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Item 2. Properties

2023-02-23 compared with 2022-02-23 · 227 added, 209 removed, 1328 unchanged (25% of the section changed)

SUMMARY OVERVIEW OF MINING

As used in this Form 10-K Report, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource,” “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are defined and used in accordance with S-K 1300.

As used in this Form 10-K, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource,” “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are defined and used in accordance with S-K 1300.

All mineral resources and mineral reserves have been prepared by qualified persons.

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Our material properties, as determined pursuant to S-K 1300, are Florida Phosphates, 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 Report.

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

Property Locations

Figure 2.1 and 2.2 show the locations of each resource and reserve property:

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Figure 2.1 and Figure 2.2 show the locations of each resource and reserve property:

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North America Resource and Reserve Location Map

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South America Resource and Reserve Location Map

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Property Overview

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Total Phosphate 23.0 18.0 29.8 19.3 29.8 20.4 29.9

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(a) Annual operational capacity is the expected average long-term annual capacity for finished goods considering constraints represented by the grade, quality and quantity of the reserves being mined as well as equipment performance and other operational factors.

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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 in Peru and consolidate their results, therefore, annual operational capacity and production tonnes are presented at 100% economic interest.

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

Annual operational capacity and production tonnes for Miski Mayo are presented at 100% economic interest.

These amounts are presented on a wet tonne basis based on average moisture levels of 3.5% to 4.5% as it exits the drying process and is prepared for shipping.

Operational capacity and production on a dry tonne basis would be 3.8 million tonnes and 4.1 million tonnes, respectively.

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Table 2.2 shows the production tonnage and grade for the potash properties for 2022, 2021 and 2020.

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3.9 3.0 11.3 19.3 11.0 19.3 12.6 18.0

Esterhazy – MOP (g)

6.3 6.0 13.3 23.9 15.0 24.1 11.9 23.6

Colonsay – MOP (h)

Esterhazy – MOP 6.3 6.0 13.7 24.5 13.3 23.9 15.0 24.1

Colonsay – MOP (g)

2.6 1.5 2.6 26.4 1.0 26.6 0.0 0.0

Total Canada 12.8 10.5 27.6 22.5 25.3 22.0 27.6 21.3

Carlsbad – K-Mag ®(i)

Carlsbad – K-Mag ®(h)

0.9 0.7 3.0 6.2 3.1 6.3 3.4 5.7

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Total Potash 14.4 11.7 32.1 20.6 30.2 20.0 32.8 19.4

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(a) Represents full capacity based on 350 operating days per annum.

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Ore mined for Belle Plaine is a calculated value (KCl concentrate mined by solution divided by the estimated global grade of the deposit).

The calculation is based on actual KCl tonnes mined (January 1, 2021- October 31, 2021) and estimates of KCl tonnes mined (November 1, 2021 - December 31, 2021).

(g) The annual operational capacity at Esterhazy increased by 0.7 million tonnes in 2019 reflecting the ramp-up in capacity from the K3 shaft.

(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.

The calculation is based on actual KCl tonnes mined for January 1, 2022 through October 31, 2022 and estimated KCl tonnes mined for November 1, 2022 through December 31, 2022).

(g) 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.

(h) 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.

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

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Phosphates Overview

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The phosphate deposits of Peru are located within the shallow north-trending Sechura Basin, in the Piura region, hosting successive inter-layered marine sediments of phosphate.

We extract phosphate ore from the Miski Mayo Mine using excavators.

We extract phosphate ore from Miski Mayo using excavators.

The ore is then transported by truck for beneficiation in a plant that we own.

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Type and amount of ownership interests 100% owned by Mosaic Potash Colonsay ULC, a wholly-owned, indirect subsidiary of Mosaic.

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Titles, mineral rights, leases or options and acreage We lease approximately 118,378 acres of mineral rights for the Colonsay Facility from the Province of Saskatchewan (the “ Crown ”) under Subsurface Mineral Lease KL 108.

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Type and amount of ownership interests 100% owned by Mosaic Potash Carlsbad Inc., a wholly-owned, indirect subsidiary of Mosaic.

Titles, mineral rights, leases or options and acreage The property consists of 89% Federally owned and 11% State owned land, and 40 acres of privately owned mineral rights (Freehold Land) that Mosaic leases.

We lease approximately 64,267 acres of mineral rights from the United States Department of Interior Bureau of Land Management (“ BLM ”).

Titles, mineral rights, leases or options and acreage The property consists of 89% federally owned and 11% state owned land, and 40 acres of privately owned mineral rights that Mosaic leases.

We lease approximately 64,267 acres of mineral rights from the U.S.

Department of Interior Bureau of Land Management (the “ BLM ”).

These lease terms are for a period of 20 years and are reviewed and renewed at their end of term.

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All infrastructure, including the processing plant, TMA, cluster sites, and pipeline rights of way, are located on Mosaic-owned land.

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Key permit conditions Primary environmental resource areas identified include groundwater quality and shorebird habitat.

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Potash mineralization at Carlsbad occurs in the Ochoan Epoch (Upper Permian Age) Salado Formation.

The Salado Formation, up to a maximum of 2,200 ft.

thick, is an evaporite sequence dominated by 650 to 1,300 ft.

of halite and muddy halite.

The Salado Formation, up to a maximum of 2,200 feet (671 m) ft.

thick, is an evaporite sequence dominated by 650 to 1,300 feet (198 to 396 m) of halite and muddy halite.

It hosts 12 ore zones, 11 in the middle or McNutt Member and the 12th in the Upper Member.

The area underlain by the 12 ore zones is about 1,900 sq.

thick McNutt Member is at a depth of 300 to 1,500 ft.

below the surface.

miles (4,920 sq.

The 400 foot (122 m) thick McNutt Member is at a depth of 300 to 1,500 feet (91 to 457 m) below the surface.

The Carlsbad Facility utilizes an underground room-and-pillar mining method.

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panel sizes can be changed based on grade, ground conditions and lease or oil and gas boundaries.

The mine currently has five mine panels that consist of 9 to 11 rooms.

The mine currently has five mine panels that consist of nine to 11 rooms.

Drum-style continuous miners are utilized for mining.

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Processing plants and other facilities Langbeinite (K-Mag ® ) refinery and a granulation plant

Brazil Fertilizantes Overview

Mosaic Fertilizantes Overview

Complexo Mineroquímic de Araxá (“ Araxá ”) / Complexo de Mineração de Patrocínio (“ Patrocínio ”)

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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 a total of four mining permits within the Araxá area (2,769 hectares) and four mining permits and one exploration permit within the Patrocínio area (3,478 hectares).

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Tailings storage facilities and other impoundment’s stability are monitored through a continuous monitoring program, as well as routine inspections.

Mine types and mineralization styles The Araxá and Patrocínio phosphate deposit is part of a series of Late-Cretaceous, carbonatite-bearing alkaline ultramafic plutonic complexes belonging to the Alto Paranaiba Igneous Province.

Mine types and mineralization styles The Araxá and Patrocínio phosphate deposits are part of a series of Late-Cretaceous, carbonatite-bearing alkaline ultramafic plutonic complexes belong to the Alto Paranaiba Igneous Province.

The tropical weather regime prevailing in the region and the inward drainage patterns developed from the weather-resistant quartzite margins of the dome structures resulted in the development of an extremely thick soil cover in most of the complexes.

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

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

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

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

Tailings storage facilities and other impoundment’s stability are strictly monitored through a continuous monitoring program as well as routine inspections.

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Mine types and mineralization styles The primary alkaline intrusive complex of interest for CAJ is the Jacupiranga Ultramafic-Carbonatitic Mesozoic Complex.

Mine types and mineralization styles The primary alkaline intrusive complex of interest for Cajati is the Jacupiranga Ultramafic-Carbonatitic Mesozoic Complex.

The economically exploitable portion of the Jacupiranga Alkaline Complex is focused on phosphate mineralization within the carbonatite domain of the complex.

The phosphate ore is extracted through surface mining by drilling and blasting, loaded into trucks and transported to the beneficiation plant on-site at Cajati.

The phosphate ore is extracted through surface mining by drilling and blasting, loaded into trucks and transported to the beneficiation plant onsite at Cajati.

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Processing plants and other facilities Beneficiation plant

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

Key permit conditions Mosaic currently holds a total of eight mining permits within the CMC area (2,131 hectares).

Key permit conditions Mosaic currently holds a total of 18 permits within the CMC area (2,131 hectares).

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

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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 We currently hold one mining permit within the Taquari area (92,498 hectares).

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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.

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Processing plants and other facilities Beneficiation plant

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Mineral Resource and Mineral Reserve Estimates

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Total Potash 255.0 23.3 2,098.8 22.8 2,353.8 22.8 5,721.0 20.7

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(a) Mineral resources are reported exclusive of mineral reserves, and except as otherwise noted, are stated in-situ.

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A Life of Mine (“ LOM ”) commodity price of US$68.0/tonne of phosphate rock was used 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 $57.9/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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Mass Recovery (rend_t) > 0, P 2 O 5 ≥ 3.11, Al 2 O 3 ≤ 13.15.

For Araxá, a revenue factor of 1.0 with sales price of in Brazilian Real ($R) R$1,798.21 per tonne of phosphate concentrate (2019 price evaluation) was used to develop mineral resource pit shell.

For Araxá, a revenue factor of 1.0 with sales price in Brazilian real ($R) of R$1,798.21 per tonne of phosphate concentrate (2019 price evaluation) was used to develop mineral resource pit shell.

Patrocínio BEB-OXI Cut-off grade:

P 2 O 5 ≥ 3.5, Fe 2 O 3 ≤ 53.0.

Patrocínio CBN-OXI Cut-off grade:P 2 O 5 ≥ 4.0, SiO 2 ≥ 0.2.

Patrocínio CBN-OXI Cut-off grade:

P 2 O 5 ≥ 4.0, SiO 2 ≥ 0.2.

Patrocínio BEB-MIC Cut-off grade:

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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:

2022-$271/tonne, 2023-$231/tonne, 2024-$219/tonne, 2025-$185/tonne, 2026-$188/tonne, and for LOM plan $219/tonne.

A US$/CAD$ exchange rate of 1.31 was used to assess prospects for economic extraction for the mineral resources but was not used for cut-off purposes.

US $103.4/tonne for Esterhazy, US $108.7/tonne for Belle Plaine, and US $130.7/tonne for Colonsay, A US$/CAD$ exchange rate of 1.30 was used to assess prospects for economic extraction for the mineral resources but was not used for cut-off purposes.

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

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Geological Survey.

The following K 2 O commodity prices (US$) were used to assess economic viability for the mineral resources, but were not used for cut-off purposes:

2022- $318/tonne, 2023-$279/tonne, 2024-$261/tonne, 2025-$237/ton, 2026-$242/tonne, and for the 2021 LOM plan $267/tonne.

A US $195.6/tonne price was used 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 1.8m, and a minimum Sylvinite percentage per block of 50% was applied for mineral resources.

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Table 2.7 shows the Mineral Reserve tonnage and grade for all properties as of December 31, 2022.

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Total Potash 655.9 17.7 1,010.9 21.1 1,666.8 19.7

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(a) A mineral reserve is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

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Mineral reserves were proven to be economic based on an internal transfer price of R$754/tonne of phosphate rock (2021 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$1,537.92/tonne concentrate (2020 price evaluation).

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Mine designs based on a solution mining method and design criteria are used to constrain mineral reserves within mineable shapes.

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

2022-$271/tonne, 2023-$231/tonne, 2024-$219/tonne, 2025-$185/tonne, 2026-$188/tonne, and for the LOM $219/tonne.

The following KCl commodity prices were used to assess economic viability for the mineral reserves, but were not used for cut-off purposes, 2022-$271/tonne, 2023-$231/tonne, 2024-$219/tonne, 2025-$185/tonne, 2026-$188/tonne and for the LOM $219/tonne.

A US$/CAD$ exchange rate of 1.31 was used to assess economic viability for the mineral reserves but was not used for cut-off purposes.

(i) No cut-off grade or value based on commodity price is used to estimate mineral reserves as the mining method used at the Esterhazy or Colonsay Facilities is not grade selective.

(i) No cut-off grade or value based on commodity price is used to estimate mineral resources as the mining method used at Colonsay or 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.

Underground mining standards and design criteria are used to constrain mineral reserves within mineable shapes.

A US$/CAD$ exchange rate of 1.31 was used to assess economic viability for the mineral reserves but was not used for cut-off purposes.

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

The following K 2 O commodity prices (US$) were used to assess economic viability for the mineral reserves, but were not used for cut-off purposes:

2022-$318/tonne, 2023-$279/tonne, 2024-$261/tonne, 2025-$237/ton, 2026-$242/tonne, and for the 2021 LOM plan $267/tonne.

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:

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

This is consistent with the definition of mineable potash established by the U.S.

Geological Survey.

A US $195.6/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.

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Table 2.9 lists the land status and acreages for the facilities and properties.

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Property Locations

Property Location

South Fort Meade Facility Straddles the county line road beginning 1.3 miles east of the City of Bowling Green and continuing another five miles.

South Fort Meade Facility Straddles the county line road beginning 1.3 miles (2.1 km) east of the City of Bowling Green and continuing another five miles (8 km).

Located at 27.667195 N, 81.761349 W.

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Wingate Facility Most of the property associated with this mine is west of Duette Road and north of State Road 64.

There is a portion of this property that exists on the east side of Duette Road that begins approximately three miles north of State Road 64.

There is a portion of this property that exists on the east side of Duette Road that begins approximately three miles (2 km) north of State Road 64.

Located at 27.504452 N, 82.132221 W.

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Pioneer Property This exploration property is bisected by County Road 663 running north and south.

Several local roads (Murphy, Bridges, Bennett and Post Plant) criss-cross this parcel.

Several local roads (Murphy, Bridges, Bennett and Post Plant) cross this parcel.

Located at 27.439391 N, 81.940020 W.

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Located at 27.585787 N, 81.942888 W.

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Location Plan

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South Fort Meade Facility 15,333 25,528 (a)

92 571 41,524

Four Corners Facility 54,671 54,671

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Total 167,618 25,536 19,035 571 212,760

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(a) The mining agreement relates to the SFMLP which is 100% controlled by Mosaic or its subsidiaries.

(b) All acres include surface rights with the exception of the DeSoto mineral rights.

Governmental permits and approvals for mining are obtained from federal, state and county authorities, including the Environmental Resource Permit (“ ERP ”) issued by Florida Department of Environmental Protection (“ DEP ”) and permits

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required by Section 404 of the federal Clean Water Act.

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Governmental permits and approvals for mining are obtained from federal, state and county authorities, including the Environmental Resource Permit (“ ERP ”) issued by FDEP and permits required by Section 404 of the federal Clean Water Act.

In connection with these permits, we are required to develop a reclamation plan with respect to these areas.

The ERP is associated with a Florida DEP-approved reclamation plan that requires “acre for acre and type for type” reclamation to reclaim mined areas.

The ERP is associated with a FDEP-approved reclamation plan that requires “acre for acre and type for type” reclamation to reclaim mined areas.

Mitigation may also be required by ERP conditions which may also require conservation easements to provide permanent protection.

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Engineering, design, and technical services are readily available in Bartow, Lakeland and Tampa, Florida.

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Mining Method

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Processing Recovery Method

Phosphate matrix mined at the three mining facilities is processed through on-site beneficiation plants.

Phosphate matrix mined at the three mining facilities is processed through onsite beneficiation plants.

The principal production components of the beneficiation plants consist of a washer, sizing system and flotation plant.

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Table 2.10 lists the important historical dates and events relevant to the mining facilities and exploration properties:

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Date Event/Activity

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1986 Four Corners is idled due to market conditions.

1986 The DeSoto (also know as Pine Level) property is sold by AMAX Chemical Company to Consolidated Minerals, Incorporated.

1986 The DeSoto (also known as Pine Level) property is sold by AMAX Chemical Company to Consolidated Minerals, Incorporated.

1988 IMC gained 100% control of Four Corners.

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2018 Ona (western portion) property is consolidated into Four Corners.

2020 South Fort Meade acquired the Eastern Reserves.

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2020 South Fort Meade acquired the Eastern Reserves Phase I.

2022 South Fort Meade acquired the Eastern Reserves Phase II.

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Geology and Mineralization

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The phosphate bearing units in the south west exhibit limited production in the Bone Valley Member and a productive Undifferentiated Member of the Peace River Formation.

The phosphate stratigraphy consists of 5 to 50 feet thick, white to brown poorly graded quartz sand with varying abundance of reworked phosphate grains as waste overburden.

The economic zone is 13 to 50 feet thick, with a grade ranging from 27 to 35% P 2 O 5 .

The phosphate stratigraphy consists of 5 to 50 feet (1.5 to 15.2 m) thick, white to brown poorly graded quartz sand with varying abundance of reworked phosphate grains as waste overburden.

The economic zone is 13 to 50 feet (4.0 to 15.2 m) thick, with a grade ranging from 27 to 35% P 2 O 5 .

It consists of tan-gray to gray quartz sands, dark gray to dark gray-blue-green clays and silts with phosphate nodules and pellets present with phosphate grains and clasts predominate.

There can be interbedded waste zones of 0 to 15 feet thick comprised of beds of cream to green barren sandy clay, clays or dense dolomitic clays.

There can be interbedded waste zones of 0 to 15 feet (0.0 to 4.6 m) thick comprised of beds of cream to green barren sandy clay, clays or dense dolomitic clays.

The basal units are dark gray to black clays to phosphatic limestone rubble to beds of phosphatic limestone.

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The key mineral resource and mineral reserve assumptions and modifying factors are listed in Table 2.11.

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Key Assumptions and Modifying Factors :

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Supporting Information Regional geologic studies, 56,201 drill holes and greater than 40 years of mining history.

Average total thickness of the phosphate mineralization 13 to 50 ft.

Average total thickness of the phosphate mineralization 13 to 50 feet (4 to 15 m) Section 6

Minimum Concentrate %P 2 O 5

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Maximum Clay Content 40 to 50% Section 11

Maximum Dragline Mining depth 85 ft.

Maximum dredge mining depth 109 ft.

Maximum Dragline Mining depth 85 feet (26 m) Section 11

Maximum dredge mining depth 109 feet (33 m) Section 11

Production Days per Year 365 days Section 11

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Production Rate Approximately 9 to 13 million tonnes per year (2022-2030).

Mineral Resource Cut-offs Minimum beneficiation plant concentrate BPL (27.45%P 2 O 5 ), minimum pebble BPL (18.30%P 2 O 5, except 22.88%P 2 O 5 for DeSoto and Pioneer), maximum pebble magnesium oxide concentration and a maximum clay content cut-off for a logged matrix layer and the composite matrix volume.

Mineral Resource Cut-offs The cut-offs used to estimate mineral resources by site include, the minimum beneficiation plant concentrate BPL (%P 2 O 5 ), minimum pebble BPL (%P 2 O 5 ), maximum pebble magnesium oxide concentration and a maximum clay content cut-off for a logged matrix layer and the composite matrix volume.

Mineral Reserve Cut-off Cut-off based on productivity factors per site have been applied to estimate mineral reserves.

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Mineral Resource Impurity Recovery 100% Section 11

Mineral Reserve Pebble Impurity Recovery 87 to 100% Fe 2 O 3 , 97 to 119% aluminum oxide (“ Al 2 O 3 ”), 100% CaO, 90 to 166% MgO

Mineral Reserve Concentrate Impurity Recovery 86 to 100% Fe 2 O 3 , 91 to 109% Al 2 O 3 , 100% CaO, 75 to 105% MgO

Mineral Reserve Pebble Impurity Recovery 88 to 97% Fe2O3, 104 to 115% aluminum oxide (“ Al 2 O 3 ”), 94 to 100% CaO, 123 to 169% MgO

Mineral Reserve Concentrate Impurity Recovery 86 to 96% Fe 2 O 3 , 91 to 104% Al 2 O 3 , 90 to 100% CaO, 82 to 102% MgO

Processing Method Beneficiation plants at the facilities consisting of washer, sizing and flotation processes.

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Commodity Price $102.72/tonne of phosphate rock.

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Mineral Resource Estimates

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Estimation of mineralization tonnage, grade and impurities is done by applying the volume weight percent of pebble, feed, and clay for the given mineral resource shape.

Additional details regarding the estimation methodology are listed in Section 11 of the 2021 Florida Phosphate Mining TRS filed as an Exhibit to the 10-K Report.

Additional details regarding the estimation methodology are listed in Section 11 of the 2022 Florida Phosphate Mining TRS filed as an Exhibit to this Form 10-K.

Table 2.12 lists the total mineral resource estimates.

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Inferred 83.0 30.0 n/a 100 %

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(a) Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves.

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minimum beneficiation plant concentrate BPL (27.45%P 2 O 5 ), minimum pebble BPL (18.30%P 2 O 5 , except 22.88%P 2 O 5 for DeSoto and Pioneer), maximum pebble magnesium oxide concentration and a maximum clay content cut-off for a logged matrix layer, and the composite matrix volume.

(f) A LOM commodity price of $102.72/tonne of phosphate rock was used to assess prospects for economic extraction but is not used for cut-off purposes.

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No mineral resources were reported in 2020, as the Company reported under Industry Guide 7, which did not recognize mineral resources.

As a result of the change in reporting to Regulation S-K 1300, the mineral resources are being reported for the first time.

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(f) A LOM commodity price of $68.00 per tonne of phosphate rock was used to assess prospects for economic extraction but is not used for cut-off purposes.

The mineral resource estimated tonnage and grades did not change from 2021 to 2022.

Mineral Reserve Estimates

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The beneficiation plant grade recoveries are then applied to the recoverable feed tonnes to estimate the mineral reserves and recoverable concentrate tonnes.

Additional details regarding the estimation methodology are listed in Section 12 of the 2021 Florida Phosphate Mining TRS filed as an Exhibit to this 10-K Report.

Additional details regarding the estimation methodology are listed in Section 12 of the 2022 Florida Phosphate Mining TRS filed as an Exhibit to this Form 10-K.

The mineral reserve estimates are listed in Table 2.13.

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68.5 to 79.5%

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(a) South Fort Meade and Four Corners mineral reserves are mined by a dragline mining method.

The Wingate mineral reserves are mined by dredge mining.

Wingate mineral reserves are mined by dredge mining.

(b) Cut-off based on productivity factors per site have been applied to estimate mineral reserves.

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(d) Only after a positive economic test and inclusion in the LOM plan are the mineral reserve estimates considered and disclosed as mineral reserves.

(e) A commodity price of $102.72/tonne of phosphate rock was used to assess the economic viability of the mineral reserves in the LOM.

(e) A commodity price of $68.00 per tonne of phosphate rock was used to assess the economic viability of the mineral reserves in the LOM.

Mineral Resources and Mineral Reserves Comparison

As of December 31, 2022, we had mineral reserves of 126 million tonnes compared to 127 million in the prior year, resulting in a decrease of <1%.

Changes in mineral reserve tonnage from the prior year are the result of mining depletion, small changes to beneficiation plant factors, the change from Industry Guide 7 to S-K 1300, and the reclassification of South Pasture reserves to resources due to the idling of the South Pasture property.

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Changes in mineral reserve tonnage from the prior year are the result of mining depletion, small changes to beneficiation plant factors and mineral reserve acquisitions.

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The Belle Plaine Facility is in the rural municipality of Pense (No.

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It is located north of the TransCanada Highway (Hwy.

1) approximately 32 miles west of Regina (Figure 2.4).

1) approximately 32 miles (51 km) west of Regina (Figure 2.4).

It is the oldest and largest potash solution mine in the world.

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The net book value for Belle Plaine is $0.9 billion as of December 31, 2022.

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Location Plan

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KL 106-R Subsurface Mineral Lease 21,501 July 1, 2033

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Sections and Acreages Owned by the Crown

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17/24 39/100 250

18/24 97/100 624

Total 3-83/100 2,449

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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

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Canadian Pacific Railway (“ CPR ”);

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infrastructure includes major road and highway access;

railway support from Canadian National Railway (“ CNR ”) and Canadian Pacific Railway (“ CPR ”);

SaskPower-supplied electricity;

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and potable and non-potable water supplied from a local fresh water source.

We expect the current TMA footprint to support the volume and deposition rates indicated in the 2021 LOM plan.

We expect the current TMA footprint to support the volume and deposition rates indicated in the 2022 Belle Plaine LOM plan.

The main source of water (non-potable) required for production is provided by SaskWater from the Buffalo Pound Lake, located northwest of the mine.

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The gas flows from the main lines into a local regulator station situated just north of the administration building and powerhouse.

This station takes the high-pressure feed from the main lines and cuts it down through on-site filtration and also does some pre-heating to provide low pressure gas directly to the facility.

This station takes the high-pressure feed from the main lines and cuts it down through onsite filtration and also does some pre-heating to provide low pressure gas directly to the facility.

There are a variety of local or site roads on or to the Belle Plaine Facility.

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The Belle Plaine Facility is located between the cities of Moose Jaw and Regina, Saskatchewan.

Moose Jaw has a population of approximately 34,000 people and is located 17 miles west of the Belle Plaine Facility.

Regina, located 27 miles east of the Belle Plaine Facility, has a population of approximately 214,000 people.

Moose Jaw has a population of approximately 34,000 people and is located 17 miles (27 km) west of the Belle Plaine Facility.

Regina, located 27 miles (43 km) east of the Belle Plaine Facility, has a population of approximately 214,000 people.

Our workforce primarily lives in Regina and Moose Jaw and are typically trained through a variety of trades programs offered at the Saskatchewan Polytechnic campuses, the University of Regina or the University of Saskatchewan.

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Once the potash recovery is exhausted, each cavern is plugged and decommissioned in accordance with local government regulations.

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The mining area capability is scheduled to ramp up to support a finished tonnage projection of 3.0 million tonnes per year and will do so until drilling is completed in the year 2066 at which point there is a ramp down in production until 2084.

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The 2022 Belle Plaine LOM plan based on mineral reserves has an expected total mine life of 62 years, ending in 2084 and yielding an estimated total of 164.1 million tonnes of final product KCl.

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The refinery subjects the raw feed brine from the mining area to changing temperatures and pressures that selectively precipitates the NaCl and then the KCl out of solution in different stages of the process.

Selective drop out of NaCl is achieved through two parallel lines of evaporators that heat the brine with steam, that is generated on-site through natural gas fired boilers.

Selective drop out of NaCl is achieved through two parallel lines of evaporators that heat the brine with steam, that is generated onsite through natural gas fired boilers.

The heating of the raw feed brine results in water liberation, causing NaCl to concentrate in the brine and then precipitate out of solution.

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The dried KCl product is then fed into the sizing area or compaction area for compacting, crushing, and screening processes to achieve product size specifications.

Finished product is then conveyed to the on-site storage area, where it is held until being reclaimed, rescreened and shipped off site, primarily through rail.

We expect site production to increase by 2025 to 3.0 million tonnes per year until the year 2066, at which time we expect to stop drilling new cavities and ramp down production to 2084.

Finished product is then conveyed to the onsite storage area, where it is held until being reclaimed, rescreened and shipped offsite, primarily through rail.

We expect site production to increase to 3.0 million tonnes per year until the year 2069, at which time we expect to stop drilling new cavities and ramp down production to 2084.

The site’s ability to produce at a sustained 3.0 million tonnes per year in future years is backed by a Canpotex proving run in 2016/2017, in which the Belle Plaine Facility achieved a production nameplate of 3.9 million tonnes per year.

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1956 to 1966 Pittsburgh Plate Glass completed significant research and development over a decade and published several research papers concerning solution mining and potash recovery.

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1960 A pilot solution mining project located at the current site was constructed, convincing Pittsburgh Plate Glass to develop the first commercial potash solution mining operation in the world based on the pilot plant results.

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Fourteen additional exploration wells were drilled from August 1960 to June 1968.

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1963 Kalium Chemicals, Ltd, a joint subsidiary of Pittsburgh Plate Glass and Armour and Co.

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A total of 160 line km was completed covering an area of approximately 5.4 sq.

miles (14 sq.

2000 The first 3D seismic survey at the Belle Plaine Facility was completed, providing critical geological information about the geology of the potash members.

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The survey covered approximately 5 sq.

and was adjacent to and merged with the 2000 survey.

This survey program utilized 56 km of source lines and 72 km of receiver lines.

miles (13 sq.

km) and was adjacent to and merged with the 2000 survey.

This survey program utilized 35 miles (56 km) of source lines and 45 miles (72 km) of receiver lines.

2004 Mosaic created out of a merger between IMC and Cargill Crop Nutrition.

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The survey covered approximately 4 sq.

miles (11 sq.

km) and was adjacent to and merged with previous 3D surveys.

This survey program utilized 47 km of source lines and 55 km of receiver lines.

This survey program utilized 29 miles (47 km) of source lines and 34 miles (55 km) of receiver lines.

2008 The 2008 3D seismic survey covered approximately 28 sq.

miles (72 sq.

km) and was adjacent to and merged with previous 3D surveys.

This survey program utilized 385 km.

of source lines and 378 km of receiver lines.

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

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, 60 km of new mine field pipelines, a drilling rig, new substation and replacement of the #4 crystallizer.

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.

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

miles (40 sq.

km) and was adjacent to and merged with the previous 3D surveys.

This survey program consisted of 219 km of source lines and 208 km of receiver lines.

This survey program consisted of 136 miles (219 km) of source lines and 129 miles (208 km) of receiver lines.

2014 Plant upgrades included the adding and commissioning of Compaction #6.

2016/2017 The site’s ability to produce at a sustained 3.0 million tonnes per year in future years was validated through a “proving run” completed in 2016 when the Belle Plaine Facility achieved a proven peak capacity of 3.9 million tonnes per year.

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2019 Plant upgrades were completed, consisting of adding the east thickener and advanced dewatering techniques.

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It is mined at several locations, including Belle Plaine.

Potash at the Belle Plaine Facility occurs conformably within Middle Devonian-age sedimentary rocks ranging in thicknesses from approximately 100 to 131 feet at a depth of approximately 5,345 to 5,740 feet.

Potash at the Belle Plaine Facility occurs conformably within Middle Devonian-age sedimentary rocks ranging in thicknesses from approximately 100 to 131 feet (30.5 to 39.9 m) at a depth of approximately 5,345 to 5,740 feet (1,629.2 to 1,749.6 m).

The Prairie Evaporite Formation, host to the potash mineralization, is divided into a basal lower salt and an overlying unnamed unit containing three potash-bearing units and one unit containing thin marker beds.

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The uppermost member of the Prairie Evaporite Formation with potash production potential.

Between the top of the Prairie Evaporite and the top of the Patience Lake Member is a 0 to 45 feet thick unit of halite with clay bands called the Salt Back.

Between the top of the Prairie Evaporite and the top of the Patience Lake Member is a 0 to 45 feet (0.0 to 13.7 m) thick unit of halite with clay bands called the Salt Back.

The sylvite-rich horizons within the Patience Lake Member are mined using conventional underground mining techniques along a trend from Vanscoy to Lanigan in the Saskatoon area and by solution mining techniques at Belle Plaine.

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• The Upper Mining Zone consists of beds 38 to 31 of the Patience Lake Member and beds 23 to 21 of the Belle Plaine Member.

The Upper Mining Zone is about 90 feet thick.

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The Upper Mining Zone is about 90 feet (27.4 m) thick.

• The Salt Stringer is a thin bed of salt located between Beds 31 and 23 in the Upper Mining Zone.

The Salt Stringer is approximately 10 feet thick.

The Salt Stringer is approximately 10 feet (3.0 m) thick.

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• The Interzonal Salt is a thick bed of salt located between the Lower and Upper Mining Zones.

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• The Lower Mining Zone consists of beds 13, 12 and 11 of the Esterhazy Member.

The Lower Mining Zone is approximately 20 feet thick.

The Lower Mining Zone is approximately 20 feet (6.1 m) thick.

Potash mineralization contains sylvinite:

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Parameter Value TRS Section

Supporting Information Regional geologic studies, 719 production wells, seismic surveys and 57 years of mining history from approximately 350 caverns.

Supporting Information Regional geologic studies, 700 production wells, seismic surveys and greater than 55 years of mining history from approximately 350 caverns.

Section 7, 11

Average composited total thickness of the potash mineralization amenable to solution mining 102.2 ft.

Average composited total thickness of the potash mineralization amenable to solution mining 102.2 feet (31.1 m) Section 11

Tonnage Factor 17.2 cu ft./tonne (2,054 kilograms per cubic meter).

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Commodity Prices KCl commodity prices:

2022-$271/tonne, 2023-$231/tonne, 2024-$219/tonne, 2025-$185/tonne, 2026-$188/tonne and for LOM $219/tonne.

2022-$109/tonne, 2023-$616/tonne, 2024-$472/tonne, 2025-$253/tonne, 2026-$214/tonne, 2027-$301/tonne and for the LOM $417/tonne.

Exchange Rate (US$/C$) 1.30 Section 6

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Mineral Resource Estimates

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Mineral resources that are not mineral reserves have not demonstrated economic viability utilizing the criteria and assumptions required at the Belle Plaine Facility.

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The methodology for estimating mineral resources consists of interpreting the available geological data in plain view using AutoCAD 2020 software.

Additional details regarding the estimation methodology are listed in Section 11 of the 2021 Belle Plaine Facility TSR filed as an Exhibit to this 10-K Report.

Additional details regarding the estimation methodology are listed in Section 11 of the 2021 Belle Plaine Facility TRS filed as an Exhibit to the 2021 Form 10-K.

The mineral resource estimates for the Belle Plaine Facility are listed in Table 2.20.

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Inferred 4,647 19 31 n/a 79 to 90%

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(a) Mineral resources are reported exclusive of those mineral resources that have been converted to mineral reserves.

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There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing.

No mineral resources were reported in 2020, as the Company reported under Industry Guide 7, which did not recognize mineral resources.

As a result of the change in reporting to S-K 1300, mineral resources are being reported for the first time.

There were no changes in the mineral resource estimates from 2021 to 2022.

Mineral Reserve Estimates

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The methodology for estimating mineral reserves consists of solution mining 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 Belle Plaine Facility TRS filed as an Exhibit to this 10-K Report.

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

The mineral reserve estimates for the Belle Plaine Facility are listed in Table 2.21.

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Mineral Reserves at the End of the Fiscal Year Ended December 31, 2022 Based on LOM Plan KCl Price of $108.70 per tonne (a)(b)(c)(d)(e)(f)

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Proven + Probable 660 30.6 19.3 81.2%

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(a) Mineral reserves are based on measured and indicated mineral resources only.

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(b) All mineral reserves are mined by a solution mining method.

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(d) Only after a positive economic test and inclusion in the LOM plan is the mineral reserve estimate included as a mineral reserve.

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

2022-$271/tonne, 2023-$231/tonne, 2024-$219/tonne, 2025-$185/tonne, 2026-$188/tonne, and for the LOM $219/tonne.

(e) The following KCl commodity prices were used to assess economic viability for the mineral reserves, but were not used for cut-off purposes, 2022-$109/tonne, 2023-$616/tonne, 2024-$472/tonne, 2025-$253/tonne, 2026-$214/tonne, 2027-$301/tonne and for the LOM $417/tonne.

(f) A US$/CAD$ exchange rate of 1.30 was used to assess economic viability for the mineral reserves but was not used for cut-off purposes.

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As of December 31, 2022, our estimated mineral reserves were 660 million tonnes compared to 668 million as of the prior year-end, resulting in a change of <1%.

Year-over-year changes are due to mining depletion, re-evaluation of the mining thickness and global grade, a change in the mining recovery and the change from Industry Guide 7 to S-K 1300.

The Esterhazy Facility is approximately 10 miles to the east of the town of Esterhazy, 56 miles southeast of the city of Yorkton and 137 miles east of the city of Regina (Figure 2.5).

The K1 mill site is located nine miles northeast of Esterhazy.

The K2 mill site is located 12 miles east of Esterhazy.

The K3 mine site is located four miles east of Esterhazy and the K4 mineral resources are located 18 miles northeast of Esterhazy.

Year-over-year changes are 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).

The K1 mill site is located nine miles (14 km) northeast of Esterhazy.

The K2 mill site is located 12 miles (19 km) east of Esterhazy.

The K3 mine site is located four miles east (six km) of Esterhazy and the K4 mineral resources are located 18 miles northeast of Esterhazy.

The geographic coordinates for K1 are latitude 50.726463 N and longitude -101.933506 W.

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There are no outstanding fines or material violations.

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The net book value for Esterhazy is $3.4 billion as of December 31, 2022.

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Location Plan

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Mineral Lease

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total acreage shown above is based on 640 acres per section where actual survey acreage is not available.

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Sections and Acreages of Mosaic-Owned Mineral Rights

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total acreage shown above is based on 640 acres per section where actual survey acreage is not available.

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Partial Mineral Rights Area

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The long-term TMA development plan is being revised to support production at the levels indicated in the LOM plan.

Process and potable water for the K1 mill is provided by three approximately 200 ft.

deep wells drilled into the upper Dundurn aquifer.

Process and potable water for the K1 mill is provided by three approximately 200 foot (61 m) deep wells drilled into the upper Dundurn aquifer.

The K2 mill water supply comes from the Cutarm Creek dam reservoir that is owned and operated by Mosaic.

Located 1.5 miles northeast of the K2 site, the dam forms a reservoir approximately 5.25 miles long and 650 feet wide.

K3 mine water is supplied from K2 via a 7.4 mile long pipeline.

The power to operate the Esterhazy Potash Facility is supplied by the provincial utility, SaskPower.

Located 1.5 miles (2.4 km) northeast of the K2 site, the dam forms a reservoir approximately 5.25 miles (8.9 km) long and 650 feet (198.1 m) wide.

K3 mine water is supplied from K2 via a 7.4 mile (11.9 km) long pipeline.

The power to operate the Esterhazy Facility is supplied by the provincial utility, SaskPower.

The K1 mill is serviced by a 72 kV line with approximately 36 MVA capacity.

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Two transformers step down the voltage, each rated at 70 MVA.

TransGas is the primarily supplier of an uninterrupted supply of natural gas to the Esterhazy Potash Facility.

TransGas is the primary supplier of an uninterrupted supply of natural gas to the Esterhazy Facility.

Esterhazy has regulator stations for the natural gas at each of the sites, with a low-pressure distribution piping network.

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The surrounding area is developed for agriculture with a road network, villages and towns.

Regina International Airport is 140 miles by highway west of the Esterhazy Facility, while Yorkton municipal airport is 55 miles to the northwest.

The Town of Esterhazy maintains a paved 3,000 feet long airstrip, located 8 miles southwest of the K1 mill.

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The Esterhazy Facility’s workforce lives throughout the area, generally within 62 miles of the mine sites.

Regina International Airport is 140 miles (225 km) west of the Esterhazy Facility, while Yorkton municipal airport is 55 miles (88 km) to the northwest.

The Town of Esterhazy maintains a paved 3,000 feet (914.0 m) long airstrip, located 8 miles (13 km) southwest of the K1 mill.

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The Esterhazy Facility’s workforce lives throughout the area, generally within 62 miles (100 km) of the mine sites.

This includes the Russell and Binscarth areas of western Manitoba.

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We expect the mine to ramp down starting in 2051, with mining anticipated to be completed in 2054.

Our current schedule to begin mining The K4 mineral resources is to start mining in 2050.

Our current schedule to begin mining the K4 mineral resources is in 2050.

We expect the mine to ramp up to full production in 2055 and ending in 2090.

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We believe that the site’s ability to produce at the increasing rates being forecasted in the LOM plan is supported by a proving run in 2013, when the Esterhazy Facility achieved a production nameplate of 6.3 million tonnes overall.

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History and Exploration

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2005 3D seismic surveys completed at K1 (7.5 sq.

miles, 19.5 sq.

km) and K2 (4.0 sq.

miles, 10.3 sq.

2006-09 Various seismic surveys completed.

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2011 3D seismic surveys at K1 North (19.7 sq.

miles, 51.4 sq.

km) and Perrin Lake (14.4 sq.

miles, 37.3 sq.

2012 K3 South shaft pre-sink was completed.

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2014 3D seismic survey at Panel 11Q 3C (3.6 sq.

miles, 9.3 sq.

km) completed.

2015 3D seismic surveys at Gerald (4.7 sq.

miles, 12.1 sq.

km) and K3 (89.7 sq.

miles, 232.4 sq.

km) completed.

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2016 Nine exploration drill holes completed.

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2017 The K3 North shaft sinking was completed and the first K3 ore from the South shaft was skipped to surface and trucked to the K1 mill.

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K3 shaft pillar development completed in December.

The K3 fifth four rotor miner started cutting in October.

The K3 fifth four-rotor continuous miner started cutting in October.

The first ore from K3 conveyed to K1.

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The K1 and K2 mines were closed 9 months ahead of schedule in response to brine inflow conditions.

2022 K1 and K2 shaft decommissioning completed.

Geology and Mineralization

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In the Esterhazy area, the Esterhazy, White Bear and Belle Plaine Members are present, and the Patience Lake Member is absent.

The following is a summary of the key stratigraphic units for the Esterhazy Potash Facility area:

The following is a summary of the key stratigraphic units for the Esterhazy Facility area:

• Belle Plaine Member :

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• White Bear Member :

The White Bear Member consists of marker beds that are a distinctive unit of thin interbedded clay, halite, and sylvinite horizons that are not minable due to their insufficient thickness of only 4.0 to 5.0 feet.

• Esterhazy Member :

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Local large one inch (2.5 cm) cubic translucent to cloudy halite crystals may be present within the sylvite groundmass, and overall, the sylvinite ranges from a dusky brownish red color (lower grade, 23% to 27% K 2 O with an increase in the amount of insoluble material) to a bright, almost translucent pinkish orange color (high grade, 30%+ K 2 O).

Carnallite is also present locally in the Prairie Evaporite Formation as a mineral fraction of the depositional sequence.

Carnallite is also present locally in the Prairie Evaporite Formation as a

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mineral fraction of the depositional sequence.

The intervening barren salt beds consist of brownish red, vitreous to translucent halite with minor sylvite and carnallite and increased insoluble materials content.

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Mineral Resource and Mineral Reserve Assumptions and Modifying Factors

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Supporting Information Regional geologic studies, 59 exploration holes, seismic surveys, in-mine channel samples and 50 years of mining history at K1 and K2.

Average total thickness of the potash mineralization 8.55 ft., based on the ratio of 8.5 ft.

production panel mining height and 9.0 ft.

Average total thickness of the potash mineralization 8.55 feet (2.6 m)., based on the ratio of 8.5 feet (2.6 m)t.

production panel mining height and 9.0 feet (2.7 m) t.

development mining height.

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Hydrological or Hydrogeological Factors (if any) Undersaturated brines from adjacent aquifers.

Commodity Prices KCl commodity prices (US$):

2022-$271/tonne, 2023-$231/tonne, 2024-$219/tonne, 2025-$185/tonne, 2026-$188/tonne, and for the LOM $219/tonne.

Commodity Prices 2021 LOM plan KCl commodity prices (US$):

2022-$103/tonne, 2023-$231/tonne, 2024-$219/tonne, 2025-$185/tonne, 2026-$188/tonne and for the LOM $219/tonne for the economic evaluation of the mineral resources.

The following 2022 LOM plan K2O commodity prices were used to assess economic viability for the mineral reserves, but were not used for cut-off purposes, 2023-$616/tonne, 2024-$472/tonne, 2025-$253/tonne, 2026-$214/tonne, 2027-$301/tonne and for the LOM plan $417/tonne.

Exchange Rate (US$/CAD$) 1.3 Section 16

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Mineral Resource Estimates

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Mineral resources that are not mineral reserves have not demonstrated economic viability utilizing the criteria and assumptions required at the Esterhazy Facility.

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The methodology for estimating mineral resources consists of interpreting the available geological data in plain view using AutoCAD 2020 software.

The plan is updated to include the current mineral rights status, seismic survey interpretations, the limits of the current mining footprint, known areas (geological anomalies, town sites and other surface infrastructure) that make the mineral resource inaccessible and therefore excluded from the mineral resource estimation process, property boundary pillars, pillars around exploration holes and infrastructure, “no mining” areas in the uncontrolled mineral rights locations and a pillar between the K1 and K2 mining area and the adjacent K4 mineral resource areas.

Additional details regarding the estimation methodology are listed in Section 11 of the 2021 Esterhazy Facility TRS filed as an Exhibit to this 10-K Report.

Additional details regarding the estimation methodology are listed in Section 11 of the 2021 Esterhazy Facility TRS filed as an Exhibit to the 2021 Form 10-K.

The mineral resource estimates for the Esterhazy Facility are listed in Table 2.28.

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Measured + Indicated 2,347.0 22.9 86.1

___________________________

(a) Mineral resources are reported exclusive of those mineral resources that have been converted to mineral reserves.

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(f) %K 2 O refers to the total %K 2 O of the samples.

(g) We used the following KCl commodity prices to assess prospects for economic extraction for the mineral resources but are not used for cut-off purposes:

(g) We used the following 2021 LOM plan KCl commodity prices to assess prospects for economic extraction for the mineral resources but are not used for cut-off purposes:

2022-$103/tonne, 2023-$231/tonne, 2024-$219/tonne, 2025-$185/tonne, 2026-$188/tonne, and for the LOM plan $219/tonne.

(h) We used a US$/CAD$ exchange rate of 1.30 to assess prospects for economic extraction for the mineral resources but was not used for cut-off purposes.

No mineral resources were reported in 2020, as the Company was reporting under Industry Guide 7, which did not recognize mineral resources.

As a result of the change in reporting to S-K 1300, mineral resources are being reported for the first time.

There were no changes to the mineral resources from 2021 to 2022.

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Mineral Reserve Estimates

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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.

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.

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

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Mineral Reserves at the End of the Fiscal Year Ended December 31, 2022 Based on a LOM Plan KCl Price of $103.4 per tonne (a)(b)(d)(e)

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Proven + Probable 543.0 21.3 86.1

___________________________

(a) The mineral reserves are based on measured and indicated resources only and are reported as in-situ mineralization.

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

2022-$271/tonne, 2023-$231/tonne, 2024-$219/tonne, 2025-$185/tonne, 2026-$188/tonne, and for the LOM plan $219/tonne.

2022- $103/tonne, 2023-$616/tonne, 2024-$472/tonne, 2025-$253/tonne, 2026-$214/tonne, 2027-$301/tonne and for the LOM plan $417/tonne.

(e) We used a US$/CAD$ exchange rate of 1.30 to assess economic viability for the mineral reserves but was not used for cut-off purposes.

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Our mineral reserves decreased by 3% to 543 million tonnes at December 31, 2022 compared to 557 million tonnes at December 31, 2021.

Year-over-year changes are due to mining depletion, the closure of the K1/K2 mining operation in June 2021, a change in the density, mining recovery and average mining height, and the change from Industry Guide 7 to S-K 1300 reporting.

Tapira is located in the western portion of the state of Minas Gerais, in the southeast of Brazil, to the north of the town of Tapira, and approximately 35 km south-southeast of the city of Araxá (Figure 2.6).

The mine is 420 km by road to the Minas Gerais state capital of Belo Horizonte, via the BR-262 highway to Araxá and then the BR 146 highway to Tapira.

Year-over-year changes are due to mining depletion.

Tapira is located in the western portion of the state of Minas Gerais, in the southeast of Brazil, to the north of the town of Tapira, and approximately 22 miles (35 km) south-southeast of the city of Araxá (Figure 2.6).

The mine is 261 miles (420 km) to the Minas Gerais state capital of Belo Horizonte, via the BR-262 highway to Araxá and then the BR 146 highway to Tapira.

The property extends from approximately UTM 7,805,000 N to 7,799,500 N, and from 304,000 E to 310,000 E (Corrego Alegre 1961, UTM Zone 23 South), and is centered approximately at 19º52’S/46º51’W.

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The plant produces phosphate conventional and ultrafine concentrate, which is sent by pipeline (conventional) and truck (ultrafine) to local Mosaic chemical plants for finished product production.

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Project Location Plan

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This region is known for its excellent, modern infrastructure with high standards of living compared with other regions in Brazil.

The local infrastructure available to Tapira is excellent, as it is situated within a well-established mining area, 35 km from the well-developed city of Araxá and within 25 km of two other mining operations.

The local infrastructure available to Tapira is excellent, as it is situated within a well-established mining area, 22 miles (35 km) from the well-developed city of Araxá and within 16 miles (25 km) of two other mining operations.

The supply of electricity occurs via a 138 kiloVolt (“ kV ”) transmission line that is operated by CEMIG and Vale Energia Concessionaires.

Tapira has a total receipt of 40 megawatts and an annual power usage around 305 GW.

Tapira has a total receipt of 40 megawatts (“ MW ”) and an annual power usage around 305 gigawatts (“ GW ”).

The main substation receives 138 kV in three oil-type transformers which is transferred to secondary substations.

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Additionally, there are four artesian wells at Tapira.

The industrial reuse system used to recover water from the dams includes 10 pumps (four operating and six on stand-by) and 36” pipes covering varying distances to the different dam areas.

The distance from BR1 dam is approximately nine km with a rated capacity of 4,400 cubic meters per hour (m 3 /hr).

The distance from BL1 dam is approximately three km with a rated capacity of 10,400 m 3 /hr.

The distance from BR dam is approximately four km with a rated capacity of 4,900 m 3 /hr.

The industrial reuse system used to recover water from the dams includes 10 pumps (four operating and six on stand-by) and 36 inch (91 cm) pipes covering varying distances to the different dam areas.

The distance from BR1 dam is approximately six miles (nine km) with a rated capacity of 4,400 cubic meters per hour ( “m 3 /hr” ).

The distance from BL1 dam is approximately two miles (three km) with a rated capacity of 10,400 m 3 /hr.

The distance from BR dam is approximately 2.5 miles (four km) with a rated capacity of 4,900 m 3 /hr.

There is currently no rail or airport access at Tapira.

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The mine infrastructure

Table of Content

includes overburden storage and other material storage facilities, surface water management features, and maintenance, warehouse and other typical support infrastructure.

includes overburden storage and other material storage facilities, surface water management features and maintenance, warehouses, and other typical support infrastructure.

Tapira includes an impoundment stability monitoring system that covers all the operating impoundments at Tapira.

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

We currently hold a total of eight mining permits within the Tapira area (3,842 hectares).

The Tapira mineral assets are part of a Consortium named Consórcio Vale Fosfértil Tapira created by Decree number 98.962 (February 16, 1990), process number 930.785/1988 (4,355.76 hectares) granted to Vale S.A.

We currently hold a total of eight mining permits within the Tapira area (3,842 hectares ( “ha” ).

(previously Vale do Rio Doce S.A.) and Vale Fertilizantes Fosfatados S.A.

– Fosfértil (the “Tapira Mining Consortium” ).

The Tapira Mining Consortium and all mining permits, except for one permit, 803.387/1974 which is currently pending, have transferred from Vale S.A to Mosaic Fertilizantes P&K Ltda.

Tapira operates via the Tapira Mining Consortium, therefore, the transfer process of mining right ANM 803.387/1974 does not affect the continuity of the mining operations.

Tapira has an overall surface rights area of 8,008 hectares distributed in 18 different property registrations.

Tapira has an overall surface rights area of 8,008 ha distributed in 18 different property registrations.

The surface area within the ultimate pit is currently mostly controlled by Mosaic.

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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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Currently the BR1 dam is being raised to its final design height to accommodate the LOM plan.

The net book value for Tapira is $297 million as of December 31, 2021.

The total book value for Tapira is R$1,692 million (US$332 million with exchange rate of 1 US dollar = 5.0993 Brazilian real) as of December 31, 2022.

Exploration activities are ongoing for in-fill drilling for phosphate production to complete the current LOM.

Additional areas of exploration and research include better understanding the non-weathered material and titanium mineralization for future mining prospects.

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Additional areas of exploration and research include better understanding of the non-weathered material and titanium ore for future mining prospects.

History of Previous Operations

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In 2010, Vale S.A.

acquired complete control of Fósfertil and after created a new company, Vale Fertilizantes S.A.

which included other fertilizer assets.

acquired complete control of Fósfertil.

Thereafter it created a new company, Vale Fertilizantes S.A., which also included other fertilizer assets.

At the start of 2018, Mosaic Fertilizantes P&K S.A.

acquired the assets of Vale Fertilizantes, including the Tapira mineral deposit.

acquired the assets of Vale Fertilizantes S.A,, including the Tapira mineral deposit.

Mineral Resources and Mineral Reserves

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There are an additional 112.8 million tonnes of inferred mineral resources with a P 2 O 5 ap grade of 8.6% (Table 2.30).

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Mineral Resources at the End of the Fiscal Year Ended 2022 Based on R$ 1,492.92/tonne of Phosphate Concentrate

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Inferred 112.8 8.6 52.4

Notes to table:

(a) Additional details are described in the TRS filed as an Exhibit to this 10-K Report.

___________________________

(a) Additional details are described in the TRS filed as an Exhibit to the 2021 Form 10-K.

(b) Mineral resources are reported exclusive of mineral reserves.

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The beneficiation plant generates conventional (coarse) and ultrafine concentrates from the Tapira ore.

The beneficiation process includes milling of the ore, magnetite separation, hydro-sizing and fines separation and flotation.

The mass recovery of coarse concentrate is forecast based on the results of laboratory flotation tests performed on drill core samples.

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They included costs for ongoing, final reclamation, and closure.

Annual total cost of rock production varied from R$458 per tonne to R$604 per tonne, with an average total cost of production for a tonne of phosphate rock concentrate at R$530.

For the purpose of reporting for our total financial statistics, the discounted cash flow was converted from Reais to U.S.

Annual total cost of rock production varied from R$250 per concentrate tonne to R$379 per concentrate tonne, with an average total cost of production for a tonne of phosphate rock concentrate at R$311.

For the purpose of reporting for our total financial statistics, the discounted cash flow was converted from Brazilian reals to U.S.

dollars at an exchange rate of R$4.69 = US$1.00.

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Because Tapira is a captive operation supplying rock to other Mosaic-owned chemical plants, there is no transparent mined phosphate rock commodities price market in Brazil.

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This internal transfer price was set as a constant number of US$102.47 per tonne (R$480.59 per tonne).

The Tapira mineral reserve, as of December 31, 2022, was estimated to be 457.3 Mt ROM (dry), with a dry grade of 9.7% P 2 O 5 ap delivered to the concentrator plant and 72.8 Mt (dry) concentrated phosphate tonnes at 35.0% P 2 O 5 post-concentration process plant.

This includes (Table 2.31):

182.7 Mt of Proven Mineral Reserve at a 9.4% P 2 O 5 ap dry grade, resulting in 28.3 Mt of concentrate with a 35.0% P 2 O 5 post beneficiation plant;

274.6 Mt of Probable Mineral Reserve with a 9.1% P 2 O 5 ap dry grade, resulting in 44.5 Mt of concentrate at 35.0% P 2 O 5 .

Table 2.31 Mineral Reserves at the End of the Fiscal Year Ended 2022 Based on R$1,492,92/tonne of Phosphate Concentrate

(tonnes in millions)

Category Tonnes (Dry) Grade (%P 2 O 5 ap)(Dry)

Metallurgical Recovery (%P 2 O 5 ap)

Category Tonnes (Dry) Grade

(%P 2 O 5 ap Dry)

Metallurgical Recovery (%P 2 O 5 )

Proven 182.7 9.4 57.4

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Proven + Probable 457.3 9.2 60.4

(a) Additional details are described in the TRS filed as an Exhibit to this 10-K Report.

___________________________

(a) Additional details are described in the TRS filed as an Exhibit to the 2021 Form 10-K.

(b) Mineral reserves are within measured and indicated mineral resource limits.

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Mineral Resources and Mineral Reserves Comparison

No mineral resources were reported in 2020, as the Company was reporting under Industry Guide 7 which did not recognize mineral resources.

As a result of the change in reporting to S-K 1300, the mineral resources are being reported for the first time.

As of December 31, 2021 we had mineral reserves of 469.3 million tonnes compared to 610.5 million in the prior year, resulting in a decrease of 23%.

Changes in mineral reserve tonnage from the prior year are the result of mining depletion, small changes to beneficiation plant factors and the change from Industry Guide 7 to S-K 1300.

Our mineral resources have not changed since the 2021 TRS.

Our mineral reserves decreased by 3% to 457 million tonnes at December 31, 2022 compared to 469 million tonnes at December 31, 2021.

Year-over-year changes are due to mining depletion.

REGULATION S-K 1300 INTERNAL CONTROLS DISCLOSURE

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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