View settings100% · M+I+I · Resources excl. reserves · Native commodities

Reporting assumptions

These choices persist and are added to shared URLs.

Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Cannington

Queensland, Australia · Producing · 100.0% ownedUnverified

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	58.00 Mt	144.59 g/t	269.62 Moz	30 June 2025
Indicated	15.50 Mt	82.13 g/t	40.93 Moz	30 June 2025
Inferred	2.60 Mt	56.00 g/t	4.68 Moz	30 June 2025
Total Resources	66.10 Mt	121.55 g/t	258.32 Moz	30 June 2025
Proved	8.50 Mt	172.00 g/t	47.00 Moz	30 June 2025
Probable	1.60 Mt	199.00 g/t	10.24 Moz	30 June 2025
Total Reserves	10.00 Mt	177.00 g/t	56.91 Moz	30 June 2025

Sub-category rows are as disclosed (no Reserves-treatment netting); the Total rows honour the Resources treatment and Inferred-policy toggles, so components may not sum to the Total.

Dotted tonnes/grade are derived under the active Resources treatment: tonnes are netted of (or grossed by) the reserve tonnage alongside contained, and grade is re-derived as netted contained ÷ netted tonnes — not the published figures.

Zn

Category	Tonnes (Mt)	Grade (% Zn)	Contained (Mt Zn)	As at
Measured	58.00 Mt	2.66%	1.54 Mt Zn	30 June 2025
Indicated	15.50 Mt	2.60%	0.40 Mt Zn	30 June 2025
Inferred	2.60 Mt	2.51%	0.07 Mt Zn	30 June 2025
Total Resources	66.10 Mt	2.60%	1.72 Mt Zn	30 June 2025
Proved

Pb

Category	Tonnes (Mt)	Grade (% Pb)	Contained (Mt Pb)	As at
Measured	58.00 Mt	4.29%	2.49 Mt Pb	30 June 2025
Indicated	15.50 Mt	2.79%	0.43 Mt Pb	30 June 2025
Inferred	2.60 Mt	1.62%	0.04 Mt Pb	30 June 2025
Total Resources	66.10 Mt	3.68%	2.43 Mt Pb	30 June 2025
Proved

Cut-off grade

58.0000 % Zn · 130.0000 g/t Ag · 58.0000 g/t Ag · 58.0000 % Pb · 130.0000 % Pb · 130.0000 % Zn · 190.0000 g/t Ag · 190.0000 % Pb · 190.0000 % Zn

Price assumption

—

JORC code year

2012

Peer benchmark — producing Ag projects (118 with resources)Resource size P94Resource grade P80View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: South32 Annual Report 2025 (annual Resource and Reserve declaration) · 30 June 2025
Reporting code: JORC 2012
Convention: inclusive
Currency assumption: A$

Current R&R

Resources

Area	Category	Tonnes (Mt)	Ag		Zn		Pb		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
Total	Total Resources	66.10 Mt

UG Sulphide

Measured

39.00 Mt

159.00 g/t

199.37 Moz

2.84%

1.11 Mt Zn

4.67%

1.82 Mt Pb

30 June 2025

244Unverified

notes (4)

Source: South32 Annual Report 2025 (annual Resource and Reserve declaration) · published 28 Aug 2025

Ref: 244

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 130.00 g/t Ag — Cut-off grade assumption from the source statement.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: bare method label 'UG Sulphide' beside tenement/deposit-prefixed method labels on the same project — a multi-block table's lost prefix makes this row read as the project-level method total when it is one block's leaf (t57 MGX ML33760: bare 'Open Pit' was a 4.5x misread). Restore the printed block prefix (FIX mining_area) or verify the row really is the project-wide method line. QA INFO: possible missing commodity coverage — the document prints Fe grade/contained column(s) but the extraction emitted no Fe rows; verify the R&R table columns (live class: GMTL Pilot Mountain Zn).

UG Sulphide

Indicated

11.00 Mt

92.00 g/t

32.54 Moz

2.69%

0.30 Mt Zn

2.98%

0.33 Mt Pb

30 June 2025

244Unverified

notes (4)

Source: South32 Annual Report 2025 (annual Resource and Reserve declaration) · published 28 Aug 2025

Ref: 244

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 130.00 % Pb — Cut-off grade assumption from the source statement.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: bare method label 'UG Sulphide' beside tenement/deposit-prefixed method labels on the same project — a multi-block table's lost prefix makes this row read as the project-level method total when it is one block's leaf (t57 MGX ML33760: bare 'Open Pit' was a 4.5x misread). Restore the printed block prefix (FIX mining_area) or verify the row really is the project-wide method line. QA INFO: possible missing commodity coverage — the document prints Fe grade/contained column(s) but the extraction emitted no Fe rows; verify the R&R table columns (live class: GMTL Pilot Mountain Zn).

UG Sulphide

Inferred

2.60 Mt

56.00 g/t

4.68 Moz

2.51%

0.07 Mt Zn

1.62%

0.04 Mt Pb

30 June 2025

245Unverified

notes (4)

Source: South32 Annual Report 2025 (annual Resource and Reserve declaration) · published 28 Aug 2025

Ref: 245

JORC 2012 — Reporting code of record: JORC 2012
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: bare method label 'UG Sulphide' beside tenement/deposit-prefixed method labels on the same project — a multi-block table's lost prefix makes this row read as the project-level method total when it is one block's leaf (t57 MGX ML33760: bare 'Open Pit' was a 4.5x misread). Restore the printed block prefix (FIX mining_area) or verify the row really is the project-wide method line. QA INFO: possible missing commodity coverage — the document prints Fe grade/contained column(s) but the extraction emitted no Fe rows; verify the R&R table columns (live class: GMTL Pilot Mountain Zn).
QA fix: figures verified against the print (p.243 L13057: 2.6 56 1.62 2.51 -> 2.6 Mt @ 56g/t Ag) but the vintage is wrong. The Inferred column belongs to the 'As at 30 June 2025' table; the 'As at 30 June 2024' line the extractor latched onto (L13053) is the column-group header sitting above the RIGHTMOST prior-year comparative Total block only. Proof: UG

Reserves

Area	Category	Tonnes (Mt)	Ag		Zn		Pb		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
UG Sulphide	Proved	8.50 Mt	172.00 g/t	47.00 Moz	3.20%	0.27 Mt Zn	5.29%	0.45 Mt Pb	30 June 2025	244Unverified Evidence record Cannington Proved · Ag · as at 2025-06-30 Reported figure Area UG Sulphide Basis 100% Ore tonnes (t) 8500000.0000 Grade 172.0000 Contained (oz) 47004391.4833 Classification Reserve Source trail South32 Annual Report 2025 (annual Resource and Reserve declaration) 244 Published 2025-08-28 Verification Approved; not independently verified · Model extracted QA WARN: bare method label 'UG Sulphide' beside tenement/deposit-prefixed method labels on the same project — a multi-block table's lost prefix makes this row read as the project-level method total when it is one block's leaf (t57 MGX ML33760: bare 'Open Pit' was a 4.5x misread). Restore the printed block prefix (FIX mining_area) or verify the row really is the project-wide method line. QA INFO: possible missing commodity coverage — the document prints Fe grade/contained column(s) but the extraction emitted no Fe rows; verify the R&R table columns (live class: GMTL Pilot Mountain Zn). Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: South32 Annual Report 2025 (annual Resource and Reserve declaration) · published 28 Aug 2025 Ref: 244 JORC 2012 — Reporting code of record: JORC 2012 Cutoff 190.00 g/t Ag — Cut-off grade assumption from the source statement. QA notes: QA WARN: bare method label 'UG Sulphide' beside tenement/deposit-prefixed method labels on the same project — a multi-block table's lost prefix makes this row read as the project-level method total when it is one block's leaf (t57 MGX ML33760: bare 'Open Pit' was a 4.5x misread). Restore the printed block prefix (FIX mining_area) or verify the row really is the project-wide method line. QA INFO: possible missing commodity coverage — the document prints Fe grade/contained column(s) but the extraction emitted no Fe rows; verify the R&R table columns (live class: GMTL Pilot Mountain Zn).
UG Sulphide	Probable	1.60 Mt	199.00 g/t	10.24 Moz	1.55%	0.02 Mt Zn	5.32%	0.09 Mt Pb	30 June 2025	244Unverified Evidence record Cannington Probable · Pb · as at 2025-06-30 Reported figure Area UG Sulphide Basis 100% Ore tonnes (t) 1600000.0000 Grade 5.3200 Contained (t Pb) 85120.0000 Classification Reserve Source trail South32 Annual Report 2025 (annual Resource and Reserve declaration) 244 Published 2025-08-28 Verification Approved; not independently verified · Model extracted QA WARN: bare method label 'UG Sulphide' beside tenement/deposit-prefixed method labels on the same project — a multi-block table's lost prefix makes this row read as the project-level method total when it is one block's leaf (t57 MGX ML33760: bare 'Open Pit' was a 4.5x misread). Restore the printed block prefix (FIX mining_area) or verify the row really is the project-wide method line. QA INFO: possible missing commodity coverage — the document prints Fe grade/contained column(s) but the extraction emitted no Fe rows; verify the R&R table columns (live class: GMTL Pilot Mountain Zn). Copies a pre-filled issue record so you can send it through your normal channel.
UG Sulphide	Total Reserves	10.00 Mt	177.00 g/t	56.91 Moz	2.93%	0.29 Mt Zn	5.30%	0.53 Mt Pb	30 June 2025	245Unverified Evidence record Cannington Total Reserve · Zn · as at 2025-06-30 Reported figure Area UG Sulphide Basis 100% Ore tonnes (t) 10000000.0000 Grade 2.9300 Contained (t Zn) 293000.0000 Classification Reserve Source trail South32 Annual Report 2025 (annual Resource and Reserve declaration) 245 Published 2025-08-28 Verification Approved; not independently verified · Model extracted QA WARN: cross-category subtotal — this total_reserve row on area 'UG Sulphide' equals the sum of the same area's proved+probable leaves — a per-deposit M&I/P&P-style total (t24 LUN/LUG NI 43-101 class). Policy keeps category leaves + the whole-project Total; adjudicate per the per-property-totals precedent before approval. QA WARN: bare method label 'UG Sulphide' beside tenement/deposit-prefixed method labels on the same project — a multi-block table's lost prefix makes this row read as the project-level method total when it is one block's leaf (t57 MGX ML33760: bare 'Open Pit' was a 4.5x misread). Restore the printed block prefix (FIX mining_area) or verify the row really is the project-wide method line. QA INFO: possible missing commodity coverage — the document prints Fe grade/contained column(s) but the extraction emitted no Fe rows; verify the R&R table columns (live class: GMTL Pilot Mountain Zn). Copies a pre-filled issue record so you can send it through your normal channel.