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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).

Serra Sul

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	443.30 Mt	65.50%	290.36 Mt Fe	31 Dec 2025
Indicated	261.10 Mt	64.40%	168.15 Mt Fe	31 Dec 2025
Inferred	100.60 Mt	64.60%	64.99 Mt Fe	31 Dec 2025
Total Resources	805.00 Mt	65.03%	523.50 Mt Fe	31 Dec 2025
Proved	1,416.10 Mt	65.50%	927.55 Mt Fe	31 Dec 2025
Probable	2,189.00 Mt	65.20%	1,427.23 Mt Fe	31 Dec 2025
Total Reserves	3,605.10 Mt	65.30%	2,354.13 Mt Fe	31 Dec 2025

Cut-off grade

—

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 P66Resource grade P90View 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	443.30 Mt	65.50%	290.36 Mt Fe	31 Dec 2025	Serra Sul – Summary of Iron Ore Mineral Resources as of December 31, 2025Unverified Evidence record Serra Sul Measured · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 443300000.0000 Grade 65.5000 Contained (t Fe) 290361500.0000 Classification Resource Source trail 20-F: 20-F Serra Sul – Summary of Iron Ore Mineral Resources as of December 31, 2025 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	1,416.10 Mt	65.50%	927.55 Mt Fe	31 Dec 2025	Serra Sul - Summary of Iron Ore Mineral Reserves as of December 31, 2025Unverified Evidence record Serra Sul Proved · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 1416100000.0000 Grade 65.5000 Contained (t Fe) 927545500.0000 Classification Reserve Source trail 20-F: 20-F Serra Sul - Summary of Iron Ore Mineral Reserves as of December 31, 2025 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: Serra Sul - Summary of Iron Ore Mineral Reserves as of December 31, 2025 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	2,189.00 Mt	65.20%	1,427.23 Mt Fe	31 Dec 2025	Serra Sul - Summary of Iron Ore Mineral Reserves as of December 31, 2025Unverified Evidence record Serra Sul Probable · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 2189000000.0000 Grade 65.2000 Contained (t Fe) 1427228000.0000 Classification Reserve Source trail 20-F: 20-F Serra Sul - Summary of Iron Ore Mineral Reserves as of December 31, 2025 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: Serra Sul - Summary of Iron Ore Mineral Reserves as of December 31, 2025
Total Reserves	3,605.10 Mt	65.30%	2,354.13 Mt Fe	31 Dec 2025	Serra Sul - Summary of Iron Ore Mineral Reserves as of December 31, 2025Unverified Evidence record Serra Sul Total Reserve · Fe · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 3605100000.0000 Grade 65.3000 Contained (t Fe) 2354130300.0000 Classification Reserve Source trail 20-F: 20-F Serra Sul - Summary of Iron Ore Mineral Reserves as of December 31, 2025 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: Serra Sul - Summary of Iron Ore Mineral Reserves as of December 31, 2025