H1 FY21 Finance and Cost Analysis

a. Notes: FY20 net cash 298 Free cash flow from operations excluding capital expenditure 426 52 185 CASH FLOW ANALYSIS (US$M) Our disciplined approach to capital allocation balances investment in our business with returns to shareholders Timing differences that are expected to unwind in H2 FY21 I have resulted in excess cash being retained in our manganese EAI Capital expenditure Shareholder returns (US$276M) (US$160M) III SOUTH32 Net distributions from manganese EAI 19 Sustaining capital expenditure (excluding EAI) Major project capital expenditure (excluding EAI) 91 48 48 Dividends paid The Board has resolved to pay a fully franked ordinary dividend of US 1.4 cents per share (US$67M) on 8 April 2021. On-market share buy-back 112 Other20 65 59 H1 FY21 net cash H1 FY21 build in working capital following a temporary increase in inventory and higher commodity prices has partially released to cash in January 2021 as expected 275 January 2021 net cash 452 Proceeds from precious metals royalties sale (e) 40 67 259 Interim ordinary dividend SLIDE 19 Remaining capital management program

View entire presentation