Financial information

South32 Completes Acquisition of Additional Stake in MRN

PRESS RELEASE

May 2, 2022

SOUTH32 COMPLETES ACQUISITION OF ADDITIONAL STAKE

IN MINERAÇÃO RIO DO NORTE

South32 Limited (South32) is pleased to announce that it has completed the acquisition of an additional 18.2% stake in MineraCaliforniao Rio do Norte (MRN) bauxite mine in northern Brazil of Alcoa Corporation (Alcoa).

The acquisition increases our stake in the mine to 33% and secures the bauxite needs of our integrated aluminum supply chain in Brazil.

Additionally, on January 6, 2022, we announced our intention to participate in the restart of the Alumar (Brazil Aluminium) aluminum smelter with our joint venture partner Alcoa, with first production achieved in the June 2022 quarter. Brazil Aluminum’s share will be powered by cost-effective 100% renewable energy, placing the smelter in the second quartile of the global aluminum site cost curve1.

The acquisition of an increased stake in MRN is also an important step as we work with our joint venture partners to complete a pre-feasibility study for the MRN life extension project, potentially extending the life of mine for over 20 years.2. The pre-feasibility study is expected to be completed in the first half of FY23.

CEO of South32

We are pleased to finalize the acquisition of ainterest in MineraCaliforniao Rio do Norte, securing better access to bauxite for our integrated aluminum supply chain.

investment in Brazil, including participation in the restart of the Alumar smelter using 100% renewable energy, and our planned increased participation in Mozal Aluminum which benefits from access to hydroelectric power, we plan to double our production green energy

About Us

South32 is a globally diversified mining and metallurgical company. Our goal is to make a difference by developing partners to realize the potential of their resources. We produce raw materials such as bauxite, alumina, aluminum, copper, silver, lead, zinc, nickel, metallurgical coal and manganese from our operations in Australia, Africa australia and South America. With a focus on growing our exposure to base metals, we also have two development options in North America and several partnerships with young explorers around the world.

  • 1 Based on CRU 2021 aluminum cost model.

  • 2 Production Target Disclaimer: The information in this news release that refers to the production target and forward financial information for MNR is based on Measured (63%), Indicated (9 %) and presumed (28%). The mineral resources underlying the production target have been prepared by a competent person in accordance with the JORC code of geological confidence associated with inferred mineral resources and there is no certainty that further exploration work will result in the determination indicated mineral resources or that the production target will be achieved. The stated production target is based on South32’s current expectations regarding future results or events and should not be relied upon solely by investors when making investment decisions. Further evaluative work and appropriate studies are needed to establish sufficient confidence that this objective will be achieved. South32 confirms that the inclusion of 28% tonnage of Inferred Mineral Resources is not the determining factor for the viability of the project and the project anticipates a positive financial performance using 72% tonnage (63% Measured Mineral Resources and 9 % indicated). South32 is therefore satisfied that the use of inferred mineral resources in the production target and forward financial information reports are reasonable.

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Investor Relations Alex Volante

Tom Galop

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+61 8 9324 9029

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+61 8 9324 9030

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+61 403 328 408

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+61 439 353 948

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[email protected]

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[email protected]

Media Relations Jamie Macdonald

Miles Godfrey

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+61 8 9324 9000

M + 61 415 325 906

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+61 408 925 140

E Miles Godfrey@south32.net

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[email protected]

Further information about South32 can be found at www.south32.net.

SOUTH32 COMPLETES ACQUISITION OF ADDITIONAL STAKE IN MINERACÃO RIO DO NORTH