South32 — company, asset and project record

South32 Limited is the listed parent described in the selected annual reports as a diversified mining and metals company. Across FY2021–FY2025 its reported products included bauxite, alumina, aluminium, metallurgical coal, manganese ore and alloy during the relevant ownership periods, nickel/ferronickel, copper, silver, lead and zinc. Its operating footprint was reported across Australia, Southern Africa and the Americas, with development and exploration interests in North America, South America, Australia and other jurisdictions. This is a five-year record of what South32 reported for each year ended 30 June; it is not a current, timeless asset list.

Reporting entity and changing boundary

• Financial-statement results are the consolidated statutory result of South32 and its controlled entities, prepared under the accounting basis described in the relevant annual report. They should not be added to operational Underlying results.
• South32's Underlying operational and financial review metrics use a different presentation for material equity-accounted investments: the annual reports explain that such interests are proportionally consolidated for those non-IFRS measures. This is especially relevant to non-operated Brazil Alumina/MRN, Brazil Aluminium, Sierra Gorda and manganese interests.
• The operational basis is also not identical to the sustainability basis. The latter generally covers subsidiaries and operated joint arrangements on a 100% basis, with explicit exclusions for non-operated joint ventures in later reports. An ownership-share production or financial figure must therefore not be converted into a site sustainability total, or the reverse.
• Resource and Ore Reserve tables are generally stated at 100% terms at the stated reporting date, with South32's ownership interest separately disclosed. A Mineral Resource, Ore Reserve, foreign estimate, production result and exploration target are different record types and are kept separate in this report.

Interest, operator and accounting distinctions that recur in the record

Evidence and status convention

The record uses the following labels rather than converting a reported intention into an outcome.

• Actual / reported event means an FY result, transaction, accounting classification or position reported by South32.
• Approval means an approval was reported; it does not mean a project was built, commissioned or reached its stated capacity.
• Study / guidance / expected remains prospective as at that annual report's reporting date.
• Post-balance-date identifies an event after 30 June in the annual report in which it appeared. It is not moved backward into the prior FY actual column.
• Not disclosed means the selected annual-report evidence does not disclose a comparable item. It is not converted into zero.
• Not comparable is used where ownership, operating period, product mix, accounting presentation or scope changed. Examples include SAEC/TEMCO removal, the Mozal interest increase, Sierra Gorda's acquisition-period FY22 data, IMC's held-for-sale/discontinued-operation presentation, and the Australia Manganese suspension/recovery period.

This timeline retains reported transactions, project decisions, material operating interruptions, accounting changes, funding/distribution actions and portfolio-boundary changes. It is deliberately detailed: later portfolio exits do not remove a historical operation from an earlier financial year.

FY2021 — SAEC and TEMCO exits; legacy portfolio still includes Illawarra

• 31 December 2020 / 4 January 2021 accounting/legal dates — TEMCO: South32 reported the effective accounting date for the TEMCO manganese-alloy-smelter divestment as 31 December 2020, with GEMCO's legal completion of the TEMCO shareholding sale on 4 January 2021. TEMCO's FY21 alloy production was 51kt and its FY21 underlying EBIT contribution was a US$4m loss. It was not an FY22 operating portfolio asset.
• 1 June 2021 — SAEC sale completed: South Africa Energy Coal was sold to a Seriti subsidiary and employee/community-benefit trusts. South32 reported SAEC had been wholly owned until completion and that FY21 contained 11 months of SAEC activity. The sale therefore changed both portfolio and comparative-boundary interpretation.
• FY21 — Metalloys: the South Africa manganese-alloy smelter remained on care and maintenance following its FY20 placement. It was not reported as operating alloy output.
• February 2021 — Dendrobium Next Domain: the NSW Independent Planning Commission refused the application. South32 sought judicial review, considered revised mine-plan options and scaled back activity. The associated FY21 IMC property, plant and equipment impairment was US$728m; the report linked it to approval uncertainty and broader-complex economics.
• FY21 — Cerro Matoso improvement projects: South32 approved Queresas and Porvenir and OSMOC as improvement/life-extension projects. They were approvals/projects at this point, not a new mine or a forecast production outcome.
• FY21 — Eagle Downs: feasibility study work completed during the December 2020 quarter. South32 reported it decided not to proceed at that time and placed the 50%-held metallurgical-coal project on hold while partners assessed options.
• FY21 — Hermosa: Taylor pre-feasibility work continued but planned completion was delayed by COVID-19 workforce restrictions. Clark scoping-study preliminary outcomes indicated technical viability for battery-grade manganese, while marketing studies continued; neither was a construction approval.
• FY21 — Ambler Metals: the 50/50 joint venture continued Arctic PFS, resource drilling and regional exploration. The report recorded Ambler Access Road pre-development after federal permits, with no operating-mine declaration.
• FY21 — exploration footprint: South32 reported more than 20 greenfield exploration partnerships/projects, US$18m early-stage greenfield spend and US$39m exploration at existing operations/development options.
• FY21 capital actions: the company repurchased 172m shares for US$346m. It reported US$1.66bn returned under its US$1.88bn capital-management program as at 30 June 2021, later expanding the program to US$2.00bn after year end.

FY2022 — copper and Brazilian-chain acquisitions; Alumar smelter restart

• 22 February 2022 — Sierra Gorda acquisition: South32 completed purchase of a 45% interest in Sierra Gorda S.C.M.; KGHM held 55%. FY22 operational metrics cover 22 February–30 June only and must not be read as a full FY22 ownership-period comparison.
• April 2022 — MRN interest increase: South32 completed acquisition of an additional 18.2% MRN share, taking its interest to 33%. The related 36% Alumar refinery interest remained separately reported.
• 31 May 2022 — Mozal interest increase: South32 acquired a further 16.6% of Mozal, taking its interest to 63.7%. The company explicitly stated that FY21 was not restated in its operating-table comparison.
• June quarter FY22 — Brazil Aluminium restart: the 40%-owned Alumar smelter, on care and maintenance since 2015, produced first metal. South32 share production was 0.3kt and no revenue was reported as inventory was being built under the restart plan; the report recorded a US$44m underlying EBIT loss from restart costs.
• FY22 — Worsley and Brazil Alumina operating conditions: Worsley reported record 3.991Mt saleable alumina production. Brazil Alumina output was affected by a July 2021 bauxite-ship-unloader incident but the refinery returned to stated nameplate capacity from October 2021.
• FY22 — Illawarra: the complex's total production fell 15%, with the report citing longwall moves, cessation of low-margin coal-wash-material sales, weather and COVID-19 labour restrictions. The report subsequently stated South32 would not proceed with Dendrobium Next Domain; this was a post-reporting-period announcement, not FY22 operating completion.
• FY22 — Hermosa: South32 completed Taylor PFS in January 2022 and commenced feasibility study. It reported US$97m growth capital and the start of water-plant and shaft-engineering work; then-current FID timing was planned, not realised.
• FY22 — Ambler: right-of-way permits previously issued to AIDEA for the access road were temporarily suspended in May 2022 for further FEIS work; South32 and its JV partner assessed the impact on access-road studies.
• FY22 — group capital allocation: the report recorded US$1.534bn acquisitions, US$788m shareholder returns during the year and US$700m 4.35% notes due 2032 issued to support the Sierra Gorda acquisition.
• FY22 safety event: a contractor was fatally injured while undertaking electrical work at Wessels Mine in November 2021; South32 reported investigation and follow-up actions.

FY2023 — Taylor impairment-period record; GEMCO life-extension approval; portfolio studies

• August 2022 (reported in FY23) — Dendrobium Next Domain no-proceed: South32 decided not to proceed after study work and alternatives analysis, and wrote off US$51m pre-tax of previously capitalised costs. Existing Appin/Dendrobium operations remained in the portfolio during FY23.
• FY23 — Sierra Gorda: South32 reported full-year 45% interest metrics after the FY22 acquisition. It switched the site to 100% renewable electricity from January 2023 and progressed de-bottlenecking/third-tailings-thickener work. A fourth-grinding-line expansion was a study, not FID or installed capacity.
• FY23 — Cerro Matoso: OSMOC commissioned. South32 reported that it partly offset natural grade decline and enabled the 15-year mining-contract extension from 2029 to 2044.
• FY23 — Australia Manganese: the Board approved the Eastern Lease South life-extension project. First ore was expected in FY25; it was not yet a FY23 production outcome.
• FY23 — Chita Valley: South32 exercised its earn-in right to acquire a controlling stake in the Argentine copper exploration project. The report did not declare an Ore Reserve or a commercial mine on that basis.
• May 2023 — Hermosa FAST-41: the Federal Permitting Improvement Steering Council confirmed Hermosa as the first mining project added to the FAST-41 process. South32 also reported Water Treatment Plant 2 completed in early June 2023 with commissioning well advanced.
• FY23 — Taylor accounting and study work: South32 advanced the feasibility study and, after year end, reported an updated resource. The financial statements recognised a US$1.3bn impairment of Taylor, citing delayed first production associated with COVID restrictions, dewatering requirements and capital-cost escalation/inflation. The report recorded FY23 planned FID timing as a forward-looking item, not a completed decision.
• FY23 — Clark/Peake/Flux: Clark pre-feasibility selection work completed and pilot-plant production commenced. Peake and Flux remained targets within the regional land package; future drilling/decline activities remained prospective.
• FY23 — Mozal safety event: two colleagues died in a November 2022 raising-girder maintenance incident. South32 reported investigation completion, shared learnings and additional controls at Mozal and Hillside.
• FY23 — exploration: total spend was US$107m, comprising US$36m brownfield and US$71m greenfield exploration.
• FY23 capital return: 83m shares were bought back for US$218m; annual ordinary dividends announced totalled US$369m. A US$50m program expansion after year end is preserved as post-balance-date.

FY2024 — Taylor FID; cyclone disruption; coal exit agreements and classifications

• 15 February 2024 — Taylor FID: South32 announced final investment approval for the 100%-owned Taylor zinc-lead-silver development. Approved investment was US$2.16bn; first-production timing was stated as expected in H2 FY27 and therefore remains guidance rather than an FY24 result.
• FY24 — Hermosa: US$372m was spent on critical-path infrastructure and Taylor/Clark studies/permitting, plus US$24m on Hermosa exploration. Taylor resource/reserve disclosures, investment and sensitive accounting inputs remain separate from claims about commissioning.
• 16–17 March 2024 — Tropical Cyclone Megan: record rainfall and severe wind affected Australia Manganese, with flooding, material critical-infrastructure damage and an operational suspension. South32 reported recovery work/dewatering had commenced. FY24 saleable production fell 34% to 2,324kwmt; the report separately identified US$93m idle-capacity/remediation costs excluded from underlying EBIT.
• June 2024 — Metalloys agreement: South Africa Manganese entered a binding divestment agreement for the 60%-effective alloy smelter, which remained on care and maintenance through the FY24 report date.
• February 2024 / FY24 — IMC disposal agreement: South32 signed a binding agreement to sell 100%-owned Illawarra Metallurgical Coal to an entity owned by GEAR and M Resources. At 30 June it was classified held for sale and as a discontinued operation. The report disclosed US$1.300bn upfront/deferred cash consideration plus contingent consideration up to US$350m, subject to terms/adjustments, and a US$197m pre-tax impairment reversal after reclassification.
• FY24 — Eagle Downs held for sale: the 50% interest was classified held for sale. The sale completed after balance date on 12 August 2024 for reported upfront and contingent/royalty consideration; it was not a discontinued operation.
• FY24 — Worsley: a temporary bauxite-conveyor outage constrained Q4 supply. The July 2024 WA EPA recommendation and South32 appeal were post-balance-date regulatory developments, not an FY24 final approval outcome.
• FY24 — Cerro Matoso: South32 continued a strategic review due to structural nickel-market changes. FY24 did not report a sale or closure outcome.
• FY24 — portfolio exploration: South32 acquired 50.1% of Chita Valley and increased its Aldebaran Resources interest to 14.8%; it entered the Noronex earn-in/strategic alliance after balance date.
• FY24 shareholder/capital actions: capital expenditure excluding exploration/intangibles was US$1.357bn including EAIs. It returned US$198m during FY24, while final dividend and a US$200m future buy-back allocation were post-balance-date Board actions.

FY2025 — coal/alloy exits completed; manganese recovery; later Cerro Matoso and Mozal actions remain subsequent events

• 12 August 2024 — Eagle Downs and PKCT: South32 reported completion of sales of the 50% Eagle Downs interest and the 16.7% Port Kembla Coal Terminal interest. FY25 disclosures for these interests are limited to the ownership period.
• 29 August 2024 — IMC sale: the Illawarra Metallurgical Coal sale completed. FY25 transformed-portfolio production and financial presentation exclude IMC; its historical resource/reserve appendix inclusion does not establish FY25 operating ownership.
• 3 June 2025 — Metalloys sale: South32 reported completed divestment of the care-and-maintenance manganese-alloy smelter.
• FY25 — Australia Manganese recovery: recovery from Cyclone Megan included dewatering, infrastructure repair/replacement, wharf reconstruction and Western Leases bridge work. South32 reported more than 317,000 recovery/rebuild hours, removal of more than 970 tonnes of steel and 740 tonnes of concrete from the seabed, and export-sales resumption in May 2025. The FY25 underlying EBITDA result was a US$105m loss; US$133m recovery/idle-capacity costs were adjusted out of underlying EBITDA.
• FY25 — Worsley MDP: the report recorded primary federal approval and mining beginning in new MDP bauxite areas in Q4 FY25. Secondary approvals and future production/capex were still conditional/guidance items.
• FY25 — Brazil Alumina: Phase Two Debottlenecking was paused for further execution-plan and operational-readiness work. MRN West Zone feasibility continued; licensing/transmission facts and potential future FID/spend are kept as stated planning items.
• FY25 — Sierra Gorda: fourth-grinding-line feasibility remained in progress. Its approximately 20% potential throughput statement was study-stage; it was not FY25 installed throughput.
• FY25 — Hermosa: ventilation-shaft sinking continued, main-shaft sinking began in Q4 and process-plant construction began in Q4. The US Forest Service issued a Draft EIS in May 2025; final-EIS timing remained forward-looking.
• FY25 — Cannington: South32 completed a mine-plan review and stated future volume/grade/processing plans. These plans are not retroactively FY25 production results.
• 7 July 2025 — Cerro Matoso sale agreement, subsequent event: after FY25 year end South32 announced a binding agreement to divest Cerro Matoso for nominal upfront consideration plus potential future payments up to US$100m. Completion was expected in late H1 FY26 subject to conditions/waiver; it was not a FY25 completed disposal.
• 14 August 2025 — Mozal decision, subsequent event: South32 stated it would limit investment because of power-supply uncertainty and expected care and maintenance in March 2026 absent sufficient affordable power. This is not a FY25 closure event.
• FY25 shareholder/capital record: FY25 shareholder returns were US$350m (US$294m ordinary dividends and US$56m buy-back). Net cash at 30 June 2025 was US$123m compared with FY24 net debt of US$762m. The remaining capital-management-program extension was a future Board action, not FY25 operating cash flow.

The map below is a temporal status register. It does not treat sale, care and maintenance, a study, a resource estimate or a post-balance-date agreement as a currently operating asset.

Aluminium value chain

Manganese system

Americas and base-metals system

Historical and divested coal/alloys record

Portfolio status at 30 June 2025, with subsequent-event qualifiers

At FY25 year end the active reported operating or development boundary included Worsley, Brazil Alumina/Brazil Aluminium interests, Hillside, Mozal, Sierra Gorda, Cannington, Hermosa, Cerro Matoso and the two manganese systems. IMC, Eagle Downs, PKCT and Metalloys had completed their reported divestments by or during FY25. Cerro Matoso remained reported within FY25 results, while the sale agreement disclosed on 7 July 2025 was subsequent. Mozal remained an FY25 operating result; the power-related decision disclosed 14 August 2025 was also subsequent.

Group outcome record

The table juxtaposes reported measures rather than treating them as one accounting series. Underlying measures are South32-defined non-IFRS measures; statutory result is the consolidated reported result. FY24 continuing-operation revenue and FY24 underlying figures use different stated scope, including the treatment of IMC, and are preserved accordingly.

Comparability notes. FY2021 revenue/result included SAEC for 11 months and reflected IMC impairment and the SAEC disposal. FY2022 reported internal changes including proportional presentation of material equity-accounted investments for Underlying results and portfolio-acquisition effects. FY2023 statutory loss included Taylor impairment. FY2024 continuing-operations statutory revenue excludes IMC whereas FY24/23 Underlying figures included IMC as stated by South32. FY2025 presentation excludes IMC after its August 2024 sale and includes Australia Manganese suspension/recovery effects. These rows should not be used to calculate a synthetic unqualified trend.

Statutory-result and accounting events retained by FY

• FY2021: statutory loss after tax was US$195m despite US$1.564bn Underlying EBITDA. South32 reported US$764m pre-tax impairment losses, principally US$728m IMC PPE impairment connected to Dendrobium Next Domain approval uncertainty; US$159m pre-tax net loss on SAEC disposal; and other listed tax, foreign-exchange, restructure, royalty and investment adjustments.
• FY2022: statutory profit after tax was US$2.669bn. The report separated statutory revenue (US$9.269bn) from US$10.630bn Underlying revenue, including third-party products/services, and explained that material equity-accounted JVs were proportionally consolidated for Underlying performance.
• FY2023: statutory loss after tax was US$173m. The Taylor impairment totalled US$1.3bn, allocated by South32 among other mineral assets, assets under construction and exploration/evaluation; Taylor recoverable amount was reported as US$482m on a fair-value-less-costs-of-disposal basis. Those accounting disclosures are not a target-price calculation.
• FY2024: statutory loss after tax was US$205m. IMC was a discontinued operation/held-for-sale disposal group, for which the report disclosed a US$197m pre-tax impairment reversal after reclassification. Eagle Downs was held for sale but not a discontinued operation.
• FY2025: profit after tax attributable to members was US$213m. South32 reported a US$118m Cerro Matoso impairment and US$372m Mozal Aluminium impairment. The July 2025 Cerro Matoso sale agreement and August 2025 Mozal power decision are subsequent disclosures, not FY25 accounting completion of those outcomes.

Capital expenditure and project/capital allocation record

Shareholder-return and financing record

• FY2021: ordinary dividends were 4.9 US cents per share and special dividends 2.0 US cents per share. The stated ordinary-dividend policy was at least 40% of Underlying earnings after each half, subject to Board discretion. The announced US$2.0bn capital-management-program increase occurred after year end.
• FY2022: US$788m was returned during the financial year, comprising US$567m ordinary dividends, US$93m special dividends and US$128m for 46m shares. A further H2 ordinary and special dividend resolution was post-year-end.
• FY2023: ordinary dividends announced totalled US$369m. The company reported US$1.007bn dividends paid and US$218m buy-back allocation during the year, with different period labels in its shareholder-return footnote; they must not be summed again as the same measure.
• FY2024: US$198m was returned during the year, US$163m through ordinary dividends and US$35m buy-backs. The US$140m final dividend and US$200m future buy-back allocation were Board actions after 30 June.
• FY2025: shareholder returns were US$350m, comprising US$294m fully franked ordinary dividends and US$56m through buy-back. The buy-back purchased 26m shares at an average A$3.39. A US$117m final dividend resolution and capital-program extension were future/post-year-end actions at report date.

Operation-level financial-basis examples that must not be conflated

• FY2022 operational table data separately reported Worsley (US$1.625bn underlying revenue/US$386m underlying EBIT), Brazil Alumina (US$524m/US$89m), Brazil Aluminium (US$44m loss with no FY22 revenue), Hillside (US$2.254bn/US$666m), Mozal (US$924m/US$271m), Sierra Gorda (US$241m/US$75m from acquisition), Cannington (US$736m/US$315m), Cerro Matoso (US$929m/US$463m), IMC (US$2.338bn/US$1.388bn), Australia Manganese (US$848m/US$402m) and South Africa Manganese (US$419m/US$58m). These reflect the report's operation-specific and ownership-period bases, not segment sums to be recomputed here.
• FY2024 and FY2025 EAI financing and distributions remain separate from consolidated cash flow. For example, FY2025 reported US$176m cash distributions from Sierra Gorda and US$110m net funding to manganese EAIs; the latter included recovery funding/loan drawdown and a small dividend offset.
• South32's published commodity/currency sensitivity tables are scenario measures. They are not earnings forecasts, valuation inputs, or an MII investment conclusion.

Reporting boundary and physical chain

Worsley Alumina is an 86%-owned operated joint operation in south-west Western Australia; Japan Alumina Associates and Sojitz Alumina held 10% and 4% respectively in FY2023–FY2025. The annual reports describe one integrated chain: shallow lateritic bauxite near Boddington is mined by conventional open-pit truck-and-shovel methods, moved by overland conveyor to the Collie-area refinery, processed through the Bayer process, and railed to Bunbury for shipment. South32 reported that Worsley alumina supplied Hillside and Mozal as well as other smelters. The numerical operating and financial data below are South32-share measures unless a row explicitly says 100% basis; the reported refinery nameplate capacity is 4.6Mtpa on a 100% basis. The bauxite mine, refinery, MDP approvals and Resources/Reserves are therefore related but are not interchangeable measurements.

Five-year bauxite access, residue and energy record

• FY2021 — studies and operating record. South32 reported a mud-washing energy-efficiency project in pre-feasibility and a coal-to-gas conversion study; it expected both PFS outcomes in FY2022. These were contemporaneous study/plan statements, not completed energy conversions. Worsley accounted for part of the group’s material Scope 1 and 2 emissions. Its FY2021 site TRIF was 6.8, and stated community investment was US$1.1m.
• FY2022 — access and residue work. The report continued to identify investment in new mining-area access and bauxite-residue disposal capacity. It reported TRIF of 6.5. No report statement converts these group-level activities into a separate mine-production figure, so the table retains only refinery alumina output.
• FY2023 — conversion commenced. The first coal-fired boiler conversion to natural gas commenced. South32 separately described FY2023 capital as US$49m safe/reliable and US$33m improvement/life extension. The report said Worsley’s “very high” consequence tailings facilities were the only such facilities in its FY2023 GISTM disclosure.
• FY2024 — completed first two boiler conversions and MDP approval process. South32 said the first two coal-fired boilers had been converted to natural gas and that this reduced Worsley operational GHG emissions by more than 10% against the FY2021 level. The 8 July 2024 WA EPA recommendation that the MDP could proceed subject to conditions was after the 30 June 2024 balance date. South32 appealed aspects of the recommendation and stated an aim to secure approvals by end-CY2024. The annual report treated regulatory approval for future mining areas as a material assumption in the Worsley impairment assessment; it did not state that approval was then resolved.
• FY2025 — approvals and new areas. South32 reported receipt of the primary federal MDP approval and commencement of mining in the new areas in Q4 FY2025. It said the new areas may sustain production to at least FY2036, subject to secondary approvals. This is a reported conditional operating-life statement, not an independently calculated mine-life forecast. FY2025 safe/reliable capex was US$87m, including additional residue-disposal capacity; improvement/life-extension capex was US$19m after the prior-year boiler conversion. The FY2025 report guided FY2026 production of 3,750kt and FY2027 production of 3,900kt, and identified Nullaga mining areas within expected FY2026 improvement/life-extension spending. Those are guidance, not FY2025 actual production.

Worsley Mine Development Project (MDP): status sequence

Mineral Resources and Ore Reserves — Worsley bauxite

The annual-report Resources and Reserves summaries are presented here in 100% terms (with the stated 86% South32 interest shown separately). They are not production, refinery throughput, reserve depletion or South32-share tonnes.

Environment, water and rehabilitation facts reported within the Worsley record

Worsley is one of the aluminium-chain operations repeatedly identified in South32’s climate and water disclosures. FY2021 said Worsley’s water target was on track. FY2023 reported GISTM work for Worsley’s very-high-consequence facilities. FY2024 reported the two boiler conversions and the group’s focus on the three highest-emitting operations, including Worsley. In FY2025 South32 reported 93% water efficiency at the refinery, reassessed the earlier contextual water objective because the refinery was not then identified as exposed to baseline water stress, and changed the objective to maintaining water security. It also stated that a Water Accounting Framework review caused a restatement of Worsley water data in the FY2025 Sustainability Databook; performance against the FY2025 water-efficiency-target sustainability-linked-loan target was therefore not evaluated. These are South32’s reported performance, risk and target disclosures; no separate site-level emissions total is imputed here.

Boundary: a linked but non-operated Brazilian chain

Brazil Alumina comprises South32’s 33% interest in the non-operated MRN bauxite mine and 36% share of the non-operated Alumar refinery. Brazil Aluminium is a separate 40% interest in the non-operated co-located Alumar smelter; Alcoa’s reported interest is 60%. MRN bauxite is supplied to shareholder refineries including Alumar; Alumar alumina is supplied to the co-located smelter and exported. The annual reports report South32-share alumina and aluminium output, but MRN Resources and Reserves on a 100% basis. They must not be aggregated into a fictional single “Brazil” mine/refinery/smelter production total.

MRN ownership and the Brazil Alumina refinery record

MRN and Alumar project chronology. In FY2021 the MRN partners were progressing a life-extension PFS said to have potential to extend mine life more than 20 years; it was a study, not an approved extension. FY2022 continued the life-extension PFS. FY2023 described a West Zone feasibility study with the same potential-life-extension wording, and reported a refinery de-bottlenecking project expected to lift capacity from FY2026. FY2024 said Phase Two work had been completed and that an MRN transmission-line FID was anticipated in FY2025; it described the line as enabling replacement of diesel generation with renewable sources. FY2025 reported a preliminary environmental licence for West Zone and FID for the transmission-line construction. South32 expected its 33% share of transmission-line capex to be about US$55m over FY2026–FY2028, including US$30m in FY2026, and described an H2 FY2026 new-mines FID as subject to approvals. These forward dates and spend figures are report-date guidance/expectations, not completed construction or mine life.

MRN Mineral Resources and Ore Reserves

Brazil Aluminium: care-and-maintenance, restart and ramp-up record

Brazil Aluminium’s renewable-power statement is specifically for South32’s share, and its costs/guidance are reported for a non-operated facility. It is not evidence that all group aluminium output is renewable-powered, nor may its figures be added to Hillside or Mozal to form a single smelter operational metric.

Boundaries, capacity and electricity arrangements

Hillside is a 100%-owned operated primary-aluminium smelter at Richards Bay, South Africa, with stated 720ktpa solid-metal capacity. Mozal is a 63.7%-owned operated joint operation near Maputo, Mozambique after South32 acquired an additional 16.6% interest on 31 May 2022; FY2022 comparator operational tables were not restated from the prior 47.1% basis. Mozal capacity was stated as 580ktpa on a 100% basis. Their production, ownership, contracts and power circumstances are recorded separately below.

Hillside: five-year operations, power and AP3XLE record

Hillside’s FY2025 report described the tariff as ZAR-based, with escalation linked to South African PPI, under the Eskom contract to 2031. South32 said it was working with Eskom and other stakeholders on low-carbon-electricity pathways. This is an engagement/contract statement, not a report that an alternative supply had been contracted. Site safety data reported in the operating pages include FY2021 TRIF 0.5, FY2022 TRIF 1.3, FY2023 LTIF/TRIF 1.7/3.0, FY2024 0.8/1.6, and FY2025 operation-specific anti-bribery-and-corruption risk assessment and Board visit disclosure. FY2023 and FY2024 stated community investment was US$9.1m and US$7.3m respectively.

Mozal: ownership change, recovery, power horizon and subsequent-event separation

Mozal’s report-described power arrangement used hydroelectricity generated by Hidroeléctrica de Cahora Bassa, supplied via Eskom, with Eskom providing backup energy when hydro generation fell below contractual minimum supply. FY2023 reported that South32 was working to extend hydroelectric supply beyond 2026; it had not reported an executed extension. FY2024 stated that no viable alternative renewable suppliers existed at the required scale and that the group was working with Eskom and the Mozambican Government. The FY2024 financial-report note said management assumed an extension to 2030 could be achieved on mutually acceptable terms, while explicitly identifying extension and pricing uncertainty; this was an impairment-model assumption, not a concluded supply agreement.

FY2025 post-balance-date power uncertainty must remain separate from FY2025 operating actuals. On 14 August 2025, after the 30 June 2025 reporting date, South32 decided to limit Mozal investment due to uncertainty about sufficient and affordable electricity after the current agreement expires in March 2026. It stated that, without such supply, it expected to place the smelter on care and maintenance at the end of that agreement. The report gave FY2026 guidance of 240kt, based on fewer pots and operation only to March 2026; it also said it was stopping pot relining. These are subsequent-event/company expectation statements, not evidence that Mozal had entered care and maintenance during FY2025. The FY2025 financial results included a US$372m Mozal impairment, which is a reported accounting outcome rather than a forecast of final operating status.

Smelter decarbonisation and community/safety facts, without merging sites

South32’s FY2021 report identified the aluminium smelters among its major operational-emissions assets; it recorded AP3XLE activity at both sites. FY2022 described AP3XLE deployment at Hillside and Mozal, while FY2023 said rollout at Mozal was well advanced and expected to conclude in FY2024. FY2024 recorded 36% AP3XLE conversion at Hillside and continued efforts to secure low-carbon solutions at both smelters. FY2025 said Hillside, Mozal and the Worsley refinery were its highest-emitting operations, and that Mozal then had a renewable electricity supply contract. These operation-specific disclosures do not provide a common smelter emissions denominator and are not turned into one consolidated “smelter reduction” claim here.

For Mozal, FY2022 disclosed a US$162,000 fine paid in March 2022 in connection with a June 2021 fume-treatment-plant process failure; this was separately reported from the annual report’s statement that no environmental event in FY2022 resulted in a major environmental impact. The FY2023 fatal maintenance incident is retained above as a safety event rather than inferred as a power or production event. FY2025 described emergency arrangements during civil unrest—transport-route monitoring, safe accommodation, communications and stakeholder engagement—and reported no safety/security incidents or grievance complaints specifically related to that response. These facts do not remove the separately disclosed longer-term power uncertainty.

Operating boundary, names and measurement basis

Australia Manganese is the South32-operated manganese-ore joint arrangement on Groote Eylandt in the Northern Territory. South32 reported a 60% interest and Anglo American a 40% interest throughout the FY2021–FY2025 record. Earlier reports commonly use GEMCO (Groote Eylandt Mining Company) for the operation; this section uses Australia Manganese/GEMCO where the report itself used both descriptions. The operation was reported as an open-cut strip mine. The annual-report production, sales, revenue, EBIT and capital figures below are the reported South32-share operation measures unless a row expressly says 100% resource/reserve basis. They must not be added to South Africa Manganese, which has a different ownership and reporting basis.

GEMCO had wholly owned TEMCO until TEMCO’s divestment. The FY2021 report gives an accounting effective date of 31 December 2020 and states that the legal sale of the GEMCO shareholding completed on 4 January 2021. TEMCO is consequently historical manganese-alloy activity, not Australia Manganese ore output after that exit. Metalloys is separately addressed under South Africa Manganese and is likewise not part of the Groote Eylandt ore record.

FY2021–FY2023: record production, plant utilisation and Eastern Lease work

The FY2021 operating result also records ore underlying EBIT of US$308m in the ore discussion, while its FY2021 operating table presents US$304m for Australia Manganese. This report preserves the published operation-table figure in the annual comparison and does not manufacture a reconciliation between the two reported presentations. FY2021 ore EBIT was stated to have fallen US$21m to US$308m as lower realised price, a stronger Australian dollar and higher customer freight outweighed higher sales volume and lower maintenance.

FY2024: Tropical Cyclone Megan — interruption, damage and recovery plan

Tropical Cyclone Megan struck Groote Eylandt on 16–17 March 2024. South32 reported record rainfall, the second-strongest wind gusts in 20 years, widespread flooding and material damage to critical infrastructure. Operations were suspended in March 2024. This is an observed FY2024 event, not a later risk scenario.

The FY2024 operation record shows the interruption in the annual production and cost data: saleable output fell 34%, or 1,221kwmt, to 2,324kwmt; sales were 2,573kwmt; and ore operating unit cost increased 23% to US$2.32/dmtu FOB. The report recorded revenue of US$436m, underlying EBITDA of US$182m, underlying EBIT of US$61m, and US$93m of idle-capacity and remediation costs excluded from underlying EBIT. These earnings-adjustment costs should not be merged into ordinary operating-unit cost or presented as insurance proceeds.

At the FY2024 reporting date, the stated recovery work was dewatering targeted pits and a phased restart. The contemporaneous plan/guidance, rather than an achieved FY2024 outcome, was 1,000kwmt output in FY2025 and 3,200kwmt in FY2026. It expected mining to build stockpiles before the wet season; wharf operations were expected to resume in Q3 FY2025, subject to wet-season construction productivity, and sales were expected to increase in Q4 FY2025. FY2025 repair and infrastructure capital was expected to be about US$125m, including the wharf and a critical bridge. The FY2024 report also said insurers had confirmed property-damage and business-interruption cover, while the timing and value of recoveries remained under assessment.

The FY2024 mineral inventory summary was 138Mt total Mineral Resources and 52Mt Ore Reserves, with 5.0 years reported reserve life, all on a 100% basis. It is not comparable as an equity-attributable tonnage with the 60% South32 operating interest without an explicit ownership overlay.

FY2025: dated recovery sequence — pits, wharf, bridge and export restart

FY2025 describes the physical recovery sequence rather than merely saying that production was disrupted:

1. The FY2024 cyclone had flooded pits and damaged infrastructure. In FY2025 South32 continued dewatering and repair or replacement of affected infrastructure.
2. Work included wharf reconstruction. South32 reported more than 317,000 hours invested in wharf recovery/rebuild, with more than 970 tonnes of steel and 740 tonnes of concrete removed from the seabed.
3. The recovery program also included rebuilding the Western Leases northern-pits-to-processing-plant bridge. South32 identified that bridge expressly as FY2025 cyclone-recovery infrastructure in its recovery narrative (Annual Report 2025, pp. 22–23). It is a named link in the mine-to-processing route and is not a generic reference to site infrastructure.
4. South32 reported that export sales resumed in May 2025, in Q4 FY2025. This records a sales restart; it does not establish that every mine, pit or infrastructure component had returned to a normalised rate by 30 June 2025.

The FY2025 group report described Australia Manganese as temporarily suspended after the cyclone, while separately noting the May 2025 export-shipment restart. It recorded a US$105m underlying EBITDA loss for Australia Manganese. US$133m of idle-capacity and remediation costs on South32’s share were excluded from underlying EBITDA as an earnings adjustment. FY2025 net funding to manganese equity-accounted investments was US$110m, principally Australia Manganese recovery funding: US$93m recovery funding and US$19m shareholder-loan drawdown, partly offset by US$2m dividends. Manganese equity-accounted-investment capex was US$159m. These financing figures are group/equity-accounted-investment disclosures; they are not a production total or a substitute for asset-level capex.

For the post-FY2025 outlook, South32 gave 3,200kwmt production guidance for both FY2026 and FY2027 as normalised rates were delivered. This remains guidance and is not entered as FY2025 output. The FY2025 Resources and Reserves section presents Australia Manganese Mineral Resources and Ore Reserves at 30 June 2025 with 30 June 2024 comparative columns; the annual report says resource/reserve tonnes and grades are on a 100% basis before applying South32’s 60% interest. The source material used here does not turn those table categories into production forecasts or a synthetic five-year reserve trend.

Safety, community and reporting boundary facts

The FY2021 report recorded Australia Manganese/GEMCO TRIF of 6.3 and US$1.7m community investment. FY2022 reported TRIF of 7.1, up 13% year-on-year. These are annual disclosed metrics and should not be projected through the cyclone years when the provided annual ledgers do not give a directly comparable GEMCO-only TRIF series. The cyclone event and recovery have wider safety, environmental, community and risk disclosures elsewhere in the report; this operating section retains only the operation-specific event, infrastructure and production record.

Ownership, legal interest and reporting basis

South Africa Manganese is an operated manganese system in South Africa’s Kalahari Basin. Its mine record comprises the Mamatwan open-cut mine and the Wessels underground mine at/within the Hotazel Manganese Mines (HMM) reporting structure. The two mines produce manganese fractions for blending: the FY2025 report describes Mamatwan as a conventional drill-and-blast open pit and Wessels as an underground bord-and-pillar operation.

The ownership and accounting labels change the meaning of every reported number and are retained as reported:

• South32 held 60% of Samancor Holdings. That vehicle held 74% of HMM, which produced a 44.4% legal interest for South32.
• The remaining 26% of HMM was held by B-BBEE entities.
• FY2021 described a 60% accounting effective-interest presentation while B-BBEE vendor-finance loans were outstanding.
• FY2022 onward describes the ore business as reported at 54.6% until specified vendor-finance loans are repaid through distributions.
• FY2025’s reporting-boundary information states South32’s ore share as 54.6% while identifying Hotazel’s ownership line as 44%. The labels should not be substituted for each other or used to calculate an unreported attributable total.

Metalloys is a manganese-alloy smelter associated with the South Africa Manganese structure, not a Wessels or Mamatwan ore mine. It had been on care and maintenance since FY2020. It remained a separate reporting item while owned and was divested in FY2025; its history is retained here only to prevent the ore record from being confused with alloy production.

FY2021–FY2025 mine, logistics and financial record

Resource and reserve record — keep the named deposits and categories separate

The resource/reserve disclosures are 100% terms in the annual report and require an ownership-share overlay; they are not production or sales figures. Named 30 June 2021 Mineral Resources were:

The annual summaries then reported the following aggregate South Africa Manganese resource/reserve records while keeping detailed Wessels/Mamatwan tables in the Resources and Reserves pages:

The FY2025 report states that Mamatwan and Wessels produce manganese fractions for blending and presents individual deposits in the Resource and Reserve tables. That structure is retained: the Mamatwan zones, Wessels bodies, Mineral Resources and Ore Reserves are not merged into a single “Hotazel reserve” figure in this record.

Safety, communities and continuity of operations

The provided annual-report ledgers contain annual operational, community and safety facts that should stay distinct from production and resource measures. In FY2021 the operation recorded US$2.1m community investment and TRIF of 1.8. FY2022 reported TRIF of 3.1, up 72% year-on-year. FY2025 records a contractor fatality in an off-site road-trucking accident associated with South Africa Manganese. The annual report’s distinction is material: it should not be rewritten as an underground Wessels or Mamatwan mine fatality when the selected source does not say that.

The FY2025 annual report also places sustainability disclosures for Group subsidiaries and operated joint ventures on a 100% operating basis in the Sustainability Databook boundary, whereas the financial/ore interest labels above refer to legal or reporting interests. Any later site-specific sustainability table must preserve that separate boundary instead of multiplying an operating disclosure by 54.6%, 44.4% or 60% without a reported basis.

South32's five-year reporting places three very different operating assets in this part of the portfolio: Cannington, a 100%-owned underground silver-lead-zinc operation in Queensland; Sierra Gorda, a 45%-owned, non-operated Chilean copper joint venture from February 2022; and Cerro Matoso, a 99.9%-owned Colombian laterite-nickel mine and ferronickel operation. They do not share an ownership, production, resource-estimate or accounting basis. The annual record below therefore keeps their measures separate.

Cannington — Queensland, Australia — operated, 100% interest

Cannington's reported physical system comprises underground hard-rock mining, surface processing, road-to-rail transfer, and concentrate handling and ship loading at the Port of Townsville. South32 reports payable silver, lead and zinc and also a payable zinc-equivalent metric. The equivalent is a revenue-equivalent measure rather than a separate mineral or contained-zinc production figure; its definition must not be used to combine it with a resource, reserve or plant-throughput figure.

Cannington resources, reserves and study boundary

The annual reports show that the Cannington estimate record is not a single mechanically comparable five-year series. FY2021's retained table extraction is insufficiently intact for a complete tonnage-and-grade table, although its report specifies project cut-offs. FY2022 reported 69Mt resources and 17Mt reserves in the group at-a-glance table; FY2023 reported 73Mt and 15Mt; FY2024 reported 80Mt and 11Mt; and FY2025 described 53Mt underground and 25Mt open-pit Mineral Resources, alongside a 10Mt underground Ore Reserve. Those rows are estimates at their respective reporting dates, with stated classification, cut-off and operating-assumption boundaries; they are not annual mine production, and the FY2025 open-pit resource is not approval of an open-pit operation.

Cannington safety and operating boundary

FY2022 is the only selected annual ledger that supplies a dedicated Cannington TRIF figure (9.1). The FY2021–FY2025 reports also contain group safety disclosures, but these should not be reverse-attributed to Cannington when the report does not allocate them to the operation. Weather impact, haulage conversion, water/ventilation work, tailings capacity and subsequent mine-plan review are retained as asset-specific operating or study facts; no conclusion about future mine life, economics or investment outcome is drawn from them.

Sierra Gorda — Antofagasta, Chile — non-operated, 45% interest from February 2022

South32 completed its 45% interest in Sierra Gorda S.C.M. on 22 February 2022. KGHM Polska Miedz held 55%; South32 described joint control through an Owners Council and an independent management team. Sierra Gorda is therefore not a South32-operated mine. The open-pit operation produces copper, molybdenum, gold and silver and has renewable-power, seawater-pipeline, rail and road connections to the Antofagasta and Angamos ports. South32's payable copper-equivalent figure aggregates the value of payable copper, molybdenum, gold and silver using copper price; it must not be relabelled as tonnes of contained copper.

Sierra Gorda estimate and basis controls

Sierra Gorda's first year in South32's record is only the period from 22 February 2022 to 30 June 2022. No annualisation is made. In FY2022, South32 explicitly preserved the foreign-estimate boundary. In FY2023, it reported a JORC-reviewed Mineral Resource while continuing to identify the mineral-reserve estimate as a foreign estimate. FY2024's 1,870Mt Mineral Resource and 782Mt Ore Reserve disclosure is a later 100%-basis report-date estimate, not a retroactive change to the FY2022 reporting classification. Production, revenue/EBITDA, capital expenditure, resource/reserve estimates, 100%-basis throughput and South32-share payable equivalent are kept separate.

Catabela Northeast / Catabela North-East — Sierra Gorda exploration prospect

Catabela Northeast was specifically named in South32's FY2024 capitalised-exploration guidance as Sierra Gorda's copper-porphyry exploration prospect. That disclosure supports the prospect's inclusion in the Sierra Gorda asset record, but it was FY2025 guidance at the FY2024 reporting date, not FY2024 drilling output or a mineral-inventory estimate. In FY2025, South32 reported initial exploration results at the prospect. It used both Catabela Northeast and Catabela North-East / Catabela North East styling in the report, stated that all 18 exploration holes had intersected significant copper mineralisation, and cross-referenced the 21 November 2024 Sierra Gorda Site Visit Presentation for the exploration results. The annual report does not supply a Catabela MRE, Ore Reserve, approved expansion or production result in these cited passages; none is inferred here.

Sierra Gorda safety and non-operated boundary

The selected annual-report ledgers identify Sierra Gorda as non-operated. South32's FY2025 group safety reporting records a contractor fatality at non-operated Sierra Gorda; it must not be presented as an operated South32-site result. The present asset record therefore includes the ownership/operating distinction but does not manufacture an operation-level South32 safety rate where none is separately reported.

Cerro Matoso — Córdoba, Colombia — 99.9% interest through FY2025 reporting date

Cerro Matoso was reported as a 99.9%-share integrated nickel operation: open-pit laterite mining, crushing/sorting, rotary-kiln processing and electric-furnace smelting produce ferronickel pellets exported through Cartagena. Its financial information was presented by South32 on a 100% basis in the relevant portfolio disclosures. The records below cover South32's ownership period in the selected reports. A binding divestment agreement was announced after the FY2025 balance date; it is not treated as a completed FY2025 sale.

Cerro Matoso project and transaction chronology

Q&P and OSMOC occur in different stages across the five reports. Q&P first ore was reported in April 2021 and higher-grade Q&P feed was reported in FY2022. OSMOC was approved/advanced before FY2023 and was commissioned in FY2023. The mining-contract extension was described as an ongoing process in FY2022 and as enabled by OSMOC in FY2023. None of these historical operational statements converts the later FY2024 strategic review or the July 2025 divestment agreement into an earlier sale, closure or retained-asset assumption.

Cerro Matoso resources and reserves

South32 reported the FY2021 resource/reserve split between laterite and stockpiles, then disclosed total figures in FY2023/FY2024, and again a laterite/stockpile split in FY2025. Different reporting presentation is preserved: 275Mt laterite plus 53Mt stockpile Mineral Resources and 16Mt laterite plus 15Mt stockpile Ore Reserves in FY2021; 316Mt/33Mt total resources/reserves in FY2023; 300Mt/29Mt in FY2024; and 253Mt plus 44Mt resources and 15Mt plus 12Mt reserves in FY2025. They should not be converted into a synthetic grade or reserve-depletion curve without identical basis and full table controls.

Hermosa is a 100%-owned Arizona project system, not a single operating mine. South32's selected reports describe Taylor as the zinc-lead-silver sulphide development, Clark as a manganese-zinc-silver oxide development option, and Peake and Flux as exploration prospects within a broader prospective land package. The source record also documents dewatering, water treatment, shafts, process plant, roads, power, facilities, an exploration decline, permitting and dry-stack tailings work at different dates and stages. This section preserves the distinction between an actual construction step, an investment approval, a study result, a reported resource/reserve estimate, a target or a forward expectation.

Project-system map and reporting boundary

Five-year Hermosa chronology

Taylor — study, approval, construction and estimate record

FY2021–FY2022: pre-feasibility, feasibility and critical-path preparation

FY2021 continued Taylor pre-feasibility work. South32 stated that an updated Mineral Resource was released in July 2021 and that higher zinc, silver and lead grades partly offset lower tonnage. It also stated that dual-shaft development was favoured by study work because it could access higher-grade ore earlier. The PFS had been expected before end-June but was delayed by COVID-19 workforce restrictions. These are study and delay facts, respectively; they are not an approved project or construction activity.

In January 2022 South32 completed the Taylor PFS and began the feasibility study. FY2022 growth capital was US$97m, including orebody-dewatering infrastructure. The FY2022 report states that Water Treatment Plant 2 construction and shaft-engineering work commenced. At that report date, South32 planned final investment decision in mid-calendar 2023. The at-a-glance table reported a 138Mt Taylor Mineral Resource and no Ore Reserve. The Mineral Resource is an estimate under the table's reporting convention; it does not itself establish an approved mine schedule or production result.

FY2023: feasibility progression, dewatering and impairment

FY2023 records continued dewatering and the completion of Water Treatment Plant 2 construction in early June, with commissioning well advanced. In July 2023, South32 reported an updated Taylor MRE with a 41% increase in Measured Mineral Resource. Total Taylor Mineral Resources in the FY2023 summary were 153Mt; no Ore Reserve was listed in that summary.

The financial statements recognised a US$1.3bn impairment for Taylor: US$1,049m allocated to other mineral assets, US$119m to assets under construction and US$132m to exploration/evaluation. The report cited delayed first production associated with COVID-19 restrictions, significant dewatering requirements and industry-wide capital-cost escalation/inflation as the impairment indicator. It reported a US$482m fair-value-less-costs-of-disposal recoverable amount and identified sensitivity to resource estimation, technical performance, capital/operating cost and approvals. This is accounting and sensitivity disclosure, not a forecast, valuation conclusion or confirmation that future costs/outcomes will occur.

FY2024: final investment approval and first Ore Reserve in the selected record

South32 announced Taylor FID on 15 February 2024 following feasibility completion. The approved investment was US$2.16bn. It reported that first production was expected in H2 FY2027; the timing was forward-looking at the date reported. FY2024 Hermosa expenditure of US$372m included critical-path infrastructure and Taylor/Clark studies/permitting. Taylor's FY2024 table reported 153Mt Mineral Resources and 65Mt Ore Reserves, with a 19-year reserve life, on a 100% basis.

The report's general description of supporting works includes dewatering, power, roads and site facilities. It calls the infrastructure platform relevant to Clark and the regional land package, but does not make Clark or Peake/Flux components of the Taylor Ore Reserve. Taylor impairment remained a material accounting judgment; relevant stated sensitivity inputs included sales volume/price, operating costs, capex, discount rate, permitting/technical risks and market conditions.

FY2025: shaft and process-plant works

FY2025 records a construction-stage sequence: ventilation-shaft sinking continued; main-shaft sinking began in Q4; and process-plant construction began in Q4. FY2025 growth capex was US$517m, excluding US$19m self-generated-power lease payments that the report says were already included in the Taylor capex estimate. These are current-year development facts; no first production, plant commissioning or commercial output is reported in the selected FY2025 annual report.

Clark — manganese development option and exploration decline

Clark was initially described as a zinc-manganese-silver oxide deposit. In FY2021, its scoping-study preliminary outcome indicated technical viability to produce battery-grade manganese, and marketing studies were advancing. South32 expected a scoping outcome in H1 FY2022; this was an expectation at the time.

FY2022 records a Clark scoping study that identified potential for an integrated underground operation producing battery-grade manganese together with zinc and silver. South32 then commenced a Clark PFS. The at-a-glance record reported 55Mt Mineral Resources and no Ore Reserve. In FY2023, the Clark pre-feasibility selection study was completed. South32 said it defined potential for underground mining and a separate high-purity manganese sulphate monohydrate plant, and that pilot-plant production had started. Further study work continued; an exploration decline was expected in H1 FY2024. Customer MOUs in the report were non-binding and non-exclusive, so they are not reported as contracted demand, sales or an approved mine.

FY2024 planned an exploration decline to obtain ore for product test work, and allocated an expected US$40m FY2025 amount to Clark studies/key infrastructure. Those are FY2024-report-date plans. FY2025 reports that the Clark exploration decline progressed. Clark remains labelled a battery-grade-manganese development option in FY2025. The selected annual reports do not present Clark as an approved operating mine, do not report a Clark Ore Reserve, and do not establish commercial plant production.

Peake and Flux — exploration boundaries

Peake and Flux are not interchangeable names for Taylor or Clark. In FY2023 South32 described both as high-priority targets in the regional Hermosa land package. It reported Peake drilling with its best copper intercept to date, but the retained annual-report narrative does not include a full assay table; no grade is reproduced here from outside the five selected annual reports. Further Peake drilling and first Flux drilling were planned for H1 FY2024. At 30 June 2023, Peake showed 3.3Mt Mineral Resources, while Flux had no Mineral Resource or Ore Reserve in the report summary.

FY2024 reported high-grade copper results at Peake and zinc results at Flux and planned further Peake drilling to investigate continuity between Taylor and Peake. FY2025 reports US$35m capitalised Hermosa exploration directed to testing a continuous copper system linking Peake and Taylor Deeps. It also describes Peake and Flux as exploration prospects. A stated high-grade result, a drilling programme, an MRE and a test of geological continuity are distinct records; none establishes an operating mine, an approved expansion, an Ore Reserve at Flux or a production forecast.

Permitting and enabling infrastructure

The timeline below draws the boundary between completed work and future/process statements.

Hermosa MRE, Ore Reserve and project-cost boundaries

South32's selected reporting documents require several separate labels:

• Taylor's MRE was 138Mt in the FY2022 at-a-glance table, then 153Mt in FY2023/FY2024 reporting. An Ore Reserve was absent from the FY2022/FY2023 summaries and reported as 65Mt with 19-year reserve life in FY2024. The timing of an Ore Reserve disclosure does not turn earlier MRE figures into reserves.
• Clark was reported with 55Mt MRE in FY2022–FY2024 summary records, but no Ore Reserve in those cited summaries.
• Peake was reported with 3.3Mt MRE in FY2023/FY2024 records. Flux had no MRE/Ore Reserve listed in the FY2023 summary.
• US$2.16bn is the Taylor investment approved in FY2024, whereas US$372m is FY2024 Hermosa spend, US$517m is FY2025 growth capex, and US$750m is FY2026 guidance excluding expected self-generated-power lease payments. These are not interchangeable cost figures.
• Taylor first production expected in H2 FY2027, the FY2025 final-EIS timing, and FY2026 capex are guidance/expectations. They are not actual FY2025 milestones.

This register preserves the distinction between an operating asset, a development option, a study, a Mineral Resource, an Ore Reserve and an exploration prospect. A name continuing to appear in a Resources and Reserves table is not, by itself, evidence of an approved mine, funding decision or production schedule.

Ambler Metals joint venture — Alaska

South32 reported Ambler Metals as a 50:50, non-operated base-metals joint venture in Alaska throughout the selected five-year record. The FY2021 report described the JV as conducting development studies, resource drilling and regional exploration. Its sustainability people, community and environmental reporting was outside the operated-asset sustainability boundary disclosed in FY2025; financial/ownership references should therefore not be recast as operated-site sustainability data.

Arctic, Bornite and access-road boundary

Arctic and Bornite are separate named deposits within the Ambler reporting record. The annual reports provide Mineral Resource disclosures for them, but the selected reports do not present either as a South32 operating mine or an Ore Reserve-backed production asset. The Ambler Access Road is a separately named enabling-infrastructure and permitting item, not evidence that the deposits had become operating mines. The FY2022 permit suspension must remain a dated regulatory fact rather than being treated as a permanent cancellation or a completed route approval.

Roosevelt and other named early-stage opportunities

The FY2025 annual report identifies Roosevelt as South32’s 100%-owned project in the Brooks Range, Alaska, with similar geological formations to the Ambler Metals area. It states that early exploration activities were ongoing. The report does not provide a Roosevelt Mineral Resource, Ore Reserve, production result, mine-development approval, construction schedule or project maturity classification in the cited discussion. Roosevelt is therefore recorded as a South32-operated early-exploration project, not merged with the 50% non-operated Ambler Metals JV and not presented as a mine or resource-backed development. [FY2025 Strategic Report, pp. 8–15]

The reports do identify a changing portfolio of additional early-stage opportunities, but not all are named in every year. The chronological record is retained below rather than inferred into a single timeless pipeline.

Relationship with Hermosa options

Taylor, Clark, Peake and Flux are reported under the Hermosa system and are covered in the dedicated Hermosa section. For register purposes: Taylor is the development project; Clark is a development option; Peake and Flux are exploration prospects. The FY2025 report explicitly preserved these different maturity descriptions. They are repeated in the complete register below only to avoid losing a named asset from the five-year inventory; their detailed project narrative and any reported Mineral Resource or Ore Reserve belongs with the Hermosa record.

The following records retain the historical operating and accounting boundaries. A later sale, care-and-maintenance state or non-inclusion in FY2025 production does not erase the FY2021–FY2024 facts, and it does not retrospectively convert an historical asset’s production, resources or financial contribution to zero.

Illawarra Metallurgical Coal — Appin, Dendrobium, Dendrobium Next Domain and Port Kembla

Illawarra Metallurgical Coal (IMC) was 100% South32-owned through FY2024 and comprised the Appin and Dendrobium underground mines, West Cliff and Dendrobium coal-preparation plants, and management of Port Kembla Coal Terminal (PKCT) for a consortium. IMC’s sale and accounting classification change are separate from the physical asset record.

South Africa Energy Coal (SAEC)

SAEC was a 100%-owned energy-coal business through the date of its FY2021 sale. The FY2021 annual report records completion of the transaction on 1 June 2021 to a Seriti subsidiary and employee/community-benefit trusts. FY2021 therefore contains 11 months of SAEC activity, rather than a full-year continuing-operation record. The report identified the completion of the Klipspruit Life Extension project before divestment, recorded a FY2021 underlying EBIT loss and disclosed a vendor-support package recognised on disposal. The annual-report evidence used here names Khutala, Klipspruit and Wolvekrans/Middelburg Complex in the SAEC historical portfolio context; it does not authorise carrying their activities into FY2022–FY2025 South32 production or resource totals.

Eagle Downs Metallurgical Coal

TEMCO and Metalloys manganese-alloy smelters

TEMCO / Tasmanian Electro Metallurgical Company was historically a GEMCO-owned manganese-alloy smelter. South32 recorded the accounting effective date of its divestment as 31 December 2020, and stated that Groote Eylandt Mining Company legally completed the shareholding sale on 4 January 2021. FY2021 contained residual ownership-period alloy production of 51kt and an alloy EBIT loss; no FY2022 manganese-alloy output from TEMCO was included. The sale does not change the continuing FY2021–FY2025 status of GEMCO as a separate manganese-ore operation.

Metalloys was the South Africa Manganese/Samancor manganese-alloy smelter, reported at a 60% effective interest. It had been on care and maintenance since FY2020. The FY2021 report recorded no alloy production and a US$20m alloy EBIT loss; FY2022 recorded a US$21m alloy EBIT loss from an adjustment to the closure/rehabilitation provision; FY2023 recorded a US$6m alloy loss and no reported restart. In June 2024 South Africa Manganese entered a binding divestment agreement, and Samancor Manganese completed the sale on 3 June 2025. It is therefore a historical, care-and-maintenance and subsequently divested smelter—not an FY2025 operating alloy asset.

Reading rules for the register

The register records every named operation, mine, deposit, refinery, smelter, joint venture, project, prospect, port or material supporting asset identified in the selected annual-report ledgers. The FY2025 / latest selected status column is an observed reporting-state, not a claim about the asset after the report date. Mineral Resources (MRE), Ore Reserves (OR), production and exploration targets are separate record types. No missing number is converted to zero; not separately disclosed means the selected annual report did not supply an asset-level number in the evidence reviewed.

Five-year resource/reserve summary — reported operation-level totals

The following high-level figures are retained only where the annual ledgers provide comparable table summaries. They do not substitute for the detailed mine/deposit tables, do not convert resources to reserves and do not imply year-to-year comparability where the annual report changed table basis, ownership, mine plan or reporting boundary.

Reading boundary for this section

South32's annual-report safety and sustainability disclosures do not use one unchanged perimeter across FY2021–FY2025. FY2021 still included South Africa Energy Coal (SAEC) and TEMCO in the group history. FY2022 adjusted selected FY2021 safety and emissions comparatives to remove those divested businesses. FY2025 states that sustainability data are presented for Group subsidiaries and operated joint ventures on a 100% basis, while environmental, people and community data from non-operated joint ventures have explicit exclusions. These bases are different from ownership-share financial reporting and from the non-IFRS proportional presentation of material equity-accounted investments.

Accordingly, a rate, workforce count or environmental total below is reported only on the basis stated in the relevant annual report. It is not an ownership-share reconstruction, a site-level estimate, or a claim that unreported assets had zero incidents or impacts. Fatality at operations, contractor fatality associated with operations but outside South32 control, and fatality at a non-operated JV are retained as distinct descriptions where the reports make those distinctions.

Five-year safety record

FY2021: fatalities, exposure and site safety indicators

• Reported fatal incident — SAEC / Klipspruit Extension: in May 2021, contractor Petros Sibeko sustained a fatal injury during elevated-work-platform activity at the Klipspruit Extension Project. South32 reported an investigation, sharing of lessons, and a global review of elevated-work-platform safety features and use.
• Reported contractor fatality outside operational control: the FY2021 report also recorded a fatal injury to a contractor appointed by Cerro Matoso while paving a public road to Q&P. South32 classified the activity as contractor work outside its operational control. This is not described as an operated-site fatality.
• Asset TRIFs reported for FY2021 were Worsley 6.8, Hillside 0.5, Mozal 0.5, SAEC 1.6, Illawarra Metallurgical Coal 19.6, GEMCO 6.3, HMM 1.8, Cerro Matoso 5.7 and Cannington 7.2. The annual report attributed changes in the group rate partly to portfolio removals and workforce changes.
• South32 reported a 6% reduction in potential material occupational exposures above 100% of the applicable limit. It attributed improvement in part to actions at South Africa Manganese and Hillside; measures planned at Mozal were delayed by COVID-19.

FY2022: Wessels fatality and programme reset

• In November 2021, contractor Desmin Mienies was fatally injured while undertaking electrical work at Wessels Mine, South Africa Manganese. South32 reported that investigation findings were reviewed, lessons were shared, and support was provided to family and colleagues.
• After a first-half safety review, South32 developed a three-year Safety Improvement Program, issued a revised internal safety standard in March 2022, and rolled out a contractor-management standard.
• Operation-level TRIFs were Worsley 6.5, Hillside 1.3, Mozal 0.9, Cannington 9.1, Cerro Matoso 2.8, Illawarra 16.5, GEMCO 7.1 and HMM 3.1. They are reported on the operation pages and are not a common group-rate series.

FY2023: Mozal fatalities and Safety Improvement Program work

• South32 reported two fatal injuries at Mozal Aluminium in November 2022. It also reported the death of an employee of a South Africa Manganese contractor in an off-site road-trucking accident. The annual report states that the latter location and activity were not controlled by South32.
• The annual report said the investigation into the Mozal incident was completed and its lessons were shared internally and with industry. It also described continuation of the multi-year Safety Improvement Program and safety-risk deep dives.

FY2024: no fatalities at operations, with an associated off-site contractor death disclosed

• South32 reported zero fatalities at operations in FY2024. Separately, it disclosed that an employee of a South Africa Manganese contractor died in an off-site road-trucking accident associated with operations but outside South32's control. The report preserves both statements; the latter is not included here as an operated-site fatality.
• The Safety Improvement Program, launched in FY2022, continued. LEAD Safely Every Day learning had reached more than 1,500 leaders since its FY2023 launch; in FY2024 it expanded to frontline workers, selected high-risk contractors and functional support roles. Leaders completed 96% of FY2024 learning activities.

FY2025: Cerro Matoso, South Africa Manganese and non-operated Sierra Gorda distinctions

• A contractor died at Cerro Matoso in September 2024. South32 reported an investigation, site-wide checks for similar design risks, engineering-standard updates and an expanded asset-inspection scope.
• The FY2025 report also records a contractor death connected with South Africa Manganese in an off-site road-trucking accident and a contractor fatality at non-operated Sierra Gorda. The annual report does not present the Sierra Gorda event as an operated South32-site result.
• LEAD Safely Every Day training had reached almost 16,000 people since FY2023. FY2025 completion covered more than 95% of leadership roles and frontline employees, plus a subset of contractors.

People, workforce and inclusion record

Communities, heritage and local economic participation

The annual reports describe community spending and local participation as reported inputs and outcome measures, rather than evidence that all community, heritage or human-rights risks were resolved.

• FY2021: community initiatives/activities totalled US$22.2m, comprising US$1.3m corporate, US$19.9m operations and US$1.0m Hermosa. South32 added US$2.5m to its COVID-19 Community Investment Fund, taking pandemic-period investment to US$7.6m; reported examples were health-clinic equipment, water, mobile classrooms, small-business relief and essential supplies. It also reported completion of an Australian Aboriginal and Torres Strait Islander cultural-heritage performance review and engagement principles, with reviews in other jurisdictions planned for FY2022.
• FY2022: community investment was US$31.1m, reported as 34% education/leadership, 11% economic participation, 47% health/social wellbeing and 8% natural-resource resilience. South32 said 97% of projects that measured outcomes met their outcome targets, versus an 80% target. Enterprise Supplier Development expenditure in South Africa exceeded US$17m. Operation-level community contributions disclosed in the report were Hillside US$13.1m, Cerro Matoso US$3.9m, South Africa Manganese US$3.7m, Worsley US$1.6m, Mozal US$1.6m, Illawarra US$1.2m, GEMCO US$1.1m and Cannington US$0.3m.
• FY2023: social investment totalled US$27.7m (US$24.6m direct investment, US$2.5m administration and US$0.6m in-kind support). Local procurement was US$1.017bn, with 5,623 direct suppliers in 57 countries. Reported asset-level community investment was Worsley US$1.1m, Hillside US$9.1m, Mozal US$1.8m, Cannington US$0.5m, Cerro Matoso US$4.8m, Illawarra US$0.9m, Australia Manganese US$0.8m and South Africa Manganese US$3.2m. On the report's stated proportional basis, taxes and royalties paid were US$1.470bn.
• FY2024: social investment was US$23.6m, local procurement US$1.160bn, and taxes and royalties paid US$621m. These figures use the annual report's stated scope and are not directly comparable with every FY2023 reporting-basis measure without checking the source note.
• FY2025: South32 reported US$23m social investment, US$5.7bn supplier spend, US$487m total taxes/royalties and 5,769 suppliers in 50 countries. The report’s sustainability framework lists people, value to society, ethical/responsible operations, environmental impact and climate as pillars; it expressly states that sustainability disclosure does not mean no adverse impact or an absolute outcome.

Environment: water, rehabilitation, biodiversity and tailings

The FY2022 annual report identifies three environmental compliance matters separately from its no-major-impact statement: a ZAR1m South Africa Manganese fine in February 2022 for legacy unauthorised waste disposal/vegetation clearing (paid in April); a US$162,000 Mozal fine paid in March 2022 for a June 2021 fume-treatment-plant process failure; and a CLP134m (US$33,000) Cerro Matoso fine paid in April 2022 for a 2015 drying-oven emissions violation. These historical matters are reported disclosures, not inferred descriptions of later environmental performance.

Reading boundary: targets, actuals and accounting / operating scope

South32's climate record contains three different kinds of information that cannot be substituted for each other:

1. Actual reported emissions or operational changes for a stated FY and stated perimeter;
2. Targets, goals, studies, policy aims, feasibility work and advisory resolutions, which were not necessarily achieved in that FY; and
3. Risk, governance, accounting and remuneration disclosures, which describe oversight, sensitivity, incentive design or uncertainty rather than an event having occurred or a financial recommendation.

The annual reports also distinguish financial reporting from sustainability reporting. Underlying (non-IFRS) financial information proportionally consolidates the group’s interests in material equity-accounted investments; statutory accounts apply the relevant accounting treatment. For FY2025, sustainability disclosure is for subsidiaries and operated JVs on a 100% basis and explicitly excludes specified non-operated-JV environmental, people and community data. A group Scope 1+2 figure is therefore not an ownership-share figure, a site-specific result, or a full portfolio total including all non-operated JVs.

Scope 1, Scope 2 and Scope 3 chronology

Energy and decarbonisation initiatives by asset

FY2021 reported work and studies

• South32 stated that Worsley, Illawarra Metallurgical Coal and the aluminium smelters accounted for 90% of FY2021 Scope 1+2 emissions. It described process/energy efficiency, gas-drainage efficiency, ventilation-air-methane technology assessment and lower-carbon-energy studies as workstreams.
• At Worsley, FY2021 work included a mud-washing energy-efficiency pre-feasibility study and coal-to-gas conversion study. The report described FY2022 completion of the two pre-feasibility studies as an expectation at that time.
• At Hillside, South32 was studying AP3XLE efficiency technology and low-carbon-energy sources; preliminary renewable-energy study outcomes were described as technically feasible, with pre-feasibility outcomes expected in mid-2022. This was not installed renewable capacity.

FY2022: plans, pot relining and climate-risk process

• South32 reported continuing AP3XLE rollout at Hillside and Mozal. At Hillside, its estimate was that full AP3XLE deployment could reduce energy use and GHG emissions by approximately 150,000–200,000 tonnes a year. This is a project estimate, not reported FY2022 emissions savings.
• The report described physical risks to assets, infrastructure and communities and transition risks to demand, costs/margins, social licence and regulation. It referred to climate modelling in long-term plans and biennial physical-risk assessments. Those processes do not establish that risk was eliminated.

FY2023: Worsley gas-conversion work, AP3XLE and tailings standard

• The annual report said Worsley had commenced its first coal-fired-boiler conversion to natural gas. It also reported AP3XLE rollout at Hillside and Mozal and decarbonisation studies at Hillside, Worsley and Illawarra.
• South32 committed to implement GISTM at operated facilities and published its first GISTM report for very high consequence facilities, which it said were only at Worsley Alumina.

FY2024: stated operational changes

• Worsley converted its first two coal-fired boilers to natural gas. Management said that this lowered the refinery’s operational emissions by more than 10% against FY2021. This is a company-stated Worsley operational-emissions comparison, not a group-emissions reduction claim.
• Hillside converted a further 18% of pots to AP3XLE, taking the converted share to 36%.

FY2025: policy and operating-condition boundaries

• FY2025 identifies CCAP 2025 as a non-binding advisory-resolution proposal. It also describes the biodiversity aim as no net loss or net gain by completion of closure. Both are policy/target language, not booked FY2025 results.
• FY2025 risk/operating disclosures include Mozal power-contract uncertainty. The annual report treats expected care-and-maintenance timing as forward-looking and subject to the stated conditions; it is not treated here as a completed FY2025 state.

Principal-risk record: disclosed risks versus observed events

South32’s annual reports list principal or material risks. A risk heading is a disclosure of possible exposure or control focus; it is not evidence that the event occurred. Across the FY2021–FY2025 record, the reported headings include safety; portfolio reshaping; climate/environment; resources and reserves; major external events/natural catastrophes; predictable operational performance; project delivery; supply chain; talent/culture; societal expectations; political/government action; technology/innovation; and global economic uncertainty/liquidity.

The reports also contain observed events. They should remain separate from the risk list:

Climate-related risk was described in FY2021 as potentially affecting demand, costs, margins, social licence, regulation, physical assets, infrastructure, supply chains, people and approvals/permits. FY2024 financial statements separately identify climate-related risks, permitting and closure obligations among material estimation and impairment sensitivities alongside commodity prices, mine plans, production/capex/operating costs and discount rates. These are financial-accounting sensitivity disclosures, not values or conclusions about any security.

Governance, remuneration and accounting boundaries

• Governance / safety: FY2023 places the Safety Improvement Program, the Mozal-incident investigation and safety oversight in the Operating and Financial Review and governance material. FY2024 reports expansion of LEAD Safely Every Day learning. FY2025 describes the five sustainability pillars and its reporting-boundary qualification. These facts record South32's described governance and learning arrangements; they do not independently verify performance effectiveness.
• Remuneration: The selected five-year annual-report-ledgers route remuneration to the governance parts of the annual reports (FY2021 pp. 58–94; FY2022 pp. 64–103; FY2023 pp. 64–104; FY2024 pp. 68–109; FY2025 pp. 102–165). This section does not create a synthetic remuneration outcome, target-achievement score or executive-pay comparison because the assigned evidence ledgers do not provide a consistently comparable five-year remuneration dataset. The final report should retain the annual-report governance/remuneration pages as the primary source rather than infer links from safety or climate metrics.
• Non-IFRS and statutory accounting: FY2022 changed internal reporting so material equity-accounted investments were presented proportionally for underlying performance, with FY2021 comparatives updated. Statutory accounts continue under the applicable accounting treatment. This difference is material when reading Sierra Gorda, Australia Manganese and other joint arrangements.
• Material accounting judgements: FY2024 identifies Mineral Resources/Ore Reserves, prices, mine plans, production, capex, operating costs, discount rates, climate-related risks, permitting and closure obligations as impairment/estimation sensitivities. The Taylor disclosure separately names forecast volume/price, operating costs, capex, discount rate, permitting/technical risks and market conditions. These are sensitivities and judgements, not a valuation or target price.
• Forward-looking boundary: FY2025 says forward-looking statements use current expectations and assumptions, are not guarantees or predictions, may differ materially because of risks, and should not be unduly relied upon. Production guidance, approvals, EIS timing, potential throughput, capital guidance, power-related expectations and Cerro Matoso sale timing must retain labels such as guidance, expected, study-stage or subject to conditions.

Primary sources

The report uses South32-hosted annual reports. The source-audit verified the following official documents and printed-page families:

• South32 Annual Report 2021
• South32 Annual Report 2022
• South32 Annual Report 2023
• South32 Annual Report 2024
• South32 Annual Report 2025
• South32 Annual Reporting Suite index

AI-led method

This report uses AI actively and extensively for evidence extraction, comparison, organisation, calculation checks, drafting, translation planning and presentation. It paraphrases rather than reproduces source text. Material claims received reasonable editorial review against cited public sources; this was not an audit, assurance engagement or independent verification. Errors, omissions and classification errors may remain.

Any AI-generated visual inserted by a renderer must carry an adjacent, visible AI-generated label or caption and must be described as illustrative rather than source evidence. A visual does not replace the cited annual-report text, table or section source.

Information notice

This record is for general information only. It is not financial-product, investment, legal, tax, technical or other professional advice; it is not a recommendation, valuation, target price or solicitation. No representation or warranty is made as to accuracy, completeness, reliability, currency or fitness for a particular purpose. Independently verify material information and do not use this record as the sole basis for a decision. To the maximum extent permitted by law, liability for direct, indirect, incidental, consequential, opportunity or investment loss arising from use of this record is disclaimed; nothing excludes liability that cannot lawfully be excluded. Report suspected errors for correction against the primary source.