Anglo American Plc · LSE:AAL

Anglo American — FY2024 Earnings Presentation

68 slides from Anglo American's earnings presentation, Feb 20, 2024

1. Slide 1: 2024 results

   2024 results 20 February 2025

2. Slide 2: Cautionary statement

   [OFFICIAL] Results 2024 Cautionary statement Disclaimer: This document has been prepared by Anglo American plc (“Anglo American”) and comprises the written materials/slides should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statem

3. Slide 3: Introductory comments

   Update image NEW PICTURE Introductory comments Stuart Chambers Chair © Anglo American, 2025 3

4. Slide 4: Agenda

   Results 2024 Update image [OFFICIAL] Agenda Operating performance & portfolio simplification Duncan Wanblad, Chief Executive Financial performance & guidance John Heasley, Finance Director Anglo American – an outstanding investment proposition Duncan Wanblad © Anglo American, 2025 4

5. Slide 5: Accelerating the delivery of our strategy

   [OFFICIAL] Results 2024 Accelerating the delivery of our strategy Operational excellence Portfolio simplification Growth Reset mine plans Focus on copper, Outstanding & organisation design premium iron ore growth potential across & crop nutrients the three businesses Creating a leading, future-enabl

6. Slide 6: Delivering our strategy

   [OFFICIAL] Results 2024 Delivering our strategy Operational 1 excellence • Our businesses delivered full year production guidance led by copper and iron ore Los Bronces / Andina • MoU agreed with Codelco, incremental ~120ktpa, with minimal additional capex 2 joint mine plan • Expected NPV uplift of

7. Slide 7: Operating performance

   Update image NEW PICTURE Operating performance Duncan Wanblad © Anglo American, 2025 7

8. Slide 8: Safety is our No.1 value and first priority

   [OFFICIAL] Results 2024 Safety is our No.1 value and first priority Continuing to drive down injury rates Optimising planned work to deliver stable and capable operations TRIFR1,2 Supporting operational leaders to spend more time in the field having quality interactions 2.19 Effective implementation

9. Slide 9: Delivering operational excellence through stable performance

   [OFFICIAL] Results 2024 Delivering operational excellence through stable performance 3 Copper (kt) Solid operational delivery across the assets in line with plan 730- 773 690- 760- 820 760- 820 Los Bronces processing plant on C&M - 790 750 ↑23pp EBITDA margin improvement at mine 2024F 2024A 2025F 20

10. Slide 10: Performance in exiting businesses

    [OFFICIAL] Results 2024 Performance in exiting businesses Changes in guidance PGMs (Moz) 3 De Beers (Mct) 3 Proactive response to challenging market conditions 3.3- 3.0- 3.0- 3.0- 26- 28- 3.6 23- 20- 3.7 3.4 3.4 3.5 25 29 31 26 23 2024F 2024A 2025F 2026F 2027F 2024F 2024A 2025F 2026F 2027F 3 3 Nicke

11. Slide 11: Portfolio simplification

    Update image NEW PICTURE Portfolio simplification Duncan Wanblad © Anglo American, 2025 11

12. Slide 12: Excellent progress on portfolio simplification

    [OFFICIAL] Results 2024 Excellent progress on portfolio simplification Portfolio simplification now well advanced, unlocking significant shareholder value Steelmaking Coal Nickel PGMs De Beers Divestment Divestment Demerger Divestment or demerger Sale agreed4, gross Sale agreed4, gross Completed two

13. Slide 13: Demerger timeline for Anglo American Platinum

    [OFFICIAL] Results 2024 Demerger timeline for Anglo American Platinum 24 March September 2025 30 April Key Highlights 2024 2025 Capital Markets First bookbuild Day Anglo – Gross American Capital structure announced – proceeds AGM5 Amplats has declared an ~$0.4bn additional dividend of ~$0.9bn Demerg

14. Slide 14: Financial performance

    Update image Financial performance John Heasley © Anglo American, 2025 14

15. Slide 15: Financial results for 2024

    [OFFICIAL] Results 2024 Financial results for 2024 Group basket price Production 8 Unit costs9 10% 7% Flat Revenue 6 EBITDA 6 $28.6bn 12% ($3.9bn) $8.5bn x% 15% ($1.5bn) Cash conversion 7 EBITDA margin 10 97% 43pp 30% 1pp ROCE11 EPS6 FY24 dividend Net debt 12% $1.60/share 64 cents $10.6bn 4p

16. Slide 16: EBITDA performance - significant cost action mitigating price headwinds

    [OFFICIAL] Results 2024 EBITDA performance - significant cost action mitigating price headwinds EBITDA6 $bn 0.7 (1.5) (1.5) (0.3) (0.3) (0.1) (0.1) Copper Iron Ore PGMs SMC De Beers Nickel Price 10.0 (1.5) 8.5 0.0 0.1 (0.5) 8.0 (0.6) 1.0 2023 Price12 FX CPI13 Volume14 Cost15 Other 2024 © Anglo Ameri

17. Slide 17: Cost savings run rate of $1.3 billion achieved in 2024

    [OFFICIAL] Results 2024 Cost savings run rate of $1.3 billion achieved in 2024 Cost savings $bn $1.3bn run rate achieved16 0.2 (0.2) (0.1) 1.0 0.3 0.4 0.4 Copper Chile PGMs Corporate Kumba SMC- Other Cost savings Grosvenor realised in EBITDA in 2024 © Anglo American, 2025 17

18. Slide 18: Cost savings initiatives implemented in 2024

    [OFFICIAL] Results 2024 Cost savings initiatives implemented in 2024 Operational Operational Corporate headcount efficiencies streamlining  21% total operating  19% operational costs in Copper Chile17 headcount at Kumba  $0.2bn in consumable  $0.3bn in corporate  15% operational costs at PGMs o

19. Slide 19: Clear plan to deliver committed $1.8bn cost savings

    [OFFICIAL] Results 2024 Clear plan to deliver committed $1.8bn cost savings Cost savings $0.8bn18 incremental cost savings $bn To be realised in H1 2026 1.8 0.3 ~$0.5bn pa 0.3 0.2 remaining cost savings to be To be realised delivered through: 1.0 in 2025 Operational & corporate initiative Corporate

20. Slide 20: 76% of EBITDA from higher margin copper & premium iron ore

    [OFFICIAL] Results 2024 76% of EBITDA from higher margin copper & premium iron ore Copper Iron Ore Unit costs 9 in our future businesses fell in 2024 as we become even more $3.8bn $2.7bn competitive 50% margin 40% margin 2024 vs 2023 unit costs9 Decision to PGMs De Beers Effective cost savings in Ch

21. Slide 21: Other financials

    Results 2024 Update image [OFFICIAL] Other financials Effective tax rate20 Impacts from special items include: 41.1% vs 38.5% in 2023 Impairment21 of $2.9bn on De Beers Driven by: Impairment reversal of $0.2bn on • profit mix – more from Kolomela at Kumba Copper Chile, less from $0.3bn restructuring

22. Slide 22: De Beers: managing cost and spending

    [OFFICIAL] Results 2024 De Beers: managing cost and spending Destocking in China resulted in growing 2024 actions inventories and low demand Proactively reconfigured production by 6Mct Cumulative increase in midstream polished stocks in 2024 22 USD bn, nominal – vs. 2023 Delivered ~$0.1bn overhead s

23. Slide 23: Sustaining attributable free cash flow benefitting from improved cash conversion

    [OFFICIAL] Results 2024 Sustaining attributable free cash flow benefitting from improved cash conversion Cashflows Cash conversion 7 Working capital release Lower receivables and $bn proactive draw down of 0.8 1.8 PGMs inventory 97% 1.0 Actions taken to slightly +43pp vs 2023 Receivables Inventory r

24. Slide 24: Robust balance sheet – focused on strict cost & cash conversion

    [OFFICIAL] Results 2024 Robust balance sheet – focused on strict cost & cash conversion to support deleveraging Net debt Focused on significant cost savings & $bn capital optimisation to drive sustainable improvement in cash generation 10.6 (0.5) 10.6 1.0 (1.7) 1.2 Two bookbuilds of Amplats sharehol

25. Slide 25: Portfolio simplification: tax & transaction costs

    [OFFICIAL] Results 2024 Portfolio simplification: tax & transaction costs Steelmaking Coal Nickel PGMs Divestment Divestment Demerger Total proceeds 4 Total proceeds 4 Bookbuilds: ~$0.9bn Net effect26 of $3.8bn Fixed: Fixed:$350m dividends, cash Largely Contingent: $150m & intercompany: neutral Cont

26. Slide 26: Simplified portfolio will be more cash generative and financially resilient

    [OFFICIAL] Results 2024 Simplified portfolio will be more cash generative and financially resilient 2024 pro-forma financials27 compared to current portfolio Revenue Operating free cash flow Cash conversion 7 $15.2bn 47% $5.0bn 2% 107% 10pp EBITDA ROCE $6.6bn 22% 18% 6pp EBITDA margin 10 Capex

27. Slide 27: Guidance

    Update image Guidance John Heasley © Anglo American, 2025 27

28. Slide 28: 2025 – Copper and Iron Ore unit costs, and other guidance

    [OFFICIAL] Results 2024 2025 – Copper and Iron Ore unit costs, and other guidance Copper (c/lb)3 Iron ore ($/t)3 Group effective tax rate Cost savings offset guidance20 lower moly by-product credits from Peru; lower Scheduled PIG run at Minas-Rio 40-43% volumes from Chile lowers H2 volumes 0% +3% Gr

29. Slide 29: Capex profile - including the simplified portfolio

    [OFFICIAL] Results 2024 Capex profile - including the simplified portfolio Capex23 Growth Collahuasi desal Baseline sustaining $bn Woodsmith Lifex ~0.5 ~0.3 Safety, asset integrity and ~0.8 ~0.9 ~0.3 reliability prioritised ~0.5 ~0.1 ~0.7 ~0.8 Growth capex invested in ~0.4 organic copper and premium

30. Slide 30: Key financial messages

    [OFFICIAL] Results 2024 Key financial messages EBITDA margin Cost savings Improvement in Portfolio Financial maintained ahead of cash conversion simplification resilience in in 2024 schedule in 2024 in 2024 actions simplified portfolio Realise 10% $1bn 97% significant Higher margins Basket price co

31. Slide 31: Anglo American – an outstanding investment proposition

    Update image Anglo American – an outstanding investment proposition Duncan Wanblad © Anglo American, 2025 31

32. Slide 32: A simplified portfolio daylights value of world class assets

    [OFFICIAL] Results 2024 A simplified portfolio daylights value of world class assets in future-enabling products Copper Copper Collahuasi Quellaveco ~60% Los Bronces Sakatti Premium Iron Ore Current Kumba Minas-Rio EBITDA6 202529 Serpentina contribution Crop nutrients ~40% Woodsmith Premium iron ore

33. Slide 33: Copper: despite higher prices, industry returns are still too low

    [OFFICIAL] Results 2024 Copper: despite higher prices, industry returns are still too low to encourage required investment Higher copper prices are not translating into Industry Comparison – Cost Curve31 elevated ROCE, due to higher operating and capital costs30… $/t Average ROCE, % C1 (US$/t), Pro

34. Slide 34: Transforming the value of Los Bronces

    [OFFICIAL] Results 2024 Transforming the value of Los Bronces Key Highlights MoU signed with Codelco Joint mine plan to produce additional c.120ktpa of copper for 21-year period from 203032 Expected C1 unit cost ~15% lower33 No significant incremental capex Value upside of at least $5bn pre-tax, to

35. Slide 35: Pathway to >1Mtpa of copper production

    [OFFICIAL] Results 2024 Pathway to >1Mtpa of copper production: well-sequenced growth options supporting multi-decade production Collahuasi expansion 35 40- ~60 ~100 ~1Mt 50- 34 ~20 50 100 773 ~150 ~25 2024 Debottleneck 4th line Quellaveco LB plant Joint mine Sakatti35 Grade Los Bronces Expansion to

36. Slide 36: Exploration supporting long term optionality

    [OFFICIAL] Results 2024 Exploration supporting long term optionality Discovery Country Footprint Greenland Target Commodity/ Mineral System Canada Germany Sulphide Cu-Ni-PGE Sediment-hosted Cu USA (Co-Ag) Porphyry Cu (Mo- Au) Brazil Zambia Greenfields Peru Angola Australia Near Asset Chile South Afr

37. Slide 37: Quellaveco Depth Extension Exploration Results

    [OFFICIAL] Results 2024 Quellaveco Depth Extension Exploration Results1 A A’ Unlocking high-grade value AQDEX-24002 AQDEX-24004 AQDEX-24003 • Drilling of the Quellaveco Depth Extension AQDEX-24001 Exploration Target2 intersected grades Reserve Pit A’ below the Resource that match or exceed Resource

38. Slide 38: Iron ore: Our premium portfolio

    [OFFICIAL] Results 2024 Iron ore: Our premium portfolio Anglo American iron ore products compare Minas-Rio and Serpentina combined favourably to peers, with further offers value upside from growth options scale & quality39 SiO2 + Al2O3, % Increase product • Serpentina’s strike length more quality th

39. Slide 39: Woodsmith: Preserving value, optimising business case

    [OFFICIAL] Results 2024 Woodsmith: Preserving value, optimising business case Slowdown preserves long-term value Recent market development achievements... Two 1.6km deep shafts: Production shaft paused at ~712m New agreement to reinforce European partnership Service shaft continuing; now ~10m into s

40. Slide 40: Wrap-up

    Update image Wrap-up Duncan Wanblad © Anglo American, 2025 40

41. Slide 41: Clear strategic priorities unlocking full value potential

    [OFFICIAL] Results 2024 Clear strategic priorities unlocking full value potential Immediate & ongoing Working at pace Longer term 1. Operational excellence 2. Portfolio simplification 3. Growth delivery Execution underpinned by our differentiated capabilities & disciplined approach to capital alloca

42. Slide 42: Q&A

    Q&A Standard international dial-in: +44 20 3481 4247 South Africa: +27 105 348 155 United Kingdom: +44 20 3481 4247 USA & Canada: +1 800 715 9871 Conference ID: 6333373

43. Slide 43: Footnotes

    [OFFICIAL] Results 2024 Footnotes 1. Data relates to subsidiaries and joint operations over which Anglo American has management control. Data 23. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal excludes results from De Beers’ joint opera

44. Slide 44: Appendix

    Appendix © Anglo American, 2025 44

45. Slide 45: Simplified earnings and guidance

    Simplified earnings and guidance © Anglo American, 2025 45

46. Slide 46: 2024 simplified earnings by Business

    [OFFICIAL] Results 2024 - appendix 2024 simplified earnings by Business De Beers - Steelmaking $m (unless stated) Copper1 Iron Ore2 PGMs Nickel Other3 Total Diamonds Coal Sales volume (mined share) 769kt 60.9Mt 2,503koz4 17.9Mct5 14.4Mt6 38.5kt Average benchmark price $9,149/t7 $115/t8 n/a n/a $222/

47. Slide 47: 2024 simplified earnings by Business - notes

    [OFFICIAL] Results 2024 - appendix 2024 simplified earnings by Business - notes Iron Ore realised price PGMs basket price Steelmaking Coal blended price Own mined Market price Sales Volume Total Iron Ore Kumba Minas-Rio PGMs basket Realised price Volume Revenue HCC $240/t 11.06Mt Market price8 $115/

48. Slide 48: Guidance summary

    [OFFICIAL] Results 2024 - appendix Guidance summary Earnings Capex2 Capex split ($bn)6 (numbers in brackets are previous guidance) Volumes See slide 49-50 2025 ~$5.1bn (~$4.9bn3) Growth ~$0.8bn (~$0.5bn) ~5.1 ~4.7 ~4.8 Unit costs See slide 51 Sustaining ~$4.3bn (~$4.4bn) • Baseline ~$3.5bn • Lifex ~

49. Slide 49: Production outlook

    [OFFICIAL] Results 2024 - appendix Production outlook Units 2022 2023 2024 2025F 2026F 2027F Copper1 kt 664 826 773 690-750 760-820 760-820 Iron Ore2 Mt 59 60 61 57-61 54-58 59-63 Platinum Group Metals3 Moz 4.0 3.8 3.6 3.0-3.4 3.0-3.4 3.0-3.5 Diamonds4 Mct 35 32 25 20-23 26-29 28-31 Steelmaking Coal

50. Slide 50: Production outlook – supplementary guidance

    [OFFICIAL] Results 2024 - appendix Production outlook – supplementary guidance Units 2022 2023 2024 2025F 2026F 2027F Chile: 562 Chile: 507 Chile: 466 Chile: 380-410 Chile: 440-470 Chile: 450-480 Copper1 kt Peru: 102 Peru: 319 Peru: 306 Peru: 310-340 Peru: 320-350 Peru: 310-340 Iron Ore (Kumba)7 Mt

51. Slide 51: Unit costs outlook by Business

    [OFFICIAL] Results 2024 - appendix Unit costs outlook by Business Copper (C1 c/lb)1 Iron Ore (FOB $/t)2 PGMs ($/PGM oz)3 +3% +1% 0% Chile: Chile: Chile: Kumba: Kumba: Kumba: 200 181 ~185 41 39 ~39 166 151 ~151 38 M-R: 35 M-R: ~36 968 957 ~970 Peru: Peru: Peru: M-R: 111 105 ~110 33 30 ~32 2023 2024 2

52. Slide 52: Earnings sensitivities

    [OFFICIAL] Results 2024 - appendix Earnings sensitivities Impact of 10% Sensitivity analysis – 20241 change in price / FX Commodity / Currency 31 December spot Average realised 12-month EBITDA ($m) Copper (c/lb)2 395 416 695 3 4 Iron Ore ($/t) 115 89 524 Platinum ($/oz) 914 955 128 Palladium ($/oz)

53. Slide 53: Capex guidance

    [OFFICIAL] Results 2024 - appendix Capex guidance Capex1 ($bn) Growth ~0.8 (prev. ~0.5) ~0.8 ~0.9 Collahuasi ~0.3 (prev. ~0.3) desal (prev. ~0.2) Lifex ~0.5 0.1 (prev. ~0.7) ~0.8 ~0.7 (prev. ~0.5) ~0.7 ~0.7 ~0.9 ~0.3 ~0.1 Baseline ~3.5 ~0.1 sustaining (prev. ~3.53) ~3.0 ~3.2 (prev. ~3.53) ~2.2 ~2.1

54. Slide 54: Life extension capex – current portfolio

    [OFFICIAL] Results 2024 - appendix Life extension capex – current portfolio Major components of lifex¹ ($bn) Guidance ~0.5 ~0.8 ~0.7 (prev. ~0.7) (prev. ~0.5) ~0.2 (prev. ~0.1) ~0.2 Mototolo – Der Brochen2 (PGMs) ~0.1 ~0.1 ~0.1 Jwaneng5 (Diamonds) Venetia3 (Diamonds) ~0.1 (prev. ~0.3) ~0.2 (prev. ~0

55. Slide 55: Growth capex projects - simplified portfolio only

    [OFFICIAL] Results 2024 - appendix Growth capex projects - simplified portfolio only Major components of growth capex¹ ($bn) Guidance ~0.72 ~0.7 ~0.9 Quellaveco (Copper)3 ~0.67 Copper Projects7 ~0.13 ~0.27 Collahuasi (Copper)4 ~0.14 ~0.24 Kumba (Iron Ore)5 ~0.15 ~0.14 ~0.25 Woodsmith ~0.15 ~0.36 (Cr

56. Slide 56: Key projects driving growth capex

    [OFFICIAL] Results 2024 - appendix Key projects driving growth capex Total FID1 Volume (pa) Growth optionality Capex1 3rd primary crusher & flotation cells, throughput from ~170ktpd to ~185ktpd; Collahuasi debottlenecking to ~185ktpd ~$0.2bn2 ~10ktpa2 production expected from c.2026 Studies ongoing

57. Slide 57: Liquidity

    Liquidity © Anglo American, 2025 57

58. Slide 58: Strong liquidity & balanced debt maturity profile

    [OFFICIAL] Results 2024 - appendix Strong liquidity & balanced debt maturity profile Liquidity1 Debt repayments ($bn)1 $15.3bn 2.2 1.7 1.8 1.5 1.6 +$8.1bn cash 1.4 1.2 1.0 +$7.2bn undrawn committed facilities 0.9 1.0 0.8 0.6 0.5 0.5 0.5 0.4 0.1 Cash mainly held centrally in US dollars 2025 2026 2027

59. Slide 59: High quality endowments in simplified portfolio

    Nat to add picture High quality endowments in simplified portfolio © Anglo American, 2025 59

60. Slide 60: High quality endowments in future-enabling products

    [OFFICIAL] Results 2024 High quality endowments in future-enabling products World class endowments offer exciting Ore Reserves for our potential for simplified portfolio world-class assets 67 years Mineral Resources Ore Reserves* Collahuasi (new projects)* ~33Mt Cu Ore Reserves ~2.6x Los Bronces 36

61. Slide 61: Sustainability performance

    Sustainability performance © Anglo American, 2025 61

62. Slide 62: Partnership and engagement

    [OFFICIAL] Results 2024 - appendix Our current Sustainable Mining Plan1 Environment Social Governance Healthy Environment Thriving Communities Trusted Corporate Leader Partnership and engagement Partnership and engagement Climate change Health and well-being Accountability 2030: Reduce absolute Scop

63. Slide 63: Active route to a more sustainable world

    [OFFICIAL] Results 2024 - appendix Active route to a more sustainable world 2020 2021-23 2025 2030 2040 8% SA Thermal Coal demerger 100% 3-5 GW 30% Carbon completed2 energy renewable electricity renewable energy absolute reduction in neutrality efficiency1 Cerrejón sale of shareholding powering Aust

64. Slide 64: Our ESG ratings reflect our leading capabilities in sustainable mining

    [OFFICIAL] Results 2024 - appendix Our ESG ratings reflect our leading capabilities in sustainable mining AAA AA Anglo American A Peer 2 Peer 3 BBB Peer 1 MSCI1 BB B Peer 4 CCC Based on original analysis prepared by Barclays in their research note “ESG 40 35 30 25 20 Sustainalytics1 comps: leaders a

65. Slide 65: ESG integrated into management remuneration

    [OFFICIAL] Results 2024 - appendix ESG integrated into management remuneration SHE targets in annual bonus ESG targets in LTIPs All employees under the Group bonus scheme & local site-specific operational bonus schemes are incentivised on safety 30% strategic & individual measures that can contain a

66. Slide 66: Measuring our ESG progress

    [OFFICIAL] Results 2024 - appendix Measuring our ESG progress1 Pillar of value Metric 2024 2023 Target Target achieved Safety & health Work-related fatal injuries 3 3 Zero Not achieved Total recordable injury frequency rate per million hours 1.57 1.78 Reduction year on year On track New cases of occ

67. Slide 67: Sustainability summary

    [OFFICIAL] Results 2024 - appendix Sustainability summary Sustainability update presentations FutureSmart MiningTM → For presentations and webinar replays, visit: To deliver on our Purpose, we are changing the way we mine through smart angloamerican.com/investors/investor-presentations innovation ac

68. Slide 68: Investor Relations

    [OFFICIAL] Investor Relations Tyler Broda tyler.broda@angloamerican.com Tel: +44 (0)20 7968 1470 Michelle West-Russell michelle.west-russell@angloamerican.com Tel: +44 (0)20 7968 1494 Asanda Malimba asanda.malimba@angloamerican.com Tel: +44 (0)20 7968 8480 © Anglo American, 2025 68

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