South32 : Sierra Gorda Transaction Update

25 November 2021

South32 Limited (Incorporated in Australia under the Corporations Act 2001 (Cth))

(ACN 093 732 597) ASX / LSE / JSE Share Code: S32 ADR: SOUHY ISIN: AU000000S320 south32.net

SIERRA GORDA TRANSACTION UPDATE

South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) advises that KGHM Polska Miedz (KGHM) has not exercised its pre-emptiverights to increase its shareholding in the Sierra Gorda copper mine in Chile (Sierra Gorda). On 14 October 2021 we announced we had entered into binding conditional agreements with Sumitomo Metal Mining and Sumitomo Corporation (collectively Sumitomo) to acquire a 45% interest in Sierra Gorda (the Transaction)1. Completion of the transaction is expected in early calendar year 2022 subject to the satisfaction of the remaining conditions.

About us

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

Investor Relations

Alex Volante	Tom Gallop
T	[phone]	T	+61	8 9324 9030
M	[phone]	M	+61	439 353 948
E	[e-mail]	E	[e-mail]
Media Relations
Miles Godfrey	Jenny White
M	[phone]	T	+44	20 7798 1773
E	[e-mail]	M	+44	7900 046 758
		E	[e-mail]

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

Approved for release by Graham Kerr, Chief Executive Officer JSE Sponsor: UBS South Africa (Pty) Ltd 25 November 2021

1 Refer to market release "South32 to acquire a 45% interest in the Sierra Gorda copper mine" dated 14 October 2021.

Registered Office Level 35 108 St Georges Terrace Perth WA 6000 Australia

ABN 84 093 732 597 Registered in Australia