What changed in this filing

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Item 2. Properties

2026-02-27 compared with 2025-03-03 · 60 added, 86 removed, 1520 unchanged (9% of the section changed)

12 unchanged sentences

The subsections below describe the property locations, overviews and mineral resource and mineral reserve estimates.

Our material properties, as determined pursuant to S-K 1300, are Florida Phosphates, Esterhazy, Belle Plaine and Tapira.

Our material properties, as determined pursuant to S-K 1300, are Florida Phosphate, Esterhazy, Belle Plaine and Tapira.

Further information about these properties can be found in the technical report summaries (“ TRSs ” or “ TRS ”) filed as exhibits to this Form 10-K.

Except as otherwise stated, the scientific and technical information relating to Florida Phosphates contained in this Form 10-K is derived from the 2022 S-K 1300 report for Florida Phosphates titled “Florida Phosphate Mining Technical Report Summary” effective December 31, 2022 prepared by employees of Mosaic.

Except as otherwise stated, the scientific and technical information relating to Florida Phosphate contained in this Form 10-K is derived from the 2022 S-K 1300 report for Florida Phosphate titled “Florida Phosphate Mining Technical Report Summary” effective December 31, 2022 prepared by employees of Mosaic.

Except as otherwise stated, the scientific and technical information relating to Belle Plaine is derived from the 2024 S-K 1300 report titled “Belle Plaine Potash Facility Technical Report Summary” prepared by employees of Mosaic and the scientific and technical information relating to Esterhazy in this Form 10-K is derived from the 2025 S-K 1300 report titled “Esterhazy Potash Facility Technical Report Summary” effective December 31, 2025 prepared by employees of Mosaic.

Except as otherwise stated, the scientific and technical information relating to Tapira contained in this Form 10-K is derived from the 2023 S-K 1300 report for Tapira titled “SEC S-K 1300 Technical Report Summary Mosaic Fertilizantes:

Complexo Mineracao de Tapira” effective December 31, 2023 prepared by qualified persons who are employees of WSP USA Inc., which is not affiliated with Mosaic.

Complexo Mineração de Tapira” effective December 31, 2023 prepared by qualified persons who are employees of WSP USA Inc., which is not affiliated with Mosaic.

Except as otherwise stated, the mineral resource and reserve estimates are prepared by people who are qualified persons in accordance with subpart 1300 of Regulation S-K 1300 who are employees of the Company, and who have reviewed the mineral reserve estimates and mineral resource estimates and the material assumptions underlying the estimates and determined that the estimates and material assumptions remain current as of December 31, 2025.

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P 2 O 5 ) (c)

Florida 14.0 8.9 28.3 9.1 27.8 9.6 27.6

14.0 9.5 27.9 8.9 28.3 9.1 27.8

Total United States 14.0 9.5 27.9 8.9 28.3 9.1 27.8

Miski Mayo (d)

Miski Mayo (e)(f)

4.8 5.1 19.7 4.8 29.7 4.7 29.7

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A higher percentage corresponds to a higher percentage of phosphate content in phosphate rock or a phosphate ore body.

(d) We have a 75% economic interest in the Miski Mayo Mine and consolidate its results.

(d) Excludes the South Pasture, Florida location which was temporarily idled August 2018 for an indefinite period of time.

Annual operating capacity for this site was 3.2 million tonnes.

(e) We have a 75% economic interest in the Miski Mayo Mine and consolidate its results.

Miski Mayo ’ s annual operating capacity and production tonnes are presented at 100% economic interest.

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These quantities are the production of the drying plant.

(f) Higher ore grade and processing improvements allowed for improved metallurgical recovery resulting in higher production in 2025.

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Total United States 0.9 0.7 1.7 6.8 2.3 6.6 2.3 6.7

Taquari – MOP 0.7 0.5 1.7 16.4 1.9 14.7 1.6 14.3

Taquari – MOP (j)

— — 1.5 16.7 1.7 16.4 1.9 14.7

Total Brazil 0.0 0.0 1.5 16.7 1.7 16.4 1.9 14.7

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To date, we have been unable to rely upon this audit as a basis for an increase to our Canpotex entitlement percentage.

We are evaluating when to take the necessary steps to complete the entitlement adjustment process.

(h) We have the ability to reach an annual operating capacity of 2.1 million tonnes over time at Colonsay by increasing our staffing levels and investment in mine development activities.

(i) K-Mag ® is a specialty product that we produce at our Carlsbad facility.

Overviews for Phosphates, Potash and Mosaic Fertilizantes are shown in Table 2.3, Table 2.4, and Table 2.5 below.

(j) The Taquari facility was sold in 2025.

The 2025 amounts represent production from the beginning of the year until the selling date of November 4, 2025.

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Overviews for Phosphate, Potash and Mosaic Fertilizantes are shown in Table 2.3, Table 2.4, and Table 2.5 below.

All properties are operated by Mosaic.

All properties listed below are production stage, except Araxá/Patrocínio.

Araxá/Patrocínio is an operating mine but is considered an exploration stage mine because Mosaic is extracting minerals from this

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mine without having determined there are mineral reserves under S-K 1300.

Information concerning our material properties is located in this Item 2 under the headings “Florida Phosphates,” “Esterhazy,” “Belle Plaine” and “Tapira”.

Phosphates Overview

Florida Phosphates

See Florida Phosphates Individual Property Disclosure below.

Araxá/Patrocínio is an operating mine but is considered an exploration stage mine because Mosaic is extracting minerals from this mine without having determined there are mineral reserves under S-K 1300.

Information concerning our material properties is located in this Item 2 under the headings “Florida Phosphate,” “Esterhazy,” “Belle Plaine” and “Tapira”.

Phosphate Overview

Florida Phosphate

See Florida Phosphate Individual Property Disclosure below.

Peru - Compañía Minera Miski Mayo S.R.L.

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See the Tapira Individual Property Disclosure below.

Complexo Mineroquímico de Taquari-Vassouras (“ Taquari ”)

Location Near Rosario de Catete, Sergipe, Brazil

Type and amount of ownership interests 100% owned by Mosaic Potássio Mineração Ltda, a wholly-owned indirect subsidiary of Mosaic.

Titles, mineral rights, leases or options and acreage Mining rights in Brazil are governed by the Mining Code, Decree 227, dated February 27, 1967, and further regulation enacted by the ANM.

All subsoil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM.

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Key permit conditions Mosaic currently holds one mining permit within the Taquari area (92,498 hectares).

Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis.

As of December 31, 2024, all environmental licenses were either valid or being renewed pursuant to applications filed with the Brazilian Environmental Agency within the legal deadlines.

Licenses are managed through national and state databases.

There are action plans in progress to comply with the environmental conditions that are not met yet within the environmental permits.

Taquari’s environmental controls are related to monitoring the quality of wastewater, surface water, groundwater and air, as well as waste management.

Additional environmental controls are in place for air emissions, air quality and noise.

The brine pipeline and other impoundment’s stability are monitored through a monitoring program as well as routine inspections.

Mine types and mineralization styles The deposit is in the Taquari-Vassouras sub-basin and is a bedded evaporite where sylvinite is mined in an underground room and pillar mine at depths of 1,640 to 2,207 feet (500 to700m) below surface using continuous miners.

The beneficiation process operation begins at the run-of-mine stockpile.

The material is conveyed to the processing circuit where it is divided into seven major units:

crushing, concentration, dissolution, drying, compaction, storage and shipping.

Processing plants and other facilities Beneficiation plant

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Mineral Resource and Mineral Reserve Estimates

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— — — — — — 39.0 6.0

— — 6.8 37.3 6.8 37.3 56.7 36.7

Total Potash 255.0 23.3 2,094.0 22.8 2,350.0 22.9 5,663.0 20.6

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A Life of Mine (“ LOM ”) commodity price of US$148/tonne of phosphate rock was used for 2026 to 2037 to assess prospects for economic extraction but is not used for cut-off purposes.

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(d) Mineral resources are presented on the basis of our 75% interest.

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A breakeven pit shell was developed with costs, grade requirements and a sales price of US$97.69/tonne of phosphate concentrate (2022 price evaluation) to develop the mineral resource pit shell.

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(e) Measured, indicated and inferred blocks were included in mineral resource estimates if they were inside mining concessions and exploration permits with a final report approved by the ANM, but exclusive of physical structures.

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The following KCl commodity prices were used to assess prospects for economic extraction for the mineral resources but are not used for cut-off purposes:

US $308/tonne for Esterhazy for 2025 to 2054 and US $316/tonne for 2025 to 2116 for Colonsay.

2026-$244/tonne, 2027-$243/tonne, 2028-$224/tonne, 2029-$188/tonne, 2030-$223/tonne and for the LOM plan $251/tonne for Esterhazy and US$256/tonne for 2026 to 2116 for Colonsay.

A US$/CAD$ exchange rate of 1.37 was used to assess prospects for economic extraction for the mineral resources but was not used for cut-off purposes.

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A US$305/tonne price was used for 2026 to 2064 to assess economic viability for the mineral resources, but was not used for cut-off purposes.

(n) Cut-off grade of > 20% KCl, a minimum sylvinite thickness of 1.8 m, and a minimum sylvinite percentage per block of 50% was applied for mineral resources.

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160.6 6.5 0.0 0.0 160.6 6.5

0.0 0.0 22.5 27.0 22.5 27.0

Total Potash 685.7 17.9 851.9 21.1 1,537.6 19.7

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Mineral reserves were proven to be economic based on an internal transfer price of R$1,067/tonne of phosphate rock (2023 LOM price evaluation) that was derived in the discounted cash flow and compared to the gross margin available.

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(f) The reference point for cut-off grade and pit optimization analysis is tonnes of concentrate at a price of R$1,918.75/tonne concentrate (2023 LOM price evaluation).

Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.8 ≤ RCP ≤ 1.6 and MgO < 12% was applied to mineral reserves.

Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.8 ≤ RCP ≤ 1.6 and MgO < 12% was applied to mineral

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Mineral reserves were proven to be economic based on internal transfer price of R$656/tonne of phosphate rock (2025 LOM price evaluation) that was derived in the discounted cash flow and compared to the gross margin available.

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US$251/tonne for Esterhazy, US$255/tonne for Belle Plaine, and US$256/tonne for Colonsay.

A US$/CAD$ exchange rate of 1.32 was used to economic viability for the Esterhazy and Belle Plaine mineral reserves.

A US$/CAD$ exchange rate of 1.37 was used to assess economic viability for the Esterhazy and Belle Plaine mineral reserves.

(j) A 4% K 2 O cut-off grade with less than 2% kieserite is used to estimate mineral reserves.

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A US$305/tonne price was used to assess economic viability for the mineral resources but was not used for cut-off purposes.

(k) A tonnage reduction of 20% has been applied to the Probable mineral reserves to account for geological uncertainty.

A KCl grade downgrade of -10% was applied to the Probable mineral reserves in order to adjust in-situ grades to ROM grades.

A mean density of 2.10 g/cc was applied to all mineral reserve volumes to convert to tonnages.

Cut-off grade of ≥ 20% KCl and a minimum sylvinite thickness of 1.8m was applied for mineral reserves.

The discounted cash flow utilized K 2 O commodity prices (US$) of $299/tonne for 2025, $309/tonne for 2026, $279/tonne for 2027 and $269 for the remaining LOM.

Mineral reserves were proven to be economic based on a positive discounted cash flow.

FLORIDA PHOSPHATE

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Located at 27.439391 N, 81.940020 W.

South Pasture Property The property is situated along a ten mile stretch of State Road 64 and a seven mile stretch along Country Road 663.

South Pasture Property The property is situated along a ten mile stretch of State Road 64 and a seven mile stretch along County Road 663.

All parcels are bisected by County Road 663, State Road 62, State Road 64 and several local roads.

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The Belle Plaine Facility has the infrastructure in place to meet the current production goals and LOM plan.

The current infrastructure includes major road and highway access, railway support from Canadian National Railway (“ CNR ”) and Canadian Pacific Railway (“ CPR ”),

The current infrastructure includes major road and highway access, railway support from Canadian National Railway (“ CNR ”) and Canadian Pacific Railway (“ CPR ”), SaskPower-supplied electricity, Trans Gas-supplied natural gas and potable and non-potable water supplied from a local fresh

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SaskPower-supplied electricity, Trans Gas-supplied natural gas and potable and non-potable water supplied from a local fresh water source.

water source.

The current Tailings Management Area (“ TMA ”) footprint is designed to support the volume and deposition rates indicated in the 2025 LOM plan.

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Saskatoon and Regina both have large industrial sectors with a variety of machine shops and industrial support services.

Some specialty services are provided from the Alberta oil and gas industry.

Some specialty services are provided from the Alberta or Manitoba oil and gas industry.

Supplies are sourced locally, regionally and internationally based on availability or commercial considerations.

Lead times and on-hand inventory are balanced to meet the needs of the site.

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Mining Method

The Belle Plaine Facility accesses the potash mineral reserves remotely by solution mining the ore.

Paired wells are directionally drilled, cased and cemented to the base of the potash beds and are then connected underground using proprietary potash mining techniques.

Paired wells are directionally drilled, cased and cemented to the base of the potash beds and are then connected underground using proprietary

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potash mining techniques.

Solution mining can target extraction of the potash (“ KCl ”) beds.

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Future projections are modeled with mass and energy balance software to predict the future production and recovery capabilities.

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History and Exploration

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Table 2.18 summarizes the important historical dates and events for the Belle Plaine Facility.

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Date Event/Activity

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This survey program utilized 239 miles (385 km) of source lines and 235 miles (378 km) of receiver lines.

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2008 to 2012 Capacity was expanded to 2.86 million tonnes per year.

Assets added the injection wells 3 and 4, reclaim brine system, #4 boiler, process water building, cold leach motor control center room, #5 compaction system, #8 warehouse building, #2 reclaim, reclaim losses system, pond return slurry tank and centrifuge upgrades, rotary dryer #3, #2 loadout system, 37 miles (60 km) of new mine field pipelines, a drilling rig, new substation and replacement of the #4 crystallizer.

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2010 The Pense 3D seismic survey was completed that covered approximately 15 sq.

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The Esterhazy Member is mined using conventional underground techniques at the Esterhazy Facility in southeastern Saskatchewan, and by solution mining techniques at the Belle Plaine Facility.

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The mineable potash mineralization at Belle Plaine occurs in the three major potash bearing members, all of which are included in the solution mining.

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There are several clay-rich zones that are not recovered in the solution mining process which recovers a concentrate portion of the minerals rather than the entire bed.

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When considering the sequence of mining at the Belle Plaine Facility, the following terminology is applied to the beds.

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Mineral Resources as of December 31, 2024 Based on LOM Plan KCI Price of $314 per tonne (a)(b)(c)(d)(e)(g)(h)

Mineral Resources as of December 31, 2025 Based on LOM Plan KCI Price of $255 per tonne (a)(b)(c)(d)(e)(g)(h)(i)

(tonnes in millions)

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Metallurgical

Proven 266 30.6 19.3 79 to 90%

Probable 388 30.6 19.3 79 to 90%

Proven + Probable 654 30.6 19.3 79 to 90%

Proven 268 30.6 19.3 21.5%

Probable 371 30.6 19.3 21.5%

Proven + Probable 639 30.6 19.3 21.5%

___________________________

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(f) The following KCl commodity prices were used to assess economic viability for the mineral reserves, but were not used for cut-off purposes:

2025-$211/tonne, 2026-$263/tonne, 2027-$281/tonne, 2028-$256/tonne, 2029-$261/tonne and for the LOM $314/tonne.

(f) The average LOM plan KCl price of $255/tonne was used to assess economic viability for the mineral reserves, but were not used for cut-off purposes.

Mineral Resources and Mineral Reserves Comparison

There were no changes in the mineral resource estimates from 2024 to 2025.

As of December 31, 2024, our estimated mineral reserves were 654 million tonnes compared to 652 million as of the prior year-end, resulting in a change of <1% related to our proven reserves.

The year-over-year change is due to mining depletion.

Our probably reserves did not change.

As of December 31, 2025, our estimated mineral reserves were 639 million tonnes compared to 654 million as of the prior year-end, resulting in an increase of 1% for proven reserves and a decrease of 4.3% for probable reserves.The year-over-year change is due to mining depletion.

The Esterhazy Facility is approximately 10 miles (16 km) to the east of the town of Esterhazy in Saskatchewan, Canada, 56 miles (90 km) southeast of the city of Yorkton and 137 miles (220 km) east of the city of Regina (Figure 2.5).

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Crown Lease Number Type Area (Hectares) Expiration Date

KL 105 Subsurface Mineral Lease 26,125 November 2, 2044

KL 105 Subsurface Mineral Lease 26,198 October 31, 2044

KL 126 Subsurface Mineral Lease 28,473 October 25, 2026

KLSA 003 Subsurface Mineral Lease 25,433 November 18, 2030

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The Esterhazy Facility consists of an underground mine and two processing plants that started production in 1962.

The mine has an additional expected life, based on mineral reserves of 30 years, to 2054.

The mine has an additional expected life, based on mineral reserves of to 2049.

The Esterhazy Facility has the infrastructure in place to meet the current production goals and LOM plan.

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It is based on an average production rate of 6.1 million tonnes per year based on 320 production days per year.

The K3 mineral reserves production was at full production in 2024 and is expected to ramp down starting in 2051, with mining anticipated to be completed in 2054.

The K3 mineral reserves production is in full production and is expected to ramp down starting in 2045, with mining anticipated to be completed in 2049.

The K4 mining resources are currently scheduled to start mining in 2045 and is expected to ramp up to full production in 2050 and ending in 2078.

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The undersize material is upgraded through compaction to a larger product.

Esterhazy plans to ramp up milling rates once the K3 mine is up to full capacity and then stabilize at a total milling rate to the end of mine life.

The differences in final product tonnes will be based on supplied raw ore grade as it varies throughout the mine workings.

The site’s ability to produce at the increasing rates being forecasted in the LOM plan are supported by a proving run in 2013, when the Esterhazy plants achieved an annual production nameplate of 5.7 million tonnes overall.

The site’s ability to produce at the increasing rates being forecasted in the LOM plan are supported by equipment design capacities and capacity proving runs and also include the capacity added by a newly commissioned hydrofloat flotation circuit.

History and Exploration

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The K1 and K2 mines were closed eight months ahead of schedule in response to brine inflow conditions.

2022 K1 and K2 shaft decommissioning completed.

2025 New compaction circuit commissioned at K1.

Hydrofloat circuit commissioned at K2, increasing total Esterhazy site throughput capability to 3000 ore tons per hour.

Geology and Mineralization

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The Esterhazy Member is separated from the Belle Plaine Member by the White Bear Member marker beds, a sequence of clay seams, low-grade sylvinite and halite.

The Esterhazy Member is mined using conventional underground techniques at the Esterhazy Facility in southeastern Saskatchewan, and by solution mining techniques at the Belle Plaine Facility.

The Esterhazy Member is mined using conventional underground techniques at the Esterhazy Facility in southeastern Saskatchewan, and by solution mining techniques at the Belle Plaine Potash Facility.

The sylvinite intervals within the Prairie Evaporite Formation consist of a mass of interlocked sylvite crystals that range from pink to translucent and may be rimmed by greenish-grey clay or bright red iron insoluble material, with minor halite randomly disseminated throughout the mineralized zones.

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Commodity Prices $251/tonne for the economic evaluation of the 2025 mineral resources and $251/tonne for the mineral reserves.

Exchange Rate (US$/CAD$) 1.31 for the 2021 mineral resources and 1.32 for the mineral reserves.

Exchange Rate (US$/CAD$) 1.37 for mineral resources and mineral reserves.

Mineral Resource Estimates

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This is because the mining method used at Esterhazy is not grade selective.

The potash mineralization is mined on one level by continuous miners following the well-defined and continuous beds of mineralization with relatively consistent grades (Section 11.2).

The potash mineralization is mined on one level by continuous miners following the well-defined and continuous beds of mineralization with relatively consistent grades (Section 11.2 and Section 13.3.10).

(g) Tonnages are in U.S.

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It is considered an impurity.

(k) 2024 LOM price evaluation.

(k) The following KCl commodity prices were used to assess prospects for economic extraction for the mineral resources but are not used for cut-off purposes, 2026-$244/tonne, 2027-$243/tonne, 2028-$224/tonne, 2029-$188/tonne, 2030-$223/tonne and for the LOM plan $251/tonne.

(l) A US$/CAD$ exchange rate of 1.37 was used to assess prospects for economic extraction for the mineral resources but were not used for cut-off purposes.

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Mineral Reserve Estimates

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Mineral reserves meet all the mining criteria required at Esterhazy including, but not limited to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

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The methodology for estimating mineral reserves consists of post pillar mine design work and scheduling and the application of mining recovery and unplanned dilution.

Additional details regarding the estimation methodology are listed in Section 12 of the 2021 Esterhazy Facility TRS filed as an Exhibit to the 2021 Form 10-K.

Additional details regarding the estimation methodology are listed in Section 12 of the 2025 Esterhazy Facility TRS filed as an Exhibit to this Form 10-K.

The mineral reserve estimates for the Esterhazy Facility are listed in Table 2.29.

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It is considered an impurity.

(g) A KCI commodity price of $308 was used to assess economic viability for the mineral reserve for the 2024 LOM plan.

(g) The following KCl commodity prices were used to assess prospects for economic extraction for the mineral resources but are not used for cut-off purposes, 2026-$244/tonne, 2027-$243/tonne, 2028-$224/tonne, 2029-$188/tonne, 2030-$223/tonne and for the LOM plan $251/tonne.

All prices are per finished product tonne.

(h) We used a US$/CAD$ exchange rate of 1.37 to assess economic viability for the mineral reserves but was not used for cut-off purposes.

Mineral Resources and Mineral Reserves Comparison

There were no changes in the mineral resource estimates from 2023 to 2024.

There were no material changes in the mineral resource estimates from 2024 to 2025.

At December 31, 2025, we had mineral reserves of 476 million tonnes compared to 500 million tonnes in the prior year, resulting in a decrease of 4.8%.

Proven reserves increased by 40% while probable reserves decreased 15%.

Proven reserves decreased by <1% while probable reserves decreased 7%.

The year over year changes are due to mining depletion, changes in mineral reserve category and increased sterilization of mineral reserves due to unmineable buffer areas.

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The relocation of the village and State Highway MG-146 will be necessary to fully realize the LOM tonnages.

The area surrounding the village and State Highway MG-146 is currently included in the currently controlled mining permits, and is therefore not seen as a significant encumbrance to Tapira.

The area surrounding the village and State Highway MG-146 is included in the currently controlled mining permits, and is therefore not seen as a significant encumbrance to Tapira.

The capacity requirements are not currently in place for all tailings disposal for total LOM capacity requirements.

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The comparison of the Mineral Resources as of December 31, 2024 and December 31, 2025 can be found in Table 2.32.

The Measured and Indicated Mineral Resources have increased by 9%, while the Inferred Resources have decreased by an immaterial amount since December 31, 2023.

The Measured and Indicated Mineral Resources and Inferred Resources remained materially unchanged since December 31, 2024.

Mineral Resources Comparison

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Reports prepared by qualified persons and third parties are reviewed at various levels of the Global Review Team before they are ultimately reviewed and approved by our senior leadership team.

In future years, Mosaic expects to modify and streamline our S-K 1300 processes and internal controls.

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