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3 Big issues:Portfolio. Optionality. Pointsof Differentiation. Industry Overview 20 April 2026 3 Big Issues: Portfolio,optionality, differentiationAs markets digest USpolicy volatility, tricky geopolitics (including wars), sector M&A & metals demand from energy transition (and now AI?) which is surprising up, Big Minershave "appropriate" leverage and are striking a balance between shareholder returns andinvesting for growth. Some commodities strong (aluminium, coal, copper), some not asmuch (iron ore). We consider 3 "Big Issues": 1) Portfolios 2) Optionality 3) Differentiation. EquityEuropeNon-Ferrous-Aluminum & LightMetals Equity ResearchJason Fairclough>>Research AnalystMLI (UK)+44 20 7995 0225jason.fairclough@bofa.com Our equity views in brief BHP (Buy): Now“The world’s biggest copper company”. Global copper growth.Rio Tinto (Buy): Copper growth from Mongolia. Lithium =“New”business of scale.Anglo American (Neutral):Portfolio transformation in progress. Eyes on TECK deal.Glencore (Buy):Sector leading copper optionality. Copper, coal driven upgrades.Vale (Buy):Value over volume in Iron Ore. Past max cash-out?Teck (No Rating):Eyes on Anglo deal. QBII execution improving?Freeport (Buy):Blue-chip copper. Optionality in leaching. Eyes on Indonesia recovery.South32 (Buy):Increasing focus on base metals, executing on growth strategy.Fortescue (Underperform):Iron ore and decarb in focus. Eyes on Capital allocation.Southern Copper (Underperform):Blue-chip copper. World class resource. Valuation. Lawson Winder, CFA>>Research AnalystMerrill Lynch (Canada) Caio Ribeiro>>Research AnalystMerrill Lynch (Brazil) Matty Zhao>>Research AnalystMerrill Lynch (Hong Kong) Kate McCutcheon>>Research AnalystMerrill Lynch (Australia) Big Issue #1: Portfolios. Evolving in real time… Reinhardt van der Walt>>Research AnalystMLI (UK) By nature, Big Minerportfolios don't change quickly. Key developments: RIO out of coal,into lithium. BHP out of oil, into fertilizer. More copper. GLEN: More coking coal, cuttingriskier geographies? VALE: Out of coal, base metal sell down, copper growth. FMG: Pivotto copper? South32: Out of coal, into copper. Anglo: Exit coal, diamonds, nickel, PGMs.Big Issue #2:Optionality = Beyond committed growth Paul Kirjanovs>>Research AnalystMLI (UK) Felicity Robson>>Research AnalystMLI (UK) Most Big Miners have 1-3 projects in execution, a greenfield plus 1-2 brownfield. Fertilizer features big for greenfield (BHP, Anglo). RIO now growing in Lithium. Copper:Many brownfield and Greenfield growth options. Iron ore: Brownfield & Greenfield, too!Big Issue #3:Points of differentiation Chen Jiang>>Research AnalystMerrill Lynch (Australia) Commodity ResearchMichael WidmerCommodity StrategistMLI (UK) Iron ore & copper feature large in Big Miner portfolios = Convergence. That said, mostcompanies have something that differentiates them from peers. RIO: Lithium,aluminium. GLEN: Trading, coal. BHP: Potash. AAL: Restructuring. FCX: US footprint.Existentialism. Why own a Big Miner? Danica AverionCommodity StrategistMLI (UK) As ever, we reflect on the "myth" of the Big Miner that: 1) Owns Tier 1 assets 2) Investscontra-cyclically 3) Generates returns > WACC. 4) Pays a progressive dividend. We thinkthe myth has been "exploded" and that China and other developments "competed away"some historic Big Miner advantages (funding, cost of capital, institutional knowledge).Top down, we consider 1) China Macro 2) India growth 3) Energy transition. What drivesmining equity, relative? We think: 1) Price 2) Volume 3) Self-help. Contents Comparable company valuations Exhibit1:Comparable company valuationsComparable valuations based on our house "base case" commodity price forecasts Exhibit 2:Comparable company valuationsComparable valuations based on our house "base case" commodity priceforecasts Exhibit3: Market capitalization (US$bn) for Big MinersBHP and RIO are the two largest Big Miners, both with market cap over US$150bn Revenue breakdown by commodity Exhibit4: Revenue breakdown by commodity, 2025ARevenue breakdown by commodity, industrial assets only Big Issue #1: Portfolios Portfolios. Evolving. Albeit slowly. By their nature, Big Miner portfolios don't change quickly. Key developments: RIO out ofall coal, into lithium. BHP out of oil, into fertilizer. More copper. GLEN: More coking coal,reducing riskier geographies? VALE: Out of coal, base metal sell down. Growing copperproduction. FMG: Pivot to copper. South32: Out of coal, into copper. Anglo: Exit coal,diamonds, nickel, PGMs. TECK: Out of coking coal, oil sands. Everybody wants more copperOur tagline is:“Decarbonization = Increased Metal Intensity”.There is a pretty bullish inference here for electrification metals, think copper, nickel, cobalt maybelithium, silver, rare earths. Today: Some have more, some less. But everybody seems towant more of these“future facing commodities”- copper in particular. Key charts: Portfolio evolution over time. BH