#1AngloAmerican Investor update 8 December 2023 607 200 105#2Cautionary statement Disclaimer: This document has been prepared by Anglo American plc ("Anglo American") and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing this document you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient. No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise arising in connection with this material. Forward-looking statements and third party information This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual Anglo American Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward- looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information included in this document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information. Group terminology In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses. No Investment Advice This document has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this document in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicable legislation). Alternative Performance Measures Throughout this document a range of financial and non-financial measures are used to assess our performance, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor the Group's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and business units. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. ©Anglo American Services (UK) Ltd 2023. Anglo American TMTM and FutureSmart Mining TM are trade marks of Anglo American Services (UK) Ltd. Some of the images used are under licence from iStock by Getty Images. 2#3Agenda 2023 performance Duncan Wanblad, Chief Executive Unlocking value Duncan Wanblad Guidance: 2023-26 John Heasley, Finance Director High quality portfolio funding attractive growth Duncan Wanblad Anglo American 500S Angicamerican#4Committed to delivering safe operations 2.24 2.19 2.14 TRIFR1,2 1.85 The Operating Model underpins well planned work 2 2 2 Fatalities 1,3 Increased leadership time in the field Focus on contractor performance management 3 2020 20213 2022 YTD 2023 Anglo American 4#5AngloAmerican 2023 performance Duncan Wanblad ORSTER MONARENG#6Attractive growth enhancing our quality portfolio Steelmaking Coal Diamonds High quality Iron Ore Manganese Crop Nutrients Production mix from long-term portfolio4 Copper Anglo American PGMs High quality, long life assets Leading market positions Nickel Attractive growth options 6#7Deliberate & decisive actions to enhance returns Global economic weakness, particularly affecting consumer-focused diamonds & PGMs Anglo American Costs impacted by strong & prolonged inflationary pressure#82023 operating performance Copper & Nickel Quellaveco fully ramped-up Copper Chile & Nickel impacted by grade declines PGMs Solid operational performance Limited impact from load curtailment Macro pressures weighing on prices De Beers Solid operational performance Macro pressures weighing on sales Iron ore Minas-Rio's strong performance reflects operational improvements Strong performance at Kumba but constrained by logistics Steelmaking coal Improving underground performance Ongoing focus on safe, stable operations Anglo American 8#9AngloAmerican Unlocking value Duncan Wanblad#10Unlocking significant value from a streamlined & resilient business 1 2 3 Anglo American ~$0.5bn support cost saving by mid-2024: programme well advanced Further ~$0.5bn cost saving forecast in 2024: performance improvements across all businesses Rigorous capital discipline: ~$1.8bn savings in 2023-265 0198-N $810004241 EDIAS 10#11Copper: decisive action to improve returns Lowering unit costs by ~15% at Los Bronces Challenging ore phase: moving to one plant will reduce unit costs & capex Significant resource potential: studies progressing the underground project Safely navigating geotech fault at Quellaveco Rephasing production to safely access the ore Production over the next 5 years higher than previously forecast Anglo American 11#12Iron ore: aligning to logistics CR-13 60-507 357 TARE 19750kg Kumba: addressing logistics constraints Rebalancing the value chain & reducing year- end product stockpile by ~2Mt Adjusted production enables structural cost & capex reductions to protect margins Minas-Rio: focusing on operational stability Combining maintenance with pipeline inspection Anglo American JAK V B 12#13Steelmaking coal: safe & stable production Gas, depth & strata challenges at the Moranbah & Grosvenor longwalls Significant cost focus to reconfigure footprint to current safe production levels Strong progress on methane: capturing ~60% Anglo American FRASZ AS700 13#14PGMs: driving resilience during market weakness Targeting significant & sustainable improvement in all-in-sustaining costs Lower third party processing arrangements as contracts conclude Focused investment at world class Mogalakwena, at the right time Anglo American 14#15World class PGM assets well positioned for market recovery Leader in PGMs PGMs positioned for consumer recovery Robust outlook Integrated processing capacity H1 positions on margin curve Closely linked to discretionary spending Prices reflect aggressive consensus on pace of ICE decline Consensus BEV forecasts being revised lower Hybrids - critical transition step to cleaner transport PLATINUM RUSTENBURG 99.99 MADE IN S.AFRICA 4.6346 Anglo American 15#16Building sustainable value at De Beers Nature's mic drop. Good things take time. The best take a billion years. Artist credit: Mother Nature. Every great love story has a beginning, middle and no end. Streamlining business to position for price rebound: -$0.1bn overhead savings Prioritising capital on highest value opportunities Anglo American Natural Diamond Stud Earrings A DIAMOND IS FOREVER Natural Diamond Eternity Band A DIAMOND IS FOREVER Reinvigorate marketing & retail offer 16#17Woodsmith: world class asset & future-enabling product Tier 1 asset Large scale: 13Mtpa Long life: >40 years6 Modern & sustainable Minimal footprint Embeds FutureSmart Mining Highly cash generative Q1 cost curve >50% EBITDA margin POLY4 Multi-nutrient, holistic solution Low carbon7, organic Anglo American#18AngloAmerican Guidance: 2023-26 John Heasley URVIVE ARC WVS F009#192023 full year guidance Anglo American Production4 Capex⁹ ~+3% -$5.8bn Working capital build ~$1.5bn Unit costs ~+5% Tax rate 10 ~39% impacted by mix of profits Dividend payout policy 40% of underlying earnings 19#20Adapting volumes in a dynamic environment Copper (kt)11 Lower grade at Collahuasi Quellaveco mine plan & Collahuasi grade recovery PGMs (Moz)11 Third party processing arrangements De Beers (Mct)11 730- 790 690- 760- 750 820 2024F 2025F 2026F 3.3- 3.0- 3.0- 29- 30- 32- 3.7 3.4 3.4 32 33 35 Iron ore (Mt)11 Minas-Rio PIG run 2024F 2025F 2026F Steelmaking coal (Mt)11 Prioritising safe & stable operations 58- 57- 58- 15- 17- 18- 62 61 62 17 19 20 2024F 2025F 2026F 2024F 2025F 2026F 2024F 2025F 2026F 20244% 2025 3% 2026 4% Year-on-year4 Anglo American 20#21Lower unit costs more than offset cost inflation Copper (c/lb)12 -5% PGMs ($/PGM oz)12 -6% De Beers ($/ct)12 Venetia UG temporary +7% transition impact Anglo American Q1 positions ~165 ~157 at Que & Coll -980 ~920 2023F 2024F Iron ore ($/t) 12 -3% Partly offset by premium ~38 ~37 pricing 2023F 2024F ~75 ~80 ~75 нн 2023F 2024F Steelmaking coal ($/t)12 0% ~115 ~115 Premium qualities 2023F 2024F 2026F+ Group unit costs √2% vs 2023F 2023F 2024F 21#22Significant capex savings of -$1.8bn Capex (now includes Woodsmith)⁹ $bn ~5.7 ~5.7 Safety, asset integrity & reliability prioritised ~5.3 Growth ~1.2 ~1.3 ~1.3 Sustaining ~4.5 ~4.4 ~4.0 2024F 2025F 2026F (Capex savings5: ~0.2 in '23; ~0.8 in '24; ~0.4 in '25; ~0.4 in '26) Anglo American Streamlined discretionary capex while preserving optionality Woodsmith spend beyond 2024 subject to Board approval LT sustaining capex: $3.0-3.5bn + lifex⁹ 22 22#23AngloAmerican High quality portfolio funding attractive growth Duncan Wanblad B KM1432E#24Unique portfolio of high quality assets that together drive long term value Life of Asset 13 Quellaveco Collahuasi Los Bronces Mogalakwena Venetia Namibia 13 Woodsmith Barro Alto Minas-Rio Sishen High quality, long life assets Clear portfolio roles Robust capital allocation approach Moranbah Grosvenor Anglo American 20 40 60 80 Significant long term value 24#25Attractive growth options in copper & crop nutrients - well sequenced by permitting timelines Attributable production4 Approval decision in early 2025 +25% With further optionality Los Bronces underground Quellaveco plant to ~150ktpd Quellaveco regional potential Base Collahuasi debottlenecking Woodsmith Collahuasi Sakatti 14 4th line & other Long-term potential (~2035) Peak capex 2024-27 2029-30 ~2031 Anglo American 25#26Unwavering commitment to responsible & sustainable mining Value-focused approach to sustainability: most ESG investments are NPV positive Good progress on our decarbonisation ambitions: Envusa & VAM Underpins licence to operate & key growth enabler: Los Bronces & Sakatti permit approvals Anglo American FutureSmart Mining TM At Anglo American we are re-imagining mining to improve people's lives ACESSO ADA 26#27Global mega-trends underpin long term outlook Decarbonisation Improving living standards Anglo American Food security 27 22#28To ask a question Anglo American Copper Nickel Angmerican HYDROGEN FUEL CELL ELECTRIC VEHICLE PGMs Iron ore & Steelmaking boal Diamonds Crop Nutrients UK & other +44 20 3481 4247 / SA +27 105 348 155 / US +1 800 715 9871 Conference ID: 8726837 28#29Footnotes 1. Data relates to subsidiaries and joint operations over which Anglo American has management control. Data excludes results from De Beers' joint operations in Namibia and Botswana. 2. Total Recordable Injury Frequency Rate per million hours worked. YTD 2023 is the 11 months to November. 3. 2021 fatalities was previously restated as a colleague tragically passed away in 2022 following complications after an accident in 2021. YTD 2023 YTD is the 11 months to November. 4. Copper equivalent production is calculated including the equity share of De Beers' production and using long-term consensus parameters. Future production levels (~2035) are indicative and subject to further studies and final approval, see Cautionary Statement slide. 5. Capex savings in 2023-2025 calculated against most recently published guidance. 2026 capex saving of ~$0.4bn is versus previous budget. 6. Life of Asset including Inferred Mineral Resources. Reserve Life is 27 years. 7. Relative to comparable fertiliser products. 8. Copper equivalent unit costs are shown on nominal terms and calculated as the total USD cost base divided by copper equivalent production. 9. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, and unapproved Woodsmith capex of ~$1bn pa is included after 2024. Long-term sustaining capex guidance is shown on a 2023 real basis. Refer to appendix for more details. 10. Underlying ETR is highly dependent on a number of factors, including the mix of profits and any corporate tax reforms impacting the countries where we operate, and may vary from guidance. 11. Refer to appendix slide 33 for production guidance footnotes for each business. 12. Refer to appendix slide 34 for unit costs guidance footnotes for each business. 13. Life of Asset years are stated as at 31 December 2022. Life of Asset (LOA) is the scheduled extraction period in years for the total Ore Reserves and Inferred Mineral Resources in the approved Life of Asset Plan. For most assets the Life of Asset is the same as the disclosed 2022 Reserve Life, with the exception of; Collahuasi (Reserve Life is 84 years), Grosvenor (Reserve Life is 14 years), Mogalakwena (Reserve Life is 18 years, constrained to the Mining Right period) and Woodsmith (Reserve Life is 27 years). The Life of Asset shown for Namibia relates to the Namdeb Holdings - Offshore operation (Atlantic 1 (MM)). 14. Sakatti is a polymetallic resource. Anglo American 29#30AngloAmerican Appendix#31Guidance summary Earnings (numbers in brackets are previous guidance) Volumes Unit costs Capex¹ (numbers in brackets are previous guidance) See slide 32-33 2023 See slide 34 Growth Sustaining Baseline 2023 depreciation 2024 depreciation 2023 underlying effective tax rate • ~$2.8bn ($3.0-3.2bn) • Lifex • Collahuasi desalination³ ~$3.0-3.2bn 2024 Growth Sustaining Baseline ⚫ Lifex ~39%2 (36-38%) 2024 underlying effective tax rate ~40-42%2 Collahuasi desalination³ 2025 LT underlying effective tax rate Dividend pay-out ratio -35-39%2 (33-37%) Growth 40% of underlying Sustaining Baseline earnings Lifex Collahuasi desalination³ Anglo American 2026 (new) Growth Sustaining ⚫ Baseline • Lifex LT sustaining Other ~$5.8bn (~$6.0bn) Net debt: EBITDA: <1.5x bottom of cycle ~$1.4bn (~$1.5bn) ~$4.4bn (~$4.5bn) -$3.4bn (~$3.5bn) 2023 net interest paid: ~$0.7bn -$0.6bn -$0.4bn 2023 working capital build: ~$1.5bn ~$5.7bn ($6.3-6.8bn incl. Woodsmith) ~$1.2bn (~$1.8bn incl. Woodsmith) ~$4.5bn ($4.5-5.0bn) -$3.4bn ($3.5-4.0bn) ~$0.7bn -$0.4bn (~$0.3bn) ~$5.7bn ($5.8-6.3bn incl. Woodsmith) ~$1.3bn (~$1.8bn incl. Woodsmith) ~$4.4bn ($4.0-4.5bn) -$3.5bn ($3.2-3.7bn) -$0.7bn (~$0.5bn) -$0.2bn (~$0.3bn) ~$1.3bn $5.3bn 1. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, and unapproved Woodsmith capex of -$1bn pa is included after 2024. Long-term sustaining capex guidance is shown on a 2023 real basis. -$0.5bn 2. Underlying ETR is highly dependent on a number of factors, including the mix of profits and any corporate tax reforms impacting the countries where we operate, and may vary from guidance. ~$4.0bn -$3.5bn $3.0-3.5bn + lifex 3. Attributable share of Collahuasi desalination capex at 44%. 31#32Production outlook Units 2022 2023F 2024F 2025F 2026F (new) Copper1 kt 664 ~825 (prev. 830-870) 730-790 (prev. 910-1,000) 690-750 (prev. 840-930) 760-820 ~40 Nickel² kt 40 (prev. 38-40) 36-38 (prev. 39-41) 35-37 (prev. 37-39) 35-37 ~3.8 Platinum Group Metals³ Moz 4.0 (prev. 3.6-4.0) 3.3-3.7 (prev. 3.6-4.0) 3.0-3.4 (prev. 3.5-3.9) 3.0-3.4 ~32 Diamonds4 Mct 35 29-32 (prev. 30-33) 30-33 (prev. 32-35) 32-35 Iron Ore 5 Mt 59 59-60 (prev. 57-61) 58-62 (prev. 61-65) 57-61 (prev. 64-68) 58-62 Steelmaking Coal ~16 Mt 15 (prev. 16-19) 15-17 (prev. 20-22) 17-19 (prev. 20-22) 18-20 See next slide for footnotes and additional guidance. Anglo American 32 32#33Production outlook - supplementary guidance Copper1 Units 2022 2024F 2023F Chile: 562 kt Peru: 102 Chile: ~505 (prev. ~520) Peru: ~320 (prev. 310-350) Chile: 430-460 (prev. 550-600) Peru: 300-330 (prev. 360-400) 2025F Chile: 380-410 (prev. 530-580) Peru: 310-340 (prev. 310-350) 2026F (new) Chile: 440-470 Peru: 320-350 Own mined: ~2.5 Own mined: 2.1-2.3 Own mined: 2.1-2.3 Own mined: 2.1-2.3 Own mined: 2.6 Platinum Group Metals - M&C by source³ Moz POC: 1.4 POC: ~1.3 POC: 1.2-1.4 POC: 0.9-1.1 ~3.8 Platinum Group Metals - Refined Iron Ore (Kumba)³ Iron Ore (Minas-Rio)⁹ Moz 3.8 (prev. 3.6-4.0) 3.3-3.7 (prev. 3.6-4.0) 3.0-3.4 (prev. 3.3-3.7) POC: 0.9-1.1 3.0-3.4 Mt 38 Mt 22 35-36 (prev. 35-37) ~24 (prev. 22-24) 35-37 (prev. 37-39) 35-37 (prev. 39-41) 35-37 23-25 23-25 (prev. 24-26) 22-24 (prev. 25-27) 1. Copper business unit only. On a contained-metal basis. Total copper is the sum of Chile and Peru. In 2023, Chile production is lower due to unfiltered concentrate build at Collahuasi expected to unwind in 2024, and operational issues at El Soldado. Chile 2023 sales volumes will be lower than production, impacted by recent port closures due to high-swells and moisture levels. Chile guidance for the next three years is impacted by lower production at Los Bronces due to lower grades and ore hardness with one of the two processing plants being put on care & maintenance in 2024, as well as the impact of a revised mine plan at El Soldado. In 2025, grades decline at all operations in Chile. In 2026, production benefits from improved grades at Collahuasi. Production guidance in Chile for H2 2024 and 2025 is subject to water availability. Peru production is impacted by a revised mine plan to safely navigate a known geotechnical fault line. Nickel operations 2. Brazil only. The Group also produces approximately 20kt of nickel on an annual basis as a co-product from the PGM operations. Nickel production is impacted by declining grades. 3. 5E+ gold produced metal in concentrate (M&C) ounces. Includes own mined production and purchased concentrate (POC) volumes - please see split in above table. The average M&C split by metal is Platinum: -45%, Palladium: -35% and Other: -20%. Metal in concentrate production from own mined remains broadly at current levels (excluding Kroondal), but POC volumes will be lower as POC agreements reach their contractual conclusion. Kroondal is expected to move from 100% third-party POC to a toll arrangement (3E metals) at the end of H1 2024. In 2025, the Siyanda POC contract will transition to a tolling arrangement (3E metals). At the end of 2026, the Sibanye-Stillwater toll agreement concludes (impacting POC due to the minor metal volumes retained). 4. Production on a 100% basis except for the Gahcho Kué joint operation, which is on an attributable 51% basis. Venetia continues to transition to underground operations with full production ramp-up expected over the next few years. 2026 production benefits from an expansion at the Gahcho Kué joint operation. 5. Total iron ore is the sum of Kumba and Minas-Rio on a wet basis. 6. Production excludes thermal coal by-product and reflects the challenging operating environment of the longwalls due to the gas, depth and strata as well as safety operating protocols. 7. 5E+ gold produced refined ounces. Includes own mined production and POC volumes. Subject to the impact of Eskom load-curtailment. 8. Volumes are reported as wet metric tonnes (wmt). Product is shipped with -1.6% moisture and subject to the third-party rail and port performance. Production is impacted by third-party rail & port availability and performance, and the UHDMS plant remains under review and is not captured in guidance. 9. Volumes are reported as wet metric tonnes (wmt). Product is shipped with -9% moisture. Pipeline inspections impact 2020 and 2025 volumes. Anglo American 33#34Unit costs outlook by Business Copper (C1 c/lb) 1 -5% Nickel (C1 c/lb) +7% PGMs ($/PGM oz)² -6% Chile: Chile: -200 -190 154 ~165 (prev. -205) ~157 Peru: 513 -560 ~600 937 -980 (prev.-1,000) ~920 Peru: -110 -110 (prev. 100) 2022 2023F 2024F (new) 2022 2023F 2024F (new) 2022 De Beers ($/ct)³ Iron Ore (FOB $/t)4 2023F Steelmaking Coal ($/t)5 2024F (new) +7% -3% 0% Kumba: -42 Kumba: -38 ~75 -80 38 -38 (prev.-43) ~37 M-R: 107 M-R: ~115 (prev.-105) ~115 59 -35 -33 2022 2023F 2024F (new) 2022 2023F 2024F (new) 2022 2023F 2024F (new) Spot FX rates used for 2024F costs: ~850 CLP: USD, ~3.7 PEN:USD, ~5.0 BRL:USD, ~19 ZAR:USD, ~1.5 AUD:USD Note: Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for Q4 2023 costs were: -900 CLP:USD, -3.9 PEN:USD, -5.0 BRL:USD,-19 ZAR:USD,-1.6 AUD:USD. 1. The total copper unit cost is the weighted average of Copper Chile and Copper Peru based on actual production or the mid-point of production guidance. 2023F unit cost guidance for Chile is revised reflecting the weaker Chilean peso and Peru is revised due to lower production volumes. 2. Unit cost is per own mined 5E+gold PGMS metal in concentrate ounce. The revision to 2023F unit cost reflects the weaker South African rand. 3. De Beers unit cost is based on De Beers' share of production. Step-up in 2023F and 2024F unit cost is primarily driven by change in production mix, as Venetia transitions to underground operations and delivers a lower carat profile during ramp-up. 4. Wet basis. Total iron ore unit cost is the weighted average of Kumba and Minas-Rio based on actual production or the mid-point of production guidance. The revision to Kumba 2023F unit cost reflects the weaker South African rand. 5. Steelmaking Coal FOB/t unit cost comprises of managed operations and excludes royalties and study costs. The revision to 2023F unit cost reflects lower production volumes. Anglo American 34#35Capex guidance Capex (now includes Woodsmith)1 $bn Growth² ~1.4 (prev.-1.5) ~1.2 (prev.-1.8) ~1.3 (prev.-1.8) ~1.3 ~0.4 ~0.2 Collahuasi desal ~0.4 (prev. -0.3) (prev. -0.3) ~0.7 Lifex ~0.6 ~0.7 (prev. -0.5) ~0.5 Baseline sustaining ~3.4 ~3.4 (prev. 3.5) (prev. 3.5-4.0) ~3.5 (prev. 3.2-3.7) ~3.5 3.0-3.5 + lifex Totals 2023F ~5.8 (previously ~6.0, incl. Woodsmith) 2024F ~5.7 (previously 6.3-6.8, incl. Woodsmith) 2025F ~5.7 (previously 5.8-6.3, incl. Woodsmith) 2026F ~5.3 нн Long-term1 1. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Collahuasi desalination capex shown includes related infrastructure. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, and unapproved Woodsmith capex of -$1bn pa is included after 2024. Long-term sustaining capex guidance is shown on a 2023 real basis. 2. Growth capex includes Woodsmith. 2023 and 2024 Woodsmith capex is approved. 2025 and 2026 includes indicative Woodsmith capex, subject to Board approval. Anglo American 35#36Life extension capex Major components of lifex ($bn) Guidance ~0.6 ~0.7 ~0.7 (prev. -0.5) ~0.5 ~0.1 Mototolo - Der Brochen2 (PGMs) ~0.1 Kolomela (Iron Ore) ~0.1 ~0.3 ~0.3 Venetia (Diamonds) ~0.2 ~0.1 2023F 2024F ~0.1 2025F ~0.1 ~0.1 Jwaneng³ (Diamonds) -0.1 Mogalakwena (PGMs) 2026F Capex (pa) Volume (pa) From 1 LOM extension Forecast Returns IRR Margin Venetia Underground (Diamonds) Approved ~$0.2-0.3bn 4Mct 2023 +22 years ~15% -50% Mototolo Der Brochen2 (PGMs) Approved Jwaneng³ (Diamonds) Approved ~$0.1bn² ~$0.1bn³ 0.25Moz PGMs 2024 +30 years² >20% >30% 9Mct³ 2027 +9 years >15% >50% Kolomela (Iron Ore) Approved ~$0.1bn Mogalakwena (PGMs) 2024 capex approved ~$0.1bn4 Waste mining rephased, on track to deliver first ore in H1 2024 Studies ongoing in support of the possible future underground operations 1. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies. 'From' column represents first production. 2. Leverages the existing Mototolo infrastructure, enabling mining to extend into the Der Brochen Mineral Resource, which extends the LOM beyond 30 years. 3. Attributable share of capex. 100% of production volumes. Capex spend <$0.1bn in certain years therefore not shown on graph above, comprises Jwaneng Cut-9 and Jwaneng underground early access development (EAD). EAD is the first step in enabling the next major lifex project at Jwaneng, following the Cut-9 production phase. Forecast returns relate to the Jwaneng Cut-9 project only. 4. Mogalakwena capex relates to progressing the drilling, twin exploration decline and studies supporting possible future underground operations at Mogalakwena. Anglo American 36#37Key projects driving growth capex Major components of growth capex ($bn) Guidance ~1.4 (previously-1.5) ~1.2 (previously-1.8) ~1.3 (previously-1.8) ~1.3 Collahuasi2 (Copper) ~0.2 -0.1 -0.1 Quellaveco³ (Copper) ~0.1 Woodsmith4 ~0.7 ~0.9 -1.0 ~1.0 Technology & innovation ~0.3 2023F ~0.2 2024F ~0.1 2025F -0.1 2026F 1. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Consequently, for Quellaveco, growth capex reflects our attributable share. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, and unapproved Woodsmith capex of -$1bn pa is included after 2024. 2. Attributable share of Collahuasi debottlenecking project capex at 44%. 3. Attributable share of Quellaveco project capex at 60%. 4. Capex spend for 2020-2024 is approved. In 2025 and 2026, indicative Woodsmith capex is included, subject to Board approval. Anglo American 37#38Attractive greenfield and brownfield growth options Collahuasi 5th ball mill (Copper) Sishen³ (Iron Ore) Woodsmith (Crop Nutrients)4 Collahuasi debottlenecking5 (Copper) Collahuasi expansion (Copper) Technology & innovation Capex¹ Volume (pa) From¹ Completed ~$0.1bn² +15kt² Nov 2023 Under review 2024 capex approved 2023-24 2027/28 Ongoing $0.1-0.3bn pa Payback Forecast Returns IRR Margin ~4 years >30% >70% Project plan under review Optimisation of development timeline and design ongoing Studies in progress; implementation between 2025-2028, potential for ~25ktpa² Studies under way for next stage expansion; potential up to +150ktpa² from ~2032 Multiple options - typically value accretive with sustainability benefits 1. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Guidance includes unapproved projects and is, therefore, subject to the progress of project studies, and unapproved Woodsmith capex of -$1bn pa is included after 2024. 'From' column represents first production. 2. Attributable share of capex and production volumes (44% share). 3. This refers to the implementation of Ultra High Dense Media Separation (UHDMS) technology at Sishen. 4. Capex spend for 2020-2024 is approved. Final design engineering under way; capex & schedule then subject to Board approval. 5. Debottlenecking initiatives which are under study, include 6 new floatation cells, 3rd primary crusher, course particle recovery unit and expanding the existing plant capacity from -170ktpd to 210ktpd. Some of the initiatives have been approved in 2023 and the remainder are expected to be approved in 2024. Anglo American 38#39Sustainability summary Sustainability twice-yearly update presentations → For presentations and webinar replays, visit: angloamerican.com/investors/investor-presentations Our 2022 reporting suite You can find the below reports and others, including the Tax and Economic Contribution Report and the Ore Reserves and Mineral Resources Report on our corporate website → For more information, visit: angloamerican.com/reporting Anglo American Anglo American Sustainability Report 2022 AngloAmerican Tax and Economic Contribution Report 2022 FutureSmart Mining™ To deliver on our Purpose, we are changing the way we mine through smart innovation across technology, digitalisation and sustainability through our Sustainable Mining Plan → For more information, visit: angloamerican.com/futuresmart/futuresmart-mining angloamerican.com/sustainability/our-sustainable-mining-plan Sustainability-linked financing framework → For more information, visit: angloamerican.com/investors/fixed-income- investors/slb-investor-downloads Sustainability-linked financing framework September 2022 Anglo American AngloAmerican Climate Change Report 2022 Other relevant sections of our website include → ESG summary factsheets: angloamerican.com/investors/esg-summary-factsheets → Sustainability: angloamerican.com/sustainability → Approach & policies: angloamerican.com/sustainability/approach-and-policies → Social Way: socialway.angloamerican.com/en → Leadership & culture: angloamerican.com/sustainability/people → Inclusion & diversity: angloamerican.com/sustainability/people/diversity-and-inclusion 39#40⑩ AngloAmerican Anglo American Investor Relations Paul Galloway [email protected] Tel: +44 (0)20 7968 8718 Emma Waterworth [email protected] Tel: +44 (0)20 7968 8574 Juliet Newth [email protected] Tel: +44 (0)20 7968 8830 Michelle Jarman [email protected] Tel: +44 (0)20 7968 1494