H1 FY21 Finance and Cost Analysis

REVENUE ANALYSIS Revenue analysis (US$M) H1 FY20 Revenue (excl. third party product) (a) We have seen a broad based recovery in our commodity basket to start H2 FY21 3,481 South32 commodity basket reference prices 11 (Spot to H1 FY21 average prices for reference index) 150 Spot prices Sales price (-US$233M) Alumina Manganese ore & alloy Metallurgical coal Aluminium 12 Energy coal 24 Base & precious metals Sales volume FX on revenue Ceased & sold revenue H1 FY21 Revenue (excl. third party product) (a) 3,246 47 31 62 I Base & precious metals sales price Silver 53 140 61 Zinc 145 Lead (8) Nickel (18) Sales volume by operation Illawarra Metallurgical Coal Worsley Cannington Manganese ore 20 South Africa Energy Coal (16) 20 20 Cerro Matoso (58) 13 Other operations (17) 31 21 10 60 60 130 120 110 100 EIII SOUTH32 as at 12 February 2021 Energy coal (+43%) Metallurgical coal (+26%) Nickel (+22%) 44% manganese (+19%) Aluminium (+15%) 37% manganese (+14%) Zinc (+13%) Lead (+12%) Silver (+11%) Alumina (+8%) Notes: a. Revenue includes manganese ore and alloy on a proportionally consolidated basis. Revenue for zinc, lead and silver is net of treatment and refining charges. SLIDE 15

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