• Exceeded FY25 production guidance across multiple commodities
• Completed divestment of Illawarra Metallurgical Coal, agreed to divest Cerro Matoso
• Invested US$517M in Hermosa project to grow future base metals production

South32 delivered another strong quarter of operating performance, exceeding the Group's FY25 production guidance driven by annual production growth of 20% in copper and 6% in aluminium. Australia Manganese successfully resumed export shipments during the quarter, marking a significant recovery from the impacts caused by Tropical Cyclone Megan. The company continued to streamline its portfolio toward higher-returning businesses, completing the sale of Illawarra Metallurgical Coal in the first half and agreeing to divest Cerro Matoso in July. South32 invested US$517M in its regional scale Hermosa project in FY25 to grow its future base metals production, achieving key milestones at the Taylor zinc-lead-silver project, including starting the main shaft sink and construction activities for the process plant. The company returned US$350M to shareholders in FY25 via fully-franked ordinary dividends and its on-market share buy-back.

South32 expects to deliver FY25 Operating unit costs in line with current guidance. The company's FY25 Group Underlying effective tax rate (including equity accounted investments) is expected to be around 35%.