Stock Analysis

• The company approved its $1.9 billion P2000 expansion to double Pilgangoora capacity to approximately 2.0Mtpa, with first production expected in September quarter CY29

• Cash and bullion reserves reached US$900 million, plus US$338 million in listed securities, with noDebton the balance sheet

• Simandou iron ore project hit approximately 10 Mtpa annualised production run-rate in Q3, on track for 60 Mtpa by H2 2028

• EPC contract awarded for a new 3Mtpa processing circuit (Circuit 2) at Mt Magnet, targeted for completion by December 2027

• Beamish South drilling completed with results including 14.3m at 4.6g/t Au from 304.0m; mineral resource update underway

• Doropo mine construction in Côte d'Ivoire progressing on track and on budget with US$260 million financing secured

• Shareholders approved the sale of aluminium value chainAssetsto Alcoa, expected to complete in the June 2027 half year