1 AN OVERVIEW OF CRITICAL AND STRATEGIC MINERALS POTENTIAL OF BRAZIL 2025 EDITION 2 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on Organizers Ioná de Abreu Cunha Rogério Celestino de Almeida Emanuela Reis Brod Nivia Pina de Souza Santos Izaac Cabral Neto Lila Costa Queiroz Guilherme Ferreira da Silva Anderson Dourado Rodrigues da Silva Sulsiene Machado de Souza Gaia Technical Content Ana Paula Justo Anderson Dourado R. da Silva Eduardo Soares de Rezende Emanuela Reis Brod Evilarde Carvalho Uchôa Filho Felipe Grandjean da Costa Geysson de Almeida Lages Guilherme Ferreira da Silva Hugo José de Oliveira Polo Iago Sousa Lima Costa Ioná de Abreu Cunha Izaac Cabral Neto Jocilene dos Santos Santana Jonatas de Sales Macedo Carneiro Lila Costa Queiroz Lys Matos Cunha Lucy Takehara Chemale Marcelo Batista Motta Marcelo Esteves Almeida Marcos Vinicius Ferreira Monique Ellen Matos Santos Nivia Pina de Souza Santos Pedro Caloi Maurutto Rafael Bittencourt Lima Roberth Lincon Matos Silva dos Santos Roberto Loreti Junior Rogério Cavalcante Rogério Celestino de Almeida Said Abdallah Stella Bijos Guimarães Sulsiene Machado de Souza Gaia Tamara Reginatto Manfredi Vinícius José de Castro Paes Reviewers Anderson Dourado Rodrigues da Silva Guilherme Ferreira da Silva Maísa Bastos Abram Publishing Luiz Silvestre Heber Oliveira President of Brazil Luiz Inácio Lula da Silva Minister of Mines and Energy Alexandre Silveira de Oliveira National Secretary of Geology, Mining and Mineral Transformation Vitor Eduardo de A. Saback Geological Survey of Brazil President-Director Inácio Cavalcante Melo Neto Director of Geology and Mineral Resources Francisco Valdir Silveira Director of Hydrology and Territorial Management Alice Silva de Castilho Director of Geoscientifi c Infrastructure Sabrina Soares de Araújo Góis Director of Administration and Finance Cassiano de Souza Alves O96 An overview of critical and strategic minerals potential of Brazil : 2025 edition / Compiled and organized by Ioná de Abreu Cunha ... [et al.]. – Brasília : CPRM, 2025. 1 Recurso eletrônico : PDF ISBN 978-65-5664-571-1 1.Economic geoloy – Brazil. 2. Mineral resourses – Brazil. 3. Strategic minerals – Brazil. I. Cunha, Ioná de Abreu (comp.). II. Almeida, Rogério Celestino de (comp.). III. Brod, Emanuela Reis (comp.). IV. Santos, Nivia Pina de Souza (comp.). V. Cabral Neto, Izaac (comp.). VI. Queiroz, Lila Costa (comp.). VII. Silva, Guilherme Ferreira da (comp.). VIII. Silva, Anderson Dourado Rodrigues da (comp.). IX. Gaia, Sulsiene Machado de Souza (comp.). X. Título. CDD 553.0981 Ficha catalográfica elaborada pela bibliotecária Teresa Rosenhayme CRB7/ 5662 International Cataloging in Publication Data GEOLOGICAL SURVEY OF BRASIL (SGB-CPRM) www.sgb.gov.br rigeo.sgb.gov.br seus@sgb.gov.br 1 AN OVERVIEW OF CRITICAL AND STRATEGIC MINERALS POTENTIAL OF BRAZIL 2025 EDITION DISCLAIMER This document has been prepared by the Geological Survey of Brazil and presents an evaluation of Brazil’s potential for selected critical minerals. Comprehensive data, such as reserves, resources or production, has been gathered from several sources to conduct this analysis. This document may be provided by third parties for informational purposes only and shall not be relied upon third parties as a specifi c professional recommendation. The Geological Survey of Brazil does not endorse or assume responsibility for any external data included in this report. The complete list of references for each mineral deposit is shown in the address https://sgb.gov.br/pdac/ and can be downloaded in the “Mineral Resources” section. 2 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on 3 MINISTRY OF MINES AND ENERGY SECRETARY OF GEOLOGY, MINING, AND MINERAL TRANSFORMATION GEOLOGICAL SURVEY OF BRAZIL (SGB-CPRM) BRASÍLIA 2025 AN OVERVIEW OF CRITICAL AND STRATEGIC MINERALS POTENTIAL OF BRAZIL 2025 EDITION COMPILED AND ORGANIZED BY IONÁ DE ABREU CUNHA ROGÉRIO CELESTINO DE ALMEIDA EMANUELA REIS BROD NIVIA PINA DE SOUZA SANTOS IZAAC CABRAL NETO LILA COSTA QUEIROZ GUILHERME FERREIRA DA SILVA ANDERSON DOURADO RODRIGUES DA SILVA SULSIENE MACHADO DE SOUZA GAIA FOREWORD Francisco Valdir Silveira Director of Geology and Mineral Resources The Geological Survey of Brazil (SGB) is pleased to present the 2025 editi on of An Over- view of Criti cal and Strategic Minerals Potenti al of Brazil. This updated publicati on reinforces Brazil’s signifi cant potenti al in supplying essenti al minerals for the energy transiti on, techno- logical advancements, and food security. In this editi on, SGB has expanded the range of commoditi es covered, aligning them with the offi cial list of strategic minerals published by the Brazilian government. This broader scope enhances the geoscienti fi c data available to industry and policymakers, further strengthe- ning Brazil’s positi on in the global criti cal minerals supply chain. Through conti nuous geological research and mineral assessments, SGB remains committ ed to generati ng high-quality data that support sustainable mineral development and interna- ti onal collaborati on. We hope this publicati on serves as a valuable resource for guiding stra- tegies and investments in this vital sector." " Alexandre Silveira Minister of Mines and Energy It is impossible to talk about energy transiti on without considering mining, especially considering the growing challenges caused by climate change. In this context, Brazil stands out with its vast availability of natural resources and its signifi cant potenti al in criti cal minerals, which are essenti al for developing clean energy technologies. This Criti cal and Strategic Minerals Report, produced by the Geological Survey of Brazil, highlights the country's ability to positi on itself as a key player in the global supply chain of strategic inputs for a fair and inclusive global energy transiti on. Currently, Brazil holds 12% of the world's freshwater, an electricity matrix composed of 89% renewable sources, and an annual increase in biofuel producti on. These numbers reinforce Brazil's commitment to environmental sustainability. The Brazilian government, led by the Ministry of Mines and Energy, remains committ ed to developing policies aimed at fostering the growth of the mining sector safely and responsibly." " Vitor Saback National Secretary of Geology, Mining and Mineral Transformation Brazil is the best country in the world to invest in the mineral sector. The country holds a privileged positi on in the global ranking of criti cal mineral reserves essenti al for a low-carbon economy. Our industry is constantly modernizing, supported by a skilled workforce and a government committ ed to sustainability. This publicati on by the Geological Survey of Brazil highlights the potenti al of the Brazilian mining sector, emphasizing the country's strengths in criti cal minerals such as lithium, niobium, graphite, and rare earth elements. The informati on provided not only expands and strengthens geological knowledge but also fosters research, mineral producti on, and the development of the mineral processing industry." " Inácio C. Melo Neto President-Director of the Geological Survey of Brazil Brazil is in a privileged positi on to lead the global energy transiti on, with vast geological potenti al. In this context, the Geological Survey of Brazil plays a fundamental role by providing detailed informati on on criti cal and strategic minerals essenti al for green technologies, such as electric vehicle batt eries and renewable energy systems. Our research helps ensure the security of global supply chains and guide sustainable investments in the mineral sector, always upholding the highest environmental, social, and governance standards. This combinati on of natural resources, infrastructure, legal security, and clean energy strengthens Brazil as a competi ti ve desti nati on for responsible mining development, driving economic growth and job creati on." " 5 SUMMARY BRAZIL`S MINERAL PRODUCTION .................................................................................................. 6 BRAZIL`S ORE RESERVES .................................................................................................................... 6 INTRODUCTION ............................................................................................................................................7 GEOSCIENTIFIC DATA DENSITY INDEX OF BRAZIL...............................................................8 ALUMINUM ................................................................................................................................................... 10 CHROMIUM ....................................................................................................................................................12 COPPER .......................................................................................................................................................... 14 DIAMOND .......................................................................................................................................................16 GOLD ................................................................................................................................................................18 GRAPHITE .................................................................................................................................................... 20 IRON .................................................................................................................................................................24 LITHIUM ..........................................................................................................................................................25 MAGNESIUM ................................................................................................................................................28 MANGANESE ............................................................................................................................................. 30 MOLYBDENUM ...........................................................................................................................................32 NICKEL ............................................................................................................................................................34 NIOBIUM ........................................................................................................................................................36 PHOSPHATE ................................................................................................................................................38 PLATINUM GROUP ELEMENTS ......................................................................................................... 41 POTASH ..........................................................................................................................................................43 RARE EARTH ELEMENTS .....................................................................................................................45 SILICON ..........................................................................................................................................................47 SULFUR ......................................................................................................................................................... 50 TITANIUM ......................................................................................................................................................52 TUNGSTEN ....................................................................................................................................................54 URANIUM .......................................................................................................................................................56 VANADIUM ...................................................................................................................................................58 ZINC ................................................................................................................................................................60 RELEVANT PUBLICATIONS ................................................................................................................62 6 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on BRAZIL`S MINERAL PRODUCTION BRAZIL`S ORE RESERVES In the fi rst half of 2024, revenue in Brazil's mining sector increased by 8% compared to the same period in 2023, solidifying the country's positi on as a global mining leader. This growth refl ects not only the appreciati on of commoditi es but also improvements in the sector’s competi ti veness and innovati on. Niobium 90% Share Aluminium 7.3% ShareShare #4 Iron 17% Share #2 Graphite 4.3% Share #4 Lithium 4.2% Share #6Vanadium 5% Share #4 https://pubs.usgs.gov/periodicals/mcs2025/ 1st 2nd 4th 4th 4th 6th Niobium 94% Share Aluminium 9% ShareShare #4 Graphite 26% Share #4 REE 23% Share #1st 2nd 2nd 2nd Nickel 12% Share #43th 5thIron 17% Share 7 INTRODUCTION Brazil has vast geological potenti al and holds signifi cant reserves of criti cal and strategic minerals essenti al for the energy transiti on and the development of advanced technologies. Examples of criti cal and strategic minerals in which Brazil plays an important role are lithium, indispensable for electric vehicle batt eries and energy storage systems; rare earth elements, vital for the manufacturing of permanent magnets used in wind turbines and various electronic devices; graphite/graphene, materials with excepti onal properti es holding promise for applicati ons across numerous fi elds; and niobium, a strategic element for the producti on of high-strength superalloys. The output of these criti cal minerals in Brazil is concentrated in diff erent regions, refl ecti ng the country’s geological heterogeneity. While some areas exhibit high-concentrati on deposits, others require signifi cant investments in prospecti ng and explorati on to enable commercial producti on. Brazil is the world’s leading producer of niobium, accounti ng for approximately 90% of global producti on. The producti on of strategic minerals such as iron ore, lithium, copper, and nickel has increased due to ongoing explorati on, regulatory stability, and investments in technological innovati on and sustainability. Iron ore, the fl agship of Brazil’s mining industry, accounted for 62% of the sector’s revenue in the fi rst half of 2024 and remained the leading export product, responsible for 71.6% of exports (a 5% increase compared to the same period in 2023) (IBRAM, 2024). This appreciati on was driven by increased Asian demand, parti cularly China. Concurrently, lithium has gained prominence both internati onally and nati onally, refl ecti ng the growing demand for criti cal minerals in the energy transiti on. The Brazilian mineral sector demonstrated strong performance in the fi rst half of 2024, driven by global demand for commoditi es and signifi cant advances in the operati onal effi ciency of sector companies. The results for the fi rst half of 2024 show that the Brazilian mineral sector’s revenue increased by 8% compared to the same period in 2023, solidifying the country’s positi on as a major player in the internati onal mineral market (IBRAM, 2024). This growth refl ects not only the increase in commodity values but also improvements in the competi ti veness and innovati on of companies in the industry. There were over 218,000 direct jobs in the sector, with 5,447 new jobs were created between January and May 2024. Sustainability advancements were also a highlight of the period. Research and development of clean and sustainable technologies are essenti al for the responsible producti on of criti cal minerals in Brazil. Sustainable mining, which prioriti zes reducing environmental impacts, ensuring worker safety, and fostering the development of local communiti es, is increasingly important in a global context that requires greater socio-environmental responsibility from companies. Initi ati ves promoti ng circularity in the economy, such as batt ery recycling and rare earth element recovery, are fundamental to ensuring the long-term security of the supply of these resources. The ESG agenda has become a determining factor in att racti ng investments and expanding global competi ti veness of Brazilian mining. Att racti ng foreign investment and forming public-private partnerships are crucial strategies to boost the producti on of criti cal minerals in Brazil. Promoti ng research and innovati on projects, along with modernizing transport and logisti cs infrastructure, is essenti al for establishing the effi ciency of the producti on chain and enhancing the competi ti ve edge of Brazilian companies in the internati onal market. The integrati on of various stakeholders — governments, companies, universiti es, and research centers — is key to overcoming challenges and fully leveraging the country’s potenti al in this strategic fi eld. Challenges persist; however, the outlook for the coming years remains positi ve, with new projects under development and a favorable environment for innovati on and sustainable growth. Brazil, therefore, reaffi rms its strategic role in the mining sector, combining the strength of its mineral sector with advancements to meet the demands of a constantly evolving world. 8 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on GEOSCIENTIFIC DATA DENSITY INDEX OF BRAZIL The availability of geoscienti fi c knowledge is a key factor for strategic planning in areas such as land use, infrastructure, environment, energy, and mining. In a country as vast as Brazil, measuring the extent of this knowledge is essenti al for identi fying regions with varying levels of Earth sciences data coverage. To address this need, the Geoscienti fi c Knowledge Density Map for Brazil was developed. This map uses the Geoscienti fi c Knowledge Index (GKI), a metric ranging from 1 to 10, to measure the depth and quality of geoscienti fi c informati on across diff erent regions. The GKI provides a practi cal and visually intuiti ve way to evaluate the distributi on of georeferenced data throughout the country. The map integrates layers representi ng diff erent knowledge spheres: A. Geological Cartography Knowledge Level Map (GecK): this layer includes all the geological mapping data produced by the Geological Survey of Brazil (SGB) with scales ranging from 1:25,000 to 1:250,000; B. Geological Knowledge Level Map (GeK): contains themati c map data, such as geological integrati on maps and state-level maps; C. Geophysical Knowledge Level Map (GpK): represents the weighti ng of geophysical prospecti ng data, considering spati al resoluti on and data quality. It includes airborne geophysical data, ground gravity, and seismic data; D. Geochemical Knowledge Level Map (GcK): includes data from the total geochemical surveys (rock, stream sediment, pan concentrate, and soil); and E. Mineral Resources Knowledge Level Map (GmrK): includes reports and research on mineral explorati on conducted by the SGB. The formula for calculati ng the GKI is: GKI = (2 * GecK) + (0.5 * GeK) + GpK + GcK + GmrK This index refl ects both the quanti ty and quality of available data, with geological cartography weighted twice as heavily as the other types of informati on due to its importance in all stages of mineral explorati on. To account for the themati c nature of the geological data, and to avoid overrepresentati on, the index value derived from this map was reduced by half (multi plied by 0.5). The GKI off ers a clear and intuiti ve way to assess the availability of geoscienti fi c data across Brazil. Quanti fying the knowledge of mineral resource-producing regions, it aids in opti mizing strategic planning for the mining sector. When combined with other tools, it supports the growth and development of Brazil’s mining industry, encouraging targeted investments and informed decision-making. 9 FIGURE 1: Map locating Geoscientifi c Knowledge levels across Brazil. 10 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on ALUMINUM The Pará State, in the north of Brazil, holds the largest bauxite reserves in the country, historically accounti ng for over 90% of the Brazilian’s producti on. The state of Minas Gerais follows with 7% of the producti on, while the states of São Paulo, Santa Catarina and Goiás collecti vely hold 3%. FIGURE 2: Brazilian aluminium deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://abal.org.br/estatisticas/nacionais/bauxita/ OPERATING MINES PRODUCTION1 13 33 Mt WORLD RANKING1 Reserves 4th (9%) Producti on 4th (7.3%) BAUXITE RESERVES1 2.7 Gt 11 • Relevant bauxite occurrences are also found in the states of Bahia, Maranhão and Amapá. In Pará, key extracti on and processing companies include Mineração Rio do Norte, Mineração Paragominas and Alcoa. In the Center of Brazil, Companhia Brasileira de Alumínio (CBA) and Terra Goyana are signifi cant players. • The bauxite formati on found in Pará state is characterized by thick lateriti c profi les on siliciclasti c rocks of the Cretaceous period. In Minas Gerais state, bauxite occurrences are associated with metasedimentary rocks in the Quadrilátero Ferrífero and granuliti c rocks in the southeast. Bauxite in the state of Goiás originates from the alterati on of Neoproterozoic anorthosites of the Barro Alto Mafi c-Ultramafi c Layered Complex. • The evoluti on of the lateriti c/bauxite cover of the Amazon was polyphase and controlled by chemical and physical processes in humid equatorial climates. São Paulo hosts bauxite deposits over amphibolites, dolerites and granites, while the deposits in the southern region come from alkaline rocks, basalts, diabase, and syenites in a subtropical climate. • Before the discovery of deposits in northern Brazil, bauxite in alkaline rocks, especially in Poços de Caldas (Minas Gerais), was the primary source of aluminum, accounti ng for 65% of nati onal producti on unti l the 1970s. Pará’s state dominance in bauxite producti on refl ects changes in the industry and the allocati on of resources over ti me. Selected aluminum deposits and resource estimates Deposit Commodity Owner Estimated Resources Grades (Al) Status Almeirim Al (Bauxite) MSL Minerais S.A. 46 Mt 57.4% Closed/Exhausted Barro Alto Al (Bauxite) Terra Goyana 180 Mt 56% Operati ng Bela Cruz Al (Bauxite) Mineração Rio do Norte S.A. 55.86 Mt 50.2% Operati ng Juruti Al (Bauxite) Alcoa Alumínio S.A. 558.1 Mt 34.25% Operati ng Paragominas Al (Bauxite) Norsk Hydro do Brasil Ltd. 249.7 Mt 82.4% Operati ng Poço de Caldas Al (Bauxite) Alcoa Alumínio S.A. 50 Mt 46% Operati ng Porto Trombetas Al (Bauxite) Mineração Rio do Norte S.A. 600 Mt 49.5% Operati ng HIGHLIGHTS 12 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on CHROMIUM Global chromite resources exceed 12 billion tons, with approximately 95% concentrated in Kazakhstan and South Africa. This concentrati on of resources in only two countries, classifi es chromium as a criti cal mineral due to potenti al supply risks. Brazil holds about 0.55% of the world’s mineable reserves with approximately 6.6 million tonnes of Cr₂O₃, and is the sole chromium-producing country in the Americas. FIGURE 3: Brazilian chromium deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025.pdf OPERATING MINES PRODUCTION1 5 1.4 Mt WORLD RANKING1 Reserves 7th (0.55%) Producti on 6th (3%) CHROMIUM CONTENT RESERVES1 6.6 Mt 13 • Major Brazil’s economic primary strati form chromite deposits are located in the mafi c-ultramafi c complexes of Campo Formoso (FERBASA), Vale do Jacurici, and Pedras Pretas (RHI Magnesita; LSE: RHIM) in Bahia state, encompassing areas such as Campo Formoso, Andorinha, Ipueira, Medrado, Santa Luz, and Piriti ba. These account for approximately 80% of nati onal reserves, with an esti mated 4.84 million tons of contained metal. • The Bacuri (Mazagão) mafi c-ultramafi c strati form complex in Amapá state has esti mated reserves of 3.3 million tons of chromite ore (ROM), representi ng about 7% of Brazil’s resources. • In Minas Gerais, which holds about 3% of nati onal reserves, notable strati form deposits include those in Serro, Alvorada de Minas (including Paneleiros), and Piumhi (Lavapés). • Other geological provinces with chromite deposits associated with plati num group elements (PGE) mineralizati on include the Carajás Province (Luanga and Cateté mafi c-ultramafi c complexes) and the Borborema Province (Tróia). • Podiform chromite is found in deposits such as Morro Feio, Cromínia, and Abadiânia in Goiás; Araguaia Belt at Morro Grande and in the Complexo Quati puru, and in various minor mineral occurrences in other provinces, like the Gararu project in the state of Sergipe. • FERBASA (B3:FESA3 and FESA4) controls approximately 95% of Brazil’s chromite resources and is the only integrated producer of ferrochrome in the Americas and the leading producer of ferroalloys in Brazil. In 2022, the company mined a total of 513,788 tons and produced 301.6 thousand tons of ferroalloys, including high- carbon ferrochrome, low-carbon ferrochrome, ferrosilicon chrome, ferrosilicon 75, and inoculants. Selected chromium deposits and resource estimates HIGHLIGHTS Deposit Commodity Owner Estimated Resources Grades (Cr2O3) Status Bacuri (Mazagão) Cr Mineração Vila Nova Ltda. 3.39 Mt 34.74 % Operati ng Ipueira (Andorinha) Cr Ferbasa S.A 2.70 Mt 37.82 % Operati ng Paneleiros - Alvorada de Minas Cr Cromita iumhiuense Ltda. 0.87 Mt 20.07 % Operati ng Pedras Pretas (SantaLuz) Cr RHI Magnesita 1.89 Mt 40.01 % Operati ng Pedrinhas (Campo Formoso) Cr Ferbasa S.A 10.31 Mt 29.8 % Operati ng Fazenda Caxambu - Serra do Lavapés Cr Fazenda Caxambu Serra do Lavapés Not available Not available Unexploited 14 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on COPPER According to Brazil’s Ministry of Mines and Energy’s “Mineral Sector Bulleti n,” published in the fi rst half of 2022, Brazil possesses esti mated copper reserves of 17 million tonnes, representi ng approximately 1.9% of world reserves. Based on this data, the country ranks 10th globally in copper reserves. FIGURE 4: Brazilian copper deposits and occurrences, 2024. 1 Panorama Nacional do Cobre - https://rigeo.sgb.gov.br/handle/doc/25334 OPERATING MINES PRODUCTION1 14 527 kt Cu WORLD RANKING1 Reserves 10th Producti on 18th COPPER CONTENT RESERVES1 17,000 kt 15 Deposit Commodity Owner Estimated Resources Grades (Cu) Status Alemão/Igarapé Bahia Cu-Au Vale S.A. 230 Mt 1.4% Operati ng Alvo 118 Cu-Au Vale S.A. 170 Mt 1% Operati ng Antas Norte e Sul Cu-Au OZ Minerals 1.5 Mt 0.5% Operati ng Boa Esperança Cu-Co Ero Copper 59.3 Mt 0.81% Cu Feasibility Breves Cu-Au-Ag Vale S.A. 50 Mt 1.22% Operati ng Cabaçal Cu-Au-Ag Meridian Mining 52.9 Mt 0.3% Feasibility Caraíba Cu Ero Copper 34.60 Mt 0.60% Interrupted Chapada Cu-Au Lundin Mining Corp 1101.1 Mt 0.23% Operati ng Cristalino Cu-Au Vale S.A. 379 Mt 0.66% Operati ng Furnas Cu-Au Ero Copper 550 Mt 0.71% Unexploited Gameleira (Pojuca, Grota Funda) Cu-Au Vale S.A. 535 Mt 0.57% Unexploited Pantera Cu-Au OZ Minerals 20.0 Mt 1.2% Feasibility Pedra Branca Cu-Au OZ Minerals 19 Mt 1.6% Operati ng Pedra Verde Cu Pedra Verde 44.2 Mt 0.9% Cu Interrupted Pojuca - Corpo Quatro Cu-Zn Vale S.A. 58 Mt 0.87 Operati ng Salobo Cu-Au Vale S.A. 1148.4 Mt 0.61% Operati ng Saúva Cu-Au Lundin Mining Corp. 179 Mt 0.32% Explorati on Seival Cu-Ag Seival 0.2 Mt Not available Operati ng Serrote da Laje Cu-Au Mineração Vale Verde Ltda 119.2 Mt 0.5% Operati ng Sossego Cu-Au Vale S.A. 345.6 Mt 0.80% Operati ng Surubim Cu Ero Copper 8.7 Mt 0.88% Cu Operati ng GT-46/Igarapé Cinzento Cu-Au GT-46/Igarapé Cinzento Not available Not available Operati ng Maravaia (Celesta) Cu-Au Maravaia (Celesta) Not available Not available Operati ng • Unlike the rest of the world, where copper is mainly exploited from porphyry-type deposits, Brazil has around 46 copper deposits and advanced prospects, mostly distributed in the Magmati c Segregati on / IOCG (36%), IOCG (26%) and VMS (13%), which account for 74% of the total. Added to the magmati c segregati on deposits of mafi c-ultramafi c complexes, the total reaches 85%. One main porphyry-type deposit has been described in Brazil, the Chapada deposit, in northern Goiás State. • Brazil’s copper mineral potenti al lies almost enti rely in Precambrian domains. Most of the Brazilian copper deposits are located in the Carajás Mineral Province, which is also the mineral province with the largest amount of metallic copper in the country, with an esti mated total of 27.34 Mt endowment. In Carajás, most of the deposits are of the IOCG type, but the Brazilian copper deposits are also classifi ed as Volcanic Massive Sulfi des, Porphyries, SEDEX, and Sediment-hosted. • The Juruena – Teles Pires Mineral Province has the second highest potenti al. It comprises 7.23% of copper contained in two VMS-type deposits; the largest of which is called Cabaçal. The province has the potenti al for discoveries associated with porphyry and VMS models. • The Goiás Magmati c Arc has an acti ve copper mine and potenti al for discoveries of medium to small metamorphosed porphyry copper, as well as VMS deposits. • The Vale do Curaçá Cupriferous District has cataloged deposits of magmati c segregati on. Recent work has identi fi ed alterati ons and characteristi cs of IOCG-type mineralizati on in this province, which tends to increase the potenti al for discoveries of medium to large deposits. • Brazil consumes around 3% of the world’s copper concentrate producti on. Selected copper deposits and resource estimates HIGHLIGHTS 16 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on DIAMOND Brazil has a long-standing traditi on of diamond producti on and was among the world's fi rst major producers in the 18th century. Currently, its nati onal producti on is modest compared to global leaders like Russia, Canada, and Botswana, but it remains a relevant acti vity in the country’s mineral sector. Brazil has resources and growth potenti al, especially with appropriate explorati on strategies, technology investments, and sustainability policies. FIGURE 5: Brazilian diamond deposits and occurrences, 2024. 1 National Mining Agency, 2025, Interactive Brazilian Mineral Yearbook 2025: https://bit.ly/4hcMdl4 OPERATING MINES PRODUCTION1 1 76,700 ct WORLD RANKING Reserves Not available Producti on Not available ORE RESERVES Not available 17 • The main diamond-producing regions in Brazil are concentrated in the states of Bahia, Mato Grosso, and Minas Gerais, and to a lesser extent in Pará, Paraná, and Piauí. The vast majority of sources are secondary placer-type deposits, except for the Braúna kimberlite-hosted mine, whose discovery marks a signifi cant milestone in Brazilian diamond mining. • The Braúna mine is located in the municipality of Nordesti na, Bahia, approximately 350 kilometers from the capital Salvador. This enterprise developed from the Braúna 3 kimberlite deposit, which is one of 22 kimberlite occurrences within the mining rights area of Lipari Mineração Ltda. The mine is part of a Mining Concession covering 1,875 hectares, with the company holding 100% rights to four adjacent mining processes. • The diamond industry faces challenges such as the need to modernize many mining operati ons, legal and environmental issues, and the growing importance of sustainability and environmental impact, leading to a greater focus on responsible practi ces. • Future prospects indicate growth potenti al in the primary explorati on of kimberlites, which the Brazilian government encourages through investment and geological research to discover new deposits, with technological and regulatory improvements that can benefi t the sector. • In 2024, the Geological Survey of Brazil (SGB) published calls for tenders for the transfer of diamond mineral resources in Santo Inácio, Bahia, containing about 245 million tons of diamondiferous gravel, with research investments expected to reach R$ 5 million. This acti on sti mulates and diversifi es the regional economy and fosters investments for the country’s socioeconomic growth. HIGHLIGHTS 18 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on GOLD Gold mining acti viti es in Brazil, carried out by small and large nati onal and multi nati onal companies over the past few decades, have played a key role in positi oning the couunty as a leading global producer. FIGURE 6: Brazilian diamond deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-gold.pdf OPERATING MINES PRODUCTION1 8 70 t WORLD RANKING1 Reserves 9th (4%) Producti on 14th (2%) GOLD CONTENT RESERVES1 2.4 kt 19 Deposit Commodity Owner Estimated Resources Grades (Au) Status Águas Claras Au-Cu Vale S.A. 23.09 Mt 2.43 g/t Interrupted Amapari - Tucano Au Tucano Gold 56.66 Mt 1.06 g/t Interrupted Aurizona Mineração Au Equinox Gold 46.18 Mt 2.1 g/t Operati ng Cachoeira Au Gold Mining Inc. 41.83 Mt 1.12 g/t Intermitt ent Operati on Castelo dos Sonhos Au Tristar Company 78.0 Mt 1.03 g/t Feasibility Cipoeiro Au Jaguar Mining 52.87 Mt 1.9 g/t Explorati on Córrego do Síti o Au AngloGold Ashanti 35.91 Mt 3.11 g/t Operati ng Crixás (Serra Grande) Au AngloGold Ashanti 38.35 Mt 2.95 g/t Operati ng Cuiabá Au AngloGold Ashanti 25.62 Mt 6.45 g/t Operati ng Cuiú-Cuiú (Moreira Gomes, Central) Au Cabral Gold 37.1 Mt 0.90 g/t Operati ng Fazenda Maria Preta (C1 Santa Luz) Au Equinox Gold 12.59 Mt 2.35 g/t Interrupted Jacobina (Canavieiras Sul, Norte e Central, Morro do Vento, João Belo, Serra do Córrego) Au-U Pan American Silver 208.93 Mt 1.55 g/t Operati ng Montes Áureos - CentroGold Au Oz Minerals 28 Mt 0.69 g/t Operati ng Morro do Ouro Au-Ag Kinross Gold 138.11 Mt 0.4 g/t Operati ng Posse-Mara Rosa Au Hochschild Mining 33.1 Mt 1.14 g/t Feasibility São Jorge Au Gold Mining Inc. 44.42 Mt 1.55 g/t Intermitt ent Operati on Suruca Au-Zn Lundin Mining Corp. 160.01 Mt 0.53 g/t Feasibility Tocanti nzinho Au G Mining Ventures Corp. 47.47 Mt 1.36 g/t Explorati on Volta Grande (norte e sul) Au Belo Sun 202.01 Mt 0.95 g/t Feasibility • Over the past 120 years, industrial mining projects have rapidly expanded across Brazil, leading to the operati on of over 80 mines and the producti on of approximately 2,000 tons of gold. • Brazil is home to four world-class gold mines: Cuiabá, Morro do Ouro, Crixás, and the now-closed Morro Velho mine, which remains an important benchmark for global mining. • While Minas Gerais remains the nati on’s primary gold producer, housing Brazil’s two largest gold mines, the Amazon region has emerged as a new fronti er, rapidly solidifying its role as a signifi cant player in the gold industry. • The Amazonian Craton—parti cularly the Carajás, Tapajós, and Juruena-Teles Pires provinces—the Gurupi Belt, and the Goiás Magmati c Arc represent key fronti ers for discoveries, off ering tremendous potenti al for the future growth of industrial gold mining. • Advances in remote sensing and geological mapping technologies have enabled the identi fi cati on of new explorati on targets in Pará, Amazonas, and Roraima, which hold substanti al potenti al for uncovering undiscovered gold deposits. • The primary gold deposits being explored by major industrial and arti sanal mining companies are located in Minas Gerais, Bahia, Mato Grosso, Goiás, and Maranhão. • Furthermore, expanding operati ons and modernizati on eff orts in regions such as Tocanti ns (Monte do Carmo, Almas) and Amapá (Tucano) highlight the vast potenti al for sustainable explorati on and future growth. Selected gold deposits and resource estimates HIGHLIGHTS 20 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on GRAPHITE The Bahia-Minas Province in Brazil is recognized as one of the largest graphite-producing regions in the world. However, Brazil has several other regions with untapped potenti al for graphite producti on, including the Central Ceará Graphite Province, the Amazon Craton, the Araguaia Belt, the Paraguay Belt, and the Brasília Belt. FIGURE 7: Brazilian graphite deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-graphite.pdf OPERATING MINES PRODUCTION1 5 68,000 t WORLD RANKING1 Reserves 2ⁿd (26.4%) Producti on 4th (4.3%) ORE RESERVES1 74 Mt Brazilian graphite deposits and occurrences, 2024. 21 Deposit Commodity Owner Estimated Resources Grades (CG) Status Itapecerica Mine Graphite Nacional Grafi te Ltd. 209.59 Mt 9.79% Operati ng Mateus Leme Mine Graphite Grafi ta MG Ltd. 91.67 Mt 14% Operati ng Mina Maiquinique Graphite Extrati va/Grafi te do Brasil 33.3 Mt 9.6% Operati on Pedra Azul Mine Graphite Nacional de Grafi te Ltd. 19.07 Mt 12.59% Operati ng Peresópolis Deposit Graphite Lucra Minerals Ltd. 40 Mt 12% Early explorati on Porto Nacional Deposit Graphite Di Castro’s Construtora Ltda 49.7 Mt 5.3% Early explorati on Salto da Divisa Mine Graphite Nacional de Graphite Ltd. 232.6 Mt 25% Operati ng Santa Cruz Graphite South Star Mining Group 14.9 Mt 2.29% Explorati on Santa Terezinha Deposit Graphite Mineração de Calcário Montevidiu LTDA 7.50 Mt 6.33% Early explorati on São Benedito Mine Graphite São Benedito 2.09 Mt 57.43 % Interrupted • Brazil has signifi cant potenti al for producing graphite, a mineral widely used in various industries, such as producing world-class batt eries and manufacturing electronic components. • Graphite occurrences in Brazil are mainly found in metamorphic environments, primarily within Proterozoic Orogenic Belts. Metamorphism, along with the resulti ng temperature and pressure conditi ons, is the primary factor in analyzing graphite potenti al because it infl uences the degree of crystallizati on and the quality of the ore. • Another important factor to consider is the presence of metasedimentary rocks that originated from protoliths formed during oxidati on events, parti cularly in the Paleoproterozoic and Neoproterozoic. During these eras, some of the atmospheric CO₂ was converted into organic matt er, which later underwent metamorphism into graphite during orogenic events. • Considering its potenti al, Brazil’s graphite producti on sti ll needs to be improved, and the industry has signifi cant room for growth. The Brazilian government has shown interest in developing the country’s graphite producti on, with investment in the sector expected to increase in the coming years. • In the long term, Brazil off ers att racti ve prospects for graphite explorati on and growth due to the increasing demand for the mineral, coupled with its positi on as the world’s third-largest graphite producer and the second-largest producer of high-quality fl ake graphite used in electric vehicles. Selected graphite deposits and resource estimates HIGHLIGHTS 22 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on IRON Iron ore is the most abundant and economically relevant mineral in Brazil. The 148 billion tons of iron ore mined in 2023 represent approximately 66% (R$ 154.8 billion) of Brazilian Mineral Producti on for the period. The Financial Compensati on for the Explorati on of Mineral Resources (CFEM) collected in the same period on iron ore totaled approximately R$ 5.1 billion, distributed to the States, Federal District, municipaliti es and federal government agencies. FIGURE 8: Brazilian iron deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-iron-ore.pdf OPERATING MINES PRODUCTION1 33 440 Mt ORE RESERVES1 34,000 Mt (Crude Ore) 15,000 Mt (Iron Content) WORLD RANKING1 Reserves 3rd (Crude Ore) 2ⁿd (Iron Content) Producti on 2ⁿd (17%) 23 • Brazil holds the world's third-largest reserves of crude iron ore, esti mated at around 34 billion tons, behind Australia (58 billion tons) and Russia (35 billion tons). However, in terms of iron content, the Brazilian reserves rise to the global second positi on, totalling approximately 15 billion tonnes, behind only to Australia, with its 27 billion tonnes of iron content. • Vale S.A. is the country’s largest operator and owns the main iron mines, all of which are open pit, and their related operati ons are concentrated in three systems: the Southeastern (Itabira, Mariana, Minas Centrais) and Southern (Vargem Grande, Paraopeba) in the Quadrilátero Ferrífero and, the Northern System, in the Carajás Mineral Province (Serra Norte, Serra Sul and Serra Leste). Each system has its own transportati on and shipping capabiliti es. • The Serra Norte Mining Complex is currently the largest iron ore mining operati on in the world, followed by the Serra Sul S11D Project, which is the second largest mine in Brazil and the world. In 2023, these operati ons reached producti on of 102.8 and 76.7 million tons, respecti vely. • In additi on to Vale S.A., which operates in the producti on of iron ore in the states of Minas Gerais and Pará, the list of large iron ore mining companies in Brazil, which produced more than 1 billion tons each in 2023, includes, from the largest to the smallest producti on: CSN Mineração, Anglo American Minério de Ferro Brasil S.A., Mineração Usiminas S.A., Vallourec Tubos do Brasil LTDA, Samarco Mineração S.A. Mineração Corumbaense Reunida S.A., Cia de Mineração Serra da Farofa, Arcelormitt al Brasil S.A., Gerdau Açominas S.A. and Ferro + Mineração S.A. Their operati ons are distributed mainly across the states of Minas Gerais, Bahia and Mato Grosso do Sul. • The main iron resources in Brazil are associated with oxide facies of the banded iron formati ons of the large dimensions Superior type deposits, followed by Algoma and Rapiti an iron deposits types, with considerably smaller dimensions. • Iron formati ons are chemical rocks, generally banded, with an iron (Fe) content ranging from ca. 20 to 40%, predominantly composed of chert and iron minerals, and occurring in Precambrian marine successions associated with peliti c and carbonate rocks, or volcano-sedimentary sequences. • Their presence of iron formati ons is linked to the oxygenati on of the atmosphere, being conti nuous in the geological record between the Archean and Mesoproterozoic periods (Algoma and Superior-types), and reappearing only for a short ti me in the Neoproterozoic (Rapiti an-type). • Hypogene and supergene mineralizati on processes led to their enrichment to levels between 60 and 68% in Fe, consti tuti ng a mineral of high economic and strategic value for the Brazilian economy due to the large number of deposits in its extensive cratonic areas. • The very high producti on volumes involved and the low added value per ton require that the deposits, in additi on to containing large quanti ti es of ore, have the availability of structured transport logisti cs, demanding high investments in railways and ports. • In the Quadrilátero Ferrífero region, Precambrian metamorphic processes superimposed on the banded iron formati ons of the Superior and Algoma types transformed them into itabirites. According to the intensity of weathering, these iron-bearing lithologies are physically classifi ed as friable itabirite, semi- friable itabirite and itabirite, whose iron contents vary between 25 and 60% Fe, but rarely exceeding 60% in rocks defi ned as hemati te. • In the Carajás Mineral Province, it predominates oxide facies banded iron formati ons preserved from metamorphism, with dimensions typical of the Superior type, but in associati on with volcano-sedimentary environments characteristi cs of the Algoma type iron formati ons. • The diff erent iron ores commercially mined in Brazil have high iron content and small amounts of elements that are undesirable in steelmaking processes, such as sulfur, aluminum, phosphorus and carbonates. HIGHLIGHTS 24 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on Selected iron deposits and resource estimates Deposit Commodity Owner Estimated Resources Grades (Fe) Status Southeastern System Itabira (Conceição, Minas do Meio) Fe Vale S.A. 1539.54 Mt 46.58% Operati ng Minas Centrais (Brucutu, Morro Agudo, Apolo) Fe Vale S.A. 4073.6 Mt 44.04% Operati ng Mariana (Fazendão, Alegria, Capanema, Fábrica Nova) Fe Vale S.A. 6777.1 Mt 48.56% Operati ng Southern System Vargem Grande (Sapecado, Galinheiro, Tamanduá, Capitão do Mato, Abóboras) Fe Vale S.A. 8385.6 Mt 42.61% Operati ng Paraopeba (João Pereira, Segredo, Mar Azul, Capão Xavier) Fe Vale S.A. 4836.5 Mt 49.18% Operati ng Northern System Serra Norte Fe Vale S.A. 2746.1 Mt 65.65 % Operati ng Serra Sul Fe Vale S.A. 4504.1 Mt 65.75 % Operati ng Serra Leste Fe Vale S.A. 817 Mt 56.85 % Operati ng Casa de Pedra e Engenho Fe CSN Mineração 6 Bt Not available Operati ng Minas-Rio: Serra do Sapo, Itapanhoacanga (Conceição do Mato Dentro) Fe Anglo American Minério de Ferro Brasil S.A. 5846.2 Mt 35.17% Operati ng Andrade Fe Arcelormitt al Brasil S.A. Not available Not available Operati ng Mina de Alegria Complexo de Germano Fe Samarco Mineração S.A (in judicial recovery) Not available Not available Operati ng Mina de Serra Azul Fe Arcelormitt al Brasil S.A. Not available Not available Operati ng Mina Leste, Mina Central e Mina Oeste Fe Mineração Usiminas S.A. Not available Not available Operati ng Mina Urucum e Mina Santa Cruz Fe Lhg Mining (old Mineração Corumbaense Reunida S.A.) Not available Not available Operati ng Minas Tico-Tico e Ipê Fe Mineração Morro do Ipê S.A. Not available Not available Operati ng Pau Branco Fe Vallourec Tubos do Brasil LTDA Not available Not available Operati ng Várzea do Lopes e Miguel Burnier Fe Gerdau Açominas S.A. Not available Not available Operati ng Ferro Mineração S.A. Fe Ferro Mineração S.A. Not available Not available Operati ng 25 LITHIUM 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: U.S. Geological Survey, 212 p., https://doi.org/10.3133/mcs2025. In Brazil, lithium is mainly found in the form of lithium-cesium-tantalum (LCT, mainly spodumene rich) pegmati te deposits. The primary ore mineral is spodumene, followed by amblygonite, petalite, and lepidolite. In 2024, the esti mated producti on reached 10,000 tonnes of contained lithium, a 90% increase over 2023 producti on1 . FIGURE 9: Brazilian lithium deposits and occurrences, 2024. OPERATING MINES PRODUCTION1 5 10 kt LITHIUM CONTENT RESERVES1 390 kt WORLD RANKING1 Reserves 8th (1.3%) Producti on 6th (4.2%) 26 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on • Acti ve mines and advanced explorati on projects are concentrated in the state of Minas Gerais. The launch of Minas Gerais’ “Lithium Valley Brazil” initi ati ve in May 2023 has caught the att enti on of the market. The initi ati ve aims to accelerate project development for the lithium supply chain and demonstrates a recepti ve approach to global investment. • Companhia Brasileira de Líti o – CBL announced2 4.5 Mt of mineral resources (measured + indicated) and a capacity to produce 45 ktpa (kilotonnes per annum) of high-quality spodumene concentrate @5.5% Li2O at its operati ng Cachoeira Mine in the Middle Jequiti nhonha region, Minas Gerais. • In the same region, Sigma Lithium reported3 mineral resource (measured + indicated) estimates of 94.3 Mt @1.40% Li2O and reserves (proven + probable) of 54.8 Mt @1.44% Li2O on its Grota do Cirilo property. Sigma achieved its first production in 2023, with five shipments. The annual runrate production reached 270 kt (37 kt Lithium Carbonate Equivalent, LCE), with plans to expand to 766 kt (104 kt LCE) over the next two years. • Atlas Lithium announced4 that it has received all necessary permits to assemble its processing plant and operate the Neves project in the Middle Jequiti nhonha region, with an expected Phase 1 producti on of approximately 150 ktpa. • Lithium Ionic reported5 mineral resources (measured + indicated) of 23.68 Mt @1.34% Li2O at the Bandeira Project, with a 20-year mine life producing 220 ktpa of SC5.5. • On February 4, 2025, Pilbara Minerals Limited, a leading Australian lithium producer, announced6 the successful acquisiti on of Lati n Resources, including its Colina Lithium Project in the Salinas region, Minas Gerais, Brazil. The JORC Mineral Resource Esti mate (MRE) reported7 for the Colina Lithium Project indicates a total of 70.3 Mt at 1.27% Li₂O. Producti on is expected to commence in the second half of 2026, with an expected output of 405 to 525 ktpa of SC5.5 and 159 ktpa of 3% Li2O spodumene tails concentrate products. • Although the state of Minas Gerais is the main player in lithium explorati on, there are also potenti al areas in northeastern Brazil (e.g., the states of Ceará, Rio Grande do Norte and Paraíba) where more than a hundred Li-bearing pegmati te bodies have been identi fi ed. • On June 30, 2024, Oceana Lithium reported8 the integrati on of soil sample results with geophysics, geological mapping, trenching, and RC drilling data, confi rming multi ple pegmati te swarms and identi fying high-priority areas with more than one lithium-bearing pegmati te. • Greenfi eld areas include the regions of Southern Tocanti ns-Northern Goiás and Itambé (Southern Bahia). • The Geological Survey of Brazil – SGB-CPRM has conducted research projects in key lithium areas to promote the development of the mineral industry. Completed projects in the Middle Jequiti nhonha (Minas Gerais) and Borborema Pegmati te Provinces in northeastern Brazil have identi fi ed new targets for lithium mineralizati on. The results, including maps, charts, technical reports and scienti fi c papers, are available to the public (htt ps://rigeo.sbg.gov.br and htt p://www.sgb.gov.br/liti o/index.html). Two ongoing projects are located in Eastern Minas Gerais and Solonópole Province (Ceará). HIGHLIGHTS 2 https://www.cblitio.com.br/ 3 https://ir.sigmalithiumresources.com/wp-content/uploads/2024/03/Sigma-Lithium-NI-43-101-March-2024-vFinal-19.03.pdf 4 https://www.atlas-lithium.com/wp-content/uploads/2025/01/Brief-Corporate-Overview-January-2025.pdf 5 https://lithiumionic.com/_resources/reports/Bandeira-Lithium-Project-Mineral-Resource-Estimate.pdf?v=112704 6 https://pls.com/news-stories/pls-completes-acquisition-of-latin-resources/ 7 https://api.investi.com.au/api/announcements/lrs/19629c02-e62.pdf 8 https://app.sharelinktechnologies.com/announcement/asx/5f65a86fc3ab34cbcb0530eb7db21496 9 https://lithiumionic.com/_resources/reports/NI-43-101-Technical-Report.pdf?v=112905 10 https://lithiumionic.com/projects/salinas-baixa-grande/ 11 http://hugin.info/138060/R/2092860/796776.pdf 27 Deposit Commodity Owner Resource estimates Grades (% Li2O) Status Bandeira Project5 Li Lithium Ionic Corp 23.68 Mt 1.34 Feasibility Barreiro3 Li Sigma Lithium Resources 25.6 Mt 1.36 Feasibility Iti nga - Outro Lado9 Li Lithium Ionic Corp 2.97 Mt 1.46 Unexploited Lavra do Meio3 Li Sigma Lithium Resources 4.2 Mt 1.17 Unexploited Mina da Cachoeira Li Companhia Brasileira de Líti o 4.5 Mt 1.4 Producing Murial3 Li Sigma Lithium Resources 13.5 Mt 1.25 Unexploited Nezinho de Chicão3 Li Sigma Lithium Resources 33.6 Mt 1.45 Feasibility Salinas Baixa Grande10 Li Lithium Ionic Corp 5.86 Mt 1.09 Unexploited Volta Grande11 Li AMG 20.3 Mt 1.06 Producing Xuxa3 Li Sigma Lithium Resources 17.4 Mt 1.55 Producing Mina da Samambaia Li Sigma Lithium Resources Not available Not available Closed/ Exhausted Mina da Tesoura Li Mina da Tesoura Not available Not available Closed/ Exhausted Seridozinho - Mina Velha Li Miranda Mineracao Ltda Not available Not available Intermitt ent Producti on Selected lithium deposits and resource estimates 28 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on MAGNESIUM Brazil holds a prominent positi on in the global magnesite reserves and producti on, with esti mated reserves exceeding 412 million tons. The country ranks third in producti on and fourth in global reserves of magnesite. In the state of Bahia, Brumado is renowned for its high-quality magnesite deposits, making it a strategic area for both domesti c supply and export. Sento Sé also contains signifi cant deposits. FIGURE 10: Brazilian magnesite deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-magnesium-compounds.pdf OPERATING MINES PRODUCTION1 5 1.8 Mt MAGNESIUM OXIDE CONTENT RESERVES1 200 Mt WORLD RANKING1 Reserves 6th (2.6%) Producti on 3rd (8.2%) 29 • The Serra das Éguas deposit in Brumado is the largest magnesite deposit in Brazil, and the leading producer of high-quality sintered magnesite and talc in the country. The lithology of this unit includes magnesiti c and dolomiti c marbles, acti nolite marbles, and calc-silicate rocks. • Ceará is the second most strategic state for magnesite producti on, parti cularly in the municipaliti es of Iguatu, Orós, and Jucás, which are part of the Orós Mobile Belt. In 2024, Brazil produced approximately 1.8 million tons of magnesite (USGS 2025). • Four major companies dominate Brazil's magnesite industry: Magnesita S.A. (RHI Magnesita), the leading producer, responsible for more than 90% of nati onal producti on; Ibar Nordeste S.A. (specialized in magnesium oxide products); Refranor; and Xilolite S.A. • Magnesite and its derivatives are essential for the manufacture of heat-resistant materials critical to the steel, cement, and glass industries. Magnesite Sinter is widely used due to its high thermal stability and resistance to corrosion. Acquisitions in the cement, non-ferrous metals, foundry, glass, and petrochemical sectors are significant. Magnesium is also employed as a soil additive and supplement in animal feed and fertilizers. • Despite robust domesti c producti on, Brazil faces trade defi cits in processed magnesite products, which are mainly imported from China. Strategic investments in technology and development of higher-value- added products could strengthen Brazil’s positi on in the global magnesite trade. The country’s geological conditi ons off er signifi cant long-term growth potenti al in this sector. Selected magnesite deposits and resources estimates HIGHLIGHTS Deposit Commodity Owner Estimated Resource Grades Status Barrocas dos Veadeiros Mine Magnesite RHI Magnesite Not available 45.36% Producing Gravatá Mine Magnesite RHI Magnesite Not available 44.85% Producing Pedra de Ferro Mine Magnesite RHI Magnesite Not available 44.80% Producing Pedra Preta Mine Magnesite RHI Magnesite Not available 45.60% Producing Pomba Mine Magnesite RHI Magnesite Not available 44.65 % Producing 30 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on MANGANESE Brazil holds 270 million metric tons of manganese reserves, representi ng 15.8% of global reserves. This positi ons the country as the fourth-largest holder of reserves worldwide, behind South Africa (560 Mt), Australia (500 Mt) and China (280 Mt). In 2024, Brazil produced 590 thousand metric tons of manganese content, ranking as the seventh-largest global producer. FIGURE 11: Brazilian manganese deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-manganese.pdf OPERATING MINES PRODUCTION1 2 590 kt ORE RESERVES 270 Mt WORLD RANKING1 Reserves 4th (15.8%) Producti on 7th (2.95%) 31 • Brazil's manganese reserves are primarily concentrated in Pará, Mato Grosso do Sul, Minas Gerais, and Amapá. The Carajás Mineral Province in Pará stands out for hosti ng the Azul and Buriti rama mines, which account for a signifi cant share of the country's manganese producti on and reserves. The Azul Mine, located in Pará, is the largest manganese-producing mine in Brazil. It is renowned for its high-grade ore (>40% Mn) and esti mated reserves of 65 Mt. The Buriti rama Mine, also in Pará, holds reserves of approximately 18.5 Mt, with manganese grades ranging from 40% to 54%, underscoring its importance for nati onal producti on. The Urucum Mine in Mato Grosso do Sul has reserves of 34.5 Mt and an average grade of 46% Mn, making it a strategic asset for manganese producti on in Brazil. • Brazil's manganese deposits are found in diverse geological contexts, predominantly Paleoproterozoic in age: Paleoproterozoic greenstone belts (e.g., Serra do Navio deposit), banded iron formati ons (e.g., Morro da Mina deposit), conti nental shelf siliciclasti c-carbonate sequences (e.g., Azul and Buriti rama deposits), black shale-hosted Mn-carbonate deposits (e.g., Lagoa do Riacho deposit), and Neoproterozoic siliciclasti c- carbonate sequences (e.g., Urucum deposit). Supergene enrichment processes that concentrate high- grade manganese minerals are crucial for the economic viability of these deposits, with Azul, Buriti rama, and Urucum as key examples. • The steel industry consumes a signifi cant porti on of Brazil's manganese producti on, primarily for alloy manufacturing. However, due to the global transiti on to sustainable energy sources, demand for manganese in electric batt ery applicati ons is increasing. Additi onally, there is a growing demand for manganese in agricultural applicati ons, such as ferti lizers. With abundant high-grade reserves, advanced mining infrastructure, and rising global demand, Brazil is strategically positi oned to expand as a key player in the worldwide manganese market. Selected manganese deposits and resources estimates HIGHLIGHTS Deposit Commodity Owner Estimated Resource Grades Status Buriti rama Mn Mineração Buriti rama SA 28 Mt 54% Interrupted Corrégo do Cocho Mn Mineração Itapira LTDA 20 Mt 23% Unexploited Morro da Mina Mn Morro da Mina 30 Mt Not available Interrupted (temporarily) Serra do Navio Mn Indústria e Comércio de Minérios SA (ICOMI) 18.5 Mt Not available Closed/ Exhausted Serra do Sereno Mn Vale SA 6.5 Mt 40% Unexploited Bananeiras Mn Zeus Mineração LTDA Not available Not available Early Explorati on Fazenda do Capim Gordura Mn Fazenda do Capim Gordura Not available Not available Unkown Fazenda São José da Serra Mn Fazenda São José da Serra Not available Not available Unknown Lagoa D'Anta Mn Zeus Mineração LTDA Not available Not available Closed/ Exhausted Lagoa do Riacho Mn Libras Ligas do Brasil SA Not available Not available Producing Mina do Azul Mn Vale SA Not available 47% Producing Pedra Preta Mn BAMIN Not available Not available Closed/ Exhausted 32 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on MOLYBDENUM Molybdenum occurrences in Brazil are associated with diff erent types of mineral deposits: skarn deposits – located in the states of Rio Grande do Norte and Paraíba; uranium mineralizati ons – found in Minas Gerais and Santa Catarina; byproducts in pegmati tes – present in Bahia; deposits in granites – identi fi ed in Santa Catarina, Rio Grande do Sul, and Roraima; and epithermal deposits – located in Pará, with occurrences highlighted in the Salobo and Breves copper deposits. FIGURE 12: Brazilian molybdenum deposits and occurrences, 2024. • Currently, Brazil has no offi cial molybdenum producti on recorded from 2010 to 2023, and its reserves are considered limited. However, there are records of informal molybdenite concentrate producti on, parti cularly in the Carnaíba region of Campo Formoso, Bahia, where molybdenite is recovered arti sanally as a byproduct of emerald and green beryl extracti on. • In terms of mineral projects, the Geological Survey of Brazil (SGB) has conducted studies in the Seridó Mineral Province, covering areas in the states of Rio Grande do Norte and Paraíba. These studies have identi fi ed deposits of gold, scheelite, molybdenum, bismuth, copper, and iron, indicati ng the region's mineral potenti al. HIGHLIGHTS 33 34 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on NICKEL | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on Brazil ranked among the top 10 global nickel producers in 2024, supported by four acti ve mining operati ons (Onça-Puma, CODEMIN, Barro Alto, and Santa Rita) and several prospects in diff erent exploratory stages. Mining takes place from both sulfi de and laterite projects, and the operati ons produce both class I and Class II nickel, with three mines operati ng at costs below the global average. FIGURE 13: Brazilian nickel deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-nickel.pdf OPERATING MINES PRODUCTION1 4 77 kt NICKEL CONTENT RESERVES1 16 Mt WORLD RANKING1 Reserves 3rd (12%) Producti on 8th (2%) 35 Deposit Commodity Owner Resource estimates Grades (Ni) Status Americano do Brasil Ni, Cu, Co Prometálica Mineração Centro Oeste S/A 3.09 Not available Interrupted Araguaia Ni, Co, Fe, MgO, SiO2, Al2O3, Cr2O3 Horizonte Minerals 119 1.27 Feasibility Barro Alto Ni Anglo American 23.8 1.21 Producing Caboclo dos Mangueiros Ni, Cu, Co Bahia Nickel 200 Not available Unexploted CODEMIN (Niquelândia) Ni Anglo American 2.5 1.25 Producing Fortaleza de Minas (O'Toole) Ni, Cu, Co Not available 45.45 Not available Interrupted Itapitanga Ni, Co , Sc Centaurus 40 0.95 Unexploted Jacaré Ni, Co Anglo American 99.7 1.31 Feasibility Jaguar Ni, Cu, Co Centaurus 112.6 0.87 Feasibility Lagoa Grande Ni, Cu, Co CBPM 405 0.16 Unexploted Liberdade (Morro do Corisco) Ni Not available 1 Not available Closed Limoeiro Ni, Cu, Pt CBA 35 Not available Feasibility Luanga PGM+Au+Ni Bravo 191.2 0.1 Unexploted Morro do Engenho Ni, Co, Sc SGB-CPRM 67.24 1.07 Unexploted Morro do Leme Ni, Fe, SiO2, MgO Anglo American 18 1.73 Feasibility Morro do Níquel Ni Not available 2.3 1,5 Interrupted Morro Sem Boné Ni, Fe, SiO2, MgO Anglo American 40.287 1.79 Feasibility Mundial Carapanã Ni Not available 30 1.4 Unexploted Niquelândia Ni, Co CBA 55 0.94 Interrupted Onça-Puma Ni, Co, Fe, SiO2, MgO Vale Base Metals 134 Not available Producing Piauí Níquel Ni, Co Brazilian Nickel Ltda. 98.8 0.84 Feasibility Santa Fé Ni, Co, Sc SGB-CPRM 39.73 1.14 Unexploted Santa Rita (Fazenda Mirabela) Ni, Cu, Co Atlanti c Nickel/ CBPM 255.1 0.5 Producing Vermelho (V1 e V2) Ni, Co, Fe2O3, MgO2, SiO2 Horizonte Minerals 145.7 1.05 Feasibility Santa Maria e Santa Cruz Ni, Co Not available Not available Not available Interrupted • Brazilian nickel reserves represent approximately 12% of the world's declared reserves (16 Mt) and 6% of global nickel resources (USGS, 2023). Three companies produce stainless steel using nickel in Brazil: Aperam, Villares Metals, and Gerdau, contributi ng to domesti c nickel demand. • Three nickel explorati on projects are at relati vely advanced stages: Araguaia, Piauí, and Jaguar. Additi onally, the recent discovery of the Lagoa Grande prospect (Ni, Cu, Co) by CBPM, located on the border of Bahia and Piauí States, stands out with an esti mated 405 Mt of unexploited resources. The unconventi onal hydrothermal Jaguar prospect, which hosts resources of approximately 138 Mt of nickel, has drawn att enti on for its ability to produce high-quality concentrates due to ore enriched with millerite—one of the highest-grade nickel sulfi des. • Although cobalt producti on ceased in Brazil in 2016, it remains an important by-product of nickel mining. Cobalt is reported as a secondary element in at least nine nickel deposits, including those in both laterite and sulfi de operati ons. • Access to low-cost, low-emissions hydroelectric power conti nues to off er Brazilian nickel producers a unique advantage, reducing both operati ng costs and the carbon footprint of producti on. Selected nickel deposits and resources estimates HIGHLIGHTS 36 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on NIOBIUM Niobium is a strategic metal widely used in metal alloys for industries such as steel, aerospace, constructi on, and electronics. Brazil, through companies like CBMM (Companhia Brasileira de Metalurgia e Mineração) and CMOC, dominates the internati onal export market for this resource. FIGURE 14: Brazilian niobium deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-niobium.pdf OPERATING MINES PRODUCTION1 5 100 kt NIOBIUM CONTENT RESERVES1 16 Mt WORLD RANKING1 Reserves 1st (94%) Producti on 1st (90%) 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-niobium.pdf Deposit Commodity Owner Resource estimates Grades Status Araxá Nb (pyrochlore) CBMM 896 Mt 1.49 % Operati ng Boa Vista (Catalão II) Nb (pyrochlore) CMOC 26 Mt 0.95 % Operati ng Mine I (Catalão I) Nb (pyrochlore) CMOC 13 Mt 0.95 % Operati ng Mine II (Catalão I) Nb (pyrochlore) CMOC 5.9 Mt 1.13 % Operati ng Piti nga Nb (pyrochlore and columbite) byproduct of Sn (cassiterite) Mineração Taboca 515 Mt 0.20 % Operati ng Seis Lagos Nb (pyrochlore) SGB -CPRM Not available Not available Unexploited • Brazil accounts for 90% of the world’s Niobium producti on. • The main Niobium deposits in Brazil are associated with carbonati te complexes in the states of Goiás and Minas Gerais. Some minor producti on comes from byproducts of cassiterite mining, such as in Amazonas State (Mineração Taboca). Niobium producti on in Rondônia and Pará States is associated with byproducts of cassiterite-digging. • Pyrochlore is the primary Niobium ore in carbonati te complexes of Goiás and Minas Gerais. Although it is magmati c in origin, metallurgical processes are eff ecti ve only in the supergene part of these complexes. • In 2024, CMOC Brazil reported a record producti on of 10,024 tonnes of niobium, solidifying its positi on as the world's second-largest producer of the metal and accounti ng for 11% of global producti on. Selected niobium deposits and resources estimates HIGHLIGHTS 37 byproduct of Sn (cassiterite) Seis Lagos Nb (pyrochlore) SGB -CPRM Not available Not available Unexploited 38 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on PHOSPHATE Brazil imports about 86% of the phosphorus required for its agricultural producti on due to the natural defi ciency of these nutrients in Brazilian soil and the country’s low ferti lizer producti on, which cannot supply domesti c demand. Therefore, phosphorus is considered a criti cal element. Brazil has several important phosphate deposits and signifi cant potenti al for new discoveries. Most of the deposits are associated with residual enrichment processes of carbonati te-alkaline bodies, forming of thick weathering cover (almost 80%). In contrast to this trend, only 20% of Brazil's reserves are related to sedimentary rocks, despite the existence of numerous potenti al basins. FIGURE 15: Brazilian phosphate deposits and occurrences, 2024. 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-phosphate.pdf OPERATING MINES PRODUCTION1 15 5.3 Mt ORE RESERVES 1.6 Gt WORLD RANKING1 Reserves 7th (2.2%) Producti on 7th (2.2%) 39 • The main world-class phosphate deposits in Brazil are of igneous origin. Most of them are located in the Alto Paranaíba Alkaline Province, including Tapira, Araxá, Catalão I and II, Serra Negra, and Salitre. Other signifi cant igneous deposits in producti on include Cajati , Juquiá, and Angico dos Dias. Brazil also has aluminous phosphate reserves, such as the Sapucaia mine, which uses a calcinati on process to enhance phosphorus solubility and is used as a thermophosphate ferti lizer. • Brazil has several sedimentary origin deposits, with the majority of the phosphate mines formed during the Neoproterozoic Era, such as Patos de Minas, Arraias, Irecê, Ressaca, and Pratápolis. • The Neoproterozoic Jauru deposit is a sedimentary potenti al currently in the development phase in partnership with the Mineral Technology Center (CETEM). • In Irecê, a new Galvani mine has been reopened, with an investment of R$340 million in partnership with Companhia Baiana de Pesquisa Mineral (CBPM) and the support of the Financier of Studies and Projects (Finep), with a producti on capacity of up to 350 kt/year of phosphate concentrate. • In 2024, EuroChem started operati ng the Salitre complex. This producti on could lower Brazil’s reliance by 15%, with investments around US$1 billion. The Santana Project, from Itafós, is sti ll in the pre-operati on phase, with an expected capacity of 500 kt/year. • The company Aguia Ferti lizantes is awaiti ng an environmental court decision to develop the Três Estradas phosphate project, aft er which it will be capable of supplying up to 300 kt of natural phosphate per year. • The Itataia phosphate-uranium deposit is the second-largest uranium reserve in Brazil. It is in the pre- operati on phase, with investments expected at $390 million. The project has yet to receive all necessary authorizati ons before completi on. HIGHLIGHTS 40 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on Selected phosphate deposits and resources estimates Deposit Commodity Owner Resource estimates Grades (P2O5) Status Angico dos Dias P2O5-REE Galvani 7,6 Mt 5.4 % Producing Anitápolis P2O5 Anitápolis 320 Mt 8.05 % Unexploited Arraias P2O5 Itafos 79.0 Mt 4.9 % Producing Barreiro - Complexo Araxá P2O5-Nb-REE-U Mosaic 15.6 Mt 13.4% Producing Bonfi m P2O5 FENGRO/DuSolo 18 Mt 6.00% Interrupted Catalão I P2O5-Nb-Ti-U Mosaic + CMOC 162.3 Mt 10.5 % Producing Fazenda Ipanema P2O5-Fe Fazenda Ipanema 117 Mt 6.07 % Unexploited Fazenda Itataia U-P2O5 Industrias Nucleares do Brasil 81 Mt 11% Feasibility Fosfato Gavião P2O5 MGC Pesquisa Mineral e Valter Mônaco Conceição Filho 40 Mt Not available Prefeasibility Irecê/Fazenda Juazeiro P2O5 Galvani 40 Mt 15 Producing Jauru (Mirassol D´Oeste) P2O5-Fe BEMISA 314 Mt 5% Planned Joca Tavares P2O5 Aguia Resources Limited 2.41 Mt 11.27 % Unexploited Juquiá (Registro) P2O5 Socal Mineração S.A. 18 Mt 16% Producing Lucena P2O5 Aguia Resources Limited 55 Mt 4.11 % Unexploited Maecuru (Maicuru) Ti-P2O5-REE Mosaic 200 Mt 28% Unexploited Mata da Corda P2O5-Ti Nexon Mineração S.A. (grupo Buriti par/Terra Brasil Ferti li) 520 Mt 3.5 % Unexploited Mina Cajati P2O5 Mosaic 40,4 Mt 5.45 % Producing Miriri P2O5 Elephant 114.73 Mt 4.19 % Unexploited Morro Verde (Pratápolis) P2O5 Morro Verde (Ore Investi ments) 50.6 Mt 9.25 % Producing Mundo Novo P2O5 EDEM 2.5 Mt 8.78 % Feasibility Reparti mento P2O5-REE SGB-CPRM 3.5 Mt 3 a 5 % Unexploited Ressaca (Bonito) P2O5 Edem 40 Mt 14% Producing Rocinha P2O5 Galvani 415 Mt 12.5 % Producing Salitre (Patrocínio Mosaic) Ti-P2O5-Nb Mosaic 478.4 Mt 12.1 % Producing Sapucaia (Bonito) P2O5 Viso Ferti lizantes (Grupo Scheffl er) 4 Mt 21% Producing Serra da Capivara (Santana) P2O5 Itafos 86.95 Mt 12.0 % Planned Serra do Salitre (Eurochem) P2O5 Eurochem 131 Mt 4.5 % Producing Serra Negra P2O5-Ti Mosaic + Eurochem 228 Mt 29% Unexploited Serrote da Batateira P2O5 Serrote da Batateira 8.2 Mt 15% Unexploited Taipas P2O5 Rialma Ferti lizantes 25 Mt 5% Producing Tapira P2O5-Nb-Ti Mosaic 457.3 Mt 9.2 % Producing Três Estradas P2O5 Aguia Resources Limited 83.21 Mt 4.11 % Planned Lagamar P2O5 Galvani exhausted Not available Exhausted Morro Preto P2O5-Nb-REE CMOC Not available Not available Feasibility Propriedade Paulista (Olinda Paulista) P2O5-U Propriedade Paulista (Olinda Paulista) Not available Not available Producing 41 PLATINUM GROUP ELEMENTS The plati num group elements (PGE) consist of plati num (Pt), palladium (Pd), rhodium (Rh), ruthenium (Ru), osmium (Os) and iridium (Ir). These are very rare metals (30 ti mes rarer than gold) and because of their excellent physical and chemical behavior as catalysts, they are essenti al to low carbon emission energy technologies, such as green hydrogen producti on. However, since 1900, about 90% of PGE producti on has come from South Africa and Russia, making PGE part of many countries’ criti cal minerals strategy. FIGURE 16: Brazilian PGE deposits and occurrences, 2024. OPERATING MINES PRODUCTION 0 0 ORE RESERVES Not available WORLD RANKING Reserves Not available Producti on 0 42 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on Deposit Commodity Owner Estimated Resource Grades Status Limoeiro Ni-Cu-Pt Nexa Resources SA 35 Mt 0.16 g/t (Pt) Feasibility Luanga Pd-Pt-Rh-Au-Ni Bravo Mining 118 Mt 0.61g/t (Pd) 0.59g/t (Pt) 0.06 g/t (Rh) Explorati on Pedra Branca Pd-Pt-Au ValOre Metals 63.6 Mt 0.68g/t (Pd) 0.36g/t (Pt) Explorati on Serra Pelada; Serra Leste Au-Pt Colossus Minerals 12.37 Mt 0.25 g/t (Pt) Feasibility • Brazil does not yet have a PGE mine, but the Pedra Branca and Luanga deposits have very advanced explorati on work and are likely to become PGE mines in the near future; • Similar to other PGE deposits worldwide, the Brazilian PGE deposits are hosted by layered mafic- ultramafic complexes; • The Luanga deposit in the Carajás Mineral Province is the largest PGE deposit in South America with 118 Mt at 1.24 g/t PGE+Au, 0,06 s/t Rh and 0.10% Ni. The high-grade PGE zones of the Luanga mafi c-ultramafi c intrusion consist of sulfi de-rich harzburgites, orthopyroxenites and minor chromiti tes; • The Luanga mafi c-ultramafi c intrusion is of Neoarchean age (ca. 2.76 Ga), similar to many other medium- to small-sized mafi c-ultramafi c intrusions in the Carajás Mineral Province, all of which are att racti ve to PGE explorati on (e.g., Lago Grande, Serra da Onça, Puma, Fafá, etc.); • In the northeast of Brazil, the Pedra Branca PGE deposit is another well-explored mineralizati on (since the 1980s) with an inferred mineral resource of 63.6 Mt with 1.08 g/t of PGE+Au. The PGE are mainly hosted in tectonically disrupted chromiti te layers of the Troia-Pedra Branca mafi c-ultramafi c complex. The age of this mafi c-ultramafi c intrusion is approximately 2.04 Ga, which is very similar to the age of the world-class PGE-bearing Bushveld igneous complex, in South Africa; • There is no hope of fi nding new large igneous complexes in Brazil, but a number of small Precambrian mafi c- ultramafi c intrusions occur in the northeast of Brazil (Borborema Province and northern São Francisco craton), that are waiti ng to be explored (conduit type intrusions? e.g., Limoeiro Ni-Cu-PGE deposit); • Despite the Pedra Branca and Luanga PGE deposits, economic grades of PGE are also found in many Brazilian Ni–Cu sulfi de deposits (e.g., Limoeiro, Mirabela) of mafi c-ultramafi c intrusions and komati ites (Fortaleza de Minas). In additi on, some Brazilian gold deposits may also host unconventi onal (hydrothermal) PGE mineralizati on (Serra Pelada, Buraco do Ouro); • The PGE mineralizati on in Brazil is all Precambrian in age and no PGE occurrences have been found in the Mesozoic basalti c sills of the Brazilian intracratonic basins. However, following the Norilsk-type deposit model, it may represent an explorati on fronti er; • The geology of Brazil’s major mineral provinces is quite favorable for the discovery of new PGE resources, and the increasing importance of PGE in supporti ng the transiti on to clean energy may spur new PGE explorati on programs by private and governmental companies. Selected PGE deposits and resources estimates HIGHLIGHTS 43 POTASH Brazil has esti mated resources of 2.730 billion tons (Gt) of ore, with 575.2 million tons (Mt) of K₂O at an average grade of 21.12% K₂O. Inferred reserves total 430 Mt, with approximately 99 Mt of equivalent K₂O (average grade of 23.0% K₂O). The Brazilian potenti al for potassium is mainly hosted in evaporiti c deposits geneti cally related to the Lower Cretaceous and the Permo-Carboniferous. Since 1985, the Taquari/Vassouras mine, currently operated by Mosaic, has been the only producti ve plant in the country, located in the state of Sergipe, which produced 343,818 thousand tons (kt) of K₂O in 2023 and 258,301 kt of K₂O up to the 3rd quarter of 2024. FIGURE 17: Brazilian potash deposits and occurrences, 2024. OPERATING MINES PRODUCTION1 1 343,818 kt POTASSIUM OXIDE EQUIVALENT RESERVES1 2.3 Mt WORLD RANKING1 Reserves minor Producti on minor 1 U.S. Geological Survey, 2025, Mineral commodity summaries, 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-potash.pdf 44 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on Notes: Taquari-Vassouras Mine - Probable Reserves (Mosaic, 2024). Deposit Commodity Owner Estimated Resource Grade (K2O) Status Arari K Petrobrás 545Mt 32.70% Feasibility Autazes K Potássio do Brasil 767Mt 30.71% Installati on Permits Cerrado Verde, São Gotardo K Verde Agritech 253Mt 9.2% Explorati on Dores do Indaiá K Kalium Mineração 220Mt 10.56% Explorati on Fazendinha K-SALT Petrobrás 478Mt 27.80% Feasibility Itacoati ara K Potássio do Brasil 263Mt 19.05% Feasibility Santa Rosa de Lima K Petrobrás 55.2Mt 24.56% Explorati on Sub-bacia Taquari Vassouras Carnalita K Petrobrás/Mosaic 14.4Gt 6.57% Explorati on Taquari-Vassouras K Mosaic 25.5Mt 15.03% Operati ng • Evaporiti c rocks located in the sedimentary basins of Sergipe (Northeast Brazil) and Amazonas (North Brazil) consti tute the main potassium reserves. However, siliciclasti c deposits located in the central brazil region are emerging as new alternati ves. • In the Sergipe Basin, the deposits explored by Mosaic are located in the municipality of Rosário do Catete at the Taquari/Vassouras mine (sylvinite, with probable reserves of approximately 25.5 Mt and 15.03% K₂O). Petrobras' Santa Rosa de Lima deposit has 55.2 Mt of probable reserves with 24.56% K₂O. The Sub-Taquari Vassouras Carnallite deposit, operated by Petrobras/Mosaic, has 14.4 Bt with a K₂O grade of 6.57%. • In the Amazonas Basin, Amazonas State, Petrobras' Arari and Fazendinha deposits have esti mated resources of 545 Mt with 32.7% K₂O and 478 Mt with 27.8% K₂O, respecti vely. Potássio do Brasil's Autazes and Itacoati ara deposits have esti mated resources of 767 Mt with 30.71% K₂O and 263 Mt with an average grade of 19.05% K₂O, respecti vely. Currently, Potássio do Brasil has obtained 12 licenses and authorizati ons for the installati on of an industrial plant that will process 8.5 Mt of ore to produce up to 2.2 Mt of KCl annually, equivalent to 1.74 Mt of K₂O. • Potássio do Brasil, which holds other research permits in additi on to Autazes, has identi fi ed three more potenti al targets with resources esti mated at over 1.2 Gt of KCl (30% grade), or approximately 950 Mt of K₂O. • Petrobras resumed the bidding process for its 34 mining ti tles in August 2022, which include the Fazendinha and Arari deposits, as well as the areas of Nova Olinda do Norte, Autazes, Itacoati ara, Silves, Itapiranga, Maués, and Boa Vista dos Ramos. Of these, 8 are mining concessions, 4 are mining request applicati ons, and 22 are in the research authorizati on process. • Recently, the Geological Survey of Brazil (SGB) delineated the evaporiti c sub-basins of Tauari, Faro-Juruti , Uatumã, and Abacaxis in the Amazonas Basin, areas with a combined potenti al of 2.4 Gt of ore, which may contain 1.5 Gt of KCl at a grade of 30% (inferred), or 947.5 Mt of K₂O. In the evaporiti c sub-basin of Abacaxis, two probable evaporiti c layers were detected, each measuring 5 m in thickness and extending for several kilometers, indicati ng the potenti al of this world-class basin. • The evaporiti c sequences in some sedimentary basins of Brazil with ages similar to those in Amazonas and Sergipe- Alagoas remain unexplored for potassium salts. Besides those menti oned, promising onshore basins for evaporites include the basins of Acre, Solimões, Tacutu, Parnaíba, Paraná, Recôncavo, Araripe, Poti guar, and Parecis. Among the off shore basins, the prominent ones are Santos, Pelotas, Campos, Espírito Santo, Mucuri, Cumuruxati ba, Jacuípe, Jequiti nhonha, Almada, Camamu, Pernambuco/Paraíba, Ceará, and Bragança Viseu, São Luís, and Ilha Nova. • Alternati ve potassium sources are being studied in Brazil, such as glauconite, used in the producti on of slow-release nutrient ferti lizers suitable for the Brazilian tropical climate. With K₂O contents ranging from 6% to 10%, these deposits are proving to be a rapidly expanding business opportunity. Kalium Mineração, Harvest Minerals, Verde Agritech, Terra Brasil, and FASA – Ferti lizantes da Amazônia are some of the mining companies focused on this market share in Brazil. Verde Agritech, in additi on to its authorizati on to mine 2.8 Mt of this product, has submitt ed applicati ons for an additi onal 2.5 Mt. Selected potash deposits and resource estimates HIGHLIGHTS 45 RARE EARTH ELEMENTS Brazil holds the second-largest Rare Earth Elements (REE) reserves in the world, esti mated at 21 Mt (USGS, 2025). Despite this signifi cant potenti al, Brazil was a major exporter of monazite unti l the mid-20th century but has had no signifi cant REE producti on in recent decades. In 2020, 708 tonnes of monazite, produced as a by- product of heavy mineral sands, were sold on the internati onal market (Brazil Nuclear Industry, 2020). FIGURE 18: Brazilian REE deposits and occurrences, 2024. OPERATING MINES PRODUCTION1 1 20 t RARE-EARTH-OXIDE EQUIVALENT RESERVES1 21 Mt WORLD RANKING1 Reserves 2ⁿd (23%) Producti on minor 1 U.S. Geological Survey, 2025, Mineral commodity summaries 2025: https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-rare-earths.pdf 46 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on Deposit Commodity Owner Estimated Resource Grades (TREO) Status Caldeira - Capão do Mel REE Meteoric Resources 409 Mt 0.27 % Explorati on Carina REE Aclara Resources 168.1 Mt 0.15 % Explorati on Catalão II P-REE-Nb CMOC / Mosaic 25 Mt 0.98% Operati ng Minaçu (Pela-Ema) REE-Sn-W-Nb-Ta Serra Verde 910 Mt 0.15% Producing Poços de Caldas REE-U-Th-Mo-Zr-Al Mineração Terras Raras S/A 3.55 Mt 3.9% Explorati on Tapira P-Ti-Nb-REE Mosaic 5.8 Mt 1-10% Operati ng Seis Lagos REE-Nb-P-Fe-Mn-Ti SGB - CPRM 43.5 Mt 1.5% Without feasibility • Most of Brazil's REE reserves are associated with alkaline-carbonati te rocks, including deposits in Araxá, Poços de Caldas, Catalão, Tapira, Seis Lagos, and others. Additi onal REE sources include graniti c formati ons, such as those found in Piti nga and Serra Dourada, as well as sedimentary deposits located in São Gonçalo do Sapucaí and São Francisco do Itabapoana (Takehara, 2015). However, explorati on in areas like Seis Lagos and Reparti mento (Serra do Reparti mento) has been hindered by legal restricti ons in environmentally protected zones. • In late 2023, Serra Verde Mining Company, located in the Minaçu-GO region, became Brazil’s fi rst operati on producing rare earth oxides from ion-adsorbed clays. The company plans to produce 5,000 tons of Total Rare Earth Oxides (TREO) during Phase I, with further expansion planned for Phase II (Mineração Serra Verde, n.d.). The reserves, offi cially documented, consist of approximately 300 Mt of ionic clays with a REEO+Y content of 0.15%. • Brazil's largest carbonati te-hosted REE deposit is Araxá, with measured reserves of approximately 20 Mt and REE concentrati ons of 3.02% and 2.30%. Araxá is also the world’s largest producer of niobium. CBMM, which operates in the area, previously recovered REEs as a by-product of niobium producti on but has since disconti nued these acti viti es. Currently, mines in Catalão, Poços de Caldas, Tapira, and Piti nga are conducti ng feasibility studies to assess the recovery of REEs from their primary mineral extracti on operati ons. • Smaller REE deposits are associated with paleoplacers, parti cularly heavy mineral sands where monazite is produced as a by-product of ilmenite exploitati on. These sands are typically rich in Light Rare Earth Elements (LREE). Conti nental deposits, such as mixed heavy mineral concentrates from ti n deposits in Rondônia, are also noteworthy. For instance, mining waste from the Bom Futuro deposit is sold to a Canadian rare earth company (Canada Rare Earth Corporati on, 2023). • Looking forward, Brazil is aiming to verti cally integrate its REE producti on chain, supported by government initi ati ves and fi nancial backing (Agência BNDES de Notí cias, 2025). These eff orts include the strategic development of the country’s mineral resource chain to enhance its global competi ti veness in the REE sector. Selected REE deposits and resource estimates HIGHLIGHTS 47 SILICON Brazil stands out globally for its abundance of large natural crystals and the producti on of natural fl akes, establishing itself as an important player in both the producti on chain and the trade balance of the sector. Based on silicon metal producti on in 2022, it is esti mated that quartz producti on in Brazil reached approximately 3,178,000 tons. FIGURE 19: Brazilian silicon deposits and occurrences, 2024. OPERATING MINES PRODUCTION 3 3,178,000 t ORE RESERVES Not available WORLD RANKING Reserves Not available Producti on Not available • The quartz deposits and reserves in the country are associated with two main geological-geneti c environments: Primary deposits – composed of quartz from hydrothermal veins and pegmati tes, located in metamorphosed rocks of the Neoproterozoic and Mesoproterozoic mobile belts; Secondary environments – characterized by the presence of milky and hyaline quartz in eluvial, colluvial, and alluvial sediments. In primary deposits, the material is extracted in the form of fl akes, which consist of carefully selected quartz fragments. • The main quartz reserves and deposits in Brazil are located in the state of Pará, which hosts the largest measured reserves in the country. Next are the states of Minas Gerais, Bahia, Paraíba, Tocanti ns, and Goiás. In these producing regions, milky quartz and hyaline crystal predominate, mainly extracted from veins found in metamorphic and metasedimentary rocks of the Neoproterozoic mobile belts, such as those in Bahia and Tocanti ns. Additi onally, they are also associated with Mesoproterozoic psammiti c sequences, such as those found in the Cristalina region and the Chapada dos Veadeiros in Alto Paraíso de Goiás, as well as in the Espinhaço range in Minas Gerais. • Based on silicon metal producti on in 2022, it is esti mated that quartz producti on in Brazil reached approximately 3,178,000 tons. This volume considers that all silicon produced in the country is sourced from quartz, encompassing both the crystalline hyaline variety and milky quartz. • In 2016, nati onal quartz crystal producti on reached 13,830 tons, according to the Brazilian Mineral Summary, parti cularly highlighti ng the states of Bahia, Minas Gerais, and Paraíba. • In the central-northern region of the São Francisco Craton, covering the states of Bahia and Minas Gerais, there are extensive and signifi cant producti ve quartz prospects, historically explored for decades. These areas present high potenti al for research and development in the short term. • The Eastern Pegmati ti c Province of the Araçuaí Belt, parti cularly in the region of Governador Valadares, is noted for its swarms of mineralized pegmati tes, which are highly relevant for mineral research and explorati on. • In the Serra do Espinhaço Meridional, known as the Central-Northern Minas System (SCEB), the area extends for about 300 km, from the Iron Quadrangle in the south to the Olhos D'Água region, passing through important locati ons such as Diamanti na and Morro do Chapéu in the north. • In Bahia, mineralizati ons associated with the Riacho do Pontal Belt, which also extend into Sergipe, cover the regions of Piauí, Pernambuco, and Bahia in the Neoproterozoic context. Other signifi cant belts include the Rio Preto Belt in Bahia and the Sergipe Mobile Belt, which encompasses the states of Sergipe and Bahia. • In Ceará, the Borborema-Seridó System (SBS), part of the Borborema Province of the Seridó Belt, also features relevant quartz mineralizati ons. • Important quartz reserves, including high purity silica crystal and large crystals, have been identi fi ed in producti ve areas. These reserves are embedded in rocks of the Pequizeiro and Couto Magalhães Formati ons, belonging to the Tocanti ns Group, located in the Araguaia or Lower Araguaia Belt. These formati ons show promising prospects for exploitable quartz reserves. • Finally, in the psammiti c sequence of the Paranoá Group, of Mesoproterozoic origin, located in the Brasília Belt, the Cristalina region has a producti ve quartz history that spans several decades. This producti ve area also includes the Chapada dos Veadeiros, especially in the Alto Paraíso de Goiás region. HIGHLIGHTS 48 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on • Important quartz reserves, including high purity silica crystal and large crystals, have been identi fi ed in producti ve areas. These reserves are embedded in rocks of the Pequizeiro and Couto Magalhães Formati ons, belonging to the Tocanti ns Group, located in the Araguaia or Lower Araguaia Belt. These formati ons show promising prospects for exploitable quartz reserves. • Finally, in the psammiti c sequence of the Paranoá Group, of Mesoproterozoic origin, located in the Brasília Belt, the Cristalina region has a producti ve quartz history that spans several decades. This producti ve area also includes the Chapada dos Veadeiros, especially in the Alto Paraíso de Goiás region. 49 Selected silicon deposits and resource estimates Deposit Commodity Owner Estimated Resource Grades Status Araçuaí MG Silica Araçuaí MG Not available Not available Not available Arapoema TO Silica Arapoema TO Not available Not available Not available Borborema Pedra Lavrada-Nova Palmeira-Seridó PB Silica Borborema Pedra Lavrada-Nova Palmeira-Seridó PB Not available Not available Not available Borborema Equador - Carnaubas Dantas -Parelhas RN Silica Borborema Equador - Carnaubas Dantas -Parelhas RN Not available Not available Not available Chapada dos Veadeiros - Alto Paraiso GO Silica Chapada dos Veadeiros Alto Paraiso GO Not available Not available Not available Cristalina GO Silica Cristalina GO Not available Not available Not available Crsitalândia do Tocanti ns Silica Crsitalândia do Tocanti ns Not available Not available Not available Dueré TO Silica Dueré TO Not available Not available Not available Espinhaço Setentrional -Chapada Diamanti na Seabra Bahia Silica Espinhaço Setentrional Chapada Diamanti na Seabra Bahia Not available Not available Not available Governador Valadares MG Silica Governador Valadares MG Not available Not available Not available Nordeste da Bahia- FaixaSergipana-Macururé BA Silica Nordeste da Bahia- FaixaSergipana-Macururé BA Not available Not available Not available Norte da Bahia- Chapada Diamanti na Capim Grosso BA Silica Norte da Bahia- Chapada Diamanti na Capim Grosso BA Not available Not available Not available Pau D'Arco TO Silica Pau D'Arco TO Not available Not available Not available Pium TO Silica Pium TO Not available Not available Not available Projeto Remedios Silica Projeto Remedios Not available Not available Not available Serra do Espinhaço Meridional Olhos D'agua RIMA MINERAÇÃO, MG Silica Serra do Espinhaço Meridional Olhos D'agua RIMA MINERAÇÃO, MG Not available Not available Not available Sistema Faixa Rio Preto divisa Bahia-Piaui Ibiraba Mansidao BA Silica Sistema Faixa Rio Preto divisa Bahia-Piaui Ibiraba Mansidao BA Not available Not available Not available Teofi lo Otoni MG- Malacacheta Silica Teofi lo Otoni MG- Malacacheta Not available Not available Not available Mansidao BA Teofi lo Otoni MG- Malacacheta Silica Teofi lo Otoni MG- Malacacheta Not available Not available 50 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on SULFUR Most of the world's sulfur producti on is recovered from fossil fuels, with China, the United States, Iraq, Russia, and Canada being major global producers. In Brazil, sulfur mainly comes from oil and gas refi ning but is also obtained as a by-product of sulfi de and sulfated mineral mining, shale, and coal. FIGURE 20: Brazilian sulfur producing units, deposits and occurrences, 2024. 51 • Sulfur is formed by precipitati on in volcanic fumaroles, salt domes, and evaporiti c sequences. It also occurs as sulfates associated with carbonates and clays in evaporiti c sequences and as sulfi des in volcanogenic, hydrothermal, and sedimentary deposits. • The sulfur market is segmented into two main forms: solid and liquid. Over 90% of the sulfur is used in the producti on of sulfuric acid, primarily for manufacturing phosphate ferti lizers. It is also used in the pulp and paper industry, sugar processing, rubber vulcanizati on, insecti cides, and fungicides, among other applicati ons. • Petrobrás is the only company in Brazil that produces sulfur in both liquid and solid forms, transforming acid gas from hydrodesulfurizati on (HDT or HDS) units. In December 2024, Petrobrás began operati ng the Atmospheric Emissions Reducti on Unit (SNOX) at the Abreu e Lima Refi nery (RNEST) in Ipojuca, Pernambuco. The SNOX is the fi rst emission reducti on unit in Brazilian and American refi ning capable of converti ng sulfur oxide and nitrogen oxide into sulfuric acid. • In its sulfuric acid form, Brazil has several producers, including Galvani, Yara, Mosaic CMOC, Elekeiroz and Anglo Gold Ashanti . In 2024, Eurochem inaugurated the Serra de Salitre Mining and Industrial Complex, which produces phosphate concentrates and sulfuric acid, with an expected output of 1 million tons of H₂SO₄ annually. • Measuring sulfur resources and reserves is challenging due to the lack of standardized data and the fact that producti on may occur far from the extracti on sites, someti mes even in diff erent countries. • Global resources of elemental sulfur in evaporites and volcanic deposits, along with sulfur associated with natural gas, oil, tar sands, and metallic sulfi des, amount to about 5 billion tons. Sulfur in gypsum and anhydrite is nearly unlimited, while approximately 600 billion tons of sulfur are contained in coal, oil shale, and organic- rich shale, though low-cost extracti on methods would be necessary to tap into these sources eff ecti vely. HIGHLIGHTS 52 | SGB - An overview of criti cal and strategic minerals potenti al of Brazil 2025 Editi on TITANIUM According to the USGS, based on the year, China conti nued to be the leading producer and consumer of ti tanium mineral concentrates, accounti ng for approximately one-third of global producti on of ilmenite. Mozambique and South Africa also were leading producers of ti tanium mineral concentrates. China’s imports of ti tanium mineral concentrates were about 4.4 million tons in gross weight, a 27% increase compared with those in 2022. As of September, Mozambique (49%), Norway (10%), and Vietnam (7%) were the leading sources of ti tanium mineral concentrates to China. FIGURE 21: Brazilian titanium deposits and occurrences, 2024. OPERATING MINES PRODUCTION 1 61 kt ORE RESERVES Not available WORLD RANKING Reserves Not available Producti on Not available Deposit Commodity Owner Estimated Resource THM Asemblage (1) Status THM (%) ILM(%) ZRN (%) RT (%) MNZ(%) Bojuru Ti, Zr Rio Grande Mineração SA. 250 Mt 4 49 5 3 Not available Explorati on Reti ro Ti, Zr Rio Grande Mineração SA. 250 Mt 3.9 49 5 3 Not available Explorati on Saramém / Brejo Grande Ti, Zr, ETR Backshore Resources 120.7 Mt 2.6 40.9 17.4 3.2 0.6 Explorati on Prado Ti, Zr, ETR Energy fuels Not available Not available Explorati on (1) Mineral sands - Mineral assemblage is reported as a percentage of in situ THM content. Deposit Commodity Owner Estimated Resource Grades (TiO2) Status Lagoa Bonita Ti, V CBPM 23.8 Mt 23.46% Feasibiliy Maracas Mechen Ti,V Largo Inc. 307.63 Mt* 7.86% Operati ng * Reserves + Resources • One major company produces ilmenite in the country, Largo Inc. with the Maracas Menchen project in Bahia. The mineralizati on at the Maracás Menchen mine includes magneti te layers or magneti te pyroxenite layers formed as cyclic magmati c units. The vanadium mineralizati on is hosted within ti taniferous magneti te, which is the primary oxide phase within the Maracás Menchen deposits. The ti tanium mineralizati on is found in ilmenite, which forms a secondary oxide phase. • The deposits at the Maracás Menchen mine are hosted in the Rio Jacaré intrusion within the Archean São Francisco craton, which comprises the Contendas-Mirante Complex and the Gavião and Jequié blocks. The Rio Jacaré mafi c-ultramafi c intrusion is a linear sheet-like structure, mainly comprising gabbro with an almost north-south strike, with a length of 70km and an average width of 1.2km. • The proven and probable mineral reserves of the Maracás Menchen mine were esti mated at 101 million tonnes (Mt) grading 0.56% V2O5 and 7.52% ti tanium dioxide (TiO2), as of January 2024. • Other geological provinces with ilmenite in the spotlight are placer deposits, like Reti ro and Bujuru Projects, in São José do Norte, a municipality in Rio Grande do Sul, Saramém project at Brejo Grande municipality, at the state of Se