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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).

Onça Puma

Pará, Brazil · Producing · 90.0% 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 (% Ni)	Contained (Mt Ni)	As at
Measured	14.11 Mt	1.43%	0.20 Mt Ni	31 Dec 2025
Indicated	36.78 Mt	1.37%	0.50 Mt Ni	31 Dec 2025
Inferred	3.67 Mt	1.20%	0.04 Mt Ni	31 Dec 2025
Total Resources	54.56 Mt	1.37%	0.75 Mt Ni	31 Dec 2025
Proved	50.44 Mt	1.62%	0.82 Mt Ni	31 Dec 2025
Probable	45.11 Mt	1.45%	0.65 Mt Ni	31 Dec 2025
Total Reserves	95.56 Mt	1.54%	1.47 Mt Ni	31 Dec 2025

Cut-off grade

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Price assumption

US$13376.00/t · US$17625.00/t

JORC code year

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Peer benchmark — producing Ni projects (17 with resources)Resource size P50Resource grade P62View 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$

Current R&R

Resources

Category	Tonnes (Mt)	Ni		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at	Source	Provenance
Measured	14.11 Mt	1.43%	0.20 Mt Ni	31 Dec 2025	Nickel Mineral Resources as of December 31 — BrazilUnverified Evidence record Onça Puma Measured · Ni · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 14111111.111111112 Grade 1.4300 Contained (t Ni) 201788.8888888889 Classification Resource Source trail 20-F: 20-F Nickel Mineral Resources as of December 31 — Brazil Published 2026-03-27 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.

Reserves

Category	Tonnes (Mt)	Ni		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at	Source	Provenance
Proved	50.44 Mt	1.62%	0.82 Mt Ni	31 Dec 2025	Nickel Mineral Reserves as of December 31 — BrazilUnverified Evidence record Onça Puma Proved · Ni · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 50444444.44444445 Grade 1.6200 Contained (t Ni) 817200 Classification Reserve Source trail 20-F: 20-F Nickel Mineral Reserves as of December 31 — Brazil Published 2026-03-27 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 27 Mar 2026 Ref: Nickel Mineral Reserves as of December 31 — Brazil SK-1300 — Reporting code of record: SK-1300 @ US$ 17,625/t — Metal price assumption used to derive this estimate. attrib — Figures are net to the issuer's ownership interest as reported (attributable basis) — NOT 100% of the project. 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	45.11 Mt	1.45%	0.65 Mt Ni	31 Dec 2025	Nickel Mineral Reserves as of December 31 — BrazilUnverified Evidence record Onça Puma Probable · Ni · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 45111111.11111111 Grade 1.4500 Contained (t Ni) 654111.1111111111 Classification Reserve Source trail 20-F: 20-F Nickel Mineral Reserves as of December 31 — Brazil Published 2026-03-27 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 27 Mar 2026 Ref: Nickel Mineral Reserves as of December 31 — Brazil
Total Reserves	95.56 Mt	1.54%	1.47 Mt Ni	31 Dec 2025	Nickel Mineral Reserves as of December 31 — BrazilUnverified Evidence record Onça Puma Total Reserve · Ni · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 95555555.55555557 Grade 1.5400 Contained (t Ni) 1471555.5555555557 Classification Reserve Source trail 20-F: 20-F Nickel Mineral Reserves as of December 31 — Brazil Published 2026-03-27 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 27 Mar 2026 Ref: Nickel Mineral Reserves as of December 31 — Brazil