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Reporting assumptions

These choices persist and are added to shared URLs.

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).

Serra Leste

Pará, 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.

Category	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)	As at
Measured	241.00 Mt	53.30%	128.45 Mt Fe	31 Dec 2025
Indicated	222.90 Mt	54.40%	121.26 Mt Fe	31 Dec 2025
Inferred	48.50 Mt	49.30%	23.91 Mt Fe	31 Dec 2025
Total Resources	512.40 Mt	53.40%	273.62 Mt Fe	31 Dec 2025
Proved	87.90 Mt	64.00%	56.26 Mt Fe	31 Dec 2025
Probable	274.20 Mt	64.50%	176.86 Mt Fe	31 Dec 2025
Total Reserves	362.00 Mt	64.40%	233.13 Mt Fe	31 Dec 2025

Cut-off grade

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Price assumption

US$92.30/t · US$84.30/t

JORC code year

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Peer benchmark — producing Fe projects (34 with resources)Resource size P46Resource grade P54View 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)	Fe		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)	As at	Source	Provenance
Measured	241.00 Mt	53.30%	128.45 Mt Fe	31 Dec 2025	Iron Ore Mineral Resources as of December 31 — Northern SystemUnverified Evidence record Serra Leste Measured · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 241000000.0000 Grade 53.3000 Contained (t Fe) 128453000.0000 Classification Resource Source trail 20-F: 20-F Iron Ore Mineral Resources as of December 31 — Northern System 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)	Fe		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Fe)	Contained (Mt Fe)	As at	Source	Provenance
Proved	87.90 Mt	64.00%	56.26 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves at December 31 — Northern SystemUnverified Evidence record Serra Leste Proved · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 87900000.0000 Grade 64.0000 Contained (t Fe) 56256000.0000 Classification Reserve Source trail 20-F: 20-F Iron Ore Mineral Reserves at December 31 — Northern System 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 (3) Source: 20-F: 20-F · published 27 Mar 2026 Ref: Iron Ore Mineral Reserves at December 31 — Northern System SK-1300 — Reporting code of record: SK-1300 @ US$ 84.3/t — 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	274.20 Mt	64.50%	176.86 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves at December 31 — Northern SystemUnverified Evidence record Serra Leste Probable · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 274200000.0000 Grade 64.5000 Contained (t Fe) 176859000.0000 Classification Reserve Source trail 20-F: 20-F Iron Ore Mineral Reserves at December 31 — Northern System 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 (3) Source: 20-F: 20-F · published 27 Mar 2026 Ref: Iron Ore Mineral Reserves at December 31 — Northern System
Total Reserves	362.00 Mt	64.40%	233.13 Mt Fe	31 Dec 2025	Iron Ore Mineral Reserves at December 31 — Northern SystemUnverified Evidence record Serra Leste Total Reserve · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 362000000.0000 Grade 64.4000 Contained (t Fe) 233128000.0000 Classification Reserve Source trail 20-F: 20-F Iron Ore Mineral Reserves at December 31 — Northern System 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 (3) Source: 20-F: 20-F · published 27 Mar 2026 Ref: Iron Ore Mineral Reserves at December 31 — Northern System