Kumba Iron Ore : 2024 AGM

Disclaimer

This presentation is for information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy shares in Kumba. Further, it does not constitute a recommendation by Kumba Iron Ore Limited or any other party to sell or buy shares in Kumba Iron Ore Limited or any other securities.

All written or oral forward-looking statements attributable to Kumba Iron Ore Limited or persons acting on their behalf are qualified in their entirety by these cautionary statements.

Forward-looking statements

Certain statements made in this presentation constitute forward-looking statements. Forward-looking statements are typically identified by the use of forward-looking terminology such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'intends', 'estimates', 'plans', 'assumes' or 'anticipates' or the negative thereof or other variations thereon or comparable terminology, or by discussions of for example, future plans, present or future events, or strategy that involve risks and uncertainties.

Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the company's control and all of which are based on the company's current beliefs and expectations about future events.

Such statements are based on current expectations and, by their nature, are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance, expressed or implied, by the forward-looking statement.

[OFFICIAL]

No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing the company and its subsidiaries.

The forward-looking statements contained in this presentation speak only as of the date of this presentation and the company undertakes no duty to, and will not necessarily update any of them in light of new information or future events, except to the extent required by applicable law or regulation.

Alternative Performance Measures

Throughout this presentation 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 Standard), which are termed Alternative Performance measures (APMs). Management use these measures to monitor the Group's financial performance alongside IFRS measures to improve the comparability of information between reporting periods and business units. These APMs should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position of 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.

Production and sales volumes, prices and C1 costs are reported in wet metric tonnes. Kumba product is shipped with approximately 1.6% moisture content.

3

Committed to safe

and sustainable operations

			Safety			Health and wellness
		LTI		TRIFR	1 Fatality		Occupational diseases (new cases)1

2.06

1.74

1.55

		0.80		0.98
17	18	8	28	17
2019	2020	2021	2022	2023

8	0	0	1	0
2019	2020	2021	2022²	2023

Improvement programmes focusing on reducing	Continued focus on improving occupational
risk with effective controls & improved systems	hazards through exposure reduction
Continued leadership and contractor	Holistic wellness programmes supporting
engagement to embed safe work practices	employee physical and mental health

Note: LTI: Lost Time Injuries; TRIFR: Total Recordable Injury Frequency Rate

2019 - 2022: Levels: 0-5; 2023: Level 4-5

One occupational disease case (musculoskeletal disorder) subsequently confirmed for 2022

4

[OFFICIAL]

2023 business overview

SafetyEBITDAAttributable free cashflow

0.98 TRIFR		R45.7bn		R14.9bn
2022: 1.55 TRIFR		2022: R37.3bn¹		2022: R10.4bn

ProductionEnduring stakeholder valueDividend declared

35.7Mt		R71.1bn		R15.1bn
2022: 37.7Mt		2022: R63bn		2022: R14.5bn

1. Adjusted EBITDA represents net operating profit before deducting interest, tax, depreciation, amortization and impairment charges or reversals

5

[OFFICIAL]

Business reconfiguration to sustain our competitiveness

Operating context

Our response

Value targeted

Market volatility

Logistics constraints

Volume & cost pressures

Reconfigure business Cost optimisation focus Supporting logistics improvement

Cost efficiencies:

R2.5-R3.0bn for FY2024

Product premium:

≥$3/t above average lump & Fe premium

Unlock the full

potential of the core

• Leadership and culture
• Cost competitiveness
• Operational excellence

					Our
				V	n
					isio
	i	p	e
	h
		r				V
	s		u
	r
	e		t		Our	l	O
		u
	d		l				a
						u
	a C				u
	Strategy	r
	e d	e
	L	n				s	Position for a
Stakeholder	O
	r
			a
	u
value creation								sustainable future
				P	Our
					e
					urpos
• Value accretiveoptions				• Maximise product premium
• Strong balancesheet				• Green steel value chain
• Disciplined capital allocation		• Sociatal value

6

[OFFICIAL]

Our sustainable mining plan

	Global Sustainability Pillars aligned to the UN's Sustainable Development Goals
Healthy Environment	Thriving Communities	Trusted
Corporate Leader
Maintaining a healthy		Building thriving		Developing trust as
environment by		communities with		a corporate leader,
creating water-less,	Energy &	better health,		providing ethical
carbon neutral	education and	Education	value chains and	Accountability
mines and	water	levels of	improved
health & SED	Mechanisms&
delivering positive	savings	employment.	accountability to
strategies	IRMA
biodiversity	projects		the communities
outcomes.				we work with.
		Collaborative Regional Development
		Implementation of projects
		Support Impact Catalyst partnership

Critical Foundations

Leadership	Zero	Human	Inclusion	Group standards	Legal
and culture	harm	rights	and diversity	and procedures	compliance

© Anglo American, 2024

7

[OFFICIAL]

Pathway to carbon emission reduction

Scope 1 and 2 carbon emissions reduction by 30% by 2030		Scope 3 reduction and customer 2030 goals1

Carbon emissions (Mt CO2)

Total emissions by energy usage (%)

		(>30%)
	0.97				50% target
0.93				H2-DRI
				35% target
					H2-DRI
Scope 2	Scope 2	Sishen			30% target
		67MW Solar			H2 DRI & SAF
		Kolomela	24/7		technology
		11MW Wind		30% target
		renewables
			Mining		Hisarna
			equipment	<70%
Scope 1	Scope 1		electrification
					10 LNG
2016	2023	Scope 2	Under	2030	vessels
baseline		Phase 1	investigation

Source: Company public reports, January 2024

1. Selection of mills and projects, non-comprehensive
2. Percentage of CO2 emissions (2023): Scope 1 = 57% and Scope 2 = 43%

10% target

H2 reduction steelmaking

30% target

(2035)

H2 -based shaft	30% target
furnace
H2-BF/DRI

8

[OFFICIAL]

Continued focus on reducing freshwater use

Freshwater used and supplied to communities (ML)

Freshwater used		Water supplied to communities

Targeting 40% reduction

7,952 18,610	7,154 19,227	7,028 17,069	8,099 18,554	7,772 18,228	5,800
2019	2020	2021	2022	2023	2030

Opportunities to reduce freshwater use

• Diversion of water to 3rd parties (i.e., Vaal Central and surrounding communities)
• Increasing the use of reclaimed process and surface water in our mining and plant operations.
• Hydraulic optimization of water distribution at Sishen and Kolomela operations
• Licensing GR35 Pit for water storage (Sishen) and Khumani Water Transfer Phase 2

9

[OFFICIAL]

Empowering & supporting our communities

85 schools &		Training colleges		Local employment
>76 000 learners supported		>2 300 community members		>39 000 jobs created since 2018

Small & medium enterprises		Comprehensive health care		Siyathemba 142 homes donated
>500 beneficiaries incubation programme		& GBV support		to municipality & flat upgraded