Anglo American : 2023 Annual Results – Q2 roadshows update

22 February 2024

(Updated 23 April 2024)

Cautionary statement

Disclaimer: This document has been prepared by Anglo American plc ("Anglo American") and comprises the written materials/slides for a presentation concerning Anglo American. By attending this presentation and/or reviewing this document you agree to be bound by the following conditions. The release, presentation, publication or distribution of this document, in whole or in part, in certain jurisdictions may be restricted by law or regulation and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

This document is for information purposes only and does not constitute, nor is to be construed as, an offer to sell or the recommendation, solicitation, inducement or offer to buy, subscribe for or sell shares in Anglo American or any other securities by Anglo American or any other party. Further, it should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice and has no regard to the specific investment or other objectives, financial situation or particular needs of any recipient.

No representation or warranty, either express or implied, is provided, nor is any duty of care, responsibility or liability assumed, in each case in relation to the accuracy, completeness or reliability of the information contained herein. None of Anglo American or each of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this material or otherwise arising in connection with this material.

Forward-looking statements and third party information

This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Anglo American's financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American's products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Anglo American's present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American's actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American's assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American's most recent Annual

Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward- looking statement contained herein to reflect any change in Anglo American's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information included in this document is sourced from third party sources (including, but not limited to, externally conducted studies and trials). As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information.

Group terminology

In this document, references to "Anglo American", the "Anglo American Group", the "Group", "we", "us", and "our" are to refer to either Anglo American plc and its subsidiaries and/or those who work for them generally, or where it is not necessary to refer to a particular entity, entities or persons. The use of those generic terms herein is for convenience only, and is in no way indicative of how the Anglo American Group or any entity within it is structured, managed or controlled. Anglo American subsidiaries, and their management, are responsible for their own day-to-day operations, including but not limited to securing and maintaining all relevant licences and permits, operational adaptation and implementation of Group policies, management, training and any applicable local grievance mechanisms. Anglo American produces group-wide policies and procedures to ensure best uniform practices and standardisation across the Anglo American Group but is not responsible for the day to day implementation of such policies. Such policies and procedures constitute prescribed minimum standards only. Group operating subsidiaries are responsible for adapting those policies and procedures to reflect local conditions where appropriate, and for implementation, oversight and monitoring within their specific businesses.

No Investment Advice

This document has been prepared without reference to your particular investment objectives, financial situation, taxation position and particular needs. It is important that you view this document in its entirety. If you are in any doubt in relation to these matters, you should consult your stockbroker, bank manager, solicitor, accountant, taxation adviser or other independent financial adviser (where applicable, as authorised under the Financial Services and Markets Act 2000 in the UK, or in South Africa, under the Financial Advisory and Intermediary Services Act 37 of 2002 or under any other applicable legislation).

Alternative Performance Measures

Throughout this document a range of financial and non-financial measures are used to assess our performance, including a number of financial measures that are not defined or specified under IFRS (International Financial Reporting Standards), which are termed 'Alternative Performance Measures' (APMs). Management uses these measures to monitor the Group's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and the businesses. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. APMs are not uniformly defined by all companies, including those in the Group's industry. Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies.

©Anglo American Services (UK) Ltd 2024. TM,TM and FutureSmart MiningTM are trade marks of Anglo American Services (UK) Ltd. Some of the images used are under licence from iStock by Getty Images.

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Contents

Main results presentation

Strategic priorities	5-11
2023 operating performance	13-14
2023 financial performance	16-26
Operational detail	28-32
Portfolio replenishment & growth	34-36
Wrap-up and footnotes to presentation	38-40

Appendix

Our investment proposition	42
Simplified earnings & guidance	44-45
Simplified earnings
Guidance	46-49
Earnings sensitivity analysis	50
Capex guidance	51-53

Appendix (continued)

Key operational outlooks

Results by business

Liquidity

Portfolio overview

Sustainability performance Sustainable Mining Plan

Active route to a more sustainable world Scope 1 & 2 emissions: roadmap Scope 3 ambition

ESG ratings reflect our leading capabilities

Processed Mineral Residue Facilities safety management ESG integrated in remuneration

Measuring our ESG progress Sustainability summary

55-58

60-70

72

74-77

76-83

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Agenda

Strategic priorities

Duncan Wanblad

2023 operating performance

Duncan Wanblad, Chief Executive

2023 financial performance

John Heasley, Finance Director

Operational detail, portfolio replenishment & growth

Duncan Wanblad

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Strategic priorities

Duncan Wanblad

Shaping the business for the 3 major demand trends

Energy

transition

Improving living

standards

Food

security

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Clear strategic priorities to deliver value through the cycle

	Immediate & ongoing
1	Operational	2
excellence

		Longer term
3
Growth
		delivery

Continuous review

Portfolio

improvement

Execution underpinned by our differentiated capabilities

& disciplined approach to capital allocation

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Operational excellence: Committed to safe, efficient, profitable production

Safe, stable & repeatable operational performance

Safety & operating performance

inextricably linked

Focus on Operating Model

Driving well-planned, efficient

operational practices

Effective cost & capital

management

~$1bn pa

Sustainable opex savings

~$1.6bn

Lower capex 2024-261

Sustainable, value-focused

production plans

Prioritising stability

at Quellaveco & SMC

Value-focused production at Los Bronces & Kumba

Ongoing asset optimisation

Improving the competitiveness of our assets is our biggest margin lever

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Portfolio: Commitment to improvement & active

management

Crop

Nutrients

Manganese

Copper

Steelmaking	Production
Coal
mix from
	long term
	portfolio2

High

qualityNickel Iron Ore

Diamonds PGMs

Systematic asset review under way

Each business must play a portfolio role

Ongoing active management of portfolio

- always for value

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Growth: Longer term, but substantial options in attractive products

Prioritising products with

strongest long term fundamentals

Aligned with megatrends

& our distinctive capabilities

Partnerships & syndication at the right time, for value

Copper

Up to 1Mtpa in mid-2030s3

Polyhalite

+13Mtpa from mid-2030s4

High quality iron ore

Potential 60Mtpa5 at Minas-Rio with up to 40Mtpa from Kumba

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