South32 Ltd.ASX: S32

Notification of conversion of securities

· Issued by South32 Ltd.

Announcement Summary

Entity name SOUTH32 LIMITED

Date of this announcement Tuesday October 07, 2025

The +securities the subject of this notification are:

Unquoted options that have been exercised or other unquoted +convertibIe securities that have been converted

ASX +security code

Security description

Total number of

+securities to be issued/transferred Issue date

S32

ORDINARY FULLY PAID

5,655,901 30/09/2025

Total number of +securities to be issued/transferred

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

  1. Name of entity SOUTH32 LIMITED

    We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

  2. Registered number type Registration number

    ABN 84093732597

  3. ASX issuer code S32

  4. The announcement is New announcement

  5. Date of this announcement 7/10/2025

Part 2 - Issue details

  1. The +securities the subject of this notification are:

    Unquoted options that have been exercised or other unquoted +convertibIe securities that have been converted

  2. b The +securities being issued, transferred or re-classified as a result of the options being exercised or other

+convertibIe securities being converted are:

securities that have already been quoted on ASX ("existing class")

Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to ASX in an Appendix 3B

The right of the holder of the options or other +convertible securities to receive the +underIying securities is being satisfied by:

A transfer of existing +securities

The underlying securities being received by the holder are: Already quoted by ASX

Existing +securities converting into an existing class

FROM (Existing Class)

ASX +Security code and description S32AA : RIGHTS

TO (Existing Class)

ASX +Security code and description S32 : ORDINARY FULLY PAID

Please state the number of options that were exercised or other

+convertible securities that were converted

5,655,901

The first date the options were The last date the options were exercised or other +convertible exercised or other +convertible securities were converted securities were converted

9/7/2025 11/9/2025

Is this all of the options or other +convertible securities on issue of that type? No

Were the options being exercised or other +convertible securities being converted issued under an +empIoyee incentive scheme†

Yes

Are any of the options being exercised or other +convertible securities being converted held by +key management personnel (KMP) or an +associate†

No

Date the +securities the subject of this notification were issued/transferred

30/9/2025

Any other information the entity wishes to provide about the +securities the subject of this notification Vesting of Rights under South32 Equity Incentive Plans.

Each Right is an entitlement to receive one fully paid ordinary share on vesting.

Issue details

Number of +securities 5,655,901

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

  1. Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

    ASX +security code and description

    S32 : ORDINARY FULLY PAID

    Total number of

    +securities on issue

    4,499,544,842

  2. Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)

Total number of

ASX +security code and description S32AA : RIGHTS

+securities on issue

32,111,646