Anglo American plc
Production Report for the fourth quarter ended 31 December 2022

Duncan Wanblad, Chief Executive of Anglo American, said: “Our production increased by 10%⁽¹⁾ in the fourth quarter compared to the same period in 2021, driven by the ongoing ramp-up at Quellaveco which produced more than 80,000 tonnes of copper. Our Steelmaking Coal operations also contributed by having all three of the longwall operations running, while we saw higher rough diamond production from De Beers and improved operational performance at Minas-Rio and Kumba, our iron ore businesses. Our strong quarterly improvement was tempered by weaker performance at our PGMs operations.

"In 2023, our unwavering focus remains on ensuring a safe and stable platform for strengthened and repeatable operational performance, while progressing towards our sustainability ambitions and advancing our organic growth options. The completion of the transaction in January to combine First Mode and nuGen^TM - our zero emissions haulage system - is designed to accelerate the development and commercialisation of this innovative decarbonisation technology as we work towards carbon neutral operations by 2040."

Q4 2022 highlights

• Secured 100% renewable electricity supply for our operations in Australia from 2025, effectively removing all Scope 2 emissions from our Steelmaking Coal business.
• Completed phase one of an integrated water project for Los Bronces copper operation in Chile: secures desalinated water for more than 45% of Los Bronces’ needs from 2025, while also providing clean water for local communities.
• Copper production increased by 52%, due to the ramp-up of production from our new Quellaveco copper mine in Peru, while production from our operations in Chile was broadly flat.
• Rough diamond production increased by 6%, reflecting strong operational performance, particularly at Jwaneng, which was partially offset by the planned completion of the final cut at Venetia's open pit.
• Steelmaking coal production increased by 6%, primarily due to all three underground longwall operations operating in Q4 2022, partially offset by the planned end of production at the Grasstree operation in January 2022.
• Iron ore production increased by 4%, reflecting higher plant availability at Minas-Rio, and improved operational performance at Kumba's Sishen mine, which more than offset the constraints on Kolomela's production that resulted from disappointing third party logistics performance.
• Metal in concentrate production from our Platinum Group Metals (PGMs) operations decreased by 10%, due to the impact of lower grades at Mogalakwena and planned infrastructure closures at Amandelbult.
• Nickel production decreased by 4%, primarily due to planned annual maintenance.

^{(1) Copper equivalent production basis.
(2) De Beers Group production is on a 100% basis, except for the Gahcho Kué joint venture which is on an attributable 51% basis.
(3) Contained metal basis. Reflects copper production from the Copper operations in Chile and Peru only (excludes copper production from the Platinum Group Metals business unit).
(4) Reflects nickel production from the Nickel operations in Brazil only (excludes 21.3 kt of full year 2022 nickel production from the Platinum Group Metals business unit).
(5) Produced ounces of metal in concentrate. 5E+Au (platinum, palladium, rhodium, ruthenium and iridium plus gold). Reflects own mine production and purchase of concentrate.
(6) Wet basis.}

Production and unit cost guidance summary

^{(1) Unit costs exclude royalties, depreciation and include direct support costs only. FX rates used for 2023 costs: ~17 ZAR:USD, ~1.5 AUD:USD, ~5.3 BRL:USD, ~900 CLP:USD, ~3.8 PEN:USD.
(2) Production on a 100% basis, except for the Gahcho Kué joint venture, which is on an attributable 51% basis, subject to trading conditions. Venetia continues to transition to underground operations - first production is expected in 2023. Unit cost is based on De Beers' share of production.
(3) Copper business unit only. On a contained-metal basis. Total copper production is the sum of Chile and Peru: Chile: 530-580 kt and Peru: 310-350 kt. Production in Chile is subject to water availability, and in Peru is subject to any socio-political effects. Unit cost total is a weighted average based on the mid-point of production guidance. Chile: c.190c/lb. Peru: c.100c/lb.
(4) Nickel operations in Brazil only. The Group also produces approximately 20 kt of nickel on an annual basis as a co-product from the PGM operations.
(5) 5E + gold produced metal in concentrate ounces. Includes own mined production (~65%) and purchased concentrate volumes (~35%). The split of metals differs for own mined and purchased concentrate, refer to FY2021 results presentation slide 38 for indicative split of own mined volumes. 2023 metal in concentrate production is expected to be 1.6-1.8 Moz of platinum, 1.2-1.3 Moz of palladium and 0.8-0.9 Moz of other PGMs and gold. 5E + gold refined production is expected to be 3.6-4.0 Moz, subject to the impact of Eskom load-shedding. Unit cost is per own mined 5E + gold PGMs metal in concentrate ounce.
(6) Wet basis. Total iron ore is the sum of operations at Minas-Rio in Brazil and Kumba in South Africa. Kumba: 35-37 Mt and Minas-Rio: 22-24 Mt. Kumba production is subject to the third party rail and port performance. Unit cost total is a weighted average based on the mid-point of production guidance. Kumba: c.$44/t and Minas-Rio: c.$32/t .
(7) Production excludes thermal coal by-product from Australia. FOB unit cost comprises managed operations and excludes royalties and study costs.}

Realised prices

^{(1) Consolidated average realised price based on 100% selling value post-aggregation.
(2) Average of the De Beers price index for the Sights within the 12-month period. The De Beers price index is relative to 100 as at December 2006.
(3) Average realised total copper price is a weighted average of the Copper Chile and Copper Peru realised prices.
(4) The realised price for Copper Chile excludes third party sales volumes.
(5) The realised price excludes trading.
(6) Price for a basket of goods per PGM oz. The dollar basket price is the net sales revenue from all metals (PGMs, base metals and other metals), excluding trading, per 5E + gold sold ounces (own mined and purchased concentrate).
(7) Average realised total iron ore price is a weighted average of the Kumba and Minas-Rio realised prices.
(8) Average realised export basket price (FOB Saldanha) (wet basis as product is shipped with ~1.6% moisture). The realised prices differ to Kumba's standalone results due to sales to other Group companies. Average realised export basket price (FOB Saldanha) on a dry basis is $115/t (FY 2021: $164/t), higher than the dry 62% Fe benchmark price of $102/t (FOB South Africa, adjusted for freight).
(9) Average realised export basket price (FOB Açu) (wet basis as product is shipped with ~9% moisture).
(10) Weighted average coal sales price achieved at managed operations. Australian thermal coal by-product FY 2022 was US$310/t and FY 2021 was US$120/t, a 158% increase. H2 2022 was $329/t and H1 2022 was $280/t, a 18% increase.}

NOTES

• This Production Report for the quarter ended 31 December 2022 is unaudited.
• Production figures are sometimes more precise than the rounded numbers shown in this Production Report.
• Copper equivalent production shows changes in underlying production volume. It is calculated by expressing each product’s volume as revenue, subsequently converting the revenue into copper equivalent units by dividing by the copper price (per tonne). Long-term forecast prices are used, in order that period-on-period comparisons exclude any impact for movements in price.
• Please refer to page 16 for information on forward-looking statements.