What changed in this filing

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Item 2. Properties

2026-03-03 compared with 2025-03-03 · 54 added, 41 removed, 121 unchanged (44% of the section changed)

7 unchanged sentences

Facility Ownership

Hawesville 100% Owned

Sebree 100% Owned

8 unchanged sentences

Bauxite Mining Properties

Century has access to large bauxite deposit areas with mining rights that extend in many cases more than 12 years from the date of this Form 10-K.

The Company obtains bauxite from its own resources in Jamaica.

Century has access to large bauxite deposit areas with mining rights that extend through 2031.

The Company obtains bauxite from these resources in Jamaica.

Tonnes of bauxite are reported on a zero-moisture basis in millions of dry metric tonnes (mdmt) unless otherwise stated.

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Portions of the following information are based on assumptions, qualifications, and procedures that are not fully described herein.

Reference should be made to the full text of the Technical Report Summary dated February 27, 2025, with an effective date of December 31, 2024, filed as Exhibit 96.1 to this Form 10-K (the “Jamalco TRS”).

Reference should be made to the full text of the Technical Report Summary dated February 27, 2025, with an effective date of December 31, 2024, incorporated by reference as Exhibit 96.1 to this Form 10-K (the “Jamalco TRS”).

Property Location and Description

Jamalco holds two Special Mining Leases, Special Mining Lease 130 ("SML 130") and Special Mining Lease 169 ("SML 169") in the southwestern region of Jamaica within the Parishes of Clarendon and Manchester and one Special Exclusive Prospecting License 580 ("SEPL 580") is in the St Catherine Parish in the southeastern region of Jamaica.

Catherine Parish in the southeastern region of Jamaica.

On October 7, 1991, under SML 130, the Government of Jamaica granted Jamalco the rights to explore and mine the bauxite in the leased area for a period of 40 years, expiring in 2031.

17 unchanged sentences

Jamalco has three office locations, a refinery, a rope conveyor and a railway.

Jamalco’s mining and refinery operations may be reached by a toll road from the center of Kingston, approximately a one hour drive west of Kingston, the administrative capital and main business center of the island.

Jamalco’s mining and refinery operations may be reached by an approximately one hour drive west via toll road from the center of Kingston, the administrative capital

and main business center of the island.

Jamaica has multiple daily air and sea connections to the United States, Canada, and United Kingdom.

The bauxite deposits are distributed throughout the region in communities of local residents, served by an extensive road system and infrastructure providing services to these communities.

The deposits are connected to the central stockpile at St Jago by internal private haul roads.

The deposits are connected to the central stockpile at St.

Jago by internal private haul roads.

Access to the deposits is also available through public roads, but these roads are generally not used for transporting bauxite.

1 unchanged sentence

The crossings are controlled by contractors directly employed by Jamalco.

Many deposits occur on the higher Manchester plateau which is connected to the stockpile at St Jago via an aerial ropeway cable conveyor over the face of a steep, rugged limestone escarpment.

The conveyor is 3.4 km in length with a capacity up to 1,000 tonnes of bauxite per hour from the load station at Mount Oliphant, at an elevation 1750 ft or 533m, to the rail head at St Jago, elevation 150 ft or 46 m.

From St Jago, the bauxite is transported to the alumina refinery by a dedicated 18.0 km rail system, controlled and operated by Jamalco 24 hours per day, 6 days per week and approximately 9 rail trips are made each day transporting bauxite.

Many deposits occur on the higher Manchester plateau which is connected to the stockpile at St.

Jago via an aerial ropeway cable conveyor over the face of a steep, rugged limestone escarpment.

The conveyor is 3.4 km in length with a capacity up to 1,000 tonnes of bauxite per hour from the load station at Mount Oliphant, at an elevation 1750 ft or 533m, to the rail head at St.

Jago, elevation 150 ft or 46 m.

Jago, the bauxite is transported to the alumina refinery by a dedicated 18.0 km rail system, controlled and operated by Jamalco 24 hours per day, 6 days per week and approximately 9 rail trips are made each day transporting bauxite.

At the refinery the bauxite is processed through the Bayer Process resulting in red mud residue which is disposed of within the residue lakes near the refinery.

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As such, it is Aluminpro’s opinion that the reserves are too small to merit reporting.

This practice has been the basis for mine planning, extraction, blending and processing of bauxites in this area over the last 50 years and has supported a technically and

economically viable operation.

This practice has been the basis for mine planning, extraction, blending and processing of bauxites in this area over the last 50 years and has supported a technically and economically viable operation.

Despite our operations, under subpart 1300 of Regulation S-K, we are considered an “exploration stage” company because we do not have mineral reserves to disclose.

The Jamalco facilities, including equipment, are in a maintained condition.

Net book value of these facilities and equipment as of December 31, 2024 of $190.7 million is included in Property, plant and equipment, net on the Consolidated Balance Sheets.

The gross book value of these facilities and equipment as of December 31, 2025 of $488.7 million is included in Property, plant and equipment, net on the Consolidated Balance Sheets.

Jamalco has prepared capital projects to increase the proportion SML 169 bauxite to 55 % of the refinery feed.

An overall capital investment of $70.5 million has been estimated to cover mine development and installation of the necessary equipment from 2025 to 2027.

Refer to the Jamalco TRS in Section 5 for more information on the property history and condition.

1 unchanged sentence

Jamalco’s resources are based on exploration done by Jamaican Bauxite Institute (“JBI”).

For an accessible deposit and planning production drilling, ArcGIS software is used to produce a background image showing the created grid, JBI grid and JBI drill holes, which is then uploaded to GPS receivers.

This is utilized in the field by the drillers to peg production drillholes.

Additionally, a 3-D outline is generated within the orebody outline.

This process is also completed in AutoCAD, where both exploration and production drillhole coordinates are used to generate a surface from which the 3-D outline is produced.

Once the production drilling is completed with assays, AutoCAD plans are prepared with grades and thicknesses that are passed on to the mine operators.

Once Jamalco's production drilling is completed with assays and merged with JBI data, AutoCAD plans are prepared with grades and thicknesses that are passed on to the mine operators.

Production drilling is essentially quality control in-fill drilling.

Parcel maps are created for the production crew, showing color-coded grade information which enables selection of mining for stockpiling.

Once mined, Jamalco utilizes the Bayer Process to extract alumina from bauxite.

The processing plant is a fixed plan for ore crushing and washing.

Parcel maps are created for the production crew, showing color-coded grade information which enables selection of mining for stockpiling and subsequent drilling.

Experienced local mining contractors are engaged in the mine production process from topsoil stripping to train loading.

Bauxite does not require blasting.

Excavators load directly into 30 tonne highway trucks for a short haul to the stockpile areas at low operating costs for South Manchester.

The bauxite in North Manchester requires the same method but besides poorer quality, the long hauling distance makes the bauxite more expensive per tonne.

Once mined, the bauxite is hauled by train to Jamalco's refinery where the Bayer Process is used to extract alumina from bauxite.

Refer to the Jamalco TRS in Sections 12 and 14 for more information on the mining method and processing operations.

Bauxite Mineral Resources

The tables shown below of resources were prepared using the results of the procedures performed by Aluminpro.

The resources stated below were prepared by Jamalco with the results and procedures validated and tabulated by Aluminpro.

As stated above, Jamalco has no reportable mineral reserves.

Summary of Attributable Bauxite Mineral Resources Exclusive of Mineral Reserves at December 31, 2024:

(tonnes shown in millions)

As such, there is an insufficient time to maintain a significant inventory of reserves prior to processing, that merit reporting by Aluminpro.

Refer to “Property History and Condition” above for more information on why reportable reserves are not declared.

The Indicated mineral resources reported below are based on a scenario where all the available SML 130 bauxites have been consumed by blending with SML 169 bauxites to meet refinery specifications.

This mix of Indicated resources forms the basis to the production schedule and the Initial Assessment discussed below.

It should not be assumed that all the Indicated mineral resources are economic or will be converted to ore reserves as discussed more fully below.

Summary of Attributable Bauxite Mineral Resources Exclusive of Mineral Reserves at December 31, 2025 and 2024, expressed in millions of dry metric tonnes (mdmt) and subdivided by SML:

AvAl 2 O 3 (2) (%)

1 unchanged sentence

P 2 O 5 (4) (%)

At December 31, 2025

Measured mineral resources — — % — % — %

— — % — % — %

Indicated mineral resources 8.6 37.53 % 4.31 % 0.19 %

27.0 38.22 % 3.03 % 1.06 %

Measured + Indicated mineral resources — 37.53 % 4.31 % 0.19 %

27.0 38.22 % 3.03 % 1.06 %

Inferred mineral resources — — % — % — %

— — % — % — %

(1) Represents the Company's 55% interest in the above-quoted mineral resources.

The reference point for the mineral resource is the in situ predicted dry tonnage.

Measured mineral resources — — % — % — %

Indicated mineral resources 7.7 38.96 % 1.16 % 1.91 %

Measured + Indicated mineral resources — 38.96 % 1.16 % 1.91 %

Inferred mineral resources — — % — % — %

At December 31, 2024

Measured mineral resources — — % — % — %

Indicated mineral resources 13.5 37.49 % 4.89 % 0.21 %

Measured + Indicated mineral resources 13.5 37.49 % 4.89 % 0.21 %

Inferred mineral resources — — % — % — %

Measured mineral resources — — % — % — %

Indicated mineral resources 13.5 38.96 % 1.16 % 1.91 %

Measured + Indicated mineral resources 13.5 38.96 % 1.16 % 1.91 %

Inferred mineral resources — — % — % — %

(1) Represents the Company's 55% interest

(2) Available Alumina at Low Temperature

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All resource estimation is based on an in-situ density of 1.44 tonnes/m 3 .

The Company does not have mineral resource information at December 31, 2023 or December 31, 2022 for comparative purposes.

The overall Resources of SML 130 and SML 169 have required significant tonnage reduction, due to the 2-year delay in implementing Project Restore at the refinery which would allow for treatment of the more complex bauxites from North Manchester (SML 169).

The latter resource is the tonnage that can be blended with the residual SML 130 tonnage in line with the required future refinery bauxite quality.

High silica pits on SML 130 require low silica SML 169 bauxites to meet future quality needs.

The delay in implementing Project Restore to address the processing constraints has required a revised production schedule, to determine the diminished amount of North Manchester resource available for disclosure.

During 2025, 10% of the bauxite mined was from SML 169 with only 13% of production planned from SML 169 in 2026, thus accelerating the depletion of SML 130 blendable bauxites.

Refer to the Jamalco TRS in Section 11 for more information on the mineral resource estimates, including key assumptions used.

1 unchanged sentence

Exploration at the property is completed using auger drilling.

Deposits are identified by the slight topographic depressions across the limestone relief suggesting the potential for karst hosted bauxite mineralization.

Aerial survey assists in the selection of potential deposits and a few prospecting auger holes allow for confirming the exploration target.

At the start of operations, much of the area was owned by the government or by Jamalco and the local communities were less sensitive to bauxite development.

Currently, the ownership of land parcels requires Jamalco to obtain sufficient rights before exploration is completed.

Recent exploration has not been material to operations.

The following table shows a summary of the deposits, drill holes, and assays completed at the property as of September 30, 2024:

Meters Sampled

152 4,542 24,244 15,890

172 9,727 57,095 37,464

Exploration in 2025 has been focused on drilling pits within the Mocho mining area of SML 130 where 79 deposits are identified.

Drilling has been carried out on five pits for which Jamalco has prepared estimates deemed Indicated Resources totaling 0.5kt.

A total of 391 holes were drilled in 2025 at 15m centers resulting in 2,748 assays.

These pits require further drilling at depth, and final deposit modelling.

Internal Controls

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties