OREMAVEN
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2026-11-06
◂ Monitor S32 ASX

South32 Limited

Producer · Copper · Silver · Zinc · Lead · Manganese · Bauxite · Others · CL · AU · ZA · US · MZ · BR · CA Rating locked: sign in to view v8 · s32-20261024t160255-full
Last 2026-11-06
A$4.44
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$19.9B
EV
A$19.5B
Cash
US$2.1B
Debt
US$1.1B
13 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

12 assets

Core asset

Sierra Gorda

CL

Producer45% ownedCopperGoldSilverOthers

Operating; economics remain commodity and cost dependent.

Producer · Producer
Production annualised (attributable)
—
Production (last FY, 100%)
69.2k t
AISC (latest quarter)
—
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
62.0 yrsd
Head grade
0.42% Cu
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal1.9B t0.37% Cu, 0.016% Mo, 0.06g/t AuCopper · Gold · Silver · Others2026-07-31
Ore Reservetotal1.1B t0.39% Cu, 0.016% Mo, 0.06g/t AuCopper · Gold · Silver · Others2026-07-31

Material

Cannington

AU

Producer100% ownedSilverLeadZinc

Operating; economics remain commodity and cost dependent.

Producer · Producer
Production annualised (attributable)
—
Production (last FY, 100%)
8.9m oz
AISC (latest quarter)
—
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
7.5 yrsd
Head grade
150 g/t Ag
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal71M tUG44Mt at149g/t Ag; OC27Mt at95g/t AgSilver · Lead · Zinc2026-06-30
Ore Reservetotal11M t188g/t Ag,5.11%Pb,2.88%ZnSilver · Lead · Zinc2026-06-30

Material

Australia Manganese GEMCO

AU

Producer60% ownedManganese

Operating; economics remain commodity and cost dependent.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
—
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
6.0 yrs
Head grade
—
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal108.5M tROM101Mt43.9%washedMn product with46%yield; sands7.5Mt20.5%MnManganese2026-06-30
Ore Reservetotal55.7M tROM52Mt41.7%washedMn product51%yield; sands3.7Mt40%product22%yieldManganese2026-06-30

Material

South Africa Manganese operating interests

ZA

Producer54.6% ownedManganese

54.6% effective operating interest while vendor-financed minority loans are repaid; 44.4% underlying mineral ownership. The forecast separately tests the timing of the earnings-interest reversion.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
—
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
34.0 yrs
Head grade
—
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal182.7M tWessels129Mt~40%Mn; Mamatwan53.7Mt29.5-36.6%Mn, physical ownership44.4%Manganese2026-06-30
Ore Reservetotal71.4M tWessels41.4Mt41.5-43.9%Mn; Mamatwan30Mt36%Mn, physical ownership44.4%Manganese2026-06-30

Core asset

Hermosa Taylor

US

Construction100% ownedZincLeadSilver

Construction; H2 FY28 first production and FY31 nameplate capacity are issuer targets, subject to shaft, surface infrastructure and ramp delivery.

Developer · Construction
Study
Updated feasibility
Post-tax NPV (study prices, attributable)
US$3.1bd
NPV restated at our deck (attributable)
Locked
IRR
19%
Initial capex (100%)
US$3.3b
Capital intensity
US$29,730/(t Zn/yr)d
LoM AISC
—
Mine life
33.0 yrs
Published study economicsIssuer or study metrics
NPVUS$3.1B7% discount
IRR19%Published return
Initial capexUS$3.3BPublished capital estimate
Operating cost100USD/t ore

Post tax real NPV at1July2026 already deducts remaining capex and life obligations; no duplicate construction deduction.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal169M t3.51%Zn,3.88%Pb,76g/tAgZinc · Lead · Silver2026-06-30
Ore Reservetotal99M t3.95%Zn,4.50%Pb,77g/tAgZinc · Lead · Silver2026-06-30
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
NEPA Final Record of DecisionUnited StatesGranted—Yes
Economic studies1
StudyStageStatusDateSummary
Hermosa Project UpdateUpdated FeasibilityCurrent2026-04-3033 year production target; 76% reserve tonnes, 4% measured/indicated,20% inferred/target. 3.3bnUSD construction capital and H2FY28 first production, 7% real post-tax NPV3.1bnUSD at1July.

Other

Hermosa Clark

US

Resource Stage100% ownedManganeseZincSilver

Resource-stage option; no current operating cash generation or approved full development plan assumed.

Resource / scoping · Resource stage
Contained metal (attributable)
5.0m td
Resource grade
9.1%
% Measured + Indicated
—
Resource tonnes
55.00 Mt
Our value per attrib. contained unit
Locked
Mining method
Underground
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal55M t2.11%Zn,9.07%Mn,78g/tAgManganese · Zinc · Silver2026-06-30

Other

Hermosa Peake

US

Resource Stage100% ownedCopperZincLeadSilver

Resource-stage option; no current operating cash generation or approved full development plan assumed.

Resource / scoping · Resource stage
Contained metal (attributable)
287.1k td
Resource grade
0.9%
% Measured + Indicated
—
Resource tonnes
33.00 Mt
Our value per attrib. contained unit
Locked
Mining method
Underground
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal33M t0.87%Cu,0.28%Zn,0.32%Pb,36g/tAg, all inferredCopper · Zinc · Lead · Silver2026-06-30

Other

Ambler Metals Arctic and Bornite

US

Resource Stage50% ownedCopperZincLeadSilverGold

Resource-stage option; no current operating cash generation or approved full development plan assumed.

Resource / scoping · Resource stage
Contained metal (attributable)
1.8m td
Resource grade
1.9%
% Measured + Indicated
—
Resource tonnes
191.00 Mt
Our value per attrib. contained unit
Locked
Mining method
Open pit and underground options
Resources & reserves1
TypeCategoryQuantityGradeContained mineralsDate
Mineral Resourcetotal191M tArctic43Mt2.93%Cu; BorniteOC78Mt1.04%Cu andUG70Mt2.29%CuCopper · Zinc · Lead · Silver · Gold2026-06-30

Other

Mozal Aluminium

MZ

Care And Maintenance63.7% ownedOthers

Care and maintenance since March 2026; restart requires affordable power and new commitments.

Care and maintenance · Care and maintenance
Nameplate capacity
—
Restart capex
—
Contained metal (attributable)
—
Last production year
2,026 year
Target restart
—

Core asset

Aluminium conditional sale or retention event

AU · BR · ZA

Producer100% ownedBauxiteOthers

Conditional sale of already-owned stakes: Worsley86%, Brazil Alumina36% and MRN33%, Brazil Aluminium40%, Hillside100%. Mozal excluded. Pool ownership is 100% of South32’s sale interests, not 100% of underlying operations.

Other · Held
Ownership
100%d
Description
Aluminium value chain disposal pool
Book value
—

Other

Non-operating financial holdings

AU · US · CA

Resource Stage100% ownedOthers

Listed/private equity investments and legacy contingent receivables; marked assets, separate from mine cash flows.

Other · Held
Ownership
100%d
Description
Non-operating financial holdings
Book value
—

Other

Exploration royalty and earn-in options

AU · US

Early Explorer100% ownedCopperZincSilverOthers

Early-stage portfolio interests; aggregate disclosure lacks project-level attributable earnings needed to price separately.

Other · Held
Ownership
100%d
Description
Exploration royalty and earn-in options
Book value
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Brazil Alumina · Processing plant / refinery · Operating
Product and spec
Alumina
Nameplate capacity
—
Throughput (12M)
1.4m t product
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
Brazil Aluminium · Processing plant / refinery · Operating
Product and spec
Primary aluminium
Nameplate capacity
—
Throughput (12M)
144.0k t product
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
Hillside Aluminium · Processing plant / refinery · Operating
Product and spec
Primary aluminium
Nameplate capacity
—
Throughput (12M)
717.0k t product
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—
Mineração Rio do Norte bauxite · Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
—
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
—
Head grade
—
Worsley Alumina · Processing plant / refinery · Operating
Product and spec
Smelter-grade alumina
Nameplate capacity
—
Throughput (12M)
3.7m t product
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
—
Offtake contracted
—