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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).

Vazante

Minas Gerais, Brazil · 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.

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	0.51 Mt	14.30 g/t	0.24 Moz	31 Dec 2025
Indicated	1.95 Mt	6.10 g/t	0.38 Moz	31 Dec 2025
Inferred	12.92 Mt	11.90 g/t	4.94 Moz	31 Dec 2025
Total Resources	15.38 Mt	11.24 g/t	5.55 Moz	31 Dec 2025
Proved	6.59 Mt	10.50 g/t	2.22 Moz	31 Dec 2025
Probable	8.94 Mt	8.20 g/t	2.34 Moz	31 Dec 2025
Total Reserves	15.53 Mt	9.18 g/t	4.56 Moz	31 Dec 2025

Zn

Category	Tonnes (Mt)	Grade (% Zn)	Contained (Mt Zn)	As at
Measured	0.51 Mt	8.51%	0.04 Mt Zn	31 Dec 2025
Indicated	1.95 Mt	9.39%	0.18 Mt Zn	31 Dec 2025
Inferred	12.92 Mt	8.47%	1.09 Mt Zn	31 Dec 2025
Total Resources	15.38 Mt	8.59%	1.32 Mt Zn	31 Dec 2025
Proved	6.59 Mt	7.45%	0.49 Mt Zn	31 Dec 2025
Probable

Pb

Category	Tonnes (Mt)	Grade (% Pb)	Contained (Mt Pb)	As at
Measured	0.51 Mt	0.26%	1.3 kt Pb	31 Dec 2025
Indicated	1.95 Mt	0.11%	2.2 kt Pb	31 Dec 2025
Inferred	12.92 Mt	0.20%	0.03 Mt Pb	31 Dec 2025
Total Resources	15.38 Mt	0.19%	0.03 Mt Pb	31 Dec 2025
Proved	6.59 Mt	0.20%	0.01 Mt Pb	31 Dec 2025
Probable

Cut-off grade

62.4200 g/t Ag · 62.4200 % Pb · 62.4200 % Zn

Price assumption

US$3449.20/t · US$2999.30/t

JORC code year

—

Peer benchmark — producing Zn projects (46 with resources)Resource size P68Resource grade P86View 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: 20-F: 20-F · 31 Dec 2025
Reporting code: SK-1300
Convention: exclusive
Currency assumption: US$
Disagreement flags: 5 rows

Current R&R

Resources

Category	Tonnes (Mt)	Ag		Zn		Pb		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
Measured	0.51 Mt	14.30 g/t	0.24 Moz	8.51%	0.04 Mt Zn	0.26%	1.3 kt Pb	31 Dec 2025

Reserves

Category	Tonnes (Mt)	Ag		Zn		Pb		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	Grade (% Zn)	Contained (Mt Zn)	Grade (% Pb)	Contained (Mt Pb)	As at	Source	Provenance
Proved	6.59 Mt	10.50 g/t	2.22 Moz	7.45%	0.49 Mt Zn	0.20%	0.01 Mt Pb	31 Dec 2025	Vazante – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)Unverified Evidence record Vazante Proved · Ag · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 6590000.0000 Grade 10.5000 Contained (oz) 2219000.0000 Classification Reserve Source trail 20-F: 20-F Vazante – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis) Published 2026-03-26 Verification Approved; not independently verified · Model extracted AGENT-QA 2026-07-11 (t6 recovery first gate, operator-delegated): post-#133 re-extraction verified - structure, single as-at vintage, reported basis and spot-checks against the printed tables. Approved. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source: 20-F: 20-F · published 26 Mar 2026 Ref: Vazante – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis) SK-1300 — Reporting code of record: SK-1300 Cutoff 62.42 g/t Ag — Cut-off grade assumption from the source statement. @ US$ 2,999.3/oz — Metal price assumption used to derive this estimate. QA notes: AGENT-QA 2026-07-11 (t6 recovery first gate, operator-delegated): post-#133 re-extraction verified - structure, single as-at vintage, reported basis and spot-checks against the printed tables. Approved.
Probable	8.94 Mt	8.20 g/t	2.34 Moz	7.26%	0.65 Mt Zn	0.21%	0.02 Mt Pb	31 Dec 2025	Vazante – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)Unverified Evidence record Vazante Probable · Ag · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 8940000.0000 Grade 8.2000 Contained (oz) 2344000.0000 Classification Reserve Source trail 20-F: 20-F Vazante – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis) Published 2026-03-26 Verification Approved; not independently verified · Model extracted AGENT-QA 2026-07-11 (t6 recovery first gate, operator-delegated): post-#133 re-extraction verified - structure, single as-at vintage, reported basis and spot-checks against the printed tables. Approved. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4) Source:
Total Reserves	15.53 Mt	9.18 g/t	4.56 Moz	7.34%	1.14 Mt Zn	0.21%	0.03 Mt Pb	31 Dec 2025	Vazante – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis)Unverified Evidence record Vazante Total Reserve · Zn · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 15530000.0000 Grade 7.3400 Contained (t Zn) 1139600.0000 Classification Reserve Source trail 20-F: 20-F Vazante – Year End Mineral Reserves as of December 31, 2025 (on a 100% ownership basis) Published 2026-03-26 Verification Approved; not independently verified · Model extracted AGENT-QA 2026-07-11 (t6 recovery first gate, operator-delegated): post-#133 re-extraction verified - structure, single as-at vintage, reported basis and spot-checks against the printed tables. Approved. Copies a pre-filled issue record so you can send it through your normal channel.	notes (4)