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

Reporting assumptions

These choices persist and are added to shared URLs.

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).

Hibbing

Minnesota, United States · Producing · 85.3% 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 (% Fe)	Contained (Mt Fe)	As at
Measured	9.53 Mt	19.20%	1.83 Mt Fe	31 Dec 2025
Indicated	1.19 Mt	18.70%	0.22 Mt Fe	31 Dec 2025
Inferred	—	—	—	—
Total Resources	10.72 Mt	19.20%	2.06 Mt Fe	31 Dec 2025
Proved	69.09 Mt	19.30%	13.33 Mt Fe	31 Dec 2025
Probable	4.76 Mt	19.00%	0.91 Mt Fe	31 Dec 2025
Total Reserves	73.85 Mt	19.30%	14.25 Mt Fe	31 Dec 2025

Cut-off grade

13.0000 % Fe

Price assumption

US$90.00/t

JORC code year

—

Peer benchmark — producing Fe projects (34 with resources)Resource size P1Resource grade P1View 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)	Fe		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)	As at	Source	Provenance
Measured	9.53 Mt	19.20%	1.83 Mt Fe	31 Dec 2025	Iron Ore Mineral Resources table (as of December 31, 2025)Unverified Evidence record Hibbing Measured · Fe · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 9529162.110199297 Grade 19.2000 Contained (t Fe) 1829599.1252051585 Classification Resource Source trail 10-K: 10-K Iron Ore Mineral Resources table (as of December 31, 2025) Published 2026-02-09 Verification Approved; not independently verified · Model extracted QA FIX (claude-agent-qa): printed tonnage is millions of LONG tons (2,240 lb, per table footnote); stored value was unconverted. Rescaled x1.01604691; contained is derived from tonnage so rescaled identically. Copies a pre-filled issue record so you can send it through your normal channel.

Reserves

Category	Tonnes (Mt)	Fe		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)	As at	Source	Provenance
Proved	69.09 Mt	19.30%	13.33 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves table (as of December 31, 2025)Unverified Evidence record Hibbing Proved · Fe · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 69086425.2989449 Grade 19.3000 Contained (t Fe) 13333680.082649473 Classification Reserve Source trail 10-K: 10-K Iron Ore Mineral Reserves table (as of December 31, 2025) Published 2026-02-09 Verification Approved; not independently verified · Model extracted QA FIX (claude-agent-qa): printed tonnage is millions of LONG tons (2,240 lb, per table footnote); stored value was unconverted. Rescaled x1.01604691; contained is derived from tonnage so rescaled identically. Copies a pre-filled issue record so you can send it through your normal channel.	notes (5) Source: 10-K: 10-K · published 09 Feb 2026 Ref: Iron Ore Mineral Reserves table (as of December 31, 2025) SK-1300 — Reporting code of record: SK-1300 Cutoff 13.00 % Fe — Cut-off grade assumption from the source statement. @ US$ 90/t — Metal price assumption used to derive this estimate. attrib — Figures are net to the issuer's ownership interest as reported (attributable basis) — NOT 100% of the project. QA notes: QA FIX (claude-agent-qa): printed tonnage is millions of LONG tons (2,240 lb, per table footnote); stored value was unconverted. Rescaled x1.01604691; contained is derived from tonnage so rescaled identically.
Probable	4.76 Mt	19.00%	0.91 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves table (as of December 31, 2025)Unverified Evidence record Hibbing Probable · Fe · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 4764581.055099648 Grade 19.0000 Contained (t Fe) 905270.4004689332 Classification Reserve Source trail 10-K: 10-K Iron Ore Mineral Reserves table (as of December 31, 2025) Published 2026-02-09 Verification Approved; not independently verified · Model extracted QA FIX (claude-agent-qa): printed tonnage is millions of LONG tons (2,240 lb, per table footnote); stored value was unconverted. Rescaled x1.01604691; contained is derived from tonnage so rescaled identically. Copies a pre-filled issue record so you can send it through your normal channel.	notes (5) Source: 10-K: 10-K · published 09 Feb 2026 Ref: Iron Ore Mineral Reserves table (as of December 31, 2025)
Total Reserves	73.85 Mt	19.30%	14.25 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves table (as of December 31, 2025)Unverified Evidence record Hibbing Total Reserve · Fe · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 73851006.35404456 Grade 19.3000 Contained (t Fe) 14253244.22637749 Classification Reserve Source trail 10-K: 10-K Iron Ore Mineral Reserves table (as of December 31, 2025) Published 2026-02-09 Verification Approved; not independently verified · Model extracted QA FIX (claude-agent-qa): printed tonnage is millions of LONG tons (2,240 lb, per table footnote); stored value was unconverted. Rescaled x1.01604691; contained is derived from tonnage so rescaled identically. Copies a pre-filled issue record so you can send it through your normal channel.	notes (5) Source: 10-K: 10-K · published 09 Feb 2026 Ref: Iron Ore Mineral Reserves table (as of December 31, 2025)