ATTRIBUTES OF PORTFOLIO EXPECTED PERFORMANCE PORTFOLIO REFERENCE INTRODUCTION OUR BUSINESS OVERVIEW AND OUTLOOK DETAILS MATERIALS IRON ORE RESOURCES (EXCLUSIVE OF RESERVES) | (M) + (I) | Inferred | Metallurgical | | Tonnes | Grade | Tonnes | Grade | Recovery | | Property | Category | (Mt) | (% Fe) | (Mt) | (% Fe) | (%) | | Vale Northern | | System(145) | Producing | | Serra Norte | 1,293 | 66.40 | 425 | 66.40 | 97 % | | Serra Sul | 897 | 65.60 | 116 | 64.60 | 100 % | | Serra Leste | 464 | 53.80 | 54 | 48.50 | 100 % | | Serra do Rabo | 509 | 66.10 | 70 | 65.60 | 100 % | Vale Southeastern | System(145) | Producing | | Marina | 5,656 | 40.50 | 2,655 | 39.60 | 90 % | | Itabira | 480 | 48.20 | 258 | 41.90 | 56 % | | Minas Centrais | 1,681 | 41.60 | 1,137 | 39.60 | 71 % | 208 Royal Gold / 2025/2026 Asset Handbook