FY26 production guidance remains unchanged across all operations.

Alumina production increased by 1% as Brazil Alumina operated above nameplate capacity, while Worsley Alumina benefitted from improved bauxite supply and completed planned calciner maintenance.

Aluminium production increased by 1% as Hillside Aluminium continued to test its maximum technical capacity and Mozal Aluminium lifted production by 3%, despite the decision to stop pot relining due to uncertain future electricity supply¹.

Sierra Gorda payable copper equivalent production² increased by 12%, due to higher planned copper grades and a significant uplift in molybdenum volumes. Net distributions of US$81M (South32 share) were received from Sierra Gorda in the quarter. 

Cannington payable zinc equivalent production³ declined by 19%, as anticipated, with improved underground mining performance offset by lower average metals grades.  

Manganese production increased by 33%, as Australia Manganese executed its operational recovery plan and ramped up export shipments as planned, while South Africa Manganese also delivered a strong start to the year. 

Australia Manganese finalised insurance claims related to Tropical Cyclone Megan, with an additional US$153M (100% basis) in external insurance recoveries agreed in the quarter, bringing final approved recoveries to US$503M (100% basis).

Divestment of Cerro Matoso remains on track to be completed in the December 2025 quarter, further streamlining our portfolio towards higher-margin businesses in commodities critical to the global energy transition. 

Negotiations to secure sufficient and affordable electricity for Mozal Aluminium have not progressed to provide confidence the smelter will have access to the required electricity supply when the current agreement expires in March 2026.

Paid a fully-franked ordinary dividend of US$117M in respect of the June 2025 half year, subsequent to the end of the quarter.

Production summary

4Q25

1Q26

YTD FY26

FY26e^(a)

%ofFY26e^(a)

Worsley Alumina (kt)

936

934

934

3,750

25%

Brazil Alumina (non-operated) (kt)

334

354

354

1,360

26%

Brazil Aluminium (non-operated) (kt)

38

37

37

160

23%

Hillside Aluminium (kt)⁴

181

181

181

720

25%

Mozal Aluminium (kt)⁴

90

93

93

240

39%^(b)

Sierra Gorda (non-operated) (CuEq) (kt)²

22.3

24.9

24.9

85.7

29%

Cannington (ZnEq) (kt)³

59.5

48.3

48.3

200.6

24%

Cerro Matoso (kt)

9.7

9.4

9.4

16.0

59%^(c)

Australia Manganese (kwmt)

467

854

854

3,200

27%

South Africa Manganese (kwmt)

593

551

551

2,000

28%

(a) The denotation (e) refers to an estimate or forecast year.

(b) FY26e production guidance for Mozal Aluminium reflects the period ending March 2026.

(c) FY26e production guidance for Cerro Matoso reflects the period ending December 2025.

South32 share

YTD FY25

YTD FY26

YoY

1Q25

4Q25

1Q26

1Q26vs1Q25

1Q26vs4Q25

Manganese ore production (kwmt)

-

854

N/A

-

467

854

N/A

83%

Manganese ore sales (kwmt)

-

944

N/A

-

253

944

N/A

273%

South32 share

YTD FY25

YTD FY26

YoY

1Q25

4Q25

1Q26

1Q26vs

1Q25

1Q26vs

4Q25

Manganese ore production (kwmt)

597

551

(8%)

597

593

551

(8%)

(7%)

Manganese ore sales (kwmt)

590

548

(7%)

590

601

548

(7%)

(9%)

South32 share

YTD FY25

YTD FY26

1Q25

2Q25

3Q25

4Q25

1Q26

Australia Manganese (60% share)

Manganese ore production (kwmt)

-

854

-

639

-

467

854

Manganese ore sales (kwmt)

-

944

-

-

-

253

944

Ore grade sold (%, Mn)

-

41.4

-

-

-

41.7

41.4

South Africa Manganese (54.6% share)

Manganese ore production (kwmt)

597

551

597

485

476

593

551

Manganese ore sales (kwmt)

590

548

590

498

407

601

548

Ore grade sold (%, Mn)

38.9

38.3

38.9

39.1

38.9

38.7

38.3