Exhibit 99.1

Qualified Persons:

Mr. Allan Earl, FAusIMM

Mr. Aaron Radonich, FAusIMM (CP)

Mr. Frank Blanchfield, FAusIMM

Mr. Michael Andrew, FAusIMM

Mr. Leonardo de Souza, MAusIMM (CP)

Mr. Gordon Cunningham, FSAIMM

Mr. Peter Theron, MSAIMM, Pr Eng ECSA

Ms. Gené Main, EAPASA, Pr.Sci.Nat. SACNASP

Effective Date: November 3, 2025

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Table of contents

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Figures

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Tables

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Forward-looking information

This Technical Report contains “forward-looking information” within the meaning of applicable Canadian securities legislation which involves a number of risks and uncertainties. Forward-looking information includes, but is not limited to: information with respect to strategy, plans, expectations or future financial or operating performance, such as expectations and guidance regarding project development, production outlook, including estimates of production, grades, recoveries and costs; estimates of Mineral Resources and Mineral Reserves; construction plans; mining and recovery methods; mining and mineral processing and rates; tailings disposal design and capacity; mine life; timing and success of exploration programs and project related risks as well as any other information that expresses plans and expectations or estimates of future performance. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking information is based on the opinions, estimates and assumptions of contributors to this Technical Report. Certain key assumptions are discussed in more detail. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any other future results, performance or achievements expressed or implied by the forward-looking information.

Such factors and assumptions underlying the forward-looking information in this Technical Report includes, but are not limited to: risks associated with community relationships; risks related to estimates of production, cash flows and costs; risks inherent to mining operations; shortages of critical supplies; the cost of non-compliance and compliance; volatility in commodity prices; risks related to compliance with environmental laws and liability for environmental contamination; the lack of availability of infrastructure; risks related to the ability to obtain, maintain or renew regulatory approvals, permits and licenses; imprecision of Mineral Reserve and Mineral Resource estimates; deficient or vulnerable title to concessions, easements and surface rights; inherent safety hazards and risk to the health and safety of employees and contractors; risks related to the workforce and its labour relations; key talent recruitment and retention of key personnel; the adequacy of insurance; uncertainty as to reclamation and decommissioning; the uncertainty regarding risks posed by climate change; the potential for litigation; and risks due to conflicts of interest.

There may be other factors than those identified that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. Unless required by Canadian securities legislation, the authors and Snowden Optiro undertake no obligation to update the forward-looking information if circumstances or opinions should change.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

This Technical Report was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) for Anglo American plc (Anglo American) to support the disclosure of Mineral Resources and Mineral Reserves for Minas-Rio (the Property or the Project), a production stage property in the State of Minas Gerais, Brazil.

This Technical Report was authored by the following Qualified Persons:

The effective date of this Technical Report is 03 November 2025.

Unless otherwise specified, all units of currency are in United States dollars ($) and all measurements are metric.

Minas-Rio is in the State of Minas Gerais of southeastern Brazil, approximately 190 km by road northeast of the state capital Belo Horizonte and approximately 640 km by road north of Rio de Janeiro (Figure 1.1). The Property comprises the Serra do Sapo iron ore mining and processing operation, and the satellite Itapanhoacanga iron ore project approximately 20 km to the north. The recently acquired Serra da Serpentina iron ore exploration project adjoins Serra do Sapo to the immediate southeast.

The Property is owned by Anglo American Minério de Ferro Brasil S.A. (AAMFB), in which Anglo American holds an 85% interest and Vale S.A. (Vale) a 15% interest including most of the underlying mineral titles. Anglo American maintains a 100% interest in a single mining concession application covering a portion of the Itapanhoacanga deposit. Several mining concessions and exploration permits at Serra da Serpentina are pending transfer to AAMFB from Vale.

The combined area of the Property beneficially owned by AAMFB under granted mining concessions and exploration permits is 26,469.94 ha (264.7 km2)

Access to the Serra do Sapo processing facility is via a paved road approximately 20 km north of the town of Conceição do Mato Dentro, which in turn is 170 km northeast of Belo Horizonte via highway MG-10. The Property covers moderately rugged terrain with elevations ranging from 700 metres above sea level (masl) to 1,200 masl. Vegetation cover is dominated by areas of natural forest, secondary regrowth and land cleared for cattle grazing and agricultural purposes. The climate is classified as tropical savanna, with distinct wet (October to April) and dry (May to September) seasons. The average annual rainfall is approximately 1,400 mm. Mining, processing and exploration operate year-round.

The Serra do Sapo operation is a conventional truck-and-shovel open pit mining operation with an associated beneficiation plant for comminution, desliming, concentration (via flotation) and filtration. The resulting iron ore concentrate is transported through a 529 km slurry pipeline to the handling and shipping facilities at the Port of Açu in the State of Rio de Janeiro, which is 50% owned by Anglo American.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

The 2024 concentrate production total was 25 million wet metric tonnes (Mwmt) at a unit cost of $30/t. Production guidance for 2025 is 23–25 Mwmt at a unit cost of approximately $32/t.

The Life-of-Asset Plan (LoAP) defines the long-term operational and financial strategy for the Minas-Rio operation, reporting mine production, processing, and infrastructure requirements through the remaining life of the asset to 2073. The plan integrates 2022 resource models and pit designs, equipment replacement schedules, and capital forecasts to maintain steady-state, long-term production at approximately 26 - 28 million tonnes per annum (Mt/a) of pellet feed.

The LoAP assumptions incorporate current operating parameters, forecast operating and stay-in-business (SIB) capital costs and closure obligations. The plan serves as the basis for Mineral Reserve reporting and demonstrates that the LoAP is technically and economically achievable without a material expansion of the existing operation. The existing mining concessions, surface rights and operating permits are sufficient to support current operations.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

In December 2024, the transaction with Vale for Anglo American to acquire and integrate the Serra da Serpentina iron ore deposit with the Minas-Rio operation was completed. The combined project has the potential to deliver operational and logistical synergies to support a long-term increase in iron ore production.

Vale (formerly Companhia Vale do Rio Doce or CVRD) controlled the mineral rights over the Serra do Sapo and Itapanhoacanga deposit areas until 2004. MMX Mineração e Metálicos (MMX) subsequently acquired the mineral rights over these areas from private interests in 2006. Anglo American acquired an initial 49% interest in the Property in 2007 and assumed full ownership in August 2008. Open pit mining operations at Serra do Sapo and the first shipment of iron ore concentrate commenced in 2014.

On 22 February 2024, Anglo American entered into an agreement with Vale to acquire and integrate the adjacent Serra da Serpentina iron ore deposit with the Minas-Rio operation. Under the transaction terms, Vale contributed the Serra da Serpentina deposit plus $157.5 million in cash in exchange for a 15% equity interest in the enlarged Minas-Rio property. The transaction was completed in December 2024 with the transfer of the mineral titles in progress. Annualized iron ore production (dry tonnes) and concentrate sales (wet tonnes) from 2015 to June 2025 inclusive, is summarized in Table 1.1.

Source: Anglo American

^ not available

Minas-Rio is situated in the eastern portion of the southern Serra do Espinhaço Meridional, which is the most extensive continuous orogenic belt in the Proterozoic Brasiliano Orogeny. This north-trending belt extends approximately 1,200 km from Belo Horizonte to the northern limits of Bahia and is subdivided into the Serra do Espinhaço Meridional (SdEM) in the south, and the Serra do Espinhaço Setentrional (SdES) in the north.

The SdEM comprises mainly quartzites, phyllites and metaconglomerates with mafic dike swarms, metagabbros, and greenschists. Metamorphism is generally low-grade, with greenschist facies conditions dominating. The SdEM is recognized for its gold and iron ore endowment mostly associated with metasedimentary rocks of the Espinhaço Supergroup, which is further subdivided into the Serra da Serpentina Group and Serra de São José Group. The iron ore deposits are low- to medium-grade iron formations (classified as itabirite). Grades vary according to the degree of weathering and compaction, with mineralization composed predominantly of hematite and quartz.

The Serra do Sapo and Itapanhoacanga deposits form a multi-kilometre mineralized corridor (12 km and 6 km strike length, respectively) trending north-northwest to south-southeast, with mineralized packages typically tens to a few hundred metres in thickness and locally thicker where folded or repeated. The deposits extend to the east at dips ranging between 20° and 30° from surface outcrop to at least several hundred metres depth, remaining open along strike and at depth in places.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Iron mineralization at the Serra do Sapo deposit occurs primarily within metamorphosed banded iron formation (BIF) or itabirite, which conformably overlays quartz-chlorite-sericite schists and phyllites. The BIF consists mainly of alternating quartz- and hematite-rich bands, with minor magnetite, mica and accessory silicates. Low- to medium-grade metamorphism has overprinted and partially transposed the original sedimentary banding. Structurally, the deposit is influenced by folding and thrust faulting, producing repetitions of strata and local imbrication. The weathering profile has developed both friable and compact itabirite ore types.

The Itapanhoacanga deposit occurs within the same tectono-stratigraphic setting as Serra do Sapo. Iron mineralization is hosted in BIF and hematitic phyllites, with associated quartzites, metaconglomerates and schists. Like Serra do Sapo, the host rocks have undergone low- to medium-grade metamorphism and significant deformation, resulting in folding, thrust repetition and locally intense foliation development. The deposit hosts both friable and compact ore types derived from varying degrees of metamorphism and supergene alteration.

The Serra do Sapo and Itapanhoacanga deposits are classified as BIF-hosted iron deposits, typical of the Lake Superior-type iron formations that characterize the Quadrilátero Ferrífero (Iron Quadrangle) region of Minas Gerais.

Since 2006, 1,107 diamond drilling (DD) holes for 211,011 m, 7,019 reverse circulation (RC) holes for 348,117 m (inclusive of grade control drilling) and 323 geotechnical (FG) holes for 40,929 m have been completed by MMX and Anglo American at Serra do Sapo. Over the same period, 194 DD holes for 27,164 m have been completed by MMX and Anglo American at Itapanhoacanga.

Standard DD methods with HW core recovery (63.5 mm core diameter) were used at Serra do Sapo and Itapanhoacanga by MMX. Standard DD methods with PQ (85.0 mm core diameter), HQ (63.5 mm core diameter) and NQ (47.6 mm core diameter) core recovery were used at Serra do Sapo and Itapanhoacanga by Anglo American. PQ coring is typically used in weathered material. Most holes were drilled vertically over the flatter portions of the deposit. Where the iron formation dips gently east, inclined drillholes (-75° to -85° toward azimuth 270°) were completed to intersect the mineralization perpendicular to strike. Maxibor and Deviflex downhole survey equipment were used to obtain deviation data for the inclined holes.

For Anglo American’s RC holes, standard drilling methods included 127 mm (5-inch) diameter hammers, tricone bits and face bits with samples collected from a fully enclosed cyclone system. Most holes were drilled at an inclination of approximately -75°. Maxibor and Deviflex downhole survey equipment were used to obtain deviation data for the inclined holes.

Recovered core is placed into core boxes, with the depth interval marked on core blocks at the end of each run as measured by the driller. Geotechnical and geological logging is conducted by company geologists or a contractor under close supervision at the core shed. The core is photographed prior to sampling.

Geologists record lithological units, geological contacts, fault and fracture zones, ferruginous horizons and internal waste zones. All logging information is reviewed and validated by a senior geologist. Digital logging using acQuire™ based tablets was implemented in 2016.

Sample recovery across the database averages approximately 83% (~90% for DD and ~80% for RC).

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

DD core samples (generally 5 m in length but vary from 1–6 m, depending on mineralization and geological characteristics) are collected following geological and geotechnical logging, and core photography. Core sampling is performed by cutting the core lengthwise in half or into quarters. Core was cut with a hydraulic splitter until the beginning of 2017, after which the use of an electric diamond circular saw was implemented. The left side of the cut core is placed into pre-numbered sample bags and dispatched to the laboratory.

RC samples are collected from the drill rig cyclone every 1 m for the entire length of each hole (up to 50 kg of material per sample). The samples are reduced to 8–16 kg of material using a riffle (carousel-type) splitter to maintain representativeness. Archive samples are retained when the sample mass exceeds 16 kg. The standard sample batch generated in acQuire™ consists of 47 samples, 40 of which are primary samples, and 7 are control samples (quality assurance and quality control or QAQC). Sieved reference rock chip samples are collected in chip trays for logging. The trays are photographed and retained in the core shed facility.

Independent laboratories SGS Geosol Laboratorios Ltda (SGS Geosol) Vespasiano and SGS Geosol Belo Horizonte have been, and are, used for sample preparation and analysis of both DD and RC samples. Recent RC sample analysis has been performed at the Minas-Rio Process and Quality Laboratory (Anglo American owned, SGS Geosol managed internal laboratory) with surplus samples submitted to SGS Geosol Vespasiano. Both laboratories follow the same standardized sample preparation and analytical procedures. All analytical work is conducted under strict QAQC protocols to ensure consistency, accuracy and comparability of results between laboratories. The internal laboratory is currently not certified but is undergoing a certification process. As part of Anglo American’s quality assurance process, interlaboratory comparison assays are conducted annually. Results from the latest round (July and August 2025) of interlaboratory comparison assays show that the Minas-Rio Process and Quality Laboratory was deemed to have performed satisfactorily for all 26 assays (Al2O3, CaO, Fe, FeO, K2O, Mg, Mn, loss on ignition (LOI), Na2O, P, SiO2 and TiO2 were analysed).

After drying in a furnace at 105°C ± 5°C for 8 hours in the core shed, followed by a further 2 hours in the laboratory, the sample is passed through a jaw crusher, homogenized and passed through a rotary splitter to produce a 250–300 g subsample for pulverizing to 150 mesh. A 25 g pulp sample is fused and assayed by x-ray fluorescence (XRF) spectroscopy with the remaining coarse reject and pulp archived.

Samples are analysed for Al2O3, Ca, K2O, Mg, Mn, Na2O, P, SiO2, TiO2 and LOI. Original signed assay certificates and Microsoft™ Excel data files are provided to Anglo American.

During the 2006–2007 period, only SGS Geosol’s internal laboratory QAQC was used. SGS Geosol’s internal quality control consisted of quartz blanks and certified reference materials (CRMs) inserted every 40 samples. For every 10 samples analysed in the same batch, a duplicate and a replicate sample was inserted alternately. Since 2007, Anglo American has implemented the following improvements:

During 2013, a total of 241 samples (pulps) were submitted to an external certified laboratory owned and operated by Intertek Group plc (Intertek), with an additional 100 samples sent during 2014. CRMs and blanks were included in each batch. The results obtained confirmed that SGS Geosol’s results are suitable for the purposes of Mineral Resource estimation. Since 2018, a total of 642 samples were sent to an external certified laboratory (ALS) for independent analysis. These samples represent approximately 5% of the original pulps from drilling campaigns conducted between 2014 and 2020. No additional external check assays have been conducted since 2020.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Mr. Leonardo de Souza, the Qualified Person for Item 12, conducted verification of the drillhole location, drilling and sampling, sample analysis, geological, mineralization and geological modelling aspects of the Serra do Sapo deposit, and concluded that the data management systems quality control protocols, and geological interpretations in place provide a sound and reliable basis for geological modelling and Mineral Resource estimation.

Metallurgical testing has been undertaken to characterize the processing behaviour of the itabirite iron ore at Minas-Rio. The ore comprises banded quartz-hematite and hematite schist units, with weathered and unweathered zones containing 35–40% Fe and 30–32% Fe, respectively. Early laboratory and pilot-scale programs established the beneficiation response of these materials and have been periodically updated to support the process plant’s optimization campaigns.

Historical testwork included laboratory grinding, magnetic separation and flotation tests using drill core composites from across the deposit. Pilot plant trials validated the comminution and beneficiation flowsheet that underpins current operations. In 2019–2020, additional samples were tested to evaluate new processing technologies – most notably high-pressure grinding rolls (HPGR) and improved classification and dewatering circuits – to quantify potential improvements in mass yield, iron recovery and silica rejection.

The testing demonstrated that HPGR-based fine-grinding provides enhanced liberation and energy efficiency relative to conventional ball milling. Results confirmed that Minas-Rio ore consistently produces a high-grade pellet feed concentrate (> 67% Fe, <1% SiO2) at recoveries exceeding 80%. Testwork correlations between iron grade, mass recovery and throughput were used to refine plant operating parameters and predictive geometallurgical models.

Downstream testing covered thickening and filtration of concentrates and tailings to support the dewatering filter plant design. Filtration trials defined achievable cake moistures below 9% for concentrate and confirmed the suitability of tailings for filtered dry stacking, minimizing water losses and enabling safer tailings management.

Overall, the integrated laboratory and pilot programs confirm that Minas-Rio mineralization responds predictably to conventional beneficiation with HPGR-enhanced grinding, delivering a premium pellet-feed product that meets global market specifications and Anglo American’s process design standards.

The December 2024 Mineral Resource estimate for Serra do Sapo used the December 2022 geological model depleted by mining to December 2024. The estimate is based on the acQuire™/SQL server database, Leapfrog Geo™ geological modelling, and block models generated using Datamine Studio™ software.

The December 2024 Mineral Resource estimate for Itapanhoacanga used the December 2012 geological model. The estimate is based on the acQuire™/SQL server database, and geological and block models generated using Datamine Studio™ software.

Similar methodologies were used for the Serra do Sapo and Itapanhoacanga Mineral Resource estimates:

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Geological modelling of each ore and waste domain was conducted where sufficient and reliable drillhole logging and pit mapping information were available. A minimum downhole sample interval length of 3 m was used.

For Serra do Sapo, statistical analysis and variography were conducted on four separate domains. Each domain represented a single grade population of consistent orientation. Hard and soft boundaries were used for the estimation process. For Itapanhoacanga, statistical analysis and variography were conducted on five separate domains. Each domain represented a single grade population of consistent orientation. Boundary analysis was not conducted.

All drillholes were used for geological interpretation. Only RC and DD holes were used for compositing, geostatistical analysis and resource estimation at Serra do Sapo, and only DD holes at Itapanhoacanga.

Top cuts were applied during variographic analysis but not grade estimation for Serra do Sapo and Itapanhoacanga.

Block ordinary kriging (OK) was selected as the grade interpolation method for Serra do Sapo and Itapanhoacanga, as it uses information directly related to the underlying variability of the data to guide the estimation process. Grade estimation was conducted on each lithology type individually at Serra do Sapo. For Itapanhoacanga, grade estimation was conducted on each lithology type individually, except for Hard Hematite (HD) + Moderate Hematite (HM).

Mineral Resource classifications assigned used a combination of both quantitative and qualitative factors, i.e. geological confidence, ore probability, density/tonnage confidence, data quality and estimation quality.

The December 2024 Exclusive Mineral Resource estimate for Serra do Sapo reported at a cut-off grade of 25% Fe is summarized in Table 1.2.

Source: Anglo American, 2025

Notes:

The December 2024 Serra do Sapo Mineral Resource estimate is reported above a 25% Fe cut-off grade for all iron formation types within an optimized Lerchs-Grossmann Mineral Resource shell based on 1.4x Anglo American’s metal price assumption of $94.89/t metal.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The December 2024 Mineral Resource estimate for Itapanhoacanga above a cut-off grade of 25% Fe is summarized in Table 1.3.

Source: Anglo American, 2025

Notes:

The December 2024 Itapanhoacanga Mineral Resource estimate is reported above a 25% Fe cut-off grade for all iron formation types within an optimized Lerchs-Grossmann Mineral Resource shell based on Anglo American’s 2012 pellet feed price assumption of $133.60/wmt. The Qualified Person recommends an update to the pit optimization to align with the assumptions used for reporting the Serra do Sapo Mineral Resource estimate.

The Qualified Person independently verified the Mineral Resource estimates presented in Table 1.2 and Table 1.3 and was able to reproduce the reported tonnages and grades within ± 1% and ± 3%, respectively.

The Mineral Resources were initially classified in accordance with the guidelines of the JORC Code (2012). The confidence categories assigned under the JORC Code (2012) were reconciled to the confidence categories in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards). As the confidence category definitions are the same, no modifications to the confidence categories were required. Mineral Resources and Mineral Reserves in this Technical Report are reported in accordance with the 2014 CIM Definition Standards.

The Qualified Person, Mr. Michael Andrew, has critically examined the Mineral Resource estimates, made his own enquiries, and applied his general mineral industry competence to conclude that the information is adequate for the purposes of this Technical Report, and complies with the definitions and guidelines of the CIM. The Qualified Person considers the reported Mineral Resource to be a fair reflection of the exploration activity and modelling processes undertaken.

To the best of the Qualified Person’s knowledge, at the time of estimation there were no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant issues that could materially impact the eventual extraction of the Mineral Resource.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The Serra do Sapo Mineral Reserve was previously reported by Anglo American in December 2024 in accordance with the JORC Code (2012). The Qualified Person, Mr. Frank Blanchfield, has reviewed the estimation procedures, classification criteria, and modifying factors to ensure consistency with the 2014 CIM Definition Standards. Following this review, the Proved and Probable Ore Reserves under the JORC Code (2012) were restated as Probable Mineral Reserves, reflecting alignment in data density, estimation confidence and modifying factor application between the two reporting codes.

The 2024 Mineral Reserve, based on the 2022 LoAP and adjusted for production depletion to year-end 2024, totals 3,318.6 Mt at 32.9% Fe, reported at a 25% Fe plant cut-off grade as summarized in Table 1.4. Iron ore sales from the Mineral Reserve are reported in Table 1.5.

Source: Anglo American, 2025

Notes:

The estimate incorporates allowances for mining dilution and ore loss and excludes short-term stockpiles. The cut-off grade was derived from economic analysis using product prices, operating and processing costs and metallurgical recoveries, and remains robust under sensitivity testing. The cut-off (plant feed basis) was calculated from an economic analysis incorporating a product price, operating costs and geological constraints reflecting lithological boundaries. Although breakeven cut-off grades were calculated at 16–17% Fe, a higher reporting cut-off of 25% Fe was adopted to align with geological domains and to provide resilience to market fluctuations.

The Mineral Reserve is supported by a 49-year LoAP production schedule containing approximately 1.8% Inferred Mineral Resources within the mine plan. These are excluded from the Mineral Reserve statement and do not materially affect project economics. In the Qualified Person’s opinion, the Serra do Sapo Mineral Reserve represents the economically mineable portion of Measured and Indicated Mineral Resources and is cashflow positive, accounting for all key modifying factors including mining, metallurgical, environmental, social, statutory and financial considerations.

Source: Anglo American, 2025

Remaining uncertainties primarily relate to permitting and licensing for future pit expansions, waste and tailings storage, and community and environmental approvals near populated and sensitive areas.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The block model was regularized to 25 m x 25 m x 15 m blocks, incorporating internal waste and contact zones to simulate mining selectivity. Average ore loss and dilution were estimated at 3.7% and 3.2%, respectively, based on reconciliation between the resource model, mine production and plant feed.

The pit optimization completed in 2022 using NPV Scheduler (NPVS) applied standard open pit design and economic parameters. The optimization used a Blast Furnace Pellet Feed (BFPF) price of $98.63/t metal (real 2022 terms), a mining cost of $2.15/t moved and a total operating cost of $31.28/t metal, at an exchange rate of 4.99 BRL/US$. Slope angles ranged from 26° in weathered zones to 55° in compact rock, with exclusion zones established around infrastructure, villages and conservation areas. The selected pit design contains 3.81 billion tonnes (Bt) of ore at a strip ratio of 0.5:1 and is confirmed to be technically and economically viable under sensitivity testing.

Final pit designs, derived from NPVS shells, applied sector-based geotechnical parameters and practical mining geometries. Key design parameters include 15 m benches, 43.2 m wide ramps at a 10% gradient and setbacks of 75 m from infrastructure and 250 m from the tailings storage facility (TSF). Twenty-five staged pushbacks were created to target friable itabirite ore (≥25% Fe) while balancing waste stripping and processing capacity. Final designs resulted in an 8.8% increase in waste and 5–9% reduction in ore, reflecting operational constraints and geotechnical refinements.

The pit slope design is supported by an extensive geotechnical database developed through laboratory testing, field mapping and slope performance analysis. Two main geotechnical domains were defined – friable and compact/semi-compact materials – representing contrasting lithological and weathering conditions. Laboratory tests (2011–2016) included uniaxial/triaxial compression, Brazilian tensile and direct shear testing of itabirite, phyllite, quartzite and gneiss. Results were used to develop Mohr-Coulomb, Hoek-Brown and Barton-Bandis strength envelopes and slope stability models. Berm widths were 8–10 m, and inter-ramp angles ranged from 23° to 42°, depending on rock mass domain. Factors of safety meet Anglo American and international standards (≥1.2 to 1.3).

Hydrogeological studies (2009–2024) have characterized pit inflows, predicting increases from ~360 m3/h initially to ~860–917 m3/h by 2031. Dewatering is managed through pumping wells, horizontal drains, in-pit sumps and groundwater monitoring, with 11 new wells planned through 2027 to maintain drawdown ahead of mining.

Mining is by conventional truck-and-shovel methods, with ore hauled to a primary crushing system comprising twin jaw crushers and overland conveyors to the beneficiation plant. The current fleet includes Komatsu PC5500 and PC4000 excavators and 830E AC haul trucks. Peak production will require up to 116 trucks. The primary crusher (two Metso C-140 jaw crushers, grizzlies, feeders and an overland conveyor) handles an average of 8,440 t/h.

The LoAP to 2073 projects production increasing to 31 Mt/a (wet) by 2026 and remaining stable thereafter. The mine comprises 12 designed pushbacks grouped into two main phases:

The Qualified Person has examined the Mineral Reserve estimate, made his own enquiries, and applied his general mineral industry competence to conclude that the information is adequate for the purposes of this Technical Report, and complies with the definitions and guidelines of the CIM. The Qualified Person considers the reported Mineral Reserve to be a fair representation of the forecast production.

To the best of the Qualified Person’s knowledge, at the time of estimation there were no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant issues that could materially impact the eventual extraction of the Mineral Reserve.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The beneficiation plant, commissioned in 2014, has a nominal capacity of 8,440 t/h (about 48 Mt/a) and produces about 2 Mt per month of high-grade concentrate. Ore undergoes crushing, HPGR grinding, desliming, flotation, regrinding, thickening and pipeline transport to the Port of Açu. Product grades average 68.0% Fe for direct reduction pellet feed (DRPF) and 67.1% Fe for BFPF, with moisture controlled below the transportable moisture limit (TML) (about 9.7–9.8%).

At the beneficiation plant, tailings from the desliming and flotation circuits are thickened and partially dewatered prior to disposal in the TSF. Anglo American is currently implementing a tailings filtration project to enhance water recovery and reduce the environmental footprint of the TSF. Phase 1 construction is underway and scheduled for commissioning in early 2026.The system will comprise filter presses to produce a “filtered” or “dry stack” tailings product with moisture of about 15–20%.

A 529 km slurry pipeline transfers concentrate from the mine (700 m elevation) to the Açu Port filter plant (10 m elevation). The pipeline operates at 2,800–3,550 t/h, with two pump stations and cathodic protection for integrity. Routine maintenance includes biannual cleaning and five-year “smart pig” inspections.

At the Açu Port, operated by Ferroport (Anglo American–Prumo Logística Joint Venture), the filtration plant reduces concentrate moisture to ~9% using ceramic filters before stacking on 1.2 Mt stockpiles for shipment. The port handles up to 26.5 Mt/a (wet), with expansion potential to 30 Mt/a, loading Capesize vessels (≤220,000 tonnes) via offshore Terminal T1.

Recent plant performance (2020–2025) indicates an average feed rate of 5,995 t/h and dry concentrate output of 2,887 t/h, with crushing uptime at 65% and beneficiation uptime at 85%. The processing circuit is considered technically sound and suitable for producing high-grade pellet feed for both blast furnace and direct reduction markets.

The TSF lies about 4 km southeast of the plant in a natural valley selected for its containment potential and proximity to water reclaim systems. Tailings water is recycled to the plant, maintaining a closed-loop water balance. Two waste rock dumps north and south of the pit provide 1.26 Bm3 of total capacity.

Industrial water is supplied from the Peixe River via a 40 km pipeline and supplemented by reclaimed process water, dewatering wells, and rainfall catchments. Power is provided through a 138 kV transmission line connected to the CEMIG grid, with substations at Conceição do Mato Dentro and Alvorada de Minas supplying the mine, plant and tailings systems.

The operation is accessible year-round via paved highways, with dedicated access roads and controlled security gates. Ancillary facilities include heavy equipment workshops, reagent and fuel storage, HSE and emergency stations and on-site laboratories. A purpose-built accommodation complex supports rotational personnel, while permanent staff reside in nearby towns.

A fibre-optic communications network parallels the slurry pipeline, linking the mine, beneficiation plant and Port of Açu through the Integrated Operations Centre for Supervisory Control and Data Acquisition (SCADA) based monitoring and control. At the port, concentrate is filtered, stockpiled and loaded onto vessels via Ferroport.

The Serra do Sapo operation is fully permitted. The mine, beneficiation plant and associated 529 km slurry pipeline to the Port of Açu are all licensed and operating in compliance with Brazilian environmental and mining legislation. Environmental and social management systems are aligned with International Finance Corporation (IFC) Performance Standards, the Equator Principles, International Council on Mining and Metals (ICMM) Good Practice Guidance, and Anglo American’s Social Way 3.0 and Global ESG Framework.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The Property lies within the Espinhaço Range, a transitional zone between the Atlantic Forest and Cerrado biomes, both recognized as global biodiversity hotspots. Anglo American maintains a comprehensive suite of environmental programs covering biodiversity conservation, water and tailings management, air quality and noise control, and mine-closure planning. All activities are conducted under valid operating licences (LOs) and subject to continuous oversight by the State Secretariat for Environment and Sustainable Development (SEMAD), IBAMA and the National Water Agency (ANA).

Waste and water management are implemented through an integrated Environmental Management System and Water Resources Management Plan (PGRH). Tailings are stored in an engineered TSF designed to Global Industry Standard on Tailings Management (GISTM) standards and subject to annual independent audits. Waste rock dumps are constructed with stability and erosion controls, while potentially acid-forming material is encapsulated within inert layers. Process water recycling achieves efficiencies of approximately 80%, and no off-site groundwater contamination or depletion has been detected. Monitoring for air, noise, surface water and groundwater confirms compliance with regulatory thresholds.

The mine’s area of influence includes 13 priority communities in Minas Gerais and 33 municipalities along the pipeline corridor to the port. Anglo American applies the Social Way 3.0 and IFC Performance Standards 1, 2, 4 and 5 to manage stakeholder engagement, labour, community health and safety, and land-access impacts. Structured social performance programs, including workforce training, livelihood restoration, environmental education, and cultural-heritage protection, are implemented through annually audited management plans. The Stakeholder Engagement Plan (PES) guides transparent and inclusive dialogue, while the Safety and Health Integrated Risk Assessment (SHIRA) process systematically identifies and mitigates social and human-rights risks.

The relationship legacy with surrounding communities remains complex, reflecting the cumulative impacts from implementation and operation of Stage 1, 2 and 3, which have been the subject of sustained public discussion. The proximity of Stage 3 to local settlements has heightened community concerns regarding noise, vibration, dust and water supply.

Resettlement and land-access processes follow the Land Access and Displacement Strategy (LADS), updated annually and aligned with IFC Performance Standard 5 and state legislation. The principal ongoing initiative is the 15 km ZAS (Jassém) Collective Resettlement Project, conducted under judicial supervision by the Public Prosecutor’s Office of Minas Gerais (MPMG). Future resettlements associated with the second tailings dam raise and Sapo South expansion are being integrated into forthcoming environmental licensing procedures.

The Mine Closure Plan (2023 update) follows Anglo American’s corporate standards and ICMM/IBRAM good practice, covering physical stability, ecosystem restoration and socio-economic transition. Closure liabilities are fully costed and provisioned under the Asset Retirement Obligation and Life-of-Mine scenarios.

Overall, Minas-Rio operates in full regulatory compliance. The principal forward-looking risks relate to the timing of future licensing for expansion projects, land access negotiations, and potential climate-related impacts on water availability. These are being proactively managed through early technical studies, stakeholder engagement and adaptive environmental design. There are no unresolved environmental, social or permitting issues considered material to the Mineral Resource or Mineral Reserve estimates, and the Project’s licence to operate remains secure.

As no material expansion or production increase is currently planned at Minas-Rio, there are no expansion capital requirements. All forecast capital expenditures are SIB capital required to sustain ongoing operations and LoAP commitments.

LoAP SIB costs listed in Table 1.6 for Minas-Rio are estimated at $4,115 million from 1 January 2025 to 2073, including closure costs of about $126 million. These costs cover the mine fleet refurbishment and replacement, process plant refurbishment, mining equipment, mine footprint expansion, tailings dam lifts, social, closure and rehabilitation activities, and the port.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Capital estimates are prepared using detailed engineering design, vendor quotations and benchmarked unit rates developed during each project phase. About 75% of SIB costs are compiled in Brazilian reais (BRL) and converted to nominal US dollars for reporting. The remaining 25% is compiled directly from US$ costs. Contingencies ranging from 10% to 20% are applied according to design maturity and risk exposure.

Source: LoAP

Operating unit costs listed in Table 1.7 have been developed from first-principles estimates based on current performance and LoAP schedules. Costs are expressed in US dollars per wet metric tonne (wmt) of iron ore product and include mining, processing, pipeline transport, filtration, port handling and general administrative expenses. The total free-on-board (FOB) LoAP cash cost is estimated at $31.80/wmt and $36.54/wmt including SIB capital and royalties as summarized in Table 1.7. These costs reflect steady-state operations with no expansion project capital.

Source: LoAP

As no material expansion, production increase or new development phase is currently proposed for the Minas-Rio operation, an economic analysis has not been prepared or disclosed in this Technical Report. The Project remains an operating asset, and its financial performance is governed by Anglo American’s internal budgets and corporate reporting standards rather than a standalone discounted cashflow analysis.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

On 22 February 2024, Anglo American entered into an agreement with Vale to acquire and integrate adjacent Serra da Serpentina iron ore deposit with the Minas-Rio operation in Brazil. Under the transaction terms, Vale contributed the Serra da Serpentina deposit plus $157.5 million in cash in exchange for a 15% equity interest in the enlarged Minas-Rio property. The transaction was completed in December 2024 with the transfer of the mineral titles to AAMFB in progress.

Serra da Serpentina hosts a large iron ore deposit characterized by softer, friable material with grades exceeding those of the Serra do Sapo deposit. The deposit is contiguous to Serra do Sapo to the southeast and extends over a strike length of approximately 30 km.

The deposit has been evaluated by 386 DD holes for 46,778 m since the 1970s. The drill grid spacing is around 200 m x 200 m, with some 100 m x 100 m coverage over the central portions of the deposit

An internal resource estimate was completed by Vale in 2020. The historical estimate does not meet CIM Definition Standards for Mineral Resources and Mineral Reserves, and the Qualified Person has not done sufficient work to classify the historical estimate as a current Mineral Resource. Anglo American is not treating the historical estimates as a current Mineral Resource and they should not be relied upon.

Anglo American is currently conducting a program of infill verification drilling on a 100 m x 100 m grid and plans to report a future Mineral Resource for Serra da Serpentina using the same parameters as used for Serra do Sapo.

The Minas-Rio operation is a mature, integrated mine-to-port system producing high-grade iron ore pellet feed through a well-established processing, pipeline and export network. Current operations demonstrate technical robustness, stable metallurgical performance and effective water and tailings management. The LoAP supports continued production of approximately 26–28 Mt/a (dry) of pellet feed over the remaining mine life.

The LoAP financial model demonstrates that the declared Mineral Reserve is economically viable based on current operating parameters, cost assumptions and iron ore pricing, with all capital expenditure categorized as SIB capital. No material expansion or new development phase is currently proposed; therefore, no standalone economic analysis is presented in this Technical Report.

It is recommended that Anglo American:

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Anglo American has established corporate protocols to fund ongoing evaluation programs, ensuring adequate financial and technical support for advancing project development activities in alignment with corporate objectives. The budget for the recommended works, including resource definition drilling, metallurgical testing, technical studies and feasibility study assessments, is incorporated within Anglo American’s corporate recharges and the operation’s approved capital and operating expenditure allocations disclosed in Item 21.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

This Technical Report was prepared in accordance with NI 43-101 for Anglo American plc (Anglo American) to support the disclosure of Mineral Resources and Mineral Reserves for Minas-Rio (the Property), a production stage property in the State of Minas Gerais, Brazil. The Technical Report was authored by the following Qualified Persons:

Messrs. Blanchfield and de Souza completed a five-day site inspection of the Property in October 2025. The site inspection included inspecting the mining area, core sheds, drilling, laboratories, pilot plant, mining areas, TSF, waste dumps, beneficiation plant, power and water services, pipeline control room, mining and process control room, geotechnical control room, maintenance facilities, consumables store, diesel dispatch and port facilities, including the laboratory, thickener, water discharge and ship loading. Snowden Optiro has prior familiarity with the Property, with three consultants completing a site inspection in 2022 as part of a Mineral Resource and Ore Reserve audit.

All the Qualified Persons are eligible members in good standing of a recognized professional organization (RPO) within the mining industry and have at least five years of relevant experience in the type of mineralization and type of deposit under consideration and in the specific type of activity that the Qualified Person is undertaking as disclosed in Table 2.1 at the time this Technical Report was prepared.

Table 2.1 Responsibilities of each Qualified Person

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Unless otherwise stated, the information and data contained in this Technical Report or used in its preparation was provided by the Property owner Anglo American. The Qualified Persons of this Technical Report reviewed data, information and documents provided by Anglo American. The primary information sources are listed in Item 27.

Further information was received from the Anglo American representatives listed in Table 2.2 in response to queries submitted by Snowden Optiro.

The Serra do Sapo and Itapanhoacanga Mineral Resources and Serra do Sapo Mineral Reserves were initially classified under the 2012 Edition of the Australasian Joint Ore Reserves Committee Code (JORC Code, 2012). The confidence categories assigned under the JORC Code (2012) were reconciled and reported to the confidence categories in the CIM Definition Standards for Mineral Resources and Mineral Reserves (the 2014 CIM Definition Standards).

For the Serra do Sapo and Itapanhoacanga Mineral Resources, the confidence category definitions are the same and no modifications to the confidence categories were required. For the Serra do Sapo Mineral Reserve, the Proved and Probable Ore Reserves under the JORC Code (2012) were restated as Probable Mineral Reserves under the 2014 CIM Definition Standards.

The Qualified Persons listed in Table 2.1 were responsible for this Technical Report and declare that they have taken all reasonable care to ensure that the information contained in this report is, to the best of their knowledge, in accordance with the facts and contains no material omissions.

In preparing this report, the Qualified Persons have extensively relied on information collated by other parties. The Qualified Persons have critically examined this information, made their own enquiries, and applied their general mineral industry competence to conclude that the information presented in this Technical Report complies with the definitions and guidelines of the CIM.

The Qualified Persons believe that their opinions must be considered as a whole, and that selection of portions of the analysis or factors considered by them, without considering all factors and analyses together, could create a misleading view of the process underlying the opinions presented in this Technical Report. The preparation of a Technical Report is a complex process and does not lend itself to partial analysis or summary.

Except for the purposes legislated under applicable securities laws, any use of this Technical Report by a third party is at that party’s sole risk.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

A draft copy of this Technical Report was provided to Anglo American for review on omission and factual accuracy. The Qualified Persons who have authored this Technical Report do not disclaim responsibility for the contents of this report.

The effective date of this Technical Report is 3 November 2025. As at the effective date of this Technical Report, none of the Qualified Persons had an association with Anglo American or its individual employees, or any interest in the securities of Anglo American or any other interests that could reasonably be regarded as capable of affecting their ability to give an independent unbiased opinion in relation to the Property.

Snowden Optiro will be paid a fee for the preparation by its Qualified Persons of this Technical Report based on a standard schedule of rates for professional services, plus any expenses incurred. This fee is not contingent on the outcome of the Technical Report, and neither Snowden Optiro nor the Qualified Persons will receive any other benefit for the preparation of this report. Unless otherwise specified, all units of currency are in United States dollars ($) and all measurements are metric.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The information, conclusions, opinions and estimates contained in this Technical Report are based on the following parameters:

The Qualified Persons have reviewed such information to verify it using their professional judgement and have no reasons to doubt its reliability and have determined it to be adequate for the purposes of this Technical Report. Except as specified below, the authors do not disclaim any responsibility for the information, conclusions and estimates contained in this Technical Report.

The Qualified Persons have not performed an independent verification of the land title and mineral tenure information, as summarized in Item 4 of this Technical Report, nor have they verified the legality of any underlying agreement(s) that may exist concerning the permits or other agreement(s) between third parties, as summarized in Item 4 of this Technical Report. The Qualified Persons have relied on information provided by representatives of Anglo American in this regard.

The Qualified Persons have relied on the Anglo American personnel listed in Table 3.1 for guidance on applicable legal, political and environmental matters in Items 4, 19 and 20.

Having made enquiries and where possible taken appropriate steps to confirm this information in the public domain, the Qualified Persons consider it reasonable to rely on the information provided by other experts.

This Technical Report includes certain non-GAAP (Generally Accepted Accounting Principles) financial measures which the authors believe, together with measures determined in accordance with International Financial Reporting Standards (IFRS), provide an improved ability to evaluate the underlying performance of Minas-Rio. Non-GAAP financial measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-GAAP financial measure included in this Technical Report includes cashflows and production costs.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Minas-Rio is in the State of Minas Gerais of southeastern Brazil, approximately 190 km by road northeast of the state capital Belo Horizonte and approximately 640 km by road north of Rio de Janeiro (Figure 1.1). Minas-Rio comprises the Serra do Sapo mining and processing operation (latitude 18°52’41” S, longitude 43°25’56” W), the Itapanhoacanga project approximately 20 km to the north and the recently acquired Serra da Serpentina iron ore exploration project adjoining Serra do Sapo to the immediate southeast (the Property). The combined area of the Property held under mining concessions and exploration permits is 26,469.94 ha (264.7 km2).

Pursuant to Article 176 of Brazil’s Federal Constitution, the exploration and exploitation of mineral resources are subject to specific federal authorizations or concessions. Only Brazilian citizens or companies incorporated under Brazilian law, with headquarters and an administrative body located in the country, are eligible to obtain mineral rights.

Mining activities in Brazil are primarily regulated by the Mining Code (Decree-Law No. 227 of 28 February 1967), complemented by Decree No. 9.406 of 12 June 2018 and further rules enacted by the National Mining Agency (Agência Nacional de Mineração – ANM), which operates under the Ministry of Mines and Energy.

Authorization for exploration

ANM grants exploration rights through an Exploration Permit (Alvará de Pesquisa), which authorizes exploration activities in areas of up to 2,000 ha. The permit is valid for a period of up to four years and may be extended once for an equal period, subject to ANM’s review and approval of a Final Exploration Report (Relatório Final de Pesquisa – RFP).

Transition to exploitation

If a deposit is deemed technically and economically viable, the holder of the Exploration Permit may submit a Mine Economic Plan (Plano de Aproveitamento Econômico – PAE) for ANM’s approval. Upon approval of the RFP, the holder has one year to apply for a Mining Concession (Concessão de Lavra), which may be extended for an additional year at ANM’s discretion.

Authorization for exploitation

A Mining Concession is granted by the Ministry of Mines and Energy. The Mining Code does not impose a limit on the number of concessions granted to a single entity, nor does it define a fixed duration for the concession. However, the concession holder must:

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The CFEM is calculated as a percentage of the gross revenue from mineral sales, excluding applicable taxes. The rate varies by mineral type, ranging from 1.0% to 3.5%. For iron ore, the applicable CFEM rate is 2%, with 50% of the amount payable to landowners.

The Serra do Sapo area comprises six granted mining concessions, two mining concession applications pending approval and six granted exploration permits (Table 4.1 and Figure 4.1).

Table 4.1 Serra do Sapo project mineral titles

Source: Anglo American 

Note: NA - Not Applicable

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

The Itapanhoacanga project comprises two mining concession applications and three granted exploration permits (Table 4.2 and Figure 4.2). Anglo American holds an 85% interest in mining concession application 830.422/2006 and a 100% interest in mining concession application 830.286/2004, which cover the Itapanhoacanga Mineral Resource.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

Note: * Anglo American holds an 85% interest on mining concession application 830.422/2006 and a 100% interest in mining concession application 830.286/2004.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

The Serra da Serpentina project comprises 13 mining concession applications pending approval and nine granted exploration permits (Table 4.3 and Figure 4.3).

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Table 4.3 Serra da Serpentina project mineral titles

Source: Anglo American

Note: * Denotes transfer to Anglo American Minério de Ferro Brasil S.A. pending.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The Property is owned by Anglo American Minério de Ferro Brasil S.A. (AAMFB), in which Anglo American holds an 85% interest and Vale holds a 15% interest, including most of the underlying mineral titles. Anglo American maintains a 100% interest in a single mining concession application covering a portion of the Itapanhoacanga deposit (Table 4.2). Several mining concession and exploration permits at Serra da Serpentina are pending transfer to AAMFB from Vale (Table 4.3).

Ango American also holds a 50% interest in Ferroport, the operator of a dedicated port facility at the Port of Açu approximately 325 km by road northeast of Rio de Janeiro in the State of Rio de Janeiro.

The holder of an exploration permit or mining concession does not own the surface rights and access agreements with the landowners must be reached. Compensation is also payable for any disturbances. Special conditions also apply to exploration or mining activities within Indigenous lands.

AAMFB holds surface ownership rights over the main Mineral Resource and Mineral Reserve areas at Serra do Sapo as shown in Figure 4.4.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Pursuant to the Serra da Serpentina transaction which completed on 2 December 2024, Vale retains an option to acquire an additional 15% holding in the enlarged Property for cash if or when certain events relating to the future expansion of Minas-Rio occur, with the value determined at the time of option exercise. Relevant events that trigger Vale’s right to purchase an additional 15% interest include the receipt of the requisite environmental licence for an expansion following the completion of a pre-feasibility study (PFS) and feasibility study (FS) at fair value. The PFS must be completed within 36 months of transaction completion and, providing the PFS meets an agreed internal rate of return (IRR) hurdle rate, a FS must be completed within a further 24 months. If the FS meets an agreed IRR hurdle rate, then the preliminary environmental licence for the expansion of Minas-Rio must be applied for.

The current closure cost estimate is $126 million based on the Mine Closure Plan (2023 update). Further details on the closure requirements and costs are provided in Item 20.

The mine (Phase I), beneficiation plant and associated 529 km slurry pipeline to the Port of Açu are all licensed and operating in compliance with Brazilian environmental and mining legislation.

Environmental, social and risk analysis studies are underway for the Stage 4 Sapo South Expansion Project with the licence application anticipated for late 2025. The licence to operate Stage 5 (TSF Second Raise) is expected in June 2029. Permitting and other licensing requirements to sustain the operation’s LoAP are disclosed in Item 20.

The most significant medium-term risks relate to land access, resettlement and stakeholder negotiations for the planned Sapo South Expansion and TSF Second Raise projects.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The Property covers a moderately rugged terrain with elevations ranging from 700 masl to 1,200 masl. Vegetation cover is dominated by areas of natural forest, secondary regrowth and land cleared for cattle grazing and agricultural purposes (sugarcane, coffee, beans, bananas, corn and cassava).

Access to the Serra do Sapo processing facility is via a paved road approximately 20 km north of the town of Conceição do Mato Dentro, which in turn is 170 km northeast of Belo Horizonte via highway MG-10 (Figure 1.1).

Conceição do Mato Dentro has a population of 24,000 and offers a range of essential services, including healthcare, education and accommodation. Belo Horizonte is a large city with a population of 2.4 million accessible by several highways, two airports and a railway. Belo Horizonte is the main administration and service centre for the vast agricultural and mining enterprises of Minas Gerais.

The climate in the region is classified as tropical savanna, with distinct wet (October to April) and dry (May to September) seasons. The average annual rainfall is approximately 1,400 mm. Average daytime temperatures range from 25°C to 30°C. Mining, processing and exploration operate year-round.

The main site infrastructure includes:

The layout of the site infrastructure is shown in Figure 5.1.

Infrastructure to support the operation includes:

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The surface infrastructure is sufficient to support the mining operation.

Minas Rio has approximately 3,500 permanent employees. The area surrounding the Property offers access to a skilled workforce, with residents experienced in mining and related industries. Most permanent employees and senior staff reside in Conceição do Mato Dentro or neighbouring municipalities. The site accommodation complex is used for operational staff and contractors working on rotation.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Vale (formerly CVRD) controlled the mineral rights over the Serra do Sapo and Itapanhoacanga deposit areas until 2004. MMX subsequently acquired the mineral rights from private interests in 2006.

Anglo American acquired an initial 49% interest in the Property in 2007 and assumed full ownership in August 2008. Open pit mining operations at Serra do Sapo and the first shipment of iron ore concentrate commenced in 2014.

In December 2024, Vale acquired a 15% interest in the Property substantially through the integration of the adjoining Serra da Serpentina project (refer to Item 24).

CVRD reportedly completed mapping, sampling and drilling in the Serra do Sapo area; however, records of this work are unavailable.

Geological mapping of the Serra do Sapo project area was completed by MMX at a 1:10,000 scale during 2006. Electromagnetic surveys were also carried out along the access route, as well as perpendicular to the predominant north-south strike of the iron formation package.

Exploration drilling completed by MMX to February 2008 included 73 holes totalling 8,150 m at Serra do Sapo and 107 drillholes totalling 13,484 m at Itapanhoacanga.

Standard DD methods with HW core recovery (99.7 mm hole diameter and 63.5 mm core diameter) were used. Core recovery was reported as excellent (typically >90%).

The drillholes completed at Serra do Sapo and Itapanhoacanga were at inclinations of 60–90°; with the deeper vertical drillholes drilled at an inclination of 85° to enable the use of Maxibor™ downhole survey equipment to measure downhole deviation.

In 2007, an airborne laser scanning topographic survey covering the Serra do Sapo and Itapanhoacanga project areas was completed. A digital terrain model (DTM) developed from this data was produced to support exploration activities.

An airborne electromagnetic, magnetic and radiometric survey was completed over the Serra do Sapo and Itapanhoacanga project areas in early 2008, with a total of 1,660 line-km surveyed.

In 2009, an airborne laser scanning survey covering an area of approximately 200 km2 was completed over the Serra do Sapo and Itapanhoacanga projects using a Leica ALS-50 II (150 kHz) instrument.

Extensive exploration and resource definition RC and DD core drilling has been completed at the Serra do Sapo and Itapanhoacanga deposits. The Serra do Sapo database used for the December 2024 Mineral Resource estimate comprises 5,216 holes for 399,460 m of drilling. The Itapanhoacanga database used for the December 2024 Mineral Resource estimate comprises 145 holes for 19,463 m of drilling. Drilling at Serra do Sapo has been conducted on a 400 m x 400 m grid and depending on results, further infill drilling has been conducted on a 200 m x 200 m grid. Since 2011, infill drilling has been conducted on 100 m x 100 m and locally on 50 m x 50 m grids to improve geological confidence. From 2013, RC drilling campaigns (on a 25 m x 25 m grid) have been drilled to support mining activities. Drilling at Itapanhoacanga has been conducted on a 400 m x 400 m grid and depending on results, further infill drilling has been carried out on 200 m x 200 m and 100 m x 100 m offset grids. An annual breakdown of drilling conducted by year for Serra do Sapo and Itapanhoacanga is presented in Table 6.1 and Table 6.2.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

Notes: DD = diamond drilling, RC = reverse circulation, PZ = piezometer, FG = geotechnical drilling and CA = chip channel.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Table 6.2 presents a summary of the drilling completed at Itapanhoacanga by type and year.

Source: Anglo American

Notes: DD = diamond drilling and CA = chip channel.

Further details of the drilling programs informing the Mineral Resource estimates are provided in Items 10 and 14.2.1.

There have been several historical resource estimates reported for the Serra do Sapo and Itapanhoacanga deposits since 2008. These estimates have been superseded by the Mineral Resource estimates disclosed in Item 14 (after allowance for mining depletion) at Serra do Sapo.

The Qualified Person has not done sufficient work to classify the historical estimates prior to 2024 as current Mineral Resources. Anglo American is not treating the historical estimates as current Mineral Resources as they may not meet the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves and they should not be relied upon.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Previous mine production at Serra do Sapo is summarized in Table 6.3.

Source: Anglo American

^ Not available.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The Serra do Sapo and Itapanhoacanga iron ore deposits are located within the eastern portion of the southern Serra do Espinhaço Meridional, which is the most extensive continuous orogenic belt in the Proterozoic Brasiliano Orogeny formed from the collision and suturing of cratonic blocks, including the Amazonian, São Francisco, Río de la Plata and Paranapanema cratons. This north-trending belt extends approximately 1,200 km, from Belo Horizonte to the northern limits of Bahia, and is subdivided into the Serra do Espinhaço Meridional (SdEM) in the south, and the Serra do Espinhaço Setentrional (SdES) in the north.

The SdEM is composed mainly of quartzites, phyllites and metaconglomerates with mafic dike swarms, metagabbros and greenschists. Metamorphism is generally low grade, with greenschist facies conditions dominating.

The eastern margin of the SdEM experienced east-west compression and the formation of a thrust fault system. This event reactivated normal faults, causing reverse movements along some thrust planes. The primary fault directions are northeast–southwest and northwest–southeast.

The region is recognized for its gold and iron ore endowment mostly associated with metasedimentary rocks of the Espinhaço Supergroup, which is further subdivided into the Serra da Serpentina Group and Serra de São José Group. The iron ore deposits are low-grade to medium-grade iron formations (classified as itabirite). Grades vary according to the degree of weathering and compaction, with mineralization composed predominantly of hematite and quartz.

Figure 7.1 presents the regional geology, highlighting the Quadrilátero Ferrifero (Iron Quadrangle) and SdEM, and the Serra do Sapo and Itapanhoacanga deposit areas.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American (modified after Shobbenhaus et al., 1981)

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The iron ore deposits within the Property are part of the Serra da Serpentina Group, which is subdivided into the Meloso Formation and Serra do Sapo Formation (Figure 7.2).

Source: Anglo American (modified after Rolim, 2014)

The Meloso Formation exhibits strong structural deformation and metamorphism under amphibolite-facies conditions, resulting in the development of distinct friable and compact itabirite facies, which are the main ore types exploited. The formation is interpreted as a Paleoproterozoic banded iron deposited in a continental margin or back-arc basin setting, later affected by regional metamorphism and deformation. It comprises interlayered quartzite lenses and quartz-chlorite-sericite schists that grade upward into hematite-bearing schists and finely banded phyllites.

The Serra do Sapo Formation is of economic importance due to its BIFs, which range in thickness from 80 m to 350 m. The iron formations are light to dark grey (locally bluish black) and characterized by alternating millimetre to centimetre thick, quartzose and ferruginous layers rich in specular and granular hematite and locally magnetite. The higher-grade bodies are discontinuous, ranging from 100 m to 300 m in length and 10 m to 30 m in thickness. Black manganese BIF lenses up to several metres in thickness occur at the base of the unit. Lenticular intercalations of white, sericitic quartzites; ferruginous grey quartzites; and hematite-sericite-quartz gray shales/phyllites are found within the BIFs. The contact between the top of the BIF and the base of the São José Group is characterized by intercalations of the two lithologies.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The metasedimentary sequence at Serra do Sapo forms a ridge with a general northwest to north-south orientation over a strike length of approximately 12 km. At Itapanhoacanga the sequence forms a ridge with a general north-south orientation over a strike length of approximately 6 km.

Figure 7.2 presents the local geological setting with a representative geological cross-section of the central Serra do Sapo deposit at 7,904,600 mN shown in Figure 7.3. The cross-section location is presented inset and in Figure 10.1.

Source: Anglo American

The Itapanhoacanga deposit occurs within a metasedimentary sequence comprising schist, BIF (itabirite), quartzite, amphibolite, and hematite and forming a prominent north-south trending ridge approximately 6 km in length that hosts the main iron ore mineralization.

The structural framework is characterized by a ductile-brittle thrust fault system that has a north-south strike and dips gently to the east. This deformation regime has resulted in local duplication, inversion, and omission of stratigraphic units, producing complex repetition of iron-bearing horizons within the deposit.

Figure 7.2 presents the local geological setting with a representative geological cross-section of the Itapanhoacanga deposit at 7,920,760 mN shown in Figure 7.4. The cross-section location is presented inset and in Figure 10.2

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

Serra do Sapo

Basal Complex

The Basal Complex at Serra do Sapo forms the crystalline foundation of the iron formation bearing sequence and is composed mainly of meta-igneous and high-grade metamorphic rocks, including amphibolite, biotite gneiss, metagabbro and granodioritic orthogneiss, with local occurrences of chlorite-biotite schist and meta-diorite. These rocks represent Paleoproterozoic to Archean igneous protolith that was subsequently metamorphosed to amphibolite facies. Structurally, the Basal Complex forms a competent footwall that controls fold geometry, thrust propagation and fault development within the overlying iron formation. The Basal Complex displays gneissic to schistose textures, with evidence of intense deformation and recrystallization, and serves as a lithological and structural control on the distribution and continuity of mineralization at Serra do Sapo.

Meloso Formation

The Meloso Formation is the basal sedimentary unit of the Paleoproterozoic Serra da Serpentina Group, composed of metre to tens-of-metre thick quartzite lenses interlayered with quartz-chlorite-sericite schists, which evolve upwards into hematite-bearing schists and finely banded hematite- and graphite-bearing phyllites. The formation is interpreted to have formed in a sag-basin setting during early opening stages of the Espinhaço Basin, with the contact into the overlying Serra do Sapo Formation being transitional as phyllosilicate content decreases.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Serra do Sapo Formation

The Serra do Sapo Formation BIFs are classified based on the level of weathering and compactness into Friable Itabirite (IF), Semi-Friable Itabirite (ISF) and Itabirite (IT):

Other lithologies include:

Itapanhoacanga

Basal Complex

The Basal Complex consists primarily of meta-igneous and high-grade metamorphic rocks dominated by amphibolite, metagabbro and biotite-gneissic units, with minor meta-diorite and tonalitic orthogneiss.

Conceição do Mato Dentro Intrusives

Amphibolite, metagabbro and meta-diorite, representing mafic to intermediate intrusions metamorphosed under amphibolite-facies conditions during the Brasiliano Orogeny. These competent rocks occur at the base of the mineralized sequence, forming structural footwalls and controlling the folding, faulting, and geometry of the overlying iron formations.

Itapanhoacanga Formation

This formation is the principal iron formation-bearing stratigraphic unit of the local geological sequence and consists predominantly of itabirite. The formation lies structurally above the Basal Complex and has been deformed and metamorphosed under amphibolite-facies conditions, producing friable and compact itabirite that host the main high-grade iron deposits.

Basic Intrusives

Mafic intrusive bodies (sills and dikes with variable thicknesses) crosscut all stratigraphic units in the area. In drill core, they appear as greenish, fine-grained to medium-grained, foliated rocks with strong chloritization, sericitization and disseminated octahedral magnetite. In the weathered profile, they transform into brownish clay-rich saprolites that preserve a foliated fabric. The intrusives are interpreted as being emplaced into the host sequence prior to regional deformation and amphibolite-facies metamorphism.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The structural geology of the Serra do Sapo and Itapanhoacanga areas is dominated by deformation related to east-west compression along the eastern margin of the SdEM. This event produced a thrust fault system with east-west vergence, reactivating earlier normal faults and creating tectonic slices with distinct stratigraphic sequences. The overall structure is defined by a north-northwest trending fold system dipping at approximately 20° to the northeast, accompanied by a pervasive foliation that parallels bedding and forms the main schistosity.

Intense intra-layer shearing generated tight intrafolial folds and localized mylonitic zones with S-C fabrics, while late thrust ramps caused local stratigraphic inversions, especially in the northern part of Serra do Sapo. The deformation is overprinted by sub-vertical northeast-southwest and northwest-southeast fractures, some filled with iron oxides from weathering, which also influence groundwater flow. Overall, the structural framework reflects ductile-brittle deformation under amphibolite-facies conditions, strongly controlling the geometry and continuity of the iron ore bodies within the Minas-Rio system.

The Serra do Sapo and Itapanhoacanga deposits host itabirite-type (BIF-derived) iron ore dominated by hematite-magnetite-quartz in friable and compact facies and locally upgraded by supergene enrichment. Mineralization is stratabound within the iron formation sequence and thickened and repeated by thrusting and folding, which controls ore continuity. Together, the Serra do Sapo and Itapanhoacanga deposits form a multi-kilometre mineralized corridor (12 km and 6 km strike length respectively) trending north-northwest to south-southeast, with mineralized packages typically tens to a few hundred metres in thickness (locally thicker where folded or repeated). Mineralization extends from surface outcrop to at least several hundred metres in depth, remaining open along strike and at depth in places.

The main iron ore categories present at Serra do Sapo and Itapanhoacanga are friable itabirite (IF), semi-friable itabirite (ISF), high alumina friable itabirite (IFX), itabirite (IT), hematite (HM), compact itabirite (CI), canga (CG) and mineralized canga (CGM).

The iron oxide phases are represented by magnetite, martite (Mt), microplaty hematite (MpHem), microgranular hematite (MgHem) and anhedral hematite (AHem). Large platy hematite crystals are common in late-stage quartz veins.

IF is typically found at the top of the sequence near the surface and has undergone significant weathering, resulting in supergene enrichment (increased iron grade). Quartz grains and lamellar/granular hematite are completely disaggregated. Hematite appears in three forms: lamellar, granular and lobular. Specular hematite is predominant due to deformational processes.

Geological surveys and drilling indicate increased thickness in the northern area of the Serra do Sapo deposit, while higher iron grades are observed in the southern area.

ISF comprises partially decomposed and disaggregated iron formation between friable and fresh itabirite and typically occurs at the base of IF or with lenses interlayered with friable or fresh itabirite.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

IFX is interlayered with millimetre to centimetre-scale schist or intrusive lenses. Generally, IFX is totally disaggregated and occurs close to the contact with schist or intrusive rocks. IFX is characterized by alumina grades between 4% and 8%, or phosphorous grades ≥0.07%.

IT is unweathered (fresh) rock and presents as dark grey in color, fine grained and banded (rarely massive) with some concentrated hematite. Generally, IT occurs at the bottom of the mine sequence but can appear with interlayered lenses of IF or ISF. Typically, this lithology type has iron grades lower than IF.

This iron formation has higher grades (>60% Fe, ≤4% Al2O3 and P ≤0.07%) and is classified into hard and soft hematite based on physical properties. At Serra do Sapo, soft hematite is found in smaller quantities, typically near or related to IF at the top of the mine sequence. The hematite has resulted from strong silica leaching during the weathering process, combined with hydrothermal activity in certain areas.

Fine-grained fresh rock, dark grey in color, banded and rarely massive with concentrated hematite. Generally, occurs at the base of the iron formation package and sometimes within lenses interlayered with IF or ISF.

CG refers to a thin layer of aggregated material close to the topographic surface and developed on itabirite by weathering processes. CG is typically without structure and contains fragments of iron formation and hematite surrounded by limonite. In some cases, fragments preserve their original structure. Transported CG contains itabirite fragments with more advanced alteration and decomposition, along with an increase limonitic/goethitic matrix.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The Serra do Sapo and Itapanhoacanga deposits are classified as BIF-hosted iron deposits, typical of the Lake Superior-type iron formations that characterize the Quadrilátero Ferrífero (Iron Quadrangle) region of Minas Gerais, Brazil. Mineralization occurs within a laterally continuous sequence of metasedimentary BIFs, comprising alternating hematite-rich and quartz-rich bands formed by primary chemical sedimentation which have subsequently been modified by regional metamorphism and deformation. The deposits exhibit local structural repetition due to thrust faulting, which has thickened and upgraded certain zones through remobilization and enrichment.

The deposits represent structurally controlled, metamorphosed BIF deposits, consistent with other high-grade hematite bodies within the Quadrilátero Ferrífero (Iron Quadrangle) iron province. The geological model applied assumes mineralization controlled by a combination of stratigraphy and subsequent deformation, where primary BIF layering and structural repetition define both grade distribution and geometry. Exploration is therefore guided by integrated lithostratigraphic mapping, structural interpretation and geophysical modelling, supported by drill testing along strike and down-dip extensions of known mineralized horizons.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Exploration work completed at Serra do Sapo and Itapanhoacanga by MMX and Anglo American since 2006 has included geological mapping and airborne geophysics.

Major structural features mapped in the field are considered during geological modelling. 3D images are generated based on georeferenced photo pairs. Structural features such as foliation, bedding and general discontinuities are recorded. Following mapping, stereograms are generated and used to improve geological understanding of the areas surveyed. The interpreted polygons are extrapolated and used as a reference for 3D geological interpretation.

Additionally, lineaments that cut the regional geology in a northeast-southwest and northwest-southeast orientation are recorded from geophysical data.

The mapped and interpreted lineaments are included in the Property database. The interpreted vertical lineaments have also been useful for deep drilling planning, as high pressure groundwater has been an issue.

Aeromagnetic, radiometric and 3D seismic surveys have been undertaken extensively over the Property. Major structural features delineated are confirmed through direct observation in the mine.

Spectrem Air Limited Co. (Spectrem) completed an airborne electromagnetic, magnetic and radiometric survey over the Itapanhoacanga and Serra do Sapo project areas between November 2007 and January 2008. A total of 1,660 line-km was surveyed with the detected anomalies analysed in terms of conductance, dip and depth.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Drilling at Serra do Sapo and Itapanhoacanga by MMX commenced in 2006 following acquisition of the Itapanhoacanga mineral rights in February 2006 and Serra do Sapo mineral rights in June 2006. By August 2008 when Anglo American assumed full ownership of the mineral rights, MMX had completed 293 DD holes for 59,319 m at Serra do Sapo and 132 DD holes for 17,589 m at Itapanhoacanga. The MMX and Anglo American drilling were used for the December 2024 Serra do Sapo, and Itapanhoacanga Mineral Resource estimates.

To 31 December 2024, 1,107 DD holes for 211,011 m, 7,019 RC holes for 348,117 m (inclusive of grade control drilling) and 323 geotechnical (FG) holes for 40,929 m have been completed by MMX and Anglo American at Serra do Sapo, and 194 DD holes for 27,164 m have been completed by MMX and Anglo American at Itapanhoacanga.

Table 6.1 and Table 6.2 present the drilling companies that have conducted drilling programs (by year) at Serra do Sapo and Itapanhoacanga respectively.

At Serra do Sapo, the drilling grid has been progressively refined from an initial 400 m x 400 m spacing, to 200 m x 200 m, then 100 m x 100 m, and locally at 50 m x 50 m to improve geological confidence and support short-term modelling. Since 2013, RC drilling on a 25 x 25 m grid has supported mine operations and grade control.

At Itapanhoacanga, drilling has been conducted on a nominal 200 m x 100 m grid, with a 100 m x 100 m grid used in parts of central and northern extents of the deposit.

For the MMX DD holes, standard methods with HW (63.5 mm) diameter core were used at Serra do Sapo and Itapanhoacanga. For Anglo American DD holes, standard methods with PQ (85.0 mm), HQ (63.5 mm) and NQ (47.6 mm) diameter core were used at Serra do Sapo and Itapanhoacanga. PQ coring was typically only used in weathered materials.

Most of the holes over the flatter portions of the deposit were drilled vertically. Where the iron formation dips gently east, inclined drillholes (-75° to -85° toward azimuth 270°) were completed to intersect the mineralization perpendicular to strike. Core was recovered in 3 m and 5 m runs. Maxibor and Deviflex downhole survey equipment were used to obtain deviation data for the inclined holes.

For Anglo American’s RC holes, 127 mm (5-inch) diameter hammers, tricone bits and face bits were used. Samples of up to 50 kg were collected at 1 m intervals via a fully enclosed cyclone system. Most holes were drilled at an inclination of approximately -75°. Maxibor and Deviflex downhole survey equipment were used to obtain deviation data for the inclined holes.

Table 6.1 presents a summary of the drilling completed at Serra do Sapo by type and year.

Figure 10.1 presents the distribution of all drilling at Serra do Sapo.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Table 10.1 presents a summary of the drilling used for the Serra do Sapo December 2024 Mineral Resource estimate.

Source: Anglo American, 2024

Standard DD drilling methods with HW (63.5 mm) diameter core were used at Itapanhoacanga. Most holes were drilled vertically; however, where the iron formation dips gently east, inclined drillholes (-75° to -85° toward azimuth 270°) were completed to intersect the mineralization perpendicular to strike.

Table 6.2 presents a summary of the drilling completed at Itapanhoacanga by type and year.

Figure 10.2 presents the distribution of all drilling at Itapanhoacanga.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Table 10.2 presents a summary of the drilling used for the Itapanhoacanga December 2024 Mineral Resource estimate.

Source: Anglo American, 2013

In 2007, an extensive ALS topographic survey covering the Serra do Sapo and Itapanhoacanga areas was completed. A DTM was developed from this data to support exploration activities.

In 2009, an airborne laser scanning survey covering an area of approximately 200 km2 over the Serra do Sapo and Itapanhoacanga mineral titles was completed using a Leica ALS-50 II (150 kHz).

Drillhole collar surveying at Serra do Sapo is conducted soon after the drillhole is completed using a Trimble™ R8 Series global positioning system (GPS) RTK receiver with 24 channels of L1/L2 satellite tracking.

Files collected in the field are uploaded and processed using Trimble® Business Center software. The quality of the survey is assessed by way of a collar location report. This report contains the XYZ coordinates and the variation of maximum error for each point measured.

All drillhole collar surveys are compared to the Serra do Sapo DTM using Datamine™ software. All drillhole collars were found to be within 5 m of the topographic surface.

Drillhole collars at Itapanhoacanga are surveyed using four geodetic towers (approved by the Brazilian Institute of Geography and Statistics – IBGE), that are part of the Brazilian Geodetic System (SGB). The tower at Serra do Sapo and Itapanhoacanga are used as base points with their positions recorded using a ProMark™ 3 (L1 technology) differential global positioning system (GPS) instrument. The positioning accuracy was horizontal 5 mm ± 1 mm, vertical 10 mm ± 2 mm, and azimuth <1 arcsecond.

Upon completion of each drillhole, the collar is marked with a permanent tag, and the final collar location is determined using a geodetic GPS. This data is provided in Microsoft™ Excel and as a PDF certificate. For drillholes located in forested areas, collars are surveyed by total station equipment (Nikon DTM 332) using electronic closed polygonal survey.

Downhole surveys are conducted using Maxibor™ and Deviflex™ tools, and drill inclinations are verified by technicians using Brunton clinometers.

All survey work is conducted in UTM Zone 23S using the SAD69 datum.

Recovered core is placed into core boxes, with the depth interval marked on core blocks at the end of each run as measured by the driller.

For MMX’s DD holes, core was placed in wooden boxes and transported to the logging area by an MMX technician. Anglo American’s core boxes were transported to one of four core sheds: Serra do Sapo mine site, Conceição do Mato Dentro (two facilities), and Itapanhoacanga village.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

MMX’s drill core was photographed before and after sampling to record geological descriptions and sampling intervals. Geological logging recorded lithotypes, geological contacts, zones of fault or fracture, ferruginous levels and zones of internal waste. This information was recorded onto standardized paper log forms and later entered into an electronic database.

Core recovery across the database averages approximately 90%.

For Anglo American’s RC holes, chip boxes and sample bags are transported to the Itapanhoacanga village core shed. Geological logs for lithology, alteration, mineralization, and structure are captured using acQuire™ on tablets and uploaded by the geologist to the database. Recovery values for each interval are also checked by the geologist, with any values >100% corrected. The geological logging interval is 1 m. RC sample recovery across the database averages approximately 80%.

Geotechnical and geological logging is conducted on the drill core by company geologists or a contractor under close supervision at the core shed. The core is photographed prior to sampling. Geologists record lithological units, geological contacts, fault and fracture zones, ferruginous horizons and internal waste zones. All logging information is reviewed and validated by a senior geologist. Digital logging using acQuire™-based tablets was implemented in 2016.

For Serra do Sapo, the drilling database is compiled and verified by the geology team and a handover process is conducted for storage and management in an acQuire™/SQL server database. The output database from acQuire™ comprises a series of Microsoft™ Excel spreadsheets containing collar locations, drillhole orientations, assay intervals with analytical results and geological intervals with rock types. Prior to geological modelling, the database is exported to Leapfrog Geo™ modelling software where it is again validated.

For Itapanhoacanga, drilling data was initially managed using four linked Microsoft™ Excel spreadsheets (collar, survey, geology and assay). Since 2009, all data is stored and validated in the acQuire™/SQL server database.

Collar coordinates collected by geodetic GPS or total station are stored and uploaded to the database, while downhole surveys are directly imported following verification by the supervising geologist. Downhole survey data are obtained from electronic files provided by the drilling contractor and verified by the supervising geologist. Core logging and sampling plans are entered manually into acQuire™, which checks for overlapping or missing intervals and generates final sample identifiers, intervals and QAQC sample positions. The assay spreadsheet consolidates the sampling plan, assay results and lithological data, including stoichiometric balance calculations to verify the consistency between lithology and geochemistry (e.g. lagging unexpected assay results in itabirite units).

The system also tracks sample dispatches, ensuring shipment once the target number of samples is reached. When laboratory results and certificates are returned, stoichiometric balance and analytical consistency are re-checked before importing into the database. Geologists review assay results to confirm the lithochemical classification with the validated data in acQuire™.

After validation, the data is imported into Datamine Studio™ software.

Anglo American employs standardized procedures for the management and integrity of analytical and geological data, ensuring full traceability and data security throughout the sampling and analytical workflow as follows:

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

All data management processes comply with Anglo American’s corporate data governance standards.

During 2012–2013, Anglo American completed a DD and RC twin-hole program at Serra do Sapo to assess the reliability of sampling, potential grade bias and recovery performance within friable iron formation lithologies. A total of 30 DD-RC twin pairs were drilled in the starter pit area, with collars spaced between 2.5 m and 6.9 m to minimize geological variability (Figure 10.3). The drillholes were drilled vertically to a depth of 45 m and sampled on equivalent supports to allow direct comparison of grade, recovery and lithological consistency between the two drilling methods.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The results demonstrated that RC drilling shows broadly consistent downhole grade trends when compared with DD drilling data; however, systematic but minor biases were identified in iron and silica grades. On average, DD composites returned iron grades approximately 1.2% higher and silica grades around 2.0% lower than the corresponding RC composites, with both differences being statistically significant at the 95% confidence level. No significant differences were observed for alumina and phosphorous grades. In contrast, RC samples from waste intervals tended to report higher iron values than their DD counterparts, suggesting downhole smearing and contamination by iron-rich fines.

Sample recovery from the RC holes was highly variable, ranging from 25% to 133% and averaging 85%. This variability is attributed to the friable nature of the mineralized material and to operational factors such as sidewall collapse, the use of high air pressure and alternating between tricone and downhole hammer bits. These conditions likely contributed to the irregular mass recovery and grade smearing observed. Tests comparing length-weighted and mass-weighted compositing methods confirmed that both yield equivalent results, indicating that the current RC compositing procedure does not introduce significant bias.

Lithological comparison between DD holes and RC holes showed partial agreement. Approximately half of the dataset displayed complete lithological correspondence, while the remainder showed offsets and thickness variations of waste units caused by folding, thrusting or localized alteration. In general, RC logging based on chip samples provided a lower level of lithological resolution than DD core logging. The observed biases are therefore lithology-dependent: RC tends to underestimate iron and overestimate silica within iron-rich lithologies, while overestimating iron in waste units. Given the inconsistent nature of these biases, the study concluded that the application of a universal correction factor to RC data was not supported.

Despite these limitations, RC drilling remains the most practical and cost-effective method for grade control at Minas-Rio, provided that continuous monitoring of sample recovery and regular reconciliation between RC-based grade control models and DD-based resource models are maintained.

Drilling at Serra do Sapo has largely been limited to the area inside the 2022 resource pit shell. The drilling grid has been progressively refined from an initial 400 m x 400 m spacing, to 100 m x 100 m, and locally at 50 m x 50 m to improve geological confidence and support short-term modelling. Since 2013, RC drilling on a 25 x 25 m grid has supported mine operations and grade control.

No drilling has been conducted at Itapanhoacanga since 2012.

At Serra do Sapo, sample recovery across the entire database averages approximately 83% (~90% for DD and ~80% for RC). At Itapanhoacanga, sample recovery across the ore lithologies (IF, IFX, HM, IC, HD and CG) averages >90%.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The following section describes the sample preparation, analytical and security protocols undertaken by MMX and Anglo American at Serra do Sapo and Itapanhoacanga.

MMX’s core sampling was conducted within ferruginous zones with sample interval breaks at changes in ore types. The standard sample interval was 5 m. Once the sample intervals and sample numbers were marked on the core boxes, the core was halved for sampling. A diamond saw was used for competent core intervals and a knife or spatula used for highly weathered zones.

Sample security was supervised by MMX personnel. Drill core was collected from drill sites, logged, sampled and shipped under the direction and control of MMX. Samples were shipped to SGS Geosol (Belo Horizonte) in labelled and sealed bags.

MMX did not conduct any RC drilling.

All sampling activities for Ango American’s DD holes are governed by the Anglo American group standard operating procedures (SOPs). The relevant SOPs are regularly peer reviewed and audited. Upon arrival at the core shed, drill core is checked against the drilling documentation. Depth intervals are verified, recorded in the core trays, and recoveries are measured and uploaded to the acQuire™ database. A sampling plan is then developed by the geologist. Sample intervals are mostly 5 m but can range from 1 m to 6 m based on the mineralized intervals and geological characteristics. A line is drawn along the axis of the core to ensure appropriate splitting in relation to geological structures and vein orientations.

Core is split in half using an automated Corewise Pty Ltd (Corewise™) saw. One half is ticketed and bagged for dispatch to the SGS laboratory in Vespasiano for sample preparation and analysis, and the other half is retained for reference. Since January 2013, approximately 5% of the samples (pulps) assayed SGS are sent to Intertek, an external and internationally certified laboratory. CRMs and blanks are also included with each batch.

Full core samples are selected for specific gravity determinations.

Sampling activities for Anglo American’s RC holes are also governed by the Anglo American group SOPs to ensure sample representativeness, minimize sampling bias and to maintain full chain of custody control. The SOPs are regularly peer reviewed and audited.

RC samples collected are split using a riffle (carousel-type) splitter to reduce sample mass while maintaining representativeness. Samples are reduced to 8–16 kg, with any excess material retained as a reference (archive) sample.

Quality controls include regular cleaning of the splitter, monitoring of rotation speed and verification of sample mass. The variation between duplicate aliquots must not exceed ±10% of the mean sample mass.

At the core shed, chip boxes are checked before being photographed and logged. After validating the geological intervals, the geologist develops a sampling plan. Sample intervals are captured using acQuire™ on tablets and uploaded by the geologists to the database, which generates the Sampling Plan, inclusive of QAQC samples.

Standards (± 50 g) and blanks are placed into sample stream, identified according to the Sampling Plan, and readied for transport to the laboratory for analysis. The standard sample batch generated in acQuire™ consists of 47 samples, 40 of which are primary samples and 7 are control samples (QAQC).

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

For the preparation of Serra do Sapo and Itapanhoacanga DD samples, MMX contracted independent laboratory SGS Geosol in Belo Horizonte. The sample preparation methodology was:

Anglo American contracted independent laboratory SGS Geosol in Vespasiano for the preparation of Serra do Sapo and Itapanhoacanga DD and RC samples. All DD samples are processed at SGS Geosol Vespasiano.

SGS Geosol is certified under ISO 9001 (Quality Management Systems), ISO 14001 (Environment Systems) and ISO 17025 (Competence of Testing and Calibration).

Anglo American conducts some sample preparation and analysis of Serra do Sapo RC samples at the Anglo American owned and SGS Geosol managed Minas-Rio Process and Quality Laboratory (internal laboratory). Samples exceeding the capacity of the internal laboratory are sent to SGS Geosol in Vespasiano. Approximately 45% of RC samples are processed at the internal laboratory, with the remainder processed at SGS Geosol Vespasiano. Both laboratories follow the same standardized sample preparation and analytical procedures. All analytical work is conducted under strict QAQC protocols to ensure consistency, accuracy and comparability of results between laboratories. The internal laboratory is currently not certified but is undergoing a certification process. As part of Anglo American’s quality assurance process, interlaboratory comparison assays are conducted annually. Results from the latest round (July and August 2025) of interlaboratory comparison assays show that the Minas-Rio Process and Quality Laboratory was deemed to have performed satisfactorily for all 26 assays (Al2O3, CaO, FeO, K2O, Mg, Mn, LOI, Na2O, P, SiO2 and TiO2 were analysed).

Figure 11.1 illustrates the sample preparation flowsheet used for Anglo American’s Serra do Sapo DD and RC samples at the SGS Geosol and internal laboratories.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American, 2024

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

DD and RC samples from Serra do Sapo and Itapanhoacanga are assayed using XRF spectroscopy. Samples are dried at 100°C, then 0.5 g of material is placed into a platinum crucible containing lithium tetraborate. The mixture of sample and solvent is homogenized and fused for 15–20 minutes in an automated furnace. The fused material is poured into a mould, forming a disk with a flat surface appropriate for XRF analysis.

Samples are analysed for Al2O3, CaO, Fe, K2O, Mg, Mn, LOI, Na2O, P, SiO2 and TiO2. Analytical data is recorded in the Laboratory Information Management System (LIMS). Original signed assay certificates and Microsoft™ Excel data files were provided.

Assaying of RC samples is primarily performed at the SGS Geosol managed Minas-Rio Process and Quality Laboratory (Anglo American owned and SGS Geosol managed internal laboratory). Samples exceeding the capacity of the internal laboratory are submitted to SGS Geosol in Vespasiano for analysis.

Both laboratories follow the same standardized sample preparation and analytical procedures. All analytical work is conducted under strict QAQC protocols to ensure consistency, accuracy, and comparability of results between laboratories.

MMX’s laboratory QAQC of DD samples from Serra do Sapo and Itapanhoacanga consisted of sending 51 pulps analysed by SGS Geosol (Belo Horizonte) to Ultra Trace for re-analysis in 2006. Analytical Solutions Ltd (Analytical Solutions) in Toronto, Canada reviewed the QAQC data in 2007. From 2007, a domestic laboratory was used for check analyses.

Both SGS Geosol and Ultra Trace used fused disk (glass bead) XRF for determination of major oxides. Analytical Solutions reported that in general, there was good agreement between the two datasets. Key observations by Analytical Solutions included:

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Between 2006 and 2007, only SGS Geosol internal laboratory QAQC was used. SGS Geosol internal quality control consisted of quartz blanks and CRMs inserted every 40 samples. For every 10 samples analysed in the same batch, a duplicate and a replicate sample were inserted alternately. Since 2008, Anglo American has implemented several QAQC system improvements.

QAQC monitoring of resource assay data was initially outsourced to an external consultant (D.F. Bongarꞔon) who developed a Microsoft™ Excel spreadsheet based QAQC system. When the mine commenced production, a more conventional QAQC system was introduced and managed in-house, which made full use of acQuire™ to automatically generate QAQC reports.

The original ± 3 standard deviation (SD) control limits provided in the OREAS certificates for the Minas-Rio MM-CRMs are considered by Anglo American to be unrealistically narrow as application of these control limits would result in an unreasonably high rate of apparent failures in the historical SGS Geosol assay data that had previously been validated using the Bongarꞔon QAQC approach. The control gates for the MM-CRMs were re-calculated by including previously excluded “outliers” from the original OREAS round robin certification data. The re-calculated control gates were then used to assess the precision error performance of the historical SGS Geosol data, and a new set of pass/fail criteria were established. The ±3 SD control limits defined for the Minas-Rio MM-CRM standards were also applied to assess the performance of the ACME Vespasiano laboratory, which allowed for a direct comparison of analytical precision and accuracy between ACME Vespasiano and SGS Geosol Vespasiano. Due to the limited number of ACME assay results available, the dataset is not considered sufficient to derive independent, laboratory-specific control limits with statistical confidence.

ACME Vespasiano was only used to process a small number of samples. Very little information is known about the laboratory, and it is now permanently closed.

Anglo American’s QAQC (for DD and RC samples) workflow is as follows:

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

The follow-up investigation and the number of re-analyses required depends on the nature of the failure and is at the discretion of an experienced QAQC geologist or geochemist.

In addition to batch-by-batch QAQC checking, longer-term trends in the QAQC data are monitored. Triggers for follow-up action include, but are not limited to:

For the December 2022 Mineral Resource estimate, QAQC control charts for MM-CRMs (Figure 11.2 and Figure 11.3), blanks (Figure 11.4) and preparation duplicates (assay data generated between September 2014 and December 2021) from both SGS Geosol Vespasiano and ACME Vespasiano were assessed prior to inclusion of the corresponding assay data as part of the Mineral Resource update.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American, 2024

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American, 2024

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Anglo American, 2024

Figure 11.2 to Figure 11.4 show good conformance to control limits. A QAQC report is generated for each sample batch, and for any failures, an NCR is created. The NCR describes the problem and records all follow-up actions prior to closure.

The analytical results were reviewed under the revised QAQC protocol incorporating the updated control limits for the standards. A total of 37 batch non-conformances were recorded for both laboratories between September 2014 and December 2021. After the identified corrective actions were implemented, all batches passed the Anglo American QAQC acceptance criteria.

A systematic positive bias in iron assays was observed in the SGS Geosol data, impacting multiple analytical batches. Upon applying the revised QAQC control limits to the Minas-Rio MM-CRMs, numerous non-conformances were identified for the lower-grade iron CRM. The data exhibit a consistent underestimation bias of approximately 0.55% Fe, corresponding to 1.8% relative at the 30% Fe concentration level. The negative bias also affected the medium-grade iron CRM, although with far fewer apparent failures. This represents a systematic issue that influenced 27 analytical batches. While the magnitude of the bias is relatively small, it constitutes a statistically significant shift when compared with the laboratory’s historical performance.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

After discussion with SGS Geosol, the same bias was identified in its internal QAQC, with the cause likely due to a shift in XRF calibration. Corrective action was taken by SGS Geosol. A new XRF calibration for iron was developed by the laboratory and tested. This effectively fixed the bias problem. All affected sample batches were re-processed using the new calibration. It was also decided to re-process batches that had originally passed the QAQC to make sure that no overcorrection had been made. The newly re-processed data for a small number of batches failed the QAQC and these were submitted for complete re-analysis.

Anglo American made the decision to verify assay results from the primary laboratory (SGS Geosol) through an external check analysis program. During 2013, a total of 241 samples (pulps) were submitted to Intertek, with an additional 100 samples sent during 2014. CRMs and blanks were included in each batch. The results obtained confirmed that the SGS Geosol results are suitable for the purposes of Mineral Resource estimation. Since 2018, a total of 642 samples has been sent to ALS for independent analysis. These samples represent approximately 5% of the original pulps from drilling campaigns conducted between 2014 and 2020. No additional external check assays have been conducted since 2020.

For Itapanhoacanga, the database used for the 2024 Mineral Resource estimate was frozen as of 15 October 2012. It includes assay information from 2010 (7 batches), and 2012 (18 batches, of which 17 were re-analyses). There are no assay results available for 2011. The re-analysis campaign was an internal initiative undertaken to increase the reliability of assay results used for resource estimation. For the re-analysis campaign, a total of 667 (40 primary samples, 2 pulp duplicates, 2 MM-CRMs and 1 coarse blank each batch) were re-assayed. In total, 77 QAQC samples were submitted to the SGS Geosol laboratory between January 2010 and October 2012 (consisting of 14 x 6.3 mm coarse duplicates for 2010 assays, 17 x pulp duplicates for 2012 assays and 36 standards for 2012 assays).

For the December 2012 Mineral Resource estimate, QAQC control charts for pulp duplicates (including log-log scale) and MM-CRMs (AFB-02 and AFB-05) from SGS Geosol Vespasiano were assessed prior to inclusion of the corresponding assay data as part of the Mineral Resource estimate.

Following the visual inspection of all gross outliers and/or analytical errors, and the 5% extreme difference samples identified for each sample type (flagged for potential batch re-assay), the relevant sample batches were compiled into a Microsoft Excel™ spreadsheet for decision-making purposes.

The primary criterion established for sample batch re-assay was the occurrence of two or more control sample failures within a single sample batch for the same element. Sample batches meeting this condition were classified as non-conforming and selected for further review and potential re-assay.

As a secondary selection criterion, sample batches exhibiting failures in two or more elements were identified for further investigation. To classify a sample batch as failed for a specific element, two individual control sample failures were required. Sample batches meeting this criterion were considered highly suspect and prioritized for re-assay and investigation.

For each confirmed suspect sample batch, an investigation was initiated to determine the root cause of the problem and to implement appropriate corrective measures to prevent recurrence. At the completion of the review, no samples batches were identified as requiring re-assay.

The Qualified Person considers the sampling, preparation, and analytical protocols implemented by Anglo American and previously by MMX to be consistent with industry accepted standards. QAQC results, including the investigation and correction of an identified negative iron bias, demonstrate that analytical performance is well controlled. The data are considered accurate, reliable and adequate for the purposes of Mineral Resource estimation.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Data verification was conducted by the Qualified Person during the site inspection of the Property between 5 October and 10 October 2025. Mr. de Souza interviewed a number of Anglo American staff during the site inspection.

As part of the site inspection, Mr. de Souza completed several verification activities associated with the geology, geological modelling and Mineral Resource estimation aspects at the Property as follows:

During the site inspection, Mr. de Souza undertook field verification on the collar coordinates of seven drillholes to confirm spatial accuracy and consistency with the Serra do Sapo database. The coordinates were field verified using a Trimble DA2 differential GPS.

All drillhole collars observed were fitted with clearly identifiable tags. No material discrepancies were identified between the field verified and database coordinates. Table 12.1 presents the collar coordinate verification results for the selected drillholes to confirm spatial accuracy and consistency with the Serra do Sapo database.

Source: Snowden Optiro

The Qualified Person is satisfied that the drillhole collar surveying methodology employed by Anglo American is consistent with industry best practice and suitable for the purposes of geological modelling and Mineral Resource estimation.

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

During the site inspection four Geosol DD rigs were operating at the Serra do Sapo mine, and one at the Serra da Serpentina project. The four Geosol DD rigs operating at Serra do Sapo were inspected. Two Geosedna Perfurações Especiais S.A. (Geosedna) RC drill rigs were also inspected at the Serra do Sapo mine. Figure 12.1 shows two Geosedna drill rigs conducting RC drilling at the Serra do Sapo mine during the site inspection.

Source: Snowden Optiro

The Qualified Person observed that the drilling and associated field activities were being conducted in a safe, well-managed manner and are consistent with industry accepted standards (Figure 12.2).

 

Anglo American plc NI 43-101 Technical Report – Minas-Rio Property, State of Minas Gerais, Brazil

Source: Snowden Optiro

Two core sheds (core sheds 1 and 2) at the Serra do Sapo mine were also inspected during the site inspection. DD and RC sample preparation (prior to laboratory dispatch) and sample storage is conducted at these core sheds. Figure 12.3 shows DD core in a cut and uncut state.

Source: Snowden Optiro

The core sheds inspected were found to be well organized, with DD core and RC chip samples securely stored and easily accessible (Figure 12.4). Sample preparation equipment appeared to be well maintained and in good working order. Figure 12.5 presents the equipment used for sample preparation and assaying at the Minas-Rio internal laboratory.