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).

NYSE:CLF

CLEVELAND-CLIFFS INC.

Unverified

Fe Resources (excl. Reserves): 871.62 Mt Fe

Fe Reserves: 711.07 Mt Fe

As at 31 Dec 2025

Market data

Share price

US$11.83

as at 27 Aug 2026

Market cap

US$6.75B

Enterprise value

US$14.40B

net debt US$7.65B

EV / Fe Resource t

US$17/t

EV / Fe Reserve t

US$20/t

Figures in the issuer's listing currency (USD); net debt is converted from the reporting currency where it differs. Prices and fundamentals sync daily from Yahoo Finance.

Current R&R by category

Every metal CLEVELAND-CLIFFS INC. reports, one column each, in its own native unit — figures are never summed across columns.

Category	Fe (Mt Fe)
Measured	330.79 Mt Fe
Indicated	486.32 Mt Fe
Inferred	54.51 Mt Fe
Total Resources	871.62 Mt Fe
Proved	143.83 Mt Fe
Probable	566.89 Mt Fe
Total Reserves	711.07 Mt Fe

Open a project for the per-area and per-metal split.

Figures are on a 100% project basis unless a row is flagged attributable — not netted to CLEVELAND-CLIFFS INC.'s stakes (Hibbing 85.3%).

Projects

Current Fe totals per project (100% basis). Projects that don't report Fe stay listed, with "—" figures. Open a project for the per-category and per-area split.

Project	Reserves (Fe)			Resources (Fe)
Project	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)
Hibbing	73.85 Mt	19.30%	14.25 Mt Fe

Source documents

10-K: 10-K09 Feb 2026
10-K: 10-K25 Feb 2025
10-K: 10-K08 Feb 2024
10-K: 10-K14 Feb 2023
10-K: 10-K11 Feb 2022
10-K: 10-K26 Feb 2021
10-K: 10-K20 Feb 2020
10-K: 10-K08 Feb 2019
10-K/A: 10-K/A