View settings100% · M+I+I · Resources excl. reserves · Native commodities

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).

NORI Area D

International Waters (CCZ) · Developing · 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.

Cu

Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	As at
Measured	4.00 Mt	1.20%	0.05 Mt Cu	31 Dec 2025
Indicated	261.00 Mt	1.14%	2.98 Mt Cu	31 Dec 2025
Inferred	110.00 Mt	1.14%	1.25 Mt Cu	31 Dec 2025
Total Resources	375.00 Mt	1.14%	4.28 Mt Cu	31 Dec 2025
Proved	—	—	—	—
Probable	51.00 Mt	1.10%	0.56 Mt Cu	31 Dec 2025
Total Reserves	51.00 Mt	1.10%	0.56 Mt Cu	31 Dec 2025

Ni

Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at
Measured	4.00 Mt	1.40%	0.06 Mt Ni	31 Dec 2025
Indicated	261.00 Mt	1.40%	3.65 Mt Ni	31 Dec 2025
Inferred	110.00 Mt	1.40%	1.54 Mt Ni	31 Dec 2025
Total Resources	375.00 Mt	1.40%	5.25 Mt Ni	31 Dec 2025
Proved	—	—	—	—
Probable

Co

Category	Tonnes (Mt)	Grade (% Co)	Contained (Mt Co)	As at
Measured	4.00 Mt	0.13%	0.01 Mt Co	31 Dec 2025
Indicated	261.00 Mt	0.14%	0.37 Mt Co	31 Dec 2025
Inferred	110.00 Mt	0.12%	0.13 Mt Co	31 Dec 2025
Total Resources	375.00 Mt	0.13%	0.50 Mt Co	31 Dec 2025
Proved	—	—	—	—
Probable

Cut-off grade

4.0000 % Ni · 4.0000 % Cu · 4.0000 % Co

Price assumption

US$21633.00/t · US$11440.00/t · US$55198.00/t · US$20295.00/t · US$56117.00/t

JORC code year

—

Peer benchmark — developing Ni projects (15 with resources)Resource size P97Resource grade P77View 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: 10-K: 10-K · 31 Dec 2025
Reporting code: SK-1300
Convention: exclusive
Currency assumption: US$

Current R&R

Resources

Category	Tonnes (Mt)	Cu		Ni		Co		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	Grade (% Ni)	Contained (Mt Ni)	Grade (% Co)	Contained (Mt Co)	As at	Source	Provenance
Measured	4.00 Mt	1.20%	0.05 Mt Cu	1.40%	0.06 Mt Ni	0.13%	0.01 Mt Co	31 Dec 2025

Reserves

Category	Tonnes (Mt)	Cu		Ni		Co		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	Grade (% Ni)	Contained (Mt Ni)	Grade (% Co)	Contained (Mt Co)	As at	Source	Provenance
Probable	51.00 Mt	1.10%	0.56 Mt Cu	1.40%	0.71 Mt Ni	0.13%	0.07 Mt Co	31 Dec 2025	Summary Mineral Reserves / The NORI Area D December 31, 2025 Mineral ReserveUnverified Evidence record NORI Area D Probable · Ni · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 51000000.0000 Grade 1.4000 Contained (t Ni) 714000.0000 Classification Reserve Source trail 10-K: 10-K Summary Mineral Reserves / The NORI Area D December 31, 2025 Mineral Reserve Published 2026-03-31 Verification Approved; not independently verified · Model extracted AGENT-QA 2026-07-11 (tranche-5 first gate, operator-delegated): figures verified against the document's printed tables. Approved. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: 10-K: 10-K · published 31 Mar 2026 Ref: Summary Mineral Reserves / The NORI Area D December 31, 2025 Mineral Reserve SK-1300 — Reporting code of record: SK-1300 Cutoff 4.00 % Ni — Cut-off grade assumption from the source statement. @ US$ 20,295/t — Metal price assumption used to derive this estimate. QA notes: AGENT-QA 2026-07-11 (tranche-5 first gate, operator-delegated): figures verified against the document's printed tables. Approved.
Total Reserves	51.00 Mt	1.10%	0.56 Mt Cu	1.40%	0.71 Mt Ni	0.13%	0.07 Mt Co	31 Dec 2025	Summary Mineral Reserves / The NORI Area D December 31, 2025 Mineral ReserveUnverified Evidence record NORI Area D Total Reserve · Ni · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 51000000.0000 Grade 1.4000 Contained (t Ni) 714000.0000 Classification Reserve Source trail 10-K: 10-K Summary Mineral Reserves / The NORI Area D December 31, 2025 Mineral Reserve Published 2026-03-31 Verification Approved; not independently verified · Model extracted AGENT-QA 2026-07-11 (tranche-5 first gate, operator-delegated): figures verified against the document's printed tables. Approved. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: