide 66: Footnotes
APPENDIX Footnotes Slide 24 – Risk management is a core component of our marketing operations Slide 42 – Copper project update – well positioned for copper production volumes to reach c.1Mt (1) Value at Risk by 2028f and our c.1.6Mt target by 2035 (2) Given commodity markets, particularly energy, re
Slide 67: For more information
APPENDIX For more information 2026 ASX Listing 67
Slide 68: Glencore plc contact details
Glencore plc Baarermattstrasse 3 6340 Baar Switzerland Tel: +41 41 709 2000 LSE:GLEN London Stock Exchange JE00B4T3BW64 E-mail: investors@glencore.com JSE:GLN Johannesburg Stock Exchange JE00B4T3BW64 ASX:GLC Australian Securities Exchange AU0000489395 glencore.com 2026 ASX Listing 68