Acquisition of Sierra Gorda Copper Mine

South32 Limited

(Incorporated in Australia under the Corporations Act 2001 (Cth))

(ACN 093 732 597)

ASX / LSE / JSE Share Code: S32 ADR: SOUHY

ISIN: AU000000S320

south32.net

22 February 2022

SOUTH32 COMPLETES ACQUISITION OF 45% INTEREST IN SIERRA GORDA COPPER MINE

South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) is pleased to announce that today we completed the acquisition of a 45% interest in the Sierra Gorda copper mine from Sumitomo Metal Mining and Sumitomo Corporation (collectively Sumitomo)[1]. The final purchase price includes a US$1.4B upfront cash payment[2] plus a contingent price-linked consideration component of up to US$500M, payable at threshold copper production rates and prices in the years 2022-25. The upfront consideration was funded from cash on hand (~US$600M) and an acquisition debt facility (~US$800M).

South32 Chief Executive Officer, Graham Kerr said: "Our acquisition of an interest in the Sierra Gorda copper mine is a major milestone for South32. By adding copper to our portfolio, along with our recent commitments to substantially increase our green aluminium production, we are making significant progress reshaping our portfolio for a low carbon future.

"Sierra Gorda will immediately contribute to earnings, improve Group operating margins and give South32 long term exposure to a metal that is increasingly hard to discover, develop and produce. We believe copper will play a key role in the world's decarbonisation and energy transition."

Production, operating unit costs and capital expenditure guidance for South32's interest in Sierra Gorda over the remainder of FY22 from completion is included in the table below. FY23 guidance will be provided with our FY22 Financial Results.

About us

South32 is a globally diversified mining and metals company. Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources. We produce commodities including bauxite, alumina, aluminium, metallurgical coal, manganese, nickel, silver, lead, zinc and copper from our operations in Australia, Southern Africa and South America. With a focus on growing our base metals exposure, we also have two development options in North America and several partnerships with junior explorers around the world.

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

Approved for release by Graham Kerr, Chief Executive OfficerJSE Sponsor: UBS South Africa (Pty) Ltd22 February 2022

Forward-looking statements

This release contains forward-looking statements, including statements about trends in commodity prices and currency exchange rates; demand for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated productive lives of projects, mines and facilities; and provisions and contingent liabilities. These forward-looking statements reflect expectations at the date of this release, however they are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this release. Readers are cautioned not to put undue reliance on forward-looking statements. Except as required by applicable laws or regulations, the South32 Group does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance. South32 cautions against reliance on any forward looking statements or guidance, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption arising in connection with COVID-19.