What changed in this filing

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Item 2. Properties

2025-03-03 compared with 2024-02-22 · 133 added, 122 removed, 1473 unchanged (15% of the section changed)

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A significant amount of exploration must be completed to determine whether an inferred mineral resource may be upgraded to a higher category.

Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will be upgraded to a higher category.

Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource can be the basis of an economically viable project, or that it will be upgraded to a higher category.

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

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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 Florida Phosphates contained in this Form 10-K is derived from the 2022 S-K 1300 report for Florida Phosphates titled “Florida Phosphate Mining Technical Report Summary” effective December 31, 2022 prepared by employees of Mosaic.

Except as otherwise stated, the scientific and technical information relating to Belle Plaine is derived from the 2024 S-K 1300 report titled “Belle Plaine Potash Facility Technical Report Summary” prepared by employees of Mosaic and the scientific and technical information relating to Esterhazy in this Form 10-K is derived from the 2021 S-K 1300 report titled “Esterhazy Potash Facility Technical Report Summary” effective December 31, 2021 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.

Except as otherwise stated, the mineral resource and reserve estimates are prepared by people who are qualified persons in accordance with subpart 1300 of Regulation S-K 1300 who are employees of the Company, and who have reviewed the mineral reserve estimates and mineral resource estimates and the material assumptions underlying the estimates and determined that the estimates and material assumptions remain current as of December 31, 2024.

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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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 2024, 2023 and 2022.

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3.9 3.0 11.6 19.3 10.2 19.3 11.3 19.3

Esterhazy – MOP (i)

Esterhazy – MOP (g)

6.3 6.3 15.6 22.2 14.1 23.4 13.7 24.5

Colonsay – MOP (g)

Colonsay – MOP (h)

2.6 1.5 1.8 26.5 1.8 25.6 2.6 26.4

Total Canada 12.8 10.8 29.0 21.3 26.1 21.9 27.6 22.5

Carlsbad – K-Mag ®(h)

Carlsbad – K-Mag ®(i)

0.9 0.7 2.3 6.6 2.3 6.7 3.0 6.2

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The calculation is based on actual KCl tonnes mined for January 1, 2024 through December 31, 2024.

(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.

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

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

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

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

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

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

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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.

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

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

Department of Interior Bureau of Land Management (“ 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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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 two mining permits and two exploration permits within the Patrocínio area (3,480 hectares).

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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 nine mining permits within the Cajati area (5,078 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.

As of December 31, 2023, all environmental licenses were still valid or were being renewed pursuant to applications filed with the Brazilian Environmental Agency.

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

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

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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.

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

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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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A Life of Mine (“ LOM ”) commodity price of US$143/tonne of phosphate rock was used for 2025 to 2037 to assess prospects for economic extraction but is not used for cut-off purposes.

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

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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.

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

Patrocínio BEB-OXI Cut-off grade:

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(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.

A revenue factor of 1.0 with a constant sales price of R$1,918.75 per tonne of phosphate concentrate (2023 LOM price evaluation) was used to develop mineral resource pit shell.

A revenue factor of 1.0 with a constant sales price of R$1,918.75 per tonne of phosphate concentrate was used to develop mineral resource pit shell.

(i) Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.9 ≤ RCP ≤ 3.0 was applied to mineral resources.

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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.

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.

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

A KCl commodity price of US $314/tonne was used for 2025 to 2084 to assess prospects for economic extraction for the mineral resources but is not used for cut-off purposes.

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A US $300/tonne price was used for 2025 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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(n) Cut-off grade of > 20% KCl, a minimum sylvinite thickness of 1.8 m, and a minimum sylvinite percentage per block of 50% was applied for mineral resources.

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Table 2.7 shows the Mineral Reserve tonnage and grade for all properties as of December 31, 2024.

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

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

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

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

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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, 2023-$334/tonne, 2024-$200/tonne, 2025-$222/tonne, 2026-$292/tonne, 2027-$320/tonne and for the LOM $331/tonne.

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

2025-$211/tonne, 2026-$263/tonne, 2027-$281/tonne, 2028-$256/tonne, 2029-$261/tonne and for the LOM $319/tonne.

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.

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A US$232/tonne price was used to assess economic viability for the mineral resources but was not used for cut-off purposes.

(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.

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

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

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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 for the remaining LOM.

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

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

FLORIDA PHOSPHATES

FLORIDA PHOSPHATE

Our three phosphate production stage mining facilities (South Fort Meade, Four Corners and Wingate) and three exploration properties (DeSoto, Pioneer and South Pasture) in Florida consist of over 210,000 acres of property in central Florida (Table 2.8 and Figure 2.3).

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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 27.439391 N, 81.940020 W.

South Pasture Property The property is situated along a 10 mile stretch of State Road 64 and a seven mile stretch along Country Road 663.

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

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

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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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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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2004 Cargill Crop Nutrition acquired and reopened the Wingate Facility.

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

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

2005 Wingate is shutdown.

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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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There are five phosphate districts recognized in Florida identified as Northern, Northeast, Hardrock, Southeast and Central.

The phosphates of Florida occur in sedimentary rocks and are of secondary origin, having been redeposited either by mechanical or chemical action.

The phosphate of Florida occur in sedimentary rocks and are of secondary origin, having been redeposited either by mechanical or chemical action.

During deposition, most of the carbonate platform was drowned, and deposition was widespread.

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The phosphate bearing units are within the Bone Valley Member of the Peace River Formation and the Undifferentiated Member of the Peace River Formation within the South Florida Extension region of the Central District.

The deposit characteristics transition from north east to the south west.

The major phosphate bearing units in the north east consist of a productive Bone Valley Member with limited production in the Undifferentiated Member.

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 deposit characteristics transition from northeast to the southwest.

The major phosphate bearing units in the northeast consist of a productive Bone Valley Member with limited production in the Undifferentiated Member.

The phosphate bearing units in the southwest 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 (1.5 to 15.2 m) thick, white to brown poorly graded quartz sand with varying abundance of reworked phosphate grains as waste overburden.

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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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Commodity Price $103/tonne of phosphate rock for 2022 mineral resources and $143/tonne for mineral reserves.

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Mineral Resource Estimates

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

Mineral resources are reported exclusive of mineral reserves.

(b) Mineral resources are reported as mineralization (matrix) tonnage, grade and impurities after beneficiation.

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(f) A LOM commodity price of $143 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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83 to 100%, Concentrate:

68.1 to 74.8%

Proven + Probable 100 27.4 Pebble:

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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 $118 per tonne of phosphate rock was used to assess the economic viability of the mineral reserves in the LOM.

(e) A commodity price of $143 per tonne of phosphate rock was used to assess the economic viability of the mineral reserves in the LOM (2024 price estimate).

Mineral Resources and Mineral Reserves Comparison

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 mineral resource estimated tonnage and grades did not change from 2023 to 2024.

As of December 31, 2024, we had mineral reserves of 100 million tonnes compared to 112 million in the prior year, resulting in a decrease of 13% for proven reserves and a decrease of 9% for probable reserves.

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

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

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The net book value for Belle Plaine is $0.9 billion as of December 31, 2024.

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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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18/24 97/100 307

18/24 97/100 624

Total 3-83/100 1,882

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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

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

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

The current Tailings Management Area (“ TMA ”) footprint is designed to support the volume and deposition rates indicated in the 2024 LOM plan.

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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.

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 U.S.

gallons per minute.

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

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

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.

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 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 (28 km) west of the Belle Plaine Potash Facility.

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

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

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

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Mining Method

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

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

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History and Exploration

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

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Date Event/Activity

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This survey program utilized 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.

2004 The Mosaic Company formed from a combination of IMC Global and Cargill’s Crop Nutrition business.

2005 The 2005 Belle Plaine Facility 3D seismic survey was completed.

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

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

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

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

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

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

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

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

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

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

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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.

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

(g) Tonnages are in U.S.

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.

(i) 2024 LOM price evaluation.

Mineral Reserve Estimates

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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.

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

(e) Tonnages are in U.S.

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.

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

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

Mineral Resources and Mineral Reserves Comparison

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

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

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

Our probably reserves did not change.

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 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.

The K2 coordinates are latitude 50.6574 N and longitude -101.8422 W and the K3 coordinates are latitude 50.64623 N and longitude -101.99346 W.

The geographic coordinates for K1 are latitude 50.726463 N and longitude -101.933506 W, the K2 coordinates are latitude 50.6574 N and longitude -101.8422 W and the K3 coordinates are latitude 50.64623 N and longitude -101.99346 W.

Mosaic, through Mosaic Potash Esterhazy Limited Partnership, a wholly-owned indirect subsidiary of Mosaic, leases 197,920 acres of mineral rights from the Crown under Subsurface Mineral Leases KL 105, KL 126, and KLSA 003.

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The net book value for Esterhazy is $3.2 billion as of December 31, 2024.

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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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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 Town of Esterhazy maintains a paved 3,000 feet (914 m) long airstrip, located eight 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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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.

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

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

The 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.

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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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1991 to 1998 Seismic surveys in the Gerald, Gerald West and Cutarm areas.

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

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

1999 Company renamed to IMC Potash.

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2D and 3D (K1 and K2).

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.

2004 Mosaic formed from Combination of IMC Global and Cargill Crop Nutrition.

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

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K2 TMA expansion completed.

Exploration drilling of 10 holes including two shaft pilot holes completed as part of the K3 expansion project.

Exploration drilling of ten holes including two shaft pilot holes completed as part of the K3 expansion project.

2010 Completion of the crushing expansion at K1.

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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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2018 The K3 to K2 overland conveyor construction was completed.

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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.

2020 Completion of the K3 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 was completed in December.

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2021 The sixth K3 four-rotor miner started cutting in January and the seventh four rotor-miner started cutting in May.

The K1 and K2 mines were closed 8 months ahead of schedule in response to brine inflow conditions.

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

2022 K1 and K2 shaft decommissioning completed.

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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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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.

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.

The mineralization is assumed to be

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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.

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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, 2023 Based on a LOM Plan KCl Price of $219 per tonne (a)(b)(c)(d)(e)(g)(h)(i)(j)

Mineral Resources at the End of the Fiscal Year Ended December 31, 2024 Based on a LOM Plan KCl Price of $219 per tonne (a)(b)(c)(d)(e)(g)(h)(i)(j)(k)

(tonnes in millions)

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___________________________

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

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

(b) Mineral resources have an effective date of December 31, 2024.

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(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.

(e) 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.

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

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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.

(g) Tonnages are in U.S.

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.

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It is considered an impurity.

(k) 2024 LOM price evaluation.

Mineral Reserve Estimates

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

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

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

Mineral Reserves at the End of the Fiscal Year Ended December 31, 2023 Based on a LOM Plan KCl Price of $320 per tonne (a)(b)(d)(e)

Mineral Reserves at the End of the Fiscal Year Ended December 31, 2024 Based on a LOM Plan KCl Price of $308 per tonne (a)(b)(d)(e)(f)(g)(h)

(tonnes in millions)

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Mineral Resources and Mineral Reserves Comparison

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

Proven reserves increase by 3% while probable reserves decreased 7%.

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

At December 31, 2024, we had mineral reserves of 500 million tonnes compared to 515 million tonnes in the prior year, resulting in a decrease of 2.9%.

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

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

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Tapira is located in a highly developed region known as Alto Parnaíba.

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, 22 miles (35 km) from the well-developed city of Araxá and within 16 miles (25 km) of two other mining operations.

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

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

The supply of electricity occurs via a 13.8 kiloVolt (“ kV ”) transmission line that is operated by CEMIG and Vale Energia Concessionaires.

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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-inch (91 cm) pipes covering varying distances to the different dam areas.

The industrial reuse system used to recover water from the dams includes ten 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 ” ).

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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 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$1.7 billion (US$351 million with exchange rate of 1 US dollar = 4.8413 Brazilian Real) as of December 31, 2023.

The total book value for Tapira is R$1.9 billion (US$300 million with exchange rate of 1 U.S.

dollar = 6.1923 Brazilian Real) as of December 31, 2024.

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

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

(a) Additional details are described in the TRS filed as an Exhibit to our 2023 Form 10-K.

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

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where the CaO / P 2 O 5 ratio was less than 1.35, P 2 O 5 ap was equal to the CaO / 1.35 ratio.

(d) Mineral resource tonnages and grade are stated in-situ and exclusive of mineral reserves.

(d) Mineral resource tonnages and grade are stated in-situ.

Cut-off grade of P 2 O 5 ap ≥ 5.0% and 0.9 ≤ Ratio of CaO to P 2 O 5 (RCP) ≤ 3.0 was applied to mineral resources.

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Diluted ratio of CaO to P 2 O 5 (RCP) between 0.9 and 3.0;

Within one of the four mineralized domains characterized by lithology and alteration

The four mineralized domains characterized by lithology and alteration.

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

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

The mass recovery of coarse concentrate is predicted based on a mass recovery regression equation as a function of the ROM Fe 2 O 3 , CaO and P 2 O 5 chemical compositions.

The test database was subdivided into metallurgical recovery domains treating isalterite and semi-weathered horizons separately.

For each metallurgical recovery domain, a linear regression was developed, capable of predicting mass recovery based on the P 2 O 5 grade of the ROM ore.

The metallurgical recovery is calculated from the mass recovery, the concentrate % P 2 O 5 , and the ROM % P 2 O 5 according to the following equation:

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Annual total cost of rock production varied from R$291 per concentrate tonne to R$425 per concentrate tonne, with an average total cost of production for a tonne of phosphate rock concentrate at R$370.

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

For the purpose of reporting 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.

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___________________________

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

(a) Additional details are described in the TRS filed as an Exhibit to our 2023 Form 10-K.

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

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The comparison of the Mineral Resources as of December 31, 2023 and December 31, 2024 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.

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

Mineral Resources Comparison

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The comparison of the Mineral Reserves as of December 31, 2023 and December 31, 2024 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.

The Mineral Reserves have decreased in tonnage by 3% from the December 31, 2023 estimate due to mining depletion.

This change is not considered a material change .

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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