• Alumina, aluminium, and copper production maintained despite weather impacts
• Sierra Gorda delivered record quarterly distribution of US$135M
• Hermosa project reaches key permitting milestone, on track for FY26 approval
• Ongoing focus on safety and cost management amid inflationary pressures

South32 Chief Executive Officer, Graham Kerr, expressed the company's deepest sympathies following a fatal incident at the Worsley Alumina operation. Despite this tragedy, the company delivered several strong operating results in the March quarter, with Hillside Aluminium continuing to test its maximum technical capacity and Brazil Alumina achieving record year-to-date production. Sierra Gorda made a record quarterly distribution of US$135M to South32. The company maintained annual production guidance for most operations, except Australia Manganese where it continued to manage elevated site water levels and impacts from wet weather. South32 generated net cash of US$121M in the quarter, after investing US$158M in growth capital expenditure at the Hermosa project. The company reached a key milestone in the FAST-41 federal permitting process for Hermosa, with the issuance of the Final Environmental Impact Statement and Draft Record of Decision. At the Taylor zinc-lead-silver project within Hermosa, lateral development and shaft station construction progressed, and surface infrastructure construction also advanced. South32 expects to complete an assessment of Taylor project milestones and capital expenditure in the upcoming June 2026 half year. The company also continued exploration programs at its existing operations and development options, including at the Hermosa and Ambler Metals projects. Despite the challenges from global supply chain disruptions and inflationary pressures, South32 remains focused on safety, cost management, and delivering shareholder returns while investing in high-quality growth options.

South32 expects FY26 production guidance to remain unchanged for most operations, except for a 6% reduction in Australia Manganese production due to ongoing water management challenges. The company also expects higher operating costs at Sierra Gorda due to one-off workforce payments, higher diesel prices, and a stronger Chilean peso.