Fixed Income Investors

2. Access to cash

The majority of Group cash is held at the London or South African corporate centres. It is Group policy for excess cash balances to be repatriated to the corporate centres by way of dividends or deposits. The remaining cash balances are held by the businesses for local working capital purposes.

Cash held at the London corporate centre and certain businesses is primarily invested in highly rated, instant access USD-denominated money market and treasury funds. Cash held in South Africa is first applied inter-group and any residual cash is invested in rated money market funds, bank deposits as well as government bonds through repo transactions.

As the Group operates in South Africa, all subsidiaries of the Group registered in South Africa are subject to prevailing South African Exchange Control Regulations. These regulations are not expected to have a material effect on the ability of the Group to meet its ongoing obligations.

As at 30 June 2026, the Group maintained a liquidity position of $15.5bn comprised of $8.9bn of cash and $6.6bn of undrawn committed bank facilities. Of the following committed bank facilities, only the Anglo American Capital plc Revolving Credit Facilities ($4.7bn) are guaranteed by Anglo American plc.

As at 30 June 2026, the material committed bank facilities⁽¹⁾ comprised the following:

1. Material committed bank facilities at fully consolidated entities of the Group.
2. Includes ZAR2.2 billion in respect of facilities with 12 month maturity which roll automatically on a daily basis, unless notice is served,  ZAR1.5 billion in respect of facilities with 18 month maturity which roll automatically on a daily basis, unless notice is served. and ZAR 5.1bn in respect of facilities with 36 month maturity which roll automatically on a daily basis, unless notice is served.

4. Group simplified corporate structure

1. Issuer under EMTN and US 144a transactions – guaranteed by Anglo American plc, borrower under US$4.7bn Revolving and Bilateral Credit Facilities – guaranteed by Anglo American plc, principal financing vehicle outside of South Africa.
2. Borrower under a number of bank facilities - guaranteed by AASA, principal financing vehicle for South African companies.
3. In February 2026, Anglo American entered into an investment agreement with Mitsubishi Corporation (Mitsubishi) to support continued development of Woodsmith, which includes an initial equity investment by Mitsubishi and evaluation of a potential future 25% equity interest, or such other amount as may be negotiated at the time.