[Interpretation of the quarterly reports of overseas nickel companies] South32: nickel production in the first quarter of 2022 is 10,600 tons

On April 26, 2022, South 32 announced the production of CerroMatoso ferronickel in the first quarter of 2022. Its output in the first quarter was 10,600 tons, an increase of 49% year-on-year and a decrease of 1% month-on-month. The full-year production in 2021 is 38,300, an increase of 6% year-on-year. Cerro Matoso's nickel production has grown by 33% year to date due to, as well as the successful refurbishment of previous furnaces. In the nine months to March 2022, CerroMatoso nickel production increased by 33% (or 0.77 million tons) to 30.9 thousand tons, mainly due to the completion of a large furnace refurbishment in 2021, higher Q&P pit grades, average nickel production Grades improved by about 9% (1H22: 1.73%; 1H21: 1.58%).

Production guidance for 2022 remains unchanged at 43,800 tonnes.

The specific production and sales are shown in the table below: