Market Outlook and Operational Insights

ALUMINIUM SMELTER COST BREAKDOWN Smelter raw material input prices have started to moderate from elevated levels across the industry Hillside Aluminium - Operating unit costs (US$/t) Mozal Aluminium - Operating unit costs (US$/t) H1 FY23 H2 FY23 H1 FY23 17% 14% 19% 25% 3% 4% 1% 21% 26% 3% 2% I US$2,276/t I US$2,092/t 2% US$2,237/t 1 Electricity Raw materials 53% 10 HoH impact on costs (US$/t) 55% 55% 74 H2 FY23 21% 23% 3% US$2,433/t 3% | I HoH impact on costs (US$/t) 13 8 50% (5) (21) (12) Pot relining (45) Labour Other(a) Pitch ATF Coke (62) Electricity Alumina I Electricity Pitch ATF Coke Alumina Notes: a. Other primarily relates to inventory movements and freight. SLIDE 45 SOUTH32

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