• FY26 production guidance maintained across operated assets
• H1 FY26 operating unit costs tracking in line with or below guidance
• Completed divestment of Cerro Matoso, further simplifying portfolio

South32 continued to deliver consistent operating results in the December 2025 quarter, with FY26 production guidance maintained across its operated assets and first half operating unit costs tracking in line with or below guidance. The company's consistent operating performance, combined with strengthening market conditions, enabled it to maintain a strong financial position while investing in high-returning growth options and delivering returns to shareholders. South32 also progressed construction of the Hermosa project and completed the exploration decline for the Clark battery-grade manganese deposit. In the quarter, the company's Ambler Metals joint venture approved a ~US$35M work program to advance the high-grade Arctic polymetallic deposit and test exploration targets. South32 continued to implement its global Safety Improvement Program and received shareholder approval for its second Climate Change Action Plan. The company also completed the divestment of Cerro Matoso, further simplifying its portfolio. 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. South32 received net distributions of US$240M from its equity accounted investments in H1 FY26 and invested US$160M in Group capital expenditure (excluding equity accounted investments and Hermosa) during the period.

FY26 production guidance remains unchanged for all operated assets. Guidance for non-operated Brazil Aluminium is under review as the company awaits the operator's revised ramp-up profile. H1 FY26 operating unit costs are tracking in line with or below FY26 guidance across the majority of operations.