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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).

Tilden

Michigan, 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	—	—	—	—
Indicated	105.67 Mt	33.20%	35.08 Mt Fe	31 Dec 2025
Inferred	100.59 Mt	33.70%	33.90 Mt Fe	31 Dec 2025
Total Resources	206.26 Mt	33.44%	68.98 Mt Fe	31 Dec 2025
Proved	2.03 Mt	36.10%	0.73 Mt Fe	31 Dec 2025
Probable	443.00 Mt	34.70%	153.72 Mt Fe	31 Dec 2025
Total Reserves	445.03 Mt	34.70%	154.42 Mt Fe	31 Dec 2025

Cut-off grade

25.0000 % Fe

Price assumption

US$100.00/t

JORC code year

—

Peer benchmark — producing Fe projects (34 with resources)Resource size P13Resource grade P28View 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
Indicated	105.67 Mt	33.20%	35.08 Mt Fe	31 Dec 2025	Iron Ore Mineral Resources table (as of December 31, 2025)Unverified Evidence record Tilden Indicated · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 105668878.6400 Grade 33.2000 Contained (t Fe) 35082067.7085 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	2.03 Mt	36.10%	0.73 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves table (as of December 31, 2025)Unverified Evidence record Tilden Proved · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 2032093.8200 Grade 36.1000 Contained (t Fe) 733585.8690 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 25.00 % Fe — Cut-off grade assumption from the source statement. @ US$ 100/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	443.00 Mt	34.70%	153.72 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves table (as of December 31, 2025)Unverified Evidence record Tilden Probable · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 442996452.7600 Grade 34.7000 Contained (t Fe) 153719769.1077 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	445.03 Mt	34.70%	154.42 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves table (as of December 31, 2025)Unverified Evidence record Tilden Total Reserve · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 445028546.5800 Grade 34.7000 Contained (t Fe) 154424905.6633 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)