South32 Limited

Transaction in Own Shares • Dec 24, 2025

Announcement Summary

Name of entity

SOUTH32 LIMITED

Announcement type

Update announcement

Type of update

Daily buy-back notification

Date of this announcement

24/12/2025

Reason for update

Daily buy-back notification

ASX Security code and description of the class of +securities the subject of the buy-back

S32 : ORDINARY FULLY PAID

The type of buy-back is:

On market buy-back

Total number of +securities bought back before previous day

42,498,027

Total number of +securities bought back on previous day

274,803

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of entity

SOUTH32 LIMITED

We (the entity named above) provide the following information about our buy-back.

1.2 Registration number type

Registration number

ABN

84093732597

1.3 ASX issuer code

S32

1.4 The announcement is

Update/amendment to previous announcement

1.4a Type of update

Daily buy-back notification

1.4b Reason for update

Daily buy-back notification

1.4c Date of initial notification of buy-back

29/8/2024

1.4d Date of previous announcement to this update

23/12/2025

1.5 Date of this announcement

24/12/2025

1.6 ASX Security code and description of the class of +securities the subject of the buy-back

S32 : ORDINARY FULLY PAID

Part 2 - Type of buy-back

2.1 The type of buy-back is:

On market buy-back

Part 3 - Buy-back details

Part 3A - Details of +securities, price and reason

3A.1 Total number of +securities on issue in the class of +securities to be bought back

4,503,635,121

3A.4 Does the entity intend to buy back a minimum number of +securities No

3A.5 Does the entity intend to buy back a maximum number of securities

No

3A.6 Name of broker or brokers who will offer to buy back +securities on the entity's behalf

Broker name:

Royal Bank of Canada

3A.9 Are the +securities being bought back for a cash consideration? Yes

3A.9a Is the price to be paid for +securities bought back known? No

3A.9a.1 In what currency will the buy-back consideration be paid?

AUD - Australian Dollar

Part 3B - Buy-back restrictions and conditions

3B.1 Does the buy-back require security holder approval?

No

Part 3C - Key dates

On-market buy-back 3C.2 Proposed buy-back start date 12/9/2025

3C.3 Proposed buy-back end date 11/9/2026

Part 3D - Other Information

3D.1 Any other information the entity wishes to notify to ASX about the buy-back

South32 intends to continue its buy-back of up to US\$200 million of its fully paid ordinary shares under the on-market buy-back announced on 29 August 2024. The Company reserves the right to suspend or terminate the buy-back at any time.

Part 4 - Daily buy-back notification

A daily buy-back notification must be submitted for Employee share scheme, On-market, Equal access share scheme and Other buy-backs at least half an hour before the commencement of trading on the +business day after any day on which +securities are bought back (per listing rule 3.8A)

Please verify if the pre-populated values are accurate as they are only indicative based on previous online submissions. The pre-populated values may not be accurate if previous online submissions are still in-flight or in case of announcements made via a MS Word form.

Whilst you may over-ride a pre-populated value, once over-ridden it will not be possible to retrieve the previously pre-populated value.

4.1 Date of this notification

24/12/2025

4.2 Previous day on which +securities were bought back

23/12/2025

	Before previous day	On previous day
4.3 Total number of +securities bought back, or in relation to which acceptances have been received	42,498,027	274,803
4.4 Total consideration paid or payable for the +securities	AUD 138,806,979.15010	AUD 958,952.54880
4.5 Highest price paid	AUD 3.84000000	AUD 3.51000000
4.6 Lowest price paid	Date highest price was paid: 26/11/2024 AUD 2.55000000	AUD 3.47000000
	Date lowest price was paid: 10/9/2025

4.7 Highest price allowed to be paid by entity on the previous day under listing rule 7.33:

AUD 3.57000000

4.8 If the entity has disclosed an intention to buy back a maximum number of +securities, the remaining number of +securities to be bought back as at the end of the previous day