Announcement Summary

Entity name

SOUTH32 LIMITED

Date of this announcement

Tuesday January 06, 2026

The +securities the subject of this notification are:

Unquoted options that have been exercised or other unquoted +convertible securities that have been converted

Total number of +securities to be issued/transferred

ASX +security code	Security description	Total number of +securities to be issued/transferred	Issue date
S32	ORDINARY FULLY PAID	276,656	31/12/2025

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) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

Registration number

ABN

84093732597

1.3 ASX issuer code

S32

1.4 The announcement is

New announcement

1.5 Date of this announcement

6/1/2026

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

Unquoted options that have been exercised or other unquoted +convertible securities that have been converted

2.2b The +securities being issued, transferred or re-classified as a result of the options being exercised or other +convertible securities being converted are: securities that have already been quoted on ASX ("existing class")

Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to

ASX in an Appendix 3B

The right of the holder of the options or other +convertible securities to receive the +underlying securities is being satisfied by:

A transfer of existing +securities

The underlying securities being received by the holder are:

Already quoted by ASX

Existing +securities converting into an existing class

FROM (Existing Class)

ASX +Security code and description

S32AA: RIGHTS

TO (Existing Class)

ASX +Security code and description

S32: ORDINARY FULLY PAID

Please state the number of options that were exercised or other +convertible securities that were converted

exercised or other +convertible securities were converted 7/10/2025

The last date the options were exercised or other +convertible securities were converted

12/12/2025

276.656

Is this all of the options or other +convertible securities on issue of that type?

Were the options being exercised or other +convertible securities being converted issued under an +employee incentive scheme?

The first date the options were

Yes

Are any of the options being exercised or other +convertible securities being converted held by +key management personnel (KMP) or an +associate?

Date the +securities the subject of this notification were issued/transferred

31/12/2025

Any other information the entity wishes to provide about the +securities the subject of this notification

Vesting of Rights under South32 Equity Incentive Plans.

Each Right is an entitlement to receive one fully paid ordinary share on vesting.

Issue details

Number of +securities

276,656

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this notification, the +securities of the entity will comprise:

The figures in parts 4.1 and 4.2 below are automatically generated and may not reflect the entity's current issued capital if other Appendix 2A, Appendix 3G or Appendix 3H forms are currently with ASX for processing.

4.1 Quoted +securities (Total number of each +class of +securities issued and quoted on ASX)

ASX +security code and description

Total number of +securities on issue

S32: ORDINARY FULLY PAID

4,486,485,738

4.2 Unquoted +securities (Total number of each +class of +securities issued but not quoted on ASX)