Renaissance Capital

Metals & Mining Conference

Bothwell Mazarura, CFO

Timo Smit, Executive Head of Marketing

25 May 2021

2

Certain statements made in this presentation constitute forward-looking statements. Forward-looking statements are typically identified by the use

of forward-looking terminology such as ‘believes’, ‘expects’, ‘may’, ‘will’, ‘could’, ‘should’, ‘intends’, ‘estimates’, ‘plans’, ‘assumes’ or ‘anticipates’ or

the negative thereof or other variations thereon or comparable terminology, or by discussions of, e.g. future plans, present or future events, or

strategy that involve risks and uncertainties. Such forward-looking statements are subject to a number of risks and uncertainties, many of which

are beyond the company's control and all of which are based on the company's current beliefs and expectations about future events. Such

statements are based on current expectations and, by their nature, are subject to a number of risks and uncertainties that could cause actual

results and performance to differ materially from any expected future results or performance, expressed or implied, by the forward-looking

statement. No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks

and uncertainties facing the company and its subsidiaries. The forward-looking statements contained in this presentation speak only as of the

date of this presentation and the company undertakes no duty to, and will not necessarily update any of them in light of new information or future

events, except to the extent required by applicable law or regulation.

Disclaimer

USA Europe ➢ Middle East China ➢ Japan and South Korea

European Marketing Hub

London, UK

3

Geographically diversified customer baseWorld class capabilities

• Value-in-use laboratory

• Price risk management

• Market intelligence

• Integrated sales and

operational planning

• Freight management

• Performance management

World class capabilities, diversified customer base

Shanghai marketing office

China

Kumba Iron Ore

Sishen and Kolomela mines

Asia-pacific marketing hub

Singapore

Saldanha port

Value-in-use laboratory

Pretoria, SA

4

8073

58 54 4938 35

2015 2016 2017 2018 2019 2020 Govttarget

2

23 24 25 26 27 28

36

2015 2016 2017 2018 2019 2020 EU, Japanaverage

• Lump does not require sintering, reducing carbon emissions

• Simplify from 5 to 3 products

• Maintain Fe >64.0%

• Retain lump ratio at ~68%

Well positioned for decarbonisation drive

High quality iron ore products Share of Direct Charge Ores in Chinese Blast

furnaces1 (%)

Beijing air quality (PM 2.5)

1. Mysteel surveyed blast furnaces

5

69

3

28 25

8

Kumba Vale Rio Tinto BHP FMG

115

103

99

98

88

Kumba

Vale

Rio Tinto

BHP

FMG

64.3 63.6

60.7 60.6

57.8

Kumba Vale Rio Tinto BHP FMG

Differentiated by quality

FY20 Fe qualities comparison (%) FY20 Realised price comparison FOB (US$/dmt)¹

FY20 Lump: Fine ratio comparison (%)

Source: Iron Ore Marketing

1: Excluding pellets

30%

42%

47%

38%

2015 2019 4Q20 2020 LT

6

7

16 16

(1.0)

2 1

2015 2019 2020 LT

Lump premium+Fe+Timing

Marketing Premium

6

1817

Price premium over Platts 62 FOB (US$/dmt)Traditional markets¹ share in Kumba’s total sales

Premium driven by ex-China growth and green steel

1. Sales in EU/MENA/Americas | Japan and South Korea

Product

premium

~US$2/t

above market

levels

Traditional

market’s share

45-50%

vs historical

levels

7

Steel production in China at record highs

CISA’s 10-day crude steel run-rates setting new highs Tangshan BF rates <50% reflecting environmental production cuts

Steel inventory destocking on improved downstream demand Steel mill margins and Fe grade spread near record highs

Source : Mysteel, Platts, 1 – Traders, all steel product

1.5

1.7

1.9

2.1

2.3

2.5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

CISA 10-day run-rates (Mt/day)

2019 2020 2021

2

7

12

17

22

27

32

37

42

Jan Apr Jul Oct

Total1 steel stocks (Mt)

2019 2020 2021

30

40

50

60

70

80

90

Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

Tangshan BF operating rates National BF operating rates

0

10

20

30

40

0

50

100

150

200

250

300

Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

China hot metal spread,$/t-LHS High grade spread, $/t - RHS

8

Iron ore supply remains relatively tight

Compared to 2011, no significant new supply from majors:

• Majority of new capital deployed in ‘replacement’ projects”

• Infrastructure capacities running at near maximum limits

(Port Hedland at 98% capacity utilisation)

• Vale’s progress slower than expected on “pathway to 400 Mtpa”.

• Higher environmental and social risk to granting of operating licenses

• Growing focus on ESG related issues is here to stay and will play an

increasingly influential role in future investment decisions

Potential increase in seaborne supply over the longer term:

• Simandou - uncertainty around development and market impact

• India - timing and scale of transition from seaborne exporter to importer

• Chinese domestic supply – government agenda of self-sufficiency

Iron ore supply plateauing from Australia and Brazil

Chinese port stocks decreasing driven by record steel production

100

120

140

160

Jan Apr Jul Oct

China iron ore port stocks (Mt, 45 ports)

2019 2020 2021

Mtp

a

0

30

60

90

120

150

180

0

300

600

900

1200

1500

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Australia Brazil P62 index

9

1: Dry metric tonnes

Safety

4Y/10MFatality free

Total sales

10.3Mt1Q20: 10.7Mt

Total waste

40.3Mt1Q20: 50.1Mt

Finished stock

5.3Mt1Q20: 5.5Mt

Total production

10.7Mt1Q21: 9.6Mt

Average realised FOB export price¹

US$183/t1Q20: US$89/t

10

Focused on increasing

throughput

Integrated sales and operational planning

Rail

• Track refurbishment, improve train speed

• Increase operational oversight

• Locust spraying programme

• Preventative maintenance regime

Port

• Simplify from 5 to 3 products

• Increase direct and dual loading

• Larger vessel sizes

• Optimise stockpile at port

1Q21

Finished stock

distribution

(%)

On-mine Port

1Q20

Finished stock

distribution

(%)

4552

5749

83

106

2018 2019 2020

EBITDA margin (%) ROCE (5)

11

Continuing to deliver sustainable value

Acknowledged by the following organisations:

Margin performance

Life of mine to 2040

Capital discipline

Thank you

12