Wrap Text
Quarterly Report December 2025
South32 Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth))
(ACN 093 732 597)
ASX / LSE / JSE Share Code: S32; ADR: SOUHY
ISIN: AU000000S320
south32.net
QUARTERLY REPORT
December 2025
South32 Chief Executive Officer, Graham Kerr: "We continued to deliver consistent operating results, with FY26 production guidance maintained
across our operated assets and first half operating unit costs tracking in line with guidance.
"Our consistent operating performance, combined with strengthening market conditions, enabled the Group to maintain a strong financial
position while investing in our high-returning growth options and delivering returns to shareholders.
"Completing the divestment of Cerro Matoso during the quarter further simplified our business, consistent with our strategy to focus our portfolio
on high-quality operations and growth options in base metals.
"We also progressed construction of Hermosa's large-scale, long-life, Taylor zinc-lead-silver project, and completed the exploration decline for the
Clark battery-grade manganese deposit.
"Sierra Gorda delivered strong copper volumes and cash returns, and we are pursuing further copper growth through our pipeline of development
options and exploration prospects.
"During the quarter, our Ambler Metals joint venture approved a ~US$35M work program to advance the high-grade Arctic polymetallic deposit
and test exploration targets within this underexplored, regional land package in Alaska."
• FY26 production guidance remains unchanged for all operated assets. Guidance for non-operated Brazil Aluminium is under review as we await
the operator's revised ramp-up profile, following lower than planned quarterly volumes.
• H1 FY26 Operating unit costs are tracking in line with or below FY26 guidance across the majority of operations.
• Alumina production increased by 3% in the December 2025 half year, as Brazil Alumina achieved record half year production and Worsley Alumina
delivered planned volumes while completing scheduled calciner maintenance.
• Aluminium production increased by 2% in the December 2025 half year, as Hillside Aluminium continued to test its maximum technical capacity, while Mozal
Aluminium ceased pot relining ahead of its transition to care and maintenance from March 20261.
• Sierra Gorda continued to perform ahead of FY26 guidance, delivering copper production to plan and strong first half volumes of molybdenum, gold and
silver. Distributions of US$180M (South32 share) were received from Sierra Gorda in the first half.
• Cannington payable zinc equivalent production2 increased by 13% in the December 2025 quarter, as the operation exceeded planned
processing rates and realised higher silver and zinc grades in accordance with the mine plan.
• Manganese production increased by 58% in the December 2025 half year, as Australia Manganese returned to normalised production rates,
while South Africa Manganese completed planned maintenance.
• Invested US$338M at Hermosa in the December 2025 half year, progressing construction of the shafts and surface infrastructure for the Taylor zinc-lead-silver
project, and completing the decline for the Clark battery-grade manganese deposit.
• Returned US$152M to shareholders in the December 2025 half year, with US$117M in fully-franked ordinary dividends and US$35M via our
on-market share buy-back.
Production summary
1Q26 2Q26 1H26 FY26e(a) % of FY26e(a)
Worsley Alumina (kt) 934 959 1,893 3,750 50%
Brazil Alumina (non-operated) (kt) 354 355 709 1,360 52%
Brazil Aluminium (non-operated) (kt) 37 37 74 160(b) 46%
Hillside Aluminium (kt)3 181 181 362 720 50%
Mozal Aluminium (kt)3 93 90 183 240(c) 76%
Sierra Gorda (non-operated) (CuEq) (kt)4 24.9 22.1 47.0 85.7 55%
Cannington (ZnEq) (kt)2 48.3 54.5 102.8 200.6 51%
Australia Manganese (kwmt) 854 806 1,660 3,200 52%
South Africa Manganese (kwmt) 551 506 1,057 2,000 53%
(a) The denotation (e) refers to an estimate or forecast year.
(b) FY26e production guidance for Brazil Aluminium is under review.
(c) FY26e production guidance for Mozal Aluminium reflects the period ending March 2026.
South32 Quarterly Report December 2025 Page 2 of 13
CORPORATE UPDATE
• We continue to implement our global Safety Improvement Program, including investment in safety leadership through our LEAD Safely Every Day
program, together with further simplification of our systems and improved effectiveness of controls.
• A non-binding advisory resolution in relation to our second Climate Change Action Plan was passed by shareholders at our Annual General
Meeting in October 2025, with 90% of the votes cast in favour of the resolution.
• On 16 December 2025, we announced that Mozal Aluminium would be placed on care and maintenance on or around 15 March 2026 due
to the inability to secure sufficient and affordable electricity supply1.
• On 1 December 2025, we completed the divestment of Cerro Matoso to a subsidiary of CoreX Holding B.V.5.
• Higher commodity prices and timing of sales contributed to a temporary increase in working capital in the December 2025 quarter, with a
total working capital build of ~US$130M expected in H1 FY26. A drawdown of inventory at Mozal Aluminium is expected to add to the
Group's cash generation in H2 FY26.
• We received net distributions6 of US$240M (South32 share) from our equity accounted investments (EAI) in H1 FY26 (US$180M from Sierra
Gorda and US$60M from our manganese business), including US$123M (South32 share) in the December 2025 quarter (US$99M from Sierra
Gorda and US$24M from our manganese business).
• We invested US$160M in Group capital expenditure (excluding EAIs and Hermosa) in H1 FY26.
• We made Group tax payments (excluding EAIs) of US$129M in H1 FY26.
• We returned US$117M in fully-franked ordinary dividends in respect of the June 2025 half year during the December 2025 quarter.
• We also returned US$35M via our on-market share buy-back in H1 FY26, purchasing 17M shares at an average price of A$3.08 per share.
Our US$2.5B capital management program is 96% complete, with US$109M to be returned to shareholders ahead of its extension or expiry
on 11 September 20267.
• Additional lease liabilities with a value of ~US$63M were added to the Group's balance sheet in H1 FY26.
• Our H1 FY26 Group Underlying effective tax rate (ETR) (including EAIs) is expected to be ~34%, reflecting the corporate tax rates8 and royalty
related taxes9 of the jurisdictions in which we operate and our geographical earnings mix.
DEVELOPMENT AND EXPLORATION UPDATE
Hermosa project
• We invested US$338M10 of growth capital expenditure at Hermosa in H1 FY26, as we progressed construction of the Taylor zinc-lead-silver project,
and completed the exploration decline for the Clark battery-grade manganese deposit. In addition, lease payments for self generated power assets
were US$24M in H1 FY26.
• At Taylor, we continued sinking the ventilation and main shafts. Lateral development and shaft station construction at the first underground
mining level from the ventilation shaft commenced during the December 2025 quarter. This work is on track for completion in the March 2026
quarter, after which ventilation shaft sinking will resume.
• Surface infrastructure construction also progressed, with major components of the primary mill and flotation circuit delivered to site during
the December 2025 quarter.
• We invested US$14M in capitalised exploration in H1 FY26 as we continued exploration drilling at the Peake copper deposit. Concept studies are
progressing on the potential to develop Peake, leveraging the infrastructure established for Taylor.
Ambler Metals project
• In October 2025, the Alaska Industrial Development and Export Authority (AIDEA) executed the right-of-way permits for the Ambler Access
Road11. This followed the decision by the President of the United States to direct his administration to reissue authorisations necessary for
the establishment of the Ambler Access Road12.
• The Ambler Metals joint venture (50% South32 share) has approved a ~US$35M (100% basis) budget for CY26 work programs, focused on
exploration and development activities for the high-grade Arctic polymetallic deposit13.
• Our sale of ~8.2M shares in Trilogy Metals Inc., our 50% joint venture partner in Ambler Metals, to the United States Government for
~US$17.8M14 is expected to complete in H2 FY26.
Exploration
• We invested US$15M in our greenfield exploration opportunities in H1 FY26 as we progressed multiple exploration programs targeting base
metals in highly prospective regions.
• We invested US$30M (US$20M capitalised) in exploration programs at our existing operations and development options in H1 FY26,
including US$14M at our Hermosa project (noted above, all capitalised), US$7M for our Sierra Gorda EAI (US$4M capitalised) and US$3M
for our manganese EAI (nil capitalised).
South32 Quarterly Report December 2025 Page 3 of 13
MARKETING UPDATE
The average realised prices achieved for our commodities are summarised below. Provisionally priced sales were revalued at 31 December 2025
with the final price of these to be determined in the June 2026 half year.
Realised prices15
1H26 1H26
1H25 2H25 1H26 vs vs
1H25 2H25
Worsley Alumina
Alumina (US$/t) 512 524 400 (22%) (24%)
Brazil Alumina (non-operated)(a)
Alumina (US$/t) 590 518 371 (37%) (28%)
(a)
Brazil Aluminium (non-operated)
Aluminium (US$/t) 2,508 2,623 2,757 10% 5%
Hillside Aluminium
Aluminium (US$/t) 2,687 2,748 2,868 7% 4%
Mozal Aluminium
Aluminium (US$/t) 2,805 2,774 2,920 4% 5%
Sierra Gorda (non-operated)16,(a)
Payable copper (US$/lb) 3.83 4.56 5.55 45% 22%
Payable molybdenum (US$/lb) 21.68 20.44 23.31 8% 14%
Payable gold (US$/oz) 2,593 3,252 4,107 58% 26%
Payable silver (US$/oz) 31.5 31.9 55.2 75% 73%
16
Cannington
Payable silver (US$/oz) 29.4 34.2 58.4 99% 71%
Payable lead (US$/t) 1,823 1,956 1,897 4% (3%)
Payable zinc (US$/t) 2,739 2,555 2,840 4% 11%
17
Cerro Matoso
Payable nickel (US$/lb) 6.12 5.87 5.72 (7%) (3%)
Australia Manganese18
Manganese ore (US$/dmtu, FOB) — 3.68 3.81 N/A 4%
South Africa Manganese18
Manganese ore (US$/dmtu, FOB) 3.85 3.57 3.36 (13%) (6%)
a. While Brazil Alumina and Brazil Aluminium are non-operated, South32 owns the marketing rights for our share of production. While Sierra Gorda is also non-operated, the Joint
Venture is responsible for marketing our share of production.
South32 Quarterly Report December 2025 Page 4 of 13
OPERATING UNIT COST UPDATE
H1 FY26 Operating unit costs are expected to be in line with or below current FY26 guidance across the majority of operations, driven by strong
operating performance and a continued focus on cost management.
The below commentary reflects our current expectations for H1 FY26 Operating unit costs. We will report H1 FY26 Operating unit costs and
provide updated FY26 guidance with our December 2025 half year financial results.
Operating unit cost(a)
Current Guidance
H1 FY26 Operating unit cost commentary
FY26e(b)(c)
Worsley Alumina
(US$/t) 310 H1 FY26: expected to be 3% above current FY26 guidance.
Brazil Alumina (non-operated)
H1 FY26: expected to be 4% below H2 FY25 Operating unit costs (US$332/t) due
(US$/t) Not provided
to higher volumes, partially offset by a stronger Brazilian real.
Brazil Aluminium (non-operated)
H1 FY26: expected to be 7% below H2 FY25 Operating unit costs (US$3,130/t)
(US$/t) Not provided
due to lower alumina prices.
Hillside Aluminium
The cost profiles of Hillside Aluminium and Mozal Aluminium are heavily
(US$/t)
influenced by the South African rand, and the price of raw materials and energy.
Hillside Aluminium H1 FY26: expected to be 14% below H2 FY25 Operating unit
Not provided costs (US$2,663/t) due to lower alumina prices, partially offset by a stronger
Mozal Aluminium South African rand.
Mozal Aluminium H1 FY26: expected to be 5% above H2 FY25 Operating unit
costs (US$2,441/t) due to a stronger South African rand and higher priced
(US$/t) alumina from Worsley Alumina under a legacy supply contract.
Sierra Gorda (non-operated)
(US$/t)(d) 17.0 H1 FY26: expected to be in line with current FY26 guidance.
Cannington
H1 FY26: expected to be 10% below current FY26 guidance driven by improved
(US$/t)(d) 205
underground mining performance.
Cerro Matoso
(US$/lb) 5.30 H1 FY26: expected to be 3% below current FY26 guidance.
Australia Manganese
(US$/dmtu, FOB) 2.40 H1 FY26: expected to be 4% below current FY26 guidance.
South Africa Manganese
(US$/dmtu, FOB) 3.10 H1 FY26: expected to be in line with current FY26 guidance.
a. Operating unit cost is Revenue less Underlying EBITDA, excluding third party sales, divided by sales volumes.
b. FY26e Operating unit cost guidance includes royalties (where appropriate) and commodity price and foreign exchange rate forward curves or our
internal expectations (refer to footnote 19).
c. The denotation (e) refers to an estimate or forecast year.
d. US dollar per tonne of ore processed. Periodic movements in finished product inventory may impact Operating unit costs.
South32 Quarterly Report December 2025 Page 5 of 13
WORSLEY ALUMINA (86% SHARE)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Alumina production (kt) 1,850 1,893 2% 1,000 934 959 (4%) 3%
Alumina sales (kt) 1,789 1,863 4% 965 878 985 2% 12%
Worsley Alumina saleable production increased by 2% (or 43kt) to 1,893kt in the December 2025 half year, with quarterly production growth of
3% (or 25kt) following completion of planned calciner maintenance in the September 2025 quarter. FY26 production guidance remains
unchanged at 3,750kt.
BRAZIL ALUMINA (36% SHARE, NON-OPERATED)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Alumina production (kt) 682 709 4% 348 354 355 2% 0%
Alumina sales (kt) 691 719 4% 365 332 387 6% 17%
Brazil Alumina saleable production increased by 4% (or 27kt) to a record 709kt in the December 2025 half year, as the refinery operated above
nameplate capacity. FY26 production guidance remains unchanged at 1,360kt.
BRAZIL ALUMINIUM (40% SHARE, NON-OPERATED)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Aluminium production (kt) 64 74 16% 34 37 37 9% 0%
Aluminium sales (kt) 61 74 21% 36 29 45 25% 55%
Brazil Aluminium saleable production increased by 16% (or 10kt) to 74kt in the December 2025 half year, as the smelter continued to ramp-up
all three potlines. Despite this growth, production in the December 2025 quarter was below plan due to unplanned pot outages in potlines two
and three and external energy disruptions late in the period. The smelter's operator is implementing measures to improve stability and continue
the ramp-up of all three potlines.
Production guidance is under review as we await the operator's revised ramp-up profile. We will provide revised production guidance with our
December 2025 half year financial results.
Sales increased by 55% in the December 2025 quarter due to a carry-over export shipment from the prior quarter.
South32 Quarterly Report December 2025 Page 6 of 13
HILLSIDE ALUMINIUM (100% SHARE)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Aluminium production (kt) 362 362 0% 182 181 181 (1%) 0%
Aluminium sales (kt) 367 356 (3%) 192 169 187 (3%) 11%
Hillside Aluminium saleable production was unchanged at 362kt in the December 2025 half year, as the smelter continued to test its maximum
technical capacity, despite the impact of load-shedding. FY26 production guidance remains unchanged at 720kt3.
Sales increased by 11% in the December 2025 quarter due to a carry-over shipment from the prior quarter.
MOZAL ALUMINIUM (63.7% SHARE)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Aluminium production (kt) 178 183 3% 90 93 90 0% (3%)
Aluminium sales (kt) 174 162 (7%) 88 100 62 (30%) (38%)
Mozal Aluminium saleable production increased by 3% (or 5kt) to 183kt in the December 2025 half year. Production decreased by 3% (or 3kt) in
the December 2025 quarter as we stopped pot relining and commenced work to place the smelter on care and maintenance in March 2026,
when the current electricity supply agreement expires1. FY26 production guidance for the period to March 2026 remains unchanged at 240kt3.
Sales decreased by 38% in the December 2025 quarter, as a shipment slipped to the March 2026 quarter, and we managed customer
commitments ahead of the smelter transitioning to care and maintenance. Inventory will be drawn down during the June 2026 half year.
South32 Quarterly Report December 2025 Page 7 of 13
SIERRA GORDA (45% SHARE, NON-OPERATED)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Payable copper equivalent production (kt)4 47.2 47.0 (0%) 24.7 24.9 22.1 (11%) (11%)
Payable copper production (kt) 36.7 36.3 (1%) 19.1 18.3 18.0 (6%) (2%)
Payable copper sales (kt) 37.9 36.5 (4%) 20.0 17.2 19.3 (4%) 12%
Sierra Gorda payable copper equivalent production4 was largely unchanged at 47.0kt in the December 2025 half year, as the operation achieved
planned plant throughput and copper production, and increased molybdenum production by 33% due to higher recoveries in the current mining
phase.
Strong first half molybdenum, gold and silver volumes position the operation to potentially exceed current FY26 payable copper equivalent
production of 85.7kt, if these by-product trends continue through the remainder of the year.
Sierra Gorda is nearing completion of the feasibility study for the fourth grinding line project, which has the potential to increase plant throughput
by ~20% to ~58Mtpa (100% basis), for review by the joint venture partners.
CANNINGTON (100% SHARE)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Payable zinc equivalent production (kt)2 125.8 102.8 (18%) 76.9 48.3 54.5 (29%) 13%
Payable silver production (koz) 5,615 4,487 (20%) 3,700 2,067 2,420 (35%) 17%
Payable silver sales (koz) 5,469 4,570 (16%) 3,127 2,149 2,421 (23%) 13%
Payable lead production (kt) 49.6 42.3 (15%) 30.3 21.3 21.0 (31%) (1%)
Payable lead sales (kt) 54.3 42.7 (21%) 29.2 21.0 21.7 (26%) 3%
Payable zinc production (kt) 22.9 18.7 (18%) 10.8 8.3 10.4 (4%) 25%
Payable zinc sales (kt) 23.0 16.9 (27%) 10.4 7.3 9.6 (8%) 32%
Cannington payable zinc equivalent production2 decreased by 18% (or 23.0kt) to 102.8kt in the December 2025 half year, while quarterly
production improved by 13% (or 6.2kt) as the operation exceeded planned processing rates and realised higher silver and zinc grades in
accordance with the mine plan. FY26 payable zinc equivalent production guidance remains unchanged at 200.6kt.
CERRO MATOSO (99.9% SHARE)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Payable nickel production (kt) 18.5 15.0 (19%) 9.9 9.4 5.6 (43%) (40%)
Payable nickel sales (kt) 17.7 15.3 (14%) 8.9 10.3 5.0 (44%) (51%)
Cerro Matoso payable nickel production was 15.0kt in the five months prior to its divestment on 1 December 2025.
South32 Quarterly Report December 2025 Page 8 of 13
AUSTRALIA MANGANESE (60% SHARE)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Manganese ore production (kwmt) 639 1,660 160% 639 854 806 26% (6%)
Manganese ore sales (kwmt) — 1,809 N/A — 944 865 N/A (8%)
Australia Manganese saleable production increased to 1,660kwmt in the December 2025 half year, as the operation delivered planned volumes
after executing its recovery plan following the impacts of Tropical Cyclone Megan. FY26 production guidance remains unchanged at 3,200kwmt,
subject to potential impacts from the wet season.
Sales increased to 1,809kwmt in the December 2025 half year, as shipping rates reached full capacity following the commissioning of new wharf
infrastructure, enabling a planned drawdown of inventory.
SOUTH AFRICA MANGANESE (54.6% SHARE)
2Q26 2Q26
South32 share 1H25 1H26 HoH 2Q25 1Q26 2Q26 vs vs
2Q25 1Q26
Manganese ore production (kwmt) 1,082 1,057 (2%) 485 551 506 4% (8%)
Manganese ore sales (kwmt) 1,088 1,094 1% 498 548 546 10% (0%)
South Africa Manganese saleable production decreased by 2% (or 25kwmt) to 1,057kwmt in the December 2025 half year, reflecting planned
maintenance and underground development at Wessels. FY26 production guidance remains unchanged at 2,000kwmt, with further planned
maintenance scheduled in the March 2026 quarter.
South32 Quarterly Report December 2025 Page 9 of 13
NOTES
1. Refer to market release "Mozal Aluminium Update" dated 16 December 2025.
2. Payable zinc equivalent production (ZnEq) (kt) was calculated by aggregating revenues from silver, lead and zinc, and dividing the total Revenue by the price of zinc. FY25 realised prices for zinc (US$2,648/t), lead
(US$1,883/t) and silver (US$31.9/oz) have been used for FY25, H1 FY26 and FY26e.
3. Production guidance for Hillside Aluminium and Mozal Aluminium does not assume any load-shedding impact on production.
4. Payable copper equivalent production (CuEq) (kt) was calculated by aggregating revenues from copper, molybdenum, gold and silver, and dividing the total Revenue by the price of copper. FY25 realised prices for copper
(US$4.18/lb), molybdenum (US$21.12/lb), gold (US$2,877/oz) and silver (US$31.7/oz) have been used for FY25, H1 FY26 and FY26e.
5. Refer to market release "Completion of Cerro Matoso divestment" dated 1 December 2025.
6. Net distributions from our material equity accounted investments (EAI) (manganese and Sierra Gorda) include dividends, capital contributions/redemptions and net repayments/drawdowns of shareholder loans,
which are unaudited and should not be considered as an indication of or alternative to an IFRS measure of profitability, financial
performance or liquidity.
7. Since inception of our capital management program, US$1.8B has been allocated to our on-market share buy-back (837M shares at an average price of A$3.06 per share) and US$525M returned in the form of special
dividends.
8. The corporate tax rates of the geographies where the Group operates include: Australia 30%, South Africa 27%, Colombia 35%, Mozambique 0%, Brazil 34%, and Chile 27%. The Mozambique operations are subject
to a royalty on revenues instead of income tax.
9. Australia Manganese is subject to a royalty related tax equal to 20% of adjusted EBIT. Sierra Gorda is subject to a royalty related tax based on the amount of copper sold and the mining operating margin, the rate is
between 5% and 14% for annual sales over 50kt of refined copper. These royalties are included in Underlying tax expense.
10. Hermosa growth capital expenditure excludes lease payments for self generated power assets directly attributable to construction of infrastructure at the Taylor deposit. These self generated power costs were
included in our capital cost estimate provided in market release "Final Investment Approval to Develop Hermosa's Taylor Deposit" dated 15 February 2024.
11. Refer to news release by Trilogy Metals Inc. "Trilogy Metals Provides Update on the Issuance of Federal Right-of-Way Permits for the Ambler Access Project in Alaska" dated 24 October 2025
(https://trilogymetals.com/news-and-media/news/trilogy-metals-provides-update-on-the-issuance-of-federal-right-of-way-permits-for-the-ambler-access-project-in-alaska/).
12. Refer to news release by Trilogy Metals Inc. "Trilogy Metals Applauds President Trump's Decision to Grant Permits for the Ambler Access Project to Enable the Development of Critical Minerals in Alaska" dated 6
October 2025 (https://trilogymetals.com/news-and-media/news/trilogy-metals-applauds-president-trumps-decision-to-grant-permits-for-the-ambler-access-project-to-enable-the-development-of/).
13. Refer to news release by Trilogy Metals Inc. "Trilogy Metals Announces 2026 Program and Budget for Ambler Metals and the Corporate Budget for the Company" dated 17 December 2025
(https://trilogymetals.com/news-and-media/news/trilogy-metals-announces-dec-17-2025/).
14. Refer to media release "South32 backs U.S. Government move to advance critical minerals in Alaska" dated 7 October 2025.
15. Realised prices are unaudited. Volumes and prices do not include any third party trading that may be undertaken independently of equity production. Realised sales price is
calculated as sales Revenue divided by sales volume unless otherwise stated.
16. Realised prices for Sierra Gorda and Cannington are net of treatment and refining charges.
17. Realised nickel sales prices are inclusive of by-products.
18. Realised Manganese ore prices are calculated as external sales Revenue less freight and marketing costs, divided by external sales volume.
19. FY26e Operating unit cost guidance includes royalties (where appropriate) and the influence of exchange rates, and includes various assumptions for FY26, including: an alumina price of US$350/t; a manganese ore
price of US$4.40/dmtu for 44% manganese product; a nickel price of US$7.00/lb; a silver price of US$36.0/oz; a lead price of US$2,000/t (gross of treatment and refining charges); a zinc price of US$2,650/t (gross of
treatment and refining charges); a copper price of US$4.40/lb (gross of treatment and refining charges); a molybdenum price of US$19.00/lb (gross of treatment and refining charges); a gold price of US$3,300/oz; an
AUD:USD exchange rate of 0.66; a USD:ZAR exchange rate of 18.20; a USD:COP exchange rate of 4,250; USD:CLP exchange rate of 950; and a reference price for caustic soda; which reflect forward markets as at
August 2025 or our internal expectations.
The following abbreviations have been used throughout this report: US$ 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); thousand 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.
South32 Quarterly Report December 2025 Page 10 of 13
OPERATING PERFORMANCE
South32 share 1H25 1H26 2Q25 3Q25 4Q25 1Q26 2Q26
Worsley Alumina (86% share)
Alumina hydrate production (kt) 1,872 1,895 940 931 922 940 955
Alumina production (kt) 1,850 1,893 1,000 941 936 934 959
Alumina sales (kt) 1,789 1,863 965 910 1,000 878 985
Brazil Alumina (36% share)
Alumina production (kt) 682 709 348 324 334 354 355
Alumina sales (kt) 691 719 365 323 335 332 387
Brazil Aluminium (40% share)
Aluminium production (kt) 64 74 34 36 38 37 37
Aluminium sales (kt) 61 74 36 31 46 29 45
Hillside Aluminium (100% share)
Aluminium production (kt) 362 362 182 175 181 181 181
Aluminium sales (kt) 367 356 192 171 194 169 187
Mozal Aluminium (63.7% share)
Aluminium production (kt) 178 183 90 87 90 93 90
Aluminium sales (kt) 174 162 88 72 105 100 62
Sierra Gorda (45% share)
Ore mined (Mt) 12.6 11.6 6.2 4.9 5.5 5.5 6.1
Ore processed (Mt) 11.1 10.9 5.5 5.2 5.4 5.5 5.4
Copper ore grade processed (%, Cu) 0.42 0.42 0.44 0.42 0.40 0.42 0.42
Payable copper equivalent production (kt)4 47.2 47.0 24.7 20.2 22.3 24.9 22.1
Payable copper production (kt) 36.7 36.3 19.1 17.0 17.7 18.3 18.0
Payable copper sales (kt) 37.9 36.5 20.0 16.9 18.1 17.2 19.3
Payable molybdenum production (kt) 0.9 1.2 0.5 0.2 0.4 0.8 0.4
Payable molybdenum sales (kt) 0.7 1.3 0.5 0.3 0.3 0.6 0.7
Payable gold production (koz) 15.9 10.9 8.2 5.7 6.3 6.3 4.6
Payable gold sales (koz) 16.2 11.2 8.4 6.0 6.3 5.9 5.3
Payable silver production (koz) 301 348 150 131 152 159 189
Payable silver sales (koz) 317 344 160 130 152 151 193
South32 Quarterly Report December 2025 Page 11 of 13
South32 share 1H25 1H26 2 2Q25 3Q25 4Q25 1Q26 2Q26
Cannington (100% share)
Ore mined (kwmt) 999 1,088 561 457 504 585 503
Ore processed (kdmt) 982 1,009 542 427 535 504 505
Silver ore grade processed (g/t, Ag) 206 159 241 176 175 148 170
Lead ore grade processed (%, Pb) 5.9 5.1 6.5 5.0 5.6 5.0 5.1
Zinc ore grade processed (%, Zn) 3.2 2.6 2.8 3.4 2.8 2.3 2.9
Payable zinc equivalent production (kt)2 125.8 102.8 76.9 48.9 59.5 48.3 54.5
Payable silver production (koz) 5,615 4,487 3,700 2,099 2,578 2,067 2,420
Payable silver sales (koz) 5,469 4,570 3,127 2,494 3,056 2,149 2,421
Payable lead production (kt) 49.6 42.3 30.3 17.7 25.1 21.3 21.0
Payable lead sales (kt) 54.3 42.7 29.2 19.8 25.2 21.0 21.7
Payable zinc production (kt) 22.9 18.7 10.8 11.0 10.6 8.3 10.4
Payable zinc sales (kt) 23.0 16.9 10.4 9.6 13.1 7.3 9.6
Cerro Matoso (99.9% share)
Ore mined (kwmt) 2,648 1,636 1,310 1,076 1,129 1,041 595
Ore processed (kdmt) 1,396 1,175 732 675 714 736 439
Ore grade processed (%, Ni) 1.48 1.39 1.49 1.48 1.47 1.40 1.37
Payable nickel production (kt) 18.5 15.0 9.9 8.9 9.7 9.4 5.6
Payable nickel sales (kt) 17.7 15.3 8.9 9.2 9.8 10.3 5.0
Australia Manganese (60% share)
Manganese ore production (kwmt) 639 1,660 639 — 467 854 806
Manganese ore sales (kwmt) — 1,809 — — 253 944 865
Ore grade sold (%, Mn) — 41.4 — — 41.7 41.4 41.4
South Africa Manganese (54.6% share)
Manganese ore production (kwmt) 1,082 1,057 485 476 593 551 506
Manganese ore sales (kwmt) 1,088 1,094 498 407 601 548 546
Ore grade sold (%, Mn) 39.0 38.3 39.1 38.9 38.7 38.3 38.4
South32 Quarterly Report December 2025 Page 12 of 13
Forward-looking statements
This release contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates; demand
for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated
productive lives of projects, mines and facilities; and provisions and contingent liabilities. These forward-looking statements reflect expectations
at the date of this release, however they are not guarantees or predictions of future performance. They involve known and unknown risks,
uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those
expressed in the statements contained in this release. Readers are cautioned not to put undue reliance on forward-looking statements. Except
as required by 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 or future events. Past performance cannot be relied on as a guide to future performance.
South32 cautions against reliance on any forward-looking statements or guidance.
FURTHER INFORMATION
INVESTOR RELATIONS MEDIA RELATIONS
Ben Baker Jamie Macdonald
M +61 403 763 086 M +61 408 925 140
E Ben.Baker@south32.net E Jamie.Macdonald@south32.net
Approved for release to the market by Graham Kerr, Chief Executive Officer
JSE Sponsor: The Standard Bank of South Africa Limited
22 January 2026
South32 Quarterly Report December 2025 Page 13 of 13
Date: 22-01-2026 07:27:00
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