·

Net cash¹ increased by US$299M to US$252M in the quarter as we benefitted from strong operating results, a partial unwind in working capital and a one-off receipt of US$100M in relation to operational agreements at Worsley Alumina.

·

Aluminium production increased by 6% year to date as Brazil Aluminium continued to ramp-up, while Mozal Aluminium approached nameplate capacity following civil unrest in Mozambique in the prior quarter.  

·

Worsley Alumina completed planned calciner maintenance and commenced work on the Worsley Mine Development Project, which will provide improved access to bauxite and is expected to sustain production to at least FY36².

·

Brazil Alumina production increased by 6% year to date as the refinery benefitted from improved plant availability, more than offsetting wet weather impacts in the quarter.

·

Sierra Gorda payable copper equivalent production³ increased by 20% year to date with higher planned copper grades, supporting distributions of US$122M to South32 year to date.

·

Australia Manganese has installed all major structures for the wharf and is on track to recommence export sales in the June 2025 quarter. A further US$100M (100% basis) of external insurance payments were approved in the quarter.

·

Cannington FY25 production guidance has been lowered by 10% due to challenging geotechnical conditions and reduced operator availability in the quarter as a result of weather related disruptions in Queensland.

·

All other FY25 production guidance is unchanged.

·

Returned US$42M to shareholders via our on-market share buy-back year to date, leaving US$158M to be returned ahead of its extension or expiry on 12 September 2025.

·

Following the end of the quarter, we paid a fully-franked interim ordinary dividend of US$154M in respect of the December 2024 half year.

Production summary

3Q25

9M YTD25

FY25e^(a)

% of FY25e

Comments

Worsley Alumina (kt)

941

2,791

3,750

            74%  

Guidance unchanged

Brazil Alumina (non-operated) (kt)

324

1,006

1,350

            75%  

Guidance unchanged

Brazil Aluminium (non-operated) (kt)

36

100

130

            77%  

Guidance unchanged

Hillside Aluminium (kt)⁴

175

537

720

            75%  

Guidance unchanged

Mozal Aluminium (kt)⁴

87

265

350

            76%  

Guidance unchanged

Sierra Gorda (non-operated) (CuEq) (kt)³

19.8

66.2

84.8

            78%  

Guidance unchanged

Cannington (ZnEq) (kt)⁵

50.2

180.1

↓239.2

            75%  

Guidance lowered by 10%

Cerro Matoso (kt)

8.9

27.4

35.0

            78%  

Guidance unchanged

Australia Manganese (kwmt)

-

639

1,000

            64%  

Guidance unchanged

South Africa Manganese (kwmt)

476

1,558

2,000

            78%  

Guidance unchanged

(a) The denotation (e) refers to an estimate or forecast year.

·

We remain united by our belief that everyone can go home safe and well every day. We are continuing to implement our multi-year Safety Improvement Program, including investment in safety leadership through our LEAD Safely Every Day program, to deliver measurable improvements in safety performance.

·

Net cash increased by US$299M to US$252M in the quarter as we benefitted from strong operating performance and a partial unwind in working capital, as the collection of receivables more than offset an increase in finished goods inventories in our aluminium value chain due to the timing of shipments. 

·

We received US$100M from a subsidiary of Newmont Corporation (Newmont) in the quarter in relation to agreements with Worsley Alumina. The agreements will enable Worsley Alumina and Newmont's Boddington gold mine to safely operate in close proximity and compensate Worsley Alumina for impacts on its priority access to small areas containing resource.  We expect to recognise a gain of approximately US$94M (pre-tax) in FY25, which will be excluded from Underlying earnings as a significant item.

·

FY25 Operating unit cost guidance is unchanged, except for Cannington due to the volume impact of lower ore processed.

·

FY25 capital expenditure guidance is unchanged.

·

We simplified the Group's functional structures to appropriately support our portfolio following the divestment of Illawarra Metallurgical Coal⁶. These changes are expected to reduce the Group's functional support costs by approximately US$30M from FY26.

·

We received net distributions⁷ of US$36M (South32 share) from our Sierra Gorda equity accounted investment (EAI) in the quarter (US$122M in the nine months ended March 2025).

·

A further US$100M (100% basis) of external insurance payments were approved for Australia Manganese in the quarter in respect of the impacts of Tropical Cyclone Megan (US$350M in the nine months ended March 2025, 100% basis). No funding was required to be provided to Australia Manganese in the quarter⁸. We continue to work with our insurers to assess the timing and value of further recoveries.

·

We sold our equity interest in Elemental Altus Royalties Corp.⁹ for US$11M in the quarter.

·

We invested US$294M in Group capital expenditure (excluding EAIs and Hermosa) in the nine months ended March 2025, including US$57M at Illawarra Metallurgical Coal prior to its divestment on 29 August 2024.

·

We made Group tax payments of US$191M (excluding EAIs) in the nine months ended March 2025.

·

We returned US$42M to shareholders via our on-market share buy-back in the nine months ended March 2025, purchasing 18M shares at an average price of A$3.61 per share. Our US$2.5B capital management program is 94% complete with US$158M to be returned to shareholders ahead of its extension or expiry on 12 September 2025¹⁰.

·

We incurred idle capacity and remediation related costs of approximately US$135M (South32 share) at Australia Manganese in the nine months ended March 2025, which will be excluded from Underlying EBIT as an earnings adjustment. Our share of costs at Australia Manganese will be included in Underlying earnings from the June 2025 quarter.

·

Following the end of the March 2025 quarter, we paid a fully-franked interim ordinary dividend of US$154M in respect of the December 2024 half year.

·

We invested US$355M of growth capital expenditure at Hermosa in the nine months ended March 2025, as we progressed construction of the Taylor zinc-lead-silver project and an exploration decline for the Clark battery-grade manganese deposit.

·

At Taylor, we continued sinking the ventilation shaft and commissioned the hoisting system for the main shaft in the quarter. Sinking of the main shaft and construction of the process plant is on track to commence in the June 2025 quarter.

·

We directed US$26M to capitalised exploration in the nine months ended March 2025 as we continued to test the potential for a continuous copper system connecting the Peake copper deposit and Taylor Deeps. 

·

We invested US$26M in our greenfield exploration opportunities in the nine months ended March 2025 as we progressed multiple exploration programs targeting base metals in Australia, USA, Canada, Argentina, Namibia and Ireland.

·

We invested US$48M (US$41M capitalised) in exploration programs at our existing operations and development options in the nine months ended March 2025, including US$26M at the Hermosa project (noted above, all capitalised), US$11M for our Sierra Gorda EAI (all capitalised) and US$4M for our manganese EAI (nil capitalised).

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Alumina production (kt)

2,861

2,791

  (2%)

927

1,000

941

        2% 

   (6%)

Alumina sales (kt)

2,793

2,699

(3%)

895

965

910

 2%  

     (6%)

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Alumina production (kt)

953

1,006

6%  

313

348

324

 4%  

       (7%)

Alumina sales (kt)

924

1,014

10% 

277

365

323

17% 

       (12%)

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Aluminium production (kt)

76

100

  32%  

26

34

36

  38%  

         6%  

Aluminium sales (kt)

72

92

   28%  

32

36

31

          (3%)

(14%)

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Aluminium production (kt)

540

537

   (1%)

181

182

175

       (3%)

       (4%)

Aluminium sales (kt)

536

538

         0% 

209

192

171

(18%)

      (11%)

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Aluminium production (kt)

237

265

  12%  

71

90

87

23% 

      (3%)

Aluminium sales (kt)

225

246

 9%  

58

88

72

  24% 

     (18%)

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Payable copper equivalent production (kt)³

55.1

66.2

 20% 

16.7

24.3

19.8

 19% 

       (19%)

Payable copper production (kt)

45.5

53.7

 18% 

13.9

19.1

17.0

 22% 

     (11%)

Payable copper sales (kt)

45.6

54.8

 20% 

13.1

20.0

16.9

 29% 

      (16%)

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Payable zinc equivalent production (kt)⁵

225.1

180.1

(20%)

68.8

79.2

50.2

       (27%)

          (37%)

Payable silver production (koz)

9,601

7,714

   (20%)

2,897

3,700

2,099

       (28%)

       (43%)

Payable silver sales (koz)

8,739

7,963

   (9%)

2,210

3,127

2,494

  13%  

     (20%)

Payable lead production (kt)

83.6

67.3

    (19%)

24.8

30.3

17.7

       (29%)

  (42%)

Payable lead sales (kt)

74.5

74.1

   (1%)

17.9

29.2

19.8

   11%  

  (32%)

Payable zinc production (kt)

43.3

33.9

    (22%)

14.3

10.8

11.0

(23%)

         2%  

Payable zinc sales (kt)

39.9

32.6

    (18%)

11.6

10.4

9.6

(17%)

         (8%)

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Payable nickel production (kt)

29.1

27.4

(6%)

10.8

9.9

8.9

       (18%)

(10%)

Payable nickel sales (kt)

28.8

26.9

        (7%)

10.8

8.9

9.2

  (15%)

3% 

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Manganese ore production (kwmt)

2,324

639

N/A

646

639

-

N/A

N/A

Manganese ore sales (kwmt)

2,573

-

 N/A 

709

-

-

 N/A 

N/A 

South32 share

9M YTD24

9M YTD25

YoY

3Q24

2Q25

3Q25

3Q25

vs

3Q24

3Q25

vs

2Q25

Manganese ore production (kwmt)

1,641

1,558

  (5%)

530

485

476

    (10%)

           (2%)

Manganese ore sales (kwmt)

1,567

1,495

         (5%)

485

498

407

   (16%)

        (18%)

1.

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.

2.

Subject to receipt of any necessary secondary approvals. The information in this announcement that refers to Production Target and forecast financial information for Worsley Alumina is based on Proved (87%) and Probable (13%) Ore Reserves disclosed in South32 Annual report released on 29 August 2024 and is available to view on www.south32.net. The Ore Reserve estimate underpinning the Production Target has been prepared by a Competent Person and reported in accordance with the JORC Code.

3.

Payable copper equivalent production (CuEg) (kt) was calculated by aggregating revenues from copper, molybdenum, gold and silver, and dividing the total Revenue by the price of copper. FY24 realised prices for copper (US$3.86/lb), molybdenum (US$20.60/lb), gold (US$2,129/oz) and silver (US$24.8/oz) have been used for FY24, FY25 and FY25e.

4.

Production guidance for Hillside Aluminium and Mozal Aluminium does not assume any load-shedding impact on production.

5.

Payable zinc equivalent production (ZnEg) (kt) was calculated by aggregating revenues from payable silver, lead and zinc, and dividing the total Revenue by the price of zinc.  FY24 realised prices for zinc (US$2,230/t), lead (US$2,002/t) and silver (US$24.8/oz) have been used for FY24, FY25 and FY25e.

6.

On 29 August 2024, we completed the sale of Illawarra Metallurgical Coal (the Transaction) to an entity owned by Golden Energy and Resources Pte Ltd and M Resources Pty Ltd, receiving upfront cash proceeds of US$964M less transaction costs and cash disposed as part of the sale. A final adjustment to the purchase price is expected to be determined in H2 FY25. The total Transaction consideration includes deferred cash consideration of US$250M, payable in March 2030, and contingent price-linked cash consideration of up to US$350M.

7.

Net distributions from our material equity accounted investments (EAI) (manganese and Sierra Gorda) includes dividends, capital contributions 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.

8.

South32 provided funding of US$63M to Australia Manganese in the September 2024 quarter.

9.

South32 acquired an equity interest in Elemental Altus Royalties Corp. following the disposal of a portfolio of non-core precious metals royalties. Refer to media release "Agreement to Divest Select Precious Metal Royalties" dated 24 November 2020.

10.

Since inception of our capital management program, US$1.8B has been allocated to our on-market share buy-back (812M shares at an average price of A$3.06 per share) and US$525M returned in the form of special dividends.

11.

Refer to market releases "Worsley Mine Development Project Receives Federal Approval" dated 12 February 2025 and "Worsley Mine Development Project Receives State Approval" dated 20 December 2024.

12.

The sales volume weighted average of the Platts Alumina index (FOB) on the basis of a one-month lag to published pricing (Month minus one or "M-1") was US$612/t in the March 2025 quarter.

13.

Our realised price for nickel sales in the nine months ended March 2025 was US$6.09/lb, which represented a ~16% discount to the average LME Nickel Index price of US$7.24/lb.

14.

Reflects the period from 1 July 2024 to completion of the Transaction on 29 August 2024.

15.

Illawarra Metallurgical Coal sales are adjusted for moisture and will not reconcile directly to Illawarra Metallurgical Coal production.

South32 share

9M YTD24

9M YTD25

3Q24

4Q24

1Q25

2Q25

3Q25

Worsley Alumina (86% share)

Alumina hydrate production (kt)

2,860

2,803

926

919

932

940

931

Alumina production (kt)

2,861

2,791

927

916

850

1,000

941

Alumina sales (kt)

2,793

2,699

895

974

824

965

910

Brazil Alumina (36% share)

Alumina production (kt)

953

1,006

313

333

334

348

324

Alumina sales (kt)

924

1,014

277

358

326

365

323

Brazil Aluminium (40% share)

Aluminium production (kt)

76

100

26

28

30

34

36

Aluminium sales (kt)

72

92

32

30

25

36

31

Hillside Aluminium (100% share)

Aluminium production (kt)

540

537

181

180

180

182

175

Aluminium sales (kt)

536

538

209

184

175

192

171

Mozal Aluminium (63.7% share)

Aluminium production (kt)

237

265

71

77

88

90

87

Aluminium sales (kt)

225

246

58

101

86

88

72

Sierra Gorda (45% share)

Ore mined (Mt)

15.0

17.5

3.1

4.9

6.4

6.2

4.9

Ore processed (Mt)

16.4

16.3

5.5

5.5

5.6

5.5

5.2

Copper ore grade processed (%, Cu)

0.36

0.42

0.34

0.37

0.41

0.44

0.42

Payable copper equivalent production (kt)³

55.1

66.2

16.7

18.4

22.1

24.3

19.8

Payable copper production (kt)

45.5

53.7

13.9

15.3

17.6

19.1

17.0

Payable copper sales (kt)

45.6

54.8

13.1

15.3

17.9

20.0

16.9

Payable molybdenum production (kt)

0.7

1.1

0.2

0.2

0.4

0.5

0.2

Payable molybdenum sales (kt)

1.1

1.0

0.4

0.2

0.2

0.5

0.3

Payable gold production (koz)

18.7

21.6

5.3

5.9

7.7

8.2

5.7

Payable gold sales (koz)

19.0

22.2

5.2

5.9

7.8

8.4

6.0

Payable silver production (koz)

448

432

153

159

151

150

131

Payable silver sales (koz)

441

447

141

164

157

160

130

Cannington (100% share)

Ore mined (kwmt)

1,679

1,456

529

573

438

561

457

Ore processed (kdmt)

1,664

1,409

525

557

440

542

427

Silver ore grade processed (g/t, Ag)

208

197

200

199

163

241

176

Lead ore grade processed (%, Pb)

5.9

5.6

5.6

5.9

5.1

6.5

5.0

Zinc ore grade processed (%, Zn)

3.5

3.3

3.8

4.1

3.7

2.8

3.4

Payable zinc equivalent production (kt)⁵

225.1

180.1

68.8

77.3

50.7

79.2

50.2

Payable silver production (koz)

9,601

7,714

2,897

3,065

1,915

3,700

2,099

Payable silver sales (koz)

8,739

7,963

2,210

3,054

2,342

3,127

2,494

Payable lead production (kt)

83.6

67.3

24.8

28.8

19.3

30.3

17.7

Payable lead sales (kt)

74.5

74.1

17.9

27.9

25.1

29.2

19.8

Payable zinc production (kt)

43.3

33.9

14.3

17.4

12.1

10.8

11.0

Payable zinc sales (kt)

39.9

32.6

11.6

20.2

12.6

10.4

9.6

Cerro Matoso (99.9% share)

Ore mined (kwmt)

3,669

3,724

1,486

1,526

1,338

1,310

1,076

Ore processed (kdmt)

2,028

2,071

711

746

664

732

675

Ore grade processed (%, Ni)

1.57

1.48

1.61

1.70

1.46

1.49

1.48

Payable nickel production (kt)

29.1

27.4

10.8

11.5

8.6

9.9

8.9

Payable nickel sales (kt)

28.8

26.9

10.8

12.1

8.8

8.9

9.2

Australia Manganese (60% share)

Manganese ore production (kwmt)

2,324

639

645

-

-

639

-

Manganese ore sales (kwmt)

2,573

-

709

-

-

-

-

Ore grade sold (%, Mn)

42.5

-

42.2

-

-

-

-

South Africa Manganese (54.6% share)

Manganese ore production (kwmt)

1,641

1,558

530

534

597

485

476

Manganese ore sales (kwmt)

1,567

1,495

485

549

590

498

407

Ore grade sold (%, Mn)

38.7

39.0

38.7

39.1

38.9

39.1

38.9

Illawarra Metallurgical Coal (100% share)¹⁴

Total coal production (kt)

3,450

766

1,405

1,488

766

-

-

Total coal sales (kt)¹⁵

3,334

540

1,238

1,537

540

-

-

Metallurgical coal production (kt)

3,031

676

1,244

1,274

676

-

-

Metallurgical coal sales (kt)

2,812

507

1,053

1,360

507

-

-

Energy coal production (kt)

419

90

161

214

90

-

-

Energy coal sales (kt)

522

33

185

177

33

-

-

INVESTOR RELATIONS

Ben Baker

M  +61 403 763 086

E   Ben.Baker@south32.net

MEDIA RELATIONS

Jamie Macdonald
M  +61 408 925 140

E   Jamie.Macdonald@south32.net