SOUTH32 LIMITED – Quarterly Report March 2023 – SENS

Quarterly Report March 2023South32 Limited(Incorporated in Australia under the Corporations Act 2001 (Cth))(ACN 093 732 597)ASX / LSE / JSE Share Code: S32; ADR: SOUHYISIN: AU000000S320south32.netQUARTERLY REPORTMarch 2023o Group copper equivalent production [1] increased by 7% year to date, as our recent investments deliveredstrong growth in copper and low-carbon aluminium [2], and Australia Manganese achieved record production.o Improved market conditions supported higher prices across most of our commoditiesquarter-on-quarter, with strong price realisations for our premium hard coking coal and manganese products.o While we remain on-track to meet FY23 production guidance at the majority of our operations, Group production was below plan inthe March 2023 quarter due to adverse weather and other temporary impacts.o FY23 Operating unit cost guidance has been held largely unchanged and Group capital expenditure guidance is unchanged, as weremain focused on delivering efficiencies to mitigate cost pressures.o Aluminium production increased by 15% year to date as Hillside Aluminium continued to test its technical capacity and we realised thebenefit of our increased ownership of Mozal Aluminium and planned ramp-up of Brazil Aluminium.o At Mozal Aluminium, we reduced output to enable a safe recovery plan following the fatal incident in November 2022,with this work impacted by local flooding in the quarter. FY23 production guidance is revised down by 8%.o Brazil Alumina lifted production by 6% year to date and Worsley Alumina completed planned calciner maintenance.o Sierra Gorda delivered strong volume growth in copper and remains on-track to achieve FY23 production guidance.o Cannington experienced severe wet weather during the quarter which resulted in a temporary suspension of mining activity andprevented a rebuild in mining stocks, with FY23 production guidance revised down by 6%.o Cerro Matoso nickel production year to date was largely unchanged, reflecting a temporary reduction in access to higher grade ore inthe quarter, with FY23 production guidance revised down by 7%.o Australia Manganese achieved record production and a 6% increase in year to date volumes, supporting a3% increase in FY23 production guidance.o South Africa Manganese increased production by 5% year to date and remains on-track to achieve FY23 guidance.o Illawarra Metallurgical Coal’s Appin mine encountered challenging strata conditions in the quarter, resulting in lower longwallproductivity and a 7% reduction in FY23 production guidance.South32 Chief Executive Officer, Graham Kerr: “Group-wide copper equivalent production increased by seven per cent, followinginvestments last year which added copper to our portfolio and increased our share of low-carbon aluminium.”Manganese ore production has increased by six per cent year-on-year, with Australia Manganese achieving recordproduction. The Eastern Leases project at Australia Manganese has been approved, extending the life of the operation and unlockingsignificant value.”Several operations faced challenging conditions during the quarter, with production guidance revised down as a result.

At MozalAluminium, we reduced output as the team continued to work through their recovery plan following the devastating loss of two of ourcolleagues in November, with efforts hampered by severe flooding in the local area.We also temporarily suspended mining activity at Cannington during the quarter to enable the safe return to operations following heavyrainfall.”Our strong financial position enabled us to return US£31 million to shareholders via our on-market share buy-back in the quarter, with afurther US£128 million still to be returned. Separately, we paid a fully-franked interim dividend of US£223 million following the end of theperiod.”We remain well positioned to capitalise on improved market conditions, with higher production volumes expected to finish the 2023financial year and Operating unit cost and capital expenditure guidance held largely unchanged.”We continue to reshape our portfolio towards commodities critical to a low-carbon future, progressing construction and developmentstudies at Hermosa and adding the prospective Chita Valley copper project to our portfolio of greenfield options.”Production summarySouth32 share 9M YTD22 9M YTD23 YoY 3Q22 2Q23 3Q23 QoQAlumina production (kt) 3,927 3,852 (2%) 1,317 1,356 1,239 (9%)Aluminium production (kt) 737 847 15% 243 289 279 (3%)Payable copper production (kt) 8.4 53.4 536% 8.4 18.9 15.5 (18%)Payable silver production (koz) 10,363 8,291 (20%) 8.43,653 3,064 2,479 (19%)Payable lead production (kt) 94.8 73.4 (23%) 34.6 27.8 21.0 (24%)Payable zinc production (kt) 49.1 43.0 (12%) 16.4 16.4 12.6 (23%)Payable nickel production (kt) 30.9 30.6 (1%) 10.6 10.8 10.2 (6%)Metallurgical coal production (kt) 4,332 3,993 (8%) 1,565 1,483 1,240 (16%)Manganese ore production (kwmt) 3,963 4,198 6% 1,206 1,477 1,261 (15%)Unless otherwise noted: percentage variance relates to performance during the nine months ended March 2023 compared with the nine months ended March 2022 (YoY), or the March 2023 quartercompared with the December 2022 quarter (QoQ); production and sales volumes are reported on an attributable basis.CORPORATE UPDATEo We continued to implement our multi-year Safety Improvement Program, designed to fundamentally shift our safety performance.During the quarter, we progressed work to enhance leadership capability and ensure the sustained effectiveness of enabling systems.o We advanced decarbonisation programs to support our target [3] to halve our operational greenhouse gas emissions by 2035,including the conversion of the first onsite boiler at Worsley Alumina from coal to natural gas, which isexpected be completed in mid CY23.o FY23 Operating unit cost guidance has been held largely unchanged, with guidance increased at Cannington andIllawarra Metallurgical Coal due to lower planned volumes. All other FY23 Operating unit cost guidance andGroup capital expenditure guidance is unchanged, as we remain focused on delivering efficiencies to mitigate cost pressures.o Our manganese joint venture approved the Eastern Leases South life extension project, which will extend the life of our low-costAustralia Manganese operation to at least FY28 [4].

We are completing additional study work on areas within our existing operatingfootprint and in the Southern Areas to potentially extend the operation’s life into the next decade. We expect to invest US£44M overFY24 and FY25 to complete the life extension project, unlocking significant value.o Consistent with our focus on adding prospective base metals options, we exercised our earn-in right to acquire a 50.1% interest andoperatorship of the Chita Valley copper exploration project in the San Juan province of Argentina. The exercise of our earn-in rightfollows a three-year exploration partnership at Chita Valley with Minsud Resources Corp.

The transaction is expected to be completedin the March 2024 quarter.o We finished the March 2023 quarter with net debt [5] of US£298M as improved commodity prices were offset by a further build in ouraluminium working capital position and the continuation of shareholder returns under our capital management program. Whilealuminium sales volumes are expected to increase in the June 2023 quarter as we drawdown inventory, the timing of sales is expectedto result in an elevated working capital position at 30 June 2023.o We received net distributions [6] of US£33M (South32 share) during the March 2023 quarter from our manganese equity accountedinvestment (EAI) (US£93M in the nine months ended March 2023). Excess cash held in both the manganese and Sierra Gorda EAIs isexpected to be distributed to partners in the June 2023 quarter.o Our strong financial position supported the purchase of a further 11 million shares via our on-market sharebuy-back at an average price of A£4.27, enabling returns of US£31M in the March 2023 quarter (US£173M at an average price ofA£3.93 in the nine months ended March 2023).

Our US£2.3B capital management program is 94% complete with US£128M remainingto be returned ahead of its extension or expiry on 1 September 2023 [7].o We have revised FY23 guidance for Underlying net finance costs to US£190M (from US£150M), reflecting the Group’s balance sheetposition at the end of the March 2023 quarter.o Following the end of the period, we paid a fully-franked interim dividend of US£223M in respect of theDecember 2022 half year.DEVELOPMENT AND EXPLORATION UPDATEHermosa projecto We invested US£176M at our Hermosa project in the nine months ended March 2023 as we continued critical path activity and studywork for the Taylor zinc-lead-silver deposit and the Clark battery-grade manganese-zinc-silver deposit.o We progressed construction of the second water treatment plant, which remains on-track to be commissioned in the June 2023quarter. Dewatering is a critical path activity which will enable access to both the Taylor and Clark deposits.o At Clark, we completed the collection of bulk samples to support initial pilot plant production of battery-grade manganese in midCY23. We also signed our first non-binding, non-exclusive memorandum of understanding for the future potential supply of battery-grade material to the North American market.o We directed US£12M to capitalised exploration in the nine months ended March 2023 as we continued exploration programs atTaylor and Clark and the copper-lead-zinc-silver Peake prospect [8].

Exploration drilling at the Flux prospect [9] is expectedto commence in the September 2023 quarter following the receipt of approvals.Ambler Metals projecto Our 50% share of capitalised exploration for the Ambler Metals joint venture was US£9M in the nine months endedMarch 2023 as the CY22 summer exploration program was completed and the joint venture progressed work on the pre-feasibilitystudy for the polymetallic Arctic deposit.o Following the end of the period, we agreed to invest US£1.2M in Trilogy Metals Inc. (TSX:TMQ, Trilogy), our partner in the AmblerMetals joint venture, taking our equity ownership in Trilogy to 12.0%.Greenfield explorationo We invested US£28M in our greenfield exploration opportunities in the nine months ended March 2023, as we progressed multipleprograms targeting base metals in Australia, USA, Canada, Argentina, Peru and Ireland.Other explorationo We invested US£47M (US£31M capitalised) in exploration programs at our existing operations and development options in the ninemonths ended March 2023, including US£12M at the Hermosa project (noted above, all capitalised), US£9M at Ambler Metals(noted above, all capitalised), US£2M for our manganese EAI (US£1M capitalised) and US£5M for our Sierra Gorda EAI (US£2M capitalised).PRODUCTION SUMMARYProduction guidanceFY22 9M YTD23 FY23e(a) Guidance comments(South32 share)Worsley AluminaGuidance unchangedAlumina production (kt) 3,991 2,827 4,000 Calciner maintenance inQ1 FY23 and Q3 FY23Brazil Alumina (non-operated)Guidance reduced by 4% (fromAlumina production (kt) 1,297 1,025 down 1,340 1,395kt) due to a temporaryconveyor outageBrazil Aluminium (non-operated)Guidance unchangedAluminium production (kt) 0.3 45.3 75 Smelter continues toramp-up to nameplateHillside Aluminium [10]Aluminium production (kt) 714 539 720 Guidance unchangedMozal Aluminium [10, 11]Guidance reduced by 8%(from 370kt) as we temporarilyAluminium production (kt) 278 263 down 340 reduced output to support a saferecovery plan and manageweather impacts in Q3 FY23Sierra Gorda (non-operated)Payable copper equivalent production [12] (kt) 30.6 63.9 89.0Payable copper production (kt) 25.3 53.4 71.8Payable molybdenum production (kt) 0.4 0.7 1.5 Guidance unchangedPayable gold production (koz) 9.6 21.5 29.9Payable silver production (koz) 253 476 582CanningtonPayable zinc equivalent production [13] (kt) 224.2 139.8 down 195.9 Guidance reduced by 6% (fromPayable silver production (koz) 12,946 7,815 down 11,000 209.4kt payable zinc equivalentPayable lead production (kt) 120.6 73.4 down 102.0 [13]) due to severe wet weatherPayable zinc production (kt) 64.5 43.0 down 60.5 in Q3 FY23Cerro MatosoGuidance reduced by 7% (from43.5kt) due to a temporaryPayable nickel production (kt) 41.7 30.6 down 40.5 reduction in access to highergrade oreIllawarra Metallurgical CoalTotal coal production (kt) 6,509 4,767 down 6,500 Guidance reduced by 7%Metallurgical coal production (kt) 5,712 3,993 down 5,500 (from 7.0Mt) as Appin encounteredEnergy coal production (kt) 797 774 1,000 challenging strata conditionsin Q3 FY23Australia ManganeseGuidance increased by 3% (fromManganese ore production (kwmt) 3,363 2,676 down 3,500 3,400kwmt) with improved primary outputSouth Africa ManganeseGuidance unchangedManganese ore production (kwmt) 2,069 1,522 2,000 Subject to demand and ourcontinued use of higher costtruckinga. The denotation (e) refers to an estimate or forecast year. All guidance is subject to further potential impacts from COVID-19.WORSLEY ALUMINA (86% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Alumina production (kt) 2,961 2,827 (5%) 982 1,002 905 (8%) (10%)Alumina sales (kt) 2,856 2,706 (5%) 910 976 845 (7%) (13%)Worsley Alumina saleable production decreased by 5% (or 134kt) to 2,827kt in the nine months ended March 2023 with planned calcinermaintenance in the September 2022 and March 2023 quarters.

FY23 production guidance remains unchanged at 4,000kt, with the refineryexpected to achieve nameplate production rates in the June 2023 quarter.BRAZIL ALUMINA (36% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Alumina production (kt) 966 1,025 6% 335 354 334 (0%) (6%)Alumina sales (kt) 932 995 7% 306 365 317 4% (13%)Brazil Alumina saleable production increased by 6% (or 59kt) to 1,025kt in the nine months ended March 2023, following the bauxite shipunloader outage in the prior period.In late March 2023, the belt system that conveys raw materials from the port failed and the refinery reduced production to managebauxite inventories. The belt system was repaired in April 2023 and the refinery has since returned to normal production levels. Due to thistemporary outage, FY23 production guidance has been reduced by 4% to 1,340kt.Notwithstanding lower planned volumes, FY23 Operating unit costs are expected to be approximately 5% below H1 FY23 (US£364/t)as raw material and energy prices continue to moderate.BRAZIL ALUMINIUM (40% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Aluminium production (kt) – 45.3 N/A – 15.4 21.6 N/A 40%Aluminium sales (kt) – 41.9 N/A – 16.1 22.5 N/A 40%Brazil Aluminium saleable production was 45.3kt in the nine months ended March 2023, following the successful restart of the smelter inthe June 2022 quarter.

Production improved by 40% (or 6.2kt) in the March 2023 quarter as all three potlines ramped-up towardnameplate capacity as planned. FY23 and FY24 production guidance remains unchanged at 75kt and 148kt respectively.HILLSIDE ALUMINIUM (100% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Aluminium production (kt) 535 539 1% 177 183 177 0% (3%)Aluminium sales (kt) 515 534 4% 179 175 197 10% 13%Hillside Aluminium saleable production increased by 1% (or 4kt) to 539kt in the nine months ended March 2023 as the smelter continuedto test its maximum technical capacity despite the impact of elevated load-shedding. FY23 production guidance remains unchanged at 720kt [10].Sales increased by 13% in the March 2023 quarter with two carry-over shipments from the prior quarter supporting a drawdown ininventory.While the cost profile of Hillside Aluminium will continue to be heavily influenced by the South African rand and the price of raw materials,we expect FY23 Operating unit costs to be largely in-line with H1 FY23 (US£2,276/t).MOZAL ALUMINIUM (63.7% [11] SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Aluminium production (kt) 202 263 30% 66 90 81 23% (10%)Aluminium sales (kt) 188 220 17% 66 90 43 (35%) (52%)Mozal Aluminium saleable production increased by 30% (or 61kt) to 263kt in the nine months ended March 2023, reflecting our increasedownership of the smelter [11].

During the March 2023 quarter, we made the decision to temporarily reduce amperage at the smelter tosupport the safe recovery of operations following the fatal incident in November 2022. The recovery plan was impacted by resourcing constraintsduring the quarter as significant floods restricted the movement of people and equipment to the smelter. FY23 production guidance has been reducedby 8% to 340kt [10], with the smelter expected to return to nameplate capacity during the September 2023 quarter.FY24 production guidance is unchanged at 370kt [10].The execution of the recovery plan also resulted in a temporary reduction in metal quality.

During the quarter, approximately 35% ofproduction was below specification and sales volumes decreased by 52% (or 47kt) as we assessed commercial alternatives for this material.We have now commenced shipments of this material, achieving realised prices that reflect a modest discount to our other LME-linkedaluminium sales. Sales volumes are expected to increase to approximately 100kt in the June 2023 quarter as inventory is drawn down andproduct quality improves in-line with the recovery plan.The temporary reduction in sales volumes is expected to have a modest impact on FY23 Operating unit costs, withFY23 Operating unit costs expected to be approximately 5% above H1 FY23 (US£2,237/t) subject to the price of raw materials.SIERRA GORDA (45% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Payable copper equivalent production [12] (kt) 10.3 63.9 520% 10.3 22.3 19.0 84% (15%)Payable copper production (kt) 8.4 53.4 536% 8.4 18.9 15.5 85% (18%)Payable copper sales (kt) 11.1 53.8 385% 11.1 19.2 15.4 39% (20%)Sierra Gorda payable copper equivalent production [12] was 63.9kt in the nine months ended March 2023.Payable copper equivalent production decreased by 15% to 19.0kt in the March 2023 quarter, reflecting a lower average copper grade inaccordance with the mine plan, and lower plant throughput as wet weather caused a temporary sub-station outage.FY23 payable copper equivalent production guidance of 89.0kt remains unchanged, with mill throughput expected to improve in the June 2023 quarter.Work continued on the plant de-bottlenecking project, with construction of the third tailings thickener completed in the quarter. The de-bottlenecking project is targeting an increase in plant throughput of 48 to 49Mtpa (100% basis), while feasibility study work continues onthe potential fourth grinding line expansion.CANNINGTON (100% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Payable zinc equivalent production [13] (kt) 175.3 139.8 (20%) 61.3 52.7 41.0 (33%) (22%)Payable silver production (koz) 10,278 7,815 (24%) 3,568 2,906 2,341 (34%) (19%)Payable silver sales (koz) 9,536 7,495 (21%) 2,818 3,379 2,412 (14%) (29%)Payable lead production (kt) 94.8 73.4 (23%) 34.6 27.8 21.0 (39%) (24%)Payable lead sales (kt) 91.2 73.0 (20%) 27.9 32.6 21.7 (22%) (33%)Payable zinc production (kt) 49.1 43.0 (12%) 16.4 16.4 12.6 (23%) (23%)Payable zinc sales (kt) 50.1 36.3 (28%) 17.3 12.6 8.8 (49%) (30%)Cannington payable zinc equivalent production [13] decreased by 20% (or 35.5kt) to 139.8kt in the nine months ended March 2023, due tolower mill throughput and labour constraints in the first half of the 2023 financial year and severe wet weather in the March 2023 quarter.During the quarter, we temporarily suspended mining activity to ensure safety of the underground operation following the heavy rainfall,while the movement of people and critical supplies to site was also disrupted by widespread flooding.

As a result, payable zinc equivalentproduction decreased by 22% (or 11.7kt) in the quarter and the operation was unable to rebuild run of mine stocks.FY23 production guidance has been reduced by 6% to 195.9kt payable zinc equivalent (silver 11,000koz, lead 102.0kt and zinc 60.5kt).The revised guidance reflects an expected 10% reduction in ore processed (to 2,200kdmt), partly offset by higher zinc, lead and silver grades,with the transition to 100% truck haulage providing access to higher grade material. We expect run of mine stock availability and more complexunderground mining conditions to constrain output in FY24, with production guidance reduced by 8% to 215.3kt payable zinc equivalent(ore processed 2,400kdmt, silver 12,500koz, lead 115.0kt and zinc 62.0kt).Due to the lower planned volumes, we have revised FY23 Operating unit cost guidance to US£152/t ore processed (from US£141/t).CERRO MATOSO (99.9% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Payable nickel production (kt) 30.9 30.6 (1%) 10.6 10.8 10.2 (4%) (6%)Payable nickel sales (kt) 29.9 30.4 2% 9.8 10.8 10.6 8% (2%)Cerro Matoso payable nickel production was largely unchanged at 30.6kt in the nine months ended March 2023. Production decreased by6% (or 0.6kt) to 10.2kt in the March 2023 quarter due to lower ore availability from the higher grade Q&P pit, as road access was temporarilyrestricted due to an environmental order.

This order was lifted by the end of the quarter and truck haulage of Q&P material has resumed.Due to lower volumes of this higher grade ore, FY23 production guidance has been reduced by 7% to 40.5kt.FY23 Operating unit cost guidance is held unchanged at US£4.99/lb with the benefit of a weaker Colombian peso (USD:COP exchange rate of 4,688)and lower price-linked royalties, expected to offset lower planned volumes.Sales declined 2% in the March 2023 quarter. Price realisations for our ferronickel product remain dislocated from the LME Nickel indexdue to market dynamics. Our realised price for nickel sales for the nine months ended March 2023 was US£8.31/lb.ILLAWARRA METALLURGICAL COAL (100% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Total coal production (kt) 4,926 4,767 (3%) 1,781 1,736 1,436 (19%) (17%)Total coal sales [14] (kt) 4,720 4,662 (1%) 1,465 1,795 1,477 1% (18%)Metallurgical coal production (kt) 4,332 3,993 (8%) 1,565 1,483 1,240 (21%) (16%)Metallurgical coal sales (kt) 4,235 3,873 (9%) 1,358 1,485 1,195 (12%) (20%)Energy coal production (kt) 594 774 30% 216 253 196 (9%) (23%)Energy coal sales (kt) 485 789 63% 107 310 282 164% (9%)Illawarra Metallurgical Coal saleable production decreased by 3% (or 159kt) to 4.8Mt in the nine months ended March 2023, with productiondecreasing by 17% (or 300kt) in the March 2023 quarter as challenging strata conditions were encountered at the Appin mine.Improved longwall performance and production is expected at Appin in the June 2023 quarter, while a longwall move is scheduled atDendrobium.

FY23 production guidance has been reduced by 7% to 6.5Mt (metallurgical coal 5.5Mt and energy coal 1.0Mt) to reflect loweryear to date volumes. FY24 production guidance is unchanged at 5.3Mt.Due to the lower planned volumes, we have revised FY23 Operating unit cost guidance to US£127/t (from US£119/t).Sales decreased by 18% in the March 2023 quarter due to lower product availability. Notwithstanding, we achieved strong pricerealisations for our premium quality hard coking coal product, with our realised prices representing a premium of circa 4% to the low-volatile hard coking coal index [15] on a M-1 basis.AUSTRALIA MANGANESE (60% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Manganese ore production (kwmt) 2,519 2,676 6% 815 946 832 2% (12%)Manganese ore sales (kwmt) 2,512 2,395 (5%) 775 873 743 (4%) (15%)Australia Manganese saleable production increased by 6% (or 157kwmt) to a record of 2,676kwmt in the nine months ended March 2023,as improved yields supported higher primary concentrator output and the operation drew down stockpiles in the quarter, as planned, tomanage wet season mining constraints.

FY23 production guidance has been increased by 3% to 3,500kwmt, reflecting the operation’sstrong year to date performance.We recorded improved price realisations in the March 2023 quarter, achieving the high grade 44% manganese lump ore index [16] on a M-1basis, despite our low-cost PC02 circuit continuing to operate above its design capacity, contributing approximately 10% of production(9M YTD22: 12%).Due to in-land logistics constraints and timing of sales, we expect to hold elevated inventory positions at 30 June 2023. Inventories areexpected to be drawn down in the September 2023 quarter.SOUTH AFRICA MANGANESE (ORE 54.6% SHARE)3Q23 3Q239M 9MSouth32 share YoY 3Q22 2Q23 3Q23 vs vsYTD22 YTD233Q22 2Q23Manganese ore production (kwmt) 1,444 1,522 5% 391 531 429 10% (19%)Manganese ore sales (kwmt) 1,589 1,524 (4%) 495 559 492 (1%) (12%)South Africa Manganese saleable production increased by 5% (or 78kwmt) to 1,522kwmt in the nine months ended March 2023, as improved miningperformance more than offset the impact of wet weather disruptions in the quarter. FY23 production guidance remains unchanged at 2,000kwmt,subject to market conditions and our continued use of higher cost trucking.NOTES1.

Group payable copper equivalent production calculated by applying year to date FY23 production volumes and FY22 realised prices for all operations (except for BrazilAluminium which is based on FY22 average index prices for aluminium).2. Refers to aluminium produced using renewable power.3. Target is defined as an intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions orconditions.

Our medium-term target is to halve our operational greenhouse gas (GHG) emissions by 2035 compared to our FY21 baseline. FY21 baseline adjusted to excludeGHG emissions from South Africa Energy Coal and TEMCO, which were divested in FY21.4. Australia Manganese Production Targets cautionary statement: The information in this announcement that refers to Production Target and forecast financial information isbased on Proved (70.2%) and Probable (4.9%) Ore Reserves and Measured (21.3%) and Indicated (3.6%) Mineral Resources.

The Mineral Resources and Ore Reservesunderpinning the Production Target have been prepared by Joshua Harvey and Ursula Sandilands, Competent Persons in accordance with the requirements of the JORC Code. The MineralResources and Ore Reserves estimates are available to view in South32’s FY22 Annual Report (www.south32.net) published on 9 September 2022. The stated ProductionTarget is based on South32’s current expectations of future results or events and should not be solely relied upon by investors when making investment decisions.

Furtherevaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. South32 confirms that inclusion of 3.6% of tonnage fromIndicated Mineral Resources is not the determining factor of the project viability and the project forecasts a positive financial performance when using 96.4% of thetonnage. South32 is satisfied, therefore, that the use of Indicated Mineral Resources in the Production Target and forecast financial information reporting is reasonable.5.

Net debt number is unaudited and should not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.6. Net distributions from our material equity accounted investments (manganese and Sierra Gorda) includes net debt movements and dividends, which are unaudited andshould not be considered as an indication of or alternative to an IFRS measure of profitability, financial performance or liquidity.7. Since inception, US£1.7B has been allocated to the on-market share buy-back (762M shares at an average price of A£3.02 per share)and US£525M returned in the form of special dividends.8.

Peake Prospect Exploration Target: The information in this announcement that relates to the Exploration Target for Peake Prospect is extracted from “Hermosa ProjectUpdate” published on 17 January 2022 and is available to view on www.south32.net. The information was prepared byD Bertuch, Competent Person in accordance with the requirements of the JORC Code. South32 confirms that it is not aware of any new information or data that materiallyaffects the information included in the original market announcement.

South32 confirms that the form and context in which the Competent Person’s findings are presentedhave not been materially changed from the original market announcement.9. Flux Exploration Target: The information in this announcement that relates to the Exploration Target for Flux is extracted from “South32 Strategy and Business Update”published on 18 May 2021 and is available to view on www.south32.net. The information was prepared by D Bertuch, Competent Person in accordance with therequirements of the JORC Code.

South32 confirms that it is not aware of any new information or data that materially affects the information included in the original marketannouncement. South32 confirms that the form and context in which the Competent Person’s findings are presented have not been materially changed from the originalmarket announcement.10. Production guidance for Hillside Aluminium and Mozal Aluminium does not assume any load-shedding impact on production.11.

Refer to market release “South32 completes acquisition of additional shareholding in Mozal Aluminium” dated 31 May 2022. Historical production and sales figures have notbeen restated for our increased ownership (presented on a 47.1% basis to 31 May 2022).12. Payable copper equivalent production (kt) was calculated by aggregating revenues from payable copper, molybdenum, gold and silver, and dividing the total Revenue by theprice of copper.

FY22 realised prices for copper (US£3.50/lb), molybdenum (US£18.48/lb), gold (US£1,934/oz) and silver (US£23.5/oz) have been used for FY22, FY23 andFY23e.13. Payable zinc equivalent production (kt) was calculated by aggregating revenues from payable silver, lead and zinc, and dividing the total Revenue by the price of zinc. FY22realised prices for zinc (US£3,248/t), lead (US£2,046/t) and silver (US£21.0/oz) have been used for FY22, FY23 and FY23e.14.

Illawarra Metallurgical Coal sales are adjusted for moisture and will not reconcile directly to Illawarra Metallurgical Coal production.15. The premium low-volatile hard coking coal Platts index (FOB Australia) on the basis of a one-month lag to published pricing (Month minus one or”M-1″) was US£315/t in the March 2023 quarter.16. The Metal Bulletin 44% manganese lump ore index (CIF Tianjin, China) on the basis of M-1 was US£5.30/dmtu in the March 2023 quarter.The following abbreviations have been used throughout this report: US£ million (US£M); US£ billion (US£B); grams per tonne (g/t); tonnes (t);thousand tonnes (kt); thousand tonnes per annum (ktpa); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); th ousand ounces (koz);million ounces (Moz); thousand wet metric tonnes (kwmt); million wet metric tonnes (Mwmt); million wet metric tonnes per annum (Mwmt pa); dry metric tonne unit (dmtu);thousand dry metric tonnes (kdmt).Figures in Italics indicate that an adjustment has been made since the figures were previously reported.

The denotation (e) refers to an estimate or forecast year.OPERATING PERFORMANCE9M 9MSouth32 share 3Q22 4Q22 1Q23 2Q23 3Q23YTD22 YTD23Worsley Alumina (86% share)Alumina hydrate production (kt) 2,966 2,876 972 1,014 957 998 921Alumina production (kt) 2,961 2,827 982 1,030 920 1,002 905Alumina sales (kt) 2,856 2,706 910 1,118 885 976 845Brazil Alumina (36% share)Alumina production (kt) 966 1,025 335 331 337 354 334Alumina sales (kt) 932 995 306 367 313 365 317Brazil Aluminium (40% share)Aluminium production (kt) – 45.3 – 0.3 8.3 15.4 21.6Aluminium sales (kt) – 41.9 – – 3.3 16.1 22.5Hillside Aluminium (100% share)Aluminium production (kt) 535 539 177 179 179 183 177Aluminium sales (kt) 515 534 179 198 162 175 197Mozal Aluminium (63.7% [11] share)Aluminium production (kt) 202 263 66 76 92 90 81Aluminium sales (kt) 188 220 66 88 87 90 43Sierra Gorda (45% share)Ore mined (Mt) 4.7 20.5 4.7 9.0 8.8 6.6 5.1Ore processed (Mt) 2.3 15.8 2.3 5.2 5.4 5.3 5.1Copper ore grade processed (%, Cu) 0.45 0.43 0.45 0.40 0.45 0.44 0.40Payable copper equivalent production [12](kt) 10.3 63.9 10.3 20.3 22.6 22.3 19.0Payable copper production (kt) 8.4 53.4 8.4 16.9 19.0 18.9 15.5Payable copper sales (kt) 11.1 53.8 11.1 16.6 19.2 19.2 15.4Payable molybdenum production (kt) 0.2 0.7 0.2 0.2 0.2 0.2 0.3Payable molybdenum sales (kt) 0.1 1.0 0.1 0.5 0.3 0.5 0.2Payable gold production (koz) 2.3 21.5 2.3 7.3 7.8 7.5 6.2Payable gold sales (koz) 3.0 21.8 3.0 6.9 7.7 7.7 6.4Payable silver production (koz) 85 476 85 168 180 158 138Payable silver sales (koz) 111 482 111 171 179 166 137Cannington (100% share)Ore mined (kwmt) 2,112 1,592 637 641 639 484 469Ore processed (kdmt) 2,066 1,594 681 552 518 624 452Silver ore grade processed (g/t, Ag) 180 179 188 177 179 171 191Lead ore grade processed (%, Pb) 5.4 5.5 5.9 5.5 5.6 5.4 5.5Zinc ore grade processed (%, Zn) 3.4 3.7 3.4 3.8 3.7 3.6 3.8Payable zinc equivalent production [13](kt) 175.3 139.8 61.3 48.9 46.1 52.7 41.0Payable silver production (koz) 10,278 7,815 3,568 2,668 2,568 2,906 2,341Payable silver sales (koz) 9,536 7,495 2,818 3,362 1,704 3,379 2,412Payable lead production (kt) 94.8 73.4 34.6 25.8 24.6 27.8 21.0Payable lead sales (kt) 91.2 73.0 27.9 31.0 18.7 32.6 21.7Payable zinc production (kt) 49.1 43.0 16.4 15.4 14.0 16.4 12.6Payable zinc sales (kt) 50.1 36.3 17.3 16.1 14.9 12.6 8.8Cerro Matoso (99.9% share)Ore mined (kwmt) 3,726 3,941 1,310 1,141 1,332 1,420 1,189Ore processed (kdmt) 2,025 2,105 690 678 666 726 713Ore grade processed (%, Ni) 1.73 1.62 1.73 1.71 1.63 1.65 1.58Payable nickel production (kt) 30.9 30.6 10.6 10.8 9.6 10.8 10.2Payable nickel sales (kt) 29.9 30.4 9.8 11.9 9.0 10.8 10.6Illawarra Metallurgical Coal (100%)Total coal production (kt) 4,926 4,767 1,781 1,583 1,595 1,736 1,436Total coal sales [14] (kt) 4,720 4,662 1,465 1,886 1,390 1,795 1,477Metallurgical coal production (kt) 4,332 3,993 1,565 1,380 1,270 1,483 1,240Metallurgical coal sales (kt) 4,235 3,873 1,358 1,588 1,193 1,485 1,195Energy coal production (kt) 594 774 216 203 325 253 196Energy coal sales (kt) 485 789 107 298 197 310 282Australia Manganese (60% share)Manganese ore production (kwmt) 2,519 2,676 815 844 898 946 832Manganese ore sales (kwmt) 2,512 2,395 775 860 779 873 743Ore grade sold (%, Mn) 44.2 44.1 44.1 44.2 44.3 44.1 44.0South Africa Manganese (54.6% share)Manganese ore production (kwmt) 1,444 1,522 391 625 562 531 429Manganese ore sales (kwmt) 1,589 1,524 495 581 473 559 492Ore grade sold (%, Mn) 39.8 39.1 40.5 39.4 38.5 39.8 38.8Forward-looking statementsThis release contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates; demand for commodities; productionforecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated productive lives of projects, mines and facilities; andprovisions and contingent liabilities. These forward-looking statements reflect expectations at the date of this release, however they are not guarantees or predictions of futureperformance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differmaterially from those expressed in the statements contained in this release.

Readers are cautioned not to put undue reliance on forward-looking statements. Except as requiredby applicable laws or regulations, the South32 Group does not undertake to publicly update or review any forward-looking statements, whether as a result of new information orfuture events. Past performance cannot be relied on as a guide to future performance.

South32 cautions against reliance on any forward-looking statements or guidance, includingany disruption arising in connection with COVID-19.FURTHER INFORMATIONINVESTOR RELATIONS MEDIA RELATIONSBen Baker Jamie Macdonald Miles GodfreyM +61 403 763 086 M +61 408 925 140 M +61 415 325 906E [email protected] E [email protected] E [email protected] for release to the market by Graham Kerr, Chief Executive OfficerJSE Sponsor: The Standard Bank of South Africa Limited24 April 2023Date: 24-04-2023 07:30:00Produced by the JSE SENS Department.

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