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"iso4217:USD" } }, "fact-461": { "value": "46000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "south32limited:EmployeeShareAwardsReserveMember", "unit": "iso4217:USD" } }, "fact-462": { "value": "-3595000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "fact-463": { "value": "-723000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "fact-464": { "value": "8845000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "fact-465": { "value": "12000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "fact-466": { "value": "8857000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00", "unit": "iso4217:USD" } }, "fact-2": { "value": "-3569000000.0", "decimals": -6, "dimensions": { "concept": "south32limited:CommonControlTransactionReserveIncludedWithinOtherReserves", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2026-07-01T00:00:00", "unit": "iso4217:USD" } }, "fact-496": { "value": "This section sets out the accounting policies that relate to the consolidated financial statements of South32 Limited (referred to as the Company) and its subsidiaries and joint arrangements (collectively, the Group) as a whole. Where an accounting policy, critical accounting estimate, assumption or judgement is specific to a note, these are described within the note to which they relate. These policies have been consistently applied to all periods presented, except as described in note 3 New standards and interpretations. The consolidated financial statements of the Group for the year ended 30 June 2026 were authorised for issue in accordance with a resolution of the Directors on 27 August 2026. 1. Reporting entity South32 Limited is a for-profit company limited by shares incorporated in Australia. South32 Limited has a primary listing on the Australian Securities Exchange (ASX), a secondary listing on the Johannesburg Stock Exchange (JSE), is admitted to listing in the equity shares (international commercial companies secondary listing) category of the Official List of the UK Financial Conduct Authority and its ordinary shares are traded on the London Stock Exchange (LSE). The nature of the operations and principal activities of the Group are described in note 4 Segment information. Are presented in US dollars, with all values rounded to the nearest million dollars (US$M or US$ million) unless otherwise stated, in accordance with ASIC Corporations Instrument 2026/183; ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-469": { "value": "
The consolidated financial statements of the Group for the year ended 30 June 2026 were authorised for issue in accordance with a
resolution of the Directors on 27 August 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-3": { "value": "South32 Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-4": { "value": "for-profit company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-5": { "value": "Australia", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-468": { "value": "
2. Basis of preparation
The consolidated financial statements are general purpose financial statements which:
\u2013 Have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other
authoritative pronouncements of the Australian Accounting Standards Board (AASB), International Financial Reporting Standards (IFRS)
Accounting Standards and other authoritative pronouncements of the International Accounting Standards Board (IASB);
\u2013 Have been prepared on a historical cost basis, except for post-retirement assets and obligations, derivative financial instruments and
certain other financial assets and liabilities which are required to be measured at fair value;
\u2013 Are presented in US dollars, with all values rounded to the nearest million dollars (US$M or US$ million) unless otherwise stated, in
accordance with ASIC Corporations Instrument 2026/183;
\u2013 Adopt all new and amended accounting standards and interpretations issued by the AASB and IASB that are relevant to the operations
of the Group and effective for reporting periods beginning on or after 1 July 2025. Refer to note 3 New standards and interpretations for
further details; and
\u2013 Do not early adopt any accounting standards and interpretations that have been issued or amended but are not yet effective as
described in note 3 New standards and interpretations.
(a) Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group. A list of material subsidiaries at year end is
contained in note 24 Subsidiaries.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting
policies.
(b) Foreign currency translation
The functional currency of the majority of the Group\u2019s operations, including the parent entity, is the US dollar, as this is assessed to be the
principal currency of the economic environments in which they operate.
Transactions denominated in foreign currencies are initially recorded in the functional currency using the exchange rate at the date of the
underlying transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange at year
end. Exchange gains or losses on translation are included in the Consolidated income statement, except for gains or losses on translation
of foreign-denominated closure and rehabilitation provisions for operating sites, which are capitalised in property, plant and equipment,
and gains or losses on translation of operations with non-USD functional currencies, which are recognised in other comprehensive income.
(c) Key estimates, assumptions and judgements
The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that
are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on
historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may
differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the
estimates are based.
Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as
follows:
Key estimates, assumptions and judgements
Recognition of deferred taxes
note 6
Uncertain tax matters
note 6
Useful economic lives of assets
note 11
Impairment of non-financial assets
note 13
Closure and rehabilitation provisions
note 15
Expected credit loss on credit-impaired financial assets
note 19
In addition to the specific sources of uncertainty noted, the following uncertainties and judgements are considered pervasive to the financial statements as a whole: Agreement to sell aluminium value chain assets On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina, Brazil Aluminium, Hillside Aluminium and Minera\u00e7\u00e3o Rio do Norte (the aluminium value chain assets) to Alcoa Corporation for consideration comprising US$3,100 million upfront cash consideration, 17 million Alcoa shares and up to US$750 million in price-linked contingent consideration. The transaction utilises a locked box mechanism, in which the transaction price is based on the financial position of the aluminium value chain assets as at 31 March 2026. South32 will also receive a five per cent per annum equity return fee on the upfront cash consideration for the period from obtaining South32 shareholder approval through to completion. The transaction is expected to complete in H2 FY27, subject to satisfaction or waiver of conditions precedent, including approval by South32 shareholders and various regulatory approvals. The key accounting estimates and judgements made by management relating to this transaction are as follows: \u2013 Management assessed the terms of the sale agreement against the criteria for classification as held for sale in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. As the completion remains subject to substantive conditions precedent, including South32 shareholder approval and various regulatory approvals, management concluded that the sale was not highly probable at 30 June 2026 and as a result the criteria for classification as held for sale were not met. The assets and liabilities will continue to be classified and measured in accordance with the Group's existing accounting policies and the results from the aluminium value chain assets will continue to be reported as part of the Group's continuing operations; and \u2013 Management considered the transaction as part of its assessment of impairment indicators for non-financial assets, refer to note 13 Impairment of non-financial assets. Impact of the Middle East conflict and global trade policy developments The Group continues to monitor the global economic implications of the ongoing conflict in the Middle East, and the various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. These factors represent a source of estimation uncertainty that may lead to material changes in the financial results in future reporting periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate-related risks and opportunities. The key risks and opportunities are consistent with the Group\u2019s reporting on climate-related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production including energy costs, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOPs) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. The Group's expectations of, and approach to, climate-related risks and opportunities presented below continue to include the risks and opportunities of the Group's interests in the aluminium value chain assets. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. 1. The Group's base case is used for portfolio planning, investment evaluation, assessment of indicators of impairment, and determination of asset recoverable amounts where required. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025) is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the Accelerated Transition scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on the Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, notwithstanding specific asset-level exposures at Hillside Aluminium which is further considered below. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGUs) 4 with the highest exposure to transition risks include Worsley Alumina and Hillside Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The interim focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. During FY26, the Group continued to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply, focusing on renewable electricity supply pathways, specifically to explore mechanisms to integrate competitively priced renewable electricity into the national grid. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Extension of the Hillside Aluminium LoOP beyond 2031 is highly dependent on securing an affordable source of low-carbon energy. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 5 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 6 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity, carbon and energy price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. 4. Mozal Aluminium is also considered to have a high exposure to transition risks, however in March 2026, Mozal Aluminium transitioned to care and maintenance as the Group was unable to secure sufficient and affordable electricity supply for Mozal Aluminium beyond that point. 5. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 6. An aspiration to deliver an outcome for which we have not identified a pathway for delivery. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change 7 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs, increases to operating costs and impacts on production schedules are incorporated into the Group's forward- looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. Sensitivity analysis The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis indicates that the recoverable amounts of the Group's CGUs remain resilient under both the Fragmented Transition and Accelerated Transition scenarios. The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable abatements, where applicable, and a long-term base case estimate of US$71 per tonne CO 2 -e (real) applied to all Scope 1 and 2 emissions from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it operates, in combination with the respective LoOPs. 7. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100.
Mineral Resources and Ore Reserves
A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust and there are
reasonable prospects for eventual economic extraction. Estimating the quantity and/or grade of Mineral Resources requires the location,
quantity, grade (or quality), continuity and other geological characteristics to be known, estimated or interpreted from specific geological
evidence and knowledge, including sampling, in order to satisfy the requirement that there are reasonable prospects for eventual
economic extraction. This process may require complex geological assessments to interpret the data.
An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or
where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more
onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with
prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining,
processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore
Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be
reasonably justified, including a consideration of forecast sales prices.
The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas
production and exploration activities.
As the economic assumptions used to estimate the Mineral Resources and Ore Reserves change from period to period, and because
additional geological data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change
from period to period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments
of operating costs and the impact of potential extreme weather events on the expectation of economic extraction.
The Group may also include Exploration Targets
8
in determining the recoverable amount of a CGU or an exploration area of interest.
Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including
Exploration Targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable
amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities,
and the recovery of any associated deferred tax assets.
An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range
of tonnes and range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.
(a) Description of segments
The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature
of products produced.
The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of
making decisions about resource allocation and assessing performance.
(b) Segment results
The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory
financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis.
The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of
Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments.
Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue,
adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net
finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity
accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation,
adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis.
Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set
out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the
material equity accounted joint ventures back to their statutory equity accounting positions.
The Group separately discloses sales of group production from sales of third party products and services because of the significant
difference in profit margin earned on these sales.
It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis.
Group and unallocated items/eliminations represent group centre functions and consolidation adjustments.
Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments.
Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude
the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other
financial assets and liabilities.
Revenue recognition
Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of
third parties. Revenue is not reduced for royalties and other taxes payable from Group production.
The following is a description of the principal activities from which the Group generates its revenue:
Revenue from the sale of commodities
The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese
ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to
transfer distinct goods to customers.
The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs
when control of the promised commodity is transferred to the customer.
For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable).
The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the
shipping agent) and is assessed to be the point in time at which control over the commodity passes to the customer. For these sales,
revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been
delivered to the customer.
For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price
subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between
provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair
value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements
has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated
continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is
estimated by reference to forward market prices.
Revenue from the provision of freight services
The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF
Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the
port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate
performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services
are provided. The Group also provides third party freight services which are recognised as the shipping service is provided.
The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand
the impact on the Group.
(ii) Significant items
Significant items are those items, not separately identified in note 4(b)(i) Underlying results reconciliation, whose nature and amount are
considered material to the Group\u2019s consolidated financial statements.
Income tax expense comprises current and deferred tax and is recognised in the Consolidated income statement except to the extent that
it relates to items recognised directly in the Consolidated statement of comprehensive income.
Deferred tax is calculated using the balance sheet liability method, providing for the tax effect of temporary differences between the
carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax assessment or deduction purposes.
To the extent that an item\u2019s tax base is solely derived from the amount deductible under capital gains tax legislation, deferred tax is
determined as if such amounts are not deductible in determining future assessable income.
Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities.
Basic earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the
weighted average number of shares outstanding during the year.
Diluted earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the
weighted average number of shares outstanding after adjustment for the effects of all dilutive potential shares.
Inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average cost. For
processed inventories, cost is derived on an absorption costing basis. Cost comprises the cost of purchasing raw materials and the cost of
production, including attributable overheads.
(a) Property, plant and equipment
Property, plant and equipment is held at cost less accumulated depreciation and impairment charges.
(b) Assets under construction
All assets included in assets under construction are reclassified to other categories in property, plant and equipment when the asset is
available and ready for use in the location and condition necessary for it to be capable of operating in the manner intended.
When Ore Reserves are estimated and development of commercial production is approved, capitalised exploration and evaluation
expenditure is reclassified to assets under construction. All subsequent development expenditure is capitalised and classified as assets
under construction, provided commercial viability conditions continue to be satisfied.
(c) Exploration and evaluation expenditure
Exploration is defined as the search for potential mineralisation after the Group has obtained legal rights to explore in a specific area. This
includes topographical, geological, geochemical and geophysical studies and exploratory drilling, trenching and sampling.
Evaluation is defined as the determination of the technical feasibility and commercial viability of a particular prospect. Activities conducted
during the evaluation phase include the determination of the tonnage and grade and/or quality of the deposit, examination and testing of
extraction methods and metallurgical or treatment process, surveys of transportation and infrastructure requirements, and market and
finance studies.
Exploration and evaluation expenditure is charged to the Consolidated income statement as incurred except in the following
circumstances, in which case the expenditure may be capitalised:
\u2013 The exploration and evaluation activity is within an area of interest which was previously acquired as an asset acquisition or in a
business combination and was measured at fair value on acquisition;
\u2013 The right to tenure within the exploration area is current and ongoing; and
\u2013 The economics indicates a positive net present value and the region's fiscal terms are established and stable enough to sustain an
expectation that future development is unlikely to be compromised by such fiscal terms.
In addition, drilling costs incurred at a producing mine for the purpose of improving confidence of the existing resource may be capitalised
when the following criteria are satisfied:
\u2013 The drilling occurs within the existing physical boundaries of the area defined as the resource; and
\u2013 The drilling costs are incurred in resources which are economically recoverable.
Capitalised exploration and evaluation expenditure considered to be a tangible asset is recognised as a component of property, plant and
equipment at cost less impairment charges. Otherwise, it is recognised as an intangible asset (such as certain licence and lease
arrangements). Licences or leases purchased which allow exploration over an extended period of time meet the definition of an intangible
exploration lease asset where they cannot be reasonably associated with a known Mineral Resource.
(d) Other mineral assets
Other mineral assets comprise:
\u2013 Capitalised exploration and evaluation expenditure for areas now in production;
\u2013 Development expenditure for areas now in production; and
\u2013 Mineral rights acquired.
In underground mines, when production and development activity occur concurrently, development activity is separated from production
activity, and is capitalised as development expenditure in other mineral assets. Underground mine development activity includes the cost
associated with gaining access to an ore deposit which gives rise to a substantive change in the future productive capacity of the mine.
(e) Leases
At inception of a contract, the Group assesses whether the contract contains a lease.
The Group recognises a right-of-use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured
at cost, which comprises the initial amount of the lease liability, plus any initial direct costs incurred and estimated future cost of closure or
rehabilitation, less any lease incentives received.
The corresponding lease liability is included within interest bearing liabilities. The lease liability is initially measured based on the value of
lease payments not yet paid at the commencement date, discounted to a present value using the interest rate implicit in the lease or, if
that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate.
The nature of the Group\u2019s leases predominantly relates to mining equipment and assets supporting the operations in line with the Group\u2019s
principal activities.
Leased assets are pledged as security for the related lease liabilities.
Short-term, low-value and variable leases
The Group has elected not to recognise ROU assets and lease liabilities for short-term and low-value leases. The Group recognises the
lease payments associated with short-term, low-value and variable leases within expenses excluding finance costs in the Consolidated
income statement on a straight-line basis over the lease term. If variable leases have a fixed component, this component is recognised as a
lease liability within interest bearing liabilities on the Consolidated balance sheet.
Total cash outflows for lease obligations consist of US$169 million (FY25: US$130 million) for lease liabilities recognised on the Consolidated
balance sheet and US$66 million (FY25: US$77 million) for short-term, low-value and variable leases recognised in the Consolidated income
statement.
(f) Depreciation and amortisation
The major categories of property, plant and equipment are depreciated on a units of production or straight-line basis using the estimated
lives indicated below. However, where assets are dedicated to an operation or lease and are not readily transferable, the below useful lives
are subject to the lesser of the asset category\u2019s useful life and the life of the operation or lease.
Category
Useful life
Buildings
25 to 40 years straight-line
Land
not depreciated, unless held for biodiversity offsets
Plant and equipment
3 to 30 years straight-line
ROU assets
based on the shorter of the useful life or the lease term (straight-line)
Other mineral assets
based on Ore Reserves on a units of production basis
Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are
capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges.
Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is
ready for use. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite.
Goodwill is required to be tested for impairment annually, refer to note 13 Impairment of non-financial assets.
In testing for indications of impairment and performing impairment calculations, assets are considered as collective groups and referred to
as CGUs. Impairment tests are carried out annually for CGUs containing goodwill and when there is an indication of impairment or
impairment reversal for all other CGUs. The Group typically uses discounted cash flow valuation ranges to assess whether there is an
indicator of impairment or impairment reversal for its CGUs.
If the carrying value of a CGU exceeds its recoverable amount, the CGU is impaired. Impairment reversals cannot exceed the carrying value
that would have been determined (net of depreciation) had no impairment loss been recognised for the CGU. Goodwill is not subject to
impairment reversal.
For areas not yet in production, any mineral rights acquired, together with subsequent capitalised exploration and evaluation expenditure,
are reviewed to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Once the technical
feasibility and commercial viability of an area of interest are demonstrated, exploration and evaluation assets attributable to that area of
interest are tested for impairment.
Trade and other payables generally represent liabilities for goods and services provided to the Group prior to the end of the year which
were unpaid at the end of the year. These amounts are unsecured.
Trade and other payables, other than financial liabilities held at FVTPL, are stated at their amortised cost and are non-interest bearing. The
carrying value of these trade and other payables is considered to approximate its fair value due to the short-term nature of the payables.
(a) Employee benefits
Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick
leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the
amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken.
The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in
the current provision for employee benefits and is measured in accordance with annual leave described above.
(b) Closure and rehabilitation
The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and
rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land
rehabilitation.
Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When
the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision
encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of
closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation
activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the
provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an
expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation.
The timing of the actual closure and rehabilitation expenditure is expected to occur progressively over the remaining life of the operation,
with the majority of the outflows occurring at or after closure, and is dependent upon a number of factors such as:
\u2013 The life and nature of the operation;
\u2013 The operating licence conditions; and
\u2013 The environment in which the operation operates.
Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation
requirements.
Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and
determined according to the probability of alternative estimates of cash flows occurring for each operation.
Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the
closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied.
The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates
capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites.
When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part
of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is
recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time
due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs.
Closure and rehabilitation provisions are also adjusted for changes in cost estimates and foreign exchange rate movements. Those
adjustments are accounted for as a change in the corresponding capitalised cost, except where a reduction in the provision is greater than
the depreciated capitalised cost of the related assets, in which case the carrying value is reduced to nil and the remaining adjustment is
recognised in the Consolidated income statement. In the case of closed sites, changes in cost estimates and foreign exchange rate
movements are recognised immediately in the Consolidated income statement. Changes to the capitalised cost result in an adjustment to
future depreciation. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal
occurrence in light of the significant judgements and estimates involved.
(c) Post-retirement employee benefits
This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other
post-retirement obligations.
Cash and cash equivalents include cash at bank and on hand as well as short-term deposits.
For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other
comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other
income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment.
Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial
assets or liabilities and the contractual terms of the cash flows.
(a) Fair value measurement
The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective
fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of
US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair
value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the
reporting date and are classified as Level 1 on the fair value hierarchy as shown below.
For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where
available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable
transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling,
credit and other risks implicit in such estimates.
The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs
used:
Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities.
Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability,
either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices).
Level 3 Valuation includes inputs that are not based on observable market data.
Expected credit losses
Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified
approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general
approach and recognises impairments based on a 12-month expected credit loss.
Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where
applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security
option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any
evidence of default.
Shareholder loan receivable from Sierra Gorda
Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using
the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The
credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected
credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment or reversals of impairment of
financial assets.
Incremental costs directly attributable to the issuance of shares, net of any income tax effects, are recognised as a deduction from equity.
(a) Employee Share Ownership Plan Trusts
The South32 Limited Employee Incentive Plans Trust (the Australian Trust) and the South32 South African AllShare Trust (the South African
Trust) are discretionary trusts for the benefit of employees of South32 Limited and its subsidiaries.
The trustee for the Australian Trust (CPU Share Plans Pty Ltd) is an independent company in Australia. The trustees for the South African
Trust are made up of employer and employee representatives per the Broad-Based Black Economic Empowerment (B-BBEE) requirements
under South African law.
The Trusts use funds provided by South32 Limited and/or its subsidiaries to acquire shares to enable awards to be made or satisfied under
the Group employee share ownership plans. Shares may be acquired by purchase in the market or by subscription at not less than nominal
value.
(b) Measurement of fair values
The fair value at grant date of equity-settled share awards is charged to the Consolidated income statement, net of tax, over the period for
which the benefits of employee services are expected to be derived. The corresponding accrued employee entitlement is recorded in the
employee share awards reserve.
Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is
proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and
the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to
settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are
settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense
recognised is charged directly to retained earnings, net of tax.
The fair value of market-based performance rights is measured using a Monte Carlo methodology and the fair value of retention and other
non-market-based performance rights is measured using a Black Scholes methodology. The models consider the following:
\u2013 Expected life of the award;
\u2013 Current market price of the underlying shares;
\u2013 Expected volatility (of the individual company and of each peer group);
\u2013 Expected dividends;
\u2013 Risk-free interest rate; and
\u2013 Market based performance hurdles (performance rights only).
The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively.
The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly
or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such
amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the
joint operation.
The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not
by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to
joint operation partners over assets within the joint operation.
Sales to, and purchases from, related parties are transactions at market prices and on commercial terms, or under terms and prices that
are no less favourable to the Group than those arranged with third parties.
Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-470": { "value": "2. Basis of preparation The consolidated financial statements are general purpose financial statements which: \u2013 Have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB), International Financial Reporting Standards (IFRS) Accounting Standards and other authoritative pronouncements of the International Accounting Standards Board (IASB); \u2013 Have been prepared on a historical cost basis, except for post-retirement assets and obligations, derivative financial instruments and certain other financial assets and liabilities which are required to be measured at fair value; \u2013 Are presented in US dollars, with all values rounded to the nearest million dollars (US$M or US$ million) unless otherwise stated, in accordance with ASIC Corporations Instrument 2026/183; \u2013 Adopt all new and amended accounting standards and interpretations issued by the AASB and IASB that are relevant to the operations of the Group and effective for reporting periods beginning on or after 1 July 2025. Refer to note 3 New standards and interpretations for further details; and \u2013 Do not early adopt any accounting standards and interpretations that have been issued or amended but are not yet effective as described in note 3 New standards and interpretations. (a) Basis of consolidation The consolidated financial statements comprise the financial statements of the Group. A list of material subsidiaries at year end is contained in note 24 Subsidiaries. The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. (b) Foreign currency translation The functional currency of the majority of the Group\u2019s operations, including the parent entity, is the US dollar, as this is assessed to be the principal currency of the economic environments in which they operate. Transactions denominated in foreign currencies are initially recorded in the functional currency using the exchange rate at the date of the underlying transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange at year end. Exchange gains or losses on translation are included in the Consolidated income statement, except for gains or losses on translation of foreign-denominated closure and rehabilitation provisions for operating sites, which are capitalised in property, plant and equipment, and gains or losses on translation of operations with non-USD functional currencies, which are recognised in other comprehensive income. (c) Key estimates, assumptions and judgements The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the estimates are based. Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as follows:
Key estimates, assumptions and judgements
Recognition of deferred taxes
note 6
Uncertain tax matters
note 6
Useful economic lives of assets
note 11
Impairment of non-financial assets
note 13
Closure and rehabilitation provisions
note 15
Expected credit loss on credit-impaired financial assets
note 19
In addition to the specific sources of uncertainty noted, the following uncertainties and judgements are considered pervasive to the financial statements as a whole: Agreement to sell aluminium value chain assets On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina, Brazil Aluminium, Hillside Aluminium and Minera\u00e7\u00e3o Rio do Norte (the aluminium value chain assets) to Alcoa Corporation for consideration comprising US$3,100 million upfront cash consideration, 17 million Alcoa shares and up to US$750 million in price-linked contingent consideration. The transaction utilises a locked box mechanism, in which the transaction price is based on the financial position of the aluminium value chain assets as at 31 March 2026. South32 will also receive a five per cent per annum equity return fee on the upfront cash consideration for the period from obtaining South32 shareholder approval through to completion. The transaction is expected to complete in H2 FY27, subject to satisfaction or waiver of conditions precedent, including approval by South32 shareholders and various regulatory approvals. The key accounting estimates and judgements made by management relating to this transaction are as follows: \u2013 Management assessed the terms of the sale agreement against the criteria for classification as held for sale in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. As the completion remains subject to substantive conditions precedent, including South32 shareholder approval and various regulatory approvals, management concluded that the sale was not highly probable at 30 June 2026 and as a result the criteria for classification as held for sale were not met. The assets and liabilities will continue to be classified and measured in accordance with the Group's existing accounting policies and the results from the aluminium value chain assets will continue to be reported as part of the Group's continuing operations; and \u2013 Management considered the transaction as part of its assessment of impairment indicators for non-financial assets, refer to note 13 Impairment of non-financial assets. Impact of the Middle East conflict and global trade policy developments The Group continues to monitor the global economic implications of the ongoing conflict in the Middle East, and the various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. These factors represent a source of estimation uncertainty that may lead to material changes in the financial results in future reporting periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate-related risks and opportunities. The key risks and opportunities are consistent with the Group\u2019s reporting on climate-related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production including energy costs, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOPs) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. The Group's expectations of, and approach to, climate-related risks and opportunities presented below continue to include the risks and opportunities of the Group's interests in the aluminium value chain assets. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. 1. The Group's base case is used for portfolio planning, investment evaluation, assessment of indicators of impairment, and determination of asset recoverable amounts where required. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025) is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the Accelerated Transition scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on the Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, notwithstanding specific asset-level exposures at Hillside Aluminium which is further considered below. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGUs) 4 with the highest exposure to transition risks include Worsley Alumina and Hillside Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The interim focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. During FY26, the Group continued to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply, focusing on renewable electricity supply pathways, specifically to explore mechanisms to integrate competitively priced renewable electricity into the national grid. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Extension of the Hillside Aluminium LoOP beyond 2031 is highly dependent on securing an affordable source of low-carbon energy. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 5 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 6 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity, carbon and energy price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. 4. Mozal Aluminium is also considered to have a high exposure to transition risks, however in March 2026, Mozal Aluminium transitioned to care and maintenance as the Group was unable to secure sufficient and affordable electricity supply for Mozal Aluminium beyond that point. 5. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 6. An aspiration to deliver an outcome for which we have not identified a pathway for delivery. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change 7 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs, increases to operating costs and impacts on production schedules are incorporated into the Group's forward- looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. Sensitivity analysis The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis indicates that the recoverable amounts of the Group's CGUs remain resilient under both the Fragmented Transition and Accelerated Transition scenarios. The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable abatements, where applicable, and a long-term base case estimate of US$71 per tonne CO 2 -e (real) applied to all Scope 1 and 2 emissions from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it operates, in combination with the respective LoOPs. 7. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100. Mineral Resources and Ore Reserves A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust and there are reasonable prospects for eventual economic extraction. Estimating the quantity and/or grade of Mineral Resources requires the location, quantity, grade (or quality), continuity and other geological characteristics to be known, estimated or interpreted from specific geological evidence and knowledge, including sampling, in order to satisfy the requirement that there are reasonable prospects for eventual economic extraction. This process may require complex geological assessments to interpret the data. An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be reasonably justified, including a consideration of forecast sales prices. The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas production and exploration activities. As the economic assumptions used to estimate the Mineral Resources and Ore Reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change from period to period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments of operating costs and the impact of potential extreme weather events on the expectation of economic extraction. The Group may also include Exploration Targets8 in determining the recoverable amount of a CGU or an exploration area of interest. Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including Exploration Targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities, and the recovery of any associated deferred tax assets. An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-497": { "value": "Have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB), International Financial Reporting Standards (IFRS) Accounting Standards and other authoritative pronouncements of the International Accounting Standards Board (IASB); ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-498": { "value": "(a) Basis of consolidation The consolidated financial statements comprise the financial statements of the Group. A list of material subsidiaries at year end is contained in note 24 Subsidiaries. The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-499": { "value": "(b) Foreign currency translation The functional currency of the majority of the Group\u2019s operations, including the parent entity, is the US dollar, as this is assessed to be the principal currency of the economic environments in which they operate. Transactions denominated in foreign currencies are initially recorded in the functional currency using the exchange rate at the date of the underlying transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange at year end. Exchange gains or losses on translation are included in the Consolidated income statement, except for gains or losses on translation of foreign-denominated closure and rehabilitation provisions for operating sites, which are capitalised in property, plant and equipment, and gains or losses on translation of operations with non-USD functional currencies, which are recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-520": { "value": "The functional currency of the majority of the Group\u2019s operations, including the parent entity, is the US dollar, as this is assessed to be the principal currency of the economic environments in which they operate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-542": { "value": "(c) Key estimates, assumptions and judgements The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the estimates are based. Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as follows:
Key estimates, assumptions and judgements
Recognition of deferred taxes
note 6
Uncertain tax matters
note 6
Useful economic lives of assets
note 11
Impairment of non-financial assets
note 13
Closure and rehabilitation provisions
note 15
Expected credit loss on credit-impaired financial assets
note 19
In addition to the specific sources of uncertainty noted, the following uncertainties and judgements are considered pervasive to the financial statements as a whole: Agreement to sell aluminium value chain assets On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina, Brazil Aluminium, Hillside Aluminium and Minera\u00e7\u00e3o Rio do Norte (the aluminium value chain assets) to Alcoa Corporation for consideration comprising US$3,100 million upfront cash consideration, 17 million Alcoa shares and up to US$750 million in price-linked contingent consideration. The transaction utilises a locked box mechanism, in which the transaction price is based on the financial position of the aluminium value chain assets as at 31 March 2026. South32 will also receive a five per cent per annum equity return fee on the upfront cash consideration for the period from obtaining South32 shareholder approval through to completion. The transaction is expected to complete in H2 FY27, subject to satisfaction or waiver of conditions precedent, including approval by South32 shareholders and various regulatory approvals. The key accounting estimates and judgements made by management relating to this transaction are as follows: \u2013 Management assessed the terms of the sale agreement against the criteria for classification as held for sale in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. As the completion remains subject to substantive conditions precedent, including South32 shareholder approval and various regulatory approvals, management concluded that the sale was not highly probable at 30 June 2026 and as a result the criteria for classification as held for sale were not met. The assets and liabilities will continue to be classified and measured in accordance with the Group's existing accounting policies and the results from the aluminium value chain assets will continue to be reported as part of the Group's continuing operations; and \u2013 Management considered the transaction as part of its assessment of impairment indicators for non-financial assets, refer to note 13 Impairment of non-financial assets. Impact of the Middle East conflict and global trade policy developments The Group continues to monitor the global economic implications of the ongoing conflict in the Middle East, and the various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. These factors represent a source of estimation uncertainty that may lead to material changes in the financial results in future reporting periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate-related risks and opportunities. The key risks and opportunities are consistent with the Group\u2019s reporting on climate-related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production including energy costs, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOPs) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. The Group's expectations of, and approach to, climate-related risks and opportunities presented below continue to include the risks and opportunities of the Group's interests in the aluminium value chain assets. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. 1. The Group's base case is used for portfolio planning, investment evaluation, assessment of indicators of impairment, and determination of asset recoverable amounts where required. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025) is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the Accelerated Transition scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on the Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, notwithstanding specific asset-level exposures at Hillside Aluminium which is further considered below. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGUs) 4 with the highest exposure to transition risks include Worsley Alumina and Hillside Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The interim focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. During FY26, the Group continued to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply, focusing on renewable electricity supply pathways, specifically to explore mechanisms to integrate competitively priced renewable electricity into the national grid. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Extension of the Hillside Aluminium LoOP beyond 2031 is highly dependent on securing an affordable source of low-carbon energy. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 5 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 6 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity, carbon and energy price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. 4. Mozal Aluminium is also considered to have a high exposure to transition risks, however in March 2026, Mozal Aluminium transitioned to care and maintenance as the Group was unable to secure sufficient and affordable electricity supply for Mozal Aluminium beyond that point. 5. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 6. An aspiration to deliver an outcome for which we have not identified a pathway for delivery. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change 7 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs, increases to operating costs and impacts on production schedules are incorporated into the Group's forward- looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. Sensitivity analysis The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis indicates that the recoverable amounts of the Group's CGUs remain resilient under both the Fragmented Transition and Accelerated Transition scenarios. The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable abatements, where applicable, and a long-term base case estimate of US$71 per tonne CO 2 -e (real) applied to all Scope 1 and 2 emissions from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it operates, in combination with the respective LoOPs. 7. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100. Mineral Resources and Ore Reserves A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust and there are reasonable prospects for eventual economic extraction. Estimating the quantity and/or grade of Mineral Resources requires the location, quantity, grade (or quality), continuity and other geological characteristics to be known, estimated or interpreted from specific geological evidence and knowledge, including sampling, in order to satisfy the requirement that there are reasonable prospects for eventual economic extraction. This process may require complex geological assessments to interpret the data. An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be reasonably justified, including a consideration of forecast sales prices. The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas production and exploration activities. As the economic assumptions used to estimate the Mineral Resources and Ore Reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change from period to period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments of operating costs and the impact of potential extreme weather events on the expectation of economic extraction. The Group may also include Exploration Targets8 in determining the recoverable amount of a CGU or an exploration area of interest. Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including Exploration Targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities, and the recovery of any associated deferred tax assets. An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. Key estimates, assumptions and judgements Deferred tax Judgement is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognised on the Consolidated balance sheet. Deferred tax assets are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits. Deferred tax liabilities arising from temporary differences in investments, caused principally by retained earnings held in foreign tax jurisdictions, are recognised unless repatriation of retained earnings can be controlled and are not expected to occur in the foreseeable future. Assumptions about the generation of future taxable profits and repatriation of retained earnings depend on management\u2019s estimates of future cash flows. These depend on estimates of future production and sales volumes, commodity prices, climate- related impacts, Mineral Resources and Ore Reserves, operating costs, closure and rehabilitation costs, capital expenditure, dividends and other capital management transactions. Uncertain tax matters Judgements are required about the application of the inherently complex income tax legislation in jurisdictions where we operate. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognised on the Consolidated balance sheet and the amount of other tax losses and temporary differences not yet recognised. Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities.
Key estimates, assumptions and judgements
Useful economic lives of assets
The useful lives of our property, plant and equipment are often dependent, either directly or indirectly, on the reserve life of the
orebody to which they relate. Changes in economic assumptions used to estimate Ore Reserves and/or the timing of closure of
operations, including the Group\u2019s expectations with respect to climate-related risks and opportunities, may impact the estimated
useful lives of the specific assets concerned. Refer to note 2(c) Key estimates, assumptions and judgements for further details
regarding Mineral Resources and Ore Reserves, and climate-related risks and opportunities as sources of estimation uncertainty.
Refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing
impairment indicators, which are also relevant to determining the useful economic lives of asset assumptions.
Key estimates, assumptions and judgements An assessment as to whether there is any indication of impairment and the calculation of a CGU\u2019s recoverable amount requires management to make estimates and assumptions about expected production and sales volumes, commodity prices, foreign exchange rates, Mineral Resources and Ore Reserves, regulatory approvals, operating costs, closure and rehabilitation costs, capital expenditure, allocation of corporate costs, jurisdiction-specific carbon prices and global carbon pricing. These estimates and assumptions are subject to risk and uncertainty. There is a possibility that changes in circumstances will alter these projections, which may impact the recoverable amount. In such circumstances, some or all of the carrying amount may be impaired or a previously recognised impairment charge may be reversed with the impact recognised in the Consolidated income statement. The key estimates and assumptions used in the assessment of impairment indicators are as follows:
Future production
LoOPs based on Mineral Resource and Ore Reserve estimates, economic life of smelters and refineries
and, in certain cases, Exploration Targets and expansion projects. Refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding Mineral Resources and Ore Reserves as
sources of estimation uncertainty.
Costs of production and Future costs of production and capital expenditure are derived from approved budgets and projections
capital expenditure over the life of operation or development project.
Commodity prices and Short-term price assumptions are based on an assessment of market signposts including observed
market traded prices such as forwards, futures and reported transactions. Long-term price estimates are typically
consumables developed based on the demand and supply drivers of a commodity, refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding our base case commodity price outlook.
Exchange rates
Short-term exchange rate estimates are guided primarily by spot or forward exchange rates. Longer
term estimates are based on an assessment of available market data and economic indicators.
Discount rates
Risk-adjusted cost of capital appropriate to the operation.
Regulatory approvals
LoOPs include assumptions associated with the successful application, and timing thereof, of ongoing
and future regulatory approvals.
Carbon prices
Carbon price assumptions are based on actual enacted schemes less allowable abatements, where
applicable, and a long-term base case estimate of US$71 per tonne CO
2
-e (real) applied to all Scope 1
and 2 emissions from FY40 onwards.
Where impairment testing is undertaken, a range of external sources are considered as further input to the above assumptions. Agreement to sell aluminium value chain assets As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered into an agreement to sell its interests in the aluminium value chain assets. Consistent with the treatment to not classify the Group\u2019s interests in the aluminium value chain assets as held for sale at 30 June 2026, management continued to calculate discounted cash flow valuation ranges as part of its assessment for indicators of impairment or impairment reversal for the CGUs included within the aluminium value chain assets, consistent with prior years and as used to assess the other CGUs. The discounted cash flow valuation ranges were also informed by the terms of the sale agreement and included consideration of a range of reasonably possible outcomes for the transaction, including the expected timing of completion and the price-linked contingent consideration component of the consideration receivable. Based on this assessment, no indicators of impairment or impairment reversal were identified for any of the aluminium value chain assets. Exploration and evaluation For areas not yet in production, judgement is required to determine the likelihood of future economic benefits from future development, and whether sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset (including associated acquired mineral rights) is unlikely to be recovered in full. Worsley Alumina The LoOP for Worsley Alumina incorporates the assumption that the operation will secure all necessary future regulatory approvals to continue activities beyond currently approved mining areas. The Group expects that approvals will be obtained within appropriate timeframes to support the forecast production profile. Continuing operations beyond the currently approved mining areas is expected to require significant capital investment and emissions reduction expenditure. Any material change to these assumptions, whether in timing, regulatory conditions, or expenditure estimates, could impact the recoverable amount and economic useful life of Worsley Alumina. On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina to Alcoa Corporation. The Worsley Alumina CGU will be assessed for impairment or impairment reversal immediately prior to its reclassification as held for sale, or in the event the transaction does not proceed, noting there could be a material impact to the recoverable amount at this time. Refer to note 2(c) Key estimates, assumptions and judgements. Hermosa - Taylor Project In addition to the key estimates and assumptions that are pervasive across most of the Group\u2019s operations, the Taylor project is subject to risks typically associated with greenfield projects in the construction phase, including delivery against project schedule and escalation in pre-production capital expenditure. In April 2026, the Group announced an updated development plan for the Taylor project, including an increase in estimated mine life and higher estimated pre-production capital expenditure. The increase reflected scope changes, inflationary pressures and industry-wide input cost increases, including the impact of import tariffs imposed by the U.S. government. Management considered these changes in the discounted cash flow valuation ranges used to assess the Taylor project for indicators of impairment or impairment reversal at 30 June 2026. These revised discounted cash flow valuation ranges, which also reflected management's latest views on commodity prices and other assumptions, did not result in the identification of any indicators of impairment or impairment reversal. Key pre-production capital costs, including steel, cement and electrical components, remain subject to uncertainty from industry- wide inflation, the availability of capital goods, and the evolving U.S. trade policy environment, including potential changes to tariffs on imported goods. Given the long-life nature of the Taylor project, its valuation is inherently more sensitive to assumptions applied over an extended forecast period, particularly commodity price and discount rate assumptions. The sensitivity of the discounted cash flow valuation ranges, as used in managements assessment of indicators of impairment or impairment reversal, to a change in these assumptions, while holding all other variables constant, is shown in the table below:
Change in key Impact on valuation (US$M)
FY26 assumption
Favourable
Unfavourable
Zinc price
10%
360
(360)
Lead price
10%
285
(285)
Silver price
10%
360
(360)
Discount rate
100 basis points
690
(580)
Pre-production capital expenditure
10%
155
(155)
Key estimates, assumptions and judgements
The recognition of closure and rehabilitation provisions requires judgement and is based on significant estimates and assumptions,
such as:
\u2013 The requirements and interpretations of the relevant local legal and regulatory framework;
\u2013 The magnitude of possible contamination;
\u2013 The timing, extent and cost of required closure and rehabilitation activity; and
\u2013 Potential changes in physical and climate conditions.
These uncertainties may result in future actual expenditure differing from the amounts currently provided.
The local legal and regulatory frameworks used to estimate the Group's obligations are complex, and vary across the different
jurisdictions in which the Group operates. The timing and extent of closure and rehabilitation activities are determined by applying
judgement and leveraging industry experience. The Group has made assumptions about certain assets, areas of disturbance and
key infrastructure, such as ports and roads, that are not expected to require rehabilitation at the end of the related operation\u2019s life.
Changes to these assumptions and judgements could have a material impact on the provision amounts recognised.
In addition to the uncertainties noted above, certain closure and rehabilitation activities may be subject to regulatory approval and
legal disputes. Depending on the resolution of these matters, the final liability may vary.
The provision recognised for each site is periodically reviewed and updated based on the facts and circumstances available at the
time. Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in
assessing impairment indicators, which are also relevant to determining the expected timing of closure activities.
The Group\u2019s expectations and approach in relation to climate-related risks and opportunities are reflected in the estimates and
assumptions noted above. Refer to note 2(c) Key estimates, assumptions and judgements.
As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered into an agreement to sell its interests in the
aluminium value chain assets. As part of this transaction, US$1,143 million of closure and rehabilitation liabilities, based on 30 June
2026 values, will be disposed of on completion.
If risk-free interest rates were decreased by 0.5 per cent (in real terms), the provision would increase by approximately US$233
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-532": { "value": "(c) Key estimates, assumptions and judgements The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the estimates are based. Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as follows:
Key estimates, assumptions and judgements
Recognition of deferred taxes
note 6
Uncertain tax matters
note 6
Useful economic lives of assets
note 11
Impairment of non-financial assets
note 13
Closure and rehabilitation provisions
note 15
Expected credit loss on credit-impaired financial assets
note 19
In addition to the specific sources of uncertainty noted, the following uncertainties and judgements are considered pervasive to the financial statements as a whole: Agreement to sell aluminium value chain assets On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina, Brazil Aluminium, Hillside Aluminium and Minera\u00e7\u00e3o Rio do Norte (the aluminium value chain assets) to Alcoa Corporation for consideration comprising US$3,100 million upfront cash consideration, 17 million Alcoa shares and up to US$750 million in price-linked contingent consideration. The transaction utilises a locked box mechanism, in which the transaction price is based on the financial position of the aluminium value chain assets as at 31 March 2026. South32 will also receive a five per cent per annum equity return fee on the upfront cash consideration for the period from obtaining South32 shareholder approval through to completion. The transaction is expected to complete in H2 FY27, subject to satisfaction or waiver of conditions precedent, including approval by South32 shareholders and various regulatory approvals. The key accounting estimates and judgements made by management relating to this transaction are as follows: \u2013 Management assessed the terms of the sale agreement against the criteria for classification as held for sale in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. As the completion remains subject to substantive conditions precedent, including South32 shareholder approval and various regulatory approvals, management concluded that the sale was not highly probable at 30 June 2026 and as a result the criteria for classification as held for sale were not met. The assets and liabilities will continue to be classified and measured in accordance with the Group's existing accounting policies and the results from the aluminium value chain assets will continue to be reported as part of the Group's continuing operations; and \u2013 Management considered the transaction as part of its assessment of impairment indicators for non-financial assets, refer to note 13 Impairment of non-financial assets. Impact of the Middle East conflict and global trade policy developments The Group continues to monitor the global economic implications of the ongoing conflict in the Middle East, and the various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. These factors represent a source of estimation uncertainty that may lead to material changes in the financial results in future reporting periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate-related risks and opportunities. The key risks and opportunities are consistent with the Group\u2019s reporting on climate-related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production including energy costs, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOPs) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. The Group's expectations of, and approach to, climate-related risks and opportunities presented below continue to include the risks and opportunities of the Group's interests in the aluminium value chain assets. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. 1. The Group's base case is used for portfolio planning, investment evaluation, assessment of indicators of impairment, and determination of asset recoverable amounts where required. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025) is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the Accelerated Transition scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on the Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, notwithstanding specific asset-level exposures at Hillside Aluminium which is further considered below. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGUs) 4 with the highest exposure to transition risks include Worsley Alumina and Hillside Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The interim focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. During FY26, the Group continued to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply, focusing on renewable electricity supply pathways, specifically to explore mechanisms to integrate competitively priced renewable electricity into the national grid. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Extension of the Hillside Aluminium LoOP beyond 2031 is highly dependent on securing an affordable source of low-carbon energy. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 5 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 6 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity, carbon and energy price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. 4. Mozal Aluminium is also considered to have a high exposure to transition risks, however in March 2026, Mozal Aluminium transitioned to care and maintenance as the Group was unable to secure sufficient and affordable electricity supply for Mozal Aluminium beyond that point. 5. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 6. An aspiration to deliver an outcome for which we have not identified a pathway for delivery. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change 7 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs, increases to operating costs and impacts on production schedules are incorporated into the Group's forward- looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. Sensitivity analysis The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis indicates that the recoverable amounts of the Group's CGUs remain resilient under both the Fragmented Transition and Accelerated Transition scenarios. The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable abatements, where applicable, and a long-term base case estimate of US$71 per tonne CO 2 -e (real) applied to all Scope 1 and 2 emissions from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it operates, in combination with the respective LoOPs. 7. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100. Mineral Resources and Ore Reserves A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust and there are reasonable prospects for eventual economic extraction. Estimating the quantity and/or grade of Mineral Resources requires the location, quantity, grade (or quality), continuity and other geological characteristics to be known, estimated or interpreted from specific geological evidence and knowledge, including sampling, in order to satisfy the requirement that there are reasonable prospects for eventual economic extraction. This process may require complex geological assessments to interpret the data. An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be reasonably justified, including a consideration of forecast sales prices. The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas production and exploration activities. As the economic assumptions used to estimate the Mineral Resources and Ore Reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change from period to period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments of operating costs and the impact of potential extreme weather events on the expectation of economic extraction. The Group may also include Exploration Targets8 in determining the recoverable amount of a CGU or an exploration area of interest. Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including Exploration Targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities, and the recovery of any associated deferred tax assets. An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. Key estimates, assumptions and judgements Deferred tax Judgement is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognised on the Consolidated balance sheet. Deferred tax assets are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits. Deferred tax liabilities arising from temporary differences in investments, caused principally by retained earnings held in foreign tax jurisdictions, are recognised unless repatriation of retained earnings can be controlled and are not expected to occur in the foreseeable future. Assumptions about the generation of future taxable profits and repatriation of retained earnings depend on management\u2019s estimates of future cash flows. These depend on estimates of future production and sales volumes, commodity prices, climate- related impacts, Mineral Resources and Ore Reserves, operating costs, closure and rehabilitation costs, capital expenditure, dividends and other capital management transactions. Uncertain tax matters Judgements are required about the application of the inherently complex income tax legislation in jurisdictions where we operate. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognised on the Consolidated balance sheet and the amount of other tax losses and temporary differences not yet recognised. Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities. Key estimates, assumptions and judgements Useful economic lives of assets The useful lives of our property, plant and equipment are often dependent, either directly or indirectly, on the reserve life of the orebody to which they relate. Changes in economic assumptions used to estimate Ore Reserves and/or the timing of closure of operations, including the Group\u2019s expectations with respect to climate-related risks and opportunities, may impact the estimated useful lives of the specific assets concerned. Refer to note 2(c) Key estimates, assumptions and judgements for further details regarding Mineral Resources and Ore Reserves, and climate-related risks and opportunities as sources of estimation uncertainty. Refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the useful economic lives of asset assumptions. Key estimates, assumptions and judgements An assessment as to whether there is any indication of impairment and the calculation of a CGU\u2019s recoverable amount requires management to make estimates and assumptions about expected production and sales volumes, commodity prices, foreign exchange rates, Mineral Resources and Ore Reserves, regulatory approvals, operating costs, closure and rehabilitation costs, capital expenditure, allocation of corporate costs, jurisdiction-specific carbon prices and global carbon pricing. These estimates and assumptions are subject to risk and uncertainty. There is a possibility that changes in circumstances will alter these projections, which may impact the recoverable amount. In such circumstances, some or all of the carrying amount may be impaired or a previously recognised impairment charge may be reversed with the impact recognised in the Consolidated income statement. The key estimates and assumptions used in the assessment of impairment indicators are as follows:
Future production
LoOPs based on Mineral Resource and Ore Reserve estimates, economic life of smelters and refineries
and, in certain cases, Exploration Targets and expansion projects. Refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding Mineral Resources and Ore Reserves as
sources of estimation uncertainty.
Costs of production and Future costs of production and capital expenditure are derived from approved budgets and projections
capital expenditure over the life of operation or development project.
Commodity prices and Short-term price assumptions are based on an assessment of market signposts including observed
market traded prices such as forwards, futures and reported transactions. Long-term price estimates are typically
consumables developed based on the demand and supply drivers of a commodity, refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding our base case commodity price outlook.
Exchange rates
Short-term exchange rate estimates are guided primarily by spot or forward exchange rates. Longer
term estimates are based on an assessment of available market data and economic indicators.
Discount rates
Risk-adjusted cost of capital appropriate to the operation.
Regulatory approvals
LoOPs include assumptions associated with the successful application, and timing thereof, of ongoing
and future regulatory approvals.
Carbon prices
Carbon price assumptions are based on actual enacted schemes less allowable abatements, where
applicable, and a long-term base case estimate of US$71 per tonne CO
2
-e (real) applied to all Scope 1
and 2 emissions from FY40 onwards.
Where impairment testing is undertaken, a range of external sources are considered as further input to the above assumptions. Agreement to sell aluminium value chain assets As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered into an agreement to sell its interests in the aluminium value chain assets. Consistent with the treatment to not classify the Group\u2019s interests in the aluminium value chain assets as held for sale at 30 June 2026, management continued to calculate discounted cash flow valuation ranges as part of its assessment for indicators of impairment or impairment reversal for the CGUs included within the aluminium value chain assets, consistent with prior years and as used to assess the other CGUs. The discounted cash flow valuation ranges were also informed by the terms of the sale agreement and included consideration of a range of reasonably possible outcomes for the transaction, including the expected timing of completion and the price-linked contingent consideration component of the consideration receivable. Based on this assessment, no indicators of impairment or impairment reversal were identified for any of the aluminium value chain assets. Exploration and evaluation For areas not yet in production, judgement is required to determine the likelihood of future economic benefits from future development, and whether sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset (including associated acquired mineral rights) is unlikely to be recovered in full. Worsley Alumina The LoOP for Worsley Alumina incorporates the assumption that the operation will secure all necessary future regulatory approvals to continue activities beyond currently approved mining areas. The Group expects that approvals will be obtained within appropriate timeframes to support the forecast production profile. Continuing operations beyond the currently approved mining areas is expected to require significant capital investment and emissions reduction expenditure. Any material change to these assumptions, whether in timing, regulatory conditions, or expenditure estimates, could impact the recoverable amount and economic useful life of Worsley Alumina. On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina to Alcoa Corporation. The Worsley Alumina CGU will be assessed for impairment or impairment reversal immediately prior to its reclassification as held for sale, or in the event the transaction does not proceed, noting there could be a material impact to the recoverable amount at this time. Refer to note 2(c) Key estimates, assumptions and judgements. Hermosa - Taylor Project In addition to the key estimates and assumptions that are pervasive across most of the Group\u2019s operations, the Taylor project is subject to risks typically associated with greenfield projects in the construction phase, including delivery against project schedule and escalation in pre-production capital expenditure. In April 2026, the Group announced an updated development plan for the Taylor project, including an increase in estimated mine life and higher estimated pre-production capital expenditure. The increase reflected scope changes, inflationary pressures and industry-wide input cost increases, including the impact of import tariffs imposed by the U.S. government. Management considered these changes in the discounted cash flow valuation ranges used to assess the Taylor project for indicators of impairment or impairment reversal at 30 June 2026. These revised discounted cash flow valuation ranges, which also reflected management's latest views on commodity prices and other assumptions, did not result in the identification of any indicators of impairment or impairment reversal. Key pre-production capital costs, including steel, cement and electrical components, remain subject to uncertainty from industry- wide inflation, the availability of capital goods, and the evolving U.S. trade policy environment, including potential changes to tariffs on imported goods. Given the long-life nature of the Taylor project, its valuation is inherently more sensitive to assumptions applied over an extended forecast period, particularly commodity price and discount rate assumptions. The sensitivity of the discounted cash flow valuation ranges, as used in managements assessment of indicators of impairment or impairment reversal, to a change in these assumptions, while holding all other variables constant, is shown in the table below:
Change in key Impact on valuation (US$M)
FY26 assumption
Favourable
Unfavourable
Zinc price
10%
360
(360)
Lead price
10%
285
(285)
Silver price
10%
360
(360)
Discount rate
100 basis points
690
(580)
Pre-production capital expenditure
10%
155
(155)
Key estimates, assumptions and judgements The recognition of closure and rehabilitation provisions requires judgement and is based on significant estimates and assumptions, such as: \u2013 The requirements and interpretations of the relevant local legal and regulatory framework; \u2013 The magnitude of possible contamination; \u2013 The timing, extent and cost of required closure and rehabilitation activity; and \u2013 Potential changes in physical and climate conditions. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The local legal and regulatory frameworks used to estimate the Group's obligations are complex, and vary across the different jurisdictions in which the Group operates. The timing and extent of closure and rehabilitation activities are determined by applying judgement and leveraging industry experience. The Group has made assumptions about certain assets, areas of disturbance and key infrastructure, such as ports and roads, that are not expected to require rehabilitation at the end of the related operation\u2019s life. Changes to these assumptions and judgements could have a material impact on the provision amounts recognised. In addition to the uncertainties noted above, certain closure and rehabilitation activities may be subject to regulatory approval and legal disputes. Depending on the resolution of these matters, the final liability may vary. The provision recognised for each site is periodically reviewed and updated based on the facts and circumstances available at the time. Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the expected timing of closure activities. The Group\u2019s expectations and approach in relation to climate-related risks and opportunities are reflected in the estimates and assumptions noted above. Refer to note 2(c) Key estimates, assumptions and judgements. As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered into an agreement to sell its interests in the aluminium value chain assets. As part of this transaction, US$1,143 million of closure and rehabilitation liabilities, based on 30 June 2026 values, will be disposed of on completion. If risk-free interest rates were decreased by 0.5 per cent (in real terms), the provision would increase by approximately US$233 million. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-600": { "value": "(c) Key estimates, assumptions and judgements The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the estimates are based. Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as follows:
Key estimates, assumptions and judgements
Recognition of deferred taxes
note 6
Uncertain tax matters
note 6
Useful economic lives of assets
note 11
Impairment of non-financial assets
note 13
Closure and rehabilitation provisions
note 15
Expected credit loss on credit-impaired financial assets
note 19
In addition to the specific sources of uncertainty noted, the following uncertainties and judgements are considered pervasive to the financial statements as a whole: Agreement to sell aluminium value chain assets On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina, Brazil Aluminium, Hillside Aluminium and Minera\u00e7\u00e3o Rio do Norte (the aluminium value chain assets) to Alcoa Corporation for consideration comprising US$3,100 million upfront cash consideration, 17 million Alcoa shares and up to US$750 million in price-linked contingent consideration. The transaction utilises a locked box mechanism, in which the transaction price is based on the financial position of the aluminium value chain assets as at 31 March 2026. South32 will also receive a five per cent per annum equity return fee on the upfront cash consideration for the period from obtaining South32 shareholder approval through to completion. The transaction is expected to complete in H2 FY27, subject to satisfaction or waiver of conditions precedent, including approval by South32 shareholders and various regulatory approvals. The key accounting estimates and judgements made by management relating to this transaction are as follows: \u2013 Management assessed the terms of the sale agreement against the criteria for classification as held for sale in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations. As the completion remains subject to substantive conditions precedent, including South32 shareholder approval and various regulatory approvals, management concluded that the sale was not highly probable at 30 June 2026 and as a result the criteria for classification as held for sale were not met. The assets and liabilities will continue to be classified and measured in accordance with the Group's existing accounting policies and the results from the aluminium value chain assets will continue to be reported as part of the Group's continuing operations; and \u2013 Management considered the transaction as part of its assessment of impairment indicators for non-financial assets, refer to note 13 Impairment of non-financial assets. Impact of the Middle East conflict and global trade policy developments The Group continues to monitor the global economic implications of the ongoing conflict in the Middle East, and the various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. These factors represent a source of estimation uncertainty that may lead to material changes in the financial results in future reporting periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate-related risks and opportunities. The key risks and opportunities are consistent with the Group\u2019s reporting on climate-related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production including energy costs, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOPs) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. The Group's expectations of, and approach to, climate-related risks and opportunities presented below continue to include the risks and opportunities of the Group's interests in the aluminium value chain assets. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. 1. The Group's base case is used for portfolio planning, investment evaluation, assessment of indicators of impairment, and determination of asset recoverable amounts where required. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025) is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the Accelerated Transition scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on the Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, notwithstanding specific asset-level exposures at Hillside Aluminium which is further considered below. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGUs) 4 with the highest exposure to transition risks include Worsley Alumina and Hillside Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The interim focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. During FY26, the Group continued to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply, focusing on renewable electricity supply pathways, specifically to explore mechanisms to integrate competitively priced renewable electricity into the national grid. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Extension of the Hillside Aluminium LoOP beyond 2031 is highly dependent on securing an affordable source of low-carbon energy. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 5 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 6 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity, carbon and energy price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. 4. Mozal Aluminium is also considered to have a high exposure to transition risks, however in March 2026, Mozal Aluminium transitioned to care and maintenance as the Group was unable to secure sufficient and affordable electricity supply for Mozal Aluminium beyond that point. 5. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 6. An aspiration to deliver an outcome for which we have not identified a pathway for delivery. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change 7 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs, increases to operating costs and impacts on production schedules are incorporated into the Group's forward- looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. Sensitivity analysis The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis indicates that the recoverable amounts of the Group's CGUs remain resilient under both the Fragmented Transition and Accelerated Transition scenarios. The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable abatements, where applicable, and a long-term base case estimate of US$71 per tonne CO 2 -e (real) applied to all Scope 1 and 2 emissions from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it operates, in combination with the respective LoOPs. 7. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100. Mineral Resources and Ore Reserves A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust and there are reasonable prospects for eventual economic extraction. Estimating the quantity and/or grade of Mineral Resources requires the location, quantity, grade (or quality), continuity and other geological characteristics to be known, estimated or interpreted from specific geological evidence and knowledge, including sampling, in order to satisfy the requirement that there are reasonable prospects for eventual economic extraction. This process may require complex geological assessments to interpret the data. An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be reasonably justified, including a consideration of forecast sales prices. The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas production and exploration activities. As the economic assumptions used to estimate the Mineral Resources and Ore Reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change from period to period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments of operating costs and the impact of potential extreme weather events on the expectation of economic extraction. The Group may also include Exploration Targets8 in determining the recoverable amount of a CGU or an exploration area of interest. Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including Exploration Targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities, and the recovery of any associated deferred tax assets. An Exploration Target is a statement or estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource. Key estimates, assumptions and judgements Deferred tax Judgement is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognised on the Consolidated balance sheet. Deferred tax assets are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits. Deferred tax liabilities arising from temporary differences in investments, caused principally by retained earnings held in foreign tax jurisdictions, are recognised unless repatriation of retained earnings can be controlled and are not expected to occur in the foreseeable future. Assumptions about the generation of future taxable profits and repatriation of retained earnings depend on management\u2019s estimates of future cash flows. These depend on estimates of future production and sales volumes, commodity prices, climate- related impacts, Mineral Resources and Ore Reserves, operating costs, closure and rehabilitation costs, capital expenditure, dividends and other capital management transactions. Uncertain tax matters Judgements are required about the application of the inherently complex income tax legislation in jurisdictions where we operate. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognised on the Consolidated balance sheet and the amount of other tax losses and temporary differences not yet recognised. Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities. Key estimates, assumptions and judgements Useful economic lives of assets The useful lives of our property, plant and equipment are often dependent, either directly or indirectly, on the reserve life of the orebody to which they relate. Changes in economic assumptions used to estimate Ore Reserves and/or the timing of closure of operations, including the Group\u2019s expectations with respect to climate-related risks and opportunities, may impact the estimated useful lives of the specific assets concerned. Refer to note 2(c) Key estimates, assumptions and judgements for further details regarding Mineral Resources and Ore Reserves, and climate-related risks and opportunities as sources of estimation uncertainty. Refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the useful economic lives of asset assumptions. Key estimates, assumptions and judgements An assessment as to whether there is any indication of impairment and the calculation of a CGU\u2019s recoverable amount requires management to make estimates and assumptions about expected production and sales volumes, commodity prices, foreign exchange rates, Mineral Resources and Ore Reserves, regulatory approvals, operating costs, closure and rehabilitation costs, capital expenditure, allocation of corporate costs, jurisdiction-specific carbon prices and global carbon pricing. These estimates and assumptions are subject to risk and uncertainty. There is a possibility that changes in circumstances will alter these projections, which may impact the recoverable amount. In such circumstances, some or all of the carrying amount may be impaired or a previously recognised impairment charge may be reversed with the impact recognised in the Consolidated income statement. The key estimates and assumptions used in the assessment of impairment indicators are as follows:
Future production
LoOPs based on Mineral Resource and Ore Reserve estimates, economic life of smelters and refineries
and, in certain cases, Exploration Targets and expansion projects. Refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding Mineral Resources and Ore Reserves as
sources of estimation uncertainty.
Costs of production and Future costs of production and capital expenditure are derived from approved budgets and projections
capital expenditure over the life of operation or development project.
Commodity prices and Short-term price assumptions are based on an assessment of market signposts including observed
market traded prices such as forwards, futures and reported transactions. Long-term price estimates are typically
consumables developed based on the demand and supply drivers of a commodity, refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding our base case commodity price outlook.
Exchange rates
Short-term exchange rate estimates are guided primarily by spot or forward exchange rates. Longer
term estimates are based on an assessment of available market data and economic indicators.
Discount rates
Risk-adjusted cost of capital appropriate to the operation.
Regulatory approvals
LoOPs include assumptions associated with the successful application, and timing thereof, of ongoing
and future regulatory approvals.
Carbon prices
Carbon price assumptions are based on actual enacted schemes less allowable abatements, where
applicable, and a long-term base case estimate of US$71 per tonne CO
2
-e (real) applied to all Scope 1
and 2 emissions from FY40 onwards.
Where impairment testing is undertaken, a range of external sources are considered as further input to the above assumptions. Agreement to sell aluminium value chain assets As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered into an agreement to sell its interests in the aluminium value chain assets. Consistent with the treatment to not classify the Group\u2019s interests in the aluminium value chain assets as held for sale at 30 June 2026, management continued to calculate discounted cash flow valuation ranges as part of its assessment for indicators of impairment or impairment reversal for the CGUs included within the aluminium value chain assets, consistent with prior years and as used to assess the other CGUs. The discounted cash flow valuation ranges were also informed by the terms of the sale agreement and included consideration of a range of reasonably possible outcomes for the transaction, including the expected timing of completion and the price-linked contingent consideration component of the consideration receivable. Based on this assessment, no indicators of impairment or impairment reversal were identified for any of the aluminium value chain assets. Exploration and evaluation For areas not yet in production, judgement is required to determine the likelihood of future economic benefits from future development, and whether sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset (including associated acquired mineral rights) is unlikely to be recovered in full. Worsley Alumina The LoOP for Worsley Alumina incorporates the assumption that the operation will secure all necessary future regulatory approvals to continue activities beyond currently approved mining areas. The Group expects that approvals will be obtained within appropriate timeframes to support the forecast production profile. Continuing operations beyond the currently approved mining areas is expected to require significant capital investment and emissions reduction expenditure. Any material change to these assumptions, whether in timing, regulatory conditions, or expenditure estimates, could impact the recoverable amount and economic useful life of Worsley Alumina. On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina to Alcoa Corporation. The Worsley Alumina CGU will be assessed for impairment or impairment reversal immediately prior to its reclassification as held for sale, or in the event the transaction does not proceed, noting there could be a material impact to the recoverable amount at this time. Refer to note 2(c) Key estimates, assumptions and judgements. Hermosa - Taylor Project In addition to the key estimates and assumptions that are pervasive across most of the Group\u2019s operations, the Taylor project is subject to risks typically associated with greenfield projects in the construction phase, including delivery against project schedule and escalation in pre-production capital expenditure. In April 2026, the Group announced an updated development plan for the Taylor project, including an increase in estimated mine life and higher estimated pre-production capital expenditure. The increase reflected scope changes, inflationary pressures and industry-wide input cost increases, including the impact of import tariffs imposed by the U.S. government. Management considered these changes in the discounted cash flow valuation ranges used to assess the Taylor project for indicators of impairment or impairment reversal at 30 June 2026. These revised discounted cash flow valuation ranges, which also reflected management's latest views on commodity prices and other assumptions, did not result in the identification of any indicators of impairment or impairment reversal. Key pre-production capital costs, including steel, cement and electrical components, remain subject to uncertainty from industry- wide inflation, the availability of capital goods, and the evolving U.S. trade policy environment, including potential changes to tariffs on imported goods. Given the long-life nature of the Taylor project, its valuation is inherently more sensitive to assumptions applied over an extended forecast period, particularly commodity price and discount rate assumptions. The sensitivity of the discounted cash flow valuation ranges, as used in managements assessment of indicators of impairment or impairment reversal, to a change in these assumptions, while holding all other variables constant, is shown in the table below:
Change in key Impact on valuation (US$M)
FY26 assumption
Favourable
Unfavourable
Zinc price
10%
360
(360)
Lead price
10%
285
(285)
Silver price
10%
360
(360)
Discount rate
100 basis points
690
(580)
Pre-production capital expenditure
10%
155
(155)
Key estimates, assumptions and judgements The recognition of closure and rehabilitation provisions requires judgement and is based on significant estimates and assumptions, such as: \u2013 The requirements and interpretations of the relevant local legal and regulatory framework; \u2013 The magnitude of possible contamination; \u2013 The timing, extent and cost of required closure and rehabilitation activity; and \u2013 Potential changes in physical and climate conditions. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The local legal and regulatory frameworks used to estimate the Group's obligations are complex, and vary across the different jurisdictions in which the Group operates. The timing and extent of closure and rehabilitation activities are determined by applying judgement and leveraging industry experience. The Group has made assumptions about certain assets, areas of disturbance and key infrastructure, such as ports and roads, that are not expected to require rehabilitation at the end of the related operation\u2019s life. Changes to these assumptions and judgements could have a material impact on the provision amounts recognised. In addition to the uncertainties noted above, certain closure and rehabilitation activities may be subject to regulatory approval and legal disputes. Depending on the resolution of these matters, the final liability may vary. The provision recognised for each site is periodically reviewed and updated based on the facts and circumstances available at the time. Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the expected timing of closure activities. The Group\u2019s expectations and approach in relation to climate-related risks and opportunities are reflected in the estimates and assumptions noted above. Refer to note 2(c) Key estimates, assumptions and judgements. As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered into an agreement to sell its interests in the aluminium value chain assets. As part of this transaction, US$1,143 million of closure and rehabilitation liabilities, based on 30 June 2026 values, will be disposed of on completion. If risk-free interest rates were decreased by 0.5 per cent (in real terms), the provision would increase by approximately US$233 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-471": { "value": "
3. New standards and interpretations
(a) New accounting standards and interpretations effective from 1 July 2025
The following new accounting standards and interpretations have been published and are effective for the year ended 30 June 2026:
\u2013 Amendments to AASB 121 \u2013 Lack of Exchangeability; and
\u2013 Amendments to AASB 136 and AASB 137 - Disclosures about Uncertainties in the Financial Statements.
The Group has reviewed these amendments and concluded that none have a material impact on the Group.
(b) New accounting standards and interpretations issued but not effective
The following new accounting standards and interpretations have been published but are not yet effective for the year ended 30 June
2026:
\u2013 Amendments to AASB 7 and AASB 9 \u2013 Classification and Measurement of Financial Instruments;
\u2013 Amendments to AASB 1, AASB 7, AASB 9, AASB 10 and AASB 107 \u2013 Annual Improvements Volume 11;
\u2013 Amendments to AASB 7 and AASB 9 \u2013 Contracts Referencing Nature-dependent Electricity;
\u2013 Amendments to AASB 10 and AASB 128 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture; and
\u2013 AASB 18 \u2013 Presentation and Disclosure in Financial Statements.
The Group has reviewed these amendments and new standards, and with the exception of the item listed below, does not expect them to
have a material impact on the Group.
AASB 18 - Presentation and Disclosure in Financial Statements
AASB 18 was issued in June 2024 and will replace AASB 101 Presentation of Financial Statements, effective for annual periods beginning on
or after 1 January 2027. The new standard introduces new classification and presentation requirements, primarily impacting the
Consolidated income statement and related notes, as well as introducing additional disclosure requirements for management-defined
performance measures.
The Group has finalised its assessment of the new standard and concluded that it will have no impact on the recognition or measurement
of assets, liabilities, income or expenses. The standard will give rise solely to reclassifications and presentation changes within the financial
statements, together with additional disclosures in the notes.
The Group does not intend to early adopt any of the new standards or amendments. It is expected that where applicable, these standards
and amendments will be adopted on each of the respective effective dates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-501": { "value": "3. New standards and interpretations (a) New accounting standards and interpretations effective from 1 July 2025 The following new accounting standards and interpretations have been published and are effective for the year ended 30 June 2026: \u2013 Amendments to AASB 121 \u2013 Lack of Exchangeability; and \u2013 Amendments to AASB 136 and AASB 137 - Disclosures about Uncertainties in the Financial Statements. The Group has reviewed these amendments and concluded that none have a material impact on the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-500": { "value": "(b) New accounting standards and interpretations issued but not effective The following new accounting standards and interpretations have been published but are not yet effective for the year ended 30 June 2026: \u2013 Amendments to AASB 7 and AASB 9 \u2013 Classification and Measurement of Financial Instruments; \u2013 Amendments to AASB 1, AASB 7, AASB 9, AASB 10 and AASB 107 \u2013 Annual Improvements Volume 11; \u2013 Amendments to AASB 7 and AASB 9 \u2013 Contracts Referencing Nature-dependent Electricity; \u2013 Amendments to AASB 10 and AASB 128 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture; and \u2013 AASB 18 \u2013 Presentation and Disclosure in Financial Statements. The Group has reviewed these amendments and new standards, and with the exception of the item listed below, does not expect them to have a material impact on the Group. AASB 18 - Presentation and Disclosure in Financial Statements AASB 18 was issued in June 2024 and will replace AASB 101 Presentation of Financial Statements, effective for annual periods beginning on or after 1 January 2027. The new standard introduces new classification and presentation requirements, primarily impacting the Consolidated income statement and related notes, as well as introducing additional disclosure requirements for management-defined performance measures. The Group has finalised its assessment of the new standard and concluded that it will have no impact on the recognition or measurement of assets, liabilities, income or expenses. The standard will give rise solely to reclassifications and presentation changes within the financial statements, together with additional disclosures in the notes. The Group does not intend to early adopt any of the new standards or amendments. It is expected that where applicable, these standards and amendments will be adopted on each of the respective effective dates.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-543": { "value": "4. Segment information (a) Description of segments The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature of products produced. The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of making decisions about resource allocation and assessing performance. The principal activities of each operating segment are summarised as follows:
Operating segment
Principal activities
Sierra Gorda
Copper mine in Chile
Cannington
Silver, lead and zinc mine in Australia
Hermosa
Base metals exploration and development project in the United States
Australia Manganese
Manganese ore mine in Australia
South Africa Manganese
Manganese ore mines in South Africa
Worsley Alumina
1
Integrated bauxite mine and alumina refinery in Australia
Brazil Alumina
1
Integrated bauxite mine and alumina refinery in Brazil
Brazil Aluminium
1
Aluminium smelter in Brazil
Hillside Aluminium
1
Aluminium smelter in South Africa
Mozal Aluminium
2
Aluminium smelter in Mozambique
Cerro Matoso
3
Integrated laterite ferronickel mine and smelting complex in Colombia
Illawarra Metallurgical Coal
4
Metallurgical coal mines in Australia
1. On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina, Brazil Aluminium and Hillside Aluminium to Alcoa Corporation. The Group's equity accounted investment in Minera\u00e7\u00e3o Rio do Norte is included in the Brazil Alumina operating segment. Refer to note 2(c) Key estimates, assumptions and judgements. 2. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance. Refer to note 4(b)(ii) Significant items. 3. On 1 December 2025, the Group completed the sale of Cerro Matoso. Refer to note 30 Disposal of subsidiaries. 4. On 29 August 2024, the Group completed the sale of Illawarra Metallurgical Coal. Refer to note 30 Disposal of subsidiaries. All operations are operated by the Group except Brazil Alumina, Brazil Aluminium and Sierra Gorda. (b) Segment results The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis. The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments. Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the material equity accounted joint ventures back to their statutory equity accounting positions. The Group separately discloses sales of group production from sales of third party products and services because of the significant difference in profit margin earned on these sales. It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis. Group and unallocated items/eliminations represent group centre functions and consolidation adjustments. Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments. Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities. Revenue recognition Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue is not reduced for royalties and other taxes payable from Group production. The following is a description of the principal activities from which the Group generates its revenue: Revenue from the sale of commodities The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to transfer distinct goods to customers. The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs when control of the promised commodity is transferred to the customer. For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable). The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the shipping agent) and is assessed to be the point in time at which control over the commodity passes to the customer. For these sales, revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been delivered to the customer. For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is estimated by reference to forward market prices. Revenue from the provision of freight services The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services are provided. The Group also provides third party freight services which are recognised as the shipping service is provided. The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand the impact on the Group.
FY26 Australia South Africa
US$M
Sierra Gorda
1
Cannington
Hermosa
Manganese
1
Manganese
1
Revenue from customers
1,074
810
\u2013
678
359
Other revenue
4
80
42
\u2013
(3)
5
Total underlying revenue
1,154
852
\u2013
675
364
Comprising:
Group production
1,154
852
\u2013
675
364
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying revenue
1,154
852
\u2013
675
364
Underlying EBITDA
758
451
(39)
229
30
Underlying depreciation and amortisation
(197)
(87)
(7)
(86)
(28)
Underlying EBIT
561
364
(46)
143
2
Comprising:
Group production
567
365
(46)
147
2
Exploration expenditure expensed
(6)
(1)
\u2013
(4)
\u2013
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying EBIT
561
364
(46)
143
2
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
6
Profit/(loss) for the year
Underlying exploration expenditure
12
4
30
5
\u2013
Underlying capital expenditure
7
235
42
711
78
27
Underlying equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying assets
8
2,125
535
3,001
744
359
Total underlying liabilities
8
242
489
218
554
148
1. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to freight services provided by the Group to material joint ventures of US$129 million, and third party product revenue of US$35 million included in Group and unallocated items/ eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial information. 2. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance. Refer to note 4(b)(ii) Significant items. 3. The Cerro Matoso and Illawarra Metallurgical Coal operating segments have been classified as discontinued operations. Refer to note 30 Disposal of subsidiaries. 4. Underlying other revenue relates to fair value movements on provisionally priced contracts. 5. Underlying revenue on third party products and services sold from continuing operations comprises US$77 million for aluminium, US$1 million for alumina, US$35 million for manganese, US$94 million for freight services and US$55 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises US$8 million for aluminium, US$11 million for alumina and US$(1) million for freight services. 6. Represents the total of all adjustments made to operating profit/(loss), net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results reconciliation for further details. 7. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure. 8. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non- material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities .
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Worsley Brazil Hillside Mozal items/ continuing Metallurgical underlying
Alumina
Brazil Alumina
Aluminium Aluminium
Aluminium
2
eliminations
operations
1
Cerro Matoso
3
Coal
3
results
1
1,320
503
441
2,216
890
(518)
7,773
193
\u2013
7,966
(1)
(1)
\u2013
20
\u2013
\u2013
142
\u2013
\u2013
142
1,319
502
441
2,236
890
(518)
7,915
193
\u2013
8,108
686
355
441
2,236
890
\u2013
7,653
193
\u2013
7,846
\u2013
\u2013
\u2013
\u2013
\u2013
262
262
\u2013
\u2013
262
633
147
\u2013
\u2013
\u2013
(780)
\u2013
\u2013
\u2013
\u2013
1,319
502
441
2,236
890
(518)
7,915
193
\u2013
8,108
181
29
27
655
183
(53)
2,451
11
\u2013
2,462
(176)
(56)
(7)
(74)
(1)
(26)
(745)
\u2013
\u2013
(745)
5
(27)
20
581
182
(79)
1,706
11
\u2013
1,717
9
(11)
20
581
182
(63)
1,753
12
\u2013
1,765
(4)
\u2013
\u2013
\u2013
\u2013
(34)
(49)
(1)
\u2013
(50)
\u2013
\u2013
\u2013
\u2013
\u2013
18
18
\u2013
\u2013
18
\u2013
(16)
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
\u2013
(16)
5
(27)
20
581
182
(79)
1,706
11
\u2013
1,717
(171)
(4)
\u2013
(175)
(454)
\u2013
\u2013
(454)
(58)
\u2013
\u2013
(58)
1,023
7
\u2013
1,030
36
\u2013
19
55
1,059
7
19
1,085
4
\u2013
\u2013
\u2013
\u2013
38
93
1
\u2013
94
160
25
15
63
9
4
1,369
8
\u2013
1,377
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2,712
743
157
1,248
48
3,891
15,563
\u2013
\u2013
15,563
1,007
181
83
390
144
2,393
5,849
\u2013
\u2013
5,849
FY25 Australia South Africa
US$M
Sierra Gorda
1
Cannington
Hermosa
Manganese
1
Manganese
1
Revenue from customers
821
644
\u2013
46
366
Other revenue
3
11
15
\u2013
(4)
(13)
Total underlying revenue
832
659
\u2013
42
353
Comprising:
Group production
832
659
\u2013
42
353
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying revenue
832
659
\u2013
42
353
Underlying EBITDA
482
281
(41)
(105)
46
Underlying depreciation and amortisation
(164)
(77)
(4)
(20)
(22)
Underlying EBIT
318
204
(45)
(125)
24
Comprising:
Group production
318
206
(45)
(120)
24
Exploration expenditure expensed
\u2013
(2)
\u2013
(5)
\u2013
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying EBIT
318
204
(45)
(125)
24
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
5
Profit/(loss) for the year
Underlying exploration expenditure
13
6
35
5
\u2013
Underlying capital expenditure
6
216
49
517
115
44
Underlying equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying assets
7
1,982
576
2,228
737
385
Total underlying liabilities
7
213
445
196
497
133
1. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to freight services provided by the Group to material joint ventures of US$61 million, and third party product revenue of US$35 million included in Group and unallocated items/ eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial information. 2. The Cerro Matoso and Illawarra Metallurgical Coal operating segments have been classified as discontinued operations. Refer to note 30 Disposal of subsidiaries. 3. Underlying other revenue relates to fair value movements on provisionally priced contracts. 4. Underlying revenue on third party products and services sold from continuing operations comprises US$142 million for aluminium, US$28 million for alumina, US$35 million for manganese, US$50 million for freight services and US$115 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises US$3 million for aluminium, US$16 million for alumina and US$(1) million for raw materials. 5. Represents the total of all adjustments made to operating profit/(loss), net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results reconciliation for further details. 6. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure. 7. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non- material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities.
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Worsley Brazil Hillside Mozal items/ continuing Metallurgical underlying
Alumina
Brazil Alumina
Aluminium Aluminium Aluminium eliminations
operations
1
Cerro Matoso
2
Coal
2
results
1
1,918
746
355
1,995
980
(893)
6,978
484
145
7,607
(1)
3
\u2013
(6)
(1)
(1)
3
1
(1)
3
1,917
749
355
1,989
979
(894)
6,981
485
144
7,610
877
525
355
1,989
979
\u2013
6,611
485
116
7,212
\u2013
\u2013
\u2013
\u2013
\u2013
370
370
\u2013
28
398
1,040
224
\u2013
\u2013
\u2013
(1,264)
\u2013
\u2013
\u2013
\u2013
1,917
749
355
1,989
979
(894)
6,981
485
144
7,610
795
283
(92)
154
125
(134)
1,794
84
50
1,928
(176)
(57)
(5)
(69)
(70)
(27)
(691)
(26)
\u2013
(717)
619
226
(97)
85
55
(161)
1,103
58
50
1,211
621
233
(97)
85
55
(144)
1,136
59
50
1,245
(2)
\u2013
\u2013
\u2013
\u2013
(35)
(44)
(1)
\u2013
(45)
\u2013
\u2013
\u2013
\u2013
\u2013
18
18
\u2013
\u2013
18
\u2013
(7)
\u2013
\u2013
\u2013
\u2013
(7)
\u2013
\u2013
(7)
619
226
(97)
85
55
(161)
1,103
58
50
1,211
(173)
(13)
(2)
(188)
(315)
(17)
(14)
(346)
(14)
\u2013
\u2013
(14)
601
28
34
663
(286)
(119)
(48)
(453)
315
(91)
(14)
210
2
\u2013
\u2013
\u2013
\u2013
35
96
1
1
98
106
41
9
67
21
20
1,205
30
57
1,292
\u2013
15
\u2013
\u2013
\u2013
\u2013
15
\u2013
\u2013
15
2,767
842
130
1,157
353
3,259
14,416
330
\u2013
14,746
1,060
204
59
369
201
2,246
5,623
266
\u2013
5,889
(i) Underlying results reconciliation The following tables reconcile the underlying segment information to the statutory information included in the Group\u2019s consolidated financial statements:
FY26
Continuing Discontinued
US$M
Note operations
operations
1
Total
Underlying EBIT
1,706
11
1,717
Significant items
4(b)(ii)
(122)
\u2013
(122)
Joint venture adjustments
2,3
(613)
\u2013
(613)
Exchange rate gains/(losses) on restatement of monetary items
4
(7)
(1)
(8)
Impairment (losses)/reversals of financial assets
4
19
249
\u2013
249
Gains/(losses) on the disposal of subsidiaries
5
30
\u2013
16
16
Gains/(losses) on non-trading derivative instruments and contingent consideration
measured at FVTPL
4,6
146
\u2013
146
Operating profit/(loss)
1,359
26
1,385
Underlying net finance costs
(171)
(4)
(175)
Joint venture adjustments
2,3
218
\u2013
218
Exchange rate variations on net cash/(debt)
(39)
1
(38)
Net finance income/(costs)
8
(3)
5
Underlying income tax expense
(454)
\u2013
(454)
Underlying royalty related tax expense
(58)
\u2013
(58)
Tax effect of significant items
4(b)(ii)
(2)
\u2013
(2)
Joint venture adjustments relating to income tax expense
2,3
144
\u2013
144
Joint venture adjustments relating to royalty related tax expense
2,3
58
\u2013
58
Tax effect of other adjustments to derive Underlying EBIT
(31)
\u2013
(31)
Tax effect of other adjustments to derive Underlying net finance costs
11
\u2013
11
Exchange rate variations on tax balances
24
3
27
Income tax (expense)/benefit
(308)
3
(305)
Underlying earnings
1,023
7
1,030
Total adjustments to profit/(loss)
36
19
55
Profit/(loss) for the year
1,059
26
1,085
Underlying earnings attributable to:
Equity holders of South32 Limited
1,025
7
1,032
Non-controlling interests
(2)
\u2013
(2)
1. Refer to note 30 Disposal of subsidiaries. 2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised in share of profit/(loss) of equity accounted investments in the Consolidated income statement. 3. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$(193) million of which US$(217) million relates to the Sierra Gorda segment, US$60 million relates to the Australia Manganese segment and US$(36) million relates to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a revaluation loss of US$(249) million (US$(182) million post-tax) relating to the shareholder loan payable that is eliminated from the Group's Underlying earnings upon proportional consolidation. The Australia Manganese joint venture adjustments include significant items of US$92 million (US$59 million post-tax) relating to insurance income recognised as Australia Manganese finalised its insurance recoveries for the impacts of Tropical Cyclone Megan at Groote Eylandt Mining Company Pty Ltd (GEMCO) in March 2024. The South Africa Manganese joint venture adjustments include a US$49 million (US$38 million post-tax) impairment expense recognised for the Wessels mine at Hotazel Manganese Mines (Pty) Ltd (HMM). 4. Amounts from continuing operations are recognised in expenses excluding finance costs in the Consolidated income statement. 5. Includes a loss of US$3 million for the disposal of Cerro Matoso and a gain of US$19 million in relation to the FY25 disposal of Illawarra Metallurgical Coal following the finalisation of working capital, net debt and capital expenditure adjustments during FY26. 6. Includes a gain of US$93 million on the revaluation of the contingent consideration receivable from the FY25 disposal of Illawarra Metallurgical Coal and a gain of US$55 million on the revaluation of the contingent consideration payable for the FY22 acquisition of Sierra Gorda.
FY25
Continuing Discontinued
US$M
Note operations
operations
1
Total
Underlying EBIT
1,103
108
1,211
Significant items
4(b)(ii)
71
\u2013
71
Joint venture adjustments
2,3
(122)
\u2013
(122)
Exchange rate gains/(losses) on restatement of monetary items
4
(4)
(4)
(8)
Impairment (losses)/reversals of financial assets
4
 19
(27)
\u2013
(27)
Impairment (losses)/reversals of non-financial assets
4
 13
(346)
(118)
(464)
Gains/(losses) on the disposal of subsidiaries
5
 30
\u2013
(47)
(47)
Gains/(losses) on non-trading derivative instruments and contingent consideration
measured at FVTPL
4,6
(121)
\u2013
(121)
Operating profit/(loss)
554
(61)
493
Underlying net finance costs
(173)
(15)
(188)
Joint venture adjustments
2,3
225
\u2013
225
Exchange rate variations on net cash/(debt)
13
(1)
12
Net finance income/(costs)
65
(16)
49
Underlying income tax expense
(315)
(31)
(346)
Underlying royalty related tax expense
(14)
\u2013
(14)
Tax effect of significant items
4(b)(ii)
1
\u2013
1
Joint venture adjustments relating to income tax expense
2,3
(3)
\u2013
(3)
Joint venture adjustments relating to royalty related tax expense
2,3
14
\u2013
14
Tax effect of other adjustments to derive Underlying EBIT
4
1
5
Tax effect of other adjustments to derive Underlying net finance costs
(3)
\u2013
(3)
Exchange rate variations on tax balances
12
2
14
Income tax (expense)/benefit
(304)
(28)
(332)
Underlying earnings
601
62
663
Total adjustments to profit/(loss)
(286)
(167)
(453)
Profit/(loss) for the year
315
(105)
210
Underlying earnings attributable to:
Equity holders of South32 Limited
604
62
666
Non-controlling interests
(3)
\u2013
(3)
1. Refer to note 30 Disposal of subsidiaries. 2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised in share of profit/(loss) of equity accounted investments in the Consolidated income statement. 3. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$114 million of which US$18 million relates to the Sierra Gorda segment, US$51 million relates to the Australia Manganese segment and US$45 million relates to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a revaluation gain of US$27 million (US$20 million post-tax) relating to the shareholder loan payable that is eliminated from the Group's Underlying earnings upon proportional consolidation. The Australia Manganese joint venture adjustments include significant items of US$77 million (US$56 million post-tax) relating to the impacts of Tropical Cyclone Megan at GEMCO in March 2024, including insurance income, expenses relating to idle capacity charges, repairs and clean-up costs. The South Africa Manganese joint venture adjustments include a US$44 million (US$46 million post-tax) profit on disposal of the Metalloys manganese alloy smelter. 4. Amounts from continuing operations are recognised in expenses excluding finance costs in the Consolidated income statement. 5. Includes a loss of US$47 million in relation to the FY25 disposal of Illawarra Metallurgical Coal. 6. Includes a loss of US$61 million on the revaluation of the contingent consideration receivable from the FY25 disposal of Illawarra Metallurgical Coal and a loss of US$55 million on the revaluation of the contingent consideration payable for the FY22 acquisition of Sierra Gorda.
Group Discontinued
FY26
underlying Joint venture operations Group statutory
US$M
results adjustments
adjustments
1
results
Total revenue
2
8,108
(2,099)
(193)
5,816
Depreciation and amortisation
745
(311)
\u2013
434
Share of profit/(loss) of equity accounted investments
(16)
105
\u2013
89
Exploration expenditure
3
94
(17)
\u2013
77
Capital expenditure
3
1,377
(340)
\u2013
1,037
Equity accounted investments
\u2013
596
\u2013
596
Total assets
15,563
(1,072)
\u2013
14,491
Total liabilities
5,849
(1,072)
\u2013
4,777
1. Refer to note 30 Disposal of subsidiaries. 2. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$60 million. 3. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement.
Group Discontinued
FY25
underlying Joint venture operations Group statutory
US$M
results adjustments
adjustments
1
results
Total revenue
2
7,610
(1,201)
(629)
5,780
Depreciation and amortisation
717
(206)
(26)
485
Share of profit/(loss) of equity accounted investments
(7)
106
\u2013
99
Exploration expenditure
3
98
(18)
\u2013
80
Capital expenditure
3
1,292
(375)
\u2013
917
Equity accounted investments
15
575
\u2013
590
Total assets
14,746
(1,019)
\u2013
13,727
Total liabilities
5,889
(1,019)
\u2013
4,870
1. Refer to note 30 Disposal of subsidiaries. 2. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$10 million. 3. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement. (c) Geographical information The geographical information below analyses statutory Group revenue from continuing operations and non-current assets by location. Revenue is primarily presented by the geographical destination of the product and non-current assets are presented by the geographical location of the operations.
Revenue
1
Non-current assets
US$M
FY26
FY25
FY26
FY25
Australia
479
279
3,283
3,352
Bahrain
131
346
\u2013
\u2013
Brazil
335
294
645
725
China
459
248
\u2013
\u2013
Italy
311
268
\u2013
\u2013
Japan
442
415
\u2013
\u2013
Mozambique
270
357
33
34
Netherlands
2
812
887
1,407
1,554
South Africa
523
422
906
959
United States of America
421
530
3,067
2,299
Rest of Africa
10
\u2013
\u2013
\u2013
Rest of Asia
561
631
82
72
Rest of Europe
634
545
8
8
Rest of Middle East
99
144
\u2013
\u2013
Rest of North America
241
286
35
19
Rest of Oceania
88
128
\u2013
\u2013
Rest of South America
\u2013
\u2013
287
236
Unallocated assets
3
\u2013
\u2013
868
670
Total
5,816
5,780
10,621
9,928
1. Includes other revenue related to fair value movements on provisionally priced contracts of US$60 million (FY25: US$10 million). 2. Non-current assets include the non-current portion of the shareholder loan receivable from Sierra Gorda. 3. Comprises other financial assets and deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-533": { "value": "4. Segment information (a) Description of segments The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature of products produced. The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of making decisions about resource allocation and assessing performance. The principal activities of each operating segment are summarised as follows:
Operating segment
Principal activities
Sierra Gorda
Copper mine in Chile
Cannington
Silver, lead and zinc mine in Australia
Hermosa
Base metals exploration and development project in the United States
Australia Manganese
Manganese ore mine in Australia
South Africa Manganese
Manganese ore mines in South Africa
Worsley Alumina
1
Integrated bauxite mine and alumina refinery in Australia
Brazil Alumina
1
Integrated bauxite mine and alumina refinery in Brazil
Brazil Aluminium
1
Aluminium smelter in Brazil
Hillside Aluminium
1
Aluminium smelter in South Africa
Mozal Aluminium
2
Aluminium smelter in Mozambique
Cerro Matoso
3
Integrated laterite ferronickel mine and smelting complex in Colombia
Illawarra Metallurgical Coal
4
Metallurgical coal mines in Australia
1. On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina, Brazil Aluminium and Hillside Aluminium to Alcoa Corporation. The Group's equity accounted investment in Minera\u00e7\u00e3o Rio do Norte is included in the Brazil Alumina operating segment. Refer to note 2(c) Key estimates, assumptions and judgements. 2. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance. Refer to note 4(b)(ii) Significant items. 3. On 1 December 2025, the Group completed the sale of Cerro Matoso. Refer to note 30 Disposal of subsidiaries. 4. On 29 August 2024, the Group completed the sale of Illawarra Metallurgical Coal. Refer to note 30 Disposal of subsidiaries. All operations are operated by the Group except Brazil Alumina, Brazil Aluminium and Sierra Gorda. (b) Segment results The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis. The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments. Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the material equity accounted joint ventures back to their statutory equity accounting positions. The Group separately discloses sales of group production from sales of third party products and services because of the significant difference in profit margin earned on these sales. It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis. Group and unallocated items/eliminations represent group centre functions and consolidation adjustments. Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments. Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities. Revenue recognition Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue is not reduced for royalties and other taxes payable from Group production. The following is a description of the principal activities from which the Group generates its revenue: Revenue from the sale of commodities The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to transfer distinct goods to customers. The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs when control of the promised commodity is transferred to the customer. For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable). The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the shipping agent) and is assessed to be the point in time at which control over the commodity passes to the customer. For these sales, revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been delivered to the customer. For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is estimated by reference to forward market prices. Revenue from the provision of freight services The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services are provided. The Group also provides third party freight services which are recognised as the shipping service is provided. The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand the impact on the Group.
FY26 Australia South Africa
US$M
Sierra Gorda
1
Cannington
Hermosa
Manganese
1
Manganese
1
Revenue from customers
1,074
810
\u2013
678
359
Other revenue
4
80
42
\u2013
(3)
5
Total underlying revenue
1,154
852
\u2013
675
364
Comprising:
Group production
1,154
852
\u2013
675
364
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying revenue
1,154
852
\u2013
675
364
Underlying EBITDA
758
451
(39)
229
30
Underlying depreciation and amortisation
(197)
(87)
(7)
(86)
(28)
Underlying EBIT
561
364
(46)
143
2
Comprising:
Group production
567
365
(46)
147
2
Exploration expenditure expensed
(6)
(1)
\u2013
(4)
\u2013
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying EBIT
561
364
(46)
143
2
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
6
Profit/(loss) for the year
Underlying exploration expenditure
12
4
30
5
\u2013
Underlying capital expenditure
7
235
42
711
78
27
Underlying equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying assets
8
2,125
535
3,001
744
359
Total underlying liabilities
8
242
489
218
554
148
1. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used
by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to
freight services provided by the Group to material joint ventures of US$129 million, and third party product revenue of US$35 million included in Group and unallocated items/
eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial
information.
2. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance. Refer to note 4(b)(ii) Significant items.
3. The Cerro Matoso and Illawarra Metallurgical Coal operating segments have been classified as discontinued operations. Refer to note 30 Disposal of subsidiaries.
4. Underlying other revenue relates to fair value movements on provisionally priced contracts.
5. Underlying revenue on third party products and services sold from continuing operations comprises US$77 million for aluminium, US$1 million for alumina, US$35 million for
manganese, US$94 million for freight services and US$55 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises
US$8 million for aluminium, US$11 million for alumina and US$(1) million for freight services.
6. Represents the total of all adjustments made to operating profit/(loss), net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results
reconciliation for further details.
7. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure.
8. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-
material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities .
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Worsley Brazil Hillside Mozal items/ continuing Metallurgical underlying
Alumina
Brazil Alumina
Aluminium Aluminium
Aluminium
2
eliminations
operations
1
Cerro Matoso
3
Coal
3
results
1
1,320
503
441
2,216
890
(518)
7,773
193
\u2013
7,966
(1)
(1)
\u2013
20
\u2013
\u2013
142
\u2013
\u2013
142
1,319
502
441
2,236
890
(518)
7,915
193
\u2013
8,108
686
355
441
2,236
890
\u2013
7,653
193
\u2013
7,846
\u2013
\u2013
\u2013
\u2013
\u2013
262
262
\u2013
\u2013
262
633
147
\u2013
\u2013
\u2013
(780)
\u2013
\u2013
\u2013
\u2013
1,319
502
441
2,236
890
(518)
7,915
193
\u2013
8,108
181
29
27
655
183
(53)
2,451
11
\u2013
2,462
(176)
(56)
(7)
(74)
(1)
(26)
(745)
\u2013
\u2013
(745)
5
(27)
20
581
182
(79)
1,706
11
\u2013
1,717
9
(11)
20
581
182
(63)
1,753
12
\u2013
1,765
(4)
\u2013
\u2013
\u2013
\u2013
(34)
(49)
(1)
\u2013
(50)
\u2013
\u2013
\u2013
\u2013
\u2013
18
18
\u2013
\u2013
18
\u2013
(16)
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
\u2013
(16)
5
(27)
20
581
182
(79)
1,706
11
\u2013
1,717
(171)
(4)
\u2013
(175)
(454)
\u2013
\u2013
(454)
(58)
\u2013
\u2013
(58)
1,023
7
\u2013
1,030
36
\u2013
19
55
1,059
7
19
1,085
4
\u2013
\u2013
\u2013
\u2013
38
93
1
\u2013
94
160
25
15
63
9
4
1,369
8
\u2013
1,377
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2,712
743
157
1,248
48
3,891
15,563
\u2013
\u2013
15,563
1,007
181
83
390
144
2,393
5,849
\u2013
\u2013
5,849
FY25 Australia South Africa
US$M
Sierra Gorda
1
Cannington
Hermosa
Manganese
1
Manganese
1
Revenue from customers
821
644
\u2013
46
366
Other revenue
3
11
15
\u2013
(4)
(13)
Total underlying revenue
832
659
\u2013
42
353
Comprising:
Group production
832
659
\u2013
42
353
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying revenue
832
659
\u2013
42
353
Underlying EBITDA
482
281
(41)
(105)
46
Underlying depreciation and amortisation
(164)
(77)
(4)
(20)
(22)
Underlying EBIT
318
204
(45)
(125)
24
Comprising:
Group production
318
206
(45)
(120)
24
Exploration expenditure expensed
\u2013
(2)
\u2013
(5)
\u2013
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying EBIT
318
204
(45)
(125)
24
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
5
Profit/(loss) for the year
Underlying exploration expenditure
13
6
35
5
\u2013
Underlying capital expenditure
6
216
49
517
115
44
Underlying equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying assets
7
1,982
576
2,228
737
385
Total underlying liabilities
7
213
445
196
497
133
1. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to freight services provided by the Group to material joint ventures of US$61 million, and third party product revenue of US$35 million included in Group and unallocated items/ eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial information. 2. The Cerro Matoso and Illawarra Metallurgical Coal operating segments have been classified as discontinued operations. Refer to note 30 Disposal of subsidiaries. 3. Underlying other revenue relates to fair value movements on provisionally priced contracts. 4. Underlying revenue on third party products and services sold from continuing operations comprises US$142 million for aluminium, US$28 million for alumina, US$35 million for manganese, US$50 million for freight services and US$115 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises US$3 million for aluminium, US$16 million for alumina and US$(1) million for raw materials. 5. Represents the total of all adjustments made to operating profit/(loss), net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results reconciliation for further details. 6. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure. 7. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non- material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities.
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Worsley Brazil Hillside Mozal items/ continuing Metallurgical underlying
Alumina
Brazil Alumina
Aluminium Aluminium Aluminium eliminations
operations
1
Cerro Matoso
2
Coal
2
results
1
1,918
746
355
1,995
980
(893)
6,978
484
145
7,607
(1)
3
\u2013
(6)
(1)
(1)
3
1
(1)
3
1,917
749
355
1,989
979
(894)
6,981
485
144
7,610
877
525
355
1,989
979
\u2013
6,611
485
116
7,212
\u2013
\u2013
\u2013
\u2013
\u2013
370
370
\u2013
28
398
1,040
224
\u2013
\u2013
\u2013
(1,264)
\u2013
\u2013
\u2013
\u2013
1,917
749
355
1,989
979
(894)
6,981
485
144
7,610
795
283
(92)
154
125
(134)
1,794
84
50
1,928
(176)
(57)
(5)
(69)
(70)
(27)
(691)
(26)
\u2013
(717)
619
226
(97)
85
55
(161)
1,103
58
50
1,211
621
233
(97)
85
55
(144)
1,136
59
50
1,245
(2)
\u2013
\u2013
\u2013
\u2013
(35)
(44)
(1)
\u2013
(45)
\u2013
\u2013
\u2013
\u2013
\u2013
18
18
\u2013
\u2013
18
\u2013
(7)
\u2013
\u2013
\u2013
\u2013
(7)
\u2013
\u2013
(7)
619
226
(97)
85
55
(161)
1,103
58
50
1,211
(173)
(13)
(2)
(188)
(315)
(17)
(14)
(346)
(14)
\u2013
\u2013
(14)
601
28
34
663
(286)
(119)
(48)
(453)
315
(91)
(14)
210
2
\u2013
\u2013
\u2013
\u2013
35
96
1
1
98
106
41
9
67
21
20
1,205
30
57
1,292
\u2013
15
\u2013
\u2013
\u2013
\u2013
15
\u2013
\u2013
15
2,767
842
130
1,157
353
3,259
14,416
330
\u2013
14,746
1,060
204
59
369
201
2,246
5,623
266
\u2013
5,889
(i) Underlying results reconciliation The following tables reconcile the underlying segment information to the statutory information included in the Group\u2019s consolidated financial statements:
FY26
Continuing Discontinued
US$M
Note operations
operations
1
Total
Underlying EBIT
1,706
11
1,717
Significant items
4(b)(ii)
(122)
\u2013
(122)
Joint venture adjustments
2,3
(613)
\u2013
(613)
Exchange rate gains/(losses) on restatement of monetary items
4
(7)
(1)
(8)
Impairment (losses)/reversals of financial assets
4
19
249
\u2013
249
Gains/(losses) on the disposal of subsidiaries
5
30
\u2013
16
16
Gains/(losses) on non-trading derivative instruments and contingent consideration
measured at FVTPL
4,6
146
\u2013
146
Operating profit/(loss)
1,359
26
1,385
Underlying net finance costs
(171)
(4)
(175)
Joint venture adjustments
2,3
218
\u2013
218
Exchange rate variations on net cash/(debt)
(39)
1
(38)
Net finance income/(costs)
8
(3)
5
Underlying income tax expense
(454)
\u2013
(454)
Underlying royalty related tax expense
(58)
\u2013
(58)
Tax effect of significant items
4(b)(ii)
(2)
\u2013
(2)
Joint venture adjustments relating to income tax expense
2,3
144
\u2013
144
Joint venture adjustments relating to royalty related tax expense
2,3
58
\u2013
58
Tax effect of other adjustments to derive Underlying EBIT
(31)
\u2013
(31)
Tax effect of other adjustments to derive Underlying net finance costs
11
\u2013
11
Exchange rate variations on tax balances
24
3
27
Income tax (expense)/benefit
(308)
3
(305)
Underlying earnings
1,023
7
1,030
Total adjustments to profit/(loss)
36
19
55
Profit/(loss) for the year
1,059
26
1,085
Underlying earnings attributable to:
Equity holders of South32 Limited
1,025
7
1,032
Non-controlling interests
(2)
\u2013
(2)
1. Refer to note 30 Disposal of subsidiaries. 2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised in share of profit/(loss) of equity accounted investments in the Consolidated income statement. 3. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$(193) million of which US$(217) million relates to the Sierra Gorda segment, US$60 million relates to the Australia Manganese segment and US$(36) million relates to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a revaluation loss of US$(249) million (US$(182) million post-tax) relating to the shareholder loan payable that is eliminated from the Group's Underlying earnings upon proportional consolidation. The Australia Manganese joint venture adjustments include significant items of US$92 million (US$59 million post-tax) relating to insurance income recognised as Australia Manganese finalised its insurance recoveries for the impacts of Tropical Cyclone Megan at Groote Eylandt Mining Company Pty Ltd (GEMCO) in March 2024. The South Africa Manganese joint venture adjustments include a US$49 million (US$38 million post-tax) impairment expense recognised for the Wessels mine at Hotazel Manganese Mines (Pty) Ltd (HMM). 4. Amounts from continuing operations are recognised in expenses excluding finance costs in the Consolidated income statement. 5. Includes a loss of US$3 million for the disposal of Cerro Matoso and a gain of US$19 million in relation to the FY25 disposal of Illawarra Metallurgical Coal following the finalisation of working capital, net debt and capital expenditure adjustments during FY26. 6. Includes a gain of US$93 million on the revaluation of the contingent consideration receivable from the FY25 disposal of Illawarra Metallurgical Coal and a gain of US$55 million on the revaluation of the contingent consideration payable for the FY22 acquisition of Sierra Gorda.
FY25
Continuing Discontinued
US$M
Note operations
operations
1
Total
Underlying EBIT
1,103
108
1,211
Significant items
4(b)(ii)
71
\u2013
71
Joint venture adjustments
2,3
(122)
\u2013
(122)
Exchange rate gains/(losses) on restatement of monetary items
4
(4)
(4)
(8)
Impairment (losses)/reversals of financial assets
4
 19
(27)
\u2013
(27)
Impairment (losses)/reversals of non-financial assets
4
 13
(346)
(118)
(464)
Gains/(losses) on the disposal of subsidiaries
5
 30
\u2013
(47)
(47)
Gains/(losses) on non-trading derivative instruments and contingent consideration
measured at FVTPL
4,6
(121)
\u2013
(121)
Operating profit/(loss)
554
(61)
493
Underlying net finance costs
(173)
(15)
(188)
Joint venture adjustments
2,3
225
\u2013
225
Exchange rate variations on net cash/(debt)
13
(1)
12
Net finance income/(costs)
65
(16)
49
Underlying income tax expense
(315)
(31)
(346)
Underlying royalty related tax expense
(14)
\u2013
(14)
Tax effect of significant items
4(b)(ii)
1
\u2013
1
Joint venture adjustments relating to income tax expense
2,3
(3)
\u2013
(3)
Joint venture adjustments relating to royalty related tax expense
2,3
14
\u2013
14
Tax effect of other adjustments to derive Underlying EBIT
4
1
5
Tax effect of other adjustments to derive Underlying net finance costs
(3)
\u2013
(3)
Exchange rate variations on tax balances
12
2
14
Income tax (expense)/benefit
(304)
(28)
(332)
Underlying earnings
601
62
663
Total adjustments to profit/(loss)
(286)
(167)
(453)
Profit/(loss) for the year
315
(105)
210
Underlying earnings attributable to:
Equity holders of South32 Limited
604
62
666
Non-controlling interests
(3)
\u2013
(3)
1. Refer to note 30 Disposal of subsidiaries. 2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised in share of profit/(loss) of equity accounted investments in the Consolidated income statement. 3. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$114 million of which US$18 million relates to the Sierra Gorda segment, US$51 million relates to the Australia Manganese segment and US$45 million relates to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a revaluation gain of US$27 million (US$20 million post-tax) relating to the shareholder loan payable that is eliminated from the Group's Underlying earnings upon proportional consolidation. The Australia Manganese joint venture adjustments include significant items of US$77 million (US$56 million post-tax) relating to the impacts of Tropical Cyclone Megan at GEMCO in March 2024, including insurance income, expenses relating to idle capacity charges, repairs and clean-up costs. The South Africa Manganese joint venture adjustments include a US$44 million (US$46 million post-tax) profit on disposal of the Metalloys manganese alloy smelter. 4. Amounts from continuing operations are recognised in expenses excluding finance costs in the Consolidated income statement. 5. Includes a loss of US$47 million in relation to the FY25 disposal of Illawarra Metallurgical Coal. 6. Includes a loss of US$61 million on the revaluation of the contingent consideration receivable from the FY25 disposal of Illawarra Metallurgical Coal and a loss of US$55 million on the revaluation of the contingent consideration payable for the FY22 acquisition of Sierra Gorda.
Group Discontinued
FY26
underlying Joint venture operations Group statutory
US$M
results adjustments
adjustments
1
results
Total revenue
2
8,108
(2,099)
(193)
5,816
Depreciation and amortisation
745
(311)
\u2013
434
Share of profit/(loss) of equity accounted investments
(16)
105
\u2013
89
Exploration expenditure
3
94
(17)
\u2013
77
Capital expenditure
3
1,377
(340)
\u2013
1,037
Equity accounted investments
\u2013
596
\u2013
596
Total assets
15,563
(1,072)
\u2013
14,491
Total liabilities
5,849
(1,072)
\u2013
4,777
1. Refer to note 30 Disposal of subsidiaries.
2. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$60 million.
3. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement.
Group Discontinued
FY25
underlying Joint venture operations Group statutory
US$M
results adjustments
adjustments
1
results
Total revenue
2
7,610
(1,201)
(629)
5,780
Depreciation and amortisation
717
(206)
(26)
485
Share of profit/(loss) of equity accounted investments
(7)
106
\u2013
99
Exploration expenditure
3
98
(18)
\u2013
80
Capital expenditure
3
1,292
(375)
\u2013
917
Equity accounted investments
15
575
\u2013
590
Total assets
14,746
(1,019)
\u2013
13,727
Total liabilities
5,889
(1,019)
\u2013
4,870
1. Refer to note 30 Disposal of subsidiaries.
2. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$10 million.
3. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement.
(c) Geographical information The geographical information below analyses statutory Group revenue from continuing operations and non-current assets by location. Revenue is primarily presented by the geographical destination of the product and non-current assets are presented by the geographical location of the operations.
Revenue
1
Non-current assets
US$M
FY26
FY25
FY26
FY25
Australia
479
279
3,283
3,352
Bahrain
131
346
\u2013
\u2013
Brazil
335
294
645
725
China
459
248
\u2013
\u2013
Italy
311
268
\u2013
\u2013
Japan
442
415
\u2013
\u2013
Mozambique
270
357
33
34
Netherlands
2
812
887
1,407
1,554
South Africa
523
422
906
959
United States of America
421
530
3,067
2,299
Rest of Africa
10
\u2013
\u2013
\u2013
Rest of Asia
561
631
82
72
Rest of Europe
634
545
8
8
Rest of Middle East
99
144
\u2013
\u2013
Rest of North America
241
286
35
19
Rest of Oceania
88
128
\u2013
\u2013
Rest of South America
\u2013
\u2013
287
236
Unallocated assets
3
\u2013
\u2013
868
670
Total
5,816
5,780
10,621
9,928
1. Includes other revenue related to fair value movements on provisionally priced contracts of US$60 million (FY25: US$10 million). 2. Non-current assets include the non-current portion of the shareholder loan receivable from Sierra Gorda. 3. Comprises other financial assets and deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-472": { "value": "4. Segment information (a) Description of segments The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature of products produced. The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of making decisions about resource allocation and assessing performance. The principal activities of each operating segment are summarised as follows:
Operating segment
Principal activities
Sierra Gorda
Copper mine in Chile
Cannington
Silver, lead and zinc mine in Australia
Hermosa
Base metals exploration and development project in the United States
Australia Manganese
Manganese ore mine in Australia
South Africa Manganese
Manganese ore mines in South Africa
Worsley Alumina
1
Integrated bauxite mine and alumina refinery in Australia
Brazil Alumina
1
Integrated bauxite mine and alumina refinery in Brazil
Brazil Aluminium
1
Aluminium smelter in Brazil
Hillside Aluminium
1
Aluminium smelter in South Africa
Mozal Aluminium
2
Aluminium smelter in Mozambique
Cerro Matoso
3
Integrated laterite ferronickel mine and smelting complex in Colombia
Illawarra Metallurgical Coal
4
Metallurgical coal mines in Australia
1. On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina, Brazil Aluminium and Hillside Aluminium to Alcoa Corporation. The Group's equity accounted investment in Minera\u00e7\u00e3o Rio do Norte is included in the Brazil Alumina operating segment. Refer to note 2(c) Key estimates, assumptions and judgements. 2. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance. Refer to note 4(b)(ii) Significant items. 3. On 1 December 2025, the Group completed the sale of Cerro Matoso. Refer to note 30 Disposal of subsidiaries. 4. On 29 August 2024, the Group completed the sale of Illawarra Metallurgical Coal. Refer to note 30 Disposal of subsidiaries. All operations are operated by the Group except Brazil Alumina, Brazil Aluminium and Sierra Gorda. (b) Segment results The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis. The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments. Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the material equity accounted joint ventures back to their statutory equity accounting positions. The Group separately discloses sales of group production from sales of third party products and services because of the significant difference in profit margin earned on these sales. It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis. Group and unallocated items/eliminations represent group centre functions and consolidation adjustments. Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments. Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities. Revenue recognition Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue is not reduced for royalties and other taxes payable from Group production. The following is a description of the principal activities from which the Group generates its revenue: Revenue from the sale of commodities The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to transfer distinct goods to customers. The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs when control of the promised commodity is transferred to the customer. For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable). The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the shipping agent) and is assessed to be the point in time at which control over the commodity passes to the customer. For these sales, revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been delivered to the customer. For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is estimated by reference to forward market prices. Revenue from the provision of freight services The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services are provided. The Group also provides third party freight services which are recognised as the shipping service is provided. The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand the impact on the Group.
FY26 Australia South Africa
US$M
Sierra Gorda
1
Cannington
Hermosa
Manganese
1
Manganese
1
Revenue from customers
1,074
810
\u2013
678
359
Other revenue
4
80
42
\u2013
(3)
5
Total underlying revenue
1,154
852
\u2013
675
364
Comprising:
Group production
1,154
852
\u2013
675
364
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying revenue
1,154
852
\u2013
675
364
Underlying EBITDA
758
451
(39)
229
30
Underlying depreciation and amortisation
(197)
(87)
(7)
(86)
(28)
Underlying EBIT
561
364
(46)
143
2
Comprising:
Group production
567
365
(46)
147
2
Exploration expenditure expensed
(6)
(1)
\u2013
(4)
\u2013
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying EBIT
561
364
(46)
143
2
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
6
Profit/(loss) for the year
Underlying exploration expenditure
12
4
30
5
\u2013
Underlying capital expenditure
7
235
42
711
78
27
Underlying equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying assets
8
2,125
535
3,001
744
359
Total underlying liabilities
8
242
489
218
554
148
1. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to freight services provided by the Group to material joint ventures of US$129 million, and third party product revenue of US$35 million included in Group and unallocated items/ eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial information. 2. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance. Refer to note 4(b)(ii) Significant items. 3. The Cerro Matoso and Illawarra Metallurgical Coal operating segments have been classified as discontinued operations. Refer to note 30 Disposal of subsidiaries. 4. Underlying other revenue relates to fair value movements on provisionally priced contracts. 5. Underlying revenue on third party products and services sold from continuing operations comprises US$77 million for aluminium, US$1 million for alumina, US$35 million for manganese, US$94 million for freight services and US$55 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises US$8 million for aluminium, US$11 million for alumina and US$(1) million for freight services. 6. Represents the total of all adjustments made to operating profit/(loss), net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results reconciliation for further details. 7. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure. 8. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non- material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Worsley Brazil Hillside Mozal items/ continuing Metallurgical underlying
Alumina
Brazil Alumina
Aluminium Aluminium
Aluminium
2
eliminations
operations
1
Cerro Matoso
3
Coal
3
results
1
1,320
503
441
2,216
890
(518)
7,773
193
\u2013
7,966
(1)
(1)
\u2013
20
\u2013
\u2013
142
\u2013
\u2013
142
1,319
502
441
2,236
890
(518)
7,915
193
\u2013
8,108
686
355
441
2,236
890
\u2013
7,653
193
\u2013
7,846
\u2013
\u2013
\u2013
\u2013
\u2013
262
262
\u2013
\u2013
262
633
147
\u2013
\u2013
\u2013
(780)
\u2013
\u2013
\u2013
\u2013
1,319
502
441
2,236
890
(518)
7,915
193
\u2013
8,108
181
29
27
655
183
(53)
2,451
11
\u2013
2,462
(176)
(56)
(7)
(74)
(1)
(26)
(745)
\u2013
\u2013
(745)
5
(27)
20
581
182
(79)
1,706
11
\u2013
1,717
9
(11)
20
581
182
(63)
1,753
12
\u2013
1,765
(4)
\u2013
\u2013
\u2013
\u2013
(34)
(49)
(1)
\u2013
(50)
\u2013
\u2013
\u2013
\u2013
\u2013
18
18
\u2013
\u2013
18
\u2013
(16)
\u2013
\u2013
\u2013
\u2013
(16)
\u2013
\u2013
(16)
5
(27)
20
581
182
(79)
1,706
11
\u2013
1,717
(171)
(4)
\u2013
(175)
(454)
\u2013
\u2013
(454)
(58)
\u2013
\u2013
(58)
1,023
7
\u2013
1,030
36
\u2013
19
55
1,059
7
19
1,085
4
\u2013
\u2013
\u2013
\u2013
38
93
1
\u2013
94
160
25
15
63
9
4
1,369
8
\u2013
1,377
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2,712
743
157
1,248
48
3,891
15,563
\u2013
\u2013
15,563
1,007
181
83
390
144
2,393
5,849
\u2013
\u2013
5,849
FY25 Australia South Africa
US$M
Sierra Gorda
1
Cannington
Hermosa
Manganese
1
Manganese
1
Revenue from customers
821
644
\u2013
46
366
Other revenue
3
11
15
\u2013
(4)
(13)
Total underlying revenue
832
659
\u2013
42
353
Comprising:
Group production
832
659
\u2013
42
353
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying revenue
832
659
\u2013
42
353
Underlying EBITDA
482
281
(41)
(105)
46
Underlying depreciation and amortisation
(164)
(77)
(4)
(20)
(22)
Underlying EBIT
318
204
(45)
(125)
24
Comprising:
Group production
318
206
(45)
(120)
24
Exploration expenditure expensed
\u2013
(2)
\u2013
(5)
\u2013
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying EBIT
318
204
(45)
(125)
24
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
5
Profit/(loss) for the year
Underlying exploration expenditure
13
6
35
5
\u2013
Underlying capital expenditure
6
216
49
517
115
44
Underlying equity accounted investments
\u2013
\u2013
\u2013
\u2013
\u2013
Total underlying assets
7
1,982
576
2,228
737
385
Total underlying liabilities
7
213
445
196
497
133
1. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used
by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to
freight services provided by the Group to material joint ventures of US$61 million, and third party product revenue of US$35 million included in Group and unallocated items/
eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial
information.
2. The Cerro Matoso and Illawarra Metallurgical Coal operating segments have been classified as discontinued operations. Refer to note 30 Disposal of subsidiaries.
3. Underlying other revenue relates to fair value movements on provisionally priced contracts.
4. Underlying revenue on third party products and services sold from continuing operations comprises US$142 million for aluminium, US$28 million for alumina, US$35 million for
manganese, US$50 million for freight services and US$115 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises
US$3 million for aluminium, US$16 million for alumina and US$(1) million for raw materials.
5. Represents the total of all adjustments made to operating profit/(loss), net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results
reconciliation for further details.
6. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure.
7. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-
material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities.
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Worsley Brazil Hillside Mozal items/ continuing Metallurgical underlying
Alumina
Brazil Alumina
Aluminium Aluminium Aluminium eliminations
operations
1
Cerro Matoso
2
Coal
2
results
1
1,918
746
355
1,995
980
(893)
6,978
484
145
7,607
(1)
3
\u2013
(6)
(1)
(1)
3
1
(1)
3
1,917
749
355
1,989
979
(894)
6,981
485
144
7,610
877
525
355
1,989
979
\u2013
6,611
485
116
7,212
\u2013
\u2013
\u2013
\u2013
\u2013
370
370
\u2013
28
398
1,040
224
\u2013
\u2013
\u2013
(1,264)
\u2013
\u2013
\u2013
\u2013
1,917
749
355
1,989
979
(894)
6,981
485
144
7,610
795
283
(92)
154
125
(134)
1,794
84
50
1,928
(176)
(57)
(5)
(69)
(70)
(27)
(691)
(26)
\u2013
(717)
619
226
(97)
85
55
(161)
1,103
58
50
1,211
621
233
(97)
85
55
(144)
1,136
59
50
1,245
(2)
\u2013
\u2013
\u2013
\u2013
(35)
(44)
(1)
\u2013
(45)
\u2013
\u2013
\u2013
\u2013
\u2013
18
18
\u2013
\u2013
18
\u2013
(7)
\u2013
\u2013
\u2013
\u2013
(7)
\u2013
\u2013
(7)
619
226
(97)
85
55
(161)
1,103
58
50
1,211
(173)
(13)
(2)
(188)
(315)
(17)
(14)
(346)
(14)
\u2013
\u2013
(14)
601
28
34
663
(286)
(119)
(48)
(453)
315
(91)
(14)
210
2
\u2013
\u2013
\u2013
\u2013
35
96
1
1
98
106
41
9
67
21
20
1,205
30
57
1,292
\u2013
15
\u2013
\u2013
\u2013
\u2013
15
\u2013
\u2013
15
2,767
842
130
1,157
353
3,259
14,416
330
\u2013
14,746
1,060
204
59
369
201
2,246
5,623
266
\u2013
5,889
(i) Underlying results reconciliation
The following tables reconcile the underlying segment information to the statutory information included in the Group\u2019s consolidated
financial statements:
FY26
Continuing Discontinued
US$M
Note operations
operations
1
Total
Underlying EBIT
1,706
11
1,717
Significant items
4(b)(ii)
(122)
\u2013
(122)
Joint venture adjustments
2,3
(613)
\u2013
(613)
Exchange rate gains/(losses) on restatement of monetary items
4
(7)
(1)
(8)
Impairment (losses)/reversals of financial assets
4
19
249
\u2013
249
Gains/(losses) on the disposal of subsidiaries
5
30
\u2013
16
16
Gains/(losses) on non-trading derivative instruments and contingent consideration
measured at FVTPL
4,6
146
\u2013
146
Operating profit/(loss)
1,359
26
1,385
Underlying net finance costs
(171)
(4)
(175)
Joint venture adjustments
2,3
218
\u2013
218
Exchange rate variations on net cash/(debt)
(39)
1
(38)
Net finance income/(costs)
8
(3)
5
Underlying income tax expense
(454)
\u2013
(454)
Underlying royalty related tax expense
(58)
\u2013
(58)
Tax effect of significant items
4(b)(ii)
(2)
\u2013
(2)
Joint venture adjustments relating to income tax expense
2,3
144
\u2013
144
Joint venture adjustments relating to royalty related tax expense
2,3
58
\u2013
58
Tax effect of other adjustments to derive Underlying EBIT
(31)
\u2013
(31)
Tax effect of other adjustments to derive Underlying net finance costs
11
\u2013
11
Exchange rate variations on tax balances
24
3
27
Income tax (expense)/benefit
(308)
3
(305)
Underlying earnings
1,023
7
1,030
Total adjustments to profit/(loss)
36
19
55
Profit/(loss) for the year
1,059
26
1,085
Underlying earnings attributable to:
Equity holders of South32 Limited
1,025
7
1,032
Non-controlling interests
(2)
\u2013
(2)
1. Refer to note 30 Disposal of subsidiaries.
2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used
by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised
in share of profit/(loss) of equity accounted investments in the Consolidated income statement.
3. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$(193) million of which US$(217) million relates to the Sierra Gorda segment,
US$60 million relates to the Australia Manganese segment and US$(36) million relates to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a
revaluation loss of US$(249) million (US$(182) million post-tax) relating to the shareholder loan payable that is eliminated from the Group's Underlying earnings upon proportional
consolidation. The Australia Manganese joint venture adjustments include significant items of US$92 million (US$59 million post-tax) relating to insurance income recognised as
Australia Manganese finalised its insurance recoveries for the impacts of Tropical Cyclone Megan at Groote Eylandt Mining Company Pty Ltd (GEMCO) in March 2024. The South
Africa Manganese joint venture adjustments include a US$49 million (US$38 million post-tax) impairment expense recognised for the Wessels mine at Hotazel Manganese Mines (Pty)
Ltd (HMM).
4. Amounts from continuing operations are recognised in expenses excluding finance costs in the Consolidated income statement.
5. Includes a loss of US$3 million for the disposal of Cerro Matoso and a gain of US$19 million in relation to the FY25 disposal of Illawarra Metallurgical Coal following the finalisation of
working capital, net debt and capital expenditure adjustments during FY26.
6. Includes a gain of US$93 million on the revaluation of the contingent consideration receivable from the FY25 disposal of Illawarra Metallurgical Coal and a gain of US$55 million on the
revaluation of the contingent consideration payable for the FY22 acquisition of Sierra Gorda.
FY25
Continuing Discontinued
US$M
Note operations
operations
1
Total
Underlying EBIT
1,103
108
1,211
Significant items
4(b)(ii)
71
\u2013
71
Joint venture adjustments
2,3
(122)
\u2013
(122)
Exchange rate gains/(losses) on restatement of monetary items
4
(4)
(4)
(8)
Impairment (losses)/reversals of financial assets
4
 19
(27)
\u2013
(27)
Impairment (losses)/reversals of non-financial assets
4
 13
(346)
(118)
(464)
Gains/(losses) on the disposal of subsidiaries
5
 30
\u2013
(47)
(47)
Gains/(losses) on non-trading derivative instruments and contingent consideration
measured at FVTPL
4,6
(121)
\u2013
(121)
Operating profit/(loss)
554
(61)
493
Underlying net finance costs
(173)
(15)
(188)
Joint venture adjustments
2,3
225
\u2013
225
Exchange rate variations on net cash/(debt)
13
(1)
12
Net finance income/(costs)
65
(16)
49
Underlying income tax expense
(315)
(31)
(346)
Underlying royalty related tax expense
(14)
\u2013
(14)
Tax effect of significant items
4(b)(ii)
1
\u2013
1
Joint venture adjustments relating to income tax expense
2,3
(3)
\u2013
(3)
Joint venture adjustments relating to royalty related tax expense
2,3
14
\u2013
14
Tax effect of other adjustments to derive Underlying EBIT
4
1
5
Tax effect of other adjustments to derive Underlying net finance costs
(3)
\u2013
(3)
Exchange rate variations on tax balances
12
2
14
Income tax (expense)/benefit
(304)
(28)
(332)
Underlying earnings
601
62
663
Total adjustments to profit/(loss)
(286)
(167)
(453)
Profit/(loss) for the year
315
(105)
210
Underlying earnings attributable to:
Equity holders of South32 Limited
604
62
666
Non-controlling interests
(3)
\u2013
(3)
1. Refer to note 30 Disposal of subsidiaries.
2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used
by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised
in share of profit/(loss) of equity accounted investments in the Consolidated income statement.
3. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$114 million of which US$18 million relates to the Sierra Gorda segment,
US$51 million relates to the Australia Manganese segment and US$45 million relates to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a
revaluation gain of US$27 million (US$20 million post-tax) relating to the shareholder loan payable that is eliminated from the Group's Underlying earnings upon proportional
consolidation. The Australia Manganese joint venture adjustments include significant items of US$77 million (US$56 million post-tax) relating to the impacts of Tropical Cyclone
Megan at GEMCO in March 2024, including insurance income, expenses relating to idle capacity charges, repairs and clean-up costs. The South Africa Manganese joint venture
adjustments include a US$44 million (US$46 million post-tax) profit on disposal of the Metalloys manganese alloy smelter.
4. Amounts from continuing operations are recognised in expenses excluding finance costs in the Consolidated income statement.
5. Includes a loss of US$47 million in relation to the FY25 disposal of Illawarra Metallurgical Coal.
6. Includes a loss of US$61 million on the revaluation of the contingent consideration receivable from the FY25 disposal of Illawarra Metallurgical Coal and a loss of US$55 million on the
revaluation of the contingent consideration payable for the FY22 acquisition of Sierra Gorda.
Group Discontinued
FY26
underlying Joint venture operations Group statutory
US$M
results adjustments
adjustments
1
results
Total revenue
2
8,108
(2,099)
(193)
5,816
Depreciation and amortisation
745
(311)
\u2013
434
Share of profit/(loss) of equity accounted investments
(16)
105
\u2013
89
Exploration expenditure
3
94
(17)
\u2013
77
Capital expenditure
3
1,377
(340)
\u2013
1,037
Equity accounted investments
\u2013
596
\u2013
596
Total assets
15,563
(1,072)
\u2013
14,491
Total liabilities
5,849
(1,072)
\u2013
4,777
1. Refer to note 30 Disposal of subsidiaries. 2. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$60 million. 3. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement.
Group Discontinued
FY25
underlying Joint venture operations Group statutory
US$M
results adjustments
adjustments
1
results
Total revenue
2
7,610
(1,201)
(629)
5,780
Depreciation and amortisation
717
(206)
(26)
485
Share of profit/(loss) of equity accounted investments
(7)
106
\u2013
99
Exploration expenditure
3
98
(18)
\u2013
80
Capital expenditure
3
1,292
(375)
\u2013
917
Equity accounted investments
15
575
\u2013
590
Total assets
14,746
(1,019)
\u2013
13,727
Total liabilities
5,889
(1,019)
\u2013
4,870
1. Refer to note 30 Disposal of subsidiaries. 2. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$10 million. 3. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement. (ii) Significant items Significant items are those items, not separately identified in note 4(b)(i) Underlying results reconciliation, whose nature and amount are considered material to the Group\u2019s consolidated financial statements.
FY26
US$M
Gross
Tax
Net
Mozal Aluminium care and maintenance impacts
(122)
(2)
(124)
Total significant items
(122)
(2)
(124)
FY25
US$M
Gross
Tax
Net
Worsley access compensation agreement
97
1
98
Mozal Aluminium inventory write-down
(26)
\u2013
(26)
Total significant items
71
1
72
Mozal Aluminium significant items (FY25 & FY26) On 15 March 2026, Mozal Aluminium transitioned to care and maintenance as the Group was unable to secure a sufficient and affordable power supply beyond March 2026. As a result, the Group has recognised expenses in FY26 that do not reflect the performance of the underlying operation, and which have therefore been classified as significant items. In FY25, the Group had recognised the maximum impairment of property, plant and equipment and intangible assets after considering the recoverable amount of individual assets within the Mozal Aluminium CGU, as well as a US$26 million write-down of inventory based on management's estimated net realisable value of the inventory on hand at that time. Refer to note 13 Impairment of non-financial assets. In FY26, the group recognised further net costs of US$122 million including inventory write-downs of US$89 million, employee separation costs of US$28 million, and US$5 million of net other costs. The net costs of US$122 million, comprise US$127 million of costs recognised in expenses excluding finance costs and a US$5 million gain recognised in other income in the Consolidated income statement. Worsley access compensation agreement (FY25) In March 2025, Worsley Alumina received US$100 million in relation to agreements with a subsidiary of Newmont Corporation (Newmont). The agreements enable Worsley Alumina and Newmont\u2019s Boddington gold mine to safely operate in close proximity, and compensate Worsley Alumina for impacts on its priority access to small areas containing bauxite Mineral Resource. The Group recorded a profit on disposal of other mineral assets of US$97 million (US$98 million post-tax), recognised as other income in the Consolidated income statement.
(c) Geographical information
The geographical information below analyses statutory Group revenue from continuing operations and non-current assets by location.
Revenue is primarily presented by the geographical destination of the product and non-current assets are presented by the geographical
location of the operations.
Revenue
1
Non-current assets
US$M
FY26
FY25
FY26
FY25
Australia
479
279
3,283
3,352
Bahrain
131
346
\u2013
\u2013
Brazil
335
294
645
725
China
459
248
\u2013
\u2013
Italy
311
268
\u2013
\u2013
Japan
442
415
\u2013
\u2013
Mozambique
270
357
33
34
Netherlands
2
812
887
1,407
1,554
South Africa
523
422
906
959
United States of America
421
530
3,067
2,299
Rest of Africa
10
\u2013
\u2013
\u2013
Rest of Asia
561
631
82
72
Rest of Europe
634
545
8
8
Rest of Middle East
99
144
\u2013
\u2013
Rest of North America
241
286
35
19
Rest of Oceania
88
128
\u2013
\u2013
Rest of South America
\u2013
\u2013
287
236
Unallocated assets
3
\u2013
\u2013
868
670
Total
5,816
5,780
10,621
9,928
1. Includes other revenue related to fair value movements on provisionally priced contracts of US$60 million (FY25: US$10 million).
2. Non-current assets include the non-current portion of the shareholder loan receivable from Sierra Gorda.
3. Comprises other financial assets and deferred tax assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-564": { "value": "The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature of products produced. The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of making decisions about resource allocation and assessing performance. The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis. The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments. Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the material equity accounted joint ventures back to their statutory equity accounting positions. The Group separately discloses sales of group production from sales of third party products and services because of the significant difference in profit margin earned on these sales. It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis. Group and unallocated items/eliminations represent group centre functions and consolidation adjustments. Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments. Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-565": { "value": "Revenue recognition Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue is not reduced for royalties and other taxes payable from Group production. The following is a description of the principal activities from which the Group generates its revenue: Revenue from the sale of commodities The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to transfer distinct goods to customers. The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs when control of the promised commodity is transferred to the customer. For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable). The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the shipping agent) and is assessed to be the point in time at which control over the commodity passes to the customer. For these sales, revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been delivered to the customer. For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is estimated by reference to forward market prices. Revenue from the provision of freight services The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services are provided. The Group also provides third party freight services which are recognised as the shipping service is provided. The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand the impact on the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-6": { "value": "The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-562": { "value": "Significant items are those items, not separately identified in note 4(b)(i) Underlying results reconciliation, whose nature and amount are considered material to the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-502": { "value": "(c) Geographical information The geographical information below analyses statutory Group revenue from continuing operations and non-current assets by location. Revenue is primarily presented by the geographical destination of the product and non-current assets are presented by the geographical location of the operations.
Revenue
1
Non-current assets
US$M
FY26
FY25
FY26
FY25
Australia
479
279
3,283
3,352
Bahrain
131
346
\u2013
\u2013
Brazil
335
294
645
725
China
459
248
\u2013
\u2013
Italy
311
268
\u2013
\u2013
Japan
442
415
\u2013
\u2013
Mozambique
270
357
33
34
Netherlands
2
812
887
1,407
1,554
South Africa
523
422
906
959
United States of America
421
530
3,067
2,299
Rest of Africa
10
\u2013
\u2013
\u2013
Rest of Asia
561
631
82
72
Rest of Europe
634
545
8
8
Rest of Middle East
99
144
\u2013
\u2013
Rest of North America
241
286
35
19
Rest of Oceania
88
128
\u2013
\u2013
Rest of South America
\u2013
\u2013
287
236
Unallocated assets
3
\u2013
\u2013
868
670
Total
5,816
5,780
10,621
9,928
1. Includes other revenue related to fair value movements on provisionally priced contracts of US$60 million (FY25: US$10 million). 2. Non-current assets include the non-current portion of the shareholder loan receivable from Sierra Gorda. 3. Comprises other financial assets and deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-473": { "value": "
5. Expenses excluding finance costs
US$M
Note
FY26
FY25
Changes in inventories of finished goods and work in progress
21
28
Raw materials and consumables used
2,407
2,316
Wages, salaries and redundancies
655
561
Pension and other post-retirement obligations
52
46
External services (including transportation)
843
944
Third party products and services
324
362
Depreciation and amortisation
434
485
Exchange rate (gains)/losses on restatement of monetary items
7
4
(Gains)/losses on derivative instruments and contingent consideration measured at FVTPL
(141)
111
Government and other royalties paid and payable
86
68
Exploration expenditure expensed
39
39
Impairment losses/(reversals) of financial assets
19
(249)
27
Impairment losses/(reversals) of non-financial assets
13
\u2013
346
Short-term, low-value and variable lease rentals
62
58
All other operating expenses
130
132
Total
4,670
5,527
21. Auditor's remuneration The auditor of the Group is KPMG.
US$'000
FY26
FY25
Fees payable to the Group's auditor for assurance services
Audit and review of financial statements
4,079
4,052
Other assurance services
1
1,390
767
Total auditor\u2019s remuneration
5,469
4,819
1. Primarily comprises transaction assurance services and sustainability assurance services", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-554": { "value": "5. Expenses excluding finance costs
US$M
Note
FY26
FY25
Changes in inventories of finished goods and work in progress
21
28
Raw materials and consumables used
2,407
2,316
Wages, salaries and redundancies
655
561
Pension and other post-retirement obligations
52
46
External services (including transportation)
843
944
Third party products and services
324
362
Depreciation and amortisation
434
485
Exchange rate (gains)/losses on restatement of monetary items
7
4
(Gains)/losses on derivative instruments and contingent consideration measured at FVTPL
(141)
111
Government and other royalties paid and payable
86
68
Exploration expenditure expensed
39
39
Impairment losses/(reversals) of financial assets
19
(249)
27
Impairment losses/(reversals) of non-financial assets
13
\u2013
346
Short-term, low-value and variable lease rentals
62
58
All other operating expenses
130
132
Total
4,670
5,527
18. Net finance income/(costs)
US$M
FY26
FY25
Finance income
Interest on loans to equity accounted investments
173
177
Other interest income
85
82
Total finance income
258
259
Finance costs
Interest on borrowings
(55)
(61)
Interest on lease liabilities
(55)
(52)
Discounting on provisions and other liabilities
(101)
(94)
Exchange rate variations on net cash/(debt)
(39)
13
Total finance costs
(250)
(194)
Net finance income/(costs)
8
65
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-544": { "value": "5. Expenses excluding finance costs
US$M
Note
FY26
FY25
Changes in inventories of finished goods and work in progress
21
28
Raw materials and consumables used
2,407
2,316
Wages, salaries and redundancies
655
561
Pension and other post-retirement obligations
52
46
External services (including transportation)
843
944
Third party products and services
324
362
Depreciation and amortisation
434
485
Exchange rate (gains)/losses on restatement of monetary items
7
4
(Gains)/losses on derivative instruments and contingent consideration measured at FVTPL
(141)
111
Government and other royalties paid and payable
86
68
Exploration expenditure expensed
39
39
Impairment losses/(reversals) of financial assets
19
(249)
27
Impairment losses/(reversals) of non-financial assets
13
\u2013
346
Short-term, low-value and variable lease rentals
62
58
All other operating expenses
130
132
Total
4,670
5,527
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-534": { "value": "5. Expenses excluding finance costs
US$M
Note
FY26
FY25
Changes in inventories of finished goods and work in progress
21
28
Raw materials and consumables used
2,407
2,316
Wages, salaries and redundancies
655
561
Pension and other post-retirement obligations
52
46
External services (including transportation)
843
944
Third party products and services
324
362
Depreciation and amortisation
434
485
Exchange rate (gains)/losses on restatement of monetary items
7
4
(Gains)/losses on derivative instruments and contingent consideration measured at FVTPL
(141)
111
Government and other royalties paid and payable
86
68
Exploration expenditure expensed
39
39
Impairment losses/(reversals) of financial assets
19
(249)
27
Impairment losses/(reversals) of non-financial assets
13
\u2013
346
Short-term, low-value and variable lease rentals
62
58
All other operating expenses
130
132
Total
4,670
5,527
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-521": { "value": "5. Expenses excluding finance costs
US$M
Note
FY26
FY25
Changes in inventories of finished goods and work in progress
21
28
Raw materials and consumables used
2,407
2,316
Wages, salaries and redundancies
655
561
Pension and other post-retirement obligations
52
46
External services (including transportation)
843
944
Third party products and services
324
362
Depreciation and amortisation
434
485
Exchange rate (gains)/losses on restatement of monetary items
7
4
(Gains)/losses on derivative instruments and contingent consideration measured at FVTPL
(141)
111
Government and other royalties paid and payable
86
68
Exploration expenditure expensed
39
39
Impairment losses/(reversals) of financial assets
19
(249)
27
Impairment losses/(reversals) of non-financial assets
13
\u2013
346
Short-term, low-value and variable lease rentals
62
58
All other operating expenses
130
132
Total
4,670
5,527
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-503": { "value": "5. Expenses excluding finance costs
US$M
Note
FY26
FY25
Changes in inventories of finished goods and work in progress
21
28
Raw materials and consumables used
2,407
2,316
Wages, salaries and redundancies
655
561
Pension and other post-retirement obligations
52
46
External services (including transportation)
843
944
Third party products and services
324
362
Depreciation and amortisation
434
485
Exchange rate (gains)/losses on restatement of monetary items
7
4
(Gains)/losses on derivative instruments and contingent consideration measured at FVTPL
(141)
111
Government and other royalties paid and payable
86
68
Exploration expenditure expensed
39
39
Impairment losses/(reversals) of financial assets
19
(249)
27
Impairment losses/(reversals) of non-financial assets
13
\u2013
346
Short-term, low-value and variable lease rentals
62
58
All other operating expenses
130
132
Total
4,670
5,527
11. Property, plant and equipment
Land and buildings
Plant and equipment
Other Assets Exploration
FY26
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Additions
19
\u2013
92
\u2013
\u2013
1,088
41
1,240
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(121)
\u2013
\u2013
\u2013
(121)
Disposals
\u2013
(4)
(17)
(47)
\u2013
(3)
\u2013
(71)
Transfers and other movements
\u2013
60
(6)
303
33
(373)
(17)
\u2013
At the end of the year
54
2,395
1,290
10,601
3,081
2,577
136
20,134
Accumulated depreciation and
impairments
At the beginning of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Depreciation
2
9
61
120
291
20
\u2013
\u2013
501
Disposals
\u2013
(4)
(17)
(41)
\u2013
\u2013
\u2013
(62)
At the end of the year
23
1,614
674
8,247
2,268
270
\u2013
13,096
Net book value at the end of the
year
31
781
616
2,354
813
2,307
136
7,038
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes capitalised depreciation of US$73 million.
Land and buildings
Plant and equipment
Other Assets Exploration
FY25
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Additions
9
\u2013
114
\u2013
\u2013
959
48
1,130
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(147)
\u2013
\u2013
\u2013
(147)
Disposals
(11)
(14)
\u2013
(53)
(29)
\u2013
\u2013
(107)
Reclassified as held for sale
30
\u2013
(172)
\u2013
(1,174)
(269)
(26)
\u2013
(1,641)
Transfers and other movements
\u2013
182
13
198
15
(392)
(16)
\u2013
At the end of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Accumulated depreciation and
impairments
At the beginning of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Depreciation
2,3
6
70
86
354
15
\u2013
\u2013
531
Net impairments
13
\u2013
75
4
340
8
19
\u2013
446
Disposals
(11)
(4)
\u2013
(49)
(26)
\u2013
\u2013
(90)
Reclassified as held for sale
30
\u2013
(166)
\u2013
(1,145)
(267)
\u2013
\u2013
(1,578)
At the end of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Net book value at the end of the
year
21
782
650
2,469
800
1,595
112
6,429
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$23 million. Refer to note 30 Disposal of subsidiaries. 3. Includes capitalised depreciation of US$29 million. Capital expenditure commitments as at 30 June 2026 were US$229 million (FY25: US$163 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-474": { "value": "6. Tax Income tax expense comprises current and deferred tax and is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in the Consolidated statement of comprehensive income. (a) Income tax expense
US$M
Note
FY26
FY25
Current income tax (expense)/benefit
(333)
(319)
Deferred income tax (expense)/benefit
28
(13)
Total income tax (expense)/benefit
(305)
(332)
Income tax (expense)/benefit attributable to:
Continuing operations
(308)
(304)
Discontinued operations
30
3
(28)
Total income tax (expense)/benefit
(305)
(332)
(b) Reconciliation of prima facie tax expense to income tax expense
US$M
Note
FY26
FY25
Profit/(loss) before tax from continuing operations
1,367
619
Profit/(loss) before tax from discontinued operations
30
23
(77)
Deduct: Share of profit of equity accounted investments included in continuing operations
89
99
Profit/(loss) subject to tax
1,301
443
Income tax on profit/(loss) calculated at 30 per cent
(390)
(133)
Tax rate differential on non-Australian income
22
(100)
Exchange variations and other translation adjustments
27
14
Withholding tax on distributed earnings
(12)
\u2013
Derecognition of future tax benefits
(20)
(28)
Non-deductible impairment charges
1
\u2013
(42)
Prior year adjustments
(4)
7
Other
72
(50)
Total income tax (expense)/benefit
(305)
(332)
1. FY25 primarily relates to the non-deductible impairment of Cerro Matoso (US$41 million tax expense). Refer to note 13 Impairment of non-financial assets. Profit/(loss) from equity accounted investments has been taxed in companies other than South32 Limited, being the companies whose results are disclosed as equity accounted investments in the consolidated financial statements. Refer to note 25 Equity accounted investments for further details of the Group\u2019s equity accounted investments. (c) Movement in deferred tax balances The composition of the Group\u2019s net deferred tax assets and liabilities recognised on the Consolidated balance sheet, including amounts classified as held for sale, and the deferred tax expense (charged)/credited to the Consolidated income statement, including from discontinued operations, is as follows:
Deferred tax (charged)/credited
to the Consolidated income
Deferred tax assets
Deferred tax liabilities
statement
1
US$M
FY26
FY25
FY26
FY25
FY26
FY25
Type of temporary difference
Depreciation
84
84
80
98
17
(6)
Employee benefits
51
47
(6)
(5)
2
\u2013
Closure and rehabilitation
308
278
\u2013
(7)
19
32
Other provisions
6
17
(3)
(3)
(12)
3
Deferred charges
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
Non tax-depreciable fair value adjustments, revaluations
and mineral rights
(23)
(17)
\u2013
5
4
(12)
Tax-effected losses
80
82
\u2013
\u2013
(2)
(12)
Brazil deferral incentive
2
\u2013
\u2013
95
88
(7)
(27)
Leases
33
19
\u2013
(1)
13
(1)
Other
(42)
(24)
\u2013
\u2013
(6)
14
Total
497
486
166
175
28
(13)
1. Deferred tax expense charged/(credited) to the Consolidated income statement includes US$2 million (FY25: US$10 million) from discontinued operations. Refer to note 30 Disposal of subsidiaries. 2. Our Brazilian subsidiary has received a 75 per cent corporate income tax deferral due to the reinvestment of capital in the North East regions of Brazil. The tax is deferred until earnings are repatriated from Brazil. Deferred tax is calculated using the balance sheet liability method, providing for the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax assessment or deduction purposes. To the extent that an item\u2019s tax base is solely derived from the amount deductible under capital gains tax legislation, deferred tax is determined as if such amounts are not deductible in determining future assessable income. (d) Unrecognised deferred tax assets and liabilities The composition of the Group\u2019s unrecognised deferred tax assets and liabilities is as follows:
US$M
FY26
FY25
Unrecognised deferred tax assets
Tax-effected losses
1
829
308
Mineral rights
349
587
Impairment of investments in subsidiaries
1,125
1,228
Closure and rehabilitation
73
64
Depreciable assets
28
30
Other temporary differences
(9)
3
Total unrecognised deferred tax assets
2,395
2,220
Unrecognised deferred tax liabilities
Taxable temporary differences associated with investments and undistributed earnings in subsidiaries
18
36
Total unrecognised deferred tax liabilities
18
36
1. Represents capital losses of US$705 million and tax revenue losses of US$124 million that have no expiry.
(e) Tax consolidation
South32 Limited and its 100 per cent owned Australian resident subsidiaries have formed a tax consolidated group with effect from 25 May
2015. South32 Limited is the head entity of the tax consolidated group. Members of the Group have entered into a tax sharing agreement
in order to allocate income tax expense to the wholly-owned subsidiaries on a stand-alone basis. The tax sharing arrangement provides for
the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations. The possibility of
such a default is considered remote at the date of this report.
Members of the tax consolidated group have also entered into a tax funding agreement. The Group has applied its allocation approach in
determining the appropriate amount of current taxes to allocate to members of the tax consolidated group. The tax funding agreement
provides for each member of the tax consolidated group to pay or receive a tax equivalent amount to or from the head entity in
accordance with their notional current tax liability or current tax asset. Such amounts are reflected in amounts receivable from, or payable
to, the head entity in their accounts and are settled as soon as practicable after lodgement of the consolidated return and payment of the
tax liability.
(f) Pillar Two tax
The Organisation for Economic Cooperation and Development Pillar Two rules have been enacted and were effective in Australia from the
financial year beginning 1 July 2024.
The Group has applied the mandatory exception to recognise and disclose information about deferred tax assets and liabilities related to
Pillar Two income taxes in accordance with AASB 112 Income Taxes. The impact on the Group\u2019s current tax expense is not material.
(g) Tax transparency report
More detail of the Group\u2019s tax outcomes, including country-by-country reporting is included in the 2026 Tax Transparency and Payments to
Government Report.
Key estimates, assumptions and judgements
Deferred tax
Judgement is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognised on the
Consolidated balance sheet. Deferred tax assets are recognised only where it is considered more likely than not that they will be
recovered, which is dependent on the generation of sufficient future taxable profits. Deferred tax liabilities arising from temporary
differences in investments, caused principally by retained earnings held in foreign tax jurisdictions, are recognised unless
repatriation of retained earnings can be controlled and are not expected to occur in the foreseeable future.
Assumptions about the generation of future taxable profits and repatriation of retained earnings depend on management\u2019s
estimates of future cash flows. These depend on estimates of future production and sales volumes, commodity prices, climate-
related impacts, Mineral Resources and Ore Reserves, operating costs, closure and rehabilitation costs, capital expenditure,
dividends and other capital management transactions.
Uncertain tax matters
Judgements are required about the application of the inherently complex income tax legislation in jurisdictions where we operate.
These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter
expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognised on the Consolidated
balance sheet and the amount of other tax losses and temporary differences not yet recognised.
Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and
deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters
considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view
that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as
contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-566": { "value": "Income tax expense comprises current and deferred tax and is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in the Consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-504": { "value": "(c) Movement in deferred tax balances The composition of the Group\u2019s net deferred tax assets and liabilities recognised on the Consolidated balance sheet, including amounts classified as held for sale, and the deferred tax expense (charged)/credited to the Consolidated income statement, including from discontinued operations, is as follows:
Deferred tax (charged)/credited
to the Consolidated income
Deferred tax assets
Deferred tax liabilities
statement
1
US$M
FY26
FY25
FY26
FY25
FY26
FY25
Type of temporary difference
Depreciation
84
84
80
98
17
(6)
Employee benefits
51
47
(6)
(5)
2
\u2013
Closure and rehabilitation
308
278
\u2013
(7)
19
32
Other provisions
6
17
(3)
(3)
(12)
3
Deferred charges
\u2013
\u2013
\u2013
\u2013
\u2013
(4)
Non tax-depreciable fair value adjustments, revaluations
and mineral rights
(23)
(17)
\u2013
5
4
(12)
Tax-effected losses
80
82
\u2013
\u2013
(2)
(12)
Brazil deferral incentive
2
\u2013
\u2013
95
88
(7)
(27)
Leases
33
19
\u2013
(1)
13
(1)
Other
(42)
(24)
\u2013
\u2013
(6)
14
Total
497
486
166
175
28
(13)
1. Deferred tax expense charged/(credited) to the Consolidated income statement includes US$2 million (FY25: US$10 million) from discontinued operations. Refer to note 30 Disposal of subsidiaries. 2. Our Brazilian subsidiary has received a 75 per cent corporate income tax deferral due to the reinvestment of capital in the North East regions of Brazil. The tax is deferred until earnings are repatriated from Brazil. Deferred tax is calculated using the balance sheet liability method, providing for the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax assessment or deduction purposes. To the extent that an item\u2019s tax base is solely derived from the amount deductible under capital gains tax legislation, deferred tax is determined as if such amounts are not deductible in determining future assessable income. (d) Unrecognised deferred tax assets and liabilities The composition of the Group\u2019s unrecognised deferred tax assets and liabilities is as follows:
US$M
FY26
FY25
Unrecognised deferred tax assets
Tax-effected losses
1
829
308
Mineral rights
349
587
Impairment of investments in subsidiaries
1,125
1,228
Closure and rehabilitation
73
64
Depreciable assets
28
30
Other temporary differences
(9)
3
Total unrecognised deferred tax assets
2,395
2,220
Unrecognised deferred tax liabilities
Taxable temporary differences associated with investments and undistributed earnings in subsidiaries
18
36
Total unrecognised deferred tax liabilities
18
36
1. Represents capital losses of US$705 million and tax revenue losses of US$124 million that have no expiry.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-586": { "value": "Deferred tax is calculated using the balance sheet liability method, providing for the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax assessment or deduction purposes. To the extent that an item\u2019s tax base is solely derived from the amount deductible under capital gains tax legislation, deferred tax is determined as if such amounts are not deductible in determining future assessable income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-505": { "value": "(f) Pillar Two tax The Organisation for Economic Cooperation and Development Pillar Two rules have been enacted and were effective in Australia from the financial year beginning 1 July 2024. The Group has applied the mandatory exception to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes in accordance with AASB 112 Income Taxes. The impact on the Group\u2019s current tax expense is not material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-522": { "value": "The Group has applied the mandatory exception to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes in accordance with AASB 112 Income Taxes. The impact on the Group\u2019s current tax expense is not material. ", "dimensions": { "concept": "ifrs-full:StatementThatEntityHasAppliedExceptionToDeferredTaxAccountingRelatedToPillarTwoIncomeTaxes", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-567": { "value": "Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities. The Group\u2019s operations are subject to complex legislative regimes, including various environmental laws and regulations. From time to time there may be legal and regulatory claims, or potential claims, that have arisen in the course of business against entities in the Group. The Group only recognises amounts as liabilities when they are probable, or as contingencies when they are possible, and only where a reliable estimate can be made. The Group is not aware of any non-compliance or potential claims that are unrecognised, or have not been disclosed, which are expected to result in a material financial impact. Such disclosures are adjusted as new information develops or circumstances change. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-475": { "value": "
7. Dividends
US$M
FY26
FY25
Prior year final dividend
1
117
140
Interim dividend
2
175
154
Total dividends declared and paid during the year
292
294
1. On 28 August 2025, the Directors resolved to pay a fully franked final dividend of US 2.6 cents per share (US$117 million) in respect of the 2025 financial year. The dividend was paid
on 16 October 2025.
2. On 12 February 2026, the Directors resolved to pay a fully franked interim dividend of US 3.9 cents per share (US$175 million) in respect of the 2026 financial half year. The dividend
was paid on 2 April 2026.
Franking account
US$M
FY26
FY25
Franking credits at the beginning of the financial year
706
635
Credits arising from tax paid/payable by South32 Limited
1
49
207
Utilisation of credits arising from the payment of franked dividends
(122)
(127)
Exchange rate variations
34
(9)
Total franking credits available at the end of the financial year
2
667
706
1. Includes the Australia FY26 income tax liability of US$1 million.
2. The payment of the final franked FY26 dividend declared after 30 June 2026 will decrease the franking account balance by US$104 million. Refer to note 31 Subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-7": { "value": "0.026", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-8": { "value": "0.039", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-476": { "value": "8. Earnings per share Basic earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the weighted average number of shares outstanding during the year. Diluted earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the weighted average number of shares outstanding after adjustment for the effects of all dilutive potential shares. The following reflects the profit or loss and share data used in the basic and diluted earnings/(loss) per share computations:
Profit/(loss) attributable to equity holders
US$M
Note
FY26
FY25
Continuing operations
1,061
318
Discontinued operations
30
26
(105)
Profit/(loss) attributable to equity holders of South32 Limited (basic)
1,087
213
Profit/(loss) attributable to equity holders of South32 Limited (diluted)
1,087
213
Weighted average number of shares
Million
FY26
FY25
Basic earnings/(loss) per share denominator
1
4,486
4,510
Shares contingently issuable under ESOPs
17
14
Diluted earnings/(loss) per share denominator
4,503
4,524
1. The basic earnings/(loss) per share denominator is the aggregate of the weighted average number of shares after deduction of the weighted average number of treasury shares outstanding and shares permanently cancelled through the on-market share buy-back program.
Earnings/(loss) per share
US cents
FY26
FY25
Continuing operations
Basic earnings/(loss) per share
23.6
7.0
Diluted earnings/(loss) per share
23.5
7.0
Attributable to ordinary equity holders of South32 Limited
Basic earnings/(loss) per share
24.2
4.7
Diluted earnings/(loss) per share
24.1
4.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-568": { "value": "Basic earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the weighted average number of shares outstanding during the year. Diluted earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the weighted average number of shares outstanding after adjustment for the effects of all dilutive potential shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-477": { "value": "
9. Trade and other receivables
US$M
Note
FY26
FY25
Current
Trade receivables
339
408
Loans to equity accounted investments
1
28
374
233
Other receivables
148
168
Total current trade and other receivables
2
861
809
Non-current
Loans to equity accounted investments
1
28
1,574
1,737
Other receivables
287
263
Total non-current trade and other receivables
2
1,861
2,000
1. Includes the credit-impaired shareholder loan receivable from Sierra Gorda which is classified as current of US$374 million and non-current of US$1,406 million (FY25: current of
US$220 million and non-current of US$1,554 million). Refer to note 19 Financial assets and financial liabilities.
2. Net of allowances for expected credit losses of US$4 million (FY25: US$1 million).
Trade receivables generally have terms of up to 30 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-506": { "value": "2. Net of allowances for expected credit losses of US$4 million (FY25: US$1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-478": { "value": "10. Inventories
US$M
FY26
FY25
Current
Raw materials and consumables
416
474
Work in progress
222
296
Finished goods
174
165
Total current inventories
812
935
Non-current
Raw materials and consumables
32
36
Total non-current inventories
32
36
Inventory write-downs of US$93 million (FY25: US$32 million) were recognised in the year, including US$89 million (FY25: US$26 million) relating to Mozal Aluminium's transition to care and maintenance, refer to note 4(b)(ii) Significant items. The carrying value of inventories carried at net realisable value as at 30 June 2026 was US$92 million (FY25: US$12 million). Inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average cost. For processed inventories, cost is derived on an absorption costing basis. Cost comprises the cost of purchasing raw materials and the cost of production, including attributable overheads. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-569": { "value": "Inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average cost. For processed inventories, cost is derived on an absorption costing basis. Cost comprises the cost of purchasing raw materials and the cost of production, including attributable overheads. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-479": { "value": "
11. Property, plant and equipment
Land and buildings
Plant and equipment
Other Assets Exploration
FY26
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Additions
19
\u2013
92
\u2013
\u2013
1,088
41
1,240
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(121)
\u2013
\u2013
\u2013
(121)
Disposals
\u2013
(4)
(17)
(47)
\u2013
(3)
\u2013
(71)
Transfers and other movements
\u2013
60
(6)
303
33
(373)
(17)
\u2013
At the end of the year
54
2,395
1,290
10,601
3,081
2,577
136
20,134
Accumulated depreciation and
impairments
At the beginning of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Depreciation
2
9
61
120
291
20
\u2013
\u2013
501
Disposals
\u2013
(4)
(17)
(41)
\u2013
\u2013
\u2013
(62)
At the end of the year
23
1,614
674
8,247
2,268
270
\u2013
13,096
Net book value at the end of the
year
31
781
616
2,354
813
2,307
136
7,038
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase.
2. Includes capitalised depreciation of US$73 million.
Land and buildings
Plant and equipment
Other Assets Exploration
FY25
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Additions
9
\u2013
114
\u2013
\u2013
959
48
1,130
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(147)
\u2013
\u2013
\u2013
(147)
Disposals
(11)
(14)
\u2013
(53)
(29)
\u2013
\u2013
(107)
Reclassified as held for sale
30
\u2013
(172)
\u2013
(1,174)
(269)
(26)
\u2013
(1,641)
Transfers and other movements
\u2013
182
13
198
15
(392)
(16)
\u2013
At the end of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Accumulated depreciation and
impairments
At the beginning of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Depreciation
2,3
6
70
86
354
15
\u2013
\u2013
531
Net impairments
13
\u2013
75
4
340
8
19
\u2013
446
Disposals
(11)
(4)
\u2013
(49)
(26)
\u2013
\u2013
(90)
Reclassified as held for sale
30
\u2013
(166)
\u2013
(1,145)
(267)
\u2013
\u2013
(1,578)
At the end of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Net book value at the end of the
year
21
782
650
2,469
800
1,595
112
6,429
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase.
2. Includes depreciation charges relating to discontinued operations of US$23 million. Refer to note 30 Disposal of subsidiaries.
3. Includes capitalised depreciation of US$29 million.
Capital expenditure commitments as at 30 June 2026 were US$229 million (FY25: US$163 million).
(a) Property, plant and equipment Property, plant and equipment is held at cost less accumulated depreciation and impairment charges. (b) Assets under construction All assets included in assets under construction are reclassified to other categories in property, plant and equipment when the asset is available and ready for use in the location and condition necessary for it to be capable of operating in the manner intended. When Ore Reserves are estimated and development of commercial production is approved, capitalised exploration and evaluation expenditure is reclassified to assets under construction. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. (c) Exploration and evaluation expenditure Exploration is defined as the search for potential mineralisation after the Group has obtained legal rights to explore in a specific area. This includes topographical, geological, geochemical and geophysical studies and exploratory drilling, trenching and sampling. Evaluation is defined as the determination of the technical feasibility and commercial viability of a particular prospect. Activities conducted during the evaluation phase include the determination of the tonnage and grade and/or quality of the deposit, examination and testing of extraction methods and metallurgical or treatment process, surveys of transportation and infrastructure requirements, and market and finance studies. Exploration and evaluation expenditure is charged to the Consolidated income statement as incurred except in the following circumstances, in which case the expenditure may be capitalised: \u2013 The exploration and evaluation activity is within an area of interest which was previously acquired as an asset acquisition or in a business combination and was measured at fair value on acquisition; \u2013 The right to tenure within the exploration area is current and ongoing; and \u2013 The economics indicates a positive net present value and the region's fiscal terms are established and stable enough to sustain an expectation that future development is unlikely to be compromised by such fiscal terms. In addition, drilling costs incurred at a producing mine for the purpose of improving confidence of the existing resource may be capitalised when the following criteria are satisfied: \u2013 The drilling occurs within the existing physical boundaries of the area defined as the resource; and \u2013 The drilling costs are incurred in resources which are economically recoverable. Capitalised exploration and evaluation expenditure considered to be a tangible asset is recognised as a component of property, plant and equipment at cost less impairment charges. Otherwise, it is recognised as an intangible asset (such as certain licence and lease arrangements). Licences or leases purchased which allow exploration over an extended period of time meet the definition of an intangible exploration lease asset where they cannot be reasonably associated with a known Mineral Resource. (d) Other mineral assets Other mineral assets comprise: \u2013 Capitalised exploration and evaluation expenditure for areas now in production; \u2013 Development expenditure for areas now in production; and \u2013 Mineral rights acquired. In underground mines, when production and development activity occur concurrently, development activity is separated from production activity, and is capitalised as development expenditure in other mineral assets. Underground mine development activity includes the cost associated with gaining access to an ore deposit which gives rise to a substantive change in the future productive capacity of the mine. (e) Leases At inception of a contract, the Group assesses whether the contract contains a lease. The Group recognises a right-of-use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability, plus any initial direct costs incurred and estimated future cost of closure or rehabilitation, less any lease incentives received. The corresponding lease liability is included within interest bearing liabilities. The lease liability is initially measured based on the value of lease payments not yet paid at the commencement date, discounted to a present value using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate. The nature of the Group\u2019s leases predominantly relates to mining equipment and assets supporting the operations in line with the Group\u2019s principal activities. Leased assets are pledged as security for the related lease liabilities. Short-term, low-value and variable leases The Group has elected not to recognise ROU assets and lease liabilities for short-term and low-value leases. The Group recognises the lease payments associated with short-term, low-value and variable leases within expenses excluding finance costs in the Consolidated income statement on a straight-line basis over the lease term. If variable leases have a fixed component, this component is recognised as a lease liability within interest bearing liabilities on the Consolidated balance sheet. Total cash outflows for lease obligations consist of US$169 million (FY25: US$130 million) for lease liabilities recognised on the Consolidated balance sheet and US$66 million (FY25: US$77 million) for short-term, low-value and variable leases recognised in the Consolidated income statement. (f) Depreciation and amortisation The major categories of property, plant and equipment are depreciated on a units of production or straight-line basis using the estimated lives indicated below. However, where assets are dedicated to an operation or lease and are not readily transferable, the below useful lives are subject to the lesser of the asset category\u2019s useful life and the life of the operation or lease.
Category
Useful life
Buildings
25 to 40 years straight-line
Land
not depreciated, unless held for biodiversity offsets
Plant and equipment
3 to 30 years straight-line
ROU assets
based on the shorter of the useful life or the lease term (straight-line)
Other mineral assets
based on Ore Reserves on a units of production basis
Key estimates, assumptions and judgements Useful economic lives of assets The useful lives of our property, plant and equipment are often dependent, either directly or indirectly, on the reserve life of the orebody to which they relate. Changes in economic assumptions used to estimate Ore Reserves and/or the timing of closure of operations, including the Group\u2019s expectations with respect to climate-related risks and opportunities, may impact the estimated useful lives of the specific assets concerned. Refer to note 2(c) Key estimates, assumptions and judgements for further details regarding Mineral Resources and Ore Reserves, and climate-related risks and opportunities as sources of estimation uncertainty. Refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the useful economic lives of asset assumptions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-555": { "value": "11. Property, plant and equipment
Land and buildings
Plant and equipment
Other Assets Exploration
FY26
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Additions
19
\u2013
92
\u2013
\u2013
1,088
41
1,240
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(121)
\u2013
\u2013
\u2013
(121)
Disposals
\u2013
(4)
(17)
(47)
\u2013
(3)
\u2013
(71)
Transfers and other movements
\u2013
60
(6)
303
33
(373)
(17)
\u2013
At the end of the year
54
2,395
1,290
10,601
3,081
2,577
136
20,134
Accumulated depreciation and
impairments
At the beginning of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Depreciation
2
9
61
120
291
20
\u2013
\u2013
501
Disposals
\u2013
(4)
(17)
(41)
\u2013
\u2013
\u2013
(62)
At the end of the year
23
1,614
674
8,247
2,268
270
\u2013
13,096
Net book value at the end of the
year
31
781
616
2,354
813
2,307
136
7,038
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes capitalised depreciation of US$73 million.
Land and buildings
Plant and equipment
Other Assets Exploration
FY25
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Additions
9
\u2013
114
\u2013
\u2013
959
48
1,130
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(147)
\u2013
\u2013
\u2013
(147)
Disposals
(11)
(14)
\u2013
(53)
(29)
\u2013
\u2013
(107)
Reclassified as held for sale
30
\u2013
(172)
\u2013
(1,174)
(269)
(26)
\u2013
(1,641)
Transfers and other movements
\u2013
182
13
198
15
(392)
(16)
\u2013
At the end of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Accumulated depreciation and
impairments
At the beginning of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Depreciation
2,3
6
70
86
354
15
\u2013
\u2013
531
Net impairments
13
\u2013
75
4
340
8
19
\u2013
446
Disposals
(11)
(4)
\u2013
(49)
(26)
\u2013
\u2013
(90)
Reclassified as held for sale
30
\u2013
(166)
\u2013
(1,145)
(267)
\u2013
\u2013
(1,578)
At the end of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Net book value at the end of the
year
21
782
650
2,469
800
1,595
112
6,429
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$23 million. Refer to note 30 Disposal of subsidiaries. 3. Includes capitalised depreciation of US$29 million. Capital expenditure commitments as at 30 June 2026 were US$229 million (FY25: US$163 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-535": { "value": "11. Property, plant and equipment
Land and buildings
Plant and equipment
Other Assets Exploration
FY26
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Additions
19
\u2013
92
\u2013
\u2013
1,088
41
1,240
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(121)
\u2013
\u2013
\u2013
(121)
Disposals
\u2013
(4)
(17)
(47)
\u2013
(3)
\u2013
(71)
Transfers and other movements
\u2013
60
(6)
303
33
(373)
(17)
\u2013
At the end of the year
54
2,395
1,290
10,601
3,081
2,577
136
20,134
Accumulated depreciation and
impairments
At the beginning of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Depreciation
2
9
61
120
291
20
\u2013
\u2013
501
Disposals
\u2013
(4)
(17)
(41)
\u2013
\u2013
\u2013
(62)
At the end of the year
23
1,614
674
8,247
2,268
270
\u2013
13,096
Net book value at the end of the
year
31
781
616
2,354
813
2,307
136
7,038
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes capitalised depreciation of US$73 million.
Land and buildings
Plant and equipment
Other Assets Exploration
FY25
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Additions
9
\u2013
114
\u2013
\u2013
959
48
1,130
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(147)
\u2013
\u2013
\u2013
(147)
Disposals
(11)
(14)
\u2013
(53)
(29)
\u2013
\u2013
(107)
Reclassified as held for sale
30
\u2013
(172)
\u2013
(1,174)
(269)
(26)
\u2013
(1,641)
Transfers and other movements
\u2013
182
13
198
15
(392)
(16)
\u2013
At the end of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Accumulated depreciation and
impairments
At the beginning of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Depreciation
2,3
6
70
86
354
15
\u2013
\u2013
531
Net impairments
13
\u2013
75
4
340
8
19
\u2013
446
Disposals
(11)
(4)
\u2013
(49)
(26)
\u2013
\u2013
(90)
Reclassified as held for sale
30
\u2013
(166)
\u2013
(1,145)
(267)
\u2013
\u2013
(1,578)
At the end of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Net book value at the end of the
year
21
782
650
2,469
800
1,595
112
6,429
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$23 million. Refer to note 30 Disposal of subsidiaries. 3. Includes capitalised depreciation of US$29 million. Capital expenditure commitments as at 30 June 2026 were US$229 million (FY25: US$163 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-523": { "value": "11. Property, plant and equipment
Land and buildings
Plant and equipment
Other Assets Exploration
FY26
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Additions
19
\u2013
92
\u2013
\u2013
1,088
41
1,240
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(121)
\u2013
\u2013
\u2013
(121)
Disposals
\u2013
(4)
(17)
(47)
\u2013
(3)
\u2013
(71)
Transfers and other movements
\u2013
60
(6)
303
33
(373)
(17)
\u2013
At the end of the year
54
2,395
1,290
10,601
3,081
2,577
136
20,134
Accumulated depreciation and
impairments
At the beginning of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Depreciation
2
9
61
120
291
20
\u2013
\u2013
501
Disposals
\u2013
(4)
(17)
(41)
\u2013
\u2013
\u2013
(62)
At the end of the year
23
1,614
674
8,247
2,268
270
\u2013
13,096
Net book value at the end of the
year
31
781
616
2,354
813
2,307
136
7,038
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes capitalised depreciation of US$73 million.
Land and buildings
Plant and equipment
Other Assets Exploration
FY25
Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Additions
9
\u2013
114
\u2013
\u2013
959
48
1,130
Changes in closure and
rehabilitation provisions
15
\u2013
\u2013
\u2013
(147)
\u2013
\u2013
\u2013
(147)
Disposals
(11)
(14)
\u2013
(53)
(29)
\u2013
\u2013
(107)
Reclassified as held for sale
30
\u2013
(172)
\u2013
(1,174)
(269)
(26)
\u2013
(1,641)
Transfers and other movements
\u2013
182
13
198
15
(392)
(16)
\u2013
At the end of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Accumulated depreciation and
impairments
At the beginning of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Depreciation
2,3
6
70
86
354
15
\u2013
\u2013
531
Net impairments
13
\u2013
75
4
340
8
19
\u2013
446
Disposals
(11)
(4)
\u2013
(49)
(26)
\u2013
\u2013
(90)
Reclassified as held for sale
30
\u2013
(166)
\u2013
(1,145)
(267)
\u2013
\u2013
(1,578)
At the end of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Net book value at the end of the
year
21
782
650
2,469
800
1,595
112
6,429
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$23 million. Refer to note 30 Disposal of subsidiaries. 3. Includes capitalised depreciation of US$29 million. Capital expenditure commitments as at 30 June 2026 were US$229 million (FY25: US$163 million). 17. Interest bearing liabilities
US$M
Note
FY26
FY25
Current
Lease liabilities
111
92
Unsecured loans from equity accounted investments
28
379
160
Unsecured other
30
15
Total current interest bearing liabilities
520
267
Non-current
Lease liabilities
637
621
Senior unsecured notes
694
693
Unsecured other
\u2013
53
Total non-current interest bearing liabilities
1,331
1,367
In April 2022, the Group completed the issuance of US$700 million of senior unsecured notes pursuant to Rule 144A and Regulation S of the United States Securities Act of 1933. The notes pay interest in April and October each year at a rate of 4.35 per cent per annum and mature in 2032. A reconciliation of movements in interest bearing liabilities, including cash flows arising from financing activities, is set out below:
Other interest Total interest
FY26
bearing bearing
US$M
Lease liabilities liabilities liabilities
At the beginning of the year
713
921
1,634
Cash movements:
Proceeds from interest bearing liabilities
\u2013
215
215
Repayment of interest bearing liabilities
(110)
(35)
(145)
Interest paid
(59)
(51)
(110)
Non-cash movements:
Interest charged
1
59
51
110
Net increase/(decrease) of interest bearing liabilities
111
(3)
108
Exchange rate variations
34
5
39
At the end of the year
748
1,103
1,851
1. Includes US$4 million of interest capitalised to property, plant and equipment.
Other interest Total interest
FY25
bearing bearing
US$M
Lease liabilities liabilities liabilities
At the beginning of the year
672
894
1,566
Cash movements:
Proceeds from interest bearing liabilities
\u2013
53
53
Repayment of interest bearing liabilities
1
(75)
(26)
(101)
Interest paid
(54)
(56)
(110)
Non-cash movements:
Interest charged
2
54
56
110
Net increase/(decrease) of interest bearing liabilities
123
\u2013
123
Exchange rate variations
(7)
\u2013
(7)
At the end of the year
713
921
1,634
1. Excludes US$1 million of repayments of liabilities classified as held for sale. Refer to note 30 Disposal of subsidiaries. 2. Includes US$2 million of interest capitalised to property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-545": { "value": "Capital expenditure commitments as at 30 June 2026 were US$229 million (FY25: US$163 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-587": { "value": "(a) Property, plant and equipment Property, plant and equipment is held at cost less accumulated depreciation and impairment charges. (b) Assets under construction All assets included in assets under construction are reclassified to other categories in property, plant and equipment when the asset is available and ready for use in the location and condition necessary for it to be capable of operating in the manner intended. When Ore Reserves are estimated and development of commercial production is approved, capitalised exploration and evaluation expenditure is reclassified to assets under construction. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. (c) Exploration and evaluation expenditure Exploration is defined as the search for potential mineralisation after the Group has obtained legal rights to explore in a specific area. This includes topographical, geological, geochemical and geophysical studies and exploratory drilling, trenching and sampling. Evaluation is defined as the determination of the technical feasibility and commercial viability of a particular prospect. Activities conducted during the evaluation phase include the determination of the tonnage and grade and/or quality of the deposit, examination and testing of extraction methods and metallurgical or treatment process, surveys of transportation and infrastructure requirements, and market and finance studies. Exploration and evaluation expenditure is charged to the Consolidated income statement as incurred except in the following circumstances, in which case the expenditure may be capitalised: \u2013 The exploration and evaluation activity is within an area of interest which was previously acquired as an asset acquisition or in a business combination and was measured at fair value on acquisition; \u2013 The right to tenure within the exploration area is current and ongoing; and \u2013 The economics indicates a positive net present value and the region's fiscal terms are established and stable enough to sustain an expectation that future development is unlikely to be compromised by such fiscal terms. In addition, drilling costs incurred at a producing mine for the purpose of improving confidence of the existing resource may be capitalised when the following criteria are satisfied: \u2013 The drilling occurs within the existing physical boundaries of the area defined as the resource; and \u2013 The drilling costs are incurred in resources which are economically recoverable. Capitalised exploration and evaluation expenditure considered to be a tangible asset is recognised as a component of property, plant and equipment at cost less impairment charges. Otherwise, it is recognised as an intangible asset (such as certain licence and lease arrangements). Licences or leases purchased which allow exploration over an extended period of time meet the definition of an intangible exploration lease asset where they cannot be reasonably associated with a known Mineral Resource. (d) Other mineral assets Other mineral assets comprise: \u2013 Capitalised exploration and evaluation expenditure for areas now in production; \u2013 Development expenditure for areas now in production; and \u2013 Mineral rights acquired. In underground mines, when production and development activity occur concurrently, development activity is separated from production activity, and is capitalised as development expenditure in other mineral assets. Underground mine development activity includes the cost associated with gaining access to an ore deposit which gives rise to a substantive change in the future productive capacity of the mine. (e) Leases At inception of a contract, the Group assesses whether the contract contains a lease. The Group recognises a right-of-use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability, plus any initial direct costs incurred and estimated future cost of closure or rehabilitation, less any lease incentives received. The corresponding lease liability is included within interest bearing liabilities. The lease liability is initially measured based on the value of lease payments not yet paid at the commencement date, discounted to a present value using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate. The nature of the Group\u2019s leases predominantly relates to mining equipment and assets supporting the operations in line with the Group\u2019s principal activities. Leased assets are pledged as security for the related lease liabilities. Short-term, low-value and variable leases The Group has elected not to recognise ROU assets and lease liabilities for short-term and low-value leases. The Group recognises the lease payments associated with short-term, low-value and variable leases within expenses excluding finance costs in the Consolidated income statement on a straight-line basis over the lease term. If variable leases have a fixed component, this component is recognised as a lease liability within interest bearing liabilities on the Consolidated balance sheet. Total cash outflows for lease obligations consist of US$169 million (FY25: US$130 million) for lease liabilities recognised on the Consolidated balance sheet and US$66 million (FY25: US$77 million) for short-term, low-value and variable leases recognised in the Consolidated income statement. (f) Depreciation and amortisation The major categories of property, plant and equipment are depreciated on a units of production or straight-line basis using the estimated lives indicated below. However, where assets are dedicated to an operation or lease and are not readily transferable, the below useful lives are subject to the lesser of the asset category\u2019s useful life and the life of the operation or lease.
Category
Useful life
Buildings
25 to 40 years straight-line
Land
not depreciated, unless held for biodiversity offsets
Plant and equipment
3 to 30 years straight-line
ROU assets
based on the shorter of the useful life or the lease term (straight-line)
Other mineral assets
based on Ore Reserves on a units of production basis
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-570": { "value": "(b) Assets under construction All assets included in assets under construction are reclassified to other categories in property, plant and equipment when the asset is available and ready for use in the location and condition necessary for it to be capable of operating in the manner intended. When Ore Reserves are estimated and development of commercial production is approved, capitalised exploration and evaluation expenditure is reclassified to assets under construction. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-571": { "value": "(c) Exploration and evaluation expenditure Exploration is defined as the search for potential mineralisation after the Group has obtained legal rights to explore in a specific area. This includes topographical, geological, geochemical and geophysical studies and exploratory drilling, trenching and sampling. Evaluation is defined as the determination of the technical feasibility and commercial viability of a particular prospect. Activities conducted during the evaluation phase include the determination of the tonnage and grade and/or quality of the deposit, examination and testing of extraction methods and metallurgical or treatment process, surveys of transportation and infrastructure requirements, and market and finance studies. Exploration and evaluation expenditure is charged to the Consolidated income statement as incurred except in the following circumstances, in which case the expenditure may be capitalised: \u2013 The exploration and evaluation activity is within an area of interest which was previously acquired as an asset acquisition or in a business combination and was measured at fair value on acquisition; \u2013 The right to tenure within the exploration area is current and ongoing; and \u2013 The economics indicates a positive net present value and the region's fiscal terms are established and stable enough to sustain an expectation that future development is unlikely to be compromised by such fiscal terms. In addition, drilling costs incurred at a producing mine for the purpose of improving confidence of the existing resource may be capitalised when the following criteria are satisfied: \u2013 The drilling occurs within the existing physical boundaries of the area defined as the resource; and \u2013 The drilling costs are incurred in resources which are economically recoverable. Capitalised exploration and evaluation expenditure considered to be a tangible asset is recognised as a component of property, plant and equipment at cost less impairment charges. Otherwise, it is recognised as an intangible asset (such as certain licence and lease arrangements). Licences or leases purchased which allow exploration over an extended period of time meet the definition of an intangible exploration lease asset where they cannot be reasonably associated with a known Mineral Resource. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-572": { "value": "(d) Other mineral assets Other mineral assets comprise: \u2013 Capitalised exploration and evaluation expenditure for areas now in production; \u2013 Development expenditure for areas now in production; and \u2013 Mineral rights acquired. In underground mines, when production and development activity occur concurrently, development activity is separated from production activity, and is capitalised as development expenditure in other mineral assets. Underground mine development activity includes the cost associated with gaining access to an ore deposit which gives rise to a substantive change in the future productive capacity of the mine. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-573": { "value": "(e) Leases At inception of a contract, the Group assesses whether the contract contains a lease. The Group recognises a right-of-use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability, plus any initial direct costs incurred and estimated future cost of closure or rehabilitation, less any lease incentives received. The corresponding lease liability is included within interest bearing liabilities. The lease liability is initially measured based on the value of lease payments not yet paid at the commencement date, discounted to a present value using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate. The nature of the Group\u2019s leases predominantly relates to mining equipment and assets supporting the operations in line with the Group\u2019s principal activities. Leased assets are pledged as security for the related lease liabilities. Short-term, low-value and variable leases The Group has elected not to recognise ROU assets and lease liabilities for short-term and low-value leases. The Group recognises the lease payments associated with short-term, low-value and variable leases within expenses excluding finance costs in the Consolidated income statement on a straight-line basis over the lease term. If variable leases have a fixed component, this component is recognised as a lease liability within interest bearing liabilities on the Consolidated balance sheet. Total cash outflows for lease obligations consist of US$169 million (FY25: US$130 million) for lease liabilities recognised on the Consolidated balance sheet and US$66 million (FY25: US$77 million) for short-term, low-value and variable leases recognised in the Consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-574": { "value": "(f) Depreciation and amortisation The major categories of property, plant and equipment are depreciated on a units of production or straight-line basis using the estimated lives indicated below. However, where assets are dedicated to an operation or lease and are not readily transferable, the below useful lives are subject to the lesser of the asset category\u2019s useful life and the life of the operation or lease.
Category
Useful life
Buildings
25 to 40 years straight-line
Land
not depreciated, unless held for biodiversity offsets
Plant and equipment
3 to 30 years straight-line
ROU assets
based on the shorter of the useful life or the lease term (straight-line)
Other mineral assets
based on Ore Reserves on a units of production basis
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-524": { "value": "12. Intangible assets
FY26
Other
US$M
Goodwill
intangibles
1
Total
Cost
At the beginning of the year
139
188
327
Translation adjustments
\u2013
4
4
Additions
\u2013
20
20
Disposals
\u2013
(40)
(40)
At the end of the year
139
172
311
Accumulated amortisation and impairments
At the beginning of the year
\u2013
131
131
Amortisation
\u2013
6
6
Disposals
\u2013
(40)
(40)
At the end of the year
\u2013
97
97
Net book value at the end of the year
139
75
214
1. Other intangibles include US$27 million relating to acquired exploration rights still in the exploration and evaluation phase.
FY25
Other
US$M
Note
Goodwill
intangibles
1
Total
Cost
At the beginning of the year
139
352
491
Translation adjustments
\u2013
2
2
Additions
\u2013
6
6
Disposals
\u2013
(91)
(91)
Reclassified as held for sale
30
\u2013
(81)
(81)
At the end of the year
139
188
327
Accumulated amortisation and impairments
At the beginning of the year
\u2013
270
270
Amortisation
2
\u2013
9
9
Net impairments
13
\u2013
18
18
Disposals
\u2013
(90)
(90)
Reclassified as held for sale
30
\u2013
(76)
(76)
At the end of the year
\u2013
131
131
Net book value at the end of the year
139
57
196
1. Other intangibles include US$23 million relating to acquired exploration rights still in the exploration and evaluation phase. 2. Includes amortisation charges relating to discontinued operations of US$3 million. Refer to note 30 Disposal of subsidiaries. Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. Goodwill is required to be tested for impairment annually, refer to note 13 Impairment of non-financial assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-507": { "value": "12. Intangible assets
FY26
Other
US$M
Goodwill
intangibles
1
Total
Cost
At the beginning of the year
139
188
327
Translation adjustments
\u2013
4
4
Additions
\u2013
20
20
Disposals
\u2013
(40)
(40)
At the end of the year
139
172
311
Accumulated amortisation and impairments
At the beginning of the year
\u2013
131
131
Amortisation
\u2013
6
6
Disposals
\u2013
(40)
(40)
At the end of the year
\u2013
97
97
Net book value at the end of the year
139
75
214
1. Other intangibles include US$27 million relating to acquired exploration rights still in the exploration and evaluation phase.
FY25
Other
US$M
Note
Goodwill
intangibles
1
Total
Cost
At the beginning of the year
139
352
491
Translation adjustments
\u2013
2
2
Additions
\u2013
6
6
Disposals
\u2013
(91)
(91)
Reclassified as held for sale
30
\u2013
(81)
(81)
At the end of the year
139
188
327
Accumulated amortisation and impairments
At the beginning of the year
\u2013
270
270
Amortisation
2
\u2013
9
9
Net impairments
13
\u2013
18
18
Disposals
\u2013
(90)
(90)
Reclassified as held for sale
30
\u2013
(76)
(76)
At the end of the year
\u2013
131
131
Net book value at the end of the year
139
57
196
1. Other intangibles include US$23 million relating to acquired exploration rights still in the exploration and evaluation phase. 2. Includes amortisation charges relating to discontinued operations of US$3 million. Refer to note 30 Disposal of subsidiaries. Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. Goodwill is required to be tested for impairment annually, refer to note 13 Impairment of non-financial assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-480": { "value": "12. Intangible assets
FY26
Other
US$M
Goodwill
intangibles
1
Total
Cost
At the beginning of the year
139
188
327
Translation adjustments
\u2013
4
4
Additions
\u2013
20
20
Disposals
\u2013
(40)
(40)
At the end of the year
139
172
311
Accumulated amortisation and impairments
At the beginning of the year
\u2013
131
131
Amortisation
\u2013
6
6
Disposals
\u2013
(40)
(40)
At the end of the year
\u2013
97
97
Net book value at the end of the year
139
75
214
1. Other intangibles include US$27 million relating to acquired exploration rights still in the exploration and evaluation phase.
FY25
Other
US$M
Note
Goodwill
intangibles
1
Total
Cost
At the beginning of the year
139
352
491
Translation adjustments
\u2013
2
2
Additions
\u2013
6
6
Disposals
\u2013
(91)
(91)
Reclassified as held for sale
30
\u2013
(81)
(81)
At the end of the year
139
188
327
Accumulated amortisation and impairments
At the beginning of the year
\u2013
270
270
Amortisation
2
\u2013
9
9
Net impairments
13
\u2013
18
18
Disposals
\u2013
(90)
(90)
Reclassified as held for sale
30
\u2013
(76)
(76)
At the end of the year
\u2013
131
131
Net book value at the end of the year
139
57
196
1. Other intangibles include US$23 million relating to acquired exploration rights still in the exploration and evaluation phase. 2. Includes amortisation charges relating to discontinued operations of US$3 million. Refer to note 30 Disposal of subsidiaries. Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. Goodwill is required to be tested for impairment annually, refer to note 13 Impairment of non-financial assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-588": { "value": "Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. Goodwill is required to be tested for impairment annually, refer to note 13 Impairment of non-financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-575": { "value": "Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. Goodwill is required to be tested for impairment annually, refer to note 13 Impairment of non-financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-481": { "value": "13. Impairment of non-financial assets In testing for indications of impairment and performing impairment calculations, assets are considered as collective groups and referred to as CGUs. Impairment tests are carried out annually for CGUs containing goodwill and when there is an indication of impairment or impairment reversal for all other CGUs. The Group typically uses discounted cash flow valuation ranges to assess whether there is an indicator of impairment or impairment reversal for its CGUs. If the carrying value of a CGU exceeds its recoverable amount, the CGU is impaired. Impairment reversals cannot exceed the carrying value that would have been determined (net of depreciation) had no impairment loss been recognised for the CGU. Goodwill is not subject to impairment reversal. For areas not yet in production, any mineral rights acquired, together with subsequent capitalised exploration and evaluation expenditure, are reviewed to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Once the technical feasibility and commercial viability of an area of interest are demonstrated, exploration and evaluation assets attributable to that area of interest are tested for impairment. Impairments and impairment reversals are recognised within expenses excluding finance costs for continuing operations, or within profit/ (loss) after tax from discontinued operations for discontinued operations, in the Consolidated income statement. Impairments and impairment reversals for the year are as follows:
US$M
Note
FY26
FY25
Impairment
Property, plant and equipment - owned assets
11
\u2013
442
Property, plant and equipment - ROU assets
11
\u2013
4
Intangible assets
12
\u2013
18
Total impairment
1
\u2013
464
1. FY25 relates to a US$346 million impairment loss from continuing operations relating to Mozal Aluminium and a US$118 million impairment loss from the Cerro Matoso discontinued operation. (a) Impairments - 30 June 2025 Mozal Aluminium The Group jointly controls Mozal Aluminium together with the Industrial Development Corporation of South Africa Limited and the Government of the Republic of Mozambique. Mozal Aluminium is an aluminium smelter in Mozambique, which is also an operating segment. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance as it has been unable to secure sufficient and affordable electricity supply beyond March 2026, when the electricity supply agreement expired. In FY25, the Group identified indicators of impairment for the Mozal Aluminium CGU, including a notification from HCB, a hydro-electric power generator which supplied electricity to Mozal Aluminium, that ongoing drought conditions may affect its ability to generate and supply sufficient electricity to Mozal Aluminium, and the Group\u2019s continued inability to secure an electricity supply agreement on commercial terms beyond March 2026. As a result, the Group recognised an impairment of US$372 million in respect of its share in the joint operation, representing the maximum impairment amount after considering the recoverable amount of individual assets within the Mozal Aluminium CGU, reducing the CGU's carrying value to US$68 million. The impairment of US$372 million included US$339 million of property, plant and equipment, US$7 million of intangible assets and US$26 million of raw materials and consumables, reflected as a write-down of inventory, refer to note 10 Inventories. The US$339 million impairment of property, plant and equipment includes US$4 million recognised in ROU lease assets, US$59 million recognised in land and buildings, US$257 million recognised in plant and equipment and US$19 million recognised in assets under construction. The recoverable amount of Mozal Aluminium was determined to be US$35 million, based on its estimated fair value less costs of disposal (FVLCD). This valuation was derived from a probability-weighted assessment of various operational and market scenarios, reflecting different assumptions for the expected operating life of the smelter, the timing of closure and rehabilitation activities, and the cost and availability of electricity supply beyond the current agreement. The weighting assigned to each scenario reflected management\u2019s expectations, informed by the progress of commercial negotiations and prevailing market conditions at the time. The fair value measurement was categorised as a Level 3 fair value based on the inputs in the discounted cash flow valuation model (refer to note 19 Financial assets and financial liabilities) and was determined using a real US$ post tax discount rate of nine per cent. The key financial assumptions used in the determination of the FVLCD were: \u2013 Alumina price; \u2013 Aluminium price; and \u2013 Foreign exchange rates The alumina and aluminium price, in real terms, and exchange rate forecasts used in the FVLCD determinations were within the following ranges as published by market commentators:
FY25
Assumptions used
Alumina price (US$/t)
340 to 410
Aluminium price (US$/t)
2,450 to
2,750
Foreign exchange rates (ZAR to US$)
17.5 to 18.5
Cerro Matoso
In July 2025, the Group announced its decision to enter into a binding agreement to sell Cerro Matoso and the sale completed on 1
December 2025. The related Cerro Matoso disposal group was reclassified as held for sale at 30 June 2025.
The recoverable amount of the Cerro Matoso disposal group, which includes the Cerro Matoso CGU, was assessed and as a result a
US$118 million impairment was recognised. The impairment of US$118 million includes US$107 million of property, plant and equipment
and US$11 million of intangible assets. The impairment of property, plant and equipment includes US$16 million recognised in land and
buildings, US$83 million recognised in plant and equipment and US$8 million recognised in other mineral assets.
The recoverable amount of the disposal group of US$51 million was determined using the FVLCD methodology, informed by the
consideration expected to be received, less costs of disposal, inclusive of the fair value of contingent price-linked consideration determined
to be US$6 million. Refer to note 30 Disposal of subsidiaries for further details.
(b) Impairment test for CGUs containing goodwill
The carrying amount of goodwill has been allocated to the following CGU:
US$M
Note
FY26
FY25
Hillside Aluminium
139
139
Total goodwill
12
139
139
The goodwill arose from the acquisition of Alusaf in Hillside Aluminium (Pty) Ltd and has been allocated to the Hillside Aluminium CGU
which comprises the Hillside aluminium smelter. As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered
into an agreement to sell its interests in the aluminium value chain assets, including Hillside Aluminium. Consistent with the treatment to
not classify the Group\u2019s interests in the aluminium value chain assets as held for sale at 30 June 2026, the recoverable amount for the
Hillside Aluminium CGU at 30 June 2026 was determined using a consistent FVLCD methodology as applied in prior years.
The recoverable amount of the Hillside Aluminium CGU was determined based on a FVLCD calculation, using a real US$ post tax discount
rate of nine per cent applied to discount future cash flows expressed in real terms, and was categorised as a Level 3 fair value based on
the inputs to the valuation (refer to note 19 Financial assets and financial liabilities). The key assumptions used in the determination of
FVLCD were:
\u2013 Aluminium and alumina prices;
\u2013 Foreign exchange rates;
\u2013 Production volumes;
\u2013 Carbon pricing and timing; and
\u2013 Discount rate.
Aluminium and alumina prices, and foreign exchange rates \u2013 The aluminium and alumina prices, in real terms, and exchange rate forecasts
used in the FVLCD determinations were within the following ranges as published by market commentators, along with the sensitivity of the
recoverable amount of Hillside Aluminium to a reasonable possible change in these assumptions, based on unfavourably changing these
assumptions by 10 per cent whilst holding all other variables constant, are shown in the table below:
Impact on recoverable
FY26
Assumptions used amount (US$M)
Alumina price (US$/t)
315 to 395
(135)
Aluminium price (US$/t)
2,860 to
3,465
(630)
Foreign exchange rates (US$ to ZAR)
16.9 to 17.5
(285)
Production volumes \u2013 Estimated production volumes are based on the life of the smelter as determined by management as part of its
LoOP. Production volumes are influenced by production input costs such as electricity prices, jurisdiction-based carbon pricing, and the
selling price of aluminium.
Carbon pricing and timing \u2013 In determining the FVLCD, the current jurisdiction's actual enacted scheme less allowable abatements, in real
terms, of ZAR334 to ZAR471 per tonne CO
2
-e was applied for the life of the smelter for Scope 1 and 2 emissions.
At 30 June 2026, the recoverable amount of the Hillside Aluminium CGU exceeds its carrying value and whilst changes in these key
assumptions could reduce the recoverable amount, a reasonably possible change in these assumptions would not result in the carrying
value exceeding its recoverable amount. The relationships between each key assumption are complex, such that a change in one may
cause a change in several other inputs.
Key estimates, assumptions and judgements
An assessment as to whether there is any indication of impairment and the calculation of a CGU\u2019s recoverable amount requires
management to make estimates and assumptions about expected production and sales volumes, commodity prices, foreign
exchange rates, Mineral Resources and Ore Reserves, regulatory approvals, operating costs, closure and rehabilitation costs, capital
expenditure, allocation of corporate costs, jurisdiction-specific carbon prices and global carbon pricing. These estimates and
assumptions are subject to risk and uncertainty. There is a possibility that changes in circumstances will alter these projections,
which may impact the recoverable amount. In such circumstances, some or all of the carrying amount may be impaired or a
previously recognised impairment charge may be reversed with the impact recognised in the Consolidated income statement.
The key estimates and assumptions used in the assessment of impairment indicators are as follows:
Future production
LoOPs based on Mineral Resource and Ore Reserve estimates, economic life of smelters and refineries
and, in certain cases, Exploration Targets and expansion projects. Refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding Mineral Resources and Ore Reserves as
sources of estimation uncertainty.
Costs of production and Future costs of production and capital expenditure are derived from approved budgets and projections
capital expenditure over the life of operation or development project.
Commodity prices and Short-term price assumptions are based on an assessment of market signposts including observed
market traded prices such as forwards, futures and reported transactions. Long-term price estimates are typically
consumables developed based on the demand and supply drivers of a commodity, refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding our base case commodity price outlook.
Exchange rates
Short-term exchange rate estimates are guided primarily by spot or forward exchange rates. Longer
term estimates are based on an assessment of available market data and economic indicators.
Discount rates
Risk-adjusted cost of capital appropriate to the operation.
Regulatory approvals
LoOPs include assumptions associated with the successful application, and timing thereof, of ongoing
and future regulatory approvals.
Carbon prices
Carbon price assumptions are based on actual enacted schemes less allowable abatements, where
applicable, and a long-term base case estimate of US$71 per tonne CO
2
-e (real) applied to all Scope 1
and 2 emissions from FY40 onwards.
Where impairment testing is undertaken, a range of external sources are considered as further input to the above assumptions.
Agreement to sell aluminium value chain assets
As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered into an agreement to sell its interests in the
aluminium value chain assets. Consistent with the treatment to not classify the Group\u2019s interests in the aluminium value chain assets
as held for sale at 30 June 2026, management continued to calculate discounted cash flow valuation ranges as part of its
assessment for indicators of impairment or impairment reversal for the CGUs included within the aluminium value chain assets,
consistent with prior years and as used to assess the other CGUs. The discounted cash flow valuation ranges were also informed by
the terms of the sale agreement and included consideration of a range of reasonably possible outcomes for the transaction,
including the expected timing of completion and the price-linked contingent consideration component of the consideration
receivable. Based on this assessment, no indicators of impairment or impairment reversal were identified for any of the aluminium
value chain assets.
Exploration and evaluation
For areas not yet in production, judgement is required to determine the likelihood of future economic benefits from future
development, and whether sufficient data exists to indicate that, although a development in the specific area is likely to proceed,
the carrying amount of the exploration and evaluation asset (including associated acquired mineral rights) is unlikely to be
recovered in full.
Worsley Alumina
The LoOP for Worsley Alumina incorporates the assumption that the operation will secure all necessary future regulatory approvals
to continue activities beyond currently approved mining areas. The Group expects that approvals will be obtained within
appropriate timeframes to support the forecast production profile. Continuing operations beyond the currently approved mining
areas is expected to require significant capital investment and emissions reduction expenditure. Any material change to these
assumptions, whether in timing, regulatory conditions, or expenditure estimates, could impact the recoverable amount and
economic useful life of Worsley Alumina. On 30 June 2026, the Group entered into a binding conditional agreement to sell its
interests in Worsley Alumina to Alcoa Corporation. The Worsley Alumina CGU will be assessed for impairment or impairment reversal
immediately prior to its reclassification as held for sale, or in the event the transaction does not proceed, noting there could be a
material impact to the recoverable amount at this time. Refer to note 2(c) Key estimates, assumptions and judgements.
Hermosa - Taylor Project
In addition to the key estimates and assumptions that are pervasive across most of the Group\u2019s operations, the Taylor project is
subject to risks typically associated with greenfield projects in the construction phase, including delivery against project schedule
and escalation in pre-production capital expenditure. In April 2026, the Group announced an updated development plan for the
Taylor project, including an increase in estimated mine life and higher estimated pre-production capital expenditure. The increase
reflected scope changes, inflationary pressures and industry-wide input cost increases, including the impact of import tariffs
imposed by the U.S. government.
Management considered these changes in the discounted cash flow valuation ranges used to assess the Taylor project for
indicators of impairment or impairment reversal at 30 June 2026. These revised discounted cash flow valuation ranges, which also
reflected management's latest views on commodity prices and other assumptions, did not result in the identification of any
indicators of impairment or impairment reversal.
Key pre-production capital costs, including steel, cement and electrical components, remain subject to uncertainty from industry-
wide inflation, the availability of capital goods, and the evolving U.S. trade policy environment, including potential changes to tariffs
on imported goods.
Given the long-life nature of the Taylor project, its valuation is inherently more sensitive to assumptions applied over an extended
forecast period, particularly commodity price and discount rate assumptions. The sensitivity of the discounted cash flow valuation
ranges, as used in managements assessment of indicators of impairment or impairment reversal, to a change in these assumptions,
while holding all other variables constant, is shown in the table below:
Change in key Impact on valuation (US$M)
FY26 assumption
Favourable
Unfavourable
Zinc price
10%
360
(360)
Lead price
10%
285
(285)
Silver price
10%
360
(360)
Discount rate
100 basis points
690
(580)
Pre-production capital expenditure
10%
155
(155)
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-589": { "value": "In testing for indications of impairment and performing impairment calculations, assets are considered as collective groups and referred to as CGUs. Impairment tests are carried out annually for CGUs containing goodwill and when there is an indication of impairment or impairment reversal for all other CGUs. The Group typically uses discounted cash flow valuation ranges to assess whether there is an indicator of impairment or impairment reversal for its CGUs. If the carrying value of a CGU exceeds its recoverable amount, the CGU is impaired. Impairment reversals cannot exceed the carrying value that would have been determined (net of depreciation) had no impairment loss been recognised for the CGU. Goodwill is not subject to impairment reversal. For areas not yet in production, any mineral rights acquired, together with subsequent capitalised exploration and evaluation expenditure, are reviewed to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Once the technical feasibility and commercial viability of an area of interest are demonstrated, exploration and evaluation assets attributable to that area of interest are tested for impairment. Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment or reversals of impairment of financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-594": { "value": "In testing for indications of impairment and performing impairment calculations, assets are considered as collective groups and referred to as CGUs. Impairment tests are carried out annually for CGUs containing goodwill and when there is an indication of impairment or impairment reversal for all other CGUs. The Group typically uses discounted cash flow valuation ranges to assess whether there is an indicator of impairment or impairment reversal for its CGUs. If the carrying value of a CGU exceeds its recoverable amount, the CGU is impaired. Impairment reversals cannot exceed the carrying value that would have been determined (net of depreciation) had no impairment loss been recognised for the CGU. Goodwill is not subject to impairment reversal. For areas not yet in production, any mineral rights acquired, together with subsequent capitalised exploration and evaluation expenditure, are reviewed to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Once the technical feasibility and commercial viability of an area of interest are demonstrated, exploration and evaluation assets attributable to that area of interest are tested for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-482": { "value": "14. Trade and other payables
US$M
FY26
FY25
Current
Trade creditors
672
752
Other creditors
90
50
Total current trade and other payables
762
802
Trade and other payables generally represent liabilities for goods and services provided to the Group prior to the end of the year which were unpaid at the end of the year. These amounts are unsecured. Trade and other payables, other than financial liabilities held at FVTPL, are stated at their amortised cost and are non-interest bearing. The carrying value of these trade and other payables is considered to approximate its fair value due to the short-term nature of the payables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-576": { "value": "Trade and other payables generally represent liabilities for goods and services provided to the Group prior to the end of the year which were unpaid at the end of the year. These amounts are unsecured. Trade and other payables, other than financial liabilities held at FVTPL, are stated at their amortised cost and are non-interest bearing. The carrying value of these trade and other payables is considered to approximate its fair value due to the short-term nature of the payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-483": { "value": "
15. Provisions
US$M
FY26
FY25
Current
Employee benefits
173
163
Closure and rehabilitation
24
16
Other
28
6
Total current provisions
225
185
Non-current
Employee benefits
8
7
Closure and rehabilitation
1,628
1,653
Post-retirement employee benefits
21
15
Other
12
9
Total non-current provisions
1,669
1,684
Post-
retirement
FY26
Employee Closure and employee
US$M
benefits rehabilitation
benefits
Other
Total
At the beginning of the year
170
1,669
15
15
1,869
Charge/(credit) to the Consolidated income statement:
Underlying
145
9
1
67
222
Discounting
\u2013
99
\u2013
\u2013
99
Net interest expense
\u2013
\u2013
2
\u2013
2
Exchange rate variations
6
11
1
4
22
Released during the year
(3)
(6)
\u2013
(6)
(15)
Amounts capitalised for change in costs and estimates
\u2013
(93)
\u2013
\u2013
(93)
Amounts capitalised for change in discount rate
\u2013
(101)
\u2013
\u2013
(101)
Foreign exchange amounts capitalised
\u2013
73
\u2013
\u2013
73
Amounts taken to retained earnings
\u2013
\u2013
1
\u2013
1
Utilisation
(137)
(9)
(2)
(40)
(188)
Other movements
1
\u2013
\u2013
3
\u2013
3
At the end of the year
181
1,652
21
40
1,894
1. Relates to defined benefit pension plans with a net asset position of US$3 million at 30 June 2026, which are presented within non-current other assets on the Consolidated balance
sheet.
Post-
retirement
FY25
Employee Closure and employee
US$M
Note benefits rehabilitation
benefits
Other
Total
At the beginning of the year
166
1,867
30
20
2,083
Charge/(credit) to the Consolidated income statement:
Underlying
141
1
1
11
154
Discounting
1
\u2013
106
\u2013
\u2013
106
Net interest expense
2
\u2013
\u2013
3
\u2013
3
Exchange rate variations
1
7
\u2013
\u2013
8
Released during the year
(9)
(3)
(3)
\u2013
(15)
Amounts capitalised for change in costs and estimates
\u2013
15
\u2013
\u2013
15
Amounts capitalised for change in discount rate
\u2013
(152)
\u2013
\u2013
(152)
Foreign exchange amounts capitalised
\u2013
(10)
\u2013
\u2013
(10)
Utilisation
(122)
(4)
(5)
(6)
(137)
Reclassified as held for sale
30
(7)
(158)
(11)
(10)
(186)
At the end of the year
170
1,669
15
15
1,869
1. Includes discounting charges relating to discontinued operations of US$14 million. Refer to note 30 Disposal of subsidiaries. 2. Includes interest expense relating to discontinued operations of US$1 million. Refer to note 30 Disposal of subsidiaries. (a) Employee benefits Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken. The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in the current provision for employee benefits and is measured in accordance with annual leave described above. (b) Closure and rehabilitation The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land rehabilitation. Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and rehabilitation expenditure is expected to occur progressively over the remaining life of the operation, with the majority of the outflows occurring at or after closure, and is dependent upon a number of factors such as: \u2013 The life and nature of the operation; \u2013 The operating licence conditions; and \u2013 The environment in which the operation operates. Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation requirements. Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and determined according to the probability of alternative estimates of cash flows occurring for each operation. Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied. The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs. Closure and rehabilitation provisions are also adjusted for changes in cost estimates and foreign exchange rate movements. Those adjustments are accounted for as a change in the corresponding capitalised cost, except where a reduction in the provision is greater than the depreciated capitalised cost of the related assets, in which case the carrying value is reduced to nil and the remaining adjustment is recognised in the Consolidated income statement. In the case of closed sites, changes in cost estimates and foreign exchange rate movements are recognised immediately in the Consolidated income statement. Changes to the capitalised cost result in an adjustment to future depreciation. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgements and estimates involved. (c) Post-retirement employee benefits This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other post-retirement obligations. Key estimates, assumptions and judgements The recognition of closure and rehabilitation provisions requires judgement and is based on significant estimates and assumptions, such as: \u2013 The requirements and interpretations of the relevant local legal and regulatory framework; \u2013 The magnitude of possible contamination; \u2013 The timing, extent and cost of required closure and rehabilitation activity; and \u2013 Potential changes in physical and climate conditions. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The local legal and regulatory frameworks used to estimate the Group's obligations are complex, and vary across the different jurisdictions in which the Group operates. The timing and extent of closure and rehabilitation activities are determined by applying judgement and leveraging industry experience. The Group has made assumptions about certain assets, areas of disturbance and key infrastructure, such as ports and roads, that are not expected to require rehabilitation at the end of the related operation\u2019s life. Changes to these assumptions and judgements could have a material impact on the provision amounts recognised. In addition to the uncertainties noted above, certain closure and rehabilitation activities may be subject to regulatory approval and legal disputes. Depending on the resolution of these matters, the final liability may vary. The provision recognised for each site is periodically reviewed and updated based on the facts and circumstances available at the time. Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the expected timing of closure activities. The Group\u2019s expectations and approach in relation to climate-related risks and opportunities are reflected in the estimates and assumptions noted above. Refer to note 2(c) Key estimates, assumptions and judgements. As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered into an agreement to sell its interests in the aluminium value chain assets. As part of this transaction, US$1,143 million of closure and rehabilitation liabilities, based on 30 June 2026 values, will be disposed of on completion. If risk-free interest rates were decreased by 0.5 per cent (in real terms), the provision would increase by approximately US$233 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-508": { "value": "15. Provisions
US$M
FY26
FY25
Current
Employee benefits
173
163
Closure and rehabilitation
24
16
Other
28
6
Total current provisions
225
185
Non-current
Employee benefits
8
7
Closure and rehabilitation
1,628
1,653
Post-retirement employee benefits
21
15
Other
12
9
Total non-current provisions
1,669
1,684
Post-
retirement
FY26
Employee Closure and employee
US$M
benefits rehabilitation
benefits
Other
Total
At the beginning of the year
170
1,669
15
15
1,869
Charge/(credit) to the Consolidated income statement:
Underlying
145
9
1
67
222
Discounting
\u2013
99
\u2013
\u2013
99
Net interest expense
\u2013
\u2013
2
\u2013
2
Exchange rate variations
6
11
1
4
22
Released during the year
(3)
(6)
\u2013
(6)
(15)
Amounts capitalised for change in costs and estimates
\u2013
(93)
\u2013
\u2013
(93)
Amounts capitalised for change in discount rate
\u2013
(101)
\u2013
\u2013
(101)
Foreign exchange amounts capitalised
\u2013
73
\u2013
\u2013
73
Amounts taken to retained earnings
\u2013
\u2013
1
\u2013
1
Utilisation
(137)
(9)
(2)
(40)
(188)
Other movements
1
\u2013
\u2013
3
\u2013
3
At the end of the year
181
1,652
21
40
1,894
1. Relates to defined benefit pension plans with a net asset position of US$3 million at 30 June 2026, which are presented within non-current other assets on the Consolidated balance sheet.
Post-
retirement
FY25
Employee Closure and employee
US$M
Note benefits rehabilitation
benefits
Other
Total
At the beginning of the year
166
1,867
30
20
2,083
Charge/(credit) to the Consolidated income statement:
Underlying
141
1
1
11
154
Discounting
1
\u2013
106
\u2013
\u2013
106
Net interest expense
2
\u2013
\u2013
3
\u2013
3
Exchange rate variations
1
7
\u2013
\u2013
8
Released during the year
(9)
(3)
(3)
\u2013
(15)
Amounts capitalised for change in costs and estimates
\u2013
15
\u2013
\u2013
15
Amounts capitalised for change in discount rate
\u2013
(152)
\u2013
\u2013
(152)
Foreign exchange amounts capitalised
\u2013
(10)
\u2013
\u2013
(10)
Utilisation
(122)
(4)
(5)
(6)
(137)
Reclassified as held for sale
30
(7)
(158)
(11)
(10)
(186)
At the end of the year
170
1,669
15
15
1,869
1. Includes discounting charges relating to discontinued operations of US$14 million. Refer to note 30 Disposal of subsidiaries. 2. Includes interest expense relating to discontinued operations of US$1 million. Refer to note 30 Disposal of subsidiaries. (a) Employee benefits Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken. The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in the current provision for employee benefits and is measured in accordance with annual leave described above. (b) Closure and rehabilitation The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land rehabilitation. Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and rehabilitation expenditure is expected to occur progressively over the remaining life of the operation, with the majority of the outflows occurring at or after closure, and is dependent upon a number of factors such as: \u2013 The life and nature of the operation; \u2013 The operating licence conditions; and \u2013 The environment in which the operation operates. Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation requirements. Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and determined according to the probability of alternative estimates of cash flows occurring for each operation. Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied. The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs. Closure and rehabilitation provisions are also adjusted for changes in cost estimates and foreign exchange rate movements. Those adjustments are accounted for as a change in the corresponding capitalised cost, except where a reduction in the provision is greater than the depreciated capitalised cost of the related assets, in which case the carrying value is reduced to nil and the remaining adjustment is recognised in the Consolidated income statement. In the case of closed sites, changes in cost estimates and foreign exchange rate movements are recognised immediately in the Consolidated income statement. Changes to the capitalised cost result in an adjustment to future depreciation. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgements and estimates involved. (c) Post-retirement employee benefits This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other post-retirement obligations. Key estimates, assumptions and judgements The recognition of closure and rehabilitation provisions requires judgement and is based on significant estimates and assumptions, such as: \u2013 The requirements and interpretations of the relevant local legal and regulatory framework; \u2013 The magnitude of possible contamination; \u2013 The timing, extent and cost of required closure and rehabilitation activity; and \u2013 Potential changes in physical and climate conditions. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The local legal and regulatory frameworks used to estimate the Group's obligations are complex, and vary across the different jurisdictions in which the Group operates. The timing and extent of closure and rehabilitation activities are determined by applying judgement and leveraging industry experience. The Group has made assumptions about certain assets, areas of disturbance and key infrastructure, such as ports and roads, that are not expected to require rehabilitation at the end of the related operation\u2019s life. Changes to these assumptions and judgements could have a material impact on the provision amounts recognised. In addition to the uncertainties noted above, certain closure and rehabilitation activities may be subject to regulatory approval and legal disputes. Depending on the resolution of these matters, the final liability may vary. The provision recognised for each site is periodically reviewed and updated based on the facts and circumstances available at the time. Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the expected timing of closure activities. The Group\u2019s expectations and approach in relation to climate-related risks and opportunities are reflected in the estimates and assumptions noted above. Refer to note 2(c) Key estimates, assumptions and judgements. As outlined in note 2(c) Key estimates, assumptions and judgements, the Group entered into an agreement to sell its interests in the aluminium value chain assets. As part of this transaction, US$1,143 million of closure and rehabilitation liabilities, based on 30 June 2026 values, will be disposed of on completion. If risk-free interest rates were decreased by 0.5 per cent (in real terms), the provision would increase by approximately US$233 million. 23. Contingent assets and liabilities Contingent assets and liabilities not otherwise provided for in the consolidated financial statements are as follows:
US$M
FY26
FY25
Contingent liabilities
Actual or potential litigation
310
318
Transaction-related contingencies
82
\u2013
Total contingent liabilities
392
318
Contingent assets
Actual or potential litigation
6
15
Total contingent assets
6
15
Actual or potential litigation liabilities primarily relate to historical tax assessments and other related matters in Colombia and Brazil. Transaction-related contingencies relate to a possible break fee payable if the Group's agreement to sell its interests in the aluminium value chain assets, as outlined in note 2(c) Key estimates, assumptions and judgements, does not complete as a result of certain agreed circumstances. Actual or potential litigation assets primarily relate to potential recovery of pre-closing tax liabilities in respect of the Sierra Gorda acquisition. The Group\u2019s operations are subject to complex legislative regimes, including various environmental laws and regulations. From time to time there may be legal and regulatory claims, or potential claims, that have arisen in the course of business against entities in the Group. The Group only recognises amounts as liabilities when they are probable, or as contingencies when they are possible, and only where a reliable estimate can be made. The Group is not aware of any non-compliance or potential claims that are unrecognised, or have not been disclosed, which are expected to result in a material financial impact. Such disclosures are adjusted as new information develops or circumstances change. The Group has entered into various counter-indemnities for bank and performance guarantees related to its own future performance which are in the normal course of business. Additionally, the Group has provided indemnities against certain liabilities as part of agreements for the disposal of business operations. The Group considers the likelihood of a material liability arising from the indemnities provided as remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-590": { "value": "(a) Employee benefits Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken. The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in the current provision for employee benefits and is measured in accordance with annual leave described above. (b) Closure and rehabilitation The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land rehabilitation. Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and rehabilitation expenditure is expected to occur progressively over the remaining life of the operation, with the majority of the outflows occurring at or after closure, and is dependent upon a number of factors such as: \u2013 The life and nature of the operation; \u2013 The operating licence conditions; and \u2013 The environment in which the operation operates. Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation requirements. Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and determined according to the probability of alternative estimates of cash flows occurring for each operation. Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied. The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs. Closure and rehabilitation provisions are also adjusted for changes in cost estimates and foreign exchange rate movements. Those adjustments are accounted for as a change in the corresponding capitalised cost, except where a reduction in the provision is greater than the depreciated capitalised cost of the related assets, in which case the carrying value is reduced to nil and the remaining adjustment is recognised in the Consolidated income statement. In the case of closed sites, changes in cost estimates and foreign exchange rate movements are recognised immediately in the Consolidated income statement. Changes to the capitalised cost result in an adjustment to future depreciation. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgements and estimates involved. (c) Post-retirement employee benefits This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other post-retirement obligations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-577": { "value": "(a) Employee benefits Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken. The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in the current provision for employee benefits and is measured in accordance with annual leave described above. (c) Post-retirement employee benefits This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other post-retirement obligations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-578": { "value": "(b) Closure and rehabilitation The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land rehabilitation. Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and rehabilitation expenditure is expected to occur progressively over the remaining life of the operation, with the majority of the outflows occurring at or after closure, and is dependent upon a number of factors such as: \u2013 The life and nature of the operation; \u2013 The operating licence conditions; and \u2013 The environment in which the operation operates. Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation requirements. Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and determined according to the probability of alternative estimates of cash flows occurring for each operation. Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied. The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs. Closure and rehabilitation provisions are also adjusted for changes in cost estimates and foreign exchange rate movements. Those adjustments are accounted for as a change in the corresponding capitalised cost, except where a reduction in the provision is greater than the depreciated capitalised cost of the related assets, in which case the carrying value is reduced to nil and the remaining adjustment is recognised in the Consolidated income statement. In the case of closed sites, changes in cost estimates and foreign exchange rate movements are recognised immediately in the Consolidated income statement. Changes to the capitalised cost result in an adjustment to future depreciation. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgements and estimates involved. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-484": { "value": "16. Cash and cash equivalents Cash and cash equivalents include cash at bank and on hand as well as short-term deposits.
US$M
FY26
FY25
Cash
956
681
Short-term deposits
1,178
996
Cash and cash equivalents
1
2,134
1,677
1. Cash and cash equivalents include US$5 million (FY25: US$1 million) which is restricted by legal or contractual arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-579": { "value": "Cash and cash equivalents include cash at bank and on hand as well as short-term deposits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-509": { "value": "
1. Cash and cash equivalents include US$5 million (FY25: US$1 million) which is restricted by legal or contractual arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-510": { "value": "
17. Interest bearing liabilities
US$M
Note
FY26
FY25
Current
Lease liabilities
111
92
Unsecured loans from equity accounted investments
28
379
160
Unsecured other
30
15
Total current interest bearing liabilities
520
267
Non-current
Lease liabilities
637
621
Senior unsecured notes
694
693
Unsecured other
\u2013
53
Total non-current interest bearing liabilities
1,331
1,367
In April 2022, the Group completed the issuance of US$700 million of senior unsecured notes pursuant to Rule 144A and Regulation S of
the United States Securities Act of 1933. The notes pay interest in April and October each year at a rate of 4.35 per cent per annum and
mature in 2032.
A reconciliation of movements in interest bearing liabilities, including cash flows arising from financing activities, is set out below:
Other interest Total interest
FY26
bearing bearing
US$M
Lease liabilities liabilities liabilities
At the beginning of the year
713
921
1,634
Cash movements:
Proceeds from interest bearing liabilities
\u2013
215
215
Repayment of interest bearing liabilities
(110)
(35)
(145)
Interest paid
(59)
(51)
(110)
Non-cash movements:
Interest charged
1
59
51
110
Net increase/(decrease) of interest bearing liabilities
111
(3)
108
Exchange rate variations
34
5
39
At the end of the year
748
1,103
1,851
1. Includes US$4 million of interest capitalised to property, plant and equipment.
Other interest Total interest
FY25
bearing bearing
US$M
Lease liabilities liabilities liabilities
At the beginning of the year
672
894
1,566
Cash movements:
Proceeds from interest bearing liabilities
\u2013
53
53
Repayment of interest bearing liabilities
1
(75)
(26)
(101)
Interest paid
(54)
(56)
(110)
Non-cash movements:
Interest charged
2
54
56
110
Net increase/(decrease) of interest bearing liabilities
123
\u2013
123
Exchange rate variations
(7)
\u2013
(7)
At the end of the year
713
921
1,634
1. Excludes US$1 million of repayments of liabilities classified as held for sale. Refer to note 30 Disposal of subsidiaries.
2. Includes US$2 million of interest capitalised to property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-536": { "value": "17. Interest bearing liabilities
US$M
Note
FY26
FY25
Current
Lease liabilities
111
92
Unsecured loans from equity accounted investments
28
379
160
Unsecured other
30
15
Total current interest bearing liabilities
520
267
Non-current
Lease liabilities
637
621
Senior unsecured notes
694
693
Unsecured other
\u2013
53
Total non-current interest bearing liabilities
1,331
1,367
In April 2022, the Group completed the issuance of US$700 million of senior unsecured notes pursuant to Rule 144A and Regulation S of the United States Securities Act of 1933. The notes pay interest in April and October each year at a rate of 4.35 per cent per annum and mature in 2032. A reconciliation of movements in interest bearing liabilities, including cash flows arising from financing activities, is set out below:
Other interest Total interest
FY26
bearing bearing
US$M
Lease liabilities liabilities liabilities
At the beginning of the year
713
921
1,634
Cash movements:
Proceeds from interest bearing liabilities
\u2013
215
215
Repayment of interest bearing liabilities
(110)
(35)
(145)
Interest paid
(59)
(51)
(110)
Non-cash movements:
Interest charged
1
59
51
110
Net increase/(decrease) of interest bearing liabilities
111
(3)
108
Exchange rate variations
34
5
39
At the end of the year
748
1,103
1,851
1. Includes US$4 million of interest capitalised to property, plant and equipment.
Other interest Total interest
FY25
bearing bearing
US$M
Lease liabilities liabilities liabilities
At the beginning of the year
672
894
1,566
Cash movements:
Proceeds from interest bearing liabilities
\u2013
53
53
Repayment of interest bearing liabilities
1
(75)
(26)
(101)
Interest paid
(54)
(56)
(110)
Non-cash movements:
Interest charged
2
54
56
110
Net increase/(decrease) of interest bearing liabilities
123
\u2013
123
Exchange rate variations
(7)
\u2013
(7)
At the end of the year
713
921
1,634
1. Excludes US$1 million of repayments of liabilities classified as held for sale. Refer to note 30 Disposal of subsidiaries. 2. Includes US$2 million of interest capitalised to property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-485": { "value": "
18. Net finance income/(costs)
US$M
FY26
FY25
Finance income
Interest on loans to equity accounted investments
173
177
Other interest income
85
82
Total finance income
258
259
Finance costs
Interest on borrowings
(55)
(61)
Interest on lease liabilities
(55)
(52)
Discounting on provisions and other liabilities
(101)
(94)
Exchange rate variations on net cash/(debt)
(39)
13
Total finance costs
(250)
(194)
Net finance income/(costs)
8
65
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-537": { "value": "18. Net finance income/(costs)
US$M
FY26
FY25
Finance income
Interest on loans to equity accounted investments
173
177
Other interest income
85
82
Total finance income
258
259
Finance costs
Interest on borrowings
(55)
(61)
Interest on lease liabilities
(55)
(52)
Discounting on provisions and other liabilities
(101)
(94)
Exchange rate variations on net cash/(debt)
(39)
13
Total finance costs
(250)
(194)
Net finance income/(costs)
8
65
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-558": { "value": "18. Net finance income/(costs)
US$M
FY26
FY25
Finance income
Interest on loans to equity accounted investments
173
177
Other interest income
85
82
Total finance income
258
259
Finance costs
Interest on borrowings
(55)
(61)
Interest on lease liabilities
(55)
(52)
Discounting on provisions and other liabilities
(101)
(94)
Exchange rate variations on net cash/(debt)
(39)
13
Total finance costs
(250)
(194)
Net finance income/(costs)
8
65
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-546": { "value": "18. Net finance income/(costs)
US$M
FY26
FY25
Finance income
Interest on loans to equity accounted investments
173
177
Other interest income
85
82
Total finance income
258
259
Finance costs
Interest on borrowings
(55)
(61)
Interest on lease liabilities
(55)
(52)
Discounting on provisions and other liabilities
(101)
(94)
Exchange rate variations on net cash/(debt)
(39)
13
Total finance costs
(250)
(194)
Net finance income/(costs)
8
65
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-525": { "value": "18. Net finance income/(costs)
US$M
FY26
FY25
Finance income
Interest on loans to equity accounted investments
173
177
Other interest income
85
82
Total finance income
258
259
Finance costs
Interest on borrowings
(55)
(61)
Interest on lease liabilities
(55)
(52)
Discounting on provisions and other liabilities
(101)
(94)
Exchange rate variations on net cash/(debt)
(39)
13
Total finance costs
(250)
(194)
Net finance income/(costs)
8
65
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-511": { "value": "18. Net finance income/(costs)
US$M
FY26
FY25
Finance income
Interest on loans to equity accounted investments
173
177
Other interest income
85
82
Total finance income
258
259
Finance costs
Interest on borrowings
(55)
(61)
Interest on lease liabilities
(55)
(52)
Discounting on provisions and other liabilities
(101)
(94)
Exchange rate variations on net cash/(debt)
(39)
13
Total finance costs
(250)
(194)
Net finance income/(costs)
8
65
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-486": { "value": "
19. Financial assets and financial liabilities
The following table presents the financial assets and liabilities by class at their carrying amounts:
FY26
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
2,134
2,134
Trade and other receivables
1
9
102
\u2013
667
769
Other financial assets:
Contingent consideration receivable
12
\u2013
\u2013
12
Total current financial assets
114
\u2013
2,801
2,915
Trade and other receivables
1
9
\u2013
\u2013
1,786
1,786
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
231
\u2013
231
Contingent consideration receivable
140
\u2013
\u2013
140
Total non-current financial assets
140
231
1,786
2,157
Total financial assets
254
231
4,587
5,072
Financial liabilities
Trade and other payables
2
14
16
\u2013
722
738
Interest bearing liabilities
17
\u2013
\u2013
520
520
Total current financial liabilities
16
\u2013
1,242
1,258
Interest bearing liabilities
17
\u2013
\u2013
1,331
1,331
Other financial liabilities:
Contingent consideration payable
22
\u2013
\u2013
22
Total non-current financial liabilities
22
\u2013
1,331
1,353
Total financial liabilities
38
\u2013
2,573
2,611
1. Excludes current input taxes of US$92 million and non-current input and other taxes of US$75 million included in other receivables. Refer to note 9 Trade and other receivables.
2. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables .
FY25
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial assets or liabilities and the contractual terms of the cash flows. (a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY26
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
102
\u2013
102
Trade and other payables
\u2013
(16)
\u2013
(16)
Investments in equity instruments designated as FVOCI
1
218
\u2013
13
231
Contingent consideration receivable
\u2013
\u2013
152
152
Contingent consideration payable
\u2013
\u2013
(22)
(22)
Total
218
86
143
447
1. Includes US$65 million for the Group's investment in Trilogy Metals Inc., the Group's joint venture partner in Ambler Metals. In October 2025, the Group entered into an agreement to
sell 8.2 million of its shares to the U.S. Department of War for US$18 million and to grant a 10-year call option over a further 6.2 million shares, exercisable at US$0.01 per share
following substantial completion of construction of the Ambler Access Road. At 30 June 2026, transaction completion remained subject to execution of a definitive agreement and
obtaining the required exchange and regulatory approvals, and therefore was not reflected in the Group's FY26 financial statements. Completion of the proposed transaction is
expected to occur in H1 FY27.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY26
FY25
At the beginning of the year
(13)
(8)
Addition of financial assets
6
115
Net gains/(losses) recognised in the Consolidated income statement
1
149
(122)
Net gains/(losses) recognised in the Consolidated statement of comprehensive income
2
1
2
At the end of the year
143
(13)
1. Recognised in expenses excluding finance costs in the Consolidated income statement.
2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income.
The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated
using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts
and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially
sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while
holding all other variables constant, is disclosed below:
Impact on carrying amount
FY26
Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 147
Production volumes
2
123
(138)
1. Coal price inputs reflect estimates of future commodity prices.
2. Production volumes inputs reflect estimates of future production.
(b) Financial risk management objectives and policies
The Group is exposed to market, liquidity and credit risk. These risks are managed in accordance with the Group\u2019s portfolio risk
management strategy which supports the delivery of the Group\u2019s financial targets while protecting its future financial security and flexibility
by taking advantage of the natural diversification of the Group\u2019s operations and activities. Deterministic analysis across a range of
operational, commodity price and foreign exchange rate scenarios is used to measure the aggregate impact of financial risks and the
potential impact on financial targets.
(i) Market risk
The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The
Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to
a risk of variability in earnings, which is continually assessed under our deterministic analysis.
In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors
approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or
debt issuance.
Interest rate risk
The Group has the following exposure to interest rate risk:
US$M
FY26
FY25
Financial assets
Cash and cash equivalents
2,109
1,664
Trade and other receivables
20
32
Financial liabilities
Interest bearing liabilities
(409)
(190)
Net exposure
1,720
1,506
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and
liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY26
FY25
Increase of 100 basis points
13
11
Decrease of 100 basis points
(13)
(11)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and
balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain
constant over the coming year and therefore such sensitivity analysis should be used with care.
Foreign currency risk
The Group\u2019s potential currency exposures comprise:
\u2013 Translational exposure in respect of non-functional currency monetary items; and
\u2013 Transactional exposure in respect of non-functional currency expenditure and revenues.
The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by
operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the
US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may
enter into forward exchange contracts.
The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and
liabilities:
US$M
FY26
FY25
Australian dollar
(831)
(796)
Brazilian real
(49)
(74)
Canadian dollar
147
110
British pounds
78
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in
the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY26
FY25
FY26
FY25
10% strengthening in Australian dollar
(58)
(56)
\u2013
\u2013
10% strengthening in Brazilian real
(5)
(7)
\u2013
\u2013
10% strengthening in Canadian dollar
1
3
14
8
10% strengthening in British pounds
\u2013
\u2013
8
4
Commodity price risk
Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a
relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise
the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the
Consolidated balance sheet.
Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan
receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and
contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement
section.
Provisionally priced commodity sales and purchases contracts
Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at
the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a
commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced
sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at
30 June 2026 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly
around silver, lead, zinc, aluminium and alumina.
The Group had 1.9Moz of silver, 20.3kt of lead, 3.8kt of zinc, 12.6kt of aluminium and 10.6kt of alumina exposure at 30 June 2026 (FY25:
2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina) that was provisionally priced. The final
price of these sales or purchases will be determined during the first half of FY27. A 10 per cent change in the realised price of these
commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$15 million (FY25: US$14 million).
The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may
move concurrently in response to market conditions. These sensitivities should therefore be used with care.
(ii) Liquidity risk
The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational,
capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast
information.
In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the
investment of any excess cash.
The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and
intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt.
Details of the Group\u2019s major standby arrangement are as follows:
FY26
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028.
Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY26
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
738
738
738
\u2013
\u2013
Senior unsecured notes
694
882
30
122
730
Lease liabilities
748
1,131
165
381
585
Other interest bearing liabilities
409
409
409
\u2013
\u2013
Other financial liabilities - contingent consideration payable
22
28
\u2013
28
\u2013
Total
2,611
3,188
1,342
531
1,315
1. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY25
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables . (iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment or reversals of impairment of financial assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$259 million (FY25: US$212 million), and the carrying value of a purchased credit-impaired receivable of US$1,780 million (FY25: US$1,774 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet.
The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its
financial performance. At 30 June 2026, the Group updated its estimated timing of the loan repayments and as a result recognised an
impairment reversal of US$249 million (FY25: impairment of US$27 million) which is included in expenses excluding finance costs in the
Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,780 million
(FY25: US$1,774 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation
technique.
The following table shows the movement in the carrying amount of this receivable:
US$M
FY26
FY25
At the beginning of the year
1,774
1,814
Interest accrued
158
163
Net impairment
249
(27)
Repayment of accrued interest
(401)
(176)
At the end of the year
1,780
1,774
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the
Mineral Resources and Ore Reserves section of note 2(c) Key estimates, assumptions and judgements for further information on the
estimates which underpin the production profile.
An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments.
Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are
consistent with those outlined in note 13 Impairment of non-financial assets.
The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price
forecasts used within the range of US$5.28/lb - US$6.09/lb, in real terms, as published by market commentators. The following table
illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on
changing this assumption by 10 per cent while holding all other variables constant.
FY26
Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
1,927
1,780
4
(24)
(c) Capital management
The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to:
\u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle;
\u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as
dividends following each six-month reporting period; and
\u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and
other high return investment opportunities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-559": { "value": "19. Financial assets and financial liabilities The following table presents the financial assets and liabilities by class at their carrying amounts:
FY26
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
2,134
2,134
Trade and other receivables
1
9
102
\u2013
667
769
Other financial assets:
Contingent consideration receivable
12
\u2013
\u2013
12
Total current financial assets
114
\u2013
2,801
2,915
Trade and other receivables
1
9
\u2013
\u2013
1,786
1,786
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
231
\u2013
231
Contingent consideration receivable
140
\u2013
\u2013
140
Total non-current financial assets
140
231
1,786
2,157
Total financial assets
254
231
4,587
5,072
Financial liabilities
Trade and other payables
2
14
16
\u2013
722
738
Interest bearing liabilities
17
\u2013
\u2013
520
520
Total current financial liabilities
16
\u2013
1,242
1,258
Interest bearing liabilities
17
\u2013
\u2013
1,331
1,331
Other financial liabilities:
Contingent consideration payable
22
\u2013
\u2013
22
Total non-current financial liabilities
22
\u2013
1,331
1,353
Total financial liabilities
38
\u2013
2,573
2,611
1. Excludes current input taxes of US$92 million and non-current input and other taxes of US$75 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables
FY25
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial assets or liabilities and the contractual terms of the cash flows. (a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY26
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
102
\u2013
102
Trade and other payables
\u2013
(16)
\u2013
(16)
Investments in equity instruments designated as FVOCI
1
218
\u2013
13
231
Contingent consideration receivable
\u2013
\u2013
152
152
Contingent consideration payable
\u2013
\u2013
(22)
(22)
Total
218
86
143
447
1. Includes US$65 million for the Group's investment in Trilogy Metals Inc., the Group's joint venture partner in Ambler Metals. In October 2025, the Group entered into an agreement to sell 8.2 million of its shares to the U.S. Department of War for US$18 million and to grant a 10-year call option over a further 6.2 million shares, exercisable at US$0.01 per share following substantial completion of construction of the Ambler Access Road. At 30 June 2026, transaction completion remained subject to execution of a definitive agreement and obtaining the required exchange and regulatory approvals, and therefore was not reflected in the Group's FY26 financial statements. Completion of the proposed transaction is expected to occur in H1 FY27.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY26
FY25
At the beginning of the year
(13)
(8)
Addition of financial assets
6
115
Net gains/(losses) recognised in the Consolidated income statement
1
149
(122)
Net gains/(losses) recognised in the Consolidated statement of comprehensive income
2
1
2
At the end of the year
143
(13)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY26
Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 147
Production volumes
2
123
(138)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-556": { "value": "19. Financial assets and financial liabilities The following table presents the financial assets and liabilities by class at their carrying amounts:
FY26
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
2,134
2,134
Trade and other receivables
1
9
102
\u2013
667
769
Other financial assets:
Contingent consideration receivable
12
\u2013
\u2013
12
Total current financial assets
114
\u2013
2,801
2,915
Trade and other receivables
1
9
\u2013
\u2013
1,786
1,786
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
231
\u2013
231
Contingent consideration receivable
140
\u2013
\u2013
140
Total non-current financial assets
140
231
1,786
2,157
Total financial assets
254
231
4,587
5,072
Financial liabilities
Trade and other payables
2
14
16
\u2013
722
738
Interest bearing liabilities
17
\u2013
\u2013
520
520
Total current financial liabilities
16
\u2013
1,242
1,258
Interest bearing liabilities
17
\u2013
\u2013
1,331
1,331
Other financial liabilities:
Contingent consideration payable
22
\u2013
\u2013
22
Total non-current financial liabilities
22
\u2013
1,331
1,353
Total financial liabilities
38
\u2013
2,573
2,611
1. Excludes current input taxes of US$92 million and non-current input and other taxes of US$75 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables .
FY25
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial assets or liabilities and the contractual terms of the cash flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-526": { "value": "19. Financial assets and financial liabilities The following table presents the financial assets and liabilities by class at their carrying amounts:
FY26
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
2,134
2,134
Trade and other receivables
1
9
102
\u2013
667
769
Other financial assets:
Contingent consideration receivable
12
\u2013
\u2013
12
Total current financial assets
114
\u2013
2,801
2,915
Trade and other receivables
1
9
\u2013
\u2013
1,786
1,786
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
231
\u2013
231
Contingent consideration receivable
140
\u2013
\u2013
140
Total non-current financial assets
140
231
1,786
2,157
Total financial assets
254
231
4,587
5,072
Financial liabilities
Trade and other payables
2
14
16
\u2013
722
738
Interest bearing liabilities
17
\u2013
\u2013
520
520
Total current financial liabilities
16
\u2013
1,242
1,258
Interest bearing liabilities
17
\u2013
\u2013
1,331
1,331
Other financial liabilities:
Contingent consideration payable
22
\u2013
\u2013
22
Total non-current financial liabilities
22
\u2013
1,331
1,353
Total financial liabilities
38
\u2013
2,573
2,611
1. Excludes current input taxes of US$92 million and non-current input and other taxes of US$75 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables .
FY25
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial assets or liabilities and the contractual terms of the cash flows. (a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY26
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
102
\u2013
102
Trade and other payables
\u2013
(16)
\u2013
(16)
Investments in equity instruments designated as FVOCI
1
218
\u2013
13
231
Contingent consideration receivable
\u2013
\u2013
152
152
Contingent consideration payable
\u2013
\u2013
(22)
(22)
Total
218
86
143
447
1. Includes US$65 million for the Group's investment in Trilogy Metals Inc., the Group's joint venture partner in Ambler Metals. In October 2025, the Group entered into an agreement to sell 8.2 million of its shares to the U.S. Department of War for US$18 million and to grant a 10-year call option over a further 6.2 million shares, exercisable at US$0.01 per share following substantial completion of construction of the Ambler Access Road. At 30 June 2026, transaction completion remained subject to execution of a definitive agreement and obtaining the required exchange and regulatory approvals, and therefore was not reflected in the Group's FY26 financial statements. Completion of the proposed transaction is expected to occur in H1 FY27.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY26
FY25
At the beginning of the year
(13)
(8)
Addition of financial assets
6
115
Net gains/(losses) recognised in the Consolidated income statement
1
149
(122)
Net gains/(losses) recognised in the Consolidated statement of comprehensive income
2
1
2
At the end of the year
143
(13)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY26
Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 147
Production volumes
2
123
(138)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. (b) Financial risk management objectives and policies The Group is exposed to market, liquidity and credit risk. These risks are managed in accordance with the Group\u2019s portfolio risk management strategy which supports the delivery of the Group\u2019s financial targets while protecting its future financial security and flexibility by taking advantage of the natural diversification of the Group\u2019s operations and activities. Deterministic analysis across a range of operational, commodity price and foreign exchange rate scenarios is used to measure the aggregate impact of financial risks and the potential impact on financial targets. (i) Market risk The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is continually assessed under our deterministic analysis. In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or debt issuance. Interest rate risk The Group has the following exposure to interest rate risk:
US$M
FY26
FY25
Financial assets
Cash and cash equivalents
2,109
1,664
Trade and other receivables
20
32
Financial liabilities
Interest bearing liabilities
(409)
(190)
Net exposure
1,720
1,506
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY26
FY25
Increase of 100 basis points
13
11
Decrease of 100 basis points
(13)
(11)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain constant over the coming year and therefore such sensitivity analysis should be used with care. Foreign currency risk The Group\u2019s potential currency exposures comprise: \u2013 Translational exposure in respect of non-functional currency monetary items; and \u2013 Transactional exposure in respect of non-functional currency expenditure and revenues. The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may enter into forward exchange contracts. The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and liabilities:
US$M
FY26
FY25
Australian dollar
(831)
(796)
Brazilian real
(49)
(74)
Canadian dollar
147
110
British pounds
78
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY26
FY25
FY26
FY25
10% strengthening in Australian dollar
(58)
(56)
\u2013
\u2013
10% strengthening in Brazilian real
(5)
(7)
\u2013
\u2013
10% strengthening in Canadian dollar
1
3
14
8
10% strengthening in British pounds
\u2013
\u2013
8
4
Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the Consolidated balance sheet. Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement section. Provisionally priced commodity sales and purchases contracts Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at 30 June 2026 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly around silver, lead, zinc, aluminium and alumina. The Group had 1.9Moz of silver, 20.3kt of lead, 3.8kt of zinc, 12.6kt of aluminium and 10.6kt of alumina exposure at 30 June 2026 (FY25: 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY27. A 10 per cent change in the realised price of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$15 million (FY25: US$14 million). The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may move concurrently in response to market conditions. These sensitivities should therefore be used with care. (ii) Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast information. In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the investment of any excess cash. The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt. Details of the Group\u2019s major standby arrangement are as follows:
FY26
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028. Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY26
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
738
738
738
\u2013
\u2013
Senior unsecured notes
694
882
30
122
730
Lease liabilities
748
1,131
165
381
585
Other interest bearing liabilities
409
409
409
\u2013
\u2013
Other financial liabilities - contingent consideration payable
22
28
\u2013
28
\u2013
Total
2,611
3,188
1,342
531
1,315
1. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY25
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables . (iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment or reversals of impairment of financial assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$259 million (FY25: US$212 million), and the carrying value of a purchased credit-impaired receivable of US$1,780 million (FY25: US$1,774 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet. The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its financial performance. At 30 June 2026, the Group updated its estimated timing of the loan repayments and as a result recognised an impairment reversal of US$249 million (FY25: impairment of US$27 million) which is included in expenses excluding finance costs in the Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,780 million (FY25: US$1,774 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique. The following table shows the movement in the carrying amount of this receivable:
US$M
FY26
FY25
At the beginning of the year
1,774
1,814
Interest accrued
158
163
Net impairment
249
(27)
Repayment of accrued interest
(401)
(176)
At the end of the year
1,780
1,774
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the Mineral Resources and Ore Reserves section of note 2(c) Key estimates, assumptions and judgements for further information on the estimates which underpin the production profile. An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments. Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are consistent with those outlined in note 13 Impairment of non-financial assets. The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price forecasts used within the range of US$5.28/lb - US$6.09/lb, in real terms, as published by market commentators. The following table illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on changing this assumption by 10 per cent while holding all other variables constant.
FY26
Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
1,927
1,780
4
(24)
(c) Capital management The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to: \u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle; \u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as dividends following each six-month reporting period; and \u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and other high return investment opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-512": { "value": "19. Financial assets and financial liabilities The following table presents the financial assets and liabilities by class at their carrying amounts:
FY26
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
2,134
2,134
Trade and other receivables
1
9
102
\u2013
667
769
Other financial assets:
Contingent consideration receivable
12
\u2013
\u2013
12
Total current financial assets
114
\u2013
2,801
2,915
Trade and other receivables
1
9
\u2013
\u2013
1,786
1,786
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
231
\u2013
231
Contingent consideration receivable
140
\u2013
\u2013
140
Total non-current financial assets
140
231
1,786
2,157
Total financial assets
254
231
4,587
5,072
Financial liabilities
Trade and other payables
2
14
16
\u2013
722
738
Interest bearing liabilities
17
\u2013
\u2013
520
520
Total current financial liabilities
16
\u2013
1,242
1,258
Interest bearing liabilities
17
\u2013
\u2013
1,331
1,331
Other financial liabilities:
Contingent consideration payable
22
\u2013
\u2013
22
Total non-current financial liabilities
22
\u2013
1,331
1,353
Total financial liabilities
38
\u2013
2,573
2,611
1. Excludes current input taxes of US$92 million and non-current input and other taxes of US$75 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables .
FY25
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial assets or liabilities and the contractual terms of the cash flows. (a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY26
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
102
\u2013
102
Trade and other payables
\u2013
(16)
\u2013
(16)
Investments in equity instruments designated as FVOCI
1
218
\u2013
13
231
Contingent consideration receivable
\u2013
\u2013
152
152
Contingent consideration payable
\u2013
\u2013
(22)
(22)
Total
218
86
143
447
1. Includes US$65 million for the Group's investment in Trilogy Metals Inc., the Group's joint venture partner in Ambler Metals. In October 2025, the Group entered into an agreement to sell 8.2 million of its shares to the U.S. Department of War for US$18 million and to grant a 10-year call option over a further 6.2 million shares, exercisable at US$0.01 per share following substantial completion of construction of the Ambler Access Road. At 30 June 2026, transaction completion remained subject to execution of a definitive agreement and obtaining the required exchange and regulatory approvals, and therefore was not reflected in the Group's FY26 financial statements. Completion of the proposed transaction is expected to occur in H1 FY27.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY26
FY25
At the beginning of the year
(13)
(8)
Addition of financial assets
6
115
Net gains/(losses) recognised in the Consolidated income statement
1
149
(122)
Net gains/(losses) recognised in the Consolidated statement of comprehensive income
2
1
2
At the end of the year
143
(13)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY26
Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 147
Production volumes
2
123
(138)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. (b) Financial risk management objectives and policies The Group is exposed to market, liquidity and credit risk. These risks are managed in accordance with the Group\u2019s portfolio risk management strategy which supports the delivery of the Group\u2019s financial targets while protecting its future financial security and flexibility by taking advantage of the natural diversification of the Group\u2019s operations and activities. Deterministic analysis across a range of operational, commodity price and foreign exchange rate scenarios is used to measure the aggregate impact of financial risks and the potential impact on financial targets. (i) Market risk The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is continually assessed under our deterministic analysis. In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or debt issuance. Interest rate risk The Group has the following exposure to interest rate risk:
US$M
FY26
FY25
Financial assets
Cash and cash equivalents
2,109
1,664
Trade and other receivables
20
32
Financial liabilities
Interest bearing liabilities
(409)
(190)
Net exposure
1,720
1,506
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY26
FY25
Increase of 100 basis points
13
11
Decrease of 100 basis points
(13)
(11)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain constant over the coming year and therefore such sensitivity analysis should be used with care. Foreign currency risk The Group\u2019s potential currency exposures comprise: \u2013 Translational exposure in respect of non-functional currency monetary items; and \u2013 Transactional exposure in respect of non-functional currency expenditure and revenues. The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may enter into forward exchange contracts. The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and liabilities:
US$M
FY26
FY25
Australian dollar
(831)
(796)
Brazilian real
(49)
(74)
Canadian dollar
147
110
British pounds
78
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY26
FY25
FY26
FY25
10% strengthening in Australian dollar
(58)
(56)
\u2013
\u2013
10% strengthening in Brazilian real
(5)
(7)
\u2013
\u2013
10% strengthening in Canadian dollar
1
3
14
8
10% strengthening in British pounds
\u2013
\u2013
8
4
Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the Consolidated balance sheet. Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement section. Provisionally priced commodity sales and purchases contracts Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at 30 June 2026 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly around silver, lead, zinc, aluminium and alumina. The Group had 1.9Moz of silver, 20.3kt of lead, 3.8kt of zinc, 12.6kt of aluminium and 10.6kt of alumina exposure at 30 June 2026 (FY25: 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY27. A 10 per cent change in the realised price of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$15 million (FY25: US$14 million). The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may move concurrently in response to market conditions. These sensitivities should therefore be used with care. (ii) Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast information. In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the investment of any excess cash. The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt. Details of the Group\u2019s major standby arrangement are as follows:
FY26
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028. Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY26
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
738
738
738
\u2013
\u2013
Senior unsecured notes
694
882
30
122
730
Lease liabilities
748
1,131
165
381
585
Other interest bearing liabilities
409
409
409
\u2013
\u2013
Other financial liabilities - contingent consideration payable
22
28
\u2013
28
\u2013
Total
2,611
3,188
1,342
531
1,315
1. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY25
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables . (iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment or reversals of impairment of financial assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$259 million (FY25: US$212 million), and the carrying value of a purchased credit-impaired receivable of US$1,780 million (FY25: US$1,774 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet. The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its financial performance. At 30 June 2026, the Group updated its estimated timing of the loan repayments and as a result recognised an impairment reversal of US$249 million (FY25: impairment of US$27 million) which is included in expenses excluding finance costs in the Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,780 million (FY25: US$1,774 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique. The following table shows the movement in the carrying amount of this receivable:
US$M
FY26
FY25
At the beginning of the year
1,774
1,814
Interest accrued
158
163
Net impairment
249
(27)
Repayment of accrued interest
(401)
(176)
At the end of the year
1,780
1,774
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the Mineral Resources and Ore Reserves section of note 2(c) Key estimates, assumptions and judgements for further information on the estimates which underpin the production profile. An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments. Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are consistent with those outlined in note 13 Impairment of non-financial assets. The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price forecasts used within the range of US$5.28/lb - US$6.09/lb, in real terms, as published by market commentators. The following table illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on changing this assumption by 10 per cent while holding all other variables constant.
FY26
Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
1,927
1,780
4
(24)
(c) Capital management The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to: \u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle; \u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as dividends following each six-month reporting period; and \u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and other high return investment opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-561": { "value": "19. Financial assets and financial liabilities The following table presents the financial assets and liabilities by class at their carrying amounts:
FY26
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
2,134
2,134
Trade and other receivables
1
9
102
\u2013
667
769
Other financial assets:
Contingent consideration receivable
12
\u2013
\u2013
12
Total current financial assets
114
\u2013
2,801
2,915
Trade and other receivables
1
9
\u2013
\u2013
1,786
1,786
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
231
\u2013
231
Contingent consideration receivable
140
\u2013
\u2013
140
Total non-current financial assets
140
231
1,786
2,157
Total financial assets
254
231
4,587
5,072
Financial liabilities
Trade and other payables
2
14
16
\u2013
722
738
Interest bearing liabilities
17
\u2013
\u2013
520
520
Total current financial liabilities
16
\u2013
1,242
1,258
Interest bearing liabilities
17
\u2013
\u2013
1,331
1,331
Other financial liabilities:
Contingent consideration payable
22
\u2013
\u2013
22
Total non-current financial liabilities
22
\u2013
1,331
1,353
Total financial liabilities
38
\u2013
2,573
2,611
1. Excludes current input taxes of US$92 million and non-current input and other taxes of US$75 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables .
FY25
Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial assets or liabilities and the contractual terms of the cash flows. (a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY26
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
102
\u2013
102
Trade and other payables
\u2013
(16)
\u2013
(16)
Investments in equity instruments designated as FVOCI
1
218
\u2013
13
231
Contingent consideration receivable
\u2013
\u2013
152
152
Contingent consideration payable
\u2013
\u2013
(22)
(22)
Total
218
86
143
447
1. Includes US$65 million for the Group's investment in Trilogy Metals Inc., the Group's joint venture partner in Ambler Metals. In October 2025, the Group entered into an agreement to sell 8.2 million of its shares to the U.S. Department of War for US$18 million and to grant a 10-year call option over a further 6.2 million shares, exercisable at US$0.01 per share following substantial completion of construction of the Ambler Access Road. At 30 June 2026, transaction completion remained subject to execution of a definitive agreement and obtaining the required exchange and regulatory approvals, and therefore was not reflected in the Group's FY26 financial statements. Completion of the proposed transaction is expected to occur in H1 FY27.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY26
FY25
At the beginning of the year
(13)
(8)
Addition of financial assets
6
115
Net gains/(losses) recognised in the Consolidated income statement
1
149
(122)
Net gains/(losses) recognised in the Consolidated statement of comprehensive income
2
1
2
At the end of the year
143
(13)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY26
Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 147
Production volumes
2
123
(138)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-595": { "value": "For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial assets or liabilities and the contractual terms of the cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-591": { "value": "For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial assets or liabilities and the contractual terms of the cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-580": { "value": "For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial assets or liabilities and the contractual terms of the cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-547": { "value": "(a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY26
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
102
\u2013
102
Trade and other payables
\u2013
(16)
\u2013
(16)
Investments in equity instruments designated as FVOCI
1
218
\u2013
13
231
Contingent consideration receivable
\u2013
\u2013
152
152
Contingent consideration payable
\u2013
\u2013
(22)
(22)
Total
218
86
143
447
1. Includes US$65 million for the Group's investment in Trilogy Metals Inc., the Group's joint venture partner in Ambler Metals. In October 2025, the Group entered into an agreement to sell 8.2 million of its shares to the U.S. Department of War for US$18 million and to grant a 10-year call option over a further 6.2 million shares, exercisable at US$0.01 per share following substantial completion of construction of the Ambler Access Road. At 30 June 2026, transaction completion remained subject to execution of a definitive agreement and obtaining the required exchange and regulatory approvals, and therefore was not reflected in the Group's FY26 financial statements. Completion of the proposed transaction is expected to occur in H1 FY27.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY26
FY25
At the beginning of the year
(13)
(8)
Addition of financial assets
6
115
Net gains/(losses) recognised in the Consolidated income statement
1
149
(122)
Net gains/(losses) recognised in the Consolidated statement of comprehensive income
2
1
2
At the end of the year
143
(13)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY26
Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 147
Production volumes
2
123
(138)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-538": { "value": "(a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY26
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
102
\u2013
102
Trade and other payables
\u2013
(16)
\u2013
(16)
Investments in equity instruments designated as FVOCI
1
218
\u2013
13
231
Contingent consideration receivable
\u2013
\u2013
152
152
Contingent consideration payable
\u2013
\u2013
(22)
(22)
Total
218
86
143
447
1. Includes US$65 million for the Group's investment in Trilogy Metals Inc., the Group's joint venture partner in Ambler Metals. In October 2025, the Group entered into an agreement to sell 8.2 million of its shares to the U.S. Department of War for US$18 million and to grant a 10-year call option over a further 6.2 million shares, exercisable at US$0.01 per share following substantial completion of construction of the Ambler Access Road. At 30 June 2026, transaction completion remained subject to execution of a definitive agreement and obtaining the required exchange and regulatory approvals, and therefore was not reflected in the Group's FY26 financial statements. Completion of the proposed transaction is expected to occur in H1 FY27.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY26
FY25
At the beginning of the year
(13)
(8)
Addition of financial assets
6
115
Net gains/(losses) recognised in the Consolidated income statement
1
149
(122)
Net gains/(losses) recognised in the Consolidated statement of comprehensive income
2
1
2
At the end of the year
143
(13)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY26
Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 147
Production volumes
2
123
(138)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-596": { "value": "(a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-592": { "value": "(a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$694 million (FY25: US$693 million) and a fair value of US$667 million (FY25: US$655 million), and lease liabilities with a carrying value of US$748 million (FY25: US$713 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is measured using quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted market prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data. (b) Measurement of fair values The fair value at grant date of equity-settled share awards is charged to the Consolidated income statement, net of tax, over the period for which the benefits of employee services are expected to be derived. The corresponding accrued employee entitlement is recorded in the employee share awards reserve. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense recognised is charged directly to retained earnings, net of tax. The fair value of market-based performance rights is measured using a Monte Carlo methodology and the fair value of retention and other non-market-based performance rights is measured using a Black Scholes methodology. The models consider the following: \u2013 Expected life of the award; \u2013 Current market price of the underlying shares; \u2013 Expected volatility (of the individual company and of each peer group); \u2013 Expected dividends; \u2013 Risk-free interest rate; and \u2013 Market based performance hurdles (performance rights only). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-563": { "value": "(b) Financial risk management objectives and policies The Group is exposed to market, liquidity and credit risk. These risks are managed in accordance with the Group\u2019s portfolio risk management strategy which supports the delivery of the Group\u2019s financial targets while protecting its future financial security and flexibility by taking advantage of the natural diversification of the Group\u2019s operations and activities. Deterministic analysis across a range of operational, commodity price and foreign exchange rate scenarios is used to measure the aggregate impact of financial risks and the potential impact on financial targets. (i) Market risk The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is continually assessed under our deterministic analysis. In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or debt issuance. Interest rate risk The Group has the following exposure to interest rate risk:
US$M
FY26
FY25
Financial assets
Cash and cash equivalents
2,109
1,664
Trade and other receivables
20
32
Financial liabilities
Interest bearing liabilities
(409)
(190)
Net exposure
1,720
1,506
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY26
FY25
Increase of 100 basis points
13
11
Decrease of 100 basis points
(13)
(11)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain constant over the coming year and therefore such sensitivity analysis should be used with care. Foreign currency risk The Group\u2019s potential currency exposures comprise: \u2013 Translational exposure in respect of non-functional currency monetary items; and \u2013 Transactional exposure in respect of non-functional currency expenditure and revenues. The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may enter into forward exchange contracts. The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and liabilities:
US$M
FY26
FY25
Australian dollar
(831)
(796)
Brazilian real
(49)
(74)
Canadian dollar
147
110
British pounds
78
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY26
FY25
FY26
FY25
10% strengthening in Australian dollar
(58)
(56)
\u2013
\u2013
10% strengthening in Brazilian real
(5)
(7)
\u2013
\u2013
10% strengthening in Canadian dollar
1
3
14
8
10% strengthening in British pounds
\u2013
\u2013
8
4
Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the Consolidated balance sheet. Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement section. Provisionally priced commodity sales and purchases contracts Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at 30 June 2026 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly around silver, lead, zinc, aluminium and alumina. The Group had 1.9Moz of silver, 20.3kt of lead, 3.8kt of zinc, 12.6kt of aluminium and 10.6kt of alumina exposure at 30 June 2026 (FY25: 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY27. A 10 per cent change in the realised price of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$15 million (FY25: US$14 million). The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may move concurrently in response to market conditions. These sensitivities should therefore be used with care. (ii) Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast information. In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the investment of any excess cash. The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt. Details of the Group\u2019s major standby arrangement are as follows:
FY26
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028. Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY26
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
738
738
738
\u2013
\u2013
Senior unsecured notes
694
882
30
122
730
Lease liabilities
748
1,131
165
381
585
Other interest bearing liabilities
409
409
409
\u2013
\u2013
Other financial liabilities - contingent consideration payable
22
28
\u2013
28
\u2013
Total
2,611
3,188
1,342
531
1,315
1. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY25
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables . (iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment or reversals of impairment of financial assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$259 million (FY25: US$212 million), and the carrying value of a purchased credit-impaired receivable of US$1,780 million (FY25: US$1,774 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet. The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its financial performance. At 30 June 2026, the Group updated its estimated timing of the loan repayments and as a result recognised an impairment reversal of US$249 million (FY25: impairment of US$27 million) which is included in expenses excluding finance costs in the Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,780 million (FY25: US$1,774 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique. The following table shows the movement in the carrying amount of this receivable:
US$M
FY26
FY25
At the beginning of the year
1,774
1,814
Interest accrued
158
163
Net impairment
249
(27)
Repayment of accrued interest
(401)
(176)
At the end of the year
1,780
1,774
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the Mineral Resources and Ore Reserves section of note 2(c) Key estimates, assumptions and judgements for further information on the estimates which underpin the production profile. An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments. Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are consistent with those outlined in note 13 Impairment of non-financial assets. The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price forecasts used within the range of US$5.28/lb - US$6.09/lb, in real terms, as published by market commentators. The following table illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on changing this assumption by 10 per cent while holding all other variables constant.
FY26
Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
1,927
1,780
4
(24)
", "dimensions": { "concept": "ifrs-full:DisclosureOfQualitativeInformationAboutRiskAndNatureAndCarryingAmountOfAssetsAndLiabilitiesExposedToRiskExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-539": { "value": "(b) Financial risk management objectives and policies The Group is exposed to market, liquidity and credit risk. These risks are managed in accordance with the Group\u2019s portfolio risk management strategy which supports the delivery of the Group\u2019s financial targets while protecting its future financial security and flexibility by taking advantage of the natural diversification of the Group\u2019s operations and activities. Deterministic analysis across a range of operational, commodity price and foreign exchange rate scenarios is used to measure the aggregate impact of financial risks and the potential impact on financial targets. (i) Market risk The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is continually assessed under our deterministic analysis. In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or debt issuance. Interest rate risk The Group has the following exposure to interest rate risk:
US$M
FY26
FY25
Financial assets
Cash and cash equivalents
2,109
1,664
Trade and other receivables
20
32
Financial liabilities
Interest bearing liabilities
(409)
(190)
Net exposure
1,720
1,506
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY26
FY25
Increase of 100 basis points
13
11
Decrease of 100 basis points
(13)
(11)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain constant over the coming year and therefore such sensitivity analysis should be used with care. Foreign currency risk The Group\u2019s potential currency exposures comprise: \u2013 Translational exposure in respect of non-functional currency monetary items; and \u2013 Transactional exposure in respect of non-functional currency expenditure and revenues. The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may enter into forward exchange contracts. The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and liabilities:
US$M
FY26
FY25
Australian dollar
(831)
(796)
Brazilian real
(49)
(74)
Canadian dollar
147
110
British pounds
78
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY26
FY25
FY26
FY25
10% strengthening in Australian dollar
(58)
(56)
\u2013
\u2013
10% strengthening in Brazilian real
(5)
(7)
\u2013
\u2013
10% strengthening in Canadian dollar
1
3
14
8
10% strengthening in British pounds
\u2013
\u2013
8
4
Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the Consolidated balance sheet. Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement section. Provisionally priced commodity sales and purchases contracts Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at 30 June 2026 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly around silver, lead, zinc, aluminium and alumina. The Group had 1.9Moz of silver, 20.3kt of lead, 3.8kt of zinc, 12.6kt of aluminium and 10.6kt of alumina exposure at 30 June 2026 (FY25: 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY27. A 10 per cent change in the realised price of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$15 million (FY25: US$14 million). The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may move concurrently in response to market conditions. These sensitivities should therefore be used with care. (ii) Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast information. In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the investment of any excess cash. The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt. Details of the Group\u2019s major standby arrangement are as follows:
FY26
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028. Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY26
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
738
738
738
\u2013
\u2013
Senior unsecured notes
694
882
30
122
730
Lease liabilities
748
1,131
165
381
585
Other interest bearing liabilities
409
409
409
\u2013
\u2013
Other financial liabilities - contingent consideration payable
22
28
\u2013
28
\u2013
Total
2,611
3,188
1,342
531
1,315
1. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY25
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables . (iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment or reversals of impairment of financial assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$259 million (FY25: US$212 million), and the carrying value of a purchased credit-impaired receivable of US$1,780 million (FY25: US$1,774 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet. The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its financial performance. At 30 June 2026, the Group updated its estimated timing of the loan repayments and as a result recognised an impairment reversal of US$249 million (FY25: impairment of US$27 million) which is included in expenses excluding finance costs in the Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,780 million (FY25: US$1,774 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique. The following table shows the movement in the carrying amount of this receivable:
US$M
FY26
FY25
At the beginning of the year
1,774
1,814
Interest accrued
158
163
Net impairment
249
(27)
Repayment of accrued interest
(401)
(176)
At the end of the year
1,780
1,774
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the Mineral Resources and Ore Reserves section of note 2(c) Key estimates, assumptions and judgements for further information on the estimates which underpin the production profile. An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments. Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are consistent with those outlined in note 13 Impairment of non-financial assets. The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price forecasts used within the range of US$5.28/lb - US$6.09/lb, in real terms, as published by market commentators. The following table illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on changing this assumption by 10 per cent while holding all other variables constant.
FY26
Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
1,927
1,780
4
(24)
(c) Capital management The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to: \u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle; \u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as dividends following each six-month reporting period; and \u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and other high return investment opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-548": { "value": "(i) Market risk The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is continually assessed under our deterministic analysis. In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or debt issuance. Interest rate risk The Group has the following exposure to interest rate risk:
US$M
FY26
FY25
Financial assets
Cash and cash equivalents
2,109
1,664
Trade and other receivables
20
32
Financial liabilities
Interest bearing liabilities
(409)
(190)
Net exposure
1,720
1,506
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY26
FY25
Increase of 100 basis points
13
11
Decrease of 100 basis points
(13)
(11)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain constant over the coming year and therefore such sensitivity analysis should be used with care. Foreign currency risk The Group\u2019s potential currency exposures comprise: \u2013 Translational exposure in respect of non-functional currency monetary items; and \u2013 Transactional exposure in respect of non-functional currency expenditure and revenues. The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may enter into forward exchange contracts. The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and liabilities:
US$M
FY26
FY25
Australian dollar
(831)
(796)
Brazilian real
(49)
(74)
Canadian dollar
147
110
British pounds
78
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY26
FY25
FY26
FY25
10% strengthening in Australian dollar
(58)
(56)
\u2013
\u2013
10% strengthening in Brazilian real
(5)
(7)
\u2013
\u2013
10% strengthening in Canadian dollar
1
3
14
8
10% strengthening in British pounds
\u2013
\u2013
8
4
Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the Consolidated balance sheet. Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement section. Provisionally priced commodity sales and purchases contracts Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at 30 June 2026 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly around silver, lead, zinc, aluminium and alumina. The Group had 1.9Moz of silver, 20.3kt of lead, 3.8kt of zinc, 12.6kt of aluminium and 10.6kt of alumina exposure at 30 June 2026 (FY25: 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY27. A 10 per cent change in the realised price of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$15 million (FY25: US$14 million). The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may move concurrently in response to market conditions. These sensitivities should therefore be used with care. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-549": { "value": "(ii) Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast information. In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the investment of any excess cash. The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt. Details of the Group\u2019s major standby arrangement are as follows:
FY26
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028. Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY26
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
738
738
738
\u2013
\u2013
Senior unsecured notes
694
882
30
122
730
Lease liabilities
748
1,131
165
381
585
Other interest bearing liabilities
409
409
409
\u2013
\u2013
Other financial liabilities - contingent consideration payable
22
28
\u2013
28
\u2013
Total
2,611
3,188
1,342
531
1,315
1. Excludes current input taxes of US$24 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY25
Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-550": { "value": "(iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment or reversals of impairment of financial assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$259 million (FY25: US$212 million), and the carrying value of a purchased credit-impaired receivable of US$1,780 million (FY25: US$1,774 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet. The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its financial performance. At 30 June 2026, the Group updated its estimated timing of the loan repayments and as a result recognised an impairment reversal of US$249 million (FY25: impairment of US$27 million) which is included in expenses excluding finance costs in the Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,780 million (FY25: US$1,774 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique. The following table shows the movement in the carrying amount of this receivable:
US$M
FY26
FY25
At the beginning of the year
1,774
1,814
Interest accrued
158
163
Net impairment
249
(27)
Repayment of accrued interest
(401)
(176)
At the end of the year
1,780
1,774
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the Mineral Resources and Ore Reserves section of note 2(c) Key estimates, assumptions and judgements for further information on the estimates which underpin the production profile. An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments. Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are consistent with those outlined in note 13 Impairment of non-financial assets. The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price forecasts used within the range of US$5.28/lb - US$6.09/lb, in real terms, as published by market commentators. The following table illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on changing this assumption by 10 per cent while holding all other variables constant.
FY26
Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
1,927
1,780
4
(24)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-597": { "value": "Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment or reversals of impairment of financial assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-551": { "value": "(c) Capital management The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to: \u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle; \u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as dividends following each six-month reporting period; and \u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and other high return investment opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-487": { "value": "
20. Share capital
FY26
FY25
Shares
US$M
Shares
US$M
Share capital
At the beginning of the year
4,503,635,121
13,160
4,529,258,568
13,216
Shares bought back and cancelled
(17,149,383)
(35)
(25,623,447)
(56)
At the end of the year
4,486,485,738
13,125
4,503,635,121
13,160
Treasury shares
At the beginning of the year
(9,719,505)
(25)
(15,687,464)
(43)
Purchase of shares by ESOP Trusts
(1,881,123)
(5)
(3,968,685)
(10)
Employee share awards vested
6,540,671
16
9,936,644
28
At the end of the year
(5,059,957)
(14)
(9,719,505)
(25)
Shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares
held. On a show of hands every holder of shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each
share is entitled to one vote. Incremental costs directly attributable to the issuance of shares, net of any income tax effects, are recognised
as a deduction from equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-527": { "value": "20. Share capital
FY26
FY25
Shares
US$M
Shares
US$M
Share capital
At the beginning of the year
4,503,635,121
13,160
4,529,258,568
13,216
Shares bought back and cancelled
(17,149,383)
(35)
(25,623,447)
(56)
At the end of the year
4,486,485,738
13,125
4,503,635,121
13,160
Treasury shares
At the beginning of the year
(9,719,505)
(25)
(15,687,464)
(43)
Purchase of shares by ESOP Trusts
(1,881,123)
(5)
(3,968,685)
(10)
Employee share awards vested
6,540,671
16
9,936,644
28
At the end of the year
(5,059,957)
(14)
(9,719,505)
(25)
Shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares held. On a show of hands every holder of shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. Incremental costs directly attributable to the issuance of shares, net of any income tax effects, are recognised as a deduction from equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-513": { "value": "20. Share capital
FY26
FY25
Shares
US$M
Shares
US$M
Share capital
At the beginning of the year
4,503,635,121
13,160
4,529,258,568
13,216
Shares bought back and cancelled
(17,149,383)
(35)
(25,623,447)
(56)
At the end of the year
4,486,485,738
13,125
4,503,635,121
13,160
Treasury shares
At the beginning of the year
(9,719,505)
(25)
(15,687,464)
(43)
Purchase of shares by ESOP Trusts
(1,881,123)
(5)
(3,968,685)
(10)
Employee share awards vested
6,540,671
16
9,936,644
28
At the end of the year
(5,059,957)
(14)
(9,719,505)
(25)
Shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares held. On a show of hands every holder of shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. Incremental costs directly attributable to the issuance of shares, net of any income tax effects, are recognised as a deduction from equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-581": { "value": "Incremental costs directly attributable to the issuance of shares, net of any income tax effects, are recognised as a deduction from equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-514": { "value": "
21. Auditor's remuneration
The auditor of the Group is KPMG.
US$'000
FY26
FY25
Fees payable to the Group's auditor for assurance services
Audit and review of financial statements
4,079
4,052
Other assurance services
1
1,390
767
Total auditor\u2019s remuneration
5,469
4,819
1. Primarily comprises transaction assurance services and sustainability assurance services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-488": { "value": "22. Employee share ownership plans At 30 June 2026, the Group had the following employee share ownership plans:
Plan
Overview
Vesting conditions
1
Vesting dates
Long-Term Incentive Plan
2
Recurring long-term incentive plan for Lead Awards subject to performance and service August 2026
(FY23 - FY26)
Team members. conditions over a four-year vesting period. August 2027
August 2028
August 2029
Deferred Short-Term
Recurring short-term incentive plan for Lead Awards subject to service conditions over a two- August 2026
Incentive Plan
3
Team members. year vesting period. August 2027
(FY24, FY25)
Management Share Plan
4
Recurring long-term incentive plan for eligible Retention rights: Awards subject to service August 2026
(FY23 - FY26)
employees below the Lead Team. The conditions over a three-year vesting period. August 2027
Management Share Plan comprises retention Performance rights: Awards subject to August 2028
rights and performance rights. performance and service conditions over a four- August 2029
year vesting period.
AllShare Plan
5
Recurring employee share plan for employees Awards subject to service conditions over a August 2026
(2023 - 2025)
not eligible to participate in the other employee three-year vesting period in Africa and a two- August 2027
share plans. Awards to the value of at least year vesting period elsewhere. August 2028
US$1,250 per employee are granted annually.
Executive Transitional
A one-off grant made to Lead Team members in Awards subject to performance and service August 2026
Award Plan
6
recognition of their adjustment from the conditions over a three-year vesting period. August 2027
(FY24,
FY25)
Management Share Plan (three-year retention
rights and four-year performance rights) to the
four-year plan at the Group.
Management Share Plan
One-off grants made to employees on joining Awards subject to service and/or performance August 2026
Sign-on Award
3
the Group. Awards may comprise retention conditions over two vesting periods. August 2027
(FY25, FY26)
rights and/or performance rights.
Deputy CEO Service Rights
A one-off grant made to Matt Daley in Awards subject to service conditions over two August 2027
Award
7
recognition of benefits forfeited with his previous vesting periods. August 2028
(FY26)
employer on joining the Group.
A one-off grant of retention rights made to Awards subject to service conditions over two January 2028
CFO Retention Award
8
Sandy Sibenaler. The awards are based on an vesting periods. January 2029
(FY26)
agreed cash value and will be settled in shares,
with the number of shares determined by
reference to the share price at the vesting date.
1. Performance conditions are based on performance for the year ended 30 June of the relevant year prior to the vesting date. 2. Awards granted on 8 December 2022, 4 December 2023, 3 December 2024, 3 December 2025 and 13 February 2026. 3. Awards granted on 3 December 2024 and 3 December 2025. 4. Awards granted on 8 December 2022, 15 May 2023, 4 December 2023, 7 May 2024, 3 December 2024, 6 May 2025, 3 December 2025 and 7 May 2026. 5. Awards granted on 4 December 2023, 3 December 2024 and 3 December 2025. 6. Awards granted on 4 December 2023 and 3 December 2024. 7. Awards granted on 13 February 2026. 8. Awards granted on 3 May 2026. Awards may be granted annually subject to approval by shareholders at the annual general meeting for awards to the Chief Executive Officer and, in FY26, awards to the then Deputy Chief Executive Officer, and by the Board of Directors, for all other awards. All awards take the form of rights to receive one share in South32 Limited for each right granted, subject to Board of Directors discretion and performance and/or service conditions being met. Performance conditions include total shareholder return relative to peer groups, climate change, and portfolio management performance hurdles. Further information on the vesting conditions of performance rights granted in FY26 is disclosed in the Remuneration Report. Employees in Africa are granted rights on the JSE and all other employees are granted rights on the ASX. Awards do not confer any dividend or voting rights until they convert into shares at vesting. In addition, the awards do not confer any rights to participate in a share issue, however, there is discretion under the plans to adjust the awards in response to a variation in South32 Limited\u2019s share capital. The Deferred Short-term Incentive Plan, AllShare JSE Plan and Deputy CEO Service Rights Award are eligible to receive a payment equal to the dividend amount that would have been earned on the underlying shares awarded to those participants (a Dividend Equivalent Payment). The Dividend Equivalent Payment is made in cash to participants once the underlying shares are issued or transferred to them.
No Dividend Equivalent Payment is made in respect of awards that have lapsed or have been forfeited. No other awards are eligible for a
Dividend Equivalent Payment.
(a) Employee Share Ownership Plan Trusts The South32 Limited Employee Incentive Plans Trust (the Australian Trust) and the South32 South African AllShare Trust (the South African Trust) are discretionary trusts for the benefit of employees of South32 Limited and its subsidiaries. The trustee for the Australian Trust (CPU Share Plans Pty Ltd) is an independent company in Australia. The trustees for the South African Trust are made up of employer and employee representatives per the Broad-Based Black Economic Empowerment (B-BBEE) requirements under South African law. The Trusts use funds provided by South32 Limited and/or its subsidiaries to acquire shares to enable awards to be made or satisfied under the Group employee share ownership plans. Shares may be acquired by purchase in the market or by subscription at not less than nominal value. (b) Measurement of fair values The fair value at grant date of equity-settled share awards is charged to the Consolidated income statement, net of tax, over the period for which the benefits of employee services are expected to be derived. The corresponding accrued employee entitlement is recorded in the employee share awards reserve. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense recognised is charged directly to retained earnings, net of tax. The fair value of market-based performance rights is measured using a Monte Carlo methodology and the fair value of retention and other non-market-based performance rights is measured using a Black Scholes methodology. The models consider the following: \u2013 Expected life of the award; \u2013 Current market price of the underlying shares; \u2013 Expected volatility (of the individual company and of each peer group); \u2013 Expected dividends; \u2013 Risk-free interest rate; and \u2013 Market based performance hurdles (performance rights only). The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows:
Risk-free
interest rate
Fair value at Share price at based on
grant date grant date Expected Expected life government
FY26
(US$) (US$) volatility (%) (in years) bonds (%)
Recurring plans
FY26 Long-Term Incentive Plan
1.26 - 2.15
2.22 - 2.34
35
4
3.98 - 4.20
FY25 Deferred Short-Term Incentive Plan
2.09
2.22
35
2
3.84
FY26 Management Share Plan - Retention rights
1.81 - 1.92
2.21 - 3.03
35
3
3.91 - 6.16
FY26 Management Share Plan - Performance rights
1.19 - 1.26
2.21 - 3.03
35
4
3.98 - 6.72
2025
AllShare Plan
1.97
2.21 - 2.22
35
2 - 3
3.84 - 6.16
Transitional and other plans
1
FY26 Management Share Plan Sign-on Award
1.97
2.22
35
2
3.84
FY26 Deputy CEO Service Rights Award - Tranche 1 and 2
3.24
3.13
35
1 - 2
4.14 - 4.15
1. Excludes awards issuable under the FY26 CFO Retention Award. The number of shares are variable, to be determined at vesting based on an agreed cash value. The fair value at grant date, expected life, and risk-free interest rates shown represent the ranges based on the amounts of rights granted on the ASX or the JSE during the year, and the variations in offer terms and grant dates of each plan where applicable. Expected volatility is based on the historical South32 Limited share price volatility at the grant date.
(c) Reconciliation of outstanding share awards
None of the awards listed below have an exercise price or are exercisable at 30 June 2026.
Rights at Granted Forfeited
FY26
beginning of during the Vested during during the Lapsed during Rights at end
Number of rights
the year year the year year the year of the year
Recurring plans
Long-Term Incentive Plan
12,011,942
5,566,519
(503,163)
(1,088,747)
(2,851,276)
13,135,275
Deferred Short-Term Incentive Plan
2,240,270
1,354,273
(1,419,957)
\u2013
\u2013
2,174,586
Management Share Plan - Retention rights
5,454,770
3,393,008
(1,938,265)
(667,547)
\u2013
6,241,966
Management Share Plan - Performance rights
12,455,592
4,482,497
(424,681)
(1,375,217)
(2,421,232)
12,716,959
AllShare Plan
10,453,280
5,677,500
(6,453,880)
(469,290)
\u2013
9,207,610
Transitional and other plans
Executive Transitional Award Plan
171,900
\u2013
\u2013
\u2013
\u2013
171,900
Management Share Plan Sign-on Award - Retention rights
103,600
14,000
(46,100)
\u2013
\u2013
71,500
Management Share Plan Sign-on Award - Performance
rights
42,000
\u2013
\u2013
\u2013
\u2013
42,000
FY26 Deputy CEO Service Rights Award - Tranche 1
 \u2013 1,242,857
\u2013
\u2013
\u2013
 1,242,857
FY26 Deputy CEO Service Rights Award - Tranche 2
 \u2013 240,000
\u2013
\u2013
\u2013
 240,000
Total awards
1
42,933,354
21,970,654
(10,786,046)
(3,600,801)
(5,272,508)
45,244,653
1. Excludes awards issuable under the FY26 CFO Retention Award. The number of shares are variable, to be determined at vesting based on an agreed cash value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-598": { "value": "(b) Measurement of fair values The fair value at grant date of equity-settled share awards is charged to the Consolidated income statement, net of tax, over the period for which the benefits of employee services are expected to be derived. The corresponding accrued employee entitlement is recorded in the employee share awards reserve. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense recognised is charged directly to retained earnings, net of tax. The fair value of market-based performance rights is measured using a Monte Carlo methodology and the fair value of retention and other non-market-based performance rights is measured using a Black Scholes methodology. The models consider the following: \u2013 Expected life of the award; \u2013 Current market price of the underlying shares; \u2013 Expected volatility (of the individual company and of each peer group); \u2013 Expected dividends; \u2013 Risk-free interest rate; and \u2013 Market based performance hurdles (performance rights only). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-582": { "value": "Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense recognised is charged directly to retained earnings, net of tax. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-489": { "value": "
23. Contingent assets and liabilities
Contingent assets and liabilities not otherwise provided for in the consolidated financial statements are as follows:
US$M
FY26
FY25
Contingent liabilities
Actual or potential litigation
310
318
Transaction-related contingencies
82
\u2013
Total contingent liabilities
392
318
Contingent assets
Actual or potential litigation
6
15
Total contingent assets
6
15
Actual or potential litigation liabilities primarily relate to historical tax assessments and other related matters in Colombia and Brazil.
Transaction-related contingencies relate to a possible break fee payable if the Group's agreement to sell its interests in the aluminium
value chain assets, as outlined in note 2(c) Key estimates, assumptions and judgements, does not complete as a result of certain agreed
circumstances.
Actual or potential litigation assets primarily relate to potential recovery of pre-closing tax liabilities in respect of the Sierra Gorda
acquisition.
The Group\u2019s operations are subject to complex legislative regimes, including various environmental laws and regulations. From time to time
there may be legal and regulatory claims, or potential claims, that have arisen in the course of business against entities in the Group. The
Group only recognises amounts as liabilities when they are probable, or as contingencies when they are possible, and only where a reliable
estimate can be made. The Group is not aware of any non-compliance or potential claims that are unrecognised, or have not been
disclosed, which are expected to result in a material financial impact. Such disclosures are adjusted as new information develops or
circumstances change.
The Group has entered into various counter-indemnities for bank and performance guarantees related to its own future performance
which are in the normal course of business. Additionally, the Group has provided indemnities against certain liabilities as part of
agreements for the disposal of business operations. The Group considers the likelihood of a material liability arising from the indemnities
provided as remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-528": { "value": "23. Contingent assets and liabilities Contingent assets and liabilities not otherwise provided for in the consolidated financial statements are as follows:
US$M
FY26
FY25
Contingent liabilities
Actual or potential litigation
310
318
Transaction-related contingencies
82
\u2013
Total contingent liabilities
392
318
Contingent assets
Actual or potential litigation
6
15
Total contingent assets
6
15
Actual or potential litigation liabilities primarily relate to historical tax assessments and other related matters in Colombia and Brazil. Transaction-related contingencies relate to a possible break fee payable if the Group's agreement to sell its interests in the aluminium value chain assets, as outlined in note 2(c) Key estimates, assumptions and judgements, does not complete as a result of certain agreed circumstances. Actual or potential litigation assets primarily relate to potential recovery of pre-closing tax liabilities in respect of the Sierra Gorda acquisition. The Group\u2019s operations are subject to complex legislative regimes, including various environmental laws and regulations. From time to time there may be legal and regulatory claims, or potential claims, that have arisen in the course of business against entities in the Group. The Group only recognises amounts as liabilities when they are probable, or as contingencies when they are possible, and only where a reliable estimate can be made. The Group is not aware of any non-compliance or potential claims that are unrecognised, or have not been disclosed, which are expected to result in a material financial impact. Such disclosures are adjusted as new information develops or circumstances change. The Group has entered into various counter-indemnities for bank and performance guarantees related to its own future performance which are in the normal course of business. Additionally, the Group has provided indemnities against certain liabilities as part of agreements for the disposal of business operations. The Group considers the likelihood of a material liability arising from the indemnities provided as remote. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-490": { "value": "
24. Subsidiaries
The Group's material subsidiaries are as follows:
Country of Effective interest %
Material subsidiaries
incorporation
Principal activity
FY26
FY25
African Metals (Pty) Ltd
South Africa
Investment holding company
100
100
Cerro Matoso S.A.
1
Colombia
Integrated laterite ferronickel mine and smelting complex
\u2013
99.9
Hillside Aluminium (Pty) Ltd
South Africa
Aluminium smelter
100
100
South32 Aluminium (Holdings) Pty Ltd
Australia
Investment holding company
100
100
South32 Aluminium (RAA) Pty Ltd
Australia
Interest in a joint operation
100
100
South32 Aluminium (Worsley) Pty Ltd
Australia
Interest in a joint operation
100
100
South32 Cannington Proprietary Limited
Australia
Silver, lead and zinc mine
100
100
South32 Finance 1 B.V.
Netherlands
Financing company
100
100
South32 Finance 2 B.V.
Netherlands
Financing company
100
100
South32 Group Operations Pty Ltd
Australia
Administrative, management and support services
100
100
South32 Hermosa Inc.
United States
Base metals exploration and development project
100
100
South32 Investment 1 B.V.
Netherlands
Interest in a joint operation
100
100
South32 Marketing Pte. Ltd.
Singapore
Sales, marketing and distribution
100
100
South32 Minerals SA
Brazil
Interest in a joint operation
100
100
South32 SA Investments Limited
1
United
Investment holding company
\u2013
100
Kingdom
South32 Southern Africa Holdings
United
Investment holding company
100
\u2013
Limited
Kingdom
South32 Sierra Gorda SpA
Chile
Investment holding company
100
100
South32 Treasury Limited
Australia
Financing company
100
100
South32 USA Exploration Inc.
United States
Interest in a joint operation and exploration
100
100
1. These subsidiaries were disposed of in FY26 as part of the sale of Cerro Matoso. Refer to note 30 Disposal of subsidiaries.
25. Equity accounted investments The Group\u2019s material interests in equity accounted investments are as follows:
Ownership interest %
Material joint ventures
Country of incorporation
Principal activity
FY26
FY25
Australia Manganese
1,2
Australia
Manganese ore mine
60
60
South Africa Manganese
1,3
South Africa
Manganese ore mines
60
60
Manganese Marketing
1,4
Singapore
Sales, marketing and distribution
60
60
Sierra Gorda
1,5
Chile
Copper mine
45
45
1. Joint control is contractually achieved as joint venture parties unanimously consent on decisions over the joint venture's relevant activities. 2. Australia Manganese consists of an investment in GEMCO. 3. The Group holds a 60 per cent interest in Samancor Holdings (Pty) Ltd (Samancor). Samancor indirectly owns 74 per cent of HMM, which gives the Group its indirect ownership interest of 44.4 per cent. Of the remaining 26 per cent of HMM, 17 per cent of the interests were acquired by B-BBEE entities using vendor finance with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these loans are repaid, the Group's interest in HMM is accounted for at 54.6 per cent. 4. Manganese Marketing consists of an investment in Samancor Marketing Pte Ltd. 5. Sierra Gorda consists of an investment in Sierra Gorda Sociedad Contractual Minera. The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. A reconciliation of the carrying amount of the equity accounted investments is set out below:
US$M
FY26
FY25
At the beginning of the year
590
396
Share of profit/(loss)
89
99
Share of other comprehensive income/(loss)
(2)
1
Dividends received
(12)
(2)
Net funding and capital movements
(69)
96
At the end of the year
596
590
Carrying amount of equity accounted investments
US$M
FY26
FY25
Australia Manganese
92
67
South Africa Manganese
187
236
Manganese Marketing
58
60
Sierra Gorda
259
212
Individually immaterial
1
\u2013
15
Total
596
590
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). At 30 June 2026, the cumulative share of unrecognised losses in respect of Minera\u00e7\u00e3o Rio do Norte amounted to US$3 million which fully relates to the current year.
Share of profit/(loss) of equity accounted investments
US$M
FY26
FY25
Australia Manganese
95
(58)
South Africa Manganese
(49)
47
Manganese Marketing
10
(1)
Sierra Gorda
49
118
Individually immaterial
1
(16)
(7)
Total
89
99
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). At 30 June 2026, the cumulative share of unrecognised losses in respect of Minera\u00e7\u00e3o Rio do Norte amounted to US$3 million which fully relates to the current year.
The following table summarises the financial information relating to each material equity accounted investment:
Joint ventures
FY26
Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
1
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
600
229
183
661
Non-current assets
888
523
55
4,919
Current liabilities
(299)
(88)
(141)
(411)
Non-current liabilities
(1,036)
(252)
\u2013
(4,594)
Net assets - 100%
153
412
97
575
Carrying amount of equity accounted investments
92
187
58
259
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
996
547
1,773
2,565
Profit/(loss) after tax - 100%
158
(91)
17
109
Share of profit/(loss) of equity accounted investments
95
(49)
10
49
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
18
\u2013
129
Current financial liabilities (excluding trade and other payables and provisions)
(6)
(2)
\u2013
(28)
Non-current financial liabilities (excluding trade and other payables and provisions)
(248)
(68)
\u2013
(4,451)
Depreciation and amortisation
(139)
(51)
(5)
(437)
Interest income
6
3
3
8
Interest expense
(52)
(24)
\u2013
(411)
Income tax (expense)/benefit
(115)
27
(5)
(141)
Royalty related tax (expense)/benefit
(56)
\u2013
\u2013
(68)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively.
2. South Africa Manganese cash and cash equivalents include US$17 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
Joint ventures
FY25
Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
1
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
370
223
131
548
Non-current assets
860
604
60
4,858
Current liabilities
(183)
(119)
(91)
(336)
Non-current liabilities
(936)
(203)
\u2013
(4,598)
Net assets - 100%
111
505
100
472
Carrying amount of equity accounted investments
67
236
60
212
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
61
541
710
1,850
Profit/(loss) after tax - 100%
(97)
79
(2)
261
Share of profit/(loss) of equity accounted investments
(58)
47
(1)
118
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
16
\u2013
123
Current financial liabilities (excluding trade and other payables and provisions)
(5)
(34)
\u2013
(22)
Non-current financial liabilities (excluding trade and other payables and provisions)
(277)
(23)
\u2013
(4,445)
Depreciation and amortisation
(29)
(37)
(7)
(364)
Interest income
4
6
3
5
Interest expense
(50)
(28)
\u2013
(425)
Income tax (expense)/benefit
14
(5)
\u2013
(77)
Royalty related tax (expense)/benefit
5
\u2013
\u2013
(33)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively.
2. South Africa Manganese cash and cash equivalents include US$14 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
The Group\u2019s share of capital expenditure commitments of material equity accounted investments as at 30 June 2026 was US$52 million
(FY25: US$59 million). The material equity accounted investments had US$2 million (FY25: nil) contingent assets and US$1 million (FY25: nil)
contingent liabilities as at 30 June 2026.
26. Interests in joint operations The Group's material interests in joint operations are as follows:
Material joint
Country of Effective Interest %
operations
operation
Principal activity
FY26
FY25
Ambler Metals
United States
Base metals exploration and development options
50
50
Brazil Alumina
1
Brazil
Integrated bauxite mine and alumina refinery
36
36
Brazil Aluminium
1
Brazil
Aluminium smelter
40
40
Mozal Aluminium
2,3
Mozambique
Aluminium smelter
63.7
63.7
Worsley Alumina
1,3
Australia
Integrated bauxite mine and alumina refinery
86
86
1. On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina and Brazil Aluminium to Alcoa Corporation. Refer to note 2(c) Key estimates, assumptions and judgements. 2. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance. Refer to note 4(b)(ii) Significant items. 3. While the Group holds a greater than 50 per cent interest in Worsley Alumina and Mozal Aluminium, participants jointly approve certain matters and are entitled to receive their share of output from the arrangement. The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the joint operation. The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to joint operation partners over assets within the joint operation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-515": { "value": "24. Subsidiaries The Group's material subsidiaries are as follows:
Country of Effective interest %
Material subsidiaries
incorporation
Principal activity
FY26
FY25
African Metals (Pty) Ltd
South Africa
Investment holding company
100
100
Cerro Matoso S.A.
1
Colombia
Integrated laterite ferronickel mine and smelting complex
\u2013
99.9
Hillside Aluminium (Pty) Ltd
South Africa
Aluminium smelter
100
100
South32 Aluminium (Holdings) Pty Ltd
Australia
Investment holding company
100
100
South32 Aluminium (RAA) Pty Ltd
Australia
Interest in a joint operation
100
100
South32 Aluminium (Worsley) Pty Ltd
Australia
Interest in a joint operation
100
100
South32 Cannington Proprietary Limited
Australia
Silver, lead and zinc mine
100
100
South32 Finance 1 B.V.
Netherlands
Financing company
100
100
South32 Finance 2 B.V.
Netherlands
Financing company
100
100
South32 Group Operations Pty Ltd
Australia
Administrative, management and support services
100
100
South32 Hermosa Inc.
United States
Base metals exploration and development project
100
100
South32 Investment 1 B.V.
Netherlands
Interest in a joint operation
100
100
South32 Marketing Pte. Ltd.
Singapore
Sales, marketing and distribution
100
100
South32 Minerals SA
Brazil
Interest in a joint operation
100
100
South32 SA Investments Limited
1
United
Investment holding company
\u2013
100
Kingdom
South32 Southern Africa Holdings
United
Investment holding company
100
\u2013
Limited
Kingdom
South32 Sierra Gorda SpA
Chile
Investment holding company
100
100
South32 Treasury Limited
Australia
Financing company
100
100
South32 USA Exploration Inc.
United States
Interest in a joint operation and exploration
100
100
1. These subsidiaries were disposed of in FY26 as part of the sale of Cerro Matoso. Refer to note 30 Disposal of subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-540": { "value": "25. Equity accounted investments The Group\u2019s material interests in equity accounted investments are as follows:
Ownership interest %
Material joint ventures
Country of incorporation
Principal activity
FY26
FY25
Australia Manganese
1,2
Australia
Manganese ore mine
60
60
South Africa Manganese
1,3
South Africa
Manganese ore mines
60
60
Manganese Marketing
1,4
Singapore
Sales, marketing and distribution
60
60
Sierra Gorda
1,5
Chile
Copper mine
45
45
1. Joint control is contractually achieved as joint venture parties unanimously consent on decisions over the joint venture's relevant activities. 2. Australia Manganese consists of an investment in GEMCO. 3. The Group holds a 60 per cent interest in Samancor Holdings (Pty) Ltd (Samancor). Samancor indirectly owns 74 per cent of HMM, which gives the Group its indirect ownership interest of 44.4 per cent. Of the remaining 26 per cent of HMM, 17 per cent of the interests were acquired by B-BBEE entities using vendor finance with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these loans are repaid, the Group's interest in HMM is accounted for at 54.6 per cent. 4. Manganese Marketing consists of an investment in Samancor Marketing Pte Ltd. 5. Sierra Gorda consists of an investment in Sierra Gorda Sociedad Contractual Minera. The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. A reconciliation of the carrying amount of the equity accounted investments is set out below:
US$M
FY26
FY25
At the beginning of the year
590
396
Share of profit/(loss)
89
99
Share of other comprehensive income/(loss)
(2)
1
Dividends received
(12)
(2)
Net funding and capital movements
(69)
96
At the end of the year
596
590
Carrying amount of equity accounted investments
US$M
FY26
FY25
Australia Manganese
92
67
South Africa Manganese
187
236
Manganese Marketing
58
60
Sierra Gorda
259
212
Individually immaterial
1
\u2013
15
Total
596
590
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). At 30 June 2026, the cumulative share of unrecognised losses in respect of Minera\u00e7\u00e3o Rio do Norte amounted to US$3 million which fully relates to the current year.
Share of profit/(loss) of equity accounted investments
US$M
FY26
FY25
Australia Manganese
95
(58)
South Africa Manganese
(49)
47
Manganese Marketing
10
(1)
Sierra Gorda
49
118
Individually immaterial
1
(16)
(7)
Total
89
99
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). At 30 June 2026, the cumulative share of unrecognised losses in respect of Minera\u00e7\u00e3o Rio do Norte amounted to US$3 million which fully relates to the current year. The following table summarises the financial information relating to each material equity accounted investment:
Joint ventures
FY26
Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
1
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
600
229
183
661
Non-current assets
888
523
55
4,919
Current liabilities
(299)
(88)
(141)
(411)
Non-current liabilities
(1,036)
(252)
\u2013
(4,594)
Net assets - 100%
153
412
97
575
Carrying amount of equity accounted investments
92
187
58
259
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
996
547
1,773
2,565
Profit/(loss) after tax - 100%
158
(91)
17
109
Share of profit/(loss) of equity accounted investments
95
(49)
10
49
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
18
\u2013
129
Current financial liabilities (excluding trade and other payables and provisions)
(6)
(2)
\u2013
(28)
Non-current financial liabilities (excluding trade and other payables and provisions)
(248)
(68)
\u2013
(4,451)
Depreciation and amortisation
(139)
(51)
(5)
(437)
Interest income
6
3
3
8
Interest expense
(52)
(24)
\u2013
(411)
Income tax (expense)/benefit
(115)
27
(5)
(141)
Royalty related tax (expense)/benefit
(56)
\u2013
\u2013
(68)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$17 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
Joint ventures
FY25
Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
1
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
370
223
131
548
Non-current assets
860
604
60
4,858
Current liabilities
(183)
(119)
(91)
(336)
Non-current liabilities
(936)
(203)
\u2013
(4,598)
Net assets - 100%
111
505
100
472
Carrying amount of equity accounted investments
67
236
60
212
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
61
541
710
1,850
Profit/(loss) after tax - 100%
(97)
79
(2)
261
Share of profit/(loss) of equity accounted investments
(58)
47
(1)
118
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
16
\u2013
123
Current financial liabilities (excluding trade and other payables and provisions)
(5)
(34)
\u2013
(22)
Non-current financial liabilities (excluding trade and other payables and provisions)
(277)
(23)
\u2013
(4,445)
Depreciation and amortisation
(29)
(37)
(7)
(364)
Interest income
4
6
3
5
Interest expense
(50)
(28)
\u2013
(425)
Income tax (expense)/benefit
14
(5)
\u2013
(77)
Royalty related tax (expense)/benefit
5
\u2013
\u2013
(33)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$14 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements. The Group\u2019s share of capital expenditure commitments of material equity accounted investments as at 30 June 2026 was US$52 million (FY25: US$59 million). The material equity accounted investments had US$2 million (FY25: nil) contingent assets and US$1 million (FY25: nil) contingent liabilities as at 30 June 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-529": { "value": "25. Equity accounted investments The Group\u2019s material interests in equity accounted investments are as follows:
Ownership interest %
Material joint ventures
Country of incorporation
Principal activity
FY26
FY25
Australia Manganese
1,2
Australia
Manganese ore mine
60
60
South Africa Manganese
1,3
South Africa
Manganese ore mines
60
60
Manganese Marketing
1,4
Singapore
Sales, marketing and distribution
60
60
Sierra Gorda
1,5
Chile
Copper mine
45
45
1. Joint control is contractually achieved as joint venture parties unanimously consent on decisions over the joint venture's relevant activities. 2. Australia Manganese consists of an investment in GEMCO. 3. The Group holds a 60 per cent interest in Samancor Holdings (Pty) Ltd (Samancor). Samancor indirectly owns 74 per cent of HMM, which gives the Group its indirect ownership interest of 44.4 per cent. Of the remaining 26 per cent of HMM, 17 per cent of the interests were acquired by B-BBEE entities using vendor finance with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these loans are repaid, the Group's interest in HMM is accounted for at 54.6 per cent. 4. Manganese Marketing consists of an investment in Samancor Marketing Pte Ltd. 5. Sierra Gorda consists of an investment in Sierra Gorda Sociedad Contractual Minera. The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. A reconciliation of the carrying amount of the equity accounted investments is set out below:
US$M
FY26
FY25
At the beginning of the year
590
396
Share of profit/(loss)
89
99
Share of other comprehensive income/(loss)
(2)
1
Dividends received
(12)
(2)
Net funding and capital movements
(69)
96
At the end of the year
596
590
Carrying amount of equity accounted investments
US$M
FY26
FY25
Australia Manganese
92
67
South Africa Manganese
187
236
Manganese Marketing
58
60
Sierra Gorda
259
212
Individually immaterial
1
\u2013
15
Total
596
590
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). At 30 June 2026, the cumulative share of unrecognised losses in respect of Minera\u00e7\u00e3o Rio do Norte amounted to US$3 million which fully relates to the current year.
Share of profit/(loss) of equity accounted investments
US$M
FY26
FY25
Australia Manganese
95
(58)
South Africa Manganese
(49)
47
Manganese Marketing
10
(1)
Sierra Gorda
49
118
Individually immaterial
1
(16)
(7)
Total
89
99
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). At 30 June 2026, the cumulative share of unrecognised losses in respect of Minera\u00e7\u00e3o Rio do Norte amounted to US$3 million which fully relates to the current year. The following table summarises the financial information relating to each material equity accounted investment:
Joint ventures
FY26
Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
1
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
600
229
183
661
Non-current assets
888
523
55
4,919
Current liabilities
(299)
(88)
(141)
(411)
Non-current liabilities
(1,036)
(252)
\u2013
(4,594)
Net assets - 100%
153
412
97
575
Carrying amount of equity accounted investments
92
187
58
259
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
996
547
1,773
2,565
Profit/(loss) after tax - 100%
158
(91)
17
109
Share of profit/(loss) of equity accounted investments
95
(49)
10
49
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
18
\u2013
129
Current financial liabilities (excluding trade and other payables and provisions)
(6)
(2)
\u2013
(28)
Non-current financial liabilities (excluding trade and other payables and provisions)
(248)
(68)
\u2013
(4,451)
Depreciation and amortisation
(139)
(51)
(5)
(437)
Interest income
6
3
3
8
Interest expense
(52)
(24)
\u2013
(411)
Income tax (expense)/benefit
(115)
27
(5)
(141)
Royalty related tax (expense)/benefit
(56)
\u2013
\u2013
(68)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$17 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
Joint ventures
FY25
Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
1
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
370
223
131
548
Non-current assets
860
604
60
4,858
Current liabilities
(183)
(119)
(91)
(336)
Non-current liabilities
(936)
(203)
\u2013
(4,598)
Net assets - 100%
111
505
100
472
Carrying amount of equity accounted investments
67
236
60
212
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
61
541
710
1,850
Profit/(loss) after tax - 100%
(97)
79
(2)
261
Share of profit/(loss) of equity accounted investments
(58)
47
(1)
118
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
16
\u2013
123
Current financial liabilities (excluding trade and other payables and provisions)
(5)
(34)
\u2013
(22)
Non-current financial liabilities (excluding trade and other payables and provisions)
(277)
(23)
\u2013
(4,445)
Depreciation and amortisation
(29)
(37)
(7)
(364)
Interest income
4
6
3
5
Interest expense
(50)
(28)
\u2013
(425)
Income tax (expense)/benefit
14
(5)
\u2013
(77)
Royalty related tax (expense)/benefit
5
\u2013
\u2013
(33)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$14 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements. The Group\u2019s share of capital expenditure commitments of material equity accounted investments as at 30 June 2026 was US$52 million (FY25: US$59 million). The material equity accounted investments had US$2 million (FY25: nil) contingent assets and US$1 million (FY25: nil) contingent liabilities as at 30 June 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-516": { "value": "25. Equity accounted investments The Group\u2019s material interests in equity accounted investments are as follows:
Ownership interest %
Material joint ventures
Country of incorporation
Principal activity
FY26
FY25
Australia Manganese
1,2
Australia
Manganese ore mine
60
60
South Africa Manganese
1,3
South Africa
Manganese ore mines
60
60
Manganese Marketing
1,4
Singapore
Sales, marketing and distribution
60
60
Sierra Gorda
1,5
Chile
Copper mine
45
45
1. Joint control is contractually achieved as joint venture parties unanimously consent on decisions over the joint venture's relevant activities. 2. Australia Manganese consists of an investment in GEMCO. 3. The Group holds a 60 per cent interest in Samancor Holdings (Pty) Ltd (Samancor). Samancor indirectly owns 74 per cent of HMM, which gives the Group its indirect ownership interest of 44.4 per cent. Of the remaining 26 per cent of HMM, 17 per cent of the interests were acquired by B-BBEE entities using vendor finance with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these loans are repaid, the Group's interest in HMM is accounted for at 54.6 per cent. 4. Manganese Marketing consists of an investment in Samancor Marketing Pte Ltd. 5. Sierra Gorda consists of an investment in Sierra Gorda Sociedad Contractual Minera. The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. A reconciliation of the carrying amount of the equity accounted investments is set out below:
US$M
FY26
FY25
At the beginning of the year
590
396
Share of profit/(loss)
89
99
Share of other comprehensive income/(loss)
(2)
1
Dividends received
(12)
(2)
Net funding and capital movements
(69)
96
At the end of the year
596
590
Carrying amount of equity accounted investments
US$M
FY26
FY25
Australia Manganese
92
67
South Africa Manganese
187
236
Manganese Marketing
58
60
Sierra Gorda
259
212
Individually immaterial
1
\u2013
15
Total
596
590
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). At 30 June 2026, the cumulative share of unrecognised losses in respect of Minera\u00e7\u00e3o Rio do Norte amounted to US$3 million which fully relates to the current year.
Share of profit/(loss) of equity accounted investments
US$M
FY26
FY25
Australia Manganese
95
(58)
South Africa Manganese
(49)
47
Manganese Marketing
10
(1)
Sierra Gorda
49
118
Individually immaterial
1
(16)
(7)
Total
89
99
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). At 30 June 2026, the cumulative share of unrecognised losses in respect of Minera\u00e7\u00e3o Rio do Norte amounted to US$3 million which fully relates to the current year. The following table summarises the financial information relating to each material equity accounted investment:
Joint ventures
FY26
Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
1
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
600
229
183
661
Non-current assets
888
523
55
4,919
Current liabilities
(299)
(88)
(141)
(411)
Non-current liabilities
(1,036)
(252)
\u2013
(4,594)
Net assets - 100%
153
412
97
575
Carrying amount of equity accounted investments
92
187
58
259
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
996
547
1,773
2,565
Profit/(loss) after tax - 100%
158
(91)
17
109
Share of profit/(loss) of equity accounted investments
95
(49)
10
49
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
18
\u2013
129
Current financial liabilities (excluding trade and other payables and provisions)
(6)
(2)
\u2013
(28)
Non-current financial liabilities (excluding trade and other payables and provisions)
(248)
(68)
\u2013
(4,451)
Depreciation and amortisation
(139)
(51)
(5)
(437)
Interest income
6
3
3
8
Interest expense
(52)
(24)
\u2013
(411)
Income tax (expense)/benefit
(115)
27
(5)
(141)
Royalty related tax (expense)/benefit
(56)
\u2013
\u2013
(68)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$17 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
Joint ventures
FY25
Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
1
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
370
223
131
548
Non-current assets
860
604
60
4,858
Current liabilities
(183)
(119)
(91)
(336)
Non-current liabilities
(936)
(203)
\u2013
(4,598)
Net assets - 100%
111
505
100
472
Carrying amount of equity accounted investments
67
236
60
212
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
61
541
710
1,850
Profit/(loss) after tax - 100%
(97)
79
(2)
261
Share of profit/(loss) of equity accounted investments
(58)
47
(1)
118
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
16
\u2013
123
Current financial liabilities (excluding trade and other payables and provisions)
(5)
(34)
\u2013
(22)
Non-current financial liabilities (excluding trade and other payables and provisions)
(277)
(23)
\u2013
(4,445)
Depreciation and amortisation
(29)
(37)
(7)
(364)
Interest income
4
6
3
5
Interest expense
(50)
(28)
\u2013
(425)
Income tax (expense)/benefit
14
(5)
\u2013
(77)
Royalty related tax (expense)/benefit
5
\u2013
\u2013
(33)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$14 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements. The Group\u2019s share of capital expenditure commitments of material equity accounted investments as at 30 June 2026 was US$52 million (FY25: US$59 million). The material equity accounted investments had US$2 million (FY25: nil) contingent assets and US$1 million (FY25: nil) contingent liabilities as at 30 June 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-557": { "value": "The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-552": { "value": "The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-560": { "value": "The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-553": { "value": "26. Interests in joint operations The Group's material interests in joint operations are as follows:
Material joint
Country of Effective Interest %
operations
operation
Principal activity
FY26
FY25
Ambler Metals
United States
Base metals exploration and development options
50
50
Brazil Alumina
1
Brazil
Integrated bauxite mine and alumina refinery
36
36
Brazil Aluminium
1
Brazil
Aluminium smelter
40
40
Mozal Aluminium
2,3
Mozambique
Aluminium smelter
63.7
63.7
Worsley Alumina
1,3
Australia
Integrated bauxite mine and alumina refinery
86
86
1. On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina and Brazil Aluminium to Alcoa Corporation. Refer to note 2(c) Key estimates, assumptions and judgements. 2. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance. Refer to note 4(b)(ii) Significant items. 3. While the Group holds a greater than 50 per cent interest in Worsley Alumina and Mozal Aluminium, participants jointly approve certain matters and are entitled to receive their share of output from the arrangement. The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the joint operation. The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to joint operation partners over assets within the joint operation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-517": { "value": "26. Interests in joint operations The Group's material interests in joint operations are as follows:
Material joint
Country of Effective Interest %
operations
operation
Principal activity
FY26
FY25
Ambler Metals
United States
Base metals exploration and development options
50
50
Brazil Alumina
1
Brazil
Integrated bauxite mine and alumina refinery
36
36
Brazil Aluminium
1
Brazil
Aluminium smelter
40
40
Mozal Aluminium
2,3
Mozambique
Aluminium smelter
63.7
63.7
Worsley Alumina
1,3
Australia
Integrated bauxite mine and alumina refinery
86
86
1. On 30 June 2026, the Group entered into a binding conditional agreement to sell its interests in Worsley Alumina, Brazil Alumina and Brazil Aluminium to Alcoa Corporation. Refer to note 2(c) Key estimates, assumptions and judgements. 2. On 15 March 2026, Mozal Aluminium transitioned to care and maintenance. Refer to note 4(b)(ii) Significant items. 3. While the Group holds a greater than 50 per cent interest in Worsley Alumina and Mozal Aluminium, participants jointly approve certain matters and are entitled to receive their share of output from the arrangement. The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the joint operation. The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to joint operation partners over assets within the joint operation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-583": { "value": "The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the joint operation. The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to joint operation partners over assets within the joint operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-491": { "value": "
27. Key management personnel
(a) Key management personnel compensation
US$\u2019000
FY26
FY25
Short-term employee benefits
9,620
6,659
Post-employment benefits
584
152
Other long-term benefits
216
37
Termination benefits
672
\u2013
Share-based payments
6,956
3,974
Total
18,048
10,822
(b) Transactions with key management personnel
There were no transactions with key management personnel during the year ended 30 June 2026 (FY25: US$nil).
(c) Loans to key management personnel
There were no loans with any key management personnel as at 30 June 2026 (FY25: US$nil).
(d) Transactions with key management personnel related entities
There were no transactions with entities controlled or jointly controlled by key management personnel and there were no outstanding
amounts with those entities as at 30 June 2026 (FY25: US$nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-518": { "value": "28. Related party transactions (a) Parent entity The ultimate parent entity of the Group is South32 Limited, which is domiciled and incorporated in Australia. (b) Subsidiaries, joint ventures and associates The interests in subsidiaries, joint ventures and associates are disclosed in note 24 Subsidiaries and note 25 Equity accounted investments. (c) Key management personnel The compensation of, and loans to, key management personnel are disclosed in note 27 Key management personnel. (d) Pension and other post-retirement obligations The Group operates or participates in a number of defined benefit pension and medical plans throughout the world. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separate from those of the Group and are administered by trustees or management boards. At 30 June 2026, the Group had post-retirement defined benefit pension net assets recognised on the Consolidated balance sheet of US$2,993 thousand (FY25: net liabilities of US$8,911 thousand, including amounts classified as held for sale). The net assets consist of defined benefit pension scheme assets with a fair value of US$32,586 thousand (FY25: US$32,414 thousand) and defined benefit pension obligations of US$29,593 thousand (FY25: US$41,325 thousand). At 30 June 2026, the Group had a post-retirement defined benefit medical scheme liability recognised on the Consolidated balance sheet of US$21,233 thousand (FY25: US$17,245 thousand). The post-retirement medical scheme is unfunded. Total contributions to these plans by the Group during the year were US$1,812 thousand (FY25: US$4,340 thousand). (e) Transactions with related parties
Transactions with related parties
Joint ventures
Associates
US$\u2019000
FY26
FY25
FY26
FY25
Sales of goods and services
281,964
159,656
\u2013
868
Purchases of goods and services
5,596
5,968
174,288
191,833
Interest income
172,694
177,375
\u2013
\u2013
Dividend income
12,000
2,400
\u2013
\u2013
Interest expense
10,782
9,454
\u2013
\u2013
Increase/(decrease) in short-term financing arrangements
231,547
37,148
\u2013
\u2013
Increase/(decrease) in loans with related parties
(9,674)
(21,151)
\u2013
(33,464)
Outstanding balances with related parties
Joint ventures
Associates
US$\u2019000
FY26
FY25
FY26
FY25
Trade and sundry amounts owing to related parties
7,418
4,354
8,983
13,199
Other amounts owing to related parties
1
378,621
159,969
\u2013
\u2013
Other amounts owing from related parties
2
600
13,495
\u2013
\u2013
Trade and sundry amounts owing from related parties
38,561
28,797
\u2013
\u2013
Loan amounts owing from related parties
3,4,5
1,947,410
1,957,084
\u2013
\u2013
1. Relates to the Group's cash management program on behalf of its equity accounted investments. Amounts are repayable at call, and interest is predominantly charged based on the three-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate (CME Term SOFR) plus a margin of 0.21 per cent and the one-month Johannesburg Interbank Average Rate (JIBAR). 2. Relates to the Group's cash management program on behalf of its equity accounted investments. Amounts are repayable at call, and interest is charged based on the one-month JIBAR. 3. Includes an interest bearing loan owing from South Africa Manganese, which is repayable by 30 May 2028. Interest is charged based on the three-month JIBAR plus a margin of 1.45 per cent. 4. Includes an interest free loan owing from Australia Manganese, which is repayable by 7 January 2030. 5. Includes a purchased credit-impaired loan owing from Sierra Gorda, which has a face value of US$1,927 million (FY25: US$2,228 million) and incurs interest at a contractual rate of eight per cent per annum. The loan is repayable by 31 December 2032. Refer to note 19 Financial assets and financial liabilities. Sales to, and purchases from, related parties are transactions at market prices and on commercial terms, or under terms and prices that are no less favourable to the Group than those arranged with third parties. Outstanding balances at year end are unsecured and settlement mostly occurs in cash. South32 Limited has guaranteed its equivalent 45 per cent share of the repayment of a US$500 million (FY25: US$500 million) revolving credit facility entered into by Sierra Gorda Sociedad Contractual Minera. At the end of the year, the facility was drawn down by US$400 million (FY25: US$400 million). The facility extends to 24 September 2027. South32 Limited and two subsidiaries of the Group have guaranteed and entered into a deed of reimbursement for its equivalent 33 per cent share of the repayment of loan facilities totalling US$670 million (FY25: US$530 million) entered into by Minera\u00e7\u00e3o Rio do Norte, with maturities ranging from October 2026 to November 2027. At the end of the year, a total of US$664 million was drawn from these facilities (FY25: US$392 million). No other guarantees are provided for or have been received from any related party.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-492": { "value": "28. Related party transactions (a) Parent entity The ultimate parent entity of the Group is South32 Limited, which is domiciled and incorporated in Australia. (b) Subsidiaries, joint ventures and associates The interests in subsidiaries, joint ventures and associates are disclosed in note 24 Subsidiaries and note 25 Equity accounted investments. (c) Key management personnel The compensation of, and loans to, key management personnel are disclosed in note 27 Key management personnel. (d) Pension and other post-retirement obligations The Group operates or participates in a number of defined benefit pension and medical plans throughout the world. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separate from those of the Group and are administered by trustees or management boards. At 30 June 2026, the Group had post-retirement defined benefit pension net assets recognised on the Consolidated balance sheet of US$2,993 thousand (FY25: net liabilities of US$8,911 thousand, including amounts classified as held for sale). The net assets consist of defined benefit pension scheme assets with a fair value of US$32,586 thousand (FY25: US$32,414 thousand) and defined benefit pension obligations of US$29,593 thousand (FY25: US$41,325 thousand). At 30 June 2026, the Group had a post-retirement defined benefit medical scheme liability recognised on the Consolidated balance sheet of US$21,233 thousand (FY25: US$17,245 thousand). The post-retirement medical scheme is unfunded. Total contributions to these plans by the Group during the year were US$1,812 thousand (FY25: US$4,340 thousand). (e) Transactions with related parties
Transactions with related parties
Joint ventures
Associates
US$\u2019000
FY26
FY25
FY26
FY25
Sales of goods and services
281,964
159,656
\u2013
868
Purchases of goods and services
5,596
5,968
174,288
191,833
Interest income
172,694
177,375
\u2013
\u2013
Dividend income
12,000
2,400
\u2013
\u2013
Interest expense
10,782
9,454
\u2013
\u2013
Increase/(decrease) in short-term financing arrangements
231,547
37,148
\u2013
\u2013
Increase/(decrease) in loans with related parties
(9,674)
(21,151)
\u2013
(33,464)
Outstanding balances with related parties
Joint ventures
Associates
US$\u2019000
FY26
FY25
FY26
FY25
Trade and sundry amounts owing to related parties
7,418
4,354
8,983
13,199
Other amounts owing to related parties
1
378,621
159,969
\u2013
\u2013
Other amounts owing from related parties
2
600
13,495
\u2013
\u2013
Trade and sundry amounts owing from related parties
38,561
28,797
\u2013
\u2013
Loan amounts owing from related parties
3,4,5
1,947,410
1,957,084
\u2013
\u2013
1. Relates to the Group's cash management program on behalf of its equity accounted investments. Amounts are repayable at call, and interest is predominantly charged based on the three-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate (CME Term SOFR) plus a margin of 0.21 per cent and the one-month Johannesburg Interbank Average Rate (JIBAR). 2. Relates to the Group's cash management program on behalf of its equity accounted investments. Amounts are repayable at call, and interest is charged based on the one-month JIBAR. 3. Includes an interest bearing loan owing from South Africa Manganese, which is repayable by 30 May 2028. Interest is charged based on the three-month JIBAR plus a margin of 1.45 per cent. 4. Includes an interest free loan owing from Australia Manganese, which is repayable by 7 January 2030. 5. Includes a purchased credit-impaired loan owing from Sierra Gorda, which has a face value of US$1,927 million (FY25: US$2,228 million) and incurs interest at a contractual rate of eight per cent per annum. The loan is repayable by 31 December 2032. Refer to note 19 Financial assets and financial liabilities. Sales to, and purchases from, related parties are transactions at market prices and on commercial terms, or under terms and prices that are no less favourable to the Group than those arranged with third parties. Outstanding balances at year end are unsecured and settlement mostly occurs in cash. South32 Limited has guaranteed its equivalent 45 per cent share of the repayment of a US$500 million (FY25: US$500 million) revolving credit facility entered into by Sierra Gorda Sociedad Contractual Minera. At the end of the year, the facility was drawn down by US$400 million (FY25: US$400 million). The facility extends to 24 September 2027. South32 Limited and two subsidiaries of the Group have guaranteed and entered into a deed of reimbursement for its equivalent 33 per cent share of the repayment of loan facilities totalling US$670 million (FY25: US$530 million) entered into by Minera\u00e7\u00e3o Rio do Norte, with maturities ranging from October 2026 to November 2027. At the end of the year, a total of US$664 million was drawn from these facilities (FY25: US$392 million). No other guarantees are provided for or have been received from any related party.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-9": { "value": "South32 Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-467": { "value": "South32 Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-10": { "value": "Australia", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-530": { "value": "
(d) Pension and other post-retirement obligations
The Group operates or participates in a number of defined benefit pension and medical plans throughout the world. The funding of the
schemes complies with local regulations. The assets of the schemes are generally held separate from those of the Group and are
administered by trustees or management boards.
At 30 June 2026, the Group had post-retirement defined benefit pension net assets recognised on the Consolidated balance sheet of
US$2,993 thousand (FY25: net liabilities of US$8,911 thousand, including amounts classified as held for sale). The net assets consist of
defined benefit pension scheme assets with a fair value of US$32,586 thousand (FY25: US$32,414 thousand) and defined benefit pension
obligations of US$29,593 thousand (FY25: US$41,325 thousand).
At 30 June 2026, the Group had a post-retirement defined benefit medical scheme liability recognised on the Consolidated balance sheet
of US$21,233 thousand (FY25: US$17,245 thousand). The post-retirement medical scheme is unfunded.
Total contributions to these plans by the Group during the year were US$1,812 thousand (FY25: US$4,340 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-584": { "value": "Sales to, and purchases from, related parties are transactions at market prices and on commercial terms, or under terms and prices that are no less favourable to the Group than those arranged with third parties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-493": { "value": "
29. Parent entity information
(a) Summary financial information
The individual financial statements for the parent entity, South32 Limited, show the following aggregate amounts:
US$M
FY26
FY25
Result of parent entity
Profit/(loss) after tax for the year
1,187
319
Total comprehensive income/(loss)
1,187
319
Financial position of parent entity at year end
Current assets
249
380
Current liabilities
(270)
(482)
Total assets
13,597
12,469
Total liabilities
(2,427)
(2,174)
Net assets
11,170
10,295
Total equity of the parent entity
Share capital
13,125
13,160
Treasury shares
(12)
(21)
Other reserves
28
26
Profit reserve
1
3,207
3,499
Accumulated losses
(5,178)
(6,369)
Total equity
11,170
10,295
1. Prior year profits, net of dividends paid, have been appropriated to a profit reserve for future dividend payments.
(b) Parent company guarantees
The parent entity and South32 Southern Africa Holdings Limited have jointly and severally, fully and unconditionally guaranteed the
payment of the principal and premium, if any, and interest, including certain additional amounts that may be payable in respect of the
US$700 million of unsecured notes issued by South32 Treasury Limited, a 100 per cent owned finance subsidiary of the parent entity, refer
to note 17 Interest bearing liabilities. The parent entity and South32 Southern Africa Holdings Ltd have guaranteed the payment of such
amounts when they become due and payable, whether on an interest payment date, at the stated maturity of the notes, by declaration or
acceleration, call for redemption, or otherwise.
The parent entity has guaranteed a US commercial paper program of US$1,500 million and a Group revolving credit facility of US$1,400
million. Both the US commercial paper program and the revolving credit facility are unutilised as at 30 June 2026, refer to note 19 Financial
assets and financial liabilities for further details.
The parent entity has guaranteed its equivalent 45 per cent share of the repayment of a US$500 million (FY25: US$500 million) revolving
credit facility entered into by Sierra Gorda Sociedad Contractual Minera. At the end of the year, the facility was drawn down by US$400
million (FY25: US$400 million). The facility extends to 24 September 2027.
The parent entity and two subsidiaries of the Group have guaranteed and entered into a deed of reimbursement for its equivalent 33 per
cent share of the repayment of loan facilities totalling US$670 million (FY25: US$530 million) entered into by Minera\u00e7\u00e3o Rio do Norte, with
maturities ranging from October 2026 to November 2027. At the end of the year, a total of US$664 million was drawn from these facilities
(FY25: US$392 million).
The parent entity has guaranteed the repayment of revolving credit facilities totalling US$80 million (FY25: US$80 million) entered into by
South32 Minerals SA, with maturities ranging from August 2026 to October 2026. At the end of the year, a total of US$30 million was drawn
from these facilities (FY25: US$30 million). One of the facilities expired on 11 August 2026 and has since been extended to 10 August 2028.
The parent entity is party to a Deed of Support with the effect that the Company guarantees debts in respect of South32 Group Operations
Pty Ltd.
", "dimensions": { "concept": "south32limited:DisclosureOfParentEntityInformation", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-541": { "value": "30. Disposal of subsidiaries Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. Cerro Matoso In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso to an entity owned by CoreX Holding B.V. The sale completed on 1 December 2025 and resulted in a loss on disposal of US$3 million. The sale consideration included a nominal upfront cash consideration and contingent consideration of up to US$100 million, subject to customary working capital and net debt adjustments. Cerro Matoso was classified as held for sale and presented separately on the Group's FY25 Consolidated balance sheet. The disposal group represents the entire Cerro Matoso segment, which comprises the Group\u2019s 99.9% interest in Cerro Matoso S.A., 100% interest in South32 Energy S.A.S. E.S.P. and other investment holding companies. Cerro Matoso is an integrated laterite ferronickel mine and smelting complex in Colombia. As a separate major component of the Group, Cerro Matoso has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY26
FY25
Revenue:
Group production
193
485
193
485
Other income
1
3
Expenses excluding finance costs
(184)
(549)
Loss on disposal of the discontinued operation
(3)
\u2013
Operating profit/(loss) from a discontinued operation
7
(61)
Finance income
1
2
Finance costs
(4)
(15)
Net finance income/(costs)
(3)
(13)
Profit/(loss) before tax from a discontinued operation
4
(74)
Income tax (expense)/benefit
3
(17)
Profit/(loss) for the year from a discontinued operation
7
(91)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
7
(91)
Basic earnings/(loss) per share (cents)
0.2
(2.0)
Diluted earnings/(loss) per share (cents)
0.2
(2.0)
The cash flows from the discontinued operation are as follows:
US$M
FY26
FY25
Net cash flows from operating activities
2
90
Net cash flows from investment activities
(22)
(30)
The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY26
Consideration
Upfront consideration, net of transaction costs
 7
Contingent price linked consideration
 5
Total consideration
 12
Net assets disposed of
Cash and cash equivalents
 21
Trade and other receivables
 56
Inventories
 109
Property, plant and equipment
 86
Intangible assets
 5
Current tax assets
 9
Deferred tax assets
 2
Other assets
 1
Trade and other payables
 (63)
Interest bearing liabilities
 (4)
Provisions
 (207)
Net assets disposed of
 15
Loss on disposal
 (3)
Consideration received, net of transaction costs, satisfied in cash
 7
Cash and cash equivalents disposed of
 (21)
Net cash outflow
 (14)
Illawarra Metallurgical Coal In February 2024, the Group announced its decision to enter into a binding agreement for the sale of Illawarra Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd (M Resources). The sale consideration included an upfront and deferred cash consideration of US$1,300 million, before adjustments, and contingent price-linked consideration of up to US$350 million. The sale completed on 29 August 2024 and resulted in a net loss on disposal of US$28 million, of which an estimated loss of US$47 million was recognised in FY25 and a gain of US$19 million recognised in FY26 upon finalisation of the working capital, net debt and capital expenditure adjustments to the upfront consideration. The disposal group represents the entire Illawarra Metallurgical Coal segment, which comprises Illawarra Coal Holdings Pty Ltd and its subsidiaries, a 16.7 per cent interest in the Port Kembla Coal Terminal, and certain associated external contractual arrangements held by South32 Marketing Pte Ltd which were novated to Illawarra Metallurgical Coal prior to completion. As a separate major component of the Group, Illawarra Metallurgical Coal has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY26
FY25
Revenue:
Group production
\u2013
116
Third party products and services
\u2013
28
\u2013
144
Expenses excluding finance costs
\u2013
(97)
Gain/(loss) on disposal of the discontinued operation
19
(47)
Operating profit/(loss) from a discontinued operation
19
\u2013
Finance costs
\u2013
(3)
Net finance income/(costs)
\u2013
(3)
Profit/(loss) before tax from a discontinued operation
19
(3)
Income tax (expense)/benefit
\u2013
(11)
Profit/(loss) for the year from a discontinued operation
19
(14)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
19
(14)
Basic earnings/(loss) per share (cents)
0.4
(0.3)
Diluted earnings/(loss) per share (cents)
0.4
(0.3)
The cash flows from the discontinued operation are as follows:
US$M
FY26
FY25
Net cash flows from operating activities
\u2013
86
Net cash flows from investment activities
29
880
Net cash flows from financing activities
\u2013
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-531": { "value": "30. Disposal of subsidiaries Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. Cerro Matoso In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso to an entity owned by CoreX Holding B.V. The sale completed on 1 December 2025 and resulted in a loss on disposal of US$3 million. The sale consideration included a nominal upfront cash consideration and contingent consideration of up to US$100 million, subject to customary working capital and net debt adjustments. Cerro Matoso was classified as held for sale and presented separately on the Group's FY25 Consolidated balance sheet. The disposal group represents the entire Cerro Matoso segment, which comprises the Group\u2019s 99.9% interest in Cerro Matoso S.A., 100% interest in South32 Energy S.A.S. E.S.P. and other investment holding companies. Cerro Matoso is an integrated laterite ferronickel mine and smelting complex in Colombia. As a separate major component of the Group, Cerro Matoso has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY26
FY25
Revenue:
Group production
193
485
193
485
Other income
1
3
Expenses excluding finance costs
(184)
(549)
Loss on disposal of the discontinued operation
(3)
\u2013
Operating profit/(loss) from a discontinued operation
7
(61)
Finance income
1
2
Finance costs
(4)
(15)
Net finance income/(costs)
(3)
(13)
Profit/(loss) before tax from a discontinued operation
4
(74)
Income tax (expense)/benefit
3
(17)
Profit/(loss) for the year from a discontinued operation
7
(91)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
7
(91)
Basic earnings/(loss) per share (cents)
0.2
(2.0)
Diluted earnings/(loss) per share (cents)
0.2
(2.0)
The cash flows from the discontinued operation are as follows:
US$M
FY26
FY25
Net cash flows from operating activities
2
90
Net cash flows from investment activities
(22)
(30)
The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY26
Consideration
Upfront consideration, net of transaction costs
 7
Contingent price linked consideration
 5
Total consideration
 12
Net assets disposed of
Cash and cash equivalents
 21
Trade and other receivables
 56
Inventories
 109
Property, plant and equipment
 86
Intangible assets
 5
Current tax assets
 9
Deferred tax assets
 2
Other assets
 1
Trade and other payables
 (63)
Interest bearing liabilities
 (4)
Provisions
 (207)
Net assets disposed of
 15
Loss on disposal
 (3)
Consideration received, net of transaction costs, satisfied in cash
 7
Cash and cash equivalents disposed of
 (21)
Net cash outflow
 (14)
Illawarra Metallurgical Coal In February 2024, the Group announced its decision to enter into a binding agreement for the sale of Illawarra Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd (M Resources). The sale consideration included an upfront and deferred cash consideration of US$1,300 million, before adjustments, and contingent price-linked consideration of up to US$350 million. The sale completed on 29 August 2024 and resulted in a net loss on disposal of US$28 million, of which an estimated loss of US$47 million was recognised in FY25 and a gain of US$19 million recognised in FY26 upon finalisation of the working capital, net debt and capital expenditure adjustments to the upfront consideration. The disposal group represents the entire Illawarra Metallurgical Coal segment, which comprises Illawarra Coal Holdings Pty Ltd and its subsidiaries, a 16.7 per cent interest in the Port Kembla Coal Terminal, and certain associated external contractual arrangements held by South32 Marketing Pte Ltd which were novated to Illawarra Metallurgical Coal prior to completion. As a separate major component of the Group, Illawarra Metallurgical Coal has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY26
FY25
Revenue:
Group production
\u2013
116
Third party products and services
\u2013
28
\u2013
144
Expenses excluding finance costs
\u2013
(97)
Gain/(loss) on disposal of the discontinued operation
19
(47)
Operating profit/(loss) from a discontinued operation
19
\u2013
Finance costs
\u2013
(3)
Net finance income/(costs)
\u2013
(3)
Profit/(loss) before tax from a discontinued operation
19
(3)
Income tax (expense)/benefit
\u2013
(11)
Profit/(loss) for the year from a discontinued operation
19
(14)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
19
(14)
Basic earnings/(loss) per share (cents)
0.4
(0.3)
Diluted earnings/(loss) per share (cents)
0.4
(0.3)
The cash flows from the discontinued operation are as follows:
US$M
FY26
FY25
Net cash flows from operating activities
\u2013
86
Net cash flows from investment activities
29
880
Net cash flows from financing activities
\u2013
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-519": { "value": "30. Disposal of subsidiaries Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. Cerro Matoso In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso to an entity owned by CoreX Holding B.V. The sale completed on 1 December 2025 and resulted in a loss on disposal of US$3 million. The sale consideration included a nominal upfront cash consideration and contingent consideration of up to US$100 million, subject to customary working capital and net debt adjustments. Cerro Matoso was classified as held for sale and presented separately on the Group's FY25 Consolidated balance sheet. The disposal group represents the entire Cerro Matoso segment, which comprises the Group\u2019s 99.9% interest in Cerro Matoso S.A., 100% interest in South32 Energy S.A.S. E.S.P. and other investment holding companies. Cerro Matoso is an integrated laterite ferronickel mine and smelting complex in Colombia. As a separate major component of the Group, Cerro Matoso has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY26
FY25
Revenue:
Group production
193
485
193
485
Other income
1
3
Expenses excluding finance costs
(184)
(549)
Loss on disposal of the discontinued operation
(3)
\u2013
Operating profit/(loss) from a discontinued operation
7
(61)
Finance income
1
2
Finance costs
(4)
(15)
Net finance income/(costs)
(3)
(13)
Profit/(loss) before tax from a discontinued operation
4
(74)
Income tax (expense)/benefit
3
(17)
Profit/(loss) for the year from a discontinued operation
7
(91)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
7
(91)
Basic earnings/(loss) per share (cents)
0.2
(2.0)
Diluted earnings/(loss) per share (cents)
0.2
(2.0)
The cash flows from the discontinued operation are as follows:
US$M
FY26
FY25
Net cash flows from operating activities
2
90
Net cash flows from investment activities
(22)
(30)
The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY26
Consideration
Upfront consideration, net of transaction costs
 7
Contingent price linked consideration
 5
Total consideration
 12
Net assets disposed of
Cash and cash equivalents
 21
Trade and other receivables
 56
Inventories
 109
Property, plant and equipment
 86
Intangible assets
 5
Current tax assets
 9
Deferred tax assets
 2
Other assets
 1
Trade and other payables
 (63)
Interest bearing liabilities
 (4)
Provisions
 (207)
Net assets disposed of
 15
Loss on disposal
 (3)
Consideration received, net of transaction costs, satisfied in cash
 7
Cash and cash equivalents disposed of
 (21)
Net cash outflow
 (14)
Illawarra Metallurgical Coal
In February 2024, the Group announced its decision to enter into a binding agreement for the sale of Illawarra Metallurgical Coal to an
entity owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd (M Resources). The sale consideration included an
upfront and deferred cash consideration of US$1,300 million, before adjustments, and contingent price-linked consideration of up to
US$350 million. The sale completed on 29 August 2024 and resulted in a net loss on disposal of US$28 million, of which an estimated loss of
US$47 million was recognised in FY25 and a gain of US$19 million recognised in FY26 upon finalisation of the working capital, net debt and
capital expenditure adjustments to the upfront consideration.
The disposal group represents the entire Illawarra Metallurgical Coal segment, which comprises Illawarra Coal Holdings Pty Ltd and its
subsidiaries, a 16.7 per cent interest in the Port Kembla Coal Terminal, and certain associated external contractual arrangements held by
South32 Marketing Pte Ltd which were novated to Illawarra Metallurgical Coal prior to completion. As a separate major component of the
Group, Illawarra Metallurgical Coal has also been presented as a discontinued operation in the Group's Consolidated income statement.
The results of the discontinued operation are as follows:
US$M
FY26
FY25
Revenue:
Group production
\u2013
116
Third party products and services
\u2013
28
\u2013
144
Expenses excluding finance costs
\u2013
(97)
Gain/(loss) on disposal of the discontinued operation
19
(47)
Operating profit/(loss) from a discontinued operation
19
\u2013
Finance costs
\u2013
(3)
Net finance income/(costs)
\u2013
(3)
Profit/(loss) before tax from a discontinued operation
19
(3)
Income tax (expense)/benefit
\u2013
(11)
Profit/(loss) for the year from a discontinued operation
19
(14)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
19
(14)
Basic earnings/(loss) per share (cents)
0.4
(0.3)
Diluted earnings/(loss) per share (cents)
0.4
(0.3)
The cash flows from the discontinued operation are as follows:
US$M
FY26
FY25
Net cash flows from operating activities
\u2013
86
Net cash flows from investment activities
29
880
Net cash flows from financing activities
\u2013
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-585": { "value": "
Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their
carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale
in their present condition.
A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of
operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative
financial results are restated as if the operation had been discontinued from the start of the comparative year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-599": { "value": "Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-593": { "value": "Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-494": { "value": "
The cash flows from the discontinued operation are as follows:
US$M
FY26
FY25
Net cash flows from operating activities
2
90
Net cash flows from investment activities
(22)
(30)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-495": { "value": "
31. Subsequent events
Capital management
On 27 August 2026, the Directors resolved to pay a fully-franked final dividend of US 5 .4 cents per share (US$24 2 million) in respect of the
2026 financial year. The dividends will be paid on 15 October 2026. The dividends have not been provided for in the consolidated financial
statements and will be recognised in the 2027 financial year.
On 27 August 2026, the Directors resolved to extend the existing on-market share buy-back program by six months. The program has
US$209 million remaining to be returned to shareholders by 10 September 2027.
No other matters or circumstances have arisen since the end of the year that have significantly affected, or may significantly affect, the
operations, results of operations or state of affairs of the Group in subsequent accounting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } }, "fact-11": { "value": "0.054", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-12": { "value": "242000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00", "unit": "iso4217:USD" } }, "fact-13": { "value": "Level 2, 100 St Georges Terrace, Perth WA 6000, Australia.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00/2026-07-01T00:00:00" } } } }