Notification of Dealing Form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Stephen Pearce

2

Reason for the notification

a)

Position/status

Non-Executive Director

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor  

a)

Name

South32 Limited

b)

LEI

213800LAZNPXSBKVHR17

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

 Identification code

Ordinary Shares

AU000000S320

b)

Nature of the transaction

On-market purchase of South32 Limited ordinary shares on the Australian Securities Exchange

c)

Price(s) and volume(s)

d)

Aggregated information

- Aggregated volume

- Price

Aggregated volume: 100,000

Aggregated price: 2.61

Total Aggregated Price: 260,950

e)

Date of the transaction

12 September 2025

f)

Place of the transaction

XASX