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Reporting assumptions

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Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Barro Alto

Goiás, Brazil · Producing · 100.0% ownedUnverified

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at
Measured	4.60 Mt	1.17%	0.05 Mt Ni	31 Dec 2025
Indicated	4.80 Mt	1.22%	0.06 Mt Ni	31 Dec 2025
M&I = Measured + Indicated (overlaps both)	9.40 Mt	1.20%	0.11 Mt Ni	31 Dec 2025
Inferred	19.40 Mt	1.19%	0.23 Mt Ni	31 Dec 2025
Total Resources	28.80 Mt	1.19%	0.34 Mt Ni	31 Dec 2025
Proved	17.10 Mt	1.36%	0.23 Mt Ni	31 Dec 2025
Probable	30.10 Mt	1.24%	0.38 Mt Ni	31 Dec 2025
Total Reserves	47.20 Mt	1.29%	0.61 Mt Ni	31 Dec 2025

M&I is the issuer's printed Measured + Indicated subtotal — it overlaps the Measured and Indicated rows and is never added alongside them; the Total rows and every rollup already exclude it.

Cut-off grade

0.9000 % Ni

Price assumption

—

JORC code year

2012

Peer benchmark — producing Ni projects (17 with resources)Resource size P32Resource grade P44View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) · 31 Dec 2025
Reporting code: JORC 2012
Convention: exclusive
Currency assumption: GBP
Disagreement flags: 2 rows

Current R&R

Resources

Area	Category	Tonnes (Mt)	Ni		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at	Source	Provenance
Total	Total Resources	28.80 Mt	1.19%	0.34 Mt Ni	31 Dec 2025	derived from 5 rows Measured: 95

Ferruginous laterite — figures are print-exact (p.95 Barro Alto 'Ferruginous laterite / Total Inferred 8.7 9.0 1.21 1.20 105 109')

Inferred

8.70 Mt

1.21%

0.11 Mt Ni

31 Dec 2025

95Unverified

notes (4)

Source: Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) · published 02 Mar 2026

Ref: 95

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 0.90 % Ni — Cut-off grade assumption from the source statement.

QA notes:

QA INFO: inclusive-of-reserves flag cleared on an inferred row — reserves derive from M&I only, so the flag is meaningless on inferred. QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA WARN: tonnes/contained equal the SUM of 2 sibling row(s) of the same classification/category/commodity (Ferruginous laterite – Inferred (in LoAP), Ferruginous laterite – Inferred (ex. LoAP)) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count). QA WARN: mining_area 'Ferruginous laterite – Total Inferred' looks like a table SUBTOTAL line, not a leaf area — approving it alongside the leaf areas double-counts. Reject it (or reject the leaves) before approval. QA INFO: identical figures to area(s) 'Ferruginous laterite (incl. stockpile)' — likely the same printed line under two labels (a summary and a detail table); keep one label and reject the other.
QA fix: mining_area=Ferruginous laterite — figures are print-exact (p.95 Barro Alto 'Ferruginous laterite / Total Inferred 8.7 9.0 1.21 1.20 105 109'), but the stored label embeds the classification header. Restoring the printed block name; this row is the sole surviving carrier of that estimate after the '(incl. stockpile)' summary twin 36b88b6a and the t

Ferruginous laterite stockpile

M&I = Measured + Indicated (overlaps both)

1.00 Mt

1.46%

0.02 Mt Ni

31 Dec 2025

95Unverified

notes (4)

Source: Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) · published 02 Mar 2026

Ref: 95

JORC 2012 — Reporting code of record: JORC 2012
Cutoff 0.90 % Ni — Cut-off grade assumption from the source statement.
excl — Stated Resources are EXCLUSIVE of Reserves — they sit on top of the reserve, so decks quoting inclusive resources will show a larger figure (inclusive = this row + the converted reserve).

QA notes:

QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA INFO: recompute differs 2.67% from the printed contained figure, but the printed tonnes/grade/contained carry ±9.68% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled. QA INFO: identical figures to area(s) 'Ferruginous laterite (incl. stockpile)' — likely the same printed line under two labels (a summary and a detail table); keep one label and reject the other.

Saprolite

Inferred

10.70 Mt

1.17%

0.13 Mt Ni

31 Dec 2025

24Unverified

notes (2)

Source: Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) · published 02 Mar 2026

Ref: 24

JORC 2012 — Reporting code of record: JORC 2012

QA notes:

QA INFO: inclusive-of-reserves flag cleared on an inferred row — reserves derive from M&I only, so the flag is meaningless on inferred. QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA WARN: mining_area 'Saprolite' equals the sum of sibling areas (arithmetic subtotal), not a leaf area — approving it alongside the leaf areas double-counts. Reject it (or reject the leaves) before approval. QA INFO: identical figures to area(s) 'Saprolite – Total Inferred' — likely the same printed line under two labels (a summary and a detail table); keep one label and reject the other.

Reserves

Area	Category	Tonnes (Mt)	Ni		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at	Source	Provenance
Saprolite	Proved	17.10 Mt	1.36%	0.23 Mt Ni	31 Dec 2025	95Unverified Evidence record Barro Alto Proved · Ni · as at 2025-12-31 Reported figure Area Saprolite Basis 100% Ore tonnes (t) 17100000.0000 Grade 1.3600 Contained (t Ni) 232000.0000 Classification Reserve Source trail Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) 95 Published 2026-03-02 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. Copies a pre-filled issue record so you can send it through your normal channel.	notes (2) Source: Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) · published 02 Mar 2026 Ref: 95 JORC 2012 — Reporting code of record: JORC 2012 QA notes: QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none.
Saprolite	Probable	11.90 Mt	1.35%	0.16 Mt Ni	31 Dec 2025	95Unverified Evidence record Barro Alto Probable · Ni · as at 2025-12-31 Reported figure Area Saprolite Basis 100% Ore tonnes (t) 11900000.0000 Grade 1.3500 Contained (t Ni) 161000.0000 Classification Reserve Source trail Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) 95 Published 2026-03-02 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. Copies a pre-filled issue record so you can send it through your normal channel.	notes (2) Source: Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025)
Saprolite	Total Reserves	29.00 Mt	1.36%	0.39 Mt Ni	31 Dec 2025	95Unverified Evidence record Barro Alto Total Reserve · Ni · as at 2025-12-31 Reported figure Area Saprolite Basis 100% Ore tonnes (t) 29000000.0000 Grade 1.3600 Contained (t Ni) 394000.0000 Classification Reserve Source trail Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) 95 Published 2026-03-02 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. Copies a pre-filled issue record so you can send it through your normal channel.	notes (2) Source: Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025)
Stockpile	Probable	18.20 Mt	1.17%	0.21 Mt Ni	31 Dec 2025	95Unverified Evidence record Barro Alto Probable · Ni · as at 2025-12-31 Reported figure Area Stockpile Basis 100% Ore tonnes (t) 18200000.0000 Grade 1.1700 Contained (t Ni) 214000.0000 Classification Reserve Source trail Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) 95 Published 2026-03-02 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. Copies a pre-filled issue record so you can send it through your normal channel.	notes (2) Source: Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025)
Stockpile	Total Reserves	18.20 Mt	1.17%	0.21 Mt Ni	31 Dec 2025	95Unverified Evidence record Barro Alto Total Reserve · Ni · as at 2025-12-31 Reported figure Area Stockpile Basis 100% Ore tonnes (t) 18200000.0000 Grade 1.1700 Contained (t Ni) 214000.0000 Classification Reserve Source trail Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025) 95 Published 2026-03-02 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. Copies a pre-filled issue record so you can send it through your normal channel.	notes (2) Source: Anglo American plc - Ore Reserves and Mineral Resources Report 2025 (dedicated annual R&R statement, as at 31 Dec 2025)