Anglo American : Duncan Wanblad’s Presentation at Bank of America Conference 2026

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A ngloAmeri can Bank of A me ri Duncan Wanblad 12 May 2026 Mega-trends suggest Western metal intensity set to reach tipping point Copper demand per unit of GDP 1 kg per $k (2025 basis) 0.5 0.4 0.3 0.2 0.1 0.0 China EU & UK US ~7.5Mt of new demand per annum if the West recovered to half of China's copper intensity A structurally strong environment for mined commodities Copper and iron ore demand remains resilient across market cycles Annual copper and iron ore demand 1 Mt Copper 30 Iron Ore 3,000 15 1,500 0 1900 1925 Copper demand 1950 1975 2000 0 2025 Iron ore demand Delivering a transformational strategy Operational excellence Portfolio optimisation Growth Reset mine plans & organisation design Focus on copper, premium iron ore & crop nutrients Outstanding growth potential across the three businesses Long-term growth optionality Anglo Teck merger gives future optionality in multiple projects Ability to take a portfolio- wide view Allocating capital into the highest risk-adjusted returns Our value accretive pathway Near-term copper growth ~125kt of copper growth expected through 2028 Total copper production (kt) ~125 2025A 2026F 2027F 2028F 695 790- 850 Medium-term adjacencies Los Bronces + Andina +120ktpa 2 copper production Collahuasi + QB Potential for +175ktpa 3 copper production Minas-Rio + Serpentina Potential for additional higher quality DR-grade iron ore Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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