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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).

Voisey's Bay

Newfoundland and Labrador, Canada · 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.

Cu

Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	As at
Measured	2.00 Mt	0.79%	0.02 Mt Cu	31 Dec 2025
Indicated	13.67 Mt	0.65%	0.09 Mt Cu	31 Dec 2025
Inferred	9.44 Mt	0.80%	0.08 Mt Cu	31 Dec 2025
Total Resources	25.11 Mt	0.72%	0.18 Mt Cu	31 Dec 2025
Proved	19.78 Mt	0.82%	0.16 Mt Cu	31 Dec 2025
Probable	8.67 Mt	0.77%	0.07 Mt Cu	31 Dec 2025
Total Reserves	28.44 Mt	0.80%	0.23 Mt Cu	31 Dec 2025

Sub-category rows are as disclosed (no Reserves-treatment netting); the Total rows honour the Resources treatment and Inferred-policy toggles, so components may not sum to the Total.

Ni

Category	Tonnes (Mt)	Grade (% Ni)	Contained (Mt Ni)	As at
Measured	2.00 Mt	1.23%	0.02 Mt Ni	31 Dec 2025
Indicated	13.67 Mt	1.52%	0.21 Mt Ni	31 Dec 2025
Inferred	9.44 Mt	1.50%	0.14 Mt Ni	31 Dec 2025
Total Resources	25.11 Mt	1.49%	0.37 Mt Ni	31 Dec 2025
Proved	19.78 Mt	1.82%	0.36 Mt Ni	31 Dec 2025
Probable

Co

Category	Tonnes (Mt)	Grade (% Co)	Contained (Mt Co)	As at
Measured	2.00 Mt	0.07%	1.4 kt Co	31 Dec 2025
Indicated	13.67 Mt	0.10%	0.01 Mt Co	31 Dec 2025
Inferred	9.44 Mt	0.09%	0.01 Mt Co	31 Dec 2025
Total Resources	25.11 Mt	0.09%	0.02 Mt Co	31 Dec 2025
Proved	19.78 Mt	0.11%	0.02 Mt Co	31 Dec 2025
Probable

Cut-off grade

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Price assumption

US$4365.00/t · US$33833.00/t · US$13376.00/t · US$9950.00/t · US$17625.00/t · US$39125.00/t

JORC code year

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Peer benchmark — producing Ni projects (17 with resources)Resource size P38Resource grade P79View 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)	Cu		Ni		Co		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	Grade (% Ni)	Contained (Mt Ni)	Grade (% Co)	Contained (Mt Co)	As at	Source	Provenance
Measured	2.00 Mt	0.79%	0.02 Mt Cu	1.23%	0.02 Mt Ni	0.07%	1.4 kt Co	31 Dec 2025

Reserves

Category	Tonnes (Mt)	Cu		Ni		Co		As at	Source	Provenance
Category	Tonnes (Mt)	Grade (% Cu)	Contained (Mt Cu)	Grade (% Ni)	Contained (Mt Ni)	Grade (% Co)	Contained (Mt Co)	As at	Source	Provenance
Proved	19.78 Mt	0.82%	0.16 Mt Cu	1.82%	0.36 Mt Ni	0.11%	0.02 Mt Co	31 Dec 2025	Copper Mineral Reserves as of December 31 — CanadaUnverified Evidence record Voisey's Bay Proved · Cu · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 19777777.77777778 Grade 0.8200 Contained (t Cu) 162177.77777777778 Classification Reserve Source trail 20-F: 20-F Copper Mineral Reserves as of December 31 — Canada 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: Copper Mineral Reserves as of December 31 — Canada SK-1300 — Reporting code of record: SK-1300 @ US$ 9,950/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	8.67 Mt	0.77%	0.07 Mt Cu	1.65%	0.14 Mt Ni	0.10%	0.01 Mt Co	31 Dec 2025	Copper Mineral Reserves as of December 31 — CanadaUnverified Evidence record Voisey's Bay Probable · Cu · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 8666666.666666668 Grade 0.7700 Contained (t Cu) 66733.33333333334 Classification Reserve Source trail 20-F: 20-F Copper Mineral Reserves as of December 31 — Canada 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
Total Reserves	28.44 Mt	0.80%	0.23 Mt Cu	1.77%	0.50 Mt Ni	0.11%	0.03 Mt Co	31 Dec 2025	Copper Mineral Reserves as of December 31 — CanadaUnverified Evidence record Voisey's Bay Total Reserve · Cu · as at 2025-12-31 Reported figure Area Whole project Basis attributable Ore tonnes (t) 28444444.444444444 Grade 0.8000 Contained (t Cu) 227555.55555555556 Classification Reserve Source trail 20-F: 20-F Copper Mineral Reserves as of December 31 — Canada 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: