The Ore occurs mainly at the top of the Serra da Saudade Formation and underlies the Areado Group sandstone. The Ore occurs in extensive outcrops, along both banks of the Indaiá River, over an area of approximately 120 km x 20 km. It covers the regions and municipalities of Santa Rosa da Serra and São Gotardo (SW), Matutina, Quartel de São João and Cedro do Abaeté (center), Paineiras and Biquinhas (NE) in the state of Minas Gerais. The thickness of the Ore unit varies from 15 m to 80 m in the southernmost domain, to over 50 m in the northern half of the Serra da Saudade range. The lower contact with the siltstone of the Serra da Saudade Formation is transitional (2 m to 3 m in width) and contains intercalations of limestone lenses and calciferous siltstone. The Serra da Saudade Formation was eroded during the Gondwana Cycle (KING, 1956), probably during the Jurassic Period, and it was over this extensive peneplain that the Cretaceous sandstone beds of the Areado Group were deposited. The upper contact is transitional with rhythmic intercalations of Ore and siltstone of various colors (predominantly pink when weathered), defined informally as the transition zone. These intercalations vary from millimeters to meters in thickness. Mineralization After performing detailed mineralogical studies using a combination of optical microscopy, X-ray diffraction, electron microprobe analysis and scanning electron microscopy, it was determined that the Ore is a silty-clayed sedimentary ........

Cerrado Verde Project as a conventional open pit operation, with the following characteristics: • Both ore and waste mining will be performed using hydraulic excavators. As a precautionary measure, it has been assumed that 30% of the ore and 30% of the waste will be mined after a drilling and blasting operation; • Loading and hauling operations, including equipment maintenance, will be conducted by a mining contractor. The Group has 3 different mine pits, each at different permitting stages and targeting different volumes: Mining Concession (“Portaria de Lavra”) for Mine Pit 1 For Mine Pit 1, the Group is fully permitted to extract 233,000 tpy. Mining Permit (“Guia de Utilização”) Expansion for Mine Pit 2 On March 11, 2019, the Group applied for the expansion of a Mining Permit in Mine Pit 2. The Group was already permitted to mine 50,000 tpy in Mine Pit 2 and applied for a 100,000 tpy Mining Permit, adding 50,000 tpy to the existing Permit. Mining Concession (“Portaria de Lavra”) for Mine Pit 2 On March 26, 2020, the ANM approved the Feasibility Study (“PAE”, from Plano de Aproveitamento Econômico) for the extraction of 25,000,000 tpy for Mine Pit 2, as part of the Mining Concession Application process. On March 30, 2020, the Group applied for a 2,500,000 tpy Environmental License for Mine Pit 2. The 2,500,000 tpy Environmental License was approved on December 23, 2020. Mining Concession Application (“Requerimento de Lavra”) for Mine Pit 3 For Mine Pit 3, the Group w ........

Verde operates Plant 1 with a capacity of 0.6 million tonnes per year (“Mtpy”), Plant 2 is on track for commissioning in Q3 2022 with an additional capacity of 2.4Mtpy, and Plant 3 is expected to add 10Mtpy with construction planned for 2023. The processing circuit consists of crushing, sifting and grinding stages, during all three phases. In 2017, the Group announced the conclusion of a Pre-Feasibility Study for the expansion of the current production. The PFS evaluated the technical and financial aspects of producing 25 Mtpy of the Product divided in three phases: Phase 1 (0.6Mtpy); Phase 2 (5Mtpy) and Phase 3 (25Mtpy). The proposed scalable development is predicated on production growth being financed largely from expected internal cash flow. After announcing the start-up of its processing plant in July 2018, the Group concluded Plant 1’s expansion project in October 2019, increasing production capacity to 500,000 tonnes per year (“tpy”). In October 2020, the Group concluded a ne ........