GLENCORE Resources and Reserves Report 2023

Resources & Reserves
as at 31 December 2023
Contents
Page number
About this report 3
Definitions 5
Metals and Minerals:
Copper 6
Zinc 13
Nickel 22
Ferroalloys 24
Aluminium/Alumina 28
Energy products
Coal 29
Oil 37
Volcan - Asset held for sale 38
Competent Persons 41
2
About this report
We report our resources and reserves in accordance with the 2012 edition of the Copper
Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore The Copper Mineral Resources and Ore Reserves Statement at 31 December 2023
Reserves (JORC Code), the 2016 edition of the South African Code for Reporting of has been compiled in accordance with the JORC Code.
Mineral Resources and Mineral Reserves (SAMREC), the Canadian Institute of Mining, The Mineral Resources and Ore Reserves statements have been reviewed and the
Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves (2014 relevant data extracted and compiled by Mark Jamieson, Glencore Copper (AusIMM).
edition) and the Petroleum Resources Management System (PRMS) for reporting oil
and natural gas Reserves and Resources. Zinc
The term ‘Ore Reserves’, as defined in Clause 28 of the JORC Code, has the same The Zinc Mineral Resource and Ore Reserve Statement at 31 December 2023 has
meaning as ‘Mineral Reserves’ as defined in the CIM Definition Standards for Mineral been compiled in accordance with the JORC Code.
Resources and Mineral Reserves. The Mineral Resource and Ore Reserve statements have been reviewed and the
relevant data extracted and compiled by Jody Todd, Glencore Zinc (AusIMM).
Overview Nickel
The resource and reserve data in the following tables are as at 31 December 2023, The Canadian and New Caledonian Mineral Resource and Reserve estimates are
unless otherwise noted. For comparison purposes, data for 2022 has been included. prepared in accordance with the CIM Definition Standards on Mineral Resources and
Metric units are used throughout. Mineral Reserves, adopted by CIM Council on 10 May 2014, and the CIM Estimation of
Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM
All data is presented on a 100% asset basis, with the Glencore attributable percentage
Council on 29 November 2019, and have been compiled using geo-statistical and/or
shown against each asset, with the exception of Oil assets which are shown on a
classical methods, plus economic and mining parameters appropriate to each project.
working interest basis.
The Mineral Resource and Ore Reserve estimates at Murrin in Australia have been
All tonnage information has been rounded to reflect the relative uncertainty in the
prepared in accordance with the JORC Code.
estimates; there may therefore be small differences in the totals.
The Mineral Resource and Ore Reserve statements at 31 December 2023 have been
The Measured and Indicated resources are reported inclusive of those resources
reviewed and the relevant data extracted and compiled by Steve Kormos (PGO),
modified to produce reserves, unless otherwise noted.
Glencore Nickel.
Commodity prices and exchange rates used to establish the economic viability of Ferroalloys
reserves are based on long-term forecasts applied at the time the reserve was
estimated. South African chromite, vanadium and manganese Mineral Resources and Ore
Reserves in this report were prepared in accordance with the JORC Code.
Where resources and reserves have not been updated, on the basis that the
information has not materially changed since it was reported under JORC 2004, this The Chromite, Vanadium and Manganese Mineral Resource and Ore Reserve
information has not been updated to comply with the JORC Code 2012. Reference is Statement at 31 December 2023 is based on the Glencore Ferroalloys “Procedure for
given in the report where this is the case. the Estimation of Mineral Resources and Ore Reserves”. Definitions of all the terms
used in this report can be found in the relevant code.
Competent/Qualified Persons
The Mineral Resource and Ore Reserve statements have been reviewed and the
Resource and reserve estimates are based on information compiled by Competent relevant data extracted and compiled by Sulayman Yousuf Vaid, Glencore Ferroalloys
Persons (as defined by the JORC, SAMREC Codes), Qualified Persons (as defined by
(SAGC).
CIM Definition Standards for Mineral Resources and Mineral Reserves) and Adequately
Qualified Persons (as defined by PRMS).
Each of the Competent/Qualified Persons has the appropriate professional membership
and the relevant experience in relation to the resources and/or reserves being reported
by them to qualify as a Competent or Qualified Person as defined in the relevant code
or standard. Each has consented to the inclusion of their resource and reserve
estimates in the form and context in which it appears in this report.
3
About this report
Coal Iron ore Mineral Resources and Ore Reserves have not been re-estimated since 2015
(refer earlier Glencore reports). Glencore is no longer an active participant in the
Australian, Canadian and Colombian Coal Resources and Reserves have been previously-disclosed Zanaga project. The remaining iron ore projects are not financially
prepared in accordance with the JORC Code. material to the Group and are, therefore, not reproduced in this report.
South African Coal Resources and Reserves have been prepared in accordance with Rounding convention
the 2016 edition of the South African Code for Reporting of Mineral Resources and
Mineral Reserves (SAMREC). All tonnage information (including comparatives) has been rounded to reflect the relative
uncertainty in the estimates; there may therefore be small differences in the totals.
The Coal Resource and Reserve Statements as at 31 December 2023 conform to the
requirements of these Codes and are consistent with Glencore Coal’s internal Coal Values expressed in the text have not been rounded and therefore do not correlate
Resource and Reserve Estimation and Reporting Standard. directly with the tables. These refer to run-of-mine figures unless otherwise stated.
Coal resources have been estimated for all coal seams that have reasonable prospects Individual tonnage assessments are added to show Group or Complex tonnages and
for eventual economic extraction by open cut or underground mining methods within geographical accumulations. These are not subjected to further rounding.
mining leases or exploration licences. In general, Coal Resources are reported within a
geoshell limited by the areal and depth extent of the drill holes; i.e. there is very little
Metals
inclusion of Coal Resources extrapolated beyond the extent of the geological data.
Classification Tonnage range Rounding
Coal Resources are excluded from those areas where the seam has been extracted or
sterilised by mining. Measured + Indicated <0.1Mt 1 significant figure
The Coal Resource and Reserve Competent Person statements have been reviewed Resources 0.1-50Mt Nearest 0.1Mt
and the relevant data extracted and compiled by Matthew White, Glencore Coal. Proved + Probable 50-1,000Mt Nearest 1Mt
Reserves >1,000Mt 3 significant figures
Oil <0.1Mt Not reported
Oil and natural gas Resources and Reserves have been prepared in accordance with Inferred 0.1-50Mt Nearest 1Mt
the PRMS jointly published by the Society of Petroleum Engineers, the World 50-100Mt Nearest 5Mt
Petroleum Council, the American Association of Petroleum Geologists and the Society >100Mt 2 significant figures
of Petroleum Evaluation Engineers, as amended.
Grades % 2 decimal places
The Oil Reserves statement has been reviewed and the relevant data extracted and g/t 2 significant figures
compiled by McDaniel & Associates.
The Oil Resources statements for Equatorial Guinea and Cameroon have been
Coal
reviewed and the relevant data extracted and compiled by Glencore.
Classification Tonnage range Rounding
Measured + Indicated <10 Mt 1 significant figure
Relevant portfolio changes Resources 10Mt - 30Mt 2 significant figures
Acquisitions 30Mt - 100Mt Nearest 5 Mt
Sep.23 MARA (remaining 56.25% interest) Proved + Probable >100Mt 2 significant figures
Nov.23 New Range Copper (new 50:50 JV reflecting existing Polymet project and Reserves >1,000Mt Nearest 50Mt
Mesaba project) <100Mt Nearest 10Mt
Dec.23 MRN (45% in Mineracão Rio do Norte S.A) Inferred 100Mt - 400Mt Nearest 50Mt
>400Mt Nearest 100Mt
Disposals
Jun.23 Cobar
Disposed and depleted operations are no longer presented in this report (including
comparatives).
4
Definitions
Throughout this report, the following abbreviations and definitions have been used:
Technical and industry terms:
3PGE Three Platinum Group Elements (Pt, Pd and Rh) NSR Net Smelter Return
CV (kcal/kg) Calorific Value, kilocalories per kilogramme OC Open cast or Open cut
DTC Davis Tube Concentrate OR Ore reserves
EL Exploration licence QQ Quantile quantile plot, a geostatistical method to assess modelled data against actual
Geoshell A broad envelope limited by the depth and areal extent of geological data
data points (primarily drill holes) ROM Run of mine
kt Thousand tonnes SX/EW Solvent extraction and electrowinning
LOM Life of mine UG Underground
LOX Limit of oxidation UG2 Upper Group No2 chromitite layer
LOZ Lower oxidised zone VMS Volcanogenic Massive Sulphide
Mt Million tonnes
Professional bodies and applicable standards:
AIG Australian Institute of Geoscientists OGQ Ordre des Géologues du Québec

AusIMM Australasian Institute of Mining and Metallurgy OIQ Ordre des Ingénieurs du Québec
CCCRRM Chilean Mining Commission or Comisión Minera PEO Professional Engineers Ontario
CIM Canadian Institute of Mining, Metallurgy and Petroleum PGO Professional Geoscientists Ontario
ECSA Engineering Council of South Africa SAGC (formerly PLATO) South African Council for Professional and Technical Surveyors
EFG European Federation of Geologists SAIMM The Southern African Institute of Mining and Metallurgy
EGBC Association of Professional Engineers and Geoscientists of British Columbia SME Society for Mining, Metallurgy & Exploration
GSL Geological Society of London PRMS Petroleum Resources Management System
GSSA Geological Society of South Africa SACNASP The South African Council for Natural Scientific Professions
JORC Joint Ore Reserves Committee SAMREC South African Code for Reporting of Mineral Resources and Mineral Reserves
Marketable Coal Reserves (CIM/JORC) and Saleable Coal Reserves (SAMREC) are the tonnage and coal quality expected to be available for sale, either in the raw ROM state at specific moisture content or after beneficiation.
Definitions of many of the terms used in this report can be found in the relevant codes.
5
Copper
African Copper (Katanga, Mutanda)
Measured Mineral Indicated Mineral Measured and Inferred Mineral Proved Ore Probable Ore
Attributable Mining Resources Resources Indicated Resources Resources Reserves Reserves Total Ore Reserves
Name of operation interest method Commodity 2023 2022 2023 2022 2023 2022 2023 2022 CP 2023 2022 2023 2022 2023 2022 CP
Katanga
Opencut operations 75% OC Ore (Mt) - - 126 131 126 131 - 39 JE - - 102 85 102 85 JMG
Copper (%) - - 4.39 5.40 4.39 5.40 - 1.51 - - 4.29 4.30 4.29 4.30
Cobalt (%) - - 0.57 0.51 0.57 0.51 - 0.38 - - 0.47 0.50 0.47 0.50
Undergound operations 75% UG Ore (Mt) - - 131 82 131 82 28 21 JE - - 4.2 6.1 4.2 6.1 SH
Copper (%) - - 4.19 4.84 4.19 4.84 3.62 1.66 - - 2.92 2.94 2.92 2.94
Cobalt (%) - - 0.67 0.65 0.67 0.65 0.64 0.54 - - 0.47 0.45 0.47 0.45
Tilwezembe 75% OC Ore (Mt) - - - 9.5 - 9.5 - 14 JE - - - - - -
Copper (%) - - - 1.89 - 1.89 - 1.81 - - - - - -
Cobalt (%) - - - 0.60 - 0.60 - 0.60 - - - - - -
Stockpiles 75% OC Ore (Mt) - - 21.5 22.3 21.5 22.3 - - JE - - 21.5 22.3 21.5 22.3 JMG
Copper (%) - - 1.01 1.14 1.01 1.14 - - - - 1.01 1.14 1.01 1.14
Cobalt (%) - - 0.44 0.41 0.44 0.41 - - - - 0.44 0.41 0.44 0.41
Total Katanga 75% Ore (Mt) - - 279 245 279 245 28 74 - - 128 113 128 113
Copper (%) - - 4.04 4.69 4.04 4.69 3.62 1.61 - - 3.69 3.61 3.69 3.61
Cobalt (%) - - 0.61 0.55 0.61 0.55 0.64 0.47 - - 0.46 0.48 0.46 0.48
Katanga
The Kamoto Copper Company (KCC) is located 10km east of Kolwezi, in the Lualaba province of the Democratic The Ore Reserve is constrained by reserve pit design or mine designs for underground.
Republic of Congo.
Changes to the Ore Reserve are due to resource model update, economic assumptions, and depletions.
The KCC deposits are typical African Copperbelt metasedimentary deposit with copper and cobalt produced as
saleable product. KCC mineral rights and permits expire in April 2024 and the renewal process is in progress.
Ore is mined by open cut and underground mining methods then treated onsite by concentration, whole of ore The expected mine life for KCC is 17 years.
leaching and solvent extraction and electrowinning (SXEW) to produce copper cathode and cobalt concentrate.
The Mineral Resource is reported within an economic pit shell for open pit mining or economic shells for
underground.
Changes to the Mineral Resource estimate are due to the inclusion of an additional 112km of drilling, changes in
geological interpretation, economic assumptions and depletions.
The Tilwezembe Mineral Resource is no longer reported as the mining licence is due to expire in April 2024 and
Glencore is not renewing the lease application.
6
Copper
African Copper (Katanga, Mutanda)
Mutanda
Opencut operations 95% OC Ore (Mt) 152 309 58 87 210 396 12 17 PO - 9.0 77 93 77 102 JP
Copper (%) 2.08 1.38 1.59 0.95 1.95 1.28 1.89 0.72 - 3.57 2.07 1.45 2.07 1.64
Cobalt (%) 0.65 0.57 0.78 0.44 0.68 0.54 0.71 0.53 - 1.35 0.74 0.73 0.74 0.78
Underground 95% UG Ore (Mt) 7.6 28.8 11.6 9.1 19.2 37.9 8 - PO - - - - - - JP
operations Copper (%) 3.07 1.86 2.96 1.14 3.00 1.69 3.38 - - - - - - -
Cobalt (%) 1.01 0.51 0.94 0.49 0.97 0.51 0.79 - - - - - - -
Stockpiles Ore (Mt) 20.1 31.2 - - 20.1 31.2 - - PO - 0.04 20.0 31.2 20.0 31.2 JP
Copper (%) 1.16 1.12 - - 1.16 1.12 - - - 1.15 1.16 1.12 1.16 1.12
Cobalt (%) 0.49 0.41 - - 0.49 0.41 - - - 1.14 0.49 0.41 0.49 0.41
Total Mutanda Ore (Mt) 180 369 70 96 249 465 20 17 - 9.0 97 124 97 133
Copper (%) 2.02 1.40 1.82 0.97 1.97 1.30 2.49 0.72 - 3.56 1.88 1.37 1.88 1.52
Cobalt (%) 0.65 0.55 0.81 0.44 0.69 0.53 0.74 0.53 - 1.35 0.69 0.65 0.69 0.69
Mutanda The open pit Ore Reserve is constrained by a reserve pit design.
Mutanda is located 40km to the east of the town of Kolwezi in the Democratic Republic of Congo.
Changes to the Ore Reserve estimate are predominantly due to a new geological model and economic
Mutunda is a typical African Copperbelt metasedimentary deposit with copper and cobalt produced as saleable assumptions which have resulted in a smaller pit design and higher cut-off values.
product.
The relevant mining permits ("permis d'exploitation") PE662 and PE643 were renewed in December 2022 and are
Ore is mined by conventional open pit mining methods then oxide ore is treated using tank leaching with SXEW and valid for 15 years to May 2037.
Co precipitation to produce copper cathode and cobalt hydroxide for export.
The remaining mine life is estimated to be approximately 20 years (assuming approval and investment in sulphide
Mineral Resources for Mutanda include open pit, underground and stockpiles. The open pit Mineral Resource is ore processing).
constrained by an economic pit shell. Underground Mineral Resources were assessed outside of the open pit shell
and within practicable mineable volumes.
Changes to the Mineral Resource estimate are predominantly due to a new geological model and economic
assumptions.
7
Copper
Collahuasi
Collahuasi 44% OC Sulphide (Mt) 973 848 4,250 4,300 5,220 5,150 5,000 4,800 RO 654 446 3,100 3,350 3,760 3,800 RZ
Copper (%) 0.81 0.78 0.81 0.81 0.81 0.81 0.72 0.73 0.93 1.03 0.79 0.78 0.82 0.81
Molybdenum (%) 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Stockpiles Sulphide (Mt) - - 350 375 350 375 - - RO - - 362 361 362 361 RZ
Copper (%) - - 0.56 0.58 0.56 0.58 - - - - 0.57 0.57 0.57 0.57
Molybdenum (%) - - 0.01 0.01 0.01 0.01 - - - - 0.01 0.01 0.01 0.01
Total Collahuasi (Mt) 973 848 4,600 4,675 5,570 5,525 5,000 4,800 654 446 3,462 3,711 4,122 4,161
Copper (%) 0.81 0.78 0.79 0.79 0.79 0.79 0.72 0.73 0.93 1.03 0.77 0.76 0.80 0.79
Molybdenum (%) 0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Collahuasi
Collahuasi is located in the Tarapaca region of Chile in the Andean Cordillera.
Collahuasi comprises two large copper-molybdenum porphyry-type deposits (Rosario and Ujina) with several
peripheral vein deposits (Rosario Oeste and Rosario Sur). The Rosario deposit is the focus of current open cut
mining operations.
The main final saleable products produced are copper concentrate and cathodes.
The Mineral Resource is constrained by an economic pit shell.
Changes to the Mineral Resource estimate are predominantly due to mining depletion and a new geological
model.
The open pit Ore Reserve is constrained by a reserve pit design.
Changes to the Ore Reserve estimate are predominantly due to mining depletion, assumptions and a new
geological model.
The mineral rights and permits for Collahuasi are valid and there are no known land tenure issues.
The expected mine life for Collahuasi is 76 years (2024 – 2099).
8
Copper
Antamina
Antamina 33.75% OC Sulphide Cu (Mt) 293 203 342 394 635 597 540 600 LC 110 115 49 74 159 189 FA
Copper (%) 0.80 0.82 0.83 0.83 0.82 0.82 0.87 0.85 0.89 0.90 1.02 0.98 0.93 0.93
Zinc (%) 0.12 0.14 0.14 0.14 0.13 0.14 0.14 0.14 0.13 0.15 0.18 0.17 0.15 0.16
Silver (g/t) 8 7 9 9 8 8 8 8 7 7 10 8 8 8
Molybdenum (%) 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.04 0.04 0.03 0.03 0.03 0.04
Sulphide Cu-Zn (Mt) 74 79 191 213 265 292 220 230 LC 29 41 38 53 67 94 FA
Copper (%) 0.87 0.82 1.00 0.99 0.96 0.94 1.06 1.08 0.98 0.90 0.95 0.99 0.96 0.95
Zinc (%) 1.61 1.70 1.82 1.78 1.76 1.76 1.52 1.50 1.79 1.89 1.93 1.94 1.87 1.92
Silver (g/t) 19 17 18 18 18 17 16 16 17 13 17 15 17 14
Molybdenum (%) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
UG Sulphide Cu (Mt) - - - - - - 270 250 LC - - - - - -
Copper (%) - - - - - - 1.28 1.28 - - - - - -
Zinc (%) - - - - - - 0.21 0.22 - - - - - -
Silver (g/t) - - - - - - 11 12 - - - - - -
Molybdenum (%) - - - - - - 0.02 0.02 - - - - - -
Sulphide Cu-Zn (Mt) - - - - - - 170 170 LC - - - - - -
Copper (%) - - - - - - 1.12 1.14 - - - - - -
Zinc (%) - - - - - - 1.33 1.41 - - - - - -
Silver (g/t) - - - - - - 15 16 - - - - - -
Molybdenum (%) - - - - - - 0.01 0.01 - - - - - -
Total Antamina (Mt) 367 282 533 607 900 889 1,200 1,250 139 156 87 127 226 283
Copper (%) 0.81 0.82 0.89 0.89 0.86 0.86 1.03 1.02 0.91 0.90 0.99 0.98 0.94 0.94
Zinc (%) 0.42 0.58 0.74 0.72 0.61 0.67 0.58 0.58 0.48 0.61 0.94 0.91 0.66 0.74
Silver (g/t) 10 10 12 12 11 11 11 11 9.1 8.6 13 11 11 10
Molybdenum (%) 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.02 0.02 0.02 0.03
Antamina
The Antamina Mine is located in the Andes Mountains of Peru approximately 285km north of Lima in the The open pit Ore Reserves is constrained by a reserve pit design.
Department of Ancash.
The main change to the Ore Reserve is mining depletion.
The deposit is a polymetallic skarn orebody with copper, zinc, silver and molybdenum produced as saleable product.
The mineral rights and permits for Antamina are valid and there are no known land tenure issues.
Ore is mined by conventional truck-and-shovel open-pit methods, with the ore being processed by grinding and
flotation. Antamina's current mine life extends for 5 years until 2028, constrained by the capacity of the tailings dam. The
advancement of an environmental permit for an expansion is underway, aiming to extend the mine life and allow
In addition to Mineral Resources associated with the operating open pit mine, Mineral Resources have been for an increase in Ore Reserves until 2036.
reported associated with a conceptual underground mine.
Changes to the Mineral Resource estimate for Antamina are the result of routine updates to the block model to
incorporate new data, and mining depletion.
9
Copper
South America (Lomas Bayas, Antapaccay, El Pachon, MARA, West Wall)
Lomas Bayas 100%
Lomas Bayas I OC Oxides (Mt) 97 97 422 416 519 513 85 85 MS 59 61 63 57 122 118 JS
Copper (%) 0.32 0.33 0.24 0.24 0.25 0.26 0.23 0.22 0.34 0.35 0.26 0.27 0.30 0.31
Soluble Copper (%) 0.19 0.19 0.13 0.13 0.14 0.14 0.09 0.09 0.20 0.21 0.16 0.16 0.18 0.19
OC Mixed Sulphides (Mt) 44 44 115 123 159 167 11 14 MS - - - - - -
Copper (%) 0.44 0.43 0.31 0.30 0.35 0.33 0.24 0.23 - - - - - -
Soluble Copper (%) 0.16 0.16 0.09 0.09 0.11 0.11 0.05 0.05 - - - - - -
OC Sulphides (Mt) 30 31 509 487 539 518 630 600 MS - - - - - -
Copper (%) 0.51 0.51 0.32 0.33 0.33 0.34 0.26 0.27 - - - - - -
Soluble Copper (%) 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.01 - - - - - -
Lomas Bayas II OC Oxides (Mt) 101 117 117 126 218 243 7 5 MS 86 99 76 77 162 176 JS
Copper (%) 0.31 0.32 0.24 0.26 0.28 0.29 0.12 0.13 0.31 0.32 0.25 0.26 0.28 0.29
Soluble Copper (%) 0.21 0.22 0.16 0.17 0.19 0.19 0.07 0.08 0.21 0.22 0.16 0.17 0.19 0.20
Antapaccay 100%
Antapaccay OC Ore (Mt) 244 234 297 366 541 600 42 60 HB 227 225 232 275 459 499 GG
Copper (%) 0.39 0.42 0.35 0.35 0.37 0.38 0.25 0.25 0.40 0.43 0.37 0.37 0.38 0.39
Gold (g/t) 0.07 0.08 0.07 0.07 0.07 0.07 0.05 0.05 0.07 0.08 0.07 0.07 0.07 0.07
Silver (g/t) 1.1 1.2 1.2 1.1 1.2 1.1 0.83 0.54 1.1 1.2 1.3 1.2 1.2 1.2
Coroccohuayco OC Ore (Mt) 72 72 571 571 643 643 60 60 HB - - - - - -
Copper (%) 0.64 0.64 0.59 0.59 0.60 0.60 0.36 0.36 - - - - - -
Gold (g/t) 0.08 0.08 0.08 0.08 0.08 0.08 0.05 0.05 - - - - - -
Silver (g/t) 2.6 2.6 2.3 2.3 2.4 2.4 1.2 1.2 - - - - - -
El Pachón 100% OC Ore (Mt) 269 533 1,790 1,050 2,060 1,580 4,000 1,800 GV - - - - - -
Copper (%) 0.72 0.67 0.47 0.49 0.51 0.55 0.39 0.40 - - - - - -
Silver (g/t) 2.4 2.4 1.9 2.0 2.0 2.2 1.6 1.8 - - - - - -
Molybdenum (%) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 - - - - - -
MARA 100% OC Ore (Mt) - - 1,020 - 1,020 - 55 - TOS - - - - - -
Copper (%) - - 0.51 - 0.51 - 0.36 - - - - - - -
Gold (g/t) - - 0.20 - 0.20 - 0.09 - - - - - - -
Silver (g/t) - - 3.36 - 3.36 - 2.61 - - - - - - -
Molybdenum (%) - - 0.03 - 0.03 - 0.03 - - - - - - -
West Wall 50% OC Ore (Mt) - - 861 861 861 861 1,100 1,100 CZ - - - - - -
Copper Project Copper (%) - - 0.51 0.51 0.51 0.51 0.42 0.42 - - - - - -
Gold (g/t) - - 0.05 0.05 0.05 0.05 0.05 0.05 - - - - - -
Molybdenum (%) - - 0.01 0.01 0.01 0.01 0.01 0.01 - - - - - -
South America (Lomas Bayas, Antapaccay, Ore (Mt) 857 1,128 5,702 4,000 6,560 5,125 5,990 3,724 372 385 371 409 743 793
El Pachon, MARA, West Wall) Copper (%) 0.50 0.54 0.45 0.44 0.46 0.46 0.38 0.38 0.37 0.39 0.33 0.34 0.35 0.36
Gold (g/t) 0.027 0.022 0.055 0.029 0.051 0.027 0.011 0.016 0.043 0.047 0.044 0.047 0.043 0.044
Silver (g/t) 1.3 1.5 1.5 0.95 1.5 1.1 1.1 0.9 0.67 0.7 0.81 0.81 0.74 0.76
10
Copper
Lomas Bayas El Pachón

Lomas Bayas is located 115km to the northeast of the town of Antofagasta, Chile and comprises two low grade El Pachon is located 180km to the east of San Juan, Argentina, and is 100% owned by Glencore.
copper-molybdenum porphyry-type deposits. El Pachon is a copper-molybdenum porphyry deposit.
The mineralisation of Lomas Bayas I is green copper oxides and sulphates. The mineral resource is reported within an economic pit shell for open pit mining.
Lomas Bayas II lies 2km to the south of the Lomas Bayas I pit, consisting of a mineral composition similar to that of The overall tonnage of the El Pachon Mineral Resource has increased by 77%. The main change to the Mineral
Lomas Bayas I but distinguished by a greater concentration of water-soluble copper oxides. Resource is the inclusion of 65,796m drilling which has resulted in an updated geological interpretation and a new
Ore is mined at Lomas Bayas by open cut methods, then processed using heap- and dump-leach with SXEW to block model. Consequently, the Mineral Resource envelope has been extended both at depth and laterally,
produce copper cathode. particularly to the west.
The Mineral Resource estimate is constrained by an economic pit shell for open pit mining. El Pachon is currently in the Feasibility Study phase.
The open pit Ore Reserve estimate is constrained by a reserve pit design.
MARA
The changes to the Mineral Resource and Ore Reserve estimates are a result of updated commodity price The MARA Project is located 250 km north northwest from the city of Catamarca in the Catamarca Province in
assumptions and mining depletion. northwest Argentina.
The mine life based on Ore Reserves is 7 years. This is the first time that Glencore is reporting a Mineral Resource for Agua Rica deposit, part of the MARA
Project.
Antapaccay Agua Rica is a porphyry copper, gold, silver, and molybdenum deposit.
Antapaccay is located in the Yauri district of Espinar Province, southern Peru, at 4,100 metres above sea level.
The mineral resource is reported within an economic pit shell for open pit mining.
Antapaccay is a porphyry copper-gold deposit with zones of skarn-type mineralisation with copper, gold and silver
produced as saleable products. The Project is comprised of a single grouped mining concession registered with the Judge of Mines of the
Catamarca Province, file number 271/2008. In Argentina mining claims do not expire if payment of fees to the
The mining method at Antapaccay is open pit mining, with ore treated via flotation to produce copper concentrate. province are paid. The mining claims are in good standing.
Changes to the Mineral Resources and Ore Reserve estimates for Antapaccay are a result of changes to processing Development plans including timing for Agua Rica are being evaluated as part of the asset integration process.
recoveries, block model updates, updated economic assumptions and mining depletion.
Operating permits are valid until the end of the mine's useful life. West Wall
The mine life based on ore reserves is 11 years ending in 2034. The West Wall Copper Project is located in the central Chilean Andes, approximately 100km NNE of Santiago.
Coroccohuayco West Wall is a copper-molybdenum porphyry, with two distinct mineralised zones; Lagunillas, and West Wall
The Coroccohuayco project is located approximately 9km south-east of Antapaccay in the Mineralised Tintaya Norte. The mineralisation zones are part of an extensive NNE striking hydrothermal alteration zone of
district. approximately 9km by 4km.
Coroccohuayco is defined as a skarn-porphyry copper deposit. The sulphide Mineral Resource is reported within an economic pit shell and remains unchanged from 2019.
The mineral resource is reported within an economic pit shell for open pit mining.
Coroccohuayco is currently in the Pre-Feasibility Study phase.
11
Copper
North America
New Range Copper
Northmet 50% OC Ore (Mt) 280 285 344 351 624 637 390 400 RS - 157 - 106 - 264
Copper (%) 0.26 0.26 0.25 0.25 0.25 0.25 0.26 0.25 - 0.29 - 0.29 - 0.29
Nickel (%) 0.08 0.08 0.07 0.07 0.08 0.07 0.07 0.07 - 0.08 - 0.08 - 0.08
Palladium (g/t) 0.24 0.24 0.23 0.23 0.24 0.23 0.25 0.24 - 0.27 - 0.26 - 0.26
Platinum (g/t) 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 - 0.08 - 0.08 - 0.08
Gold (g/t) 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.03 - 0.04 - 0.04 - 0.04
Silver (g/t) 0.95 0.94 0.94 0.93 0.94 0.94 0.93 0.92 - 1.05 - 1.08 - 1.06
Cobalt (ppm) 72 72 68 68 70 70 56 55 - 74 - 74 - 74
Mesaba 50% OC Ore (Mt) 236 - 1,340 - 1,580 - 1,400 - RS - - - - - -
Copper (%) 0.50 - 0.43 - 0.44 - 0.38 - - - - - - -
Nickel (%) 0.11 - 0.10 - 0.10 - 0.09 - - - - - - -
Palladium (g/t) 0.11 - 0.11 - 0.11 - 0.17 - - - - - - -
Platinum (g/t) 0.04 - 0.04 - 0.04 - 0.05 - - - - - - -
Gold (g/t) 0.03 - 0.03 - 0.03 - 0.03 - - - - - - -
Silver (g/t) 0.96 - 1.34 - 1.28 - 1.21 - - - - - - -
Cobalt (ppm) 62 - 87 - 83 - 74 - - - - - - -
Bell & Granisle 100% OC Ore (Mt) - 75 378 255 378 330 85 120 TOS - - - - - -
Copper (%) - 0.38 0.36 0.38 0.36 0.38 0.29 0.38 - - - - - -
Gold (g/t) - 0.18 0.15 0.18 0.15 0.18 0.13 0.18 - - - - - -
Total North America Ore (Mt) 516 360 2,062 606 2,582 967 1,875 520 - 157 - 106 - 264
Copper (%) 0.37 0.29 0.39 0.30 0.38 0.29 0.35 0.28 - 0.29 - 0.29 - 0.29
New Range Bell/Granisle

The New Range Project is located approximately 92 km north of Duluth, west of Lake Superior in Minnesota, United The Bell & Granisle Project is located 70 km northeast of the town of Houston, British Columbia, Canada. The
States of America, with copper, nickel, palladium, platinum, cobalt, gold and silver as saleable products. Granisle and Bell pits are located 7 km and 14 km, respectively from the village of Granisle.
The NorthMet and Masaba Mineral Resources are reported within economic pit shells for open pit mining. Bell & Granisle are porphyry copper-gold deposits. Mining operations were both closed by 1992.
Changes to the NorthMet Mineral Resource estimate are the result of changes in metal price and mining The mineral resource is reported within an economic pit shell for open pit mining.
assumptions related to increased inter-ramp angles.
Changes to the Mineral Resource estimate for both Bell & Granisle are a result of model changes and economic
Changes to the Mesaba Mineral Resource estimate result from the Joint Venture NewRange Copper Nickel assumptions.
definitive agreement entered by PolyMet with Teck Resources in 2023.
The mineral rights and permits for Bell & Granisle are valid and there are no known land tenure issues.
The NorthMet Ore Reserve has been removed in 2023 due to permitting/licensing uncertainties and project
economics updates. The project is currently in care and maintenance.
The expected mine life for the NewRange Project is >30 years.
12
Zinc
Kazzinc
Maleevsky 69.7% UG Ore (Mt) 1.4 1.4 1.8 2.1 3.1 3.5 3 3 JG 0.6 0.9 1.1 1.0 1.7 1.8 BF
Zinc (%) 5.07 4.83 4.31 5.07 4.64 4.98 5.20 5.08 4.33 3.41 3.65 3.97 3.90 3.71
Lead (%) 0.94 0.77 0.87 1.00 0.90 0.91 1.50 1.42 0.79 0.51 0.62 0.70 0.68 0.61
Copper (%) 1.54 1.77 1.25 1.26 1.38 1.46 0.65 0.66 1.26 1.20 1.19 0.97 1.21 1.08
Silver (g/t) 50 53 43 46 46 49 41 41 42 35 36 34 38 35
Gold (g/t) 0.38 0.37 0.31 0.32 0.34 0.34 0.27 0.27 0.32 0.24 0.24 0.21 0.27 0.23
Ridder-Sokolny 69.7% UG Ore (Mt) 24.6 32.0 13.8 21.6 38 54 8 12 JG 6.4 10.3 6.8 6.9 13.2 17.2 BF
Zinc (%) 0.27 0.30 0.24 0.23 0.26 0.27 0.20 0.21 0.24 0.25 0.20 0.17 0.22 0.22
Lead (%) 0.14 0.15 0.14 0.12 0.14 0.14 0.11 0.09 0.12 0.11 0.10 0.08 0.11 0.10
Copper (%) 0.63 0.65 0.59 0.60 0.62 0.63 0.60 0.57 0.47 0.45 0.48 0.48 0.47 0.46
Silver (g/t) 7.0 8.0 9.0 8.0 7.7 8.0 19 7.0 4.0 5.0 6.0 6.0 5.0 5.0
Gold (g/t) 1.9 1.9 1.8 1.6 1.9 1.8 1.6 1.6 1.8 2.0 1.9 1.8 1.9 2.0
Tishinsky 69.7% UG Ore (Mt) 1.1 2.0 0.9 1.4 2.0 3.4 1 1 JS 0.1 0.3 0.2 0.4 0.3 0.7 BF
Zinc (%) 7.69 5.34 8.22 6.09 7.92 5.66 9.52 6.21 12.40 6.86 10.89 8.39 11.31 7.66
Lead (%) 1.38 0.81 1.75 1.29 1.54 1.01 1.89 1.13 2.99 1.35 1.82 1.76 2.14 1.56
Copper (%) 0.82 0.67 0.66 0.48 0.75 0.59 0.97 0.65 1.00 0.73 0.98 0.75 0.98 0.74
Silver (g/t) 15 10 13 9.0 14 9.6 20 10 22 12 18 15 19 14
Gold (g/t) 1.1 0.76 0.87 0.45 1.0 0.63 1.7 0.61 1.3 0.86 1.6 0.98 1.5 0.9
Staroye Tailings 69.7% Ore (Mt) - - 2.4 2.4 2.4 2.4 1 1 AL - - - - - -
Dam Silver (g/t) - - 11 11 11 11 10 10 - - - - - -
Gold (g/t) - - 1.0 1.0 1.0 1.0 0.8 0.8 - - - - - -
Chashinskoye 69.7% OC Ore (Mt) - - 58 58 58 58 30 30 AL - - - - - -
Tailings Dam Silver (g/t) - - 5.0 5.0 5.0 5.0 5.0 5.0 - - - - - -
Gold (g/t) - - 0.70 0.70 0.70 0.70 0.50 0.50 - - - - - -
Shaimerden 69.7% OC Ore (Mt) - - 0.7 0.9 0.7 0.9 - - AL - - 0.4 0.9 0.4 0.9 AAA
Stockpiles Zinc (%) - - 17.24 24.40 17.24 24.40 - - - - 20.50 24.40 20.50 24.40
Dolinnoe 69.7% UG Ore (Mt) 3.1 5.2 3.6 2.3 6.7 7.6 5 7 JG 1.3 3.1 0.9 0.6 2.2 3.7 BF
Zinc (%) 1.15 1.06 0.77 0.82 0.95 0.99 0.75 0.61 1.03 0.98 0.76 0.89 0.92 0.96
Lead (%) 0.61 0.56 0.40 0.41 0.50 0.52 0.40 0.33 0.54 0.51 0.41 0.44 0.48 0.50
Copper (%) 0.15 0.13 0.10 0.11 0.12 0.13 0.10 0.09 0.13 0.12 0.10 0.11 0.12 0.12
Silver (g/t) 55 45 23 38 38 43 20 10 53 48 45 52 50 49
Gold (g/t) 2.7 2.7 2.1 1.9 2.4 2.4 2.1 1.8 2.4 2.5 2.1 1.8 2.3 2.4
Obruchevsky 69.7% UG Ore (Mt) - - 2.7 2.7 2.7 2.7 3 3 AH - - - - - -
Zinc (%) - - 9.89 9.77 9.89 9.77 5.63 5.47 - - - - - -
Lead (%) - - 4.05 3.99 4.05 3.99 2.03 1.97 - - - - - -
Copper (%) - - 0.94 0.93 0.94 0.93 0.94 0.92 - - - - - -
Silver (g/t) - - 40 40 40 40 26 25 - - - - - -
Gold (g/t) - - 0.81 0.80 0.81 0.80 0.42 0.42 - - - - - -
13
Zinc
Kazzinc (continued)
Zhairem 69.7% OC Ore (Mt) 2.2 5.7 1.2 1.5 3.4 7.2 - - JG 2.3 4.9 1.2 0.8 3.4 5.7 AAA
Zapadny Zinc (%) 4.30 4.62 4.52 3.88 4.38 4.47 - - 4.31 4.86 4.49 4.27 4.37 4.77
Lead (%) 1.56 1.67 1.73 0.93 1.62 1.52 - - 1.51 1.69 1.71 0.99 1.58 1.59
Silver (g/t) 25 27 31 24 27 27 - - 23 27 30 26 25 27
Zhairem 69.7% OC Ore (Mt) 16.0 17.1 22.1 22.8 38.1 39.9 - - JG 14.7 14.5 20.1 20.2 34.8 34.7 AAA
Dalnezapadny Zinc (%) 4.70 4.51 4.82 4.72 4.77 4.63 - - 4.60 4.64 4.67 4.70 4.64 4.67
Lead (%) 1.09 1.04 1.45 1.41 1.30 1.25 - - 1.07 1.08 1.41 1.42 1.27 1.28
Silver (g/t) 17 16 16 15 16 15 - - 16 17 15 15 15 16
Zhairem 69.7% OC Ore (Mt) - - 3.8 - 3.8 - 3 6 VR - - - - - -
Ushkatyn I Zinc (%) - - 1.50 - 1.50 - 1.98 1.50 - - - - - -
Lead (%) - - 4.40 - 4.40 - 5.76 4.60 - - - - - -
Copper (%) - - 0.14 - 0.14 - 0.30 - - - - - - -
Silver (g/t) - - 80 - 80 - 60 - - - - - - -
Uzhynzhal 100.0% OC Ore (Mt) 2.4 2.9 5.3 4.4 7.7 7.3 6 8 VR - - - - - -
Zinc (%) 1.55 1.53 0.96 1.42 1.20 1.50 1.27 1.72 - - - - - -
Lead (%) 4.01 3.64 2.77 3.76 3.16 3.71 2.48 3.36 - - - - - -
Silver (g/t) 78 71 47 63 57 66 42 48 - - - - - -
Novo- 69.7% UG Ore (Mt) - - 8.0 8.0 8.0 8.0 22 22 MM - - - - - -
Leninogorsky Zinc (%) - - 4.33 4.32 4.33 4.31 4.58 4.52 - - - - - -
Lead (%) - - 1.68 1.68 1.68 1.70 1.67 1.65 - - - - - -
Copper (%) - - 0.17 0.17 0.17 0.20 0.21 0.21 - - - - - -
Silver (g/t) - - 38 38 38 38 49 48 - - - - - -
Gold (g/t) - - 2.0 2.0 2.0 2.0 1.8 1.8 - - - - - -
Chekmar 69.7% OC Ore (Mt) - - 11.5 - 11.5 - 40 60 VR - - - - - -
Zinc (%) - - 2.21 - 2.21 - 2.53 2.60 - - - - - -
Lead (%) - - 0.79 - 0.79 - 0.88 0.90 - - - - - -
Copper (%) - - 0.47 - 0.47 - 0.49 0.50 - - - - - -
Silver (g/t) - - 15 - 15 - 18 13 - - - - - -
Gold (g/t) - - 0.55 - 0.55 - 0.19 0.40 - - - - - -
Total Polymetallic Kazzinc Ore (Mt) 51 66 136 128 186 195 122 153 25.4 34.0 30.7 30.8 56 65
Zinc (%) 2.25 2.12 1.79 1.78 1.92 1.90 2.15 2.11 3.32 3.00 3.77 4.20 3.56 3.56
Lead (%) 0.76 0.73 0.78 0.64 0.77 0.67 0.98 1.04 0.84 0.81 1.06 1.03 0.96 0.92
Copper (%) 0.37 0.38 0.16 0.16 0.21 0.24 0.30 0.31 0.16 0.19 0.16 0.15 0.16 0.17
Silver (g/t) 19 18 16 14 16 15 23 18 16 18 15 14 15 16
Gold (g/t) 1.1 1.2 0.75 0.79 0.85 0.92 0.74 0.74 0.59 0.85 0.50 0.46 0.55 0.69
Vasilkovsky 69.7% OC Ore (Mt) 19.0 30.0 37.6 40.0 57 70 14 5 BA 18.3 24.6 36.4 33.2 55 58 AAA
(Gold) Gold (g/t) 2.2 2.2 2.0 2.0 2.1 2.1 1.90 1.34 1.9 2.1 1.7 2.0 1.8 2.1
UG Ore (Mt) 0.5 1.0 16.9 30.2 17.4 31.3 7.0 7.0 BA - - - - - -
Gold (g/t) 2.4 2.6 2.2 2.3 2.2 2.3 2.0 2.0 - - - - - -
Kazzinc Gold (Vasilkovsky) Ore (Mt) 20 31 55 70 74 101 21.0 12.0 18.3 24.6 36.4 33.2 55 58
Gold (g/t) 2.2 2.2 2.1 2.1 2.1 2.2 1.9 1.7 1.9 2.1 2.1 2.0 1.8 2.1
14
Zinc
Maleevsky Obruchevsky
Maleevsky is a typical syngenetic VMS deposit hosting ores of sulphide-polymetallic formation with associated gold The Obruchevsky deposit is situated 1,000 m below surface in the south-eastern portion of the Ridder mining
and silver. The main drivers of the deposit revenues are Zinc and Copper metals. The geological model and resource district. Mineralisation consists of banded to massive sulphides of Zn-Pb-Cu in 3 subhorizontal lens spanning 1,000
estimate were updated in 2023 with adjustments to wireframing and classification to reflect drilling performed in 2023. m by 300 m with thickness from 3 to >40 m. It was discovered in 1987 and delineated with 147,000 m of drilling in
Infill drilling in various parts of the deposit enabled resource conversion to Indicated and Measured resources, 130 drillholes by the end of 1996. Confirmation and infill drilling was undertaken in 2019, 2020, and 2021. Revisions
particularly near the active mining fronts. made to the geological model include a distinct metal zonation with Cu-rich base and Au-Ag enriched cap, and the
The mined material from Maleevsky during 2023 was 1.4Mt at 3.5% Zn, 0.60% Pb, 0.88% Cu, 34 g/t Ag and 0.3 g/t action of two sets of faults. Capping strategy, estimation domaining, grade and density estimation methods were
Au. reviewed and a new resource classification model was adopted following a drillhole spacing analysis. The small
The expected mine life for Maleevsky, based on a 1.0Mtpa production rate, is 2 years based on Ore Reserves and on change from 2022 to 2023 is due to an increased block cut-off grade.
the life of mine schedule which is inclusive of all available Mineral Resources categories. Zhairem
Ridder-Sokolny Zhairem comprises Zapadny and Dalnezapadny Mines and Ushkatyn I project. Dalnezapdny Pit is 2 km to the SW
The Ridder-Sokolny deposit is a unique deposit that has characteristics of several deposit styles. The total footprint of from Zapadny Pit and both pits are within 2 km from Zhairem Mining and Processing Complex. Ushkatyn I is within
the mineralisation exceeds 4.5km2. The upper ore zone of the deposit consists of a cluster of subhorizontal VMS- 10 km from Zhairem Mining and Processing Complex.
style lens-shaped bodies associated with a carbonaceous unit adjacent to a vertical fault structure. The lenticular Zapadny and Dalnezapadny Mines and Ushkatyn I project, are polymetallic Atasu-type (SEDEX sub-classification)
VMS-style mineralisation is underlain by a steeply dipping to sub-vertical polymetallic cooper-rich stringer-stockwork deposits hosted sediments of the Upper Devonian to Lower Carboniferous periods.
ore zone. Structurally controlled gold-bearing quartz veins overprint the entire system. Historically mined for The Ushkatyn I geological model has been updated with drilling results from 2022. The resulting revised mineral
polymetallic ore, currently the production focuses on gold and copper rich veins. resource is constrained to an open pit and underground resources are being reported above cut-off.
The resource estimation parameters were revised following preliminary review of the mine to mill reconciliation; Zapadny resource changes are related to depletion.
investigation is ongoing given the size of the mine and local variances. No changes were performed on the Dalnezapadny mineral resources. A drill campaign for higher geological
The mined material from Ridder-Sokolny during 2023 was 1.9Mt at 0.3% Zn, 0.1% Pb, 0.2% Cu, 4.9 g/t Ag and 1.8 confidence is ongoing. Pre-strip and reconditioning of the existing pit walls is ongoing; mining is targeting to resume
g/t Au. in Q3 2024.
The expected mine life for Ridder-Sokolny, based on a 1.95Mtpa production rate, is 7 years based on Ore Reserves The mined material from Zapadny Open-Pit during 2023 was 2.5Mt at 4.6% Zn, 1.3% Pb and 23 g/t Ag.
and up to an estimated 8 years based on the life of mine schedule which is inclusive of all available Mineral The expected mine life for Zapadny Pit is 0.5 years based on Ore Reserves and Resources, which are constrained
Resources categories. by the same economic pit shell. The expected mine life for Dalnezapadny Pit is 7 years based on Ore Reserves and
Tishinsky Resources, which are constrained by the same economic pit shell.
Tishinsky is a syngenetic VMS deposit hosting polymetallic sulphide ore with associated gold and silver. Changes to Uzhynzhal
the Mineral Resource are due to mining depletion, updated cut-off grade assumptions, and the successful in-mine, The Uzhynzhal sedimentary exhalative deposit is located in central Kazakhstan, in the same belt as the Zhairem
exploration of the continuity of high-grade mineralisation at depth. Exploration of this high grade material will continue deposits. Pb-Zn ores shows close spatial correlations with barite and manganese ores. The deposit is made up of
in 2024. an oxide cap, containing mainly Pb-oxide ores, while the sulphide portion of the deposit contains both Zn and Pb
The mined material from Tishinsky during 2023 was 2023 was 0.5Mt at 5.9% Zn, 1.0% Pb, 0.50% Cu, 13 g/t Ag and sulphides. The revised mineral resource is constrained to an open pit and underground resources are being
0.8 g/t Au. reported constrained by stope optimizer (SO), mineable shapes.
The expected mine life for Tishinsky, based on a 0.5Mtpa production rate, is 1 year based on Ore Reserves and up to Novo-Leninogorsky
an estimated 2 years based on the life of mine schedule which is inclusive of all available Mineral Resources The Novo-Leninogorsky deposit is part of the Ridder-Sokolny group of polymetallic VMS deposits in Eastern
categories. Kazakhstan. Novo-Leninogorsky was discovered in 1981 and was explored between 1981 and 1985. Two styles of
Staroye tailings mineralisation can be found at Novo-Leninogorsky: barite-polymetallic and polymetallic (massive and stringers), with
The Staroye tailings are composed of the waste by-products of the processing of gold and polymetallic ores (primarily the mineralisation hosted by siltstones and quartzites. A confirmation resource drilling program started early
silver, copper, lead and zinc) from the Ridder Mining and Concentrating Complex (RMCC) and their composition September 2023 and is scheduled to be completed first quarter of 2024. The resource model will be update in 2024
reflect the major constituents of the ore. No material has been processed from the tailings in the last 5 years. as part of the PFS and FS.
Chashinskoye tailings Chekmar
The Chashinskoye tailings are composed of the waste by-products of the processing of gold and polymetallic ores The Chekmar deposit comprises two main polymetallic mineralised zones: Chekmar and Gusliakov, which are
from RMCC. Four test holes were drilled in 2021 and the mineral resource will be updated following investigation of separated by a distance of approximately 1.5 km. The deposits are typical syngenetic VMS deposits, with distinct
density measurement results. No material has been processed from the tailings in the last 5 years. metal zonation and near-surface weathering profiles. The deposits were initially explored in the 1970s. The
Shaimerden geological model has been updated with drilling and metallurgical test results from 2022. The resulting revised
The Shaimerden stockpile is composed of high-grade, zinc oxide ore, which is crushed on site prior to shipment. The mineral resource is constrained to an open pit and underground resources are being reported constrained by stope
crushed ore is not amenable to the concentration process; it is directly sent to the Ridder Complex Zinc smelter. A optimizer (SO), mineable shapes. The deposit is presently undergoing a concept study.
sampling program has identified 250 kt of 11.64% Zn, below Reserves cut-off but maintained within Resources. Total Vasilkovsky
material processed during 2023 was 190 Kt at 20.6% Zn. The mineralisation in Vasilkovsky gold deposit is spatially associated with a stockwork of hydrothermal quartz-
Dolinnoe arsenopyrite veins hosted in granodiorites. The main mineralised structures are pronounced cross-cutting trends of
The Dolinnoe deposit is situated in the south-eastern portion of the Ridder mining district in the Rudny-Altay gold-quartz-dominated veins, generating dilatant zones at their intersection. The Vasilkovsky mineral resources are
geotectonic block. Gold is the main mineral of economic interest. Structural interpretation, modelling and being reported according to the expected mining method of open pit (OP) and underground (UG) extraction. A new
classification of the mineral resource is updated on the basis of the underground infill drilling campaign. Mineral pit optimisation was performed in 2023 and is being used to constrain the OP resources. This revised pit’s geometry
resources and Ore reserves are impacted by the reinterpretation of the contact between the massive sulphides and is different than the shell constraining mineral resource reported in previous years. Minor additional drilling is
the adjacent stringer domains. ongoing to support the PFS, which will be integrated to the resource next year. The OP economical material defining
The mined material from Dolinny Mine in 2023 was 0.9Mt at 1.1% Zn, 0.6% Pb, 0.1% Cu, 51 g/t Ag and 2.5 g/t Au. the resource increased following an economic evaluation. Underground resources are being reported constrained by
The expected mine life for Dolinny, based on a 1.0Mtpa production rate, is 4 years based on Ore Reserves and up to stope optimizer (SO), mineable shapes.
an estimated 6 years based on the life of mine schedule which is inclusive of all available economic Mineral The mine material from Vasilkovsky Open Pit in 2023 was 8.5Mt at 2.16 g/t Au.
Resources categories. The expected mine life for Vasilkovsky is 10 years based on Ore Reserves and Resources.
15
Zinc
Australia (Mount Isa, McArthur River)
Mount Isa 100%
Mount Isa Open Pit - Zn OC Ore (Mt) - - 125 125 125 125 180 180 DC - - - - - -
Zinc (%) - - 3.90 3.90 3.90 3.90 3.90 3.90 - - - - - -
Lead (%) - - 3.00 3.00 3.00 3.00 1.70 1.70 - - - - - -
Silver (g/t) - - 66 66 66 66 35 35 - - - - - -
Rio Grande UG Ore (Mt) - - 2.3 2.3 2.3 2.3 13 13 DC - - - - - -
Zinc (%) - - 6.00 6.00 6.00 6.00 6.20 6.20 - - - - - -
Lead (%) - - 2.40 2.40 2.40 2.40 2.30 2.30 - - - - - -
Silver (g/t) - - 58 58 58 58 54 54 - - - - - -
Pb Underground UG Ore (Mt) - - 32.0 32.0 32.0 32.0 15 15 DC - - - - - -
Zinc (%) - - 4.80 4.80 4.80 4.80 3.70 3.70 - - - - - -
Lead (%) - - 4.30 4.30 4.30 4.30 4.50 4.50 - - - - - -
Silver (g/t) - - 110 110 110 110 110 110 - - - - - -
George Fisher 100%
South (P49) Orebodies UG Ore (Mt) 29.4 27.0 25.3 25.3 55 52 23 25 DC 4.8 4.9 8.2 8.8 12.9 13.7 CF
Zinc (%) 8.40 8.39 8.22 8.21 8.32 8.30 7.43 7.66 6.00 6.26 6.17 6.06 6.11 6.13
Lead (%) 5.25 5.33 4.77 4.77 5.02 5.06 4.84 4.61 4.95 4.78 4.66 4.52 4.76 4.61
Silver (g/t) 120 120 100 100 110 110 100 98 120 110 110 100 110 100
North (L72) Orebodies UG Ore (Mt) 46.4 47.5 118 120 164 168 50 55 DC 10.5 13.8 34.9 35.6 45 49 CF
Zinc (%) 9.29 9.38 8.77 8.83 8.92 8.98 8.74 8.56 7.22 7.38 6.73 6.84 6.84 6.99
Lead (%) 3.32 3.35 3.35 3.31 3.34 3.32 3.49 3.35 3.33 3.40 3.31 3.37 3.31 3.37
Silver (g/t) 56 56 53 52 54 53 54 52 56 59 54 55 54 56
Handlebar Hill OC Ore (Mt) 1.6 1.6 3.6 3.6 5.2 5.2 1 1 DC - - - - - -
Open Cut (primary) Zinc (%) 7.80 7.80 6.10 6.10 6.62 6.62 5.00 5.00 - - - - - -
Lead (%) 2.60 2.60 2.00 2.00 2.18 2.18 2.00 2.00 - - - - - -
Silver (g/t) 41 41 35 35 37 37 30 30 - - - - - -
Handlebar Hill OC Ore (Mt) 0.5 0.5 0.1 0.1 0.6 0.6 - - DC - - - - - -
Open Cut (oxide) Zinc (%) 0.40 0.40 0.40 0.40 0.40 0.40 - - - - - - - -
Lead (%) 8.50 8.50 4.10 4.10 7.77 7.77 - - - - - - - -
Silver (g/t) 89 89 65 65 85 85 - - - - - - - -
Lady Loretta 100% UG Ore (Mt) 3.2 4.1 1.8 1.7 5.1 5.8 1 1 DC 2.2 2.9 1.2 1.2 3.5 4.1 CF
Zinc (%) 11.69 11.86 10.59 11.91 11.29 11.87 7.46 8.63 10.17 9.92 10.21 10.15 10.19 9.98
Lead (%) 2.42 2.92 2.58 1.97 2.48 2.65 1.89 2.13 2.05 2.58 2.52 1.72 2.22 2.33
Silver (g/t) 49 57 50 46 49 54 45 32 41 50 46 36 43 46
Total Mount Isa - Ore (Mt) 81 81 308 310 389 391 283 290 17.5 21.6 44 46 61 67
Zinc bearing Zinc (%) 8.98 9.09 6.29 6.34 6.85 6.90 5.15 5.22 7.26 7.47 6.72 6.78 6.88 7.00
Lead (%) 4.00 4.01 3.40 3.38 3.52 3.51 2.45 2.44 3.61 3.60 3.54 3.55 3.55 3.56
Silver (g/t) 79 77 68 67 70 69 49 48 72 69 64 63 65 64
MICO 100%
Mount Isa Open Pit OC Ore (Mt) 12.9 12.9 80 80 93 93 10 10 DC - - - - - - SJ
Copper (%) 1.84 1.84 1.42 1.42 1.48 1.48 1.42 1.42 - - - - - -
X41 Mine 500, 650, UG Ore (Mt) 23.2 25.8 22.4 21.1 46 47 1 1 DC 0.7 1.5 2.2 10.0 3.0 11.5 SJ
1100 & 1900 Orebodies Copper (%) 1.87 1.88 1.71 1.71 1.79 1.80 1.54 1.55 1.64 1.69 1.79 1.68 1.75 1.68
Enterprise Mine 3000 UG Ore (Mt) 11.8 12.3 3.8 3.5 15.6 15.8 - - DC 1.0 2.4 2.4 2.4 3.4 4.8 SJ
& 3500 Orebodies Copper (%) 2.45 2.40 2.35 2.26 2.42 2.37 - - 2.52 2.32 1.96 2.06 2.12 2.19
Black Rock Cave UG Ore (Mt) - - 1.3 1.5 1.30 1.50 1.0 - DC - - 0.1 0.9 0.1 0.9 SJ
Copper (%) - - 5.07 5.39 5.07 5.39 3.97 - - - 2.70 3.01 2.70 3.01
Total Mount Isa - Ore (Mt) 48 51 108 106 156 157 12 11 1.7 3.9 4.7 13.3 6.5 17.2
Copper bearing Copper (%) 2.00 2.00 1.56 1.56 1.70 1.70 1.64 1.43 2.18 2.08 1.96 1.84 1.95 1.89
16
Zinc
Australia (Mount Isa, McArthur River) (continued)
McArthur River 100%
Open Cut OC Ore (Mt) 96 102 31.6 36.0 128 138 4.0 - LR 65 67 14.2 14.0 79 81 DH
Zinc (%) 9.65 9.67 9.35 9.48 9.57 9.62 8.42 - 8.90 9.28 6.37 7.59 8.45 8.99
Lead (%) 4.24 4.23 4.52 4.77 4.31 4.37 5.34 - 4.16 4.26 3.08 3.80 3.97 4.18
Silver (g/t) 42 42 48 52 44 45 59 - 42 43 32 40 40 42
Woyzbun South Zone UG Ore (Mt) - - 8.3 8.3 8.3 8.3 - - LR - - - - - - DH
Zinc (%) - - 14.19 14.19 14.19 14.19 - - - - - - - -
Lead (%) - - 5.55 5.55 5.55 5.55 - - - - - - - -
Silver (g/t) - - 58 58 58 58 - - - - - - - -
Total McArthur River Ore (Mt) 96 102 39.9 44.3 136 146 4 - 65 67 14.2 14.0 79 81
Zinc (%) 9.65 9.67 10.36 10.36 9.85 9.88 8.42 - 8.90 9.28 6.37 7.59 8.45 8.99
Lead (%) 4.24 4.23 4.73 4.92 4.39 4.44 5.34 - 4.16 4.26 3.08 3.80 3.97 4.18
Silver (g/t) 42 42 50 53 45 46 59 - 42 43 32 40 40 42
Total Zinc Australia Ore (Mt) 177 183 348 354 526 537 287 290 83 89 59 60 140 148
Zinc (%) 9.34 9.41 6.76 6.84 7.63 7.71 5.20 5.22 8.55 8.84 6.64 6.97 7.76 8.09
Lead (%) 4.13 4.13 3.55 3.57 3.75 3.76 2.49 2.44 4.04 4.10 3.43 3.61 3.79 3.90
Silver (g/t) 59 58 66 66 64 63 49 48 48 49 56 58 51 52
Mount Margaret 100%
E1 OC Ore (Mt) 4.6 4.6 5.5 5.5 10.1 10.1 - - DC - - - - - -
Copper (%) 0.70 0.70 0.75 0.75 0.73 0.73 - - - - - - - -
Gold (g/t) 0.20 0.20 0.23 0.23 0.22 0.22 - - - - - - - -
Monakoff OC Ore (Mt) - - 2.4 2.4 2.4 2.4 - - DC - - - - - -
Copper (%) - - 0.95 0.95 0.95 0.95 - - - - - - - -
Gold (g/t) - - 0.30 0.30 0.30 0.30 - - - - - - - -
Total Mount Margaret Ore (Mt) 4.6 4.6 7.9 7.9 12.5 12.5 - - - - - - - -
Copper (%) 0.70 0.70 0.81 0.81 0.77 0.77 - - - - - - - -
Gold (g/t) 0.20 0.20 0.25 0.25 0.24 0.24 - - - - - - - -
17
Zinc
Mount Isa Open Pit (“MIOP”) George Fisher Mine
Lead-zinc-silver mineralisation occurs in galena and sphalerite-rich bedding parallel horizons in dolomitic and North (L72) & South (P49) Orebodies
variably carbonaceous pyritic shales and siltstones. Orebodies: Lead-zinc-silver mineralisation occurs in galena and sphalerite-rich bedding parallel horizons in
Approximately 85% of the lead-zinc-silver Mineral Resource is primary sulphide; the remainder being considered dolomitic and variably carbonaceous pyritic shales and siltstones. Orebody and structural interpretation, modelling
as transitional mineralisation (mixed sulphide and secondary oxide/carbonate). The copper resource in MIOP has and classification of the mineral resource was completed on the basis of additional geological information and
not been included here; it is reported separately as part of MICO, and is constrained by the same pit shell. improved systems. The current extraction method at George Fisher is sublevel open stoping. Mine production for
2023 totaled 2.8Mt at 6.4% Zn, 3.3% Pb and 61 g/t Ag. The mine is located on Mining Lease ML8058 and the
MIOP, PBUG and RG are all located on Mining Lease ML8058 which expires on 30 November 2036. lease expires on 30 November 2036.
Pb Underground ("PBUG") The expected mine life for George Fisher Mine is approximately 21 years based on Ore Reserves.
PBUG is the continuation of the same lead-zinc-silver mineralisation in Black Star Open Cut (included above),
which occurs in galena and sphalerite-rich bedding parallel horizons in dolomitic and variably carbonaceous pyritic Handlebar Hill Open Cut
shales and siltstones. Lead-zinc-silver mineralisation occurs in galena and sphalerite-rich bedding parallel horizons in dolomitic and
variably carbonaceous pyritic shales and siltstones. The Handlebar Hill Open Cut resource is up dip of and
Rio Grande ("RG") additional to the George Fisher South Mineral Resource. Material from the oxidised portion of the mineralisation is
RG is a southern continuation of PBUG where lead-zinc-silver mineralisation occurs in galena and sphalerite-rich reported as a Mineral Resource.
bedding parallel horizons in dolomitic and variably carbonaceous pyritic shales and siltstones. This mineralisation
occurs close to Cu mine operations around 4800N. No depletion has occurred through mining during 2023.
Mount Isa Copper ("MICO") The Handlebar Hill Open Cut is located on Mining Lease ML8058 which expires on 30 November 2036. The mine
Ore Reserves were depleted by a combined 2.4 Mt from X41 and Enterprise Mines and 0.6 Mt from the Black Rock was placed in care and maintenance in July 2014.
Cave in 2023, with additional supporting production from outside of the Ore Reserve. The total mined material from Lady Loretta
Mount Isa Copper Operations during 2023 was 4.50Mt at 1.8% Cu. This is comprised of 1.5Mt at 1.9% Cu from Lead-zinc-silver mineralisation occurs in a galena and sphalerite rich massive sulphide lens located in
Enterprise, 2.2Mt at 1.6% Cu from X41 and 0.8Mt at 2.4% Cu from BRC carbonaceous pyritic shales and siltstones. The deposit occurs in a tight syncline dislocated by a number of major
The underground life of mine estimate for the X41and Enterprise mines is 2025, with the Black Rock Cave closing faults. The deeper and high-grade portion of the deposit reaches 500 m below the surface.
in 2024. Resources changes are mainly associated with mining activity, drilling and improvements in overall modelling and
The tenements are due to expire on 30 November 2036. estimation techniques.
Mount Isa Copper Open Pit Mine production at Lady Loretta in 2023 totalled 1.5Mt at grades of 9.7% Zn, 2.7% Pb and 51g/t Ag. The Mining
The mineralisation occurs generally as breccia-hosted massive to disseminated copper minerals in “silica- Lease, ML5568, is current until January 31st, 2026. The expected mine life for Lady Loretta Mine is 2 years based
dolomite” altered pyritic dolomitic siltstone. The Mineral Resources consist primarily of chalcopyrite, the remainder on Ore Reserves and the life of mine schedule.
being oxidised or partially oxidised. McArthur River Mine
X41 & Enterprise Zinc-lead-silver mineralisation occurs predominantly as ultrafine bedded parallel sphalerite and galena rich bands
Mineralisation occurs generally as breccia-hosted massive to disseminated chalcopyrite in “silica-dolomite” altered hosted by dolomitic and carbonaceous pyritic siltstones, graded beds and chaotic debris flow breccias.
pyritic dolomitic siltstone. The Mineral Resources were depleted by 5.0Mt during 2023 and decreased by 1.3Mt due to changes in the
Black Rock Cave resource model. The Ore Reserves have been depleted during 2023 by a total of 4.2Mt at 8.3% Zn, 3.6% Pb and
Copper mineralisation occurs generally within a chalcocite zone that lies above the Leached Primary material. The 33g/t Ag and lost 1.9Mt due to a final pit redesign. Revised economic plans added 4.8Mt to the Ore Reserves.
zone is interpreted to lie outside of the silica-dolomite alteration. Open cut mining is planned to be completed in 2040. Mineral Resources and Ore Reserves are located within
leases that are valid to 2043.
Mount Margaret
Economic mineralisation at E1 occurs as breccia-hosted mineralisation within the footwall volcanics at E1 North,
and as strata-bound, replacement style mineralisation within the mineralised sedimentary units at E1 North,
Central, South, and East. Mine lease tenements expire in December 2032.
Economic mineralisation at Monakoff and Monakoff East occurs in very fine to medium grained steeply dipping
metasediment units. Mine lease tenements expire in October 2032.
18
Zinc
North America (Kidd Creek, Matagami, PD1, Errington, Vermilion, Hackett River)
Kidd Creek 100% UG Ore (Mt) 4.1 4.5 0.5 0.5 4.6 5.0 - - BD 1.7 1.6 0.9 0.9 2.5 2.5 KS
Zinc (%) 3.19 3.51 3.07 4.39 3.18 3.61 - - 3.12 3.11 3.12 4.06 3.12 3.45
Copper (%) 1.44 1.62 1.41 1.56 1.43 1.61 - - 1.51 1.75 1.30 1.33 1.44 1.60
Silver (g/t) 39 44 33 37 38 43 - - 39 44 36 26 38 38
Mine 5 100% UG Ore (Mt) 7.7 6.0 11.0 12.0 18.7 18.0 1 2 BD - - 0.2 0.4 0.2 0.4 KS
Zinc (%) 4.16 4.25 4.37 3.77 4.29 3.93 3.21 6.17 - - 6.54 2.43 6.54 2.43
Copper (%) 1.58 1.54 1.71 1.70 1.66 1.64 1.69 1.73 - - 1.19 1.23 1.19 1.23
Silver (g/t) 40 43 31 31 35 35 21 35 - - 61 39 61 39
Matagami 100% UG Ore (Mt) 0.8 0.8 0.7 0.7 1.5 1.5 - - AL - - - - - -
Caber Zinc (%) 6.09 6.09 5.42 5.42 5.79 5.79 - - - - - - - -
Copper (%) 1.11 1.11 1.07 1.07 1.09 1.09 - - - - - - - -
Silver (g/t) 10 10 9.0 9.0 9.6 9.6 - - - - - - - -
Gold (g/t) 0.29 0.29 0.26 0.26 0.28 0.28 - - - - - - - -
Caber Nord 100% UG Ore (Mt) - - - - - - 6 6 AL - - - - - -
Zinc (%) - - - - - - 2.56 2.56 - - - - - -
Copper (%) - - - - - - 1.20 1.20 - - - - - -
Silver (g/t) - - - - - - 11 11 - - - - - -
Gold (g/t) - - - - - - 0.12 0.12 - - - - - -
PD-1 100% OC/UG Ore (Mt) 0.6 0.6 1.0 1.0 1.5 1.5 - - AL - - - - - -
Zinc (%) 4.22 4.22 4.96 4.96 4.69 4.71 - - - - - - - -
Copper (%) 0.82 0.82 1.35 1.35 1.16 1.12 - - - - - - - -
Silver (g/t) 20 20 20 20 20 20 - - - - - - - -
Gold (g/t) 0.13 0.13 0.09 0.09 0.10 0.10 - - - - - - - -
Errington 100% UG Ore (Mt) 6.6 6.6 2.3 2.3 8.9 8.9 - - AL - - - - - -
Zinc (%) 3.88 3.88 4.36 4.36 4.01 4.01 - - - - - - - -
Lead (%) 1.05 1.05 1.19 1.19 1.09 1.09 - - - - - - - -
Copper (%) 1.14 1.14 1.11 1.11 1.13 1.13 - - - - - - - -
Silver (g/t) 52 52 52 52 52 52 - - - - - - - -
Gold (g/t) 0.83 0.83 0.79 0.79 0.82 0.82 - - - - - - - -
Vermilion 100% UG Ore (Mt) 2.8 2.8 0.4 0.4 3.2 3.2 - - AL - - - - - -
Zinc (%) 4.22 4.22 5.32 5.32 4.36 4.34 - - - - - - - -
Lead (%) 1.16 1.16 1.27 1.27 1.17 1.21 - - - - - - - -
Copper (%) 1.34 1.34 1.11 1.11 1.31 1.27 - - - - - - - -
Silver (g/t) 53 53 56 56 53 53 - - - - - - - -
Gold (g/t) 0.91 0.91 1.10 1.10 0.94 0.93 - - - - - - - -
Hackett River 100% OC/UG Ore (Mt) - - 27.0 27.0 27.0 27.0 60 60 MM - - - - - -
Zinc (%) - - 4.47 4.47 4.47 4.50 3.52 3.52 - - - - - -
Lead (%) - - 0.59 0.59 0.59 0.60 0.51 0.51 - - - - - -
Copper (%) - - 0.45 0.45 0.45 0.50 0.39 0.39 - - - - - -
Silver (g/t) - - 130 130 130 130 120 120 - - - - - -
Gold (g/t) - - 0.31 0.31 0.31 0.30 0.22 0.22 - - - - - -
Total Zinc North America (Mt) 22.6 21.3 42.9 43.9 65 65 67 68 1.7 1.6 1.1 1.3 2.7 2.9
Zinc (%) 3.98 4.04 4.46 4.31 4.30 4.23 3.43 3.51 3.12 3.11 3.75 3.56 3.37 3.31
Lead (%) 0.45 0.48 0.45 0.44 0.45 0.46 0.46 0.45 - - - - - -
Copper (%) 1.36 1.37 0.86 0.88 1.03 1.05 0.48 0.50 1.51 1.75 1.28 1.30 1.42 1.55
Silver (g/t) 43 45 94 93 77 77 109 108 39 44 41 30 40 38
Gold (g/t) 0.37 0.39 0.25 0.25 0.29 0.29 0.21 0.20 - - - - - -
19
Zinc
Kidd Creek Vermilion

Kidd The Vermilion deposit is a polymetallic massive sulphide body located 7 km along strike to the southwest from
Kidd Mine is a VMS Cu-Zn-Ag deposit. Mineralisation occurs within a rhyolitic volcanic/volcaniclastic sequence as the Errington deposit, in the Sudbury Basin. Like Errington, it consists of several steeply-dipping zones of
massive sulphide lenses of dominantly pyrite-pyrrhotite-sphalerite-galena-rich ores that are underlain by copper in massive and semi-massive sulphides that have been tightly folded and faulted. They span a length of 500 m
chalcopyrite stringer zones. Ore Reserves are based on the approved mining plan to 2,940 m (9,600 ft) depth. and vary from 100 to 300 m deep. They are hosted by sedimentary rocks of the Vermilion Formation at the
Mineral Resources and Ore Reserves changes are primarily the result of mining drawdown, with some adjustments contact of the Onaping and Onwatin formations. It was discovered in the 1920s and produced 22,000 t of ore
due to updated mine design, cost reductions, and commodity pricing changes. The current extraction method at between 1952 and 1957. The last drilling occurred between 2011 and 2013, when 35 diamond drill holes
Kidd Mine is sublevel open stoping. (~10,000 m) were completed. The Resources have been interpolated by ID2.
2023 production totalled 1.35 Mt at 3.20% Zn, 1.69% Cu and 45 g/t Ag. . Ore reserves in the Probable category Hackett River Project
mainly reflect geotechnical and economic uncertainty, rather than geological uncertainty. Mine life is anticipated to The Hackett River project is located in Nunavut, Canada, approximately 480 km northeast of Yellowknife and
be 2 years, end-2025. All land tenures covering the existing Mineral Resources and Ore Reserves are patented 105 km south-southwest of the community of Bathurst Inlet, which is located on the Arctic Ocean.
and never expire. The Hackett River deposits are situated within the Slave Structural Province, a predominantly Archaean granite
Mine 5 greenstone-sedimentary terrane that lies between Great Slave Lake and Coronation Gulf.
Mine 5 is the down dip extension of the Kidd Mine deposit which is a VMS Cu-Zn-Ag deposit. Ore Reserves are Four principal sulphide deposits were defined as economically viable Mineral Resources, following boundaries of
based on the portion of the approved mining plan from 2,940 m to 3,020 m (Level 9800 and Level 9900) that lies open cut vs underground mining, through a Preliminary Economic Assessment prior to Glencore's acquisition in
within the remaining Kidd Mine life. Mineral Resources are reported from 2,940 m to 3,430 m (9800 ft to 11,200 ft) 2010. Following the exploration drilling campaign of 2013, which added 114 drillholes totalling 39,000 m,
depth. Additional mineralisation continuity is identified to 3,840 m (12,600 ft) depth. reinterpretation was carried out outlining an in-situ resource using Zn equivalent grades.
Potential mine life extension is under review at the FS level. The resource model was updated with the latest Bell / Granisle
diamond drilling information completed as part of the study. The data comprises Pre Ore-Definition drilling results
Bell and Granisle are reported under Glencore Copper for 2023 and onward.
(POD) for the extent of Mine 5, along delineation drilling for the first three levels. All land tenures covering the
existing Mineral Resources and Ore Reserves are patented and never expire.
Matagami
PD–1, Caber / Caber Nord
PD-1, Caber and Caber Nord are Archean VMS deposits similar to those in the past-producing Matagami Lake
camp, 30 km to the east. They occur as multiple, steeply-dipping lenses along 6 km of a favourable contact with
similarities to that in the Matagami Lake camp. PD-1 runs from surface to 500 m vertically, and the Caber deposits
range from 100 to 700 m deep. The last drilling at PD-1 was in 2010, and at the Caber deposits was in 2018. All
three deposits are located on mining claims owned by Glencore.
Errington
The Errington deposit is a polymetallic massive sulphide located 22 km west of Sudbury, Ontario. It consists of
several steeply-dipping zones of massive and semi-massive sulphides that have been tightly folded and faulted.
They span a length of 2000 m and vary from 100 to 400 m deep. They are hosted by sedimentary rocks of the
Vermilion Formation at the contact of the Onaping and Onwatin formations. It was discovered in the 1920s and
produced 130,000 t of ore between 1924 and 1928. The last drilling occurred between 2011 and 2013, when 175
diamond drill holes (~50,000 m) were completed. The Resources have been interpolated by ID2.
20
Zinc
Other Zinc Mineral Resources (Pallas Green)
Pallas Green 100% Ore (Mt) - - - - - - 45 45 AH - - - - - -
Tobermalug Zone Zinc (%) - - - - - - 7.21 7.21 - - - - - -
Lead (%) - - - - - - 1.22 1.22 - - - - - -
(Mt) - - - - - - 45 45 - - - - - -
Zinc (%) - - - - - - 7.21 7.21 - - - - - -
Lead (%) - - - - - - 1.22 1.22 - - - - - -
Pallas Green
The Pallas Green project is situated near Limerick in Southwestern Ireland. The Tobermalug zone consists of
multiple, subhorizontal, stratiform lenses of Irishtype, breccia-hosted, sphalerite-galena-pyrite within a
Carboniferous limestone. The lenses occur over an area 4,000 m by 4,000 m, and from 300 m to 1,300 m below
surface.
The Inferred Mineral Resource is based on 413,600 m of diamond drilling in 806 drill holes completed between
2002 and the end of 2018. Drill spacing is nominally 100 m, but 178 infill drill holes at 50 m spacing have been
completed. Mineralisation wireframes were built, taking into account a cut-off of 4% Zn+Pb and a minimum 3.0 m
true thickness. There were no changes to the Resource in 2023. The Pallas Green deposit is held under
Prospecting Licenses 636 and 2529, which remain valid and in good standing with bi-annual expenditures and
reporting.
21
Nickel
Integrated Nickel Operations (INO) (Raglan, Sudbury)
Measured Mineral Indicated Mineral Measured and Inferred Mineral Probable Ore
Attributable Mining Resources Resources Indicated Resources Resources Proved Ore Reserves Reserves Total Ore Reserves
Raglan 100% UG Ore (Mt) 5.6 7.2 16.6 16.7 22.2 23.9 14 13 PSA 7.0 5.2 8.0 4.4 15.0 9.6 RC
Nickel (%) 3.24 3.32 3.06 3.03 3.10 3.12 3.23 3.30 2.63 2.66 2.47 2.64 2.54 2.65
Copper (%) 0.88 0.92 0.91 0.91 0.90 0.91 0.90 0.93 0.75 0.76 0.69 0.72 0.72 0.74
Cobalt (%) 0.07 0.07 0.07 0.08 0.07 0.08 0.07 0.07 0.05 0.06 0.06 0.06 0.06 0.06
Platinum (g/t) 0.93 0.98 0.89 1.1 0.90 1.0 0.93 0.95 0.81 0.78 0.72 0.75 0.77 0.77
Palladium (g/t) 2.3 2.3 2.2 2.7 2.3 2.6 2.3 2.3 2.0 1.9 1.7 1.7 1.9 1.8
Sudbury 100% UG Ore (Mt) 1.7 2.8 20.1 21.4 21.8 24.2 42 41 JK 1.6 3.0 15.4 16.2 16.9 19.2 JK
Nickel (%) 1.57 1.50 2.05 1.99 2.01 1.93 1.03 1.02 1.28 1.14 1.79 1.69 1.74 1.61
Copper (%) 0.73 0.74 2.82 2.67 2.66 2.45 1.99 2.02 0.57 0.58 0.92 0.89 0.89 0.84
Cobalt (%) 0.05 0.04 0.04 0.04 0.04 0.04 0.02 0.02 0.04 0.03 0.04 0.04 0.04 0.04
Platinum (g/t) 0.36 0.46 1.0 1.0 0.95 0.96 0.70 0.71 0.32 0.37 0.38 0.47 0.38 0.46
Palladium (g/t) 0.35 0.40 1.2 1.2 1.1 1.1 0.85 0.86 0.29 0.31 0.42 0.48 0.41 0.45
Total INO Ore (Mt) 7.3 10.0 36.7 38.1 44.0 48.1 56 54 8.6 8.2 23.4 20.6 31.9 28.8
Nickel (%) 2.85 2.81 2.51 2.45 2.56 2.52 1.58 1.57 2.38 2.10 2.02 1.89 2.12 1.96
Copper (%) 0.85 0.87 1.96 1.90 1.77 1.68 1.72 1.76 0.72 0.69 0.84 0.85 0.81 0.81
Cobalt (%) 0.07 0.06 0.05 0.06 0.06 0.06 0.03 0.03 0.05 0.05 0.05 0.04 0.05 0.05
Platinum (g/t) 0.80 0.83 1.0 1.0 0.92 0.98 0.76 0.77 0.72 0.63 0.50 0.53 0.56 0.56
Palladium (g/t) 1.8 1.8 1.7 1.9 1.7 1.8 1.2 1.2 1.7 1.3 0.86 0.74 1.11 0.90
For the purposes of this statement, the term ‘Ore Reserves’ as defined by the JORC Code 2012 has the same Sudbury
Sudbury
meaning as ‘Mineral Reserves’ as defined in the CIM Standards 2014. The resource totals have been restated in Sulphide
Sulphidedeposits
depositssitsiton
onbroadly
broadlydefined
definedtrends
trendsofofmineralisation
mineralisationalong
alongbasal
basalbrecciated
brecciatedrocks
rocksofofthe
theSudbury
Sudbury
compliance with the JORC Code. Igneous
IgneousComplex
Complexas aspentlandite-pyrrhotite-chalcopyrite
pentlandite-pyrrhotite-chalcopyriterich richconcentrations
concentrationsas aswell
wellasaswithin
withinthe
theunderlying
underlying
There are no known environmental, permitting, legal, taxation, political or other relevant issues that would footwall
footwallininfractured
fracturedpathways
pathwaysas aschalcopyrite
chalcopyritedominated
dominatedpolymetallic
polymetallic(Cu,
(Cu,Ni,Ni,Au,
Au,Ag,
Ag,Pt,
Pt,Pd)
Pd)vein-style
vein-stylesulphides.
There are affect
materially no known environmental,
the estimates of thepermitting, legal, taxation, political or other relevant issues that would
Mineral Reserves. The Ore Reserve tonnage increased and the grade decreased from 2020 due to the Onaping Depth definition
sulphides.
materially affect the estimates of the Mineral Reserves. drilling results and associated updates to the resource models, mine design and change to the cut-off grade.
Depending on when production is scheduled, Mineral Reserves and Resources are calculated using a blend of The OreResources
Inferred Reserve changes
increased are due
due tomainly to depletion.
the recent discoveryCut-off
of the grades
Moose are
Lakecalculated for each
Zone. Cut-off individual
grades mine
are calculated
short, medium,
Depending or long
on when term metal
production price assumptions
is scheduled, Mineral and exchange
Reserves and rates.
Resources are calculated using a blend of site
for or resource
each individualbased
mine onsiteaor
metal equivalent
resource basedoronnet smelter
a metal return value
equivalent taking
or net into return
smelter account all recoverable
value taking into
short, medium, or long term metal price assumptions and exchange rates.
Raglan metals. The expected reserve-based mine life is 15 years.
account all recoverable metals. The expected reserve-based mine life is 15 years.
Ni-Cu-Co-PGE mineralisation is located at or near the base of subvolcanic mafic-ultramafic intrusive complexes All land holdings in Sudbury covering existing Ore Reserves are patented and 100% owned by Glencore, with
Raglan All
theland holdings
exception ofinone
Sudbury covering
site where existing
a portion Ore Reserves
of reserves are patented
are covered by two and 100%
licences ofowned by Glencore,
occupation which arewith the
held
referred to as the “Raglan Formation”. Resources are generally determined at a 1.5% Ni cut-off and are composed
Ni-Cu-Co-PGE mineralisation is located at or near the base of subvolcanic mafic-ultramafic intrusive complexes exception of one
in perpetuity. site where
Mineral a portion
Resources areof reserves
also patented arewith
covered by two licences
the exception of areas of covered
occupation which are
by several held leases
mining in
of disseminated, net-textured, and massive pyrrhotite-pentlandite-chalcopyrite rich sulphides contained within 116
referred to as the “Raglan Formation”. Resources are generally determined at a 1.5% Ni cut-off and are composed perpetuity. Mineral Resources are also patented with the exception of areas
which expire in 2033 and 2036 and one License of Occupation which is held in perpetuity. covered by several mining leases
individual sulphide lenses, extending from surface to more than 900m vertical depth. The size of these high-grade
of disseminated, net-textured, and massive pyrrhotite-pentlandite-chalcopyrite rich sulphides contained within 110 which expire in 2033 and 2036 and one License of Occupation which is held in perpetuity.
sulphide lenses varies significantly from 0.01Mt to 6.1Mt, averaging 0.2Mt. Mineral Reserves are sufficient to
individual sulphide lenses, extending from surface to more than 900m vertical depth. The size of these high-grade
support a 10 year mine life.
sulphide lenses varies significantly from 0.01Mt to 6.1Mt, averaging 0.2Mt. Mineral Reserves are sufficient to
The OreaReserve
support tonnage
6 year mine and grade changes
life. Significant are due
undeveloped to increased
Mineral geological
Resources andopportunity
provide an mining confidence
to extendand new
mine life
delineation
by more thandrill
12information
years. related to the 8I lens. Significant undeveloped Mineral Resources provide an
opportunity to extend mine life by more than 15 years.
Expiry
Expiry date
date of
of relevant
relevant mining
mining leases
leases and
and exploration
exploration licenses:
licenses: depending
depending on
on the
the mine/project,
mine/project, range
range from
from 2
2 May
May
2024
2024 to
to 25 June 2038.
9 March 2042.
22
Nickel
Murrin Murrin 100% OC Ore (Mt) 163 164 48.3 52 211 215 9 9 SK 134 83 25.4 7.4 159 90 MR/
Nickel (%) 1.00 1.01 0.98 0.98 1.00 1.00 0.95 0.95 0.97 1.03 0.95 1.08 0.97 1.03 CW
Cobalt (%) 0.08 0.08 0.07 0.07 0.08 0.08 0.06 0.06 0.08 0.09 0.07 0.09 0.08 0.09
Koniambo 49% OC Ore (Mt) 15.8 9.5 44.6 43.8 60 53 110 85 LL - 9.5 - 26.0 - 35.5 PM
Nickel (%) 2.18 2.47 2.09 2.41 2.11 2.42 2.10 2.50 - 2.22 - 2.19 - 2.20
Murrin Murrin
Nickel and cobalt mineralisation at Murrin is hosted within a laterite formed from the weathering of ultramafic rocks. Koniambo
The resources are hosted in multiple deposits over four
threemain
mainproject
projectareas
areas(North,
(North,South,
SouthEast
and East).
and Irwin
Mineral
Hills). Nickel rich laterite deposits are developed on variably serpentinized ultramafic rocks. Mineral Resources and Ore
Resource
Mineral Resource
and Oreand
Reserve
Ore Reserve
figures as
figures
at 31as
December
at 31 December
2021 are2023
generated
are generated
by depletion
by depletion
of the resource
of the resource
models by Reserves include
as at 31inventories
December as 2023
of 3are
November
generated 2021
by depletion
with adjustments
of the resource
applied models
for November
using end-of-period
to December
using end-of-period
models by using end-of-period
surface surveys
surface
as surveys
at 30 September
as at 30 September
2021, with adjustments
2023, with adjustments
applied for applied
Octoberforto October
December to forecastsurveys
surface production.
as at 21 October 2023, with adjustments applied for the end of year forecast production. A
forecast production.
December forecast production.
Resources Resources
are determined
are determined
at a 0.8% Ni
atcut-off.
a 0.8% Ni cut-off. stockpile of 500kt at 2.15% Ni between the mine and plant is included as Measured Resource.
Mineral Resources are calculated through Conditional Simulations within the LOM area. In areas outside the LOM
The Murrin 2023 Ore Reserve estimate is based on the optimised Base Case pit shells for Measured and Indicated footprint,Resources
Mineral Mineral Resources
are basedwere
on aestimated
cut-off grade
by the
of 1.8%
plan polygonal
Ni, and removal
method.of Mineral
volumesResources
without Reasonable
are reported
The Murrin
Mineral 2021 Ore
Resources andReserve
includesestimate is based
scats and on theUpdates
stockpiles. optimised Base Case
to process pit shells
modelling, for Measured
scheduled and Indicated
shutdown costs
Mineral Resources, inclusive ofofMineral
Prospects Eventual Reserves,
Economic after
Extraction
a cut-off(RPEEE)
grade of 1.9%
at theNi,
main
andregions
mathematical
(Manguen,
pit constraints
Centre andatBilboquet).
the main The
and operating costs and
haveincludes scats and
been included. Thestockpiles. Updates
Ore Reserve to process
tonnage modelling,
has increased 4-yearlyfrom
materially shutdown costs
2022 due and
to a regions
main differences
(Manguen, in Centre
this year's
andreport
Bilboquet).
are dueNotochanges
RPEEEwere adjustments,
made in the
Trazy
cut-off
and change
outside (from
the LOM.
2.0%Mainto 1.8% Ni),
operating costs have been included. The Ore Reserve tonnage has decreased
reintroduction of marginal in-situ and stockpile material into the Ore Reserves. materially from 2020, due to a
combination of mining depletion, increased operating cost assumptions, changes in pillar width assumptions for In- differences
5,383 new drill
in this
holesyears
(200,806m),
report areand
duethe
to the
modeling
cut-off update
changeof(from
areas2.0%
outside
to 1.9%
the LOM.
Ni), and pit design updates.
Ore Reserve
Pit Tailings gradesFacilities
Storage have been subject
and to the in
a decrease application of grade
the tonnage modifying
of low-grade factors.material
stockpile These have been
included in derived
the Ore In converting Mineral Resources to Ore Reserves, a mining recovery of 90% and a mining dilution of 15% (0.5%
from analysis of the latest applicable two years mine-to-mill grade performance and result in grade modifying
Reserve. Ni)converting
In were assumed.
Mineral TheResources
mining dilution
to Orefactors
Reserves,
are based
a mining
on recovery
historicalofdata,
90%production
and a mining
reconciliation
dilution of and
15% (0.5%
factors of 94.1% and 91.1% for nickel and cobalt respectively. equipment
Ni) were assumed.
selectivity.
The mining dilution factors are based on historical data, production reconciliation and
Ore equipment selectivity.
The Reserve grades
most recent Life have been
of Mine subjectindicates
schedule to the application of grade
the remaining minemodifying factors.
life extends These
beyond have
2050. beendates
Expiry derived
for
from analysis of the differ
latestfor
applicable two years Designed
In light of the
yearly
current
production
economic
rateand
is 2.2Mtpa
operational
and parameters,
expected mine thelife
mineral
is 15 reserves
years. The are
expiry
reported
dateasof zero,
relevant
as mining
relevant tenements each tenement andmine-to-mill
range fromgrade
2024 toperformance
2047. and result in grade modifying
factors of 96.5% and 93.9% for nickel and cobalt respectively. property licences
required by the CIM is 31
Definition
DecemberStandards.
2048. Ore Reserves stated include a stockpile estimated at 257kt at 2.14% Ni
between
The designed
the mine
yearlyandproduction
process plant.
rate is 2.5 Mtpa. The expiry date of relevant mining property licences is 31
Remaining mine life: the most recent Life of Mine schedule indicates the remaining mine life is 22 years or until December 2048.
2043. Expiry dates for relevant tenements differ for each tenement and range from 2022 to 2043.
23
Ferroalloys
Chrome
Bushveld Complex – Western Limb Measured Mineral Indicated Mineral Measured and Inferred Mineral Probable Ore
Western Chrome Mines – LG6 Chromitite Package and MG1 Chromitite Layer
Waterval Mine 79.5% UG Ore (Mt) 16.2 16.2 1.0 1.0 17.3 17.3 1 1 MM/ - - - - - -
Cr2O3 (%) 41.31 41.31 42.59 42.59 41.39 41.39 43.00 43.00 DR - - - - - -
Marikana West 79.5% UG Ore (Mt) 3.0 3.0 1.7 1.7 4.7 4.7 - - MM/ - - - - - -
Cr2O3 (%) 42.43 42.43 42.60 42.60 42.49 42.49 - - DR - - - - - -
Kroondal Mine 79.5% UG/OC Ore (Mt) 9.3 9.1 0.5 0.7 9.8 9.8 - - MM/ 2.3 2.1 0.5 0.6 2.8 2.7 MM
Cr2O3 (%) 42.69 42.72 41.46 41.54 42.62 42.64 - - DR 28.67 29.19 27.89 28.18 28.53 28.96
Kroondal 79.5% UG/OC Ore (Mt) 11.5 12.5 0.7 0.8 12.2 13.3 - - MM/ 5.4 6.6 0.6 0.7 6.0 7.3 MM
Gemini Cr2O3 (%) 42.09 42.09 41.03 41.18 42.03 42.03 - - DR 30.69 30.52 29.68 29.92 30.59 30.47
Marikana East 79.5% UG Ore (Mt) 4.6 4.6 0.5 0.5 5.1 5.1 - - MM/ - - - - - -
Cr2O3 (%) 42.23 42.24 41.81 41.85 42.18 42.20 - - DR - - - - - -
Klipfontein/ 79.5% UG Ore (Mt) 17.0 13.1 28.0 29.9 45.0 43.0 90 95 MM/ 0.2 0.08 0.9 0.1 1.1 0.2 MM
Waterval Cr2O3 (%) 42.01 42.01 41.98 41.96 41.99 41.98 42.02 42.00 DR 28.13 28.21 28.25 28.00 28.23 28.09
Boshoek 79.5% UG/OC Ore (Mt) - - 17.1 17.1 17.1 17.1 - - MM/ - - 0.6 0.6 0.6 0.6 MM
Cr2O3 (%) - - 40.53 40.53 40.53 40.53 - - DR - - 26.14 26.14 26.14 26.14
Townlands 79.5% UG Ore (Mt) - - 12.9 12.9 12.9 12.9 - - MM/ - - - - - -
Extension 9 Cr2O3 (%) - - 41.39 41.39 41.39 41.39 - - DR - - - - - -
Total LG6 Ore (Mt) 62 59 62 65 124 123 91 96 7.9 8.8 2.6 2.0 10.5 10.8
Cr2O3 (%) 41.98 41.98 41.47 41.48 41.72 41.72 42.03 42.01 30.04 30.18 28.02 28.17 29.54 29.81
Western Chrome Mines – Tailings
Tailings 79.5% Ore (Mt) - - - - - - 2.0 3.0 MM/DR - - - - - -
Cr2O3 (%) - - - - - - 17.42 16.65 - - - - - -
Tonnages are quoted as dry million metric tonnes. Grades are quoted as %Cr2O3. The Measured and Indicated The tonnages and grades for all the tailings facilities that can be economically exploited have been estimated and
Mineral Resources are inclusive of those Mineral Resources modified to produce Ore Reserves. declared.
The chromitite assets include those owned by Glencore and Merafe in different ownership percentages, the The tonnage and grade estimations for the chromitite layers are initiated by the geostatistical analysis of the exploration
attributable interest in such assets remain as reflected. drill hole data
data.andTheareoutcomes
based on of this
localanalysis
estimates are.The
usedoutcomes
in the construction
of this analysis
of block
aremodels
used infor
theeach
construction
and every ofmine
blockand
All Glencore Ferroalloys' chrome operations mine the chromitite deposits developed within the world-renowned project area.
models for each
Theand
geostatistical
every mineanalysis
and project
of thearea.
chromitite
The geostatistical
data indicates analysis
a highofdegree
the chromitite
of continuity
data both
indicates
in grade
a high
and
Bushveld Complex of South Africa. The 2060 Ma year-old Bushveld Complex is the largest known deposit of thickness
degree of of
continuity
the chromitite
both inlayers.
grade The
and block
thickness
modelof the
estimates
chromitite
are layers.
verifiedThe
using
block
geostatistical
model estimates
parameters
are verified
such asusing
chrome, vanadium and platinum group elements (PGEs) in the world. The Bushveld Complex stretches 350km Kriging Efficiency
geostatistical parameters
to test the
suchstability
as Kriging
of theEfficiency
variograms to test
usedthe
andstability
the suitability
of the variograms
of the selected
usedcellandsizes
the suitability
and Kriging
of the
east-west and 450km north-south. The chrome ore is mined from shallow dipping (8° – 14°) tabular orebodies. selected
parameters.cell Post-estimate
sizes and Krigingvalidations
parameters.
are done
Post-estimate
using swath validations
plots andare quantile-quantile
done using swath plots.
plots
Tonnages
and quantile-quantile
and grades are
plots.
reportedTonnages
from theseandblock
gradesmodels
are reported
for eachfrom
minethese
and block
project.models
Thereforis aeach
highmine
degreeandofproject.
confidence
Thereinisthe
a high
tonnage
degree
andof
Although there are numerous chromitite layers developed in the Bushveld Complex, the chromitite layers targeted confidence
grade estimations
in the tonnage
derived and
fromgrade
the block
estimations
models. derived
This is confirmed
from the block
by the models.
monthly This
andisyearly
confirmed
reconciliations
by the monthly
between
and
for economic exploitation are the LG6/LG6A Chromitite Layer package, the MG1 and the MG2 Chromitite Layers. yearly
the block
reconciliations
model estimates,
betweenthe the
monthly
blocksurvey
model measurements
estimates, the monthly
and the survey
actual mine
measurements
productionand for each
the actual
operating
minemine.
Alternative layers are being investigated on a continuous basis. production
The tailingsforfacility
eachestimates
operating are
mine.
basedTheontailings
currentfacility
and historical
estimatesdaily
are based
production
on current
sampling
and and
historical
dam volumes,
daily production
surveyed
No cut-off grades are applied to the chromitite layers being mined. The chromitite layers are mined from upper to sampling
by a certified
andsurveyor.
dam volumes, surveyed by a certified surveyor.
lower contact and no selective mining cuts are applied. The chromitite layer grades show exceptional regional The LOM for the operating chrome mines varies between 2.5 and 5 years based on the declared Ore Reserves. The
grade consistency and continuity. The chromitite layers are currently all mined underground using trackless LOM periods for the various operating mines, based on all the Mineral Resources converted to Ore Reserves vary
mechanised mining methods on a bord-and-pillar mine layout. between 13 and 43 years. The Mining Right expiry dates vary from 2037 to 2039 for the operating chrome mines. All
The Mineral Resources are estimated as chromitite tonnages and grades to reflect the grades of the various the chrome mining rights were granted for an initial period of 30 years.
individual chromitite layers and have been presented by separate layers for clarity in this report. To this end the The production rates for the various chrome mines vary from 110kt ROM per month to 146kt ROM per month.
Mineral Resources for the Eastern Limb properties have been split between the MG1 and MG2 Chromitite Layers.
Both the LG6 and MG1 Chromitite Layers which Glencore currently mine are discrete solid chromitite layers with Western Chrome Mines
sharp contacts. The Western Chrome Mines mining complex consist of the operating mine of Kroondal and the resource areas of
Waterval, Klipfontein/Waterval and Boshoek. The Mineral Resources had a net increase of 1.120
0.926 Mt after mining
Changes in the year on year Mineral Resource tonnage and grade estimates are mainly due to mining depletion, depletion. The Ore Reserves had a net increase of 1.340
0.167 Mt after mining depletion.
changes due to additional geological information gained through exploration and mining and prospecting right No material changes were recorded compared with the 2022 resource and reserve estimation.
boundary changes. These changes reflect in the tonnage and grade reports from the grade block models. No material changes were recorded compared with the 2021 resource and reserve estimation.
24
Ferroalloys
Bushveld Complex – Eastern Limb
Eastern Chrome Mines –MG1 Chromitite Layer
Thorncliffe 79.5% UG/OC Ore (Mt) 37.4 39.3 3.4 3.6 40.7 42.9 - - LUN/ 14.9 17.6 2.4 2.5 17.3 20.1 LUN
Cr2O3 (%) 40.39 40.39 40.74 40.66 40.42 40.41 - - DR 35.42 34.71 33.80 33.18 35.20 34.52
Helena 79.5% UG/OC Ore (Mt) 21.1 21.3 11.4 11.4 32.5 32.7 8 8 LUN/ 1.5 1.5 - - 1.5 1.5 LUN
Cr2O3 (%) 39.91 39.88 38.55 38.51 39.44 39.40 38.26 38.26 DR 29.19 32.46 - - 29.19 32.46
De Grooteboom 79.5% UG/OC Ore (Mt) 1.0 1.0 0.5 0.5 1.5 1.5 - - LUN/ - - - - - - LUN
Cr2O3 (%) 40.22 40.22 40.29 40.28 40.24 40.24 - - DR - - - - - -
Richmond 79.5% UG Ore (Mt) 7.0 7.5 19.2 17.3 26.3 24.7 25 27 LUN/ 3.5 3.7 2.9 1.5 6.5 5.2 LUN
Cr2O3 (%) 40.62 40.53 40.81 40.82 40.76 40.74 40.55 40.51 DR 35.66 35.40 33.28 33.51 34.58 34.87
St George 79.5% UG Ore (Mt) 0.7 0.7 4.7 4.7 5.4 5.4 13 13 LUN/ - - - - - - LUN
Cr2O3 (%) 40.41 40.41 39.38 39.36 39.52 39.50 39.22 39.19 DR - - - - - -
Total MG1 (Mt) 67 70 39.2 37.5 106 107 46 48 19.9 22.8 5.3 4.0 25.3 26.8
Cr2O3 (%) 40.26 40.25 39.97 39.91 40.16 40.13 39.78 39.78 34.99 34.67 33.52 33.30 34.68 34.47
Eastern Chrome Mines – MG2 Chromitite Layer
Thorncliffe Mine 79.5% UG/OC Ore (Mt) - - 18.3 17.6 18.3 17.6 32 33 LUN/ - - 2.3 3.6 2.3 3.6 LUN
Cr2O3 (%) - - 35.12 35.10 35.12 35.10 35.54 35.54 DR - - 26.68 26.90 26.7 26.9
Helena Mine 79.5% UG/OC Ore (Mt) - - - - - - 49 49 LUN/ - - - - - -
Cr2O3 (%) - - - - - - 40.09 40.09 DR - - - - - -
Richmond 79.5% UG/OC Ore (Mt) - - - - - - 31 31 LUN/ - - - - - -
Cr2O3 (%) - - - - - - 35.71 35.71 DR - - - - - -
St George 79.5% UG/OC Ore (Mt) - - - - - - 18 18 LUN/ - - - - - -
Cr2O3 (%) - - - - - - 38.51 38.51 DR - - - - - -
Total MG2 Ore (Mt) - - 18.3 17.6 18.3 17.6 130 131 LUN/ - - 2.3 3.6 2.3 3.6 LUN
Cr2O3 (%) - - 35.1 35.10 35.12 35.10 37.71 37.69 DR - - 26.68 26.90 26.70 26.90
Total MG1 and MG2 Ore (Mt) 67 70 58 55 125 125 176 179 19.9 22.8 7.6 7.6 27.6 30.4
Cr2O3 (%) 40.26 40.25 38.43 38.38 39.42 39.42 38.25 38.25 34.99 34.67 31.45 30.27 34.02 33.58
Eastern Chrome Mines – Tailings
Tailings 79.5% Ore (Mt) - - - - - - 5 5 LUN/ - - - - - -
Cr2O3 (%) - - - - - - 18.81 18.82 SYV - - - - - -
Eastern Chrome Mines

The Eastern Mines Complex had a net increase
decreaseininMineral
MineralResources
Resourcesof of2.004
6.089Mt
Mtafter
aftermining
miningdepletion
depletionononthe
the
MG1 horizon. The decrease
increase was
wasmainly
mainlydue
duetotoaddition
re-interpretation
of pillars;and
re-interpretation
re-estimation.and
There-estimation.
Ore ReservesTheof the
Ore
Eastern Mines
Reserves of thehad
Eastern
a net Mines
increase
hadofa2.305
net increase
Mt afterof
mining
2.061depletion.
Mt after mining
The increase
depletion.
wasThe
mainly
increase
due to
was
reserve
mainly due
generation
to reserve generation
on Richmond on Richmond
Farm. Farm.
On the MG2 horizon there is a net increase in Mineral Resources of 0.158
20.884Mt
Mtafter
aftermining
miningdepletion.
depletion.The
TheOre
increase
was mainlyhad
Reserves duea to
decrease
the targeted
on the
reef
MG2being
horizon
changed
of 1.176
and Mt.
Richmond
The decrease
and St George’s
was mainlyfarms
due resources
a change inadded.
the 5 The
year
Ore Reserves
mining plan. had an increase on the MG2 horizon of 3.854 Mt. The increase was mainly due to reserve generation
on Thorncliffe Farm.
25
Ferroalloys
Vanadium
Rhovan 74.0% OC Ore (Mt) 40 50 37.2 38.3 77 88 110 110 SM/ 11.3 18.1 7.1 8.2 18.3 26.3 SM/
V2O5 (%) 0.47 0.47 0.46 0.45 0.46 0.46 0.49 0.49 DR 0.47 0.46 0.43 0.43 0.46 0.45 DR
Tonnages are quoted as dry million metric tonnes. Grades are quoted as %V2O5.
The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce Ore
Reserves.
The vanadium mining operations mine the vanadiferous magnetite deposits developed within the Bushveld
Complex, South Africa. The mineral lease area is situated on gabbroic rock formations contained in the lower group
of the layered magnetite seams at the base of the upper zone of the Bushveld Igneous Complex. The lower groups
of the magnetite seams of the Bushveld Ingenious Complex host the world’s largest known reserves of the
vanadium pentoxide with titanium dioxide in magnetite. The 2060 Ma year-old Bushveld Complex is the largest
known deposit of chrome, vanadium and platinum group elements (PGE’s) in the world.
The magnetite ore is mined from shallow dipping (6° – 25°) stratified magnetite orebodies developed in the Upper
Zone of the Bushveld Complex. Various ore zones with varying grades can be identified within the orebody. The
ore zones are defined based on their magnetite and vanadium content.
The magnetite ore is mined using open cast mining methods.
Rhovan
There was a net decrease
increase of
of27.061
13.332Mt
Mtininthe
theMineral
MineralResource
Resourceestimate
estimateafter
aftermining
miningdepletions
depletionshave
havebeen
been
discounted. The change is mainly due to re-interpretation,re-estimation
areas that have been sterilisedofand
thetherefore
Mineral Resources
removed from
and the
theMineral
addition
of
Resources.
a Block 9 Resource.
The Ore Reserves had a net decrease
increase of
of0.844
5.480Mt
Mtafter
aftermining
miningdepletions
depletionshave
havebeen
beendiscounted.
discounted.The
Thechange
changeisis
mainly due to re-interpretation
areas that have been
and re-estimation
sterilised andoftherefore
the Mineral
removed
Resources
from the
before
Orethe
Reserves.
conversion to Ore Reserves.
Obsidian Consulting Services updated the estimate of the Mineral Resources for all production areas including,
Leeupen, Pit 1, Pit 2, Pit 3, the new Block 9
8 area well as Pit4-6W and Pit7. This update made use of data from 22
new exploration holes and 1,145
1,033 blastholes providing some 7817
6,713new
newassay
assayresults.
results.
The tonnage and grade estimations were done using ordinary kriging utilising spherical semi-variograms models
derived from the exploration drill hole hole,and
blastblast
holehole
datadata.
and The
is based
blockonmodel
local estimates
estimates were
. The assessed
block model using
estimates
geostatistical
were assessed parameters
using geostatistical
such as Kriging
parameters
Efficiency
suchandas Kriging
Slope of Efficiency
Regression andtoSlope
test the
of Regression
stability of the
to test
variogram
the
models
stability used
of theandvariogram
the suitability
modelsofusedthe selected
and the suitability
cell sizes.of
A the
finalselected
geospatialcellvalidation
sizes. A final
wasgeospatial
done by visual
validation was
done
inspections
by visual
andinspections
the compilation
and theof swath
compilation
and QQ of plots.
swath Other
and QQ validations
plots. Other
included
validations
a comparison
includedofa distributions
comparison of
distributions
the source data of the
versus
source
ordinary
data versus
krigingordinary
and nearestkriging
neighbour
and nearest
estimates.
neighbourTonnages
estimates.
and grades
Tonnages areand
reported
grades from
are
reported
the blockfrom
modelsthe for
block
each
models
pit. For
forthe
each
estimation,
pit. For thecut-off
estimation,
grades cut-off
of 15%grades
Magnetite
of 15%
andMagnetite
1.8% V2O5 andwere
1.85%
applied
V2O5 for
were
Pits 1,applied
2, 3, Leeupen
for Pits 1,
and
2, Block9
3, Leeupenwhileand
15%Blocks
Magnetite
8,9 while
and 1.875
15% Magnetite
% V2O5 was and used
1.875for% the
V2O5Pit was
4, 6 West
used for
andthe7. Pit
4,
The6 West
degree andof 7.
confidence
The degreein the
of confidence
tonnage and in grade
the tonnage
estimations
and grade
derivedestimations
from the block
derived models
from the
is reflected
block models
in theis
reflected
classified inMineral
the classified
ResourceMineral
classes Resource classes.
The Rhovan LOM based on the declared Ore Reserves is 7 10years.
years.The
TheLOM
LOMbased
basedon onallallthe
theMineral
MineralResources
Resources
converted to Ore Reserves is over 30 years. Rhovan is mining from various open cast pits at an actual mining rate
averaging 259kt
224kt of ROM per month (2023).
(2022). The stripping ratio averaged 1.54 (t:t) for the same period.
The Mining Right expires in 2027.
26
Ferroalloys
Manganese
Mokala 49.0% OC Ore (Mt) 32.9 27.2 12.3 19.0 45.1 46.3 3 3 JC/ 20.1 18.6 - 2.9 20.1 21.5 JC
Mn (%) 36.96 37.21 36.50 36.38 36.84 36.87 36.55 36.49 DR 36.19 36.36 - 35.79 36.19 36.28
Mokala
The tonnage and grade estimations were done using geo-statistical analysis of the exploration drill holes holes.and
Fromis this
based
Tonnages are quoted as dry million metric tonnes. Grades are quoted as %Mn.
analysis,
on local estimates
the most .appropriate
From this analysis,
parameters the for
most
theappropriate
constructionparameters
of a block for
model
the for
construction
the pit was ofderived.
a block model
The block
for the pit
The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce Ore model
was derived.
estimatesTheareblock
verified
modelusing
estimates
geostatistical
are verified
parameters
using geostatistical
such as Krigingparameters
Inverse such Distance
as Kriging
squared Inverse
and Slope
Distance of
Reserves. Regression
squared andtoSlopetest the
of Regression
stability of the
to test
variograms
the stability
usedofand
the the
variograms
suitabilityused
of theand selected
the suitability
cell sizes.
of the
A final
selected
geospatial
cell
The manganese mining operation mines the manganese deposits developed within the Kalahari Manganese Field, validation
sizes. A final
is done
geospatial
by means
validation
of swathis done
and QQby means
plots. Other
of swath
validations
and QQincluded
plots. Othera comparison
validationsofincluded
distributions
a comparison
of the of
South Africa. The Kalahari Manganese Field is the largest known deposit of manganese in the world. source
distributions
data versus
of the source
estimated
dataresults.
versusTonnages
estimated andresults.
grades
Tonnages
are reported
and grades
from the areblock
reported
modelfromforthe
an block
optimised
model pit.for
For
the
an optimised
estimation, pit.
a For
composite
the estimation,
cut-off grade
a composite
of 36% Mncut-off
wasgrade
used ofand36%a sample
Mn wascut-offused grade
and a sample
of 28% Mn. cut-off
Thegrade
degreeof 28%
of
The manganese ores in the Kalahari Manganese Field are mined from both underground and opencast operations. confidence
Mn. The degreein theoftonnage
confidence
and in
grade
the tonnage
estimations
andderived
grade estimations
from the blockderived
model fromis reflected
the blockinmodel
the classified
is reflected
Mineral
in the
The manganese orebodies, occur as three stratiform beds, the Upper, Middle and Lower Ore Bodies, developed Resource
classified Mineral
classes.Resource
Known non-mineralised
classes. Knownand non-mineralised
restricted areasandarerestricted
excluded areas
fromaretheexcluded
Mineral Resources.
from the Mineral
within the Hotazel Formation. The Hotazel Iron Formation consists of banded iron formations with interbedded Resources.
manganese ores. In the Mokala area, the Hotazel Formation sub-crop below the Kalahari Formation, the The Mokala Ore Reserves is based on a pit optimisation exercise conducted during 2022. The main input parameters
Mooidraai Dolomites and the Dwyka Tillite. for the optimisation were the forward-looking Mn prices at the time of the exercise, US$ 4.80 per dtmu for lump and
The Mokala
US$ 4.30 perOre Reserves
dtmu for fines,is minimum
based on 36%
a pit Mn.
optimisation exercise conducted during 2022. The main input parameters
There was a net increase
decreaseof of1.231
0.095Mt
Mt in the Mineral Resource estimate after mining depletions have been for the optimisation were the forward-looking Mn prices at the time of the exercise, US$ 4.80 per dtmu for lump and
discounted. The slight
change change
is mainly
is mainly
due todue
re-interpretation
to re-interpretation
and re-estimation
and re-estimation
of the of
Mineral
the Mineral
Resources.
Resources. The Mineral Resources to Ore Reserves
US$ 4.30 per dtmu for fines, minimum 36% Mn. conversion was based on a mining extraction rate of 98% and 2.5 % skin
dilution along the upper and lower contacts of the mining cut.
The Ore Reserves had a net increase
decreaseofof0.025Mt
3.813 Mtafter
aftermining
miningdepletions
depletionshave
havebeen
beendiscounted.
discounted.The
Thechange
changeisis
mainly due to updated information from exploration
pit optimisation
drilling
anddata.
mine design in 2022,the main contributor being the Mineral LOM
The Mokala Resources
of the to Ore Reserves
declared conversion
Ore Reserves is 14was based
years, on on
based a mining extraction
a mining rate ofper
rate of 130kt 98% and 2.5
month. The%average
skin
impact of new geotechnical slope parameters. dilution along
stripping ratio the upper
for the LOM andis lower contacts of the mining cut.
4.98 (m3:t).
Mokala is situated on the farm Gloria 4 km’s west of the town of Hotazel, Northern Cape, South Africa. Stripping of
waste
Mokalacommenced in the
is situated on Mayfarm
2020Gloria,
and Ore production
4 kms west of began in of
the town March 2021.
Hotazel, Northern Cape, South Africa. Stripping of The Mining Right expires in 2037.
The Mokala LOM of the declared Ore Reserves is 13 years, based on a mining rate of 130kt per month. The average
waste commenced
The target in Mayis2020
mineralisation and Ore
the Lower productionorebody
Manganese began in March
which 2021.
vary in thickness from a few meters to >20m. stripping ratio for the LOM is 4.9 (m3:t).
The orebody is shallow dipping
target mineralisation towards
is the Lower the west atorebody
Manganese 5°– 12°.which vary in thickness from a few meters to >20m.
The The Mining Right expires in 2037.
The orebody is has
mining cut shallow
beendipping
definedtowards the westcomposite
by a minimum at 5°– 12°.cut-off grade of 36% Mn, and a minimum sample cut-off
grade
The mining
of 28%cutMn.
has been defined by a minimum composite cut-off grade of 36% Mn, and a minimum sample cut-off
grade of 28%
Obsidian Mn. Services was contracted to validate the Mineral Resources for Mokala Mine.
Consulting
Obsidian Consulting Services was contracted to estimate the Mineral Resources for the Mokala pit.
27
Aluminium
Aluminium Mineral Resources and Reserves
Aurukun 70% OC Ore (Mt) 96 96 344 331 440 427 3 3 JB - - - - - -
Al2O3 (%) 53.50 53.50 49.70 49.90 50.50 50.70 48.60 49.40 - - - - - -
MRN 45% OC Ore (Mt) 422 - 3.5 - 425 - 150 - RA 43.3 - 2.9 - 46.3 - LC
A.Al2O3 (%) 47.31 - 48.95 - 47.32 - 49.47 - 48.91 - 49.04 - 48.91 -
R.SiO2 (%) 5.33 - 2.55 - 5.31 - 3.96 - 4.89 - 4.85 - 4.88 -
Aurukun MRN
The Aurukun Bauxite deposits are located on the western side of the Cape York Peninsula in far north Mineração Rio do Norte (MRN) bauxite mining operations are in the Trombetas region, Pará State, northern Brazil.
Queensland, Australia. Glencore currently holds tenure to the deposits via a mineral development Tenure includes 44 mining leases covering 22 major plateaus, all have the status of a mining concession. The
licence or "MDL" granted in late 2017, which allows feasibility studies to be performed. Currently there is mining leases are clustered into a single mining unit (Grupamento Mineiro/Mining Group), under number
no production from the MDL. 950.000/1997. Ore Reserves are restricted to Resource areas with either a granted environmental Preliminary
Licence (PL) or Operational Licence (OL).
In 2004 and 2005, the Queensland State government funded the Aurukun Geoscientific Investigation Two datasets support the 2023 Mineral Resource and Ore Reserve statement. The first one is the result of historical
Programme. The programme involved drilling approximately 8,500 drill holes and produced exploration where data was collected from pits manually excavated on approx. 500m grids. Samples were collected
approximately 200,000 samples at 0.25m intervals, most of which were assayed. All samples sent to the at approx. 30cm x 30cm x 15cm intervals, before being crushed and beneficiated at 35# mesh sieve size. The fines
lab were beneficiated at 1.2 mm screen size and the +1.2 mm fraction analysed for total Al2O3, SiO2, fraction was disposed of and the remaining fraction was analysed for total oxides. This data currently supports the
Fe2O3, TiO2 and LOI. West zones plateaus for resource estimation, except for the Jamari, Rebolado and Cruz Alta deposits which are
based on a newer dataset. The Mineral Resource estimate derived from the historical data is classified as Inferred
The assay results from the 2004/05 programme are used to produce the bauxite resource models for Resource only.
the five deposits within the MDL. The model covering Tappelbang, Possum, Emu and Tcharawopin The second dataset is from more recent exploration programs and are still ongoing. The data collected is from air-
deposits consists of 152.4 m x 152.4 m x 0.25 m blocks. The remaining Coconut deposit model consists core drilling, undertaken on a 200m grid. Samples are collected at 0.5m intervals and beneficiated at a +20# or +14#
of 38.1 m x 38.1 m x 0.25 m blocks. mesh sieve. The fines are further screened at either -20#+400# or -14#+400# mesh. The crude, coarse sample and
fines retained are analysed for total Al2O3, SiO2, Fe2O3, TiO2 and LOI and available alumina and reactive silica.
The tonnes and grade estimates for this 2023 Mineral Resource statement are based on the described The new methodology will eventually replace the historical data. This database supports the East zone plateaus and
two resource models. No Reserves are currently declared. The tonnes reported are dry beneficiated Western zone plateaus mentioned above for resource estimation. The block model used for resource calculations is
product tonnes. The Al2O3 grade is reported as total alumina oxide. based on cells sizing 50m x 50m x 0.5m which are sub-blocked at 25m x 25m x 0.25m.
The tonnes and grade in the 2023 Mineral Resource and Ore Reserve statement are reported as dry beneficiated
Measured and Indicated Mineral Resources have increased by approximately 3% (13 Mdpt) due to product tonnes. The Al2O3 grade is reported as available alumina and SiO2 grade as reactive silica. Mineral
changes to economic parameters including an increased base bauxite revenue and decrease in the Resources are reported exclusive of Mineral Reserves.
Al2O3 grade penalty and exchange rate. The increase has been partially offset by applying a maximum
cut-off grade this year of 16% total SiO2 to the bauxite horizon (formerly 20%).
28
Coal
New South Wales

Marketable Total Marketable Coal
Measured Coal Indicated Coal Inferred Coal Coal Reserves Coal Reserves Reserves
Attributable Mining Resources Resources Resources Proved Probable Proved Probable
Name of operation interest method Commodity 2023 2022 2023 2022 2023 2022 CP 2023 2023 2023 2023 2023 2022 CP
Oakbridge Group Thermal Coal (Mt) 959 969 640 640 1450 1450 130 19 85 11 95 100
Bulga Complex 85.90% OC/UG Thermal Coal (Mt) 940 950 580 580 1,300 1,300 DSU
CV (kcal/kg) 6,000 6,000 5,850 5,850 5,900 5,900
Bulga OC 85.90% OC Thermal Coal (Mt) 130 19 85 11 95 100 MCH
CV (kcal/kg) - - 6,250 6,300 6,250 6,250
Running Stream 98.20% OC Thermal Coal (Mt) 19 19 60 60 150 150 MJL - - - - - -
CV (kcal/kg) 5,050 5,050 5,050 5,050 5,150 5,150 - - - - - -
Mount Owen Complex Thermal Coal (Mt) 285 290 265 265 440 440 61 9 31 5 36 41
Mount Owen 100% OC Thermal Coal (Mt) 180 180 190 190 350 350 DRS 60 9 30 5 35 40 BOB
CV (kcal/kg) 6,050 6,050 6,100 6,100 6,100 6,100 - 6,200 6,300 6,200 6,150
Ravensworth East OC Thermal Coal (Mt) 55 60 25 25 - - DRS 0.8 - 0.5 - 0.5 1 BOB
CV (kcal/kg) 5,750 5,750 5,650 5,650 - - - - 5,800 - 5,800 5,400
Glendell OC Thermal Coal (Mt) 50 50 50 50 90 90 DRS - - - - - -
CV (kcal/kg) 5,850 5,850 5,850 5,850 5,800 5,800 - - - - - -
Liddell 67.50% OC Thermal Coal (Mt) 150 200 200 240 400 400 JET/ - - - - - 2 APC
CV (kcal/kg) 6,350 6,250 6,250 6,200 6,150 6,150 DRS - - - - - 6,700
Integra 100% UG Thermal/Coking Coal (Mt) 15 17 45 45 30 30 MAS 2 - 1 - 1 2 AWF
CV (kcal/kg) 5,950 5,950 5,900 5,900 5,800 5,800 - - - - - -
Ash (%) - - - - - - - - 9 - 9 8
United - Wambo 47.50% OC/UG Thermal Coal (Mt) 480 510 290 290 500 500 DJR 65 2 45 2 45 55 PTP
CV (kcal/kg) 5,800 5,800 5,750 5,750 5,450 5,850 - - 6,450 6,400 6,400 6,450
Ulan Complex 100% Thermal Coal (Mt) 185 205 303 233 120 420 100 6 90 4 94 109
Ulan OC Thermal Coal (Mt) 45 45 13 13 20 20 MJL - 6 - 4 4 4 SBB
CV (kcal/kg) 4,950 4,950 5,200 5,200 4,900 4,900 - - - 5,000 5,000 5,000
Ulan UG Thermal Coal (Mt) 140 160 290 220 100 400 MJL
CV (kcal/kg) 6,350 6,350 4,750 4,750 5,000 5,000
Ulan #3 UG Thermal Coal (Mt) 40 - 35 - 35 40 KAN
CV (kcal/kg) - - 6,300 - 6,300 6,200
Ulan West UG Thermal Coal (Mt) 60 0.4 55 0.4 55 65 KAN
CV (kcal/kg) - - 6,300 6,300 6,300 6,100
Ravensworth Group Thermal Coal (Mt) 354 364 240 240 100 100 140 12 90 8 100 110
Narama 100% OC Thermal Coal (Mt) 24 24 - - - - MAS - - - - - -
CV (kcal/kg) 5,600 5,600 - - - - - - - - - -
Ravensworth North 100% OC Thermal Coal (Mt) 330 340 240 240 100 100 MAS 140 12 90 8 100 110 MJE
CV (kcal/kg) 6,000 6,000 6,050 6,050 5,650 5,650 - - 6,400 6,400 6,400 6,400
Mangoola 100% OC/UG Thermal Coal (Mt) 70 90 100 100 1,400 1,500 MAS 35 30 28 24 50 55 MRW
CV (kcal/kg) 5,250 5,200 4,800 4,750 4,250 4,250 - - 5,450 5,400 5,450 5,400
Ravensworth UG 100% UG Thermal Coal (Mt) 250 250 210 210 250 250 MJL - - - - - -
CV (kcal/kg) 5,850 5,850 5,400 5,400 5,350 5,350 - - - - - -
Hunter Valley 49% OC Thermal Coal (Mt) 680 770 1,500 1,300 1,900 2,400 MAS 250 540 190 400 580 620 GAJ
Operations CV (kcal/kg) 6,150 6,500 5,900 6,450 5,700 6,200 - - 6,450 6,350 6,400 6,350
Total New South Wales Coking/Thermal Coal (Mt) 3,428 3,665 3,793 3,563 6,590 7,490 783 618 560 454 1,001 1,094
29
Coal
New South Wales

New South Wales Coal Reserve depletion due to Mining (-5.3Mt). Decrease in reserves due to mine plan changes ROM (-6.4Mt)
The New South Wales Coal Resources and Reserves are contained within the Sydney Basin. and Marketable (-4.5Mt).
Changes and issues material to the estimation of Coal Resources and Reserves are noted below for specific
Tenements for the JV area expire between March 2026 and October 2043. Coal reserves of the United-Wambo
projects. Reference to production changes between 31 December 2022 and 31 December 2023 are detailed for
JV are sufficient to support a planned mine life of approximately 10 years.
each producing mine site.
Ulan Complex
Unless otherwise stated, tenement expiries will be eligible for a standard renewal as per the relevant Government
Coal resource Measured and Indicated decrease (-23.0Mt) due to sterilisation of the upper part of the mining
policy.
section as mining occurs in the lower part. Additionally, coal resource within the mining section was depleted (-
Tonnages are quoted as million metric tonnes. Values expressed in the text have not been rounded and therefore 11.5Mt) as a direct result of mining. Reduction of Inferred resources (-370.8Mt) following a review of
do not correlate directly with the tables. “reasonable prospect of mining” (Clause 20, JORC2012).
Oakbridge Group Increase in resources due to the inclusion of additional drilling, Measured and Indicated resource (+88.1Mt) and
Bulga Complex: Coal Resource and Reserve depletion due to mining (-9.3Mt). Inferred resources (+51.3Mt).
Coal Reserves for Bulga Open Cut operations are sufficient to support a mine life of approximately 16 years. Tenements for Ulan expire between January 2024 and October 2044. Some tenements are undergoing a
Tenements for the Bulga Complex expire between April 2024 and December 2044. Some tenements are routine renewal process with the NSW Government.
undergoing a routine renewal process with the NSW Government. Ulan Open Cut: No mining during reporting period therefore no material change to Coal Reserves estimations
Running Stream: an undeveloped thermal coal project. Coal Resources were not re-estimated in 2023. since 31 December 2022.
Assessment Lease expired in May 2020, and a renewal application was lodged (on time) in March 2020. The Ulan West Underground: Coal Reserve depletion due to mining (-8.3Mt).
renewal remains under assessment by NSW government. Coal Reserves for Ulan West underground operations are sufficient to support the planned mine life of
Mt Owen Complex approximately 9 years.
Mount Owen: Coal Reserve depletion due to mining (-5.8Mt). New drilling resulted in an increase in Measured Ulan #3 Underground: Coal Reserve depletion due to mining (-3.2Mt).
and Indicated resources (9.9Mt) and Inferred resources (8.6Mt).
Coal Reserves for Ulan #3 underground operations are sufficient to support the planned mine life of
Tenements for Mt Owen expire between July 2024 and August 2043. approximately 8 years.
Coal Reserves for Mt Owen Operations are sufficient to support the planned mine life of approximately 11 years. Ravensworth Group
Ravensworth East: Coal Reserve depletion due to mining (-0.8Mt). Narama: No change to Coal Resources since 31 December 2022.
Tenements for Ravensworth East expire between June 2024 and November 2042. Tenements for Narama expire between March 2029 and January 2045.
Coal Reserves for Ravensworth East operations are sufficient to support the planned mine life of 1 year. Ravensworth North: Coal Resource and Reserve depletion due to mining (-12.8Mt).
Glendell: All remaining reserves have now been depleted at Glendell. Tenements for Ravensworth North expire between June 2025 and September 2035.
Tenements for Glendell expire between November 2024 and November 2033. Coal Reserves for Ravensworth North operations are sufficient to support the planned mine life of approximately
13 years.
Liddell Open Cut
Coal Resources include both the current Liddell Open Cut Operations and the project area known as Liddell Ravensworth Underground
South. Each area has been assessed by a different Competent Person; Liddell Open Cut by John Terrill and Ravensworth Underground Resources remain unchanged since 31 December 2022.
Liddell South by Dominic Stitt. Tenements for Ravensworth Underground expire between July 2026 and December 2044. Some tenements are
Coal Resource and Reserve depletion due to mining at Liddell Open Cut (-3.5Mt). undergoing a routine renewal process with the NSW Government.
Reduction in Liddell Measured and Indicated resources (-88.0Mt) and Inferred resources (-15.5Mt) owing to Mangoola
sterilisation based on “no reasonable prospects” (Clause 20, JORC2012). Coal Resource and Reserve depletion due to mining (-8.6Mt). Decrease in Measured and Indicated resources (-
All remaining reserves have now been depleted from Liddell Open Cut, mining activities have ceased, and mine 15.7Mt) and Inferred resources (-42.1Mt) following a review of “reasonable prospects” (Clause 20, JORC2012).
closure activities have commenced. Tenements for Mangoola expire between November 2025 and October 2042. Some tenements are undergoing
No change to the coal resource estimation for Liddell South since 31 December 2022. a routine renewal process with the NSW Government. Coal Reserves for Mangoola operations are sufficient to
support the planned mine life of approximately 8 years.
Tenements for Liddell Operations expire between March 2025 and May 2044.
Hunter Valley Operations
Tenements for Liddell South Project expire between July 2025 and May 2044.
Coal Resource and Reserve depletion due to mining at Hunter Valley Operations (-11.2Mt). New drilling and
Integra new geological model resulted in an increase to Measured and Indicated resources (177.7Mt) and a decrease of
Coal Resource and Reserve depletion due to mining (-1.7Mt). Inferred resources (-114.1Mt). Decrease in Inferred resources (-274.3Mt) due to reclassification. Decrease in
Tenements for the area expire between January 2026 and December 2044. Measured and Indicated resources (-65.3Mt) and Inferred resources (-125.7Mt) due to review of “reasonable
Coal Reserves for Integra operations are sufficient to support the planned mine life of 1 year. prospects” (Clause 20, JORC2012).
United - Wambo Tenements for Hunter Valley Operations expire between December 2024 and December 2044. Some
Coal Resource depletion due to mining (-6.9Mt) which includes (-1.6Mt) of resource mined by Peabody under an tenements are undergoing a routine renewal process with the NSW Government. Coal Reserves at Hunter
existing royalty agreement. Decrease in Measured and Indicated resources (-19.5Mt) and an increase in Inferred Valley Operation are sufficient to support the planned mine life of 2050 and potential further extensions.
resources (10.0Mt), following the review and reinterpretation of geological data.
30
Coal
Queensland
Marketable Total Marketable Coal

Measured Coal Indicated Coal Inferred Coal Coal Reserves Coal Reserves Reserves
Oaky Creek 55% Coking/Thermal Coal (Mt) 210 220 345 345 90 90 20 13 13 8 20 24
Oaky North UG Coking Coal (Mt) 210 220 300 300 70 70 RJH 20 13 13 8 20 24 POG
Ash (%) - - - - - - - - 10 10 10 10
Fairhill Oaky Creek OC Thermal Coal (Mt) - - 45 45 20 20 RJH - - - - - -
CV (kcal/kg) - - - - - - - - - - - -
Red Rock 75% OC/UG Coking/Thermal Coal (Mt) 1 1 300 300 200 200 RJH - - - - - -
CV (kcal/kg) 6,900 6,900 5,100 5,100 5,450 5,450 - - - - - -
NCA 100% Coking/Thermal Coal (Mt) 448 448 547 567 980 1,020 5 37 5 25 30 25
Newlands, Suttor OC/UG Thermal Coal (Mt) 300 300 140 140 400 400 JET
Eastern (RCM) CV (kcal/kg) 5,750 5,750 5,200 5,200 5,050 5,050
Wollombi (MCM) OC/UG Coking Coal (Mt) 13 13 75 75 100 100 JET - - - - - -
Thermal Coal (Mt) 5 5 24 24 60 60 - - - - - -
CV (kcal/kg) 5,500 5,500 5,250 5,250 5,150 5,150 - - - - - -
Sarum OC/UG Coking Coal (Mt) 30 30 8 8 60 60 JET - - - - - -
Thermal Coal (Mt) - - 70 70 250 250 - - - - - -
CV (kcal/kg) - - 5,400 5,400 4,650 4,650 - - - - - -
Collinsville OC/UG Coking Coal (Mt) 65 65 180 200 60 100 MAS
Thermal Coal (Mt) 35 35 50 50 50 50
CV (kcal/kg) 4,800 4,800 5,000 5,000 4,800 4,900
Collinsville OC OC Coking Coal (Mt) - 25 - 13 13 11 LEN
Thermal Coal (Mt) 5 12 5 12 17 14
CV (kcal/kg) - - 5,800 5,800 5,800 5,750
Cook 100% OC/UG Coking/Thermal Coal (Mt) - - 180 180 700 700 JET - - - - - -
CV (kcal/kg) - - 6,650 6,650 6,500 6,500 - - - - - -
Rolleston 100% Thermal Coal (Mt) 210 210 360 370 500 500 110 45 110 45 150 170
Rolleston ML OC Thermal Coal (Mt) 210 210 200 210 350 350 NMP 110 45 110 45 150 170 ROM
CV (kcal/kg) 5,700 5,700 5,550 5,550 5,500 5,550 - - 5,600 5,300 5,500 5,550
Rolleston MDL & OC Thermal Coal (Mt) - - 160 160 150 150 MJL - - - - - -
EPCs CV (kcal/kg) - - 5,450 5,450 5,550 5,550 - - - - - -
Togara North 70% OC/UG Thermal Coal (Mt) 360 360 220 220 800 800 MAS - - - - - -
CV (kcal/kg) 6,200 6,200 6,000 6,000 5,900 5,900 - - - - - -
Wandoan 87.50% Thermal Coal (Mt) 1,650 1,650 3,000 3,000 3,300 3,300 MPL - - - - - -
CV (kcal/kg) 5,350 5,350 5,500 5,500 5,450 5,450 - - - - - -
Milray 87.50% OC/UG Thermal Coal (Mt) - - 170 170 600 600 RJH - - - - - -
CV (kcal/kg) - - 6,050 6,050 4,950 4,950 - - - - - -
Pentland 87.50% OC/UG Thermal Coal (Mt) 100 100 40 40 10 10 RJH - - - - - -
CV (kcal/kg) 4,400 4,400 4,050 4,050 4,100 4,100 - - - - - -
Clermont 37% OC/UG Thermal Coal (Mt) 40 55 7 8 - - JET 40 6 35 6 40 55 WTE
CV (kcal/kg) 6,100 6,150 6,150 6,150 - - - - 6,000 6,050 6,000 6,050
Hail Creek 84.67% Coking/Thermal Coal (Mt) 723 700 500 430 580 370 75 25 60 21 80 90
Hail Creek OC/UG Coking/Thermal Coal (Mt) 700 700 320 310 300 300 TTN 75 25 60 21 80 90 APC
Hail Creek West OC/UG Coking/Thermal Coal (Mt) 23 - 180 120 250 40 DSU - - - - - -
Mount Robert OC/UG Coking/Thermal Coal (Mt) - - - - 30 30 LMP - - - - - -
Valeria 71% OC Thermal Coal (Mt) 220 220 320 320 250 250 MPL - - - - - -
Valeria South 100% OC Thermal Coal (Mt) - - 55 55 90 90 MPL - - - - - -
Total Queensland Coking/Thermal Coal (Mt) 3,962 3,964 6,044 6,005 8,100 7,930 250 126 223 105 320 364
31
Coal
Queensland
Togara North
Queensland
No Change in the Coal Resource estimation at Togara North since 31 December 2022.
The Queensland Coal Resources and Reserves are contained within the Bowen Basin, the Surat Basin and the
Galilee Basin. Tenements for Togara North expire between March 2024 and December 2046. Some tenements are undergoing a
routine renewal process with the QLD Government.
projects. Reference to production changes between 31 December 2022 and 31 December 2023 are detailed for Wandoan
each producing mine site. No Change in the Coal Resource estimation at Wandoan since 31 December 2022.
Unless otherwise stated, tenement expiries will be eligible for a standard renewal as per the relevant Government Tenements for Wandoan expire between February 2024 and December 2043. Some tenements are undergoing a
policy. routine renewal process with the QLD Government.
Tonnages are quoted as million metric tonnes (Mt). Values expressed in the text have not been rounded and Milray
therefore do not correlate directly with the tables. No change in the Coal Resource estimation since 31 December 2022.
Oaky Creek Tenements for Milray expire between November 2024 to January 2026.
Coal Resource and Reserve depletion due to mining (-5.4Mt). New drilling and the reassessment and re- Pentland
correlation of the Pleiades seam resulted in a decrease in Measured and Indicated resources (-7.6Mt) and Inferred No change in the Coal Resource estimation since 31 December 2022.
resources (-7.1Mt).
Tenements for Pentland expire in September 2026.
Tenements for the Oaky Creek Complex expire between March 2026 and June 2041. Coal Reserves are sufficient
to support the planned mine life for 6 years. Clermont
Coal Resource depletion due to mining (-11.9Mt). New drilling resulted in a decrease in Measured and Indicated
Red Rock resources (-3.3Mt).
Red Rock Resources remain unchanged.
Tenements for Clermont expire between March 2025 and July 2031. Some tenements are undergoing a routine
Tenements for Red Rock expire between September 2025 and September 2028. renewal process with the QLD Government. Coal Reserves at Clermont are sufficient to support the planned mine
NCA life for 4 years.
Newlands Open Cut: Mining activities at Newlands Open Cut have ceased. Hail Creek Operations
Newlands, Suttor, Eastern (RCM – Rangal Coal Measures): Resources are unchanged post cessation of Coal Resource and Reserve depletion due to mining (-8.8Mt). New drilling resulted in an increase in Measured and
mining. Indicated resources (9.8Mt) and a decrease in Inferred resources (-26.0Mt).
Tenements for Newlands Complex expire between March 2026 and February 2042. Tenements for Hail Creek expire in December 2040. Coal Reserves are sufficient to support the planned mine life
for approximately 15 years.
Wollombi (MCM – Moranbah Coal Measures): Coal Resource depletion due to mining (-0.4Mt).
Hail Creek West
Tenements for Wollombi expire between November 2026 and June 2032.
Hail Creek West is the project area previously named and reported as Lake Elphinstone. New drilling, new
Sarum: No change in the Coal Resource estimation since 31 December 2012. geological model and the associated reclassification of resources resulted in an increase to Measured and
The Sarum Project is inclusive of the Sarum and Gattonvale deposits. Tenements at the Project expire between Indicated resources (81.9Mt) and Inferred resources (187.1Mt) across the Hail Creek West resource area.
November 2025 and April 2026. Tenements for Hail Creek West expire in December 2040.
Collinsville: Coal Resource and Reserve depletion due to mining (-3.8Mt). New drilling resulted in an increase in Mt Robert
Measured and Indicated resources (1.1Mt) and Inferred resources (2.5Mt). Decrease in Measured and Indicated No exploration or analysis work completed since acquisition so previous resource model re-applied for 2023
resources (-26.6Mt) and Inferred resources (-39.5Mt) due to review of “reasonable prospects” (Clause 20, reporting period. The previous estimate did not include a quality estimation.
JORC2012).
Tenements for Mt Robert expire between November 2024 and August 2025.
New drilling resulted in increased ROM reserves (9.2Mt) and Marketable reserves (7.2Mt).
Valeria
Tenements for Collinsville expire between September 2024 and October 2030. Coal Reserves are sufficient to No change in the Coal Resource estimation since 31 December 2022.
support the planned mine life of approximately 12 years.
Tenements for Valeria expire in September 2026.
Cook (Blackrock)
Valeria South
No Change in the Coal Resource estimation at Cook since 31 December 2022.
No change in the Coal Resource estimation since 31 December 2022.
The tenement for Cook expires in April 2042.
Tenements for Valeria South expire in June 2024.
Rolleston
Coal Resource and Reserve depletion due to mining (-12.9Mt). New drilling resulted in an increase in Measured
and Indicated resources (6.8Mt) and a decrease in Inferred resources (-4.4Mt).
Tenements for Rolleston expire between April 2025 and May 2043.
Coal Reserves for Rolleston are sufficient to support the planned mine life of approximately 16 years.
32
Coal
South Africa
Extractable Coal Saleable Total Saleable Coal
Measured Coal Indicated Coal Inferred Coal Reserves Coal Reserves Reserves
Tweefontein 79.80% Thermal Coal (Mt) 820 830 60 60 38 38 MS 139 5 82 3 85 90 CT
Tweefontein North OC/UG Thermal Coal (Mt) 620 630 - - 8 8 130 5 75 3 78 83
CV (kcal/kg) 5,250 5,250 - - 5,500 5,500 - - 5,600 5,600 5,600 5,600
Tweefontein South OC/UG Thermal Coal (Mt) 200 200 60 60 30 30 9 - 7 - 7 7
CV (kcal/kg) 5,350 5,350 4,350 4,350 4,600 4,600 - - 5,900 - 5,900 5,900
Goedgevonden 73.99% Thermal Coal (Mt) 440 460 10 10 - - MS 240 - 150 - 150 160 CT
CV (kcal/kg) 4,750 4,750 4,500 4,500 - - - - 5,400 - 5,400 5,400
iMpunzi 79.80% Thermal Coal (Mt) 310 340 11 13 - - MS 74 4 50 2 51 53 CT
iMpunzi North OC Thermal Coal (Mt) 200 220 3 4 - - 9 1 5 1 6 8
CV (kcal/kg) 5,150 5,150 5,500 5,500 - - - - 5,400 5,400 5,400 5,500
iMpunzi East OC Thermal Coal (Mt) 110 120 8 9 - - 65 3 45 1 45 45
CV (kcal/kg) 5,400 5,400 5,300 5,300 - - - - 5,500 5,500 5,500 5,500
Zonnebloem 100% OC Thermal Coal (Mt) 190 180 25 35 - - MS - 160 - 100 100 75 CT
CV (kcal/kg) 5,150 5,150 4,850 4,850 - - - - - 5,300 5,300 5,500
Oogiesfontein 100% UG Thermal Coal (Mt) 45 45 18 18 - - MS - 7 - 4 4 4 CT
CV (kcal/kg) 4,950 4,950 4,950 4,950 - - - - - 5,600 5,600 5,600
Nooitgedacht 100% UG Thermal Coal (Mt) 21 21 40 40 - - MS - 33 - 21 21 21 CT
CV (kcal/kg) 4,850 4,850 4,850 4,850 - - - - - 5,500 5,500 5,500
Undeveloped 100% OC/UG Thermal Coal (Mt) - - 12 12 100 100 MS - - - - - -
Resources CV (kcal/kg) - - 4,750 4,750 5,400 5,400 - - - - - -
Paardekop 100% UG Thermal Coal (Mt) 120 120 570 570 80 80 MS - - - - - -
CV (kcal/kg) 5,350 5,350 5,400 5,400 5,350 5,350 - - - - - -
Izimibiwa 48.73% Thermal Coal (Mt) 29 79 0 35 0 30 MS - 25 - 22 22 22 CT
Argent OC Thermal Coal (Mt) 29 29 - - - - - 25 - 22 22 22
CV (kcal/kg) 5,050 5,050 - - - - - - - 4,500 4,500 4,500
Springboklaagte UG Thermal Coal (Mt) - 50 - 35 - 30 - - - - - -
CV (kcal/kg) - 5,100 - 5,050 - 4,950 - - - - - -
Umcebo 48.67% Thermal Coal (Mt) 144 144 42 42 90 90 MS 17 - 13 - 13 15 CT
Wonderfontein OC Thermal Coal (Mt) 60 60 4 4 - - 17 - 13 - 13 15
CV (kcal/kg) 5,300 5,300 5,150 5,150 - - - - 4,700 - 4,700 4,600
Hendrina UG Thermal Coal (Mt) 24 24 20 20 80 80 - - - - - -
CV (kcal/kg) 4,400 4,400 4,400 4,400 4,700 4,700 - - - - - -
Belfast UG Thermal Coal (Mt) 60 60 18 18 10 10 - - - - - -
CV (kcal/kg) 5,200 5,200 5,050 5,050 5,150 5,150 - - - - - -
Total South Africa Thermal Coal (Mt) 2,119 2,219 788 835 308 338 470 234 295 152 446 440
33
Coal
South Africa
The South African Coal Resources and Coal Reserve estimates have been prepared in accordance with the 2016 The consolidated Goedgevonden mining right (including Zaaiwater West) will expire on 21 January 2037, but can be
edition of the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral extended further. Coal Reserves for Goedgevonden are sufficient to support a mine life of 26 years (2049).
Reserves (the SAMREC Code) and the South African Guide to the Systematic Evaluation of Coal Resources and
iMpunzi
Coal Reserves (SANS 10320:2004).
The iMpunzi mining right incorporates the iMpunzi East area and the iMpunzi North area. The mining right for
The SAMREC Code and SANS 10320:2004 require that Coal Resources be reported on a Mineable Tonnes In Situ iMpunzi expires on 28 March 2040, but can be extended further. Coal Reserves for iMpunzi North and East are
(MTIS) basis. The reported MTIS Coal Resource estimates take into account theoretically mineable seam sufficient to support a mine life of 20 years (2043).
thicknesses, coal quality cut-off parameters, geological loss factors, depth and/or strip ratio cut-offs and, where
iMpunzi North: Coal Resource depletion due to mining (-5.4Mt). Total Resource reduction of (-14.5Mt) due to
applicable, are discounted by coal tonnages which have previously been extracted. Coal Resources are reported
removal of remnant 4 and 2 Seam Pillars, as mining reaches completion in the North Pit, and sterilization of 1 Seam
inclusive of Coal Reserves.
Resources underlying the mined out opencast areas being rehabilitated. Exploration drilling and subsequent
Coal Resources have been re-estimated in 2023 for inclusion in this summary table except where otherwise stated. remodelling of the iMpunzi Mini-pits resulted in a further resource reduction (-0.4Mt).
Revision of the totals includes changes to classifications of Coal Resource status due to exploration, geological
iMpunzi North consists of the iMpunzi North Opencast (opencast dragline and truck and shovel operations in North
reinterpretation and remodelling, and changes to lease holdings.
and South pit) and iMpunzi Mini-pits (truck and shovel operations in the Phoenix, and Office pits). The Opencast
The reported Run-of-Mine (ROM) Coal Reserve estimates take into account planned practical mining thicknesses, Coal Resources include the No.1, No. 2 and No. 4 seams, whilst the Mini-pit involves only the No. 4 seam.
mine layout losses, mining extraction factors, mining recovery efficiency factors, dilution, and contamination.
Coal Reserve depletion due to mining (-4.5Mt) and a further reserve loss in the Phoenix mini pits after exploration
Saleable Coal Reserves are derived from the ROM Coal Reserves that are discounted by applying practical and remodelling (-0.2Mt). This is partially offset by an increase in saleable reserves due to a Product Mix shift from
product yield factors which, where applicable, reflect historical processing plant efficiencies. high grade to low grade coal with an associated yield increase (0.9Mt).
Changes and notes relevant to the estimation of Coal Resources and Coal Reserves are listed below for specific iMpunzi East: Coal Resource depletion due to mining (-2.9Mt). Changes related to a revision of the geological
projects. Unless otherwise specified, changes reported are exclusive of production from 31 December 2022 to 31 interpretation and the resource block limits caused a further decrease in resources (-7.6Mt).
December 2023. Depletion due to mining is based on the actual depletion from January to September, and a
iMpunzi East consists of the iMpunzi East Opencast (opencast dragline and truck and shovel operations in the East
forecast for October to December. This forecast is reconciled each year to the actual production and an
pit). A large proportion of No. 2 seam and a small area of No. 4 seam have been previously mined by underground
adjustment is made accordingly.
bord and pillar methods. The full seam is extracted through opencast mining methods – the lower zone of each seam
Coal Resource and Coal Reserve totals are rounded to appropriate levels of accuracy in accordance with the 2016 was previously partially extracted by underground mining and the upper zone remains intact.
SAMREC Code and Glencore’s standard procedures. In summary, Measured and Indicated Coal Resources are
Coal Reserve depletion due to mining (-2.8Mt), partially offset by mine design changes at River West (1.0Mt). An
rounded to one significant figure if less than 10Mt and two significant figures if greater than 10Mt; calorific values
additional increase in saleable reserves due to a Product Mix shift from high grade to low grade coal with an
are rounded to the nearest 50kcal/kg.
associated yield increase (1.5Mt).
Values expressed in the text have not been rounded and therefore do not correlate directly with the tables.
Zonnebloem
Tweefontein Complex Resource decrease after exploration drilling in the Central Pit and subsequent remodeling and revision of the
Tweefontein North: Coal Resource depletion due to mining (-9.4Mt). geological interpretation (-1.0Mt).
The Tweefontein North development includes all five seams present in the Vryheid Formation, however, only the The No. 1 and No. 2 seams are developed and are amenable to extraction by opencast dragline and truck and
No.1, No. 2, No. 4 and No. 5 seams form part of the mineable and economic Coal Resources. The Coal Resources shovel operations.
have the potential to be extracted via both opencast truck and shovel or dragline, and underground bord and pillar
The restart of mining in Central Pit was postponed indefinitely.
mining methods.
There was a Reserve increase due to mine design layout changes in central pit (1.9Mt), partially offset by a
Coal Reserve depletion due to mining (-9.2Mt), partially offset by a reserve increase in the economical footprint of
decrease resulting from the updated resource model (-0.8Mt).
the Makoupan Pit (1.7Mt).
Saleable Reserves increased (22.0Mt) due to the positive yield impact resulting from a Product Mix shift from high
The Mining right for Tweefontein North was renewed on 22 November 2022 for another 30 years ending on 2 June
grade to low grade coal.
2052. Coal Reserves for Tweefontein North are sufficient to support a mine life of 13 years (2036).
The mining right for Zonnebloem expires on 28 March 2039.
Tweefontein South: Tweefontein South Complex is contained in the iMpunzi new order mining right and in the
Klippoortjie old order mining authorisation. A section 102 consent was obtained to incorporate the Klippoortjie MR Oogiesfontein
into iMpunzi. The required documents to secure the date for execution of the deed of amendment/variation were The Oogiesfontein mining right is consolidated under the Goedgevonden mining right which expires on 21 January
submitted to the DMRE on 11 October 2023 and a date to give effect to the consent is pending. The Klippoortjie 2037. All environmental licenses and approvals are in place.
mining right expired on 28 March 2022 and the renewal thereof was lodged on 22 March 2022 and remains There are no changes in Coal Resources or Coal Reserves for the current reporting period.
pending.
Paardekop
The mining area development includes all five seams, however only the No.1, No. 2, No. 4 and No. 5 seams form A new order mining right was granted in 2017 for 30 years. This right has not been executed due to an on-going
part of the Coal Resources. dispute with Department of Mineral Resources and Energy. Awaiting approval of environmental licensing and
No mining was conducted in 2023 and the No. 5 Seam Addcar Coal Reserves remain available for future permitting.
extraction. The Paardekop project area contains the Main seam which represents nearly 95% of the extractable coal. The seam
Mining rights for Tweefontein South expire on 28 March 2029. Coal Reserves for Tweefontein South are sufficient has a mean thickness of 2.5m and is amenable to underground mining. The upper zone of the seam exhibits a
to support a mine life of 10 years. relatively low CV whilst the lower zone has an average raw CV >5,300kcal/kg.
Goedgevonden: Coal Resource depletion due to mining (-12.0Mt). Resource increase after re-modelling and There are no changes in Coal Resources or Coal Reserves for the current reporting period.
revision of the geological interpretation (0.7Mt). Nooitgedacht
Opencast dragline mining operations in the area are extracting the No. 2, No. 4 and No. 5 seams. The No. 3 seam The No. 2 Seam and No. 4 Seam reserves represent a potential future underground extension to Tweefontein South.
is too thin for practical extraction and the No.1 seam is not considered economic. The section 11, transferring the mining right from Anglo to Glencore, was granted on 20 August 2017.
Coal Reserve depletion due to mining (-10.0Mt) and a reduction in saleable reserves due to a change in product There are no changes in Coal Resources or Coal Reserves for the current reporting period.
allocation between high grade, low grade and bypass (-0.9Mt).
34
Coal
South Africa
Undeveloped Coal Resources Wonderfontein: Coal Resource depletion due to mining (-2.1Mt), including a positive forecast reconciliation
Applications for mining rights have been submitted for all the undeveloped Coal Resources. The mining right for adjustment for 2022 (0.5Mt).
Amersfoort was granted and will expire on 30 May 2037, while the Boschmanspoort mining right is still pending.
Wonderfontein is an opencast truck and shovel operation. The opencast Coal Resources include the No.1, No. 2,
The Amersfoort project is located in the southern sector of the Ermelo Coalfield in Mpumalanga province, No. 3 and No. 4 seams.
southwest of Breyten. The Coal Resource estimate is based on the C seam which averages 2.5m in thickness and
occurs at a depth of approximately 200m. Coal Reserve depletion due to mining (-2.5Mt), and a reduction due to design changes and exclusion of the
uneconomic reserves in Pit A, B and C (-0.9Mt), as well as changes to the resource model in Pit A (-0.4Mt).
The Boschmanspoort project is located in the Witbank Coalfield in Mpumalanga province, southeast of Middelburg.
The Coal Resource estimate is based on the No. 2 seam that dips towards the east, therefore allowing some The Wonderfontein mining right expires on 2 June 2037. The Coal Reserves for Wonderfontein are sufficient to
potential for opencast resources in the west. support a mine life of 9 years (2032).
Izimbiwa Hendrina: The project area is located south of the town of Hendrina in the province of Mpumalanga. The mining
Following completion of Springboklaagte sale, only one project, Argent, remains in Izimbiwa. right application covers three discrete blocks of ground named Mooivley East, Mooivley West and Bosmanskrans.
The area is traversed by the national road N11 which connects Hendrina and Ermelo. The Hendrina Project is
Argent: The Argent Coal Resource will be exploited through opencast truck and shovel and is awaiting finalisation envisaged as an underground mine to supply an Eskom-type product. A mining right application was accepted by the
of the environmental licensing and permitting before mining can commence. The mining right was granted 31 May Department of Mineral Resources in June 2016. The application remains pending.
2016 and will expire on 30 May 2031
Belfast: The prospecting right encompasses several blocks extending approximately 45km from east of Belfast to
Springboklaagte: The mining right for Springboklaagte was granted on 31 May 2016, will expire on 30 May 2039 west of Wonderfontein. The N4 highway, the Gauteng-Maputo railway and Eskom power lines traverse the area.
and awaits environmental licensing and permitting. Springboklaagte is held as a Joint Venture between Izimbiwa
and Umcebo. 100% of the Coal Reserves and Coal Resources are included under Izimbiwa in the table above. On A mining right application was lodged in September 2017 and accepted on 11 October 2017. The environmental
20 December 2023, the remaining conditions in relation to the Springboklaagte sales agreement were met and the authorisation was approved on 01 August 2023. Numerous appeals were lodged against the environmental
transaction has now closed. authorisation and are currently being reviewed.
Umcebo
The remaining mine life of the individual operations range up to 9 years while some brownfield extensions are
possible.
35
Coal
Americas
Marketable Coal Total Marketable Coal
Measured Coal Indicated Coal Inferred Coal Coal Reserves Reserves Reserves
Colombia
Cerrejón 100% Thermal Coal (Mt) 3,250 3,200 1,300 1,200 600 600 GH 140 130 140 120 260 290 DR
CV 6,560 6,550 6,580 6,550 6,450 6,350 6,100 6,200 6,200 6,300 6,250 6,200
Canada
Suska 100% Coking/Thermal Coal (Mt) - - 13 13 90 90 KJW - - - - - -
CV (kcal/kg) - - 6,100 6,100 6,100 6,100 - - - - - -
Sukunka 100% Coking Coal (Mt) 45 45 100 100 40 40 KJW - - - - - -
Total Canada Coking/Thermal Coal (Mt) 45 45 113 113 130 130 - - - - - -
Colombia Canada Coal Resources

Coal Resources are reported on an in situ moisture basis. Coal Reserves take into account geological losses, Glencore’s Canadian coal resources (Sukunka, Suska) occur in the Peace River area of the Province of British
mining losses, contamination and as mined moisture adjustments. Reserves are reported on a ROM moisture Columbia.
basis.
Coal Resource tonnage and quality are reported at an in situ moisture basis. Coal Resources are reported in
Marketable Reserves: As sold basis are Coal Reserves adjusted for yield losses in the preparation plant (if accordance with the JORC Code 2012 edition.
applicable) and converted to a saleable moisture basis. The Coal Resource and Coal Reserve estimates tabulated
Suska: Coal Resources have not been re-estimated since 2016.
above are stated on a total mine basis as at 31 December 2023.
Sukunka: Coal Resources have not been re-estimated since 2016.
Coal Resource qualities are reported on an in situ moisture basis and Coal Reserve qualities are reported on a
gross as received basis. Coal Resources are reported inclusive of those Coal Resources modified to produce Coal
Reserves. Coal tonnages are quoted as million metric tonnes
projects. Reference to production changes between 31 December 2022 and 31 December 2023 are detailed for
each producing mine site.
Coal Resource and Coal Reserve totals are rounded to appropriate levels of accuracy in accordance with the 2012
JORC Code and the Glencore Coal Assets rounding procedures.
Values expressed in the text have not been rounded and therefore do not correlate directly with the tables
Cerrejón
In 2023, Coal Resources at Cerrejón totalling approximately 5,137Mt were reported as gross tonnes in situ (GTIS)
within a ‘geoshell’ constrained by the horizontal and vertical distribution of data within the drill hole (data limits)
envelope. Resource estimation in 2023 used an updated geological model with additional information from
exploratory holes and also including reinterpretation of complex geological structures (specifically in the Tabaco
Pit), which resulted in an increase in Coal Resources (142Mt) offset by mining depletion (23 Mt) . Approximately
295Mt of the total coal resources are within the current LOM plan. The Coal Resources include that coal for which
the continuity, quality and mineability are established but occur outside the LOM plan. Total resources exclude
approximately 234Mt of coal within 1 km of major towns. Coal Resources comply with current and foreseen mining
and marketing criteria and are considered to have reasonable prospects of eventual economic extraction.
Saleable Coal Reserves have decreased due to mining depletion (-21Mt), the exclusion of high stripping ratio areas
(primarily in Tabaco Dome and Oreganal) (-22Mt) partially offset by reinterpretation and modelling/geoshell change
associated with the geoshell upate in Tabaco Dome (+10Mt).
The current mining rights expire in 2033.
36
Oil
1
Net Reserves (2P - Proved and Probable)
Working Interest Basis
Equatorial Guinea Cameroon Total
Combined
Oil mmbbl Gas bcf Oil mmbbl Gas bcf Oil mmbbl Gas bcf mmboe
31.Dec.22 8.8 126.9 1.7 10.5 126.9 32.1
Revisions ‐0.6 ‐0.6 0.1 ‐0.5 ‐0.6 ‐0.6
Divestment
Production ‐1.7 ‐28.3 ‐0.6 ‐2.3 ‐28.3 ‐7.1
31.Dec.23 6.5 98.0 1.2 7.7 98.0 24.4
1
Net Contingent Resources (2C)
Working Interest Basis
Equatorial Guinea Cameroon Total
Combined
Oil mmbbl Gas bcf Oil mmbbl Gas bcf Oil mmbbl Gas bcf mmboe
31.Dec.22 27.0 310.0 27.0 310.0 80.0
Revisions
31.Dec.23 27.0 310.0 27.0 310.0 80.0
1
"Net" Reserves or Resources are equivalent to Glencore's working interest in the asset/property.
Equatorial Guinea Cameroon

The Aseng field (Block I, 23.75% WI) came on stream in November 2011. The field is produced The Oak field (Bolongo license, 37.5% WI) came on stream in August 2019. The field is currently
from subsea wells tied back to a Floating Production, Storage and Offloading facility (“FPSO”). produced from two platform wells tied back to third party infrastructure. Average 2023 gross
Average 2023 gross production was ~11,300 barrels per day. production was ~4,300 barrels per day.
Reserves for Cameroon were independently assessed by McDaniel, have been prepared in
The Alen field (95% Block O, 25% WI and 5% Block I, 23.75% WI) came on stream in May 2013. accordance with PRMS and have been extracted without material adjustment from the McDaniel
The field is produced from subsea wells tied back to a production platform where condensate is report dated 31 December 2023.
stripped from the gas stream and transported to the Aseng FPSO via a subsea pipeline. The gas
has been commercialised since Q1 2021. Average 2023 gross condensate production was
~7,700 b/d and average 2023 gross gas production was 311 mmscf/d.
The Aseng and Alen fields have a 25 year exploitation term from approval of a plan of
development.
Reserves for Equatorial Guinea were independently assessed by McDaniel & Associates
(McDaniel), have been prepared in accordance with the Petroleum Resources Management
System (PRMS) and have been extracted without material adjustment from the McDaniel report
dated 31 December 2023. Contingent Resources are based on Glencore estimates and have
been prepared in accordance with PRMS.
37
Volcan - Asset held for sale
Volcan
Yauli 23.3% Ore (Mt) 3.2 3.3 5.4 4.6 8.7 7.9 5 4 1.6 1.5 2.8 2.3 4.4 3.8
Andaychagua UG Zinc (%) 7.98 8.77 4.63 4.74 5.89 6.42 4.97 4.02 AA 6.72 8.61 4.28 4.41 5.15 6.06 LA
Lead (%) 1.47 1.77 0.95 0.84 1.15 1.23 1.04 0.75 1.12 1.78 0.78 0.64 0.90 1.09
Silver (g/t) 82 85 100 110 96 100 120 120 57 65 76 82 69 75
Zoraida Ore (Mt) - - 3.1 3.1 3.1 3.1 2.0 2.0 AA - - - - - -
Zinc (%) - - 4.44 4.44 4.44 4.44 4.36 4.36 - - - - - -
Lead (%) - - 3.12 3.12 3.12 3.12 3.37 3.37 - - - - - -
Silver (g/t) - - 140 140 140 140 130 130 - - - - - -
San Carahuacra UG Ore (Mt) 8.1 8.0 14.2 14.9 22.2 23.0 17 18 AA/LS 3.8 3.7 7.3 7.9 11.1 11.6 LA
Zinc (%) 6.41 6.43 5.69 5.82 5.95 6.03 4.98 5.02 5.14 5.00 4.47 4.31 4.70 4.53
Lead (%) 0.83 0.85 0.98 1.00 0.93 0.95 0.88 0.86 0.68 0.69 0.79 0.78 0.76 0.75
Copper(%) 0.18 0.18 0.19 0.19 0.18 0.19 0.19 0.19 0.12 0.12 0.16 0.14 0.14 0.14
Silver (g/t) 110 120 110 110 110 110 95 92 92 91 90 85 91 87
Ticlio UG Ore (Mt) 1.8 1.8 3.0 3.2 4.8 4.9 5 5 AA 0.3 0.3 0.3 0.4 0.6 0.7 LA
Zinc (%) 5.19 5.37 4.36 4.03 4.67 4.51 4.82 4.73 5.15 5.76 6.60 4.39 5.91 4.97
Lead (%) 1.07 1.09 0.85 0.86 0.93 0.94 1.16 1.25 0.71 0.72 0.67 0.65 0.69 0.68
Copper(%) 0.44 0.39 0.23 0.26 0.30 0.31 0.27 0.28 0.74 0.35 0.17 0.44 0.44 0.40
Silver (g/t) 62 62 45 44 51 51 69 75 70 51 40 45 54 48
Chungar 23.3% Ore (Mt) 1.2 1.2 1.6 1.8 2.8 2.9 3 3 - 0.1 - 0.2 - 0.3
Islay UG Zinc (%) 2.24 2.20 1.56 1.57 1.85 1.82 1.47 1.51 AA - 4.06 - 2.70 - 3.24 RS
Lead (%) 1.00 0.98 0.75 0.75 0.86 0.84 0.70 0.73 - 1.65 - 1.20 - 1.38
Silver (g/t) 160 160 130 140 140 150 130 140 - 120 - 110 - 110
Animon UG Ore (Mt) 2.0 1.7 8.3 7.6 10.3 9.4 13 13 JA 0.8 0.7 3.7 3.1 4.6 3.8 RS
Zinc (%) 8.97 9.60 6.89 7.17 7.30 7.62 5.34 5.43 5.16 5.05 4.58 4.66 4.69 4.73
Lead (%) 2.73 2.87 2.35 2.30 2.43 2.41 1.75 1.75 2.22 1.92 1.85 1.72 1.92 1.76
Silver (g/t) 93 99 87 88 88 90 80 80 62 62 66 66 65 65
Esperanza UG Ore (Mt) - - - - - - 32 27 AA - - - - - -
Zinc (%) - - - - - - 6.37 5.15 - - - - - -
Copper(%) - - - - - - 0.67 0.80 - - - - - -
Silver (g/t) - - - - - - 19 19 - - - - - -
Alpamarca 23.3% OC Ore (Mt) 0.4 1.4 0.1 0.5 0.5 2.0 1 2 AA 0.3 0.6 - 0.1 0.3 0.7 RS
Zinc (%) 1.14 1.07 1.15 1.01 1.14 1.05 1.05 0.97 0.73 0.96 0.58 1.03 0.71 0.97
Lead (%) 0.94 0.85 0.89 0.99 0.93 0.89 0.50 0.48 0.68 0.76 0.37 1.02 0.65 0.80
Silver (g/t) 43 53 51 62 44 55 47 44 26 44 27 50 26 45
Palma 23.3% UG Ore (Mt) - - 13.3 13.3 13.3 13.3 11 11 AA - - - - - -
Zinc (%) - - 4.42 4.42 4.42 4.42 4.07 4.07 - - - - - -
Lead (%) - - 0.86 0.86 0.86 0.86 0.75 0.75 - - - - - -
Silver (g/t) - - 26 26 26 26 18 18 - - - - - -
Romina II 23.3% UG/ Ore (Mt) 4.8 4.8 4.4 4.4 9.3 9.3 3 3 AA - - - - - -
Puagjanca OC Zinc (%) 4.94 4.94 5.77 5.77 5.34 5.34 4.47 4.47 - - - - - -
Lead (%) 2.73 2.73 3.16 3.16 2.94 2.94 2.47 2.47 - - - - - -
Silver (g/t) 40 40 46 46 43 43 33 33 - - - - - -
Andrea 23.3% UG Ore (Mt) - - - - - - 5 5 AA - - - - - -
Zinc (%) - - - - - - 3.90 3.90 - - - - - -
Silver (g/t) - - - - - - 5.00 5.00 - - - - - -
La Tapada 23.3% UG Ore (Mt) - - 3.7 3.7 3.7 3.7 7 7 AA - - - - - -
Zinc (%) - - 3.55 3.55 3.55 3.55 3.33 3.33 - - - - - -
Lead (%) - - 1.53 1.53 1.53 1.53 1.29 1.29 - - - - - -
Silver (g/t) - - 45 45 45 45 40 40 - - - - - -
38
Volcan (continued)
Cerro de Pasco 23.3%

Raul Rojas block - OC Ore (Mt) - 0.3 1.3 1.8 1.3 2.1 1 1 AA - - 0.2 0.5 0.20 0.50 RS
Oxides Zinc (%) 0.05 0.02 0.07 0.06 0.07 0.06 0.13 0.05 - - - - - -
Lead (%) 0.14 0.06 0.17 0.20 0.17 0.18 0.22 0.21 - - - - - -
Silver (g/t) 140 100 190 150 190 140 190 160 - - 180 200 180 200
Gold (g/t) 0.64 1.9 0.76 1.4 0.76 1.5 0.36 0.98 - - 0.90 0.93 0.90 0.93
Raul Rojas pit - OC Ore (Mt) - - - - - - 15 15 AA - - - - - -
sulphides Zinc (%) - - - - - - 0.32 0.32 - - - - - -
Lead (%) - - - - - - 0.25 0.25 - - - - - -
Copper (%) - - - - - - 0.39 0.39 - - - - - -
Silver (g/t) - - - - - - 110 110 - - - - - -
Gold (g/t) - - - - - - 0.54 0.54 - - - - - -
Raul Rojas pit - OC Ore (Mt) - - - - - - 45 45 AA - - - - - -
polymetallic Zinc (%) - - - - - - 6.52 6.52 - - - - - -
Lead (%) - - - - - - 2.38 2.38 - - - - - -
Copper (%) - - - - - - 0.15 0.15 - - - - - -
Silver (g/t) - - - - - - 110 110 - - - - - -
Gold (g/t) - - - - - - 0.12 0.12 - - - - - -
Stockpiles - oxides OC Ore (Mt) - - 0.2 0.4 0.2 0.4 1.0 0.3 AA - - 0.2 0.1 0.2 0.1 RS
Zinc (%) - - 1.10 1.00 1.10 1.00 1.00 1.00 - - - - - -
Lead (%) - - 1.20 1.30 1.20 1.30 1.20 1.20 - - - - - -
Copper (%) - - 0.18 0.16 0.18 0.16 0.16 0.16 - - 0.19 - 0.19 -
Silver (g/t) - - 160 156 160 156 160 165 - - 150 190 150.0 190
Gold (g/t) - - 0.11 0.10 0.11 0.10 0.10 0.10 - - 0.13 0.09 0.13 0.09
Stockpiles - sulphides OC Ore (Mt) - - 3.6 3.5 3.6 3.5 1 1 AA - - 0.05 0.1 0.05 0.1 RS
Zinc (%) - - 0.39 0.37 0.39 0.37 0.57 0.40 - - - - - -
Lead (%) - - 0.64 0.70 0.64 0.70 0.63 0.66 - - - - - -
Copper (%) - - 0.25 0.30 0.25 0.30 0.20 0.26 - - 0.20 - 0.20 -
Silver (g/t) - - 200 215 200 220 200 220 - - 160 280 160.0 280
Gold (g/t) - - 0.26 0.26 0.26 0.26 0.21 0.22 - - 0.34 0.17 0.34 0.17
Stockpiles - OC Ore (Mt) - - 10.3 11.3 10.3 11.3 11 10 AA - - 8.3 4.1 8.3 4.1 RS
Polymetallic Zinc (%) - - 1.92 1.77 1.92 1.77 2.03 2.08 - - 1.94 2.27 1.94 2.27
Lead (%) - - 0.68 0.70 0.68 0.70 0.64 0.72 - - 0.70 0.62 0.70 0.62
Copper (%) - - 0.07 0.08 0.07 0.08 0.06 0.06 - - 0.07 - 0.07 -
Silver (g/t) - - 45 54 45 54 40 47 - - 46 33 46 33
Volcan copper-bearing ores Ore (Mt) 10 10 31 33 41 43 127 121 4 4 16 13 20 17
Copper (%) 0.23 0.22 0.16 0.17 0.17 0.18 0.31 0.33 0.17 0.14 0.11 0.10 0.12 0.11
Volcan gold-bearing ores Ore (Mt) - 0.3 15.4 17.0 15.4 17.3 74 72 - - 8.8 4.8 8.8 4.8
Gold (g/t) - 1.9 0.13 0.20 0.13 0.24 0.19 0.20 - - 0.03 0.10 0.03 0.10
Total Pb-Zn-Ag-Cu Zinc Ore (Mt) 21.5 22.5 73 74 94 97 178 172 6.8 6.9 22.9 18.8 29.8 25.7
Zinc (%) 6.12 5.97 4.29 4.21 4.71 4.62 4.74 4.50 5.32 5.46 3.48 3.74 3.90 4.20
Lead (%) 1.56 1.55 1.28 1.25 1.35 1.33 1.14 1.17 0.97 1.07 0.91 0.86 0.93 0.92
Silver (g/t) 86 89 80 82 81 83 74 75 76 77 69 74 71 75
39
Volcan (continued) Measured Mineral Indicated Mineral Measured and Inferred Mineral Proved Ore Probable Ore
Santa Barbara 23.3% OC Ore (Mt) - - - - - - 140 140 AA - - - - - -
Cu (%) - - - - - - 0.38 0.38 - - - - - -
Gold (g/t) - - - - - - 0.20 0.20 - - - - - -
Rondoni 23.3% OC Ore (Mt) 18.4 18.4 34.3 34.3 53 53 8 8 AA - - - - - -
Cu (%) 0.48 0.48 0.49 0.49 0.49 0.49 0.46 0.46 - - - - - -
Total Cu Ore (Mt) 18.4 18.4 34.3 34.3 53 53 148 148 - - - - - -
Gold (g/t) - - - - - - 0.19 0.19 - - - - - -
Cu (%) 0.48 0.48 0.49 0.49 0.49 0.49 0.38 0.38 - - - - - -
Glencore holds 55.0% of the total class A common shares (63.0% of the class A common shares excluding treasury shares) and has an economic interest in Volcan of 23.3% (including the class B common shares and excluding treasury shares)
Yauli
The Yauli dome, located in the Andes Cordillera at 4,500 meters above sea level, is about 100 km East of Lima, Alpamarca
Peru. The southern portion of the Yauli dome is the host of several polymetallic deposits such as Andaychagua, The Alpamarca deposit is a structurally-controlled vein-type deposit located in the Pacaros district of the province
Carahuacra, San Cristobal and Ticlio. Mineralisation varies between structurally controlled veins and replacement of Huari. Resources are reported within an optimised pit shell.
mantles and ore bodies. Mineral Resources reported in 2022, have slightly changed in 2023; mostly due to added Alpamarca is mined by open pit and in 2023, the mine produced 440 kt at 0.8% Zn, 0.5% Pb and 37 g/t Ag. The
production data and sterilization; as well as new drilling exploration data, which brings geology interpretation expected mine life of Alpamarca is less than one year based on Ore Reserves.
updates. The main mining methods used are Sub-level Stoping and Over Cut and Fill, while the Under Cut and Fill
and SARC methods are also applied in some areas. In 2023, Yauli complex production was split between the four Palma
operations: Palma is an advanced exploration project with polymetallic mineralisation of zinc, lead, and silver. The deposit is
a volcanogenic massive sulphide (VMS). The mineralisation is located in volcano-sedimentary rocks of the
• Andaychagua production was 951 kt grading 7.1% Zn, 1.6% Pb, and 71 g/t Ag. Casma group. It is located in the Province of Huarochirí. Palma’s last exploration drilling campaign was
• Carahuacra production was 416 kt grading 4.2 % Zn, 0.8% Pb and 71 g/t Ag. developed in 2019 and the last Mineral Resource update was carried out in 2022.
• Ticlio production was 378 kt grading 5.7% Zn, 0.8% Pb and 82 g/t Ag.
• San Cristobal production was 1.36 Mt grading 5.3% Zn, 0.8% Pb and 107 g/t Ag. Romina II
The expected mine lives of the Yauli complex operations are: The Puagjanca and Andrea deposits are in an advanced exploration project stage, with polymetallic
mineralisation of zinc, lead, and silver. The mineralisation is in the form of lead and zinc-rich replacement bodies
• Andaychagua: 5 years based on Ore Reserves and 5 years based on the life of mine schedule which is and mantles. It is located 15 km west of the Alpamarca mine in the Pacaraos district, Huaral province. Last
inclusive of all available economic Mineral Resources categories; exploration campaigns developed for Puagjanca took place in 2022 along with its Mineral Resources update.
• Carahuacra: 3 years based on Ore Reserves and 9 years based on the life of mine schedule which is inclusive
of all available economic Mineral Resources categories; La Tapada - Carhuacayan
• Ticlio: 2 years based on Ore Reserves and 2 years based on the life of mine schedule which is inclusive of all La Tapada Project is a polymetallic deposit whose mineralisation is observed in veins, breccia bodies and
available economic Mineral Resources categories; replacement mantles. The intrusion outcrops are located at the contact with sedimentary limestones. It is located
• San Cristobal: 6 years based on Ore Reserves and 9 years based on the life of mine schedule which is inclusive 20 km east of the Alpamarca mine in the Santa Bárbara de Carhuacayán district, Yauli Province. La Tapada’s
of all available economic Mineral Resources categories. last exploration campaign took place in 2019 and its Mineral Resource was updated in 2022.
Zoraida Cerro de Pasco
Zoraida is an exploration project that belongs to the Yauli Operating Unit. The polymetallic mineralisation is hosted in The Cerro de Pasco mine hosts polymetallic deposits associated with dacitic pyroclastic volcanism, structural
the sedimentary rock complex known as the Yauli Dome; which is confirmed by folded layers, as well as structures deformation and carbonate replacement. Exploration programs in Hanancocha and Rumiallana stockpiles added
and intrusive rocks related to veins and replacement bodies containing zinc, lead and minor silver and copper. It is 1.1Mt of suphide Resources in 2023.
located 7 km south of the Andaychagua mine, in the district of Suitucancha, province of Yauli, department of Junín in Mineral Resources are reported for polymetallic Pb-Zn, sulphides, and in situ oxides of the Raul Rojas block, as
Peru. Zoraida’s last drilling campaign was carried out in 2021. Year-End 2022 was Zoraida’s last Mineral Resource well as stockpiles having demonstrated reasonable prospects for eventual economic extraction. Ore Reserves
Model update. are declared for areas within existing permit boundaries and expiries; these will potentially be extended
Chungar depending on a regulatory procedure.
Located in the Huaron mining district, Chungar cluster encompasses the Animon and Islay mines and the Esperanza Production in 2023 from sulphide and oxide stockpiles, and the expected mine lives are:
deposit. Animon’s hydrothermal polymetallic mineralisation is hosted in structurally controlled veins, rich in zinc, lead
and some silver. Islay’s mineralisation is silver-rich with subordinated lead and zinc and hosted in breccia-type • Sulphide Stockpiles: Production of 3.15 Mt of stockpile material, grading 1.9% Zn, 0.8% Pb and 47 g/t Ag.
fissure fill. Esperanza’s cordilleran polymetallic mineralisation is located approximately 600 m below current mining The remaining inventory is forecasted for 3 years based on Ore Reserves and 7 years based on the life of
operations and consists of Zn and Cu-rich replacement mantles, hosted in Cretaceous limestones. The main mining mine schedule which is inclusive of all economic Mineral Resources categories.
method at Animon is sub-level stoping; over Cut and Fill production is subordinate. Islay is currently in care and • Cerro de Pasco Oxides: Production of 958 kt grading 185 g/t Ag and 0.6 g/t Au. The remaining inventory is
maintenance, starting a final closure process. Animon Resource Model update in 2023 included production channel forecasted for 1 year based on Ore Reserves and 6 years based on the life of mine schedule which is
data as well as new drillhole data targeted at lateral extensions of Resources for current operational veins. The 2023 inclusive of all economic Mineral Resources categories.
Esperanza’s Exploration drilling program added 5Mt of Inferred Resources: totalling 32Mt of Inferred Mineral
Santa Bárbara and Rondoni
Resources.
The geological setting of the Santa Barbara and Rondoni projects are characteristic of Andean Cu-porphyry
Production during 2023 was as follows: deposits, with mineralisation dominantly occurring in chalcopyrite-bearing veinlets with intermediate argillic and
• Animon production was 1.14 Mt at 4.5% Zn, 1.9% Pb and 57 g/t Ag. potassic alteration. Santa Barbara was last drilled in 2019, its last Mineral Resource Update took place in 2022.
• Islay production was 109 kt at 2.4% Zn, 1.2% Pb and 137 g/t Ag. Rondoni’s Last drilling campaign took place in 2013 along with a Scoping Study. Last Mineral Resource update
• The expected life of mine is: was done in 2019.
• Animon: 4 years based on Ore Reserves and 5 years based on the life of mine schedule which is inclusive of all
economic Mineral Resources categories.
• Islay: Currently in care and maintenance, starting a final closure process.
40
Competent Persons
Copper Zinc (cont.)

Africa
JE Jacobus Engelbrecht AusIMM Glencore BF Bastien Fresia OGQ, AusIMM Glencore
JMG Joeline McGrath AusIMM Independent Contractor CF Callum Fannin AusIMM Glencore
JP Julian Poniewierski AusIMM Glencore DC Dhaniel Carvalho AusIMM Glencore
PO Paula Ogilvie SANASP Glencore DH Drew Herbert AusIMM Consultant for Glencore
SH Sam Hatton AusIMM Glencore JG Juan Fernandez Garcia EFG Asturmine (Consultant)
JS Jessica Shiels AusIMM Glencore
Collahuasi KS Keiran Swanton PEO Glencore
RO Ronald Reycardo Orbezo Lozano AusIMM Compañía Minera Doña Inés de Collahuasi LR Lauren Raggatt AusIMM Glencore
RZ Rodrigo Eduardo Zuñiga Ramírez AusIMM Compañía Minera Doña Inés de Collahuasi MM Maxime Menard OGQ Glencore
SJ Simon Jackson AusIMM Glencore

Antamina VR Vinicius Rocha AusIMM Glencore
LC Lucio Canchis AusIMM Compañía Minera Antamina Nickel
FA Fernando Angeles EGBC Compañía Minera Antamina CW Clifford Webster AusIMM Glencore
JK John Korczak PGO Glencore
South America LL Ludovic Levy AusIMM Glencore
GG Gustavo Garcia AusIMM Glencore MR Mitch Rohr AusIMM Cube Consulting
JS John Sapiain CCCRM Glencore PM Paulo Mello AusIMM Glencore
HB Heller Bernabé AusIMM Glencore PSA Pierre St Antoine OGQ Glencore
MS Mario Saez AusIMM, CCCRRM Glencore RC Richard Caumartin OIQ Glencore
TOS Tim O’Sullivan AusIMM Glencore SK Stephen King AusIMM Glencore
CZ Carlos Zamora AusIMM Anglo American Ferroalloys
GV Guillermo Vergara CCCRRM Glencore SYV Sulayman Yousuf Vaid SAGC Glencore
DR Dean Richards SACNASP Obsidian Consulting Services
North America MM Mogomotsi Maputle SACNASP Glencore
RS Richard A. Schwering SME Hard Rock Consulting LLC SM Sydney Maseti SACNASP Glencore
TOS Tim O’Sullivan AusIMM Glencore LUN Lindiwe Unity Nkambule SACNASP Glencore
JC Jan Coetzer SACNASP Mokala Manganese
Zinc Aluminium
AAA Angel Angelov SAIMM Glencore JB John Bower AusIMM OBK Consulting (Pty) Ltd
AH Allan Huard PGO Glencore RA Robson Aglinkas AusIMM Projel Engenharia Especializada Ltda
AL Amanda Landriault OGQ Glencore LC Luiz Henrique Costa AusIMM MINERAÇÃO RIO DO NORTE S.A.
BA Bruno de Deus Afonseca AusIMM Glencore
BD Benoit Drolet PGO Glencore
41
Competent Persons
Coal Coal (cont.)
New South Wales Queensland (cont.)

APC Andrew Connell AusIMM Glencore MJL Mark Laycock AusIMM Glencore
AWF Alison Freeman AusIMM Glencore MPL Murray Little AIG Glencore
BOB Brendan O'Brien AusIMM Glencore NMP Nicole Phillips AusIMM Glencore
DJR David Rubbi AusIMM Glencore POG Paul O'Grady AusIMM Glencore
DRS Dominic Stitt AusIMM Glencore RJH Richard Hingst AusIMM Glencore
DSU Duane Uren AusIMM Glencore ROM Robert Molan AusIMM Glencore
GAJ Gareth Jones AusIMM HVO TTN Tomoaki Nagata AusIMM Glencore
JET John Terrill AIG Glencore WTE Whiteboy Tembo AusIMM Glencore
KAN Kara Newbury AusIMM Glencore
MAS Michael Stadler AusIMM Glencore South Africa
MCH Matthew Holwell AusIMM Glencore CT Chris Theart SAIMM (706513) Glencore
MJE Matthew Esdaile AusIMM Glencore MS Marius Smith Pr Sc Nat 400075/03 Glencore
MJL Mark Laycock AusIMM Glencore
MRW Mark Williams AusIMM Glencore Americas
PTP Phuc Pham AusIMM Glencore KJW Kerry Whitby AusIMM McElroy Bryan Geological Services Pty Ltd
SBB Siobhan Batey AusIMM Glencore GH German Hernandez GSSA Cerrejón Limited
DR Diliany Ramirez AusIMM Cerrejón Limited
Queensland
APC Andrew Connell AusIMM Glencore Volcan - Asset held for sale
DSU Duane Uren AusIMM Glencore AA Arthur Almgren AusIMM Glencore
JET John Terrill AIG Glencore JA July Araoz AusIMM Glencore
LEN Larry Nielsen AusIMM Glencore LA Lino Arias AusIMM Glencore
LMP Lyndon Pass AusIMM Encompass Mining LS Lucia Stefoni OIQ Glencore
MAS Michael Stadler AusIMM Glencore RS Rui Sorrentino AusIMM Glencore
42
Important notice
Important notice concerning this document including forward looking statements Certain statistical and other information included in this document is sourced from
This document contains statements that are, or may be deemed to be, “forward-looking publicly available third-party sources. As such it has not been independently verified and
statements” which are prospective in nature. Such statements may include (without presents the view of those third parties, but may not necessarily correspond to the views
limitation) statements in respect of reserves and resources and production forecasts; held by Glencore and Glencore expressly disclaims any responsibility for, or liability in
approval of certain projects and consummation of certain transactions (including, without respect of, and makes no representation or guarantee in relation to, such information
limitation, acquisitions and disposals); closures or divestments of certain assets, (including, without limitation, as to its accuracy, completeness or whether it is current).
operations or facilities (including, without limitation, associated costs); capital costs and Glencore cautions readers against reliance on any of the industry, market or other third-
scheduling; and anticipated productive lives of projects, mines and facilities. party data or information contained in this report.
The matters disclosed in this document are a ‘point in time’ disclosure only. Forward- Subject to any terms implied by law which cannot be excluded, Glencore accepts no
looking statements are not based on historical facts, but rather on current predictions, responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred
expectations, beliefs, opinions, plans, objectives, goals, intentions and projections about by any person as a result of any error, omission or misrepresentation in information in
future events, results of operations, prospects, financial conditions and discussions of this report.
strategy, and reflect judgments, assumptions, estimates and other information available The companies in which Glencore plc directly and indirectly has an interest are separate
as at the date of this document. By their nature, forward-looking statements involve and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group”
known and unknown risks, uncertainties and other factors which may cause actual are used for convenience only where references are made to Glencore plc and its
results, performance or achievements to differ materially from any future event, results, subsidiaries in general. These collective expressions are used for ease of reference only
performance, achievements or other outcomes expressed or implied by such forward- and do not imply any other relationship between the companies. Likewise, the words
looking statements. Important factors that could impact these uncertainties include “we”, “us” and “our” are also used to refer collectively to members of the Group or to
(without limitation) those disclosed in the section entitled “Important notice concerning those who work for them. These expressions are also used where no useful purpose is
this report including forward-looking statements” and the risk management section of our served by identifying the particular company or companies.
latest Annual Report and Half-Year Report (which can each be found on our website).
No statement in this document is intended as any kind of forecast (including, without
limitation, a profit forecast or a profit estimate), guarantees or predictions of future events
or performance and past performance cannot be relied on as a guide to future
performance. Neither Glencore nor any of its affiliates, associates, employees, directors,
officers or advisers, provides any representation, warranty, assurance or guarantee as to
the accuracy, completeness or correctness, likelihood of achievement or reasonableness
of any forward-looking information contained in this document.
This document does not constitute or form part of any offer or invitation to sell or issue,
or any solicitation of any offer to purchase or subscribe for any securities.
Except as required by applicable regulations or by law, Glencore is not under any
obligation, and Glencore and its affiliates expressly disclaim any intention, obligation or
undertaking, to update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. This document shall not, under any
circumstances, create any implication that there has been no change in the business or
affairs of Glencore since the date of this document or that the information contained
herein is correct as at any time subsequent to its date.

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Resources & Reserves

About this report 3

Metals and Minerals:

Volcan - Asset held for sale 38

Technical and industry terms:

Professional bodies and applicable standards:

AIG Australian Institute of Geoscientists OGQ Ordre des Géologues du Québec

African Copper (Katanga, Mutanda)

African Copper (Katanga, Mutanda)

South America (Lomas Bayas, Antapaccay, El Pachon, MARA, West Wall)

Lomas Bayas El Pachón

New Range Bell/Granisle

Kidd Creek Vermilion

Integrated Nickel Operations (INO) (Raglan, Sudbury)

Bushveld Complex – Eastern Limb

Eastern Chrome Mines

Aluminium Mineral Resources and Reserves

New South Wales

New South Wales

Marketable Total Marketable Coal

Colombia Canada Coal Resources

Equatorial Guinea Cameroon

Cerro de Pasco 23.3%

Copper Zinc (cont.)

SJ Simon Jackson AusIMM Glencore

Coal Coal (cont.)

New South Wales Queensland (cont.)

JET John Terrill AIG Glencore JA July Araoz AusIMM Glencore

LEN Larry Nielsen AusIMM Glencore LA Lino Arias AusIMM Glencore

MAS Michael Stadler AusIMM Glencore RS Rui Sorrentino AusIMM Glencore

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