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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).

United Taconite

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	93.48 Mt	23.60%	22.06 Mt Fe	31 Dec 2024
Indicated	649.25 Mt	22.20%	144.13 Mt Fe	31 Dec 2024
Inferred	26.42 Mt	21.50%	5.68 Mt Fe	31 Dec 2024
Total Resources	769.15 Mt	22.35%	171.87 Mt Fe	31 Dec 2024
Proved	99.57 Mt	23.40%	23.30 Mt Fe	31 Dec 2024
Probable	641.13 Mt	22.10%	141.69 Mt Fe	31 Dec 2024
Total Reserves	740.70 Mt	22.30%	165.18 Mt Fe	31 Dec 2024

Cut-off grade

17.0000 % Fe

Price assumption

US$90.00/t

JORC code year

—

Peer benchmark — producing Fe projects (34 with resources)Resource size P28Resource grade P9View 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 2024
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	93.48 Mt	23.60%	22.06 Mt Fe	31 Dec 2024	Iron Ore Mineral Resources tableUnverified Evidence record United Taconite Measured · Fe · as at 2024-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 93476315.6096 Grade 23.6000 Contained (t Fe) 22060410.4839 Classification Resource Source trail 10-K: 10-K Iron Ore Mineral Resources table Published 2025-02-25 Verification Approved; not independently verified · Model extracted tranche12 deterministic fix: table prints long tons (2,240 lb footnote); tonnes and contained x1.0160469088 \| tranche12 QA: net-new vintage, print-verified after long-ton conversion 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	99.57 Mt	23.40%	23.30 Mt Fe	31 Dec 2024	Iron Ore Mineral Reserves table as of December 31, 2024Unverified Evidence record United Taconite Proved · Fe · as at 2024-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 99572597.0624 Grade 23.4000 Contained (t Fe) 23299987.7126 Classification Reserve Source trail 10-K: 10-K Iron Ore Mineral Reserves table as of December 31, 2024 Published 2025-02-25 Verification Approved; not independently verified · Model extracted tranche12 deterministic fix: table prints long tons (2,240 lb footnote); tonnes and contained x1.0160469088 \| tranche12 QA: net-new vintage, print-verified after long-ton conversion Copies a pre-filled issue record so you can send it through your normal channel.	notes (5) Source: 10-K: 10-K · published 25 Feb 2025 Ref: Iron Ore Mineral Reserves table as of December 31, 2024 SK-1300 — Reporting code of record: SK-1300 Cutoff 17.00 % Fe — Cut-off grade assumption from the source statement. @ US$ 90/t — Metal price assumption used to derive this estimate. QA notes: tranche12 deterministic fix: table prints long tons (2,240 lb footnote); tonnes and contained x1.0160469088 tranche12 QA: net-new vintage, print-verified after long-ton conversion
Probable	641.13 Mt	22.10%	141.69 Mt Fe	31 Dec 2024	Iron Ore Mineral Reserves table as of December 31, 2024Unverified Evidence record United Taconite Probable · Fe · as at 2024-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 641125599.4528 Grade 22.1000 Contained (t Fe) 141688757.4791 Classification Reserve Source trail 10-K: 10-K Iron Ore Mineral Reserves table as of December 31, 2024 Published 2025-02-25 Verification Approved; not independently verified · Model extracted tranche12 deterministic fix: table prints long tons (2,240 lb footnote); tonnes and contained x1.0160469088 \| tranche12 QA: net-new vintage, print-verified after long-ton conversion Copies a pre-filled issue record so you can send it through your normal channel.	notes (5) Source: 10-K: 10-K · published 25 Feb 2025 Ref: Iron Ore Mineral Reserves table as of December 31, 2024 SK-1300
Total Reserves	740.70 Mt	22.30%	165.18 Mt Fe	31 Dec 2024	Iron Ore Mineral Reserves table as of December 31, 2024 (Proven & Probable)Unverified Evidence record United Taconite Total Reserve · Fe · as at 2024-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 740698196.5152 Grade 22.3000 Contained (t Fe) 165175697.8229 Classification Reserve Source trail 10-K: 10-K Iron Ore Mineral Reserves table as of December 31, 2024 (Proven & Probable) Published 2025-02-25 Verification Approved; not independently verified · Model extracted tranche12 deterministic fix: table prints long tons (2,240 lb footnote); tonnes and contained x1.0160469088 \| tranche12 QA: net-new vintage, print-verified after long-ton conversion Copies a pre-filled issue record so you can send it through your normal channel.	notes (5) Source: 10-K: 10-K · published 25 Feb 2025 Ref: Iron Ore Mineral Reserves table as of December 31, 2024 (Proven & Probable)