
		2026
Cash generating unit	Segment	Property, plant and equipment	Goodwill and other intangibles	Equity- accounted investment1	Total
		US$M	US$M	US$M	US$M
Jansen project	Group and unallocated	2,300	–	–	2,300
Other	Various	101	7	–	108
Total impairment of non-current assets		2,401	7	–	2,408
Reversal of impairment		(2)	–	–	(2)
Net impairment of non-current assets		2,399	7	–	2,406


		2025
Cash generating unit	Segment	Property, plant and equipment	Goodwill and other intangibles	Equity- accounted investment1	Total
		US$M	US$M	US$M	US$M
Other	Various	196	2	63	261
Total impairment of non-current assets		196	2	63	261
Western Australia Nickel2	Group and unallocated	(90)	–	–	(90)
Reversal of impairment		(90)	–	–	(90)
Net impairment of non-current assets		106	2	63	171

Impairment of equity accounted investment is recognised within ‘Profit/(loss) from equity accounted investments, related impairments and expenses’ in the Consolidated Income Statement.

Reversal of impairment was recognised as exceptional. Refer to note 3 'Exceptional items' for further information.

Impairment tests for all non-financial assets (excluding goodwill) are performed when there is an indication of impairment. Goodwill is tested for impairment at least annually. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash generating unit (CGU) to which the asset belongs, being the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. If the carrying amount of the asset or CGU exceeds its recoverable amount, the asset or CGU is impaired and an impairment loss is charged to the income statement so as to reduce the carrying amount in the balance sheet to its recoverable amount.

Previously impaired assets (excluding goodwill as impairment losses are not reversed in subsequent periods) are reviewed for possible reversal of previous impairment at each reporting date. Impairment reversal cannot exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset or CGU. Such reversal is recognised in the income statement.

The recoverable amount is the higher of an asset’s or CGU’s fair value less cost of disposal (FVLCD) and its value in use (VIU).

FVLCD is an estimate of the amount that a market participant would pay for an asset or CGU, less the cost of disposal. FVLCD for mineral assets is generally determined using independent market assumptions to calculate the present value of the estimated future post-tax cash flows expected to arise from the continued use of the asset, including the anticipated cash flow effects of any capital expenditure to enhance production or reduce cost, and its eventual disposal where a market participant may take a consistent view. Cash flows are discounted using an appropriate post-tax market discount rate to arrive at a net present value of the asset, which is compared against the asset’s carrying value. FVLCD may also take into consideration other market-based indicators of fair value. FVLCD are based primarily on Level 3 inputs as defined in note 24 'Financial risk management' unless otherwise noted.

VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and its eventual disposal or closure. VIU is determined by applying assumptions specific to the Group’s continued use and cannot take into account future development. These assumptions are different to those used in calculating FVLCD and consequently the VIU calculation is likely to give a different result (usually lower) to a FVLCD calculation.

Impairment of non-current assets relating to the year ended 30 June 2026 are detailed below.

At 30 June 2026, the Group determined the overall recoverable amount of the Jansen project CGU to be approximately US$8,800 million resulting in an aggregate impairment of US$2,300 million. The impairment is primarily driven by higher forecast capital intensity for both currently approved phases (Stages 1 and 2) and potential future expansion phases of the Jansen project. The Jansen project CGU is part of the ‘Group and unallocated items’ reportable segment.

The valuation for the Jansen project CGU was determined using FVLCD methodology, applying discounted cash flow techniques based primarily on Level 3 inputs (as defined in note 24 ‘Financial risk management’) and applying a post-tax real discount rate of 7.0 per cent. The valuation is most sensitive to changes in the long-term potash price outlook and the risking applied to potential future expansion phases of the Jansen resource. Given the completion of detailed reviews of cost and schedule estimates for Stages 1 and 2 completed in FY2026 and the risking applied to future expansion phases in the current valuation, management does not consider there to be a significant risk of a further material impairment in the next financial reporting period. All estimates require judgements and assumptions and are subject to risk and uncertainty that may be beyond the control of the Group.

Key judgements and estimates that have been applied in the valuations using DCF techniques are disclosed further below.

For the purpose of impairment testing, goodwill has been allocated to CGUs or groups of CGUs, that are expected to benefit from the synergies of previous business combinations, which represent the level at which management will monitor and manage goodwill.

Goodwill held by other CGUs is US$187 million (2025: US$187 million). This represents less than one per cent of net assets at 30 June 2026 (2025: less than one per cent). There was no impairment of other goodwill in the year to 30 June 2026 (2025: US$ nil).

              Key judgements and estimates
Judgements: Assessment of indicators of impairment or impairment reversal and the determination of CGUs for impairment purposes require significant management judgement.
Indicators of impairment may include changes in the Group’s operating and economic assumptions, including those arising from changes in reserves or mine planning, updates to the Group’s commodity supply, demand and price forecasts, or the possible additional impacts from emerging risks including those related to climate change and the transition to a low-carbon economy. 
Climate change
The Group’s impairment assessments may be impacted by climate change and the transition to a low-carbon economy. Further detail is provided in note 16 ‘Climate change’. 
Estimates: The Group performs a recoverable amount determination for an asset or CGU when there is an indication of impairment or impairment reversal. 
Previously impaired CGUs and recently acquired assets recognised at fair value on acquisition may have comparatively lower headroom between carrying value and recoverable amount, reflecting the basis on which those carrying values have been determined.
When the recoverable amount is measured by reference to FVLCD, in the absence of quoted market prices or binding sale agreement, estimates are made regarding the present value of future post-tax cash flows. These estimates are made from the perspective of a market participant and include prices, future production volumes, operating costs, capital expenditure, closure and rehabilitation costs, taxes, risking factors applied to cash flows and discount rates. The cash flow forecasts may include net cash flows expected from the extraction, processing and sale of material that does not currently qualify for inclusion in reserves. Reserves and resources are included in the assessment of FVLCD to the extent that it is considered probable that a market participant would attribute value to them.
When recoverable amount is measured using VIU, estimates are made regarding the present value of future cash flows based on internal budgets and forecasts and life of asset plans. Key estimates are similar to those identified for FVLCD, although some assumptions and values may differ as they reflect the perspective of management rather than a market participant. 
All estimates require judgements and assumptions and are subject to risk and uncertainty that may be beyond the control of the Group; hence, there is a possibility that changes in circumstances will materially alter projections, which may impact the recoverable amount of an asset or CGU at each reporting date. With the exception of the Jansen project CGU impairment mentioned above, no indicators of impairment, or impairment reversal, were identified across the Group’s remaining CGUs at 30 June 2026 noting that the carrying value of the Spence CGU is the most susceptible to changes in the significant estimates outlined below in the next reporting period.
The significant estimates impacting the Group’s recoverable amount determinations are:
Commodity prices
Commodity prices were based on latest internal forecasts which assume short-term market prices will revert to the Group’s assessment of long-term price. These price forecasts reflect management’s long-term views of global supply and demand, built upon past experience of the commodity markets and are benchmarked with external sources of information such as analyst forecasts. Prices are adjusted based upon premiums or discounts applied to global price markers to reflect the location, nature and quality of the Group’s production, or to take into account contracted prices.
Future production volumes
Estimated production volumes were based on detailed data and took into account development plans established by management as part of the Group’s long-term planning process. When estimating FVLCD, assumptions reflect all reserves and resources that a market participant would consider when valuing the respective CGU, which in some cases are broader in scope than the reserves that would be used in a VIU test. In determining FVLCD, risk factors may be applied to reserves and resources which do not meet the criteria to be treated as proved.

             