Glencore Regulatory News (GLEN)

NEWS RELEASE

Baar, 28 April 2022

First Quarter 2022 Production Report

Glencore Chief Executive Officer, Gary Nagle:

"For the most part, the Group's quarterly production was in line with our expectations. However, production in Q1 2022 reflects a number of temporary impacts, including geotechnical challenges at Katanga and Covid-19 absenteeism, particularly in Australia. Koniambo's Q4 2021 higher operating rates continued into Q1 this year, while overall coal production, on a like-for-like basis, reflecting our increased Cerrejón ownership, was broadly flat period-on-period.

"Reflecting the Q1 production performance, full-year guidance is reduced for copper and cobalt, but increased for nickel and ferrochrome, while the slower than expected ramp-up at Zhairem reduces full-year zinc production guidance by 9%.

"Our Marketing activities were supported during the quarter by tight physical market conditions and periods of extreme volatility. Extrapolating our Q1 performance would see our Marketing segment's full-year earnings comfortably exceeding the top end of our long-term Adjusted EBIT guidance range of $2.2-3.2bn p.a."

Production from own sources - Total1

1. Controlled industrial assets and joint ventures only. Production is on a 100% basis, except as stated later in this report.

Q1 production highlights

• Own sourced copper production of 257,800 tonnes was 43,400 tonnes (14%) lower than Q1 2021, reflecting temporary geotechnical constraints at Katanga (14,000 tonnes), the basis change arising from the sale of Ernest Henry in January 2022 (11,000 tonnes) and lower copper units produced within Glencore's zinc business.

• Own sourced zinc production of 241,500 tonnes was 41,000 tonnes (15%) lower than Q1 2021, reflecting Mount Isa Covid-19 related absenteeism (21,300 tonnes) and the planned mining cessation of Iscaycruz in Peru in Q3 2021 (20,300 tonnes).

• Own sourced nickel production of 30,700 tonnes was 5,500 tonnes (22%) higher than Q1 2021, primarily reflecting Koniambo operating both production lines in 2022.

• Attributable ferrochrome production of 387,000 tonnes was 12,000 tonnes (3%) below Q1 2021.

• Coal production of 28.5 million tonnes was 4.0 million tonnes (16%) higher than Q1 2021, mainly reflecting higher attributable production from Cerrejón, following the acquisition in January 2022 of the remaining two-thirds interest that Glencore did not already own. On a like-for-like basis, the increase was 0.4 million tonnes (1%).

• Entitlement interest oil production of 1.5 million barrels of oil equivalent was 0.4 million barrels (40%) higher than Q1 2021, due to commencement of the gas phase of the Alen project in Equatorial Guinea from March 2021.

Production guidance

1 Excludes Volcan

Changes to guidance mainly reflect:

• Copper: down 40kt (3%) and cobalt down 3kt (6%) - Katanga's temporary geotechnical constraints

• Nickel: up 3kt (3%) and ferrochrome up 40kt (3%) - Q1 quarterly performance

• Zinc: down 100kt (9%) - persistent challenges in ramping up processing capabilities at Kazzinc's Zhairem operation

Corporate update

• Our Marketing activities were supported during the quarter by tight physical market conditions and periods of extreme market volatility. Extrapolating our Q1 performance would see our Marketing segment's full-year earnings comfortably exceeding the top end of our long-term Adjusted EBIT guidance range of $2.2-3.2bn p.a.

To view the full report please click: https://www.glencore.com/dam/jcr:0c94a1fc-19ab-46b9-9289-7d66080d391a/GLEN_2022-Q1_ProductionReport.pdf

For further information please contact:

www.glencore.com

Glencore LEI: 2138002658CPO9NBH955

Notes for Editors

Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 responsibly-sourced commodities that advance everyday life. Through a network of assets, customers and suppliers that spans the globe, we produce, process, recycle, source, market and distribute the commodities that enable decarbonisation while meeting the energy needs of today.

Glencore companies employ around 135,000 people, including contractors. With a strong footprint in over 35 countries in both established and emerging regions for natural resources, our marketing and industrial activities are supported by a global network of more than 40 offices.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

Glencore recognises our responsibility to contribute to the global effort to achieve the goals of the Paris Agreement. Our ambition is to be a net zero total emissions company by 2050. In August 2021, we increased our medium-term emission reduction target to a 50% reduction by 2035 on 2019 levels and introduced a new short-term target of a 15% reduction by 2026 on 2019 levels.

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