• Sold Illawarra Metallurgical Coal to simplify portfolio and focus on energy transition minerals
• Invested to grow future production, including Taylor zinc-lead-silver project and copper exploration
• Achieved strong operating results, with Underlying EBITDA up 44% to US$1 billion

South32 delivered a strong start to FY25, off the back of its improved operating performance and transformed portfolio. The sale of Illawarra Metallurgical Coal has unlocked significant value and streamlined South32's portfolio to be focused on minerals and metals critical to the world's energy transition. The sale has also simplified the business, lowered its sustaining capital intensity and strengthened its balance sheet, enabling the company to self-fund its growth in zinc and copper. South32 invested to grow its future production during the period, as it continued construction of its large-scale, long-life Taylor zinc-lead-silver project at Hermosa in Arizona, United States, and expanded its pipeline of copper exploration options in highly prospective regions. The company achieved strong operating results across its portfolio in H1 FY25, including increasing aluminium production by 5% and copper production by 16%. This enabled the Group to capitalise on improved commodity prices, with Underlying EBITDA increasing by 44% to US$1 billion in H1 FY25. FY25 production guidance remains unchanged, except for Mozal Aluminium where guidance has been updated as South32 continues to mitigate the impact of civil unrest in Mozambique. The company's operating discipline and weaker producer currencies are expected to support lower operating unit costs for the majority of its guided operations in H2 FY25. Demonstrating its strong financial position, track record of returning excess capital to shareholders and positive outlook for the business, South32 announced a fully-franked interim ordinary dividend of US$154 million (US 3.4 cents per share) and the continuation of its capital management program, with US$171 million remaining to be returned to shareholders.

FY25 production guidance remains unchanged, except for Mozal Aluminium where production guidance has been updated to 350kt (previously 360kt), subject to further potential impacts of civil unrest in Mozambique.