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).

Northshore

Minnesota, United States · 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 (% Fe)	Contained (Mt Fe)	As at
Measured	779.31 Mt	22.10%	172.23 Mt Fe	31 Dec 2025
Indicated	397.27 Mt	22.40%	88.99 Mt Fe	31 Dec 2025
Inferred	14.22 Mt	19.80%	2.82 Mt Fe	31 Dec 2025
Total Resources	1,190.81 Mt	22.17%	264.03 Mt Fe	31 Dec 2025
Proved	268.24 Mt	25.30%	67.86 Mt Fe	31 Dec 2025
Probable	527.33 Mt	24.10%	127.09 Mt Fe	31 Dec 2025
Total Reserves	795.56 Mt	24.50%	194.91 Mt Fe	31 Dec 2025

Cut-off grade

15.0000 % Fe · 19.0000 % Fe

Price assumption

US$90.00/t

JORC code year

—

Peer benchmark — producing Fe projects (34 with resources)Resource size P43Resource grade P4View 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	779.31 Mt	22.10%	172.23 Mt Fe	31 Dec 2025	Iron Ore Mineral Resources table (as of December 31, 2025)Unverified Evidence record Northshore Measured · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 779307979.9700 Grade 22.1000 Contained (t Fe) 172227063.5734 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	268.24 Mt	25.30%	67.86 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves table (as of December 31, 2025)Unverified Evidence record Northshore Proved · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 268236384.2400 Grade 25.3000 Contained (t Fe) 67863805.2127 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 (4) 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 19.00 % Fe — Cut-off grade assumption from the source statement. @ US$ 90/t — Metal price assumption used to derive this estimate. 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	527.33 Mt	24.10%	127.09 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves table (as of December 31, 2025)Unverified Evidence record Northshore Probable · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 527328346.2900 Grade 24.1000 Contained (t Fe) 127086131.4559 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 (4) Source: 10-K: 10-K · published 09 Feb 2026 Ref: Iron Ore Mineral Reserves table (as of December 31, 2025)
Total Reserves	795.56 Mt	24.50%	194.91 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves table (as of December 31, 2025)Unverified Evidence record Northshore Total Reserve · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 795564730.5300 Grade 24.5000 Contained (t Fe) 194913358.9799 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 (4) Source: 10-K: 10-K · published 09 Feb 2026 Ref: Iron Ore Mineral Reserves table (as of December 31, 2025)