REG - South32 Limited - Quarterly Report: March 2026
22/04/2026 07:00
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RNS Number : 4140B South32 Limited 22 April 2026
QUARTERLY REPORT
March 2026
South32 Chief Executive Officer, Graham Kerr: "Our thoughts and deepest
sympathies remain with the family, friends and colleagues of Mr Simon
Mukwarami, who was fatally injured in an incident at Worsley Alumina on 14
March.
"We know we must have a relentless focus on safety in everything we do. There
is no acceptable outcome other than our people going home safe and well at the
end of every shift.
"Our teams delivered several strong operating results in the March quarter,
despite adverse weather impacts. Hillside Aluminium continued to test its
maximum technical capacity, capitalising on higher aluminium prices, while
Brazil Alumina achieved record year to date production, and Sierra Gorda made
a record quarterly distribution of US$135M.
"We've maintained annual production guidance for all operations except
Australia Manganese, where we continued to manage elevated site water levels
in addition to the impacts of wet season rainfall and Tropical Cyclone Narelle
in the quarter.
"Operating performance coupled with commodity price tailwinds delivered net
cash generation of US$121M in the March quarter, after investment in growth of
US$158M as we advanced construction of Hermosa's Taylor zinc-lead-silver
project.
"Our strong balance sheet leaves us well placed to manage short-term
volatility in global markets, while continuing shareholder returns and
investing in high-quality growth options to increase our production of copper,
zinc and silver."
· Alumina production increased by 1% year to date to March 2026, with Brazil
Alumina achieving record production.
· Aluminium production was largely unchanged relative to the prior year to date
period, as Hillside Aluminium continued to test its maximum technical
capacity.
· Brazil Aluminium finished the quarter with improved pot stability and output,
tracking ahead of current production guidance.
· Mozal Aluminium transitioned to care and maintenance as planned in March(1),
exceeding production guidance by 3%.
· Sierra Gorda maintained production guidance despite wet weather impacts and
delivered a record quarterly distribution of US$135M (South32 share).
· Cannington mitigated impacts from significant floods in northwest Queensland
and remains on track to deliver production guidance and higher sales volumes
in the June 2026 quarter, with third-party rail access restored late in the
quarter.
· Australia Manganese FY26 production guidance revised lower by 6%, with water
management remaining a key focus due to elevated site water levels and impacts
from wet season rainfall and Tropical Cyclone Narelle in the quarter.
· Net cash(2) increased by US$121M to US$96M in the March 2026 quarter, as we
benefitted from continued strength in aluminium and base metals markets, and
invested US$158M in growth capital expenditure at our Hermosa project.
· Following the end of the quarter, we paid a fully-franked interim ordinary
dividend of US$175M in respect of the December 2025 half year.
· Hermosa reached a key milestone in FAST-41 federal permitting during the
quarter, with issuance of the Final Environmental Impact Statement and Draft
Record of Decision.
· We are on track to complete an assessment of project milestones and capital
expenditure for Hermosa's Taylor zinc-lead-silver project during the upcoming
June 2026 half year, as additional underground and surface infrastructure
packages are awarded.
Production summary
2Q26 3Q26 9M YTD26 FY26e((a)) % of FY26e((a))
Worsley Alumina (kt) 959 886 2,779 3,750 74%
Brazil Alumina (non-operated) (kt) 355 351 1,060 1,360 78%
Brazil Aluminium (non-operated) (kt) 37 33 107 135 79%
Hillside Aluminium (kt)(3) 181 176 538 720 75%
Mozal Aluminium (kt)(3) 90 65 248 240((b)) 103%
Sierra Gorda (non-operated) (CuEq) (kt)(4) 22.1 20.2 67.2 85.7 78%
Cannington (ZnEq) (kt)(5) 54.5 44.8 147.6 200.6 74%
Australia Manganese (kwmt) 806 589 2,249 ↓3,000 75%
South Africa Manganese (kwmt) 506 500 1,557 2,000 78%
(a) The denotation (e) refers to an estimate or forecast year.
(b) FY26e production guidance for Mozal Aluminium reflects the period ending
March 2026.
CORPORATE UPDATE
· On 14 March 2026, Mr Simon Mukwarami was fatally injured in an incident at
Worsley Alumina. Our deepest sympathies are with Mr Mukwarami's family and
colleagues. The incident occurred while Mr Mukwarami and his work crew were
undertaking plant maintenance at the refinery. Work not critical to the safety
and stability of the site was temporarily suspended following the incident.
Worsley Alumina is continuing to assist the relevant authorities with their
ongoing investigations.
· We have implemented measures across our operations to mitigate potential
supply chain impacts arising from the conflict in the Middle East. While not
currently experiencing diesel fuel shortages, we continue to closely monitor
the situation.
· The conflict in the Middle East has resulted in higher global freight rates
and raw material input prices which, together with generally stronger producer
currencies, are expected to result in cost inflation should these external
pressures continue across the remainder of the financial year.
· Net cash(2) increased by US$121M to US$96M in the March 2026 quarter, as we
benefitted from continued strength in aluminium and base metals markets, and
invested US$158M in growth capital expenditure at Hermosa.
· Working capital was largely unchanged in the March 2026 quarter (H1 FY26:
build of US$130M), as the collection of receivables was offset by higher
finished goods inventory, reflecting the timing of aluminium shipments and
weather-related rail outages at Cannington. We expect to lower finished goods
inventory at Mozal Aluminium and Cannington during the June 2026 quarter.
· We received a record distribution of US$135M from Sierra Gorda in the March
2026 quarter, bringing our share of net distributions(6) from equity accounted
investments (EAI) to US$375M (South32 share) in the nine months ended March
2026 (US$315M from Sierra Gorda and US$60M from our manganese business).
· We invested US$239M in Group capital expenditure (excluding EAIs and Hermosa)
in the nine months ended March 2026.
· We made Group tax payments (excluding EAIs) of US$170M in the nine months
ended March 2026.
· We returned US$35M via our on-market share buy-back in the nine months ended
March 2026, purchasing 17M shares at an average price of A$3.08 per share. In
February 2026, we increased our capital management program by US$100M to
US$2.6B, with US$209M remaining to be returned to shareholders ahead of its
extension or expiry on 26 February 2027(7).
· Following the end of the March 2026 quarter, we paid a fully-franked interim
ordinary dividend of US$175M in respect of the December 2025 half year.
· Additional lease liabilities with a value of approximately US$100M were added
to the Group's balance sheet in the nine months ended March 2026.
DEVELOPMENT AND EXPLORATION UPDATE
Hermosa project
· We invested US$496M(8) of growth capital expenditure at Hermosa in the nine
months ended March 2026, continuing construction of the Taylor
zinc-lead-silver project, and completing the exploration decline at the Clark
battery-grade manganese deposit in the December 2025 quarter. In addition,
lease payments for self generated power and other assets were US$40M in the
nine months ended March 2026.
· Hermosa reached a key milestone in the FAST-41 federal permitting process
during the quarter, with the United States Forest Service releasing the Final
Environmental Impact Statement and Draft Record of Decision. The Final Record
of Decision remains on track for the December 2026 half year.
· At Taylor, lateral development and shaft station construction at the first
underground mining level from the ventilation shaft was completed during the
quarter, after which ventilation shaft sinking resumed. Lateral development
and shaft station construction at the first underground mining level from the
main shaft commenced during the quarter.
· Surface infrastructure construction also progressed, as we completed
foundation works for the flotation circuit and commenced installation of the
primary mill during the quarter.
· As advised in February 2026, an assessment of Taylor project milestones and
capital expenditure will be completed in the June 2026 half year as additional
underground and surface infrastructure packages are awarded.
· We invested US$24M in capitalised exploration in the nine months ended March
2026, continuing exploration drilling at the Peake copper deposit, with
results supporting the potential for a continuous mineralised system
connecting Peake and Taylor Deeps.
Ambler Metals project
· The Ambler Metals joint venture completed preparatory work to support
exploration programs in the upcoming CY26 summer field season. Ambler Metals
expects to invest approximately US$35M (100% basis) in exploration and
development work in CY26, focused on advancing the high-grade Arctic
polymetallic deposit.
Exploration
· We invested US$20M in our greenfield exploration opportunities in the nine
months ended March 2026, progressing multiple exploration programs targeting
base metals in highly prospective regions.
· We invested US$45M (US$33M capitalised) in exploration programs at our
existing operations and development options in the nine months ended March
2026, including US$24M at our Hermosa project (noted above, all capitalised),
US$9M for our Sierra Gorda EAI (US$5M capitalised) and US$4M for our manganese
EAI (US$1M capitalised).
WORSLEY ALUMINA (86% SHARE)
South32 share 9M YTD25 9M YTD26 YoY 3Q25 2Q26 3Q26 3Q26 3Q26
vs vs
3Q25 2Q26
Alumina production (kt) 2,791 2,779 (0%) 941 959 886 (6%) (8%)
Alumina sales (kt) 2,699 2,699 0% 910 985 836 (8%) (15%)
Worsley Alumina saleable production was largely unchanged at 2,779kt in the
nine months ended March 2026, despite a temporary reduction in plant
availability and third-party gas supply disruptions due to Tropical Cyclone
Narelle. FY26 production guidance remains unchanged at 3,750kt.
Sales decreased by 15% in the March 2026 quarter, reflecting lower product
availability and timing of shipments.
Notwithstanding actions taken to lower the operation's cost base in response
to market conditions, higher global freight rates and caustic soda prices due
to the conflict in the Middle East are expected to impact Operating unit costs
if these external pressures persist.
BRAZIL ALUMINA (36% SHARE, NON-OPERATED)
South32 share 9M YTD25 9M YTD26 YoY 3Q25 2Q26 3Q26 3Q26 3Q26
vs vs
3Q25 2Q26
Alumina production (kt) 1,006 1,060 5% 324 355 351 8% (1%)
Alumina sales (kt) 1,014 1,052 4% 323 387 333 3% (14%)
Brazil Alumina saleable production increased by 5% (or 54kt) to a record
1,060kt in the nine months ended March 2026, as the refinery continued to
operate above nameplate capacity, driven by improved plant availability. FY26
production guidance remains unchanged at 1,360kt.
Sales decreased by 14% in the March 2026 quarter, reflecting a drawdown of
inventory in the prior quarter and timing of shipments.
Notwithstanding the refinery's strong operating performance, higher global
freight rates and caustic soda prices due to the conflict in the Middle East
are expected to impact Operating unit costs if these external pressures
persist.
BRAZIL ALUMINIUM (40% SHARE, NON-OPERATED)
South32 share 9M YTD25 9M YTD26 YoY 3Q25 2Q26 3Q26 3Q26 3Q26
vs vs
3Q25 2Q26
Aluminium production (kt) 100 107 7% 36 37 33 (8%) (11%)
Aluminium sales (kt) 92 101 10% 31 45 27 (13%) (40%)
Brazil Aluminium saleable production increased by 7% (or 7kt) to 107kt in the
nine months ended March 2026. Production decreased by 11% (or 4kt) to 33kt in
the March 2026 quarter, following the previously advised pot outages and
energy disruptions experienced in December 2025. The operator has implemented
measures to deliver sustained improvement in process stability, with all three
potlines demonstrating improved stability and output to finish the March 2026
quarter. FY26 production guidance remains unchanged at 135kt.
Sales decreased by 40% in the March 2026 quarter, reflecting the timing of
export shipments.
HILLSIDE ALUMINIUM (100% SHARE)
South32 share 9M YTD25 9M YTD26 YoY 3Q25 2Q26 3Q26 3Q26 3Q26
vs vs
3Q25 2Q26
Aluminium production (kt) 537 538 0% 175 181 176 1% (3%)
Aluminium sales (kt) 538 514 (4%) 171 187 158 (8%) (16%)
Hillside Aluminium saleable production was largely unchanged at 538kt in the
nine months ended March 2026, as the smelter continued to test its maximum
technical capacity, despite the impact of load-shedding. FY26 production
guidance remains unchanged at 720kt(3).
Sales decreased by 16% in the March 2026 quarter as a shipment slipped to the
June 2026 quarter.
MOZAL ALUMINIUM (63.7% SHARE)
South32 share 9M YTD25 9M YTD26 YoY 3Q25 2Q26 3Q26 3Q26 3Q26
vs vs
3Q25 2Q26
Aluminium production (kt) 265 248 (6%) 87 90 65 (25%) (28%)
Aluminium sales (kt) 246 229 (7%) 72 62 67 (7%) 8%
Mozal Aluminium saleable production decreased by 6% (or 17kt) to 248kt in the
nine months ended March 2026, as the smelter was placed on care and
maintenance on 15 March 2026, as previously announced(1).
Sales increased by 8% in the March 2026 quarter, with remaining finished goods
inventory to be drawn down during the June 2026 quarter.
SIERRA GORDA (45% SHARE, NON-OPERATED)
South32 share 9M YTD25 9M YTD26 YoY 3Q25 2Q26 3Q26 3Q26 3Q26
vs vs
3Q25 2Q26
Payable copper equivalent production (kt)(4) 67.4 67.2 (0%) 20.2 22.1 20.2 0% (9%)
Payable copper production (kt) 53.7 53.2 (1%) 17.0 18.0 16.9 (1%) (6%)
Payable copper sales (kt) 54.8 51.8 (5%) 16.9 19.3 15.3 (9%) (21%)
Sierra Gorda payable copper equivalent production(4) was largely unchanged at
67.2kt in the nine months ended March 2026. Production decreased by 9% (or
1.9kt) to 20.2kt in the March 2026 quarter, as heavy rainfall impacted access
to a mining area, and processing operations were temporarily suspended. FY26
production guidance remains unchanged at 85.7kt, reflecting lower expected
metal grades in the June 2026 quarter, due to processing of lower grade
stockpiles to supplement ore feed.
Sales decreased by 21% in the March 2026 quarter due to weather-related port
congestion.
Sierra Gorda finalised new industrial agreements to 2029 for all covered
employees during the March 2026 quarter. FY26 Operating unit costs are
expected to be approximately 5-10% above current guidance (US$17.0/t ore
processed), reflecting the timing of one-off workforce payments under these
new industrial agreements, higher diesel prices and a stronger Chilean peso.
The feasibility study for the fourth grinding line project continues to
advance, with an independent review underway by the joint venture partners
ahead of a potential joint final investment decision in mid-CY26.
CANNINGTON (100% SHARE)
South32 share 9M YTD25 9M YTD26 YoY 3Q25 2Q26 3Q26 3Q26 3Q26
vs vs
3Q25 2Q26
Payable zinc equivalent production (kt)(5) 174.7 147.6 (16%) 48.9 54.5 44.8 (8%) (18%)
Payable silver production (koz) 7,714 6,400 (17%) 2,099 2,420 1,913 (9%) (21%)
Payable silver sales (koz) 7,963 5,452 (32%) 2,494 2,421 882 (65%) (64%)
Payable lead production (kt) 67.3 60.1 (11%) 17.7 21.0 17.8 1% (15%)
Payable lead sales (kt) 74.1 52.0 (30%) 19.8 21.7 9.3 (53%) (57%)
Payable zinc production (kt) 33.9 27.8 (18%) 11.0 10.4 9.1 (17%) (13%)
Payable zinc sales (kt) 32.6 25.7 (21%) 9.6 9.6 8.8 (8%) (8%)
Cannington payable zinc equivalent production(5) decreased by 16% (or 27.1kt)
to 147.6kt in the nine months ended March 2026, as higher ore processed was
offset by lower planned metal grades. The operation mitigated impacts from
significant rainfall during the March 2026 quarter, with FY26 production
guidance remaining unchanged at 200.6kt.
Lower silver, lead and zinc sales during the March 2026 quarter reflect
extended outages of a third-party rail line due to flooding in northwest
Queensland. With third-party rail access restored at the end of the quarter,
we expect to drawdown inventory in the June 2026 quarter.
AUSTRALIA MANGANESE (60% SHARE)
South32 share 9M YTD25 9M YTD26 YoY 3Q25 2Q26 3Q26 3Q26 3Q26
vs vs
3Q25 2Q26
Manganese ore production (kwmt) 639 2,249 252% - 806 589 N/A (27%)
Manganese ore sales (kwmt) - 2,677 N/A - 865 868 N/A 0%
Australia Manganese saleable production increased to 2,249kwmt in the nine
months ended March 2026, as operations resumed following the impacts of
Tropical Cyclone Megan in March 2024.
Production decreased by 27% (or 217kwmt) to 589kwmt in the March 2026 quarter,
as the operation continued to manage elevated site water levels, in addition
to wet season rainfall and Tropical Cyclone Narelle. As a result, FY26
production guidance has been revised lower by 6% to 3,000kwmt. Water
management remains a focus for the operation into FY27.
Sales were 2,677kwmt in the nine months ended March 2026, as the operation
continued to drawdown inventory.
SOUTH AFRICA MANGANESE (54.6% SHARE)
South32 share 9M YTD25 9M YTD26 YoY 3Q25 2Q26 3Q26 3Q26 3Q26
vs vs
3Q25 2Q26
Manganese ore production (kwmt) 1,558 1,557 (0%) 476 506 500 5% (1%)
Manganese ore sales (kwmt) 1,495 1,595 7% 407 546 501 23% (8%)
South Africa Manganese saleable production was largely unchanged at 1,557kwmt
in the nine months ended March 2026, with maintenance completed in the
December 2025 and March 2026 quarters. FY26 production guidance remains
unchanged at 2,000kwmt.
NOTES
1. Refer to market release "Mozal Aluminium placed on care and maintenance" dated
16 March 2026.
2. Net cash number is unaudited and should not be considered as an indication of
or alternative to an IFRS measure of profitability, financial performance or
liquidity.
3. Production guidance for Hillside Aluminium and Mozal Aluminium does not assume
any load-shedding impact on production.
4. Payable copper equivalent production (CuEq) (kt) was calculated by aggregating
revenues from copper, molybdenum, gold and silver, and dividing the total
Revenue by the price of copper. FY25 realised prices for copper (US$4.18/lb),
molybdenum (US$21.12/lb), gold (US$2,877/oz) and silver (US$31.7/oz) have been
used for FY25, YTD FY26 and FY26e.
5. Payable zinc equivalent production (ZnEq) (kt) was calculated by aggregating
revenues from silver, lead and zinc, and dividing the total Revenue by the
price of zinc.FY25 realised prices for zinc (US$2,648/t), lead (US$1,883/t)
and silver (US$31.9/oz) have been used for FY25, YTD FY26 and FY26e.
6. Net distributions from our material equity accounted investments (EAI)
(manganese and Sierra Gorda) include dividends, capital
contributions/redemptions and net repayments/drawdowns of shareholder loans,
which are unaudited and should not be considered as an indication of or
alternative to an IFRS measure of profitability, financial performance or
liquidity.
7. Since inception of our capital management program, US$1.8B has been allocated
to our on-market share buy-back (837M shares at an average price of A$3.06 per
share) and US$525M returned in the form of special dividends.
8. Hermosa growth capital expenditure excludes lease payments for self generated
power and other assets directly attributable to construction of infrastructure
at the Taylor project. These costs were included in our capital cost estimate
provided in market release "Final Investment Approval to Develop Hermosa's
Taylor Deposit" dated 15 February 2024.
The following abbreviations have been used throughout this report: US$ million
(US$M); US$ billion (US$B); grams per tonne (g/t); tonnes (t); thousand tonnes
(kt); thousand tonnes per annum (ktpa); million tonnes (Mt); million tonnes
per annum (Mtpa); ounces (oz); thousand ounces (koz); million ounces (Moz);
thousand wet metric tonnes (kwmt); million wet metric tonnes (Mwmt); million
wet metric tonnes per annum (Mwmt pa); dry metric tonne unit (dmtu); thousand
dry metric tonnes (kdmt).
Figures in italics indicate that an adjustment has been made since the figures
were previously reported. The denotation (e) refers to an estimate or forecast
year.
OPERATING PERFORMANCE
South32 share 9M YTD25 9M YTD26 3Q25 4Q25 1Q26 2Q26 3Q26
Worsley Alumina (86% share)
Alumina hydrate production (kt) 2,803 2,794 931 922 940 955 899
Alumina production (kt) 2,791 2,779 941 936 934 959 886
Alumina sales (kt) 2,699 2,699 910 1,000 878 985 836
Brazil Alumina (36% share)
Alumina production (kt) 1,006 1,060 324 334 354 355 351
Alumina sales (kt) 1,014 1,052 323 335 332 387 333
Brazil Aluminium (40% share)
Aluminium production (kt) 100 107 36 38 37 37 33
Aluminium sales (kt) 92 101 31 46 29 45 27
Hillside Aluminium (100% share)
Aluminium production (kt) 537 538 175 181 181 181 176
Aluminium sales (kt) 538 514 171 194 169 187 158
Mozal Aluminium (63.7% share)
Aluminium production (kt) 265 248 87 90 93 90 65
Aluminium sales (kt) 246 229 72 105 100 62 67
Sierra Gorda (45% share)
Ore mined (Mt) 17.5 16.1 4.9 5.5 5.5 6.1 4.5
Ore processed (Mt) 16.3 15.8 5.2 5.4 5.5 5.4 4.9
Copper ore grade processed (%, Cu) 0.42 0.43 0.42 0.40 0.42 0.42 0.45
Payable copper equivalent production (kt)(4) 67.4 67.2 20.2 22.3 24.9 22.1 20.2
Payable copper production (kt) 53.7 53.2 17.0 17.7 18.3 18.0 16.9
Payable copper sales (kt) 54.8 51.8 16.9 18.1 17.2 19.3 15.3
Payable molybdenum production (kt) 1.1 1.5 0.2 0.4 0.8 0.4 0.3
Payable molybdenum sales (kt) 1.0 1.6 0.3 0.3 0.6 0.7 0.3
Payable gold production (koz) 21.6 14.6 5.7 6.3 6.3 4.6 3.7
Payable gold sales (koz) 22.2 14.4 6.0 6.3 5.9 5.3 3.2
Payable silver production (koz) 432 552 131 152 159 189 204
Payable silver sales (koz) 447 530 130 152 151 193 186
South32 share 9M YTD25 9M YTD26 3Q25 4Q25 1Q26 2Q26 3Q26
Cannington (100% share)
Ore mined (kwmt) 1,456 1,549 457 504 585 503 461
Ore processed (kdmt) 1,409 1,554 427 535 504 505 545
Silver ore grade processed (g/t, Ag) 197 150 176 175 148 170 133
Lead ore grade processed (%, Pb) 5.6 4.7 5.0 5.6 5.0 5.1 4.1
Zinc ore grade processed (%, Zn) 3.3 2.5 3.4 2.8 2.3 2.9 2.4
Payable zinc equivalent production (kt)(5) 174.7 147.6 48.9 59.5 48.3 54.5 44.8
Payable silver production (koz) 7,714 6,400 2,099 2,578 2,067 2,420 1,913
Payable silver sales (koz) 7,963 5,452 2,494 3,056 2,149 2,421 882
Payable lead production (kt) 67.3 60.1 17.7 25.1 21.3 21.0 17.8
Payable lead sales (kt) 74.1 52.0 19.8 25.2 21.0 21.7 9.3
Payable zinc production (kt) 33.9 27.8 11.0 10.6 8.3 10.4 9.1
Payable zinc sales (kt) 32.6 25.7 9.6 13.1 7.3 9.6 8.8
Australia Manganese (60% share)
Manganese ore production (kwmt) 639 2,249 - 467 854 806 589
Manganese ore sales (kwmt) - 2,677 - 253 944 865 868
Ore grade sold (%, Mn) - 41.5 - 41.7 41.4 41.4 41.7
South Africa Manganese (54.6% share)
Manganese ore production (kwmt) 1,558 1,557 476 593 551 506 500
Manganese ore sales (kwmt) 1,495 1,595 407 601 548 546 501
Ore grade sold (%, Mn) 39.0 38.5 38.9 38.7 38.3 38.4 38.8
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.
FURTHER INFORMATION
INVESTOR RELATIONS MEDIA RELATIONS
Ben Baker Jamie Macdonald
M +61 408 925 140
M +61 403 763 086
E Jamie.Macdonald@south32.net
E Ben.Baker@south32.net
Approved for release to the market by Graham Kerr, Chief Executive Officer
JSE Sponsor: The Standard Bank of South Africa Limited
22 April 2026
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
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