[Ferro-Alloys.com] FY24 production and operating unit cost guidance is unchanged, with the exception of Australia Manganese due to the impacts of Tropical Cyclone Megan.

• Achieved major milestones in our portfolio transformation, announcing final investment approval for the Taylor zinc-lead-silver deposit at Hermosa1, and the sale of Illawarra Metallurgical Coal for up to US$1.65B2.

• Aluminium production increased 1% year to date, as Hillside Aluminium achieved record production and Brazil Aluminium continued to ramp up toward nameplate capacity.

• Alumina production decreased by 1% year to date, as we completed planned calciner maintenance at Worsley Alumina, while Brazil Alumina remains on track to achieve production guidance.

• Cannington payable zinc equivalent3 production increased by 15% year to date, as the operation realised higher average metal grades, and mitigated the impact of heavy rainfall following Tropical Cyclone Kirrily.

• Sierra Gorda payable copper equivalent4 production decreased by 13% year to date, as higher throughput was offset by lower planned copper grades, and lower molybdenum recoveries in the current phase of the mine plan.

• Cerro Matoso payable nickel production decreased by 5% year to date, while increasing by 8% in the quarter due to higher planned nickel grades.

• Illawarra Metallurgical Coal saleable coal production increased by 60% in the quarter, as the operation completed two planned longwall moves in the prior quarter, and delivered improved longwall performance at the Appin mine.

• Operations at Australia Manganese were temporarily suspended in March 2024 due to Tropical Cyclone Megan5, with recovery plans underway to enable a safe return to operations and ore exports.

• South Africa Manganese achieved record production, delivering an 8% uplift in year to date production

South32 Chief Executive Officer, Graham Kerr: “During the quarter, we achieved significant milestones aligned with our strategy to transform our portfolio toward commodities critical in the transition to a low-carbon future.

"We approved development of the Taylor zinc-lead-silver deposit at our Hermosa project, which is expected to deliver attractive returns over multiple decades and unlock further value as the first phase of our regional scale opportunity.

“We also announced our decision to sell Illawarra Metallurgical Coal for up to US$1.65 billion, which will realise significant value, further streamline our portfolio and unlock capital to invest in our high-quality base metals projects.

“This quarter, we delivered improved operating results, highlighted by record year to date production at Hillside Aluminium and South Africa Manganese and a 60 per cent uplift in quarterly volumes at Illawarra Metallurgical Coal.

“Operations at Australia Manganese remain temporarily suspended following Tropical Cyclone Megan, while we progress recovery plans to enable a safe return to operations. We remain focused on the safety and wellbeing of our workforce and the Groote Eylandt community.

“With the exception of Australia Manganese, our FY24 production and Operating unit cost guidance is unchanged, placing us in a strong position to capitalise on strengthening market conditions for many of our key commodities."

Production

Unless otherwise noted: percentage variance relates to performance during the nine months ended March 2024 compared with the nine months ended March 2023 (YoY), or the March 2024 quarter compared with the December 2023 quarter (QoQ); production and sales volumes are reported on an attributable basis.

AUSTRALIA MANGANESE (60% SHARE)

Australia Manganese saleable production decreased by 13% (or 352kwmt) to 2,324kwmt in the nine months ended March 2024 as we temporarily suspended operations due to the impacts of Tropical Cyclone Megan.

On 16 to 17 March 2024, Tropical Cyclone Megan severely impacted operations at Groote Eylandt, with record rainfall of 681mm and the second strongest wind gusts in the past 20 years.

The intense weather system resulted in widespread flooding across Groote Eylandt and significant damage to critical infrastructure, including the wharf and port infrastructure and a haulage road bridge that connects the northern pits of

the Western Leases mining area and the processing plant.

The operational recovery has focused on re-establishing critical services and dewatering targeted mining pits.

Engineering studies are underway on the wharf and haulage road bridge infrastructure restoration. These studies will inform the final schedule and capital costs. Based on our preliminary schedule estimate, we expect to recommence

wharf operations and export sales in Q3 FY25.

Alternative shipping options are being evaluated to mitigate the impact of the wharf outage. These options may establish partial ore export capability in advance of the wharf restoration.

Further detail and anticipated capital costs will be provided once the recovery plans are sufficiently progressed.Guidance for Australia Manganese remains withdrawn.

Australia Manganese maintains property damage and business interruption insurance. We are working with our insurers to assess the impact of Tropical Cyclone Megan and expected insurance recoveries.

SOUTH AFRICA MANGANESE (ORE 54.6% SHARE)

South Africa Manganese saleable production increased by 8% (or 119kwmt) to a record 1,641kwmt in the nine months ended March 2024 as the operation delivered improved mining performance, and planned maintenance was deferred to the June 2024 quarter. FY24 production guidance remains unchanged at2,000kwmt.

Sales decreased by 14% in the March 2024 quarter due to the timing of shipments. Our year to date realised price for manganese ore sales was a premium of approximately 6% to the medium grade 37% manganese lump ore index21 on a M-1 basis, as we increased volumes of premium material from our Wessels mine.

• [Editor:tianyawei]