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

Reporting assumptions

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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).

Cerro Matoso

Colombia · Producing · 99.9% 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.

Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at
Measured	132.00 Mt	0.91%	1.21 Mt Ni	30 June 2025
Indicated	156.00 Mt	0.80%	1.25 Mt Ni	30 June 2025
Inferred	9.00 Mt	0.80%	0.07 Mt Ni	30 June 2025
Total Resources	270.90 Mt	0.83%	2.26 Mt Ni	30 June 2025
Proved	18.80 Mt	1.04%	0.19 Mt Ni	30 June 2025
Probable	7.30 Mt	0.93%	0.07 Mt Ni	30 June 2025
Total Reserves	26.10 Mt	1.01%	0.26 Mt Ni	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.

Cut-off grade

0.6000 % Ni

Price assumption

—

JORC code year

2012

Peer benchmark — producing Ni projects (17 with resources)Resource size P79Resource grade P3View 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)	Ni		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at	Source	Provenance
Total	Total Resources	270.90 Mt	0.83%	2.26 Mt Ni	30 June 2025	derived from 5 rows

Reserves

Area	Category	Tonnes (Mt)	Ni		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at	Source	Provenance
Total	Total Reserves	26.10 Mt	1.01%	0.26 Mt Ni	30 June 2025	derived from 4 rows Proved: 254 Proved: 254 Probable: 254 Probable: 254 Unverified Evidence record Cerro Matoso Total Reserve · Ni · as at 2025-06-30 Reported figure Area Whole project Basis 100% Ore tonnes (t) 26100000 Grade 1.0076628352490422 Contained (t Ni) 263000 Classification Reserve Source trail South32 Annual Report 2025 (annual Resource and Reserve declaration) 254 · contributes Proved South32 Annual Report 2025 (annual Resource and Reserve declaration) 254 · contributes Proved South32 Annual Report 2025 (annual Resource and Reserve declaration) 254 · contributes Probable South32 Annual Report 2025 (annual Resource and Reserve declaration) 254 · contributes Probable Verification Approved; not independently verified · Model extracted Copies a pre-filled issue record so you can send it through your normal channel.	—
Laterite	Proved	12.00 Mt	1.00%	0.12 Mt Ni	30 June 2025	254Unverified Evidence record Cerro Matoso Proved · Ni · as at 2025-06-30 Reported figure Area Laterite Basis 100% Ore tonnes (t) 12000000.0000 Grade 1.0000 Contained (t Ni) 120000.0000 Classification Reserve Source trail South32 Annual Report 2025 (annual Resource and Reserve declaration) 254 Published 2025-08-28 Verification Approved; not independently verified · Model extracted 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 254
Laterite	Probable	2.50 Mt	1.00%	0.03 Mt Ni	30 June 2025	254Unverified Evidence record Cerro Matoso Probable · Ni · as at 2025-06-30 Reported figure Area Laterite Basis 100% Ore tonnes (t) 2500000.0000 Grade 1.0000 Contained (t Ni) 25000.0000 Classification Reserve Source trail South32 Annual Report 2025 (annual Resource and Reserve declaration) 254 Published 2025-08-28 Verification Approved; not independently verified · Model extracted 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 254
Stockpile	Proved	6.80 Mt	1.10%	0.07 Mt Ni	30 June 2025	254Unverified Evidence record Cerro Matoso Proved · Ni · as at 2025-06-30 Reported figure Area Stockpile Basis 100% Ore tonnes (t) 6800000.0000 Grade 1.1000 Contained (t Ni) 74800.0000 Classification Reserve Source trail South32 Annual Report 2025 (annual Resource and Reserve declaration) 254 Published 2025-08-28 Verification Approved; not independently verified · Model extracted 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 254
Stockpile	Probable	4.80 Mt	0.90%	0.04 Mt Ni	30 June 2025	254Unverified Evidence record Cerro Matoso Probable · Ni · as at 2025-06-30 Reported figure Area Stockpile Basis 100% Ore tonnes (t) 4800000.0000 Grade 0.9000 Contained (t Ni) 43200.0000 Classification Reserve Source trail South32 Annual Report 2025 (annual Resource and Reserve declaration) 254 Published 2025-08-28 Verification Approved; not independently verified · Model extracted 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