1622 growth in economic expectations and our struggle to deliver on society’s demand in this regard. We need to be honest with ourselves – the emergence of the Critical Minerals conversation is both a function of new world developments and a reflection of our lack of vision and determination to put ourselves in a position to deliver on society’s expectation of our industry. The other question to ask, from a business leadership to shareholder perspective, will the market reward this broader approach. Or will the word “Sustainability” make some shareholders think twice about what they may be investing in. The answer goes back to leadership and how we “join the dots” and talk to a modern materials story that reflects our role and the results we can deliver if we get the moving parts working in the most efficient and long term sustainably economic way. As of today, and in my experience, the world tends to measure success and whether there is a belief performance can be sustained and improved – the share price is probably as good as any measure on this continuum. And going back to my Anglo American experience on costs, Collaborative Regional Development and project delivery – the market does tend to reward performance. Figure 2 – ANGLO AMERICAN – SHARE PRICE PERFORMANCE Some have argued we rode a commodities wave in outperforming our peers from 2015 to 2022 by an average 100%. The answer to that of course we did – that was our job!!! But at the same time, we rode it better than anyone else, built on our doubling our productivity and reducing costs in our 2013 to 2016 restructuring to improve our competitive position from the 49th cost percentile to the 27th cost percentile over the same period. And from where we started in 2013 – we average a best in class 22% average annual average Total Return to Shareholders (TSR) for the same reason. 3. A FINAL MESSAGE A few years back, when living in London and being asked to be a member of the UK Government’s Anti-Slavery initiate, the Chairing Baroness was working her way around the room meeting the members, asking them what they did. I recall listening intently to everyone’s relatively colorful critique of their profession. A lawyer specializing in human rights, a banker funding wonderful emerging market development projects and a whole range of other impressive individuals doing important things. I had to think quick – to position my role in the context that the situation demanded. While clunky, my introduction got her attention, “My name is Mark Cutifani, I am an Australian working in an industry that has the most significantly environmentally net positive footprint on the planet. Would you like to take a guess at what I do?” She stopped, blinked a couple of times and said, “she had no YEAR I I I I I I I I I I I I I I I I I I I I I I I I 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 I 100 200 300 ANGLO AMERICAN – SHARE PRICE PERFORMANCE X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X X At Retirement Anglo American Peer 3 Peer 1 Peer 4 Peer 2
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