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Item 2. Properties

2024-02-22 compared with 2023-02-23 · 278 added, 238 removed, 1317 unchanged (28% of the section changed)

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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.

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

Under S-K 1300, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a qualified person that the mineral resources can be the basis of an economically viable project.

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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 contained in this Form 10-K is derived from the 2022 S-K 1300 report for Florida 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 and Esterhazy in this Form 10-K is derived from the 2021 S-K 1300 reports titled “Belle Plaine Potash Facility Technical Report Summary” and “Esterhazy Potash Facility Technical Report Summary” effective December 31, 2022 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.

Property Locations

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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(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.

(b) Actual production varies from annual operational capacity shown in the above table due to factors that include, among others, the level of demand for our products, the quality of the reserves, the nature of the geologic formations we are mining at any particular time, maintenance and turnaround time, accidents, mechanical failure, weather conditions, and other operating conditions.

(b) Actual production varies from annual operational capacity shown in the above table due to factors that include, among others, the level of demand for our products, the quality of the reserves, the nature of the geologic formations we are mining at any particular time, maintenance and turnaround time, mechanical failure, weather conditions, and other operating conditions.

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 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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(d) 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.

These amounts are presented in wet tonnes based on average moisture levels of 3.0% to 5.0%.

These quantities are the production of the drying plant.

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Table 2.2 shows the production tonnage and grade for the potash properties for 2023, 2022 and 2021.

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3.9 3.0 10.2 19.3 11.3 19.3 11.0 19.3

Esterhazy – MOP 6.3 6.0 13.7 24.5 13.3 23.9 15.0 24.1

Esterhazy – MOP (i)

6.3 6.3 14.1 23.4 13.7 24.5 13.3 23.9

Colonsay – MOP (g)

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

(d) Actual production varies from annual operational capacity shown in the above table due to factors that include, among others, the level of demand for our products, the quality of the reserves, the nature of the geologic formations we are mining at any particular time, maintenance and turnaround time, accidents, mechanical failure, weather conditions, and other operating conditions, as well as the effect of recent initiatives intended to improve operational excellence.

(d) Actual production varies from annual operational capacity shown in the above table due to factors that include, among others, the level of demand for our products, the quality of the reserves, the nature of the geologic formations we are mining at any particular time, maintenance and turnaround time, mechanical failure, weather conditions, and other operating conditions, as well as the effect of recent initiatives intended to improve operational excellence.

(e) Grade % K 2 O is a traditional reference to the percentage (by weight) of potassium oxide contained in the ore.

A higher percentage corresponds to a higher percentage of potassium oxide in the ore.

(f) Equivalent to hoisted tonnes at a conventional mine.

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 for January 1, 2022 through October 31, 2022 and estimated KCl tonnes mined for November 1, 2022 through December 31, 2022).

(f) Equivalent to tonnes hoisted to surface at an underground shaft mine.

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

The calculation is based on actual KCl tonnes mined for January 1, 2023 through December 31, 2023).

(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.

(i) Following completion of our Esterhazy K3 expansion project, a third-party audit assessed our Esterhazy Facility's annual nameplate capacity at 7.8 million tonnes.

We are currently working with Canpotex through established procedures to determine our adjusted Canpotex entitlement percentage based on our Esterhazy Facility's audited productive capacity.

Overviews for Phosphates, 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/Patrocinio.

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

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”.

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Phosphates Overview

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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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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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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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Key permit conditions Mosaic currently holds a total of four mining permits within the Araxá area (2,769 hectares) and two mining permits and two exploration permits within the Patrocínio area (3,480 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.

Key permit conditions Mosaic currently holds a total of eight mining permits within the Cajati area (5,183 hectares).

Key permit conditions Mosaic currently holds a total of nine mining permits within the Cajati area (5,078 hectares).

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

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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 18 permits within the CMC area (2,131 hectares).

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

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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 500-700m below surface using continuous miners.

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

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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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(c) Mineral resource tonnages and grade are reported as a beneficiation plant product (phosphate rock) tonnage and P 2 O 5 grade.

The cut-offs used to estimate mineral resources include:

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.

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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The cut-offs used to estimate mineral resources include, 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.

A Life of Mine (“ LOM ”) commodity price of US$118/tonne of phosphate rock was used for 2024 to 2036 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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(f) Araxá Oxidized Cut-off grade:

Mass Recovery (rend_t) > 0, P 2 O 5 ≥ 4.78, Fe 2 O 3 ≥ 1.34, SiO 2 ≥ 0.05, BaO ≤ 18.83, CaO to P 2 O 5 ratio 0.7 to 1.40.

Mass Recovery (rend_t) > 0, P 2 O 5 ≥ 4.0, Fe 2 O 3 ≥ 4.0, SiO 2 ≥ 0.05, BaO ≤ 18.0.

Araxá Micaceous Cut-off grade:

Cut-off grade for Micaceous:

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 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.

Mass Recovery (rend_t) > 0, P 2 O 5 ≥ 3.0, Fe 2 O 3 ≥ 6.0, SiO 2 ≥ 1.0, BaO ≤ 13.0.

For Araxá, a revenue factor of 1.0 with sales price in Brazilian Reais ($R) of R$1,953 per tonne of phosphate concentrate (2023 price evaluation) was used to develop mineral resource pit shell.

Patrocínio BEB-OXI Cut-off grade:

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Patrocínio BEB-MIC Cut-off grade:

P 2 O 5 ≥ 3.4, Fe 2 O 3 < 50.0, SiO 2 < 57.5, MgO < 17.0, TiO2 < 27.0.

Patrocinio FET Cut-off grade:

P 2 O 5 ≥ 3.0, SiO 2 ≥ 0.8.

Patrocínio FET Cut-off grade:

P 2 O 5 > 0.0.

Patrocínio RSI Cut-off grade:

P 2 O 5 ≥ 3.0, CaO to P 2 O 5 ratio < 2.6.

P 2 O 5 ≥ 2.9.

For Patrocínio, a revenue factor of 1.0 with a sales price of R$1,869.84 per tonne of phosphate concentrate (2023 LOM price evaluation) was used to develop mineral resource pit shell.

(g) Cut-off grade of > 3% P 2 O 5 and < 11% SiO 2 was applied for mineral resources.

A revenue factor of 1.0 with sales price of R$1,944.5 per tonne of phosphate concentrate (2020 LOM price evaluation) was used to develop mineral resource pit shell.

(g) Cut-off grade of > 3% P 2 O 5 was applied for mineral resources.

A revenue factor of 1.0 with sales price of R$2,963.40 per tonne of phosphate concentrate (2023 LOM price evaluation) was used to develop the mineral resource pit shell.

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

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The mining solution dissolves the potash, regardless of its grade, to make a concentrate that is pumped to surface from the mining caverns for processing.

A KCl commodity price of US $325/tonne was used for 2024 to 2084 to assess prospects for economic extraction for the mineral resources but is not used for cut-off purposes.

A US$/CAD$ exchange rate of 1.32 was used to assess prospects for economic extraction for the mineral resources but was not used for cut-off purposes.

(l) 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.

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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 $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.

US $320/tonne for Esterhazy for 2024 to 2054 and US $327/tonne for 2024 to 2116 for Colonsay.

A US$/CAD$ exchange rate of 1.32 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.

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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A US $293/tonne price was used for 2024 to 2064 to assess economic viability for the mineral resources, but was not used for cut-off purposes.

(n) Mineral resources for Taquari are reported as of December 31, 2022 and have not been adjusted for depletion incurred in 2023.

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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Table 2.7 shows the Mineral Reserve tonnage and grade for all properties as of December 31, 2023.

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Recoverable Finished Product tonnes vs.

Matrix Volume Mined ranges from 9.4-9.9%.

Matrix Volume Mined ranges from 9.4 to 9.9%.

Recoverable Finished Product tonnes vs.

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Mineral reserves were proven to be economic based on an internal transfer price of R$1,061/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 price evaluation).

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A US$/CAD$ exchange rate of 1.32 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 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.

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.

(i) The following KCl commodity prices were used to assess economic viability for the mineral reserves:

US $320/tonne for Esterhazy, US $325/tonne for Belle Plaine, and US $327/tonne for Colonsay.

A US$/CAD$ exchange rate of 1.32 was used to 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.

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

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A US $293/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.

(k) Mineral Reserves for Taquari are effective as of December 31, 2022 and have not been adjusted for depletion incurred in 2023.

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.

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

The reference point for the discounted cash flow utilized K 2 O commodity prices (US$) of $418/tonne for 2022, $369/tonne for 2023, $353/tonne for 2024, $324/tonne for 2025, $330/tonne for 2026 and $359/tonne for the remaining LOM.

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

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

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Property Locations

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Located at 27.585787 N, 81.942888 W.

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Location Plan

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

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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.

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Water supply is from Mosaic-owned deep wells and recycle sources.

Current clay and tailings management areas footprints are expected to meet present demands, with additional capacity planned to meet the maximum volume and deposition rates from the LOM plan, which covers the period between 2022 and 2035.

Current clay and tailings management areas footprints are expected to meet present demands, with additional capacity planned to meet the maximum volume and deposition rates from the 2023 LOM plan.

An integrated operations center remotely controls certain functions at our Florida phosphate mines.

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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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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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2022 South Fort Meade acquired the Eastern Reserves Phase II.

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Geology and Mineralization

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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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Hydrological or hydrogeological factors (if any) Water inflow onto mining areas can impact recovery and dilution.

Commodity Price $102.72/tonne of phosphate rock.

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Commodity Price $103/tonne of phosphate rock for 2021 mineral resources and $118/tonne for mineral reserves.

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Mineral Resource Estimates

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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.

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(f) A LOM commodity price of $103 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 2022 to 2023.

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Mineral Reserve Estimates

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84.9 to 100%, Concentrate:

68.5 to 79.5%

Proven + Probable 112 27.2 Pebble:

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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 and mineral reserve acquisitions.

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As of December 31, 2023, we had mineral reserves of 112 million tonnes compared to 126 million in the prior year, resulting in a decrease of 11% for proven reserves.

Changes in mineral reserve tonnage from the prior year are the result of mining depletion, re-evaluations and mineral reserve acquisitions.

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

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Within the total acreage leased from the Crown or owned by us are parcels of land where we own or lease less than a 100% share of the mineral rights.

In order to mine these properties, we would need to acquire 100% control either by lease or ownership.

100% control by lease or ownership is required for mineral extraction.

Acreages currently not mineable for this reason are listed in Table 2.17 below.

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The net book value for Belle Plaine is $0.9 billion as of December 31, 2023.

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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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Existing Infrastructure

The Belle Plaine Facility has been operating since 1964 and consists of a mining area and a processing plant and has an expected mine life based on mineral reserves of 63 years.

The Belle Plaine Facility consists of a mining area and a processing plant.

Based on the current mine life, the mineral reserves support mining for 61 years.

The processing plant consists of a refinery and cooling pond.

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

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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;

TransGas-supplied natural gas;

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 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.

It also supplies potable water for the cities of Regina, Moose Jaw and surrounding regions.

The current infrastructure includes major

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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 water source.

The current Tailings Management Area (“ TMA ”) footprint is designed to support the volume and deposition rates indicated in the 2023 LOM plan.

The main source of water (non-potable) required for production is provided by SaskWater from Buffalo Pound Lake, an 18 mile (29 km) long, 0.6 mile (1 km) wide lake with an average depth of 10 ft.

(3 m), located northwest of the mine (Figure 15-1).

Buffalo Pound Lake also supplies potable water for the cities of Regina, Moose Jaw and surrounding regions.

Water levels are controlled by the SaskWater Security Agency and managed through the Lake Diefenbaker Dam.

SaskWater operates a dedicated pumping station located on the south shore of Buffalo Pound Lake near the eastern edge of the lake with capacity of approximately 13,000 US gallons per minute.

There are three on duty pumps and a fourth on standby to ensure steady supply.

Belle Plaine typically runs two pumps to meet the current water needs with the other pumps providing peaking capacity for future mining.

Potable water is supplied for the site from the Buffalo Pound Water Treatment facility that is operated by SaskWater.

Belle Plaine also has a tie-in to the potable water line that feeds the City of Regina.

SaskPower provides a portion of the power required to run the Belle Plaine Facility.

This power comes in off the main SaskPower grid which could be fed from any number of SaskPower plants, along the highline running north and south along Kalium Road.

A total of 138 kV comes into the Belle Plaine Facility substation where it is then stepped down to 13.8 kV using two transformers (28 MVA and 33.3 MVA).

The Belle Plaine Facility owns and manages a substation where there is also a 138 kV grounding transformer and a 138 kVA gas insulated breaker lineup.

The Belle Plaine Facility generates power from the powerhouse from two turbine generators.

TransGas supplies natural gas to the Belle Plaine Facility.

This power comes in off their main grid that could be fed from any number of power plants, along the highline running north and south along Kalum Road.

A total of 138 kV comes into the Belle Plaine substation through overhead lines where it is then stepped down to 13.8 kV using two transformers (28 MVA and 33.3 MVA) to their substation where there is also a 138 kV grounding transformer and a 138 kV gas insulated switchgear lineup.

The Belle Plaine Facility generates power from the site powerhouse from two turbine generators.

Typically, the total required Belle Plaine power requirement is 90% in-house generated power with the remaining being 10% fed from SaskPower.

Belle Plaine does not have the option to send power back to the SaskPower grid.

From the on-site substation, 13.8 kV transformer secondary wires are fed to 13.8 kV switchgear lineup in the Powerhouse to MCC rooms throughout the plant area and mine area.

Belle Plaine uses overhead and buried cables throughout the mine area and cable trays in the refinery for the 13.8 kV wires.

Belle Plaine owns a 138 kV air disconnect that is tied into SaskPower.

SaskEnergy supplies natural gas to the Belle Plaine Facility.

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 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.

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.

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

These are typically gravel roads.

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CNR and CPR are available to the Belle Plaine Facility to move final product to port.

There is an operating agreement between Mosaic, CPR and CNR which governs the joint operation and interaction of all parties for freight services at the Belle Plaine Facility.

There is a tri party joint operating agreement among Mosaic, CPR and CNR which governs the joint operation and interaction of all parties for freight services at the Mosaic Belle Plaine Facility.

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 (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.

Moose Jaw has a population of approximately 34,000 people and is located 17 miles (28 km) west of the Belle Plaine Potash Facility.

The Belle Plaine Facility workforce primarily lives in Regina and Moose Jaw.

Belle Plaine Facility personnel are typically trained through a variety of trades programs offered at the Saskatchewan Polytechnic campuses, the University of Regina or the University of Saskatchewan.

The province of Saskatchewan offers a large variety of suppliers for the potash mine operators.

The potash industry in Saskatchewan is very mature which makes it easier to attract vendors to support the needs of the various mine sites throughout the province.

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

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.

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Mining Method

The Belle Plaine Facility utilizes an underground, solution mining process where paired wells are directionally drilled, cased, and cemented to the base of the potash beds.

Solution mining techniques are used to target mining of the potash (“ KCl ”) bedding while minimizing mining of the halite salts (“ NaCl ”).

Current mining practices allow for all three potash beds in the formation to be mined.

During the mining process, the two wells are mined to connect with each other underground, allowing one well to become the feed well and the other well to become the return well.

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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.

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

Current mining practices allow for all three potash beds in the Prairie Evaporite formation to be recovered.

Water, or a weaker brine, is injected into the cavern to return a salt saturated and potash rich brine.

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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.

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.

The current production capacity of the Belle Plaine Facility is 3.2 million finished KCl tons/year (2.9 million finished tonnes/year).

Capability is scheduled to ramp up to support a finished tonnage projection of 3.3 million tons (3.0 million tonnes) per year and will do so until drilling is completed in the year 2066 at which point there will be a ramp down in production until 2084.

The 2023 Belle Plaine LOM plan based on mineral reserves has a total mine life of 61 years, ending in 2084.

Processing Recovery Method

The Belle Plaine Facility processing plant receives KCl-NaCl rich brine, known as raw feed, from the mine and achieves KCl recovery through the refinery and cooling pond areas.

We use well established solubility curves of H 2 O-NaCl-KCl systems to monitor the selective dropout of products in the process.

Well established solubility curves of H 2 O-NaCl-KCl systems are utilized to monitor the selective dropout of products in the process.

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 onsite 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 on-site 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 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.

We expect total site processing recovery to average 79% throughout the remaining life of the mine and is dependent on sustained drilling activities.

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.

Site production is expected to increase to a stabilized 3.0 million tonnes per year until the year 2066, at which time the site will stop drilling new cavities and ramp down production to 2084.

Total site processing recovery will average approximately 79% throughout the remaining life of the mine and is dependent on sustained drilling activities.

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

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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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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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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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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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The nature of this type of deposition is largely continuous with predictable depths and thickness.

It is mined at several locations, including Belle Plaine.

It is mined at several locations, including Mosaic's Esterhazy Facility.

Potash at the Belle Plaine Facility occurs conformably within Middle Devonian-age sedimentary rocks ranging in thicknesses from approximately 100 to 131 feet (30.0 to 40.0 m) at a depth of approximately 5,345 to 5,740 feet (1,630 to 1,750 m).

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• White Bear Formation :

The White Bear Formation 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 thicknesses of only 4.0 to 5.0 feet (1.2 to 1.5 m).

The White Bear Formation consists of marker beds that are a distinctive unit of thin interbedded clay, halite, and sylvinite horizons that are not minable due to insufficient thicknesses of only 4.0 to 5.0 feet (1.2 to 1.5 m).

• Esterhazy Member :

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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.

The potash mined at the Belle Plaine Facility is a mixture of halite and sylvite and in some parts of the mining area, small amounts of carnallite.

There are a number of insoluble clay-rich zones that are not recovered in the solution mining process.

The potash deposit at Belle Plaine is uniform and laterally continuous.

Solution mining methods can more easily accommodate any local variations in geological condition due to the non-selective concentrate mining process.

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

The potash mined at Belle Plaine is a mixture of halite and sylvite and in some parts of the Mining Area, small amounts of carnallite.

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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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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Potash mineralization contains sylvinite:

a mixture of the iron oxide-stained halite, sylvite and locally carnallite.

a mixture of the iron oxide-stained halite, sylvite and local carnallite.

When present interstitially or as massive pods, carnallite can deteriorate rapidly or be preferentially dissolved.

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The key mineral resource and mineral reserve assumptions and modifying factors are listed in Table 2.19.

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Key Assumptions and Modifying Factors

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Production Rate 3.0 million tonnes per year.

Cut-off No cut-off grade is applied.

Cut-off No cut-off grade or value based on commodity price is used to estimate mineral resources.

This is because the solution mining method used at Belle Plaine mining is not grade selective.

Section 11, 12

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Hydrological or Hydrogeological Factors (if any) No concerns.

Commodity Prices KCl commodity prices:

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

Commodity Prices KCl commodity prices of US$325 for mineral reserves.

Exchange Rate (US$/C$) 1.32 Section 17

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The mineral resources occur in the Esterhazy, Belle Plaine and Patience Lake members.

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.

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

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

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

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.

Additional details regarding the estimation methodology is listed in Section 11 of the 2021 Belle Plaine Facility TRS.

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

Mineral Resources as of December 31, 2022 Based on a LOM Plan KCl Price of $108.70 per tonne (a)(b)(c)(d)

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Mineral Resources as of December 31, 2023 Based on LOM Plan KCI Price of $325 per tonne (a)(b)(c)(d)(e)(g)(h)

(tonnes in millions)

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___________________________

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

(b) 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.

(a) The mineral resources are reported as in-situ mineralization.

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

(c) 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.

There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves.

(d) Mineral resources amenable to a solution mining method are contained within a conceptual cluster and cavern design using the same technical parameters as used for mineral reserves.

(e) No cut-off grade is used to estimate mineral resources as the solution mining method used at the Belle Plaine Facility is not selective.

(d) Mineral resources assume solution mining.

(e) Mineral resources amenable to a solution mining method are contained within a conceptual cluster and cavern design using the same technical parameters as used for mineral reserves.

(f) No cut-off grade is used to estimate mineral resources.

This is because the solution mining method used at the Belle Plaine Facility is not selective.

At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution.

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.

(g) Tonnages are in US Customary and metric units and are rounded to the nearest million tonnes.

(h) Rounding as required by reporting guidelines may result in apparent summation differences.

There were no changes in the mineral resource estimates from 2022 to 2023.

Mineral Reserve Estimates

The Belle Plaine Facility mineral reserve estimates are reported as in-situ mineralization accounting for all applicable modifying factors.

The Belle Plaine Facility mineral reserves are reported as in-situ mineralization accounting for all applicable modifying factors.

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

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 the 2021 Form 10-K.

Additional details regarding the estimation methodology are listed in Section 12 of the 2021 Belle Plaine Facility TRS.

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

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)

Mineral Reserves at the End of the Fiscal Year Ended December 31, 2023 Based on a LOM Plan KCl Price of $325 per tonne (a)(b)(c)(d)(e)(f)

(tonnes in millions)

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Metallurgical

Proven 272 30.6 19.3 81.2%

Probable 388 30.6 19.3 81.2%

Proven + Probable 660 30.6 19.3 81.2%

Proven 264 30.6 19.3 79 to 90%

Probable 388 30.6 19.3 79 to 90%

Proven + Probable 652 30.6 19.3 79 to 90%

___________________________

(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.

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

The solution mining method used at the Belle Plaine Facility is not selective.

This is because the solution mining method used at the Belle Plaine Facility is not selective.

At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution.

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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-$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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(e) Tonnages are in US Customary and metric units and are rounded to the nearest million tonnes.

The grades are rounded to one decimal place.

(f) A commodity price of US$325/tonne of KCl and a U.S.$/CAD$ exchange rate of 1.32 were used to assess the economic viability of the mineral reserves in the LOM.

Mineral Resources and Mineral Reserves Comparison

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.

As of December 31, 2023, our estimated mineral reserves were 652 million tonnes compared to 663 million as of the prior year-end, resulting in a change of <2% related to our proven 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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The net book value for Esterhazy is $3.5 billion as of December 31, 2023.

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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 foot (61 m) deep wells drilled into the upper Dundurn aquifer.

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

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

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

TransGas provides an uninterrupted supply of natural gas to the Esterhazy Facility.

SaskEnergy also supplies natural gas to a few outlying areas at K2.

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

Regina International Airport is 140 miles (225 km) by highway west of the Esterhazy mine sites, while Yorkton municipal airport is 55 miles (90 km) to the northwest.

The Town of Esterhazy maintains a paved 3,000 feet (914 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.

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Mining Method

At the Esterhazy Facility, potash is extracted by underground mining using the room-and-pillar method.

Current mine design allows for the planned extraction of 27.6% of the in-situ ore.

Pillars are left in place between mining rooms to support overlying strata and prevent failure of the upper rock formations or an inflow of brine from any water-bearing zones above.

The LOM plan for the Esterhazy Facility includes the K3 mineral reserves.

The K4 mineral resources are currently scheduled after depletion of the K3 mineral resources.

Production is based on an average production rate of 17.527 million tonnes per year based on 365 production days per year.

We expect the K3 mineral reserves production to ramp up to full production by 2024.

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 in 2050.

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

At Esterhazy, potash is extracted by underground mining using the room-and-pillar method.

The average planned extraction quality of the potash ore is 28.4%.

Pillars are left in place between mining rooms to support the overlying tock to prevent a failure of the upper rock formations preventing an inflow of brine from any overlying water bearing zones.

The 2023 LOM plan for the Esterhazy Facility includes the K3 mineral reserves and the K4 mineral resources.

It is based on an average production rate of 17.5 million tonnes per year based on 365 production days per year.

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

The K4 mining resources are currently scheduled to start mining in 2051 and is expected to ramp up to full production in 2055 and ending in 2090.

Processing Recovery Method

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Dewatering and drying is the final stage in the wet end, where potash is sent through centrifuges and industrial driers to remove all moisture.

Once the product is dried, it is sent to a screen to separate right-sized material from the over and undersized material for all the different product grades.

Once the product is dried, it is sent to a screen to separate the right sized material from the over and undersize material for all the different product grades.

Oversized material is sent through a crushing circuit to break it down to right sized material.

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

We plan to ramp up milling rates once the K3 mine is up to full capacity.

We then expect to stabilize at a total milling rate to the end of mine life.

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.

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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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.

History and Exploration

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Table 2.26 lists the important historical dates and events for Esterhazy.

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Date Event/Activity

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1957 to 1962 IMC Corporation begins shaft sinking at K1.

K1 mine production officially started in September 1962 at a capacity of 0.9 million tonnes per year.

The first official K1 mine production started September at a capacity of 0.9 million tonnes per year.

1965 K2 TMA Phase I expansion.

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1997 IMC Kalium merged with IMC Global and Freeport-McMorRan.

1999 Company renamed IMC Potash.

1999 Company renamed to IMC Potash.

2000-03 Seismic surveys:

2D and 3D (K1 and K2).

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

2004 Renamed Mosaic because of Merger between IMC Global and Cargill Crop Nutrition.

IMC Global and Cargill Crop Nutrition merged to form Mosaic Esterhazy ULC.

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

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Completion of mill expansion at K2 for an additional 0.7 million tonnes per year.

A Canpotex proving run was successfully completed increasing the site nameplate processing plant capacity from 4.8 million tonnes per year to 6.3 million tonnes per year.

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

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km) completed.

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2016 Nine exploration drill holes completed.

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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2018 The K3 to K2 overland conveyor construction was completed.

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Four drum miners cutting K3 shaft pillar development started.

Two four rotor miner assemblies completed.

Two four rotor miner assembly completed.

The K3 South shaft sinking was completed in November.

2020 Completion of the South shaft bottom steel, added a third four-rotor miner, installed the Mainline conveyor, added a fourth rotor miner cutting and completed the K3 South Headframe concrete slip.

K3 shaft pillar development completed in December.

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

K3 shaft pillar development was completed in December.

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

The first ore from K3 conveyed to K1.

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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 (1.2 to 1.5 m).

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 insufficient thickness of only 4.0 to 5.0 feet (1.2 to 1.5 m).

• Esterhazy Member :

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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.

The typical 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.

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.

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

Table of Conten t

mineral fraction of the depositional sequence.

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

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

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

Density 129.878 lbs./cu ft.

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Production Rate 17.527 million tonnes per year.

Cut-off No cutoff grade is applied.

Cut-off No cut-off grade or value based on commodity price is used to estimate mineral resources.

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

Potash mineralization is mined on one level by continuous miners following the well-defined and continuous beds of mineralization with relatively consistent grades.

Mining Recovery 28.4% Section 12, 13

External Dilution None Section 12, 13

External Dilution 0% Section 12, 13

Processing Method Two mill facilities that crush, float, screen and compact KCl.

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

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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Commodity Prices $219/tonne for the economic evaluation of the 2021 mineral resources and $320/tonne for the mineral reserves.

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

Mineral Resource Estimates

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The Esterhazy Facility’s mineral resources are reported as in-situ mineralization and are exclusive of mineral reserves.

The mineral resources occur in the Esterhazy, White Bear and Belle Plaine members.

We assume that the mineralization is laterally continuous and consistent, based on publicly available regional geological information and our knowledge of the local geology and area.

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

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.

The mineralization is assumed to be laterally continuous and consistent, based on publicly available regional geological information and Mosaic's knowledge of the local geology and area.

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

The methodology for estimating mineral resources consists of interpreting the available geological data in plan 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, 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 the 2021 Form 10-K.

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

Mineral Resources 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)(c)(d)(e)(g)(h)

Mineral Resources at the End of the Fiscal Year Ended December 31, 2023 Based on a LOM Plan KCl Price of $219 per tonne (a)(b)(c)(d)(e)(g)(h)(i)(j)

(tonnes in millions)

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___________________________

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

Mineral resources that are not mineral reserves do not have demonstrated economic viability.

(a) The mineral resources are reported as in-situ mineralization and are exclusive of mineral reserves.

(b) Mineral resources have an effective date of December 31, 2023.

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

Unlike mineral reserves, mineral resources do not have demonstrated economic viability, but they do demonstrate reasonable prospects for economic extraction.

There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves.

(d) Mineral resources amenable to underground mining methods are accessed via shaft and scheduled for extraction based on a conceptual room and pillar design using the same technical parameters as for mineral reserves.

(e) No cut-off grade or value based on commodity price is used to estimate mineral resources.

(d) Mineral resources assume an underground room and pillar mining method.

(e) Mineral resources amenable to underground mining method are accessed via shaft and scheduled for extraction based on a conceptual room and pillar design using the same technical parameters as for mineral reserves.

(f) No cut-off grade or value based on commodity price is used to estimate mineral resources.

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 of TRS).

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

(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.

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

Table of Conten t

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).

(g) Tonnages are in US Customary and metric units and are rounded to the nearest million tonnes.

(h) Rounding as required by reporting guidelines may result in apparent summation differences.

(i) %K 2 O refers to the total %K 2 O of the sample.

(j) The percent carnallite refers to the mineral associated with potash ore at Esterhazy (KCl.MgCl3.6H 2 O).

It is considered an impurity.

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.

Table of Co ntent

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

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___________________________

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

(b) We used underground mining standards and design criteria to constrain measured and indicated mineral resources within mineable shapes.

(a) Mineral reserves have an effective date of December 31, 2023.

(b) Underground mining standards and design criteria are used to constrain measured and indicated mineral resources within mineable shapes.

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

(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- $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.

(d) Rounding as required by reporting guidelines may result in apparent summation differences.

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

(f) The percent carnallite refers to the mineral associated with potash ore at Esterhazy (KCl.MgCl3.6H 2 O).

It is considered an impurity.

(g) A KCI commodity price of $320 was used to assess economic viability for the mineral reserve for the 2023 LOM plan.

(h) We used a US$/CAD$ exchange rate of 1.32 to assess economic viability for the mineral reserves but was not used for cut-off purposes.

Mineral Resources and Mineral Reserves Comparison

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.

Our mineral reserves decreased overall by 5.2% from 2022 to 2023.

Proven reserves increase by 3% 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.

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 mine is 261 miles (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.

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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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 ( “ha” ).

We currently hold a total of nine mining permits within the Tapira area (3,853 hectares ( “ ha ” )).

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 ha) granted to Vale S.A.

(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.

The Tapira Mining Consortium and all mining permits have transferred from Vale S.A to Mosaic Fertilizantes P&K Ltda.

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

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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 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 currently 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 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.

The total book value for Tapira is R$1.7 billion (US$351 million with exchange rate of 1 US dollar = 4.8413 Brazilian Real) as of December 31, 2023.

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 of the non-weathered material and titanium ore for future mining prospects.

Additional areas of exploration and research include better understanding 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.

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

acquired complete control of Fósfertil and after created a new company, Vale Fertilizantes S.A., which included other fertilizer assets.

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

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

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

Mineral Resources and Mineral Reserves

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The mineral resources were restricted based on an optimized pit limit that took into account cut-off grade, price, mining costs, infrastructure limitations, and mineral licenses.

The mineral resources are exclusive of mineral reserves and include approximately 129.8 million tonnes of measured and indicated mineral resources with a P 2 O 5 ap grade of 7.2%.

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).

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

The mineral resources are exclusive of mineral reserves and include approximately 69.7 Mt of measured and indicated mineral resources with a P 2 O 5 ap grade of 8.7%.

There are an additional 180.8 Mt of inferred mineral resources with a P 2 O 5 ap grade of 9.2% (Table 2.30).

Mineral Resources at the End of the Fiscal Year Ended 2023 Based on R$ 1,939.57/tonne of Phosphate Concentrate (a)(b)(c)(d)

(tonnes in millions)

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___________________________

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

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

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

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The annual production estimates were used to determine annual estimates of capital and operating costs.

All cost estimates were in real 2022 R$ terms.

All cost estimates were in Brazilian real 2023 R$ terms.

Total capital costs included R$4.5 billion of sustaining capital and opportunity costs.

2 unchanged sentences

Annual total cost of rock production varied from R$320 per concentrate tonne to R$480 per concentrate tonne, with an average total cost of production for a tonne of phosphate rock concentrate at R$402.

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

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

dollars at an exchange rate of R$4.86 = US$1.00.

2 unchanged sentences

This internal transfer price was set as a constant number of US$111.76 per tonne (R$543.17 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.

The Tapira mineral reserve, as of December 31, 2023, is estimated to be 443.6 Mt ROM (dry), with a dry grade of 9.0% P 2 O 5 ap delivered to the concentrator plant and 67.7 Mt (dry) concentrated phosphate tonnes at 34.7% P 2 O 5 post-concentration process plant.

This includes (Table 2.31):

1 unchanged sentence

311.9 Mt of Probable Mineral Reserve with a 8.9% P 2 O 5 ap dry grade, resulting in 48.0 Mt of concentrate at 34.7% 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

Table 2.31 Mineral Reserves at the End of the Fiscal Year Ended 2023 Based on R$1,939.57/tonne of Phosphate Concentrate (a)(b)(c)(d)(e)

(tonnes in millions)

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___________________________

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

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

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

10 unchanged sentences

Mineral Resources and Mineral Reserves Comparison

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.

The comparison of the Mineral Resources as of December 31, 2022 and December 31, 2023 can be found in Table 2.32.

The Measured and Indicated Mineral Resources have decreased by 46%, while the Inferred Resources have increased by 60% since December 31, 2022.

Mineral Resources Comparison

(tonnes in millions) December 31, 2023 December 31, 2022 Percent Difference

Category Tonnes Grade (%P 2 O 5 ap)

Tonnes Grade (%P 2 O 5 ap)

Measured 16.5 8.6 62.8 8.0

Indicated 53.2 8.7 67.0 7.8

Measured + Indicated 69.7 8.7 129.8 7.9 -46 %

Inferred 180.8 9.2 112.8 8.6 60 %

The comparison of the Mineral Reserves as of December 31, 2022 and December 31, 2023 can be found in Table 2.33.

The Mineral Reserves have decreased in tonnage by 3% from the December 31, 2022 estimate due to mining depletion as well as an updated mine plan and economic analysis.

This change is not considered a material change .

Mineral Reserves Comparison

(tonnes in millions) December 31, 2023 December 31, 2022 Percent Difference

Category Tonnes Grade (%P 2 O 5 ap)

Tonnes Grade (%P 2 O 5 ap)

Proven 131.7 9.1 182.7 9.4

Probable 311.9 8.9 274.6 9.1

Proven+Probable 443.6 9.0 457.3 9.2 -3 %

REGULATION S-K 1300 INTERNAL CONTROLS DISCLOSURE

5 unchanged sentences

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

What changed 10-K

Item 2. Properties