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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-K

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☒    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the year ended December 31, 2024

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number 001-32327

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The Mosaic Company

(Exact name of registrant as specified in its charter)

______________________________

Delaware	20-1026454
(State or other jurisdiction of<br>incorporation or organization)	(I.R.S. Employer<br>Identification No.)

101 East Kennedy Blvd

Suite 2500

Tampa, Florida 33602

(800) 918-8270

(Address and zip code of principal executive offices and registrant’s telephone number, including area code)

______________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, par value $0.01 per share	MOS	New York Stock Exchange

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Securities registered pursuant to Section 12(g) of the Act: NONE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer ☒  Accelerated filer ☐   Non-accelerated filer ☐   Smaller reporting company ☐  Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b) ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of June 28, 2024, the aggregate market value of the registrant’s voting common stock held by stockholders, other than directors, executive officers, subsidiaries of the Registrant and any other person known by the Registrant as of the date hereof to beneficially own ten percent or more of any class of Registrant’s outstanding voting common stock, and consisting of shares of Common Stock, was approximately $7.0 billion based upon the closing price of a share of Common Stock on the New York Stock Exchange on that date.

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Indicate the number of shares outstanding of each of the registrant’s classes of common stock: 316,939,231 shares of Common Stock as of February 24, 2025.

DOCUMENTS INCORPORATED BY REFERENCE

1.Portions of the registrant’s definitive proxy statement to be delivered in conjunction with the 2025 Annual Meeting of Stockholders (Part III)

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2024 ANNUAL REPORT ON FORM 10-K CONTENTS

Part I:		Page
Item 1.	Business	1
	•         Overview	1
	•         Business Segment Information	3
	•         Sales and Distribution Activities	13
	•         Competition	15
	•         Factors Affecting Demand	16
	•         Other Matters	16
	•        Executive Officers	19
Item 1A.	Risk Factors	20
Item 1B.	Unresolved Staff Comments	33
Item 1C.	Cybersecurity	33
Item 2.	Properties	35
Item 3.	Legal Proceedings	85
Item 4.	Mine Safety Disclosures	87
Part II:
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	88
Item 6.	Reserved	88
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	88
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	89
Item 8.	Financial Statements and Supplementary Data	89
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosures	89
Item 9A.	Controls and Procedures	89
Item 9B.	Other Information	90
Item 9C.	Disclosure Regarding Foreign Jurisdictions That Prevent Inspections	90
Part III:
Item 10.	Directors, Executive Officers and Corporate Governance	91
Item 11.	Executive Compensation	91
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	91
Item 13.	Certain Relationships and Related Transactions, and Director Independence	91
Item 14.	Principal Accounting Fees and Services	91
Part IV.
Item 15.	Exhibits and Financial Statement Schedules	92
Item 16.	Annual Report on Form 10-K Summary	98
Signatures		S-1
Financial Table of Contents		F-1

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PART I.

Item 1. Business.

OVERVIEW

The Mosaic Company is the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. Through our broad product offering, we are a single source supplier of phosphate- and potash-based crop nutrients and animal feed ingredients. We serve customers in approximately 40 countries. We are the second largest integrated phosphate producer in the world and one of the largest producers and marketers of phosphate-based animal feed ingredients in North America and Brazil. We are the leading fertilizer production and distribution company in Brazil. We mine phosphate rock in Florida, Brazil and Peru. We process rock into finished phosphate products at facilities in Florida, Louisiana and Brazil. We are typically one of the top four global potash producers in the world. We mine potash in Saskatchewan, New Mexico and Brazil. We have other production, blending or distribution operations in Brazil, China, India and Paraguay. Our operations serve the top four nutrient-consuming countries in the world: China, India, U.S. and Brazil.

The Mosaic Company is a Delaware corporation that was incorporated in March 2004 and serves as the parent company of the business that was formed through the October 2004 combination of IMC Global Inc. (“IMC”) and the fertilizer businesses of Cargill, Incorporated. We are publicly traded on the New York Stock Exchange under the ticker symbol “MOS” and are headquartered in Tampa, Florida.

We conduct our business through wholly- and majority-owned subsidiaries as well as businesses in which we own less than a majority or a non-controlling interest. We are organized into three reportable business segments: Phosphates, Potash and Mosaic Fertilizantes. Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives, debt expenses, and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other.

The following charts show the respective contributions to 2024 sales volumes, net sales and gross margin for each of our business segments in effect at December 31, 2024:

We account for approximately 11% of estimated global annual phosphate production. We also account for approximately 12% of estimated global annual potash production.

Phosphates Segment–We sell phosphate-based crop nutrients and animal feed ingredients throughout North America and internationally. We account for approximately 66% of estimated North American annual production of concentrated phosphate crop nutrients.

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Potash Segment–We sell potash throughout North America and internationally, principally as fertilizer, but also for use in industrial applications and, to a lesser degree, as animal feed ingredients. We account for approximately 35% of estimated North American annual potash production.

Mosaic Fertilizantes Segment–We produce and sell phosphate- and potash-based crop nutrients, and animal feed ingredients, in Brazil. In addition to five phosphate rock mines, four chemical plants and a potash mine in Brazil, this segment consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay. The Mosaic Fertilizantes segment also serves as a distribution outlet for our Phosphates and Potash segments. We account for approximately 70 to 80% of estimated annual production of concentrated phosphate crop nutrients in Brazil and 100% of estimated annual potash production in Brazil.

As used in this report:

•“Mosaic” or “Company” means The Mosaic Company;

•“we,” “us,” and “our” refer to Mosaic and its direct and indirect subsidiaries, individually or in any combination;

•“Cargill” means Cargill, Incorporated and its direct and indirect subsidiaries, individually or in any combination;

•“Cargill Crop Nutrition” means the crop nutrient business we acquired from Cargill in the Combination;

•“Combination” means the October 22, 2004 combination of IMC and Cargill Crop Nutrition; and

statements as to our industry position reflect information from the most recent period available.

Business Developments During 2024

•In April 2024, we entered into an agreement with Saudi Arabian Mining Company (“Ma’aden”) to exchange our 25% ownership of the Ma'aden Wa’ad al Shamal Phosphate Company for 111,012,433 shares of Ma’aden. The transaction closed on December 24, 2024, at a value of approximately $1.5 billion, resulting in a pre-tax gain of approximately $0.5 billion. The shares are reflected in Investments in Equity Securities in our Consolidated Balance Sheet at December 31, 2024.

•In 2024, we repurchased 7,944,507 shares of Common Stock in the open market for approximately $235.4 million at an average purchase price of $29.63.

In February 2025, the U.S. imposed tariff increases on imports from several countries, including a 25% tariff on most imports from Canada, including potash. Subsequently, the implementation of these tariffs has been paused for 30 days following an agreement between the U.S. and Canada. At this time, we do not expect these tariffs to have a significant impact on our Potash business and operating results.

We have included additional information about these and other developments in our business during 2024 in our Management’s Discussion and Analysis of Financial Condition and Results of Operations (“Management’s Analysis”) and in the Notes to Consolidated Financial Statements.

Throughout the discussion below, we measure units of production, sales and raw materials in metric tonnes, which are the equivalent of 2,205 pounds, or 1.102 tons (U.S. standard), unless we specifically state that we mean short or long ton(s), which are the equivalent of 2,000 pounds and 2,240 pounds, respectively. In addition, we measure natural gas, a raw material used in the production of our products, in MM BTU, which stands for one million British Thermal Units (“BTU”). One BTU is equivalent to 1.06 Joules.

Information concerning our mining properties in this Annual Report on Form 10-K has been prepared in accordance with Subpart 1300 of Regulation S-K (“S-K 1300”). S-K 1300 requires us to disclose our mineral resources, in addition to our mineral reserves, as of the end of our most recently completed fiscal year, both in the aggregate and for each of our individually material mining properties. We have four material properties: Belle Plaine, Esterhazy, Florida and Tapira. See Item 2. “Properties,” for further information regarding mineral reserves and resource and discussion of our material mining properties.

This report includes market share and industry data and forecasts that we obtained from publicly available information and industry publications, surveys, market research, internal company surveys and consultant surveys. We believe these sources to be reliable, but there can be no assurance as to the accuracy and completeness of such information. We have not independently verified the data from third-party sources, nor have we ascertained the underlying economic assumptions relied

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upon therein. Similarly, internal company surveys, industry forecasts and market research, which we believe to be reliable based upon management’s knowledge of the industry, have not been verified by any independent sources.

BUSINESS SEGMENT INFORMATION

The discussion below of our business segment operations should be read in conjunction with the following information that we have included in this report:

•The risk factors discussed in this report in Part I, Item 1A, “Risk Factors”.

•Our Management’s Analysis.

•The financial statements and supplementary financial information in our Consolidated Financial Statements (“Consolidated Financial Statements”).

This information is incorporated by reference into this section from Part II, Item 8, “Financial Statements and Supplementary Data”.

Phosphates Segment

Our Phosphates business segment owns and operates mines and production facilities in Florida which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana which produce concentrated phosphate crop nutrients. We have a 75% economic interest in the Miski Mayo Phosphate Mine in Peru (“Miski Mayo Mine”), which is included in the results of our Phosphates segment.

The following map shows the locations of each of our phosphate concentrates plants in the U.S. and each of our active, temporarily idled, and planned phosphate mine locations, including beneficiation plants, in Florida. The reserves associated with our Ona, Florida location have been allocated to other active mines based on our future mining plans:

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U.S. Phosphate Crop Nutrients and Animal Feed Ingredients

Our U.S. Phosphates operations have capacity to produce approximately 4.5 million tonnes of phosphoric acid (“P2O5”) per year, or about 7% of world annual capacity and about 60% of North American annual capacity. P2O5 is produced by reacting finely ground phosphate rock with sulfuric acid. P2O5 is the key building block for the production of high analysis or concentrated phosphate crop nutrients and animal feed products and is the most comprehensive measure of phosphate capacity and production and a commonly used benchmark in our industry. Our U.S. P2O5 production totaled approximately 2.9 million tonnes during 2024. Our U.S. operations account for approximately 6% of estimated global annual production and 53% of estimated North American annual output of P2O5.

Our phosphate crop nutrient products are marketed worldwide to crop nutrient manufacturers, distributors, retailers and farmers. Our principal phosphate crop nutrient products are:

•Diammonium Phosphate (18-46-0): Diammonium Phosphate (“DAP”) is the most widely used high-analysis phosphate crop nutrient worldwide. DAP is produced by first combining phosphoric acid with anhydrous ammonia in a reaction vessel. This initial reaction creates a slurry that is then pumped into a granulation plant where it is reacted with additional ammonia to produce DAP. DAP is a solid granular product that is applied directly or blended with other solid plant nutrient products, such as urea and potash.

•Monoammonium Phosphate (11-52-0): Monoammonium Phosphate (“MAP”) is the second most widely used high-analysis phosphate crop nutrient. MAP is also produced by first combining phosphoric acid with anhydrous ammonia in a reaction vessel. The resulting slurry is then pumped into the granulation plant where it is reacted with additional P2O5 to produce MAP. MAP is a solid granular product that is applied directly or blended with other solid plant nutrient products.

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•MicroEssentials® is a value-added ammoniated phosphate product that is enhanced through a patented process that creates very thin platelets of sulfur and other micronutrients, such as zinc, on the granulated product. The patented process incorporates both the sulfate and elemental forms of sulfur, providing season-long availability to crops.

Production of our animal feed ingredients products is located at our New Wales, Florida facility. We market our feed phosphate primarily under the leading brand names of Biofos® and Nexfos®.

Annual capacity by plant as of December 31, 2024 and production volumes by plant for 2024 are listed below:

(tonnes in millions)	Phosphoric Acid				Processed Phosphate(a)/DAP/MAP/ MicroEssentials®/Feed Phosphate
	Operational Capacity(b)				Operational Capacity(b)
Facility		Production(c)		Production(c)
Florida:
Bartow	1.1		0.9		2.5	2.0
New Wales	1.7		1.0		4.0	2.3
Riverview	0.9		0.5		1.8	0.9
	3.7		2.4		8.3	5.2
Louisiana:
Faustina	—		—		1.6	1.1
Uncle Sam	0.8		0.5		—	—
	0.8		0.5		1.6	1.1
Total	4.5		2.9		9.9	6.3

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(a)Our ability to produce processed phosphate has been less than our annual operational capacity stated in the table above, except to the extent we purchase P2O5. Factors affecting actual production are described in note (c) below.

(b)Operational capacity is our estimated long-term capacity based on an average amount of scheduled down time, including maintenance and scheduled turnaround time, and product mix, and no significant modifications to operating conditions, equipment or facilities.

(c)Actual production varies from annual operational capacity shown in the above table due to factors that include, among others, the level of demand for our products, maintenance and turnaround time, accidents, mechanical failure, product mix, and other operating conditions.

The P2O5 produced at Uncle Sam is shipped to Faustina, where it is used to produce DAP, MAP and MicroEssentials®. Our Faustina plant also manufactures ammonia that is mostly consumed in our concentrate plants.

We produced approximately 6.3 million tonnes of concentrated phosphate crop nutrients during 2024 and accounted for approximately 66% of estimated North American annual production.

Phosphate Rock

Phosphate rock is the key mineral used to produce phosphate crop nutrients and feed phosphate. Our Florida phosphate rock mines produced approximately 8.9 million tonnes in 2024 and accounted for approximately 47% of estimated North American annual production. We are the world’s second largest miner of phosphate rock (excluding China) and currently operate four mines in North America with a combined annual capacity of 17.2 million tonnes. Additionally, we own 75% of the Miski Mayo Mine, which has an annual capacity of 4.8 million tonnes. Production of one tonne of DAP requires between 1.6 and 1.7 tonnes of phosphate rock.

All of our wholly-owned phosphate mines and related mining operations in North America are located in central Florida. During 2024, we operated three active mines in Florida: Four Corners, South Fort Meade and Wingate. We plan to explore and develop the DeSoto property and the South Pasture property, which was previously idled, to offset future depletion at our Florida properties. We have a 75% economic interest in the Miski Mayo Mine, which allows us to supplement our other produced rock to meet our overall fertilizer production needs and is the primary source of rock for our Louisiana operations. We have the right to use or sell to third parties 75% of the Miski Mayo Mine’s annual production.

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See “Item 2. Properties” for a discussion of our phosphate mining properties, including processing methods, facilities, production and summaries of our mineral resources and reserves, both in the aggregate and for our individual material phosphate mining properties.

Sulfur

We use molten sulfur at our phosphate concentrates plants to produce sulfuric acid, primarily for use in our production of P2O5. We purchased approximately 3.0 million long tons of sulfur during 2024. We purchase the majority of this sulfur from North American oil and natural gas refiners who are required to remove or recover sulfur during the refining process. Production of one tonne of DAP requires approximately 0.40 long tons of sulfur. We procure our sulfur from multiple sources and receive it by truck, rail, barge and vessel, either directly at our phosphate plants or have it sent for gathering to terminals that are located on the U.S. gulf coast. In addition, we use formed sulfur received through Tampa, Florida ports, which are delivered by truck to our New Wales facility and melted through our sulfur melter.

We own and operate sulfur terminals in Riverview and Tampa, Florida, along with Galveston, Texas and Faustina, Louisiana. We also lease terminal space in Beaumont, Texas. We have long-term time charters on two ocean-going tugs/barges and one ocean-going vessel that transports molten sulfur from the Texas terminals to Tampa. We then further transport by truck to our Florida phosphate plants. Our sulfur logistic assets also include a large fleet of leased railcars that supplement our marine sulfur logistic system. Our Louisiana operations are served by truck from nearby refineries.

Although sulfur is readily available from many different suppliers and can be transported to our phosphate facilities by a variety of means, sulfur is an important raw material used in our business that has in the past been, and may in the future, be the subject of volatile pricing and availability. Alternative transportation and terminaling facilities might not have sufficient capacity to fully serve all of our facilities in the event of a disruption to current transportation or terminaling facilities. Changes in the price of sulfur or disruptions to sulfur transportation or terminaling facilities could have a material impact on our business. We have included a discussion of sulfur prices in our Management’s Analysis.

Ammonia

We use ammonia together with P2O5 to produce DAP, MAP and MicroEssentials®. We consumed approximately 1.0 million tonnes of ammonia during 2024. Production of one tonne of DAP requires approximately 0.23 tonnes of ammonia. We purchase approximately one-third of our ammonia from various suppliers in the spot market with the remaining two-thirds either purchased through our ammonia supply agreement (the “CF Ammonia Supply Agreement”) with an affiliate of CF Industries Inc. (“CF”) or produced internally at our Faustina, Louisiana location.

Our Florida ammonia needs are currently supplied under multi-year contracts with both domestic and offshore producers. Ammonia for our Florida plants is terminaled through owned ammonia facilities at the Port of Tampa and Port Sutton, Florida. Ammonia is transported by pipeline from the terminals to our production facilities. We have service agreements with the operators of the pipelines for Bartow, New Wales and Riverview, which provide service through June 30, 2025 with two year auto-renewal provisions unless either party objects.

Under the CF Ammonia Supply Agreement, we purchased 556,232 metric tonnes in 2024. This contract terminated effective January 1, 2025. We now have agreements with various suppliers to ensure we have reliable sources of supply for ammonia to support competitive pricing in various market conditions.

We produce ammonia at Faustina, Louisiana primarily for our own consumption. Our annual capacity is approximately 530,000 tonnes. From time to time, we sell surplus ammonia to unrelated parties and/or may transport surplus ammonia to the Port of Tampa. In certain circumstances, we source ammonia from alternative sources to receive at Faustina.

Although ammonia is readily available from many different suppliers and can be transported to our Phosphates facilities by a variety of means, ammonia is an important raw material used in our business that has in the past been, and may in the future be, the subject of volatile pricing. In addition, alternative transportation and terminaling facilities might not have sufficient capacity to fully serve all of our facilities in the event of a disruption to existing transportation or terminaling facilities. Changes in the price of ammonia or disruptions to ammonia transportation or terminaling could have a material impact on our business. We have included a discussion of ammonia prices in our Management’s Analysis.

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Natural Gas for Phosphates

Natural gas is the primary raw material used to manufacture ammonia. At our Faustina facility, ammonia is manufactured on site. The majority of natural gas is purchased through firm delivery contracts based on published index-based prices and is sourced from Texas and Louisiana via pipelines interconnected to the Henry Hub. We use over-the-counter swap and/or option contracts to forward price portions of future natural gas purchases. We typically purchase approximately 12.0 million MM BTU of natural gas per year for use in ammonia production at Faustina.

Our ammonia requirements for our Florida operations are purchased rather than manufactured on site. Therefore, while we typically purchase approximately 3.2 million MM BTU of natural gas per year in Florida, it is only used as a thermal fuel for various phosphate production processes.

Florida Land Holdings

We are a significant landowner in the State of Florida, which has in the past been considered one of the fastest areas of population growth in the U.S. We have land holdings totaling over 368,000 acres. These land holdings give Mosaic access to phosphate rock reserves and exist as fee simple, mining agreements or mineral rights. Some of our land holdings are needed to operate our Phosphates business, while a portion of our land assets, such as certain reclaimed properties, are no longer required for our ongoing operations. As a general matter, more of our reclaimed property becomes available for uses other than for phosphate operations each year. Our real property assets are generally comprised of concentrates plants, port facilities, phosphate mines and other property which we have acquired through our presence in Florida. Our long-term future land use strategy is to optimize the value of our land assets.

Potash Segment

We are one of the leading potash producers in the world. We mine and process potash in Canada and the U.S. and sell potash in North America and internationally. The term “potash” applies generally to the common salts of potassium. Muriate of potash (“MOP”) is the primary source of potassium for the crop nutrient industry. Red MOP has traces of iron oxide. The granular and standard grade red MOP products are well suited for direct fertilizer application and bulk blending. White MOP has a higher percent potassium oxide (“K2O”). White MOP, besides being well suited for the agricultural market, is used in many industrial applications. We also produce a double sulfate of potash magnesia product, which we market under our brand name K-Mag®, at our Carlsbad, New Mexico facility.

Our potash products are marketed worldwide to crop nutrient manufacturers, distributors and retailers and are also used in the manufacturing of mixed crop nutrients and, to a lesser extent, in animal feed ingredients. We also sell potash to customers for industrial use. In addition, our potash products are used for de-icing and as a water softener regenerant.

In 2024, we operated three potash mines in Canada, including two shaft mines and one solution mine, as well as one potash shaft mine in the U.S. Esterhazy, the largest potash mine in the world, has completed full ramp up of capacity and production. The K3 mine shaft expansion has been supplying the capacity and production needed since the closure of the K1 and K2 shafts in the second quarter of 2021. Decommissioning of the K1 and K2 shafts at our Esterhazy, Saskatchewan mine was completed in 2022.

Mosaic leases approximately 291,500 acres of mineral rights from the government of Saskatchewan, and approximately 99,700 acres of freehold mineral rights in the Kronau/Regina area, which have not been developed.

We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge. The Potash Production Tax is a Saskatchewan provincial tax on potash production and consists of a base payment and a profits tax. We also pay a percentage of the value of resource sales from our Saskatchewan mines. In addition to the Canadian resource taxes, royalties are payable to the mineral owners in respect of potash reserves or production of potash. We have included a further discussion of the Canadian resource taxes and royalties in our Management’s Analysis.

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The map below shows the location of each of our potash properties in North America:

Our North American potash annualized operational capacity totals 11.5 million tonnes of product per year and accounts for approximately 14% of world annual capacity and 41% of North American annual operational capacity. Production during 2024 totaled 8.8 million tonnes. We account for approximately 12% of estimated world annual production and 35% of estimated North American annual production.

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The following table shows, for each of our potash mines, annual capacity as of December 31, 2024 and finished product output for 2024:

(tonnes in millions)
Facility	Annualized<br><br>Proven<br><br>Peaking<br><br>Capacity<br><br>(a)(c)	Annual<br><br>Operational<br><br>Capacity<br><br>(a)(b)(e)	Finished<br><br>Product(b)
Canada
Belle Plaine—MOP(d)	3.9	3.0	3.0
Colonsay—MOP (d)(f)	2.6	1.5	0.6
Esterhazy—MOP(d)(g)	6.3	6.3	4.7
Canadian Total	12.8	10.8	8.3
United States
Carlsbad—K-Mag®(h)	0.9	0.7	0.5
United States Total	0.9	0.7	0.5
Totals	13.7	11.5	8.8

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(a)Finished product.

(b)Actual production varies from annual operational capacity shown in the above table due to factors that include, among others, the level of demand for our products, maintenance and turnaround time, the quality of the reserves and the nature of the geologic formations we are mining at any particular time, accidents, mechanical failure, product mix and other operating conditions.

(c)Represents full capacity assuming no turnaround or maintenance time.

(d)The annualized proven peaking capacity shown above is the capacity currently used to determine our share of Canpotex, Limited (“Canpotex”) sales. Canpotex members’ respective shares of Canpotex sales are based upon the members’ respective proven peaking capacities for producing potash. When a Canpotex member expands an existing mine, the new capacity is added to that member’s proven peaking capacity based on either a 90-day production run at the maximum production levels or an engineering audit of the expansion performed by an independent engineering firm in accordance with approved protocols. The annual operational capacity of a mine reported in the table above can exceed the annualized proven peaking capacity until the proving run or engineering audit has been completed. Our current entitlement percentage of Canpotex is 36.2%, however in 2024, our percentage was 34.5% due to lower shipments as a result electrical equipment problems.

(e)Annual operational capacity is our estimated potash production capacity based on the quality of reserves and the nature of the geologic formations expected to be mined, milled and/or processed over the long term, average amount of scheduled down time, including maintenance and scheduled turnaround time, and product mix, and no significant modifications to operating conditions, equipment or facilities. Operational capacities will continue to be updated to the extent new production results impact ore grades assumptions.

(f)Our Colonsay mine operates as a swing mine to meet market demands. We have the ability to reach an annual operating capacity of 2.1 million tonnes over time by increasing our staffing levels and investment in mine development activities.

(g)Following completion of our Esterhazy K3 expansion project, a third-party audit assessed our Esterhazy Facility's nameplate capacity at 7.8 million tonnes. To date, we have been unable to rely upon this audit as a basis for an increase to our Canpotex entitlement percentage. We are evaluating when to take the necessary steps to complete the entitlement adjustment process.

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

See Item 2. “Properties” for a discussion of our potash mining properties, including processing methods, facilities, production and summaries of our mineral resources and reserves, both in the aggregate and for our individual material potash mining properties.

Natural Gas

Natural gas is used at our Belle Plaine solution mine as a fuel to produce steam and to dry potash products. The steam is used to generate electricity and provide thermal energy to the evaporation, crystallization and solution mining processes. The Belle Plaine solution mine typically accounts for approximately 80% of our Potash segment’s total natural gas requirements for potash production. At our shaft mines, natural gas is used as a fuel to heat fresh air supplied to the shaft mines and for drying potash products. Combined natural gas usage for both the solution and shaft mines totaled 17.2 million MM BTU during 2024. We purchase our natural gas requirements on firm delivery index price-based physical contracts and on short-term spot-priced physical contracts. Our Canadian operations purchase physical natural gas from companies in Alberta and Saskatchewan using AECO price indices references and transport the gas to our plants via the TransGas pipeline system. The

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U.S. potash operation in New Mexico purchases physical gas in the southwest respective regional market using the El Paso San Juan Basin market pricing reference. We use financial derivative contracts to manage the pricing on portions of our natural gas requirements.

Mosaic Fertilizantes Segment

Our Mosaic Fertilizantes segment owns and operates mines, chemical plants, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay, which produce and sell concentrated phosphate crop nutrients, phosphate-based animal feed ingredients and potash fertilizer. The following map shows the locations of our operations in Brazil and Paraguay:

We are the largest producer and one of the largest distributors of blended crop nutrients for agricultural use in Brazil. We produce and sell phosphate- and potash-based crop nutrients, and animal feed ingredients through our operations. Our operations in Brazil include five phosphate mines, four chemical plants and a potash mine. We own and operate ten blending plants in Brazil and one blending plant and port in Paraguay. We are currently constructing a one million tonne distribution facility in northern Brazil in Palmeirante. In addition, we lease several other warehouses and blending units depending on sales and production levels. We also have a 62% ownership interest in Fospar, S.A. (“Fospar”). Fospar owns and operates an SSP (defined below) granulation plant, which produces approximately 0.5 million tonnes of SSP per year, and a deep-water port and throughput warehouse terminal facility in Paranagua, Brazil. The port facility at Paranagua handles approximately

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3.6 million tonnes of imported crop nutrients. In 2024, Mosaic Fertilizantes sold approximately 9.0 million tonnes of crop nutrient products and accounted for approximately 18% of fertilizer shipments in Brazil.

We have the capability to annually produce approximately 4.5 million tonnes of phosphate- and potash-based crop nutrients and animal feed ingredients. Crop nutrient products produced are marketed to crop nutrient manufacturers, distributors, retailers and farmers.

In addition to producing crop nutrients, Mosaic Fertilizantes purchases phosphate, potash and nitrogen products which are either used to produce blended crop nutrients (“Blends”) or for resale. In 2024, Mosaic Fertilizantes purchased 1.2 million tonnes of phosphate-based products, primarily MicroEssentials®, from our Phosphates segment, and 2.2 million tonnes of potash products from our Potash segment and Canpotex.

Phosphate Crop Nutrients and Animal Feed Ingredients

Our Brazilian phosphate operations have capacity to produce approximately 1.1 million tonnes of P2O5 per year, or about 62% of Brazilian annual capacity. Phosphoric acid is produced by reacting ground phosphate rock with sulfuric acid. P2O5 is the key building block for the production of high analysis or concentrated phosphate crop nutrients and animal feed products and is the most comprehensive measure of phosphate capacity and production and a commonly used benchmark in our industry. Our Brazilian phosphoric acid production totaled approximately 1.0 million tonnes in 2024 and accounted for approximately 89% of Brazilian annual output.

Our principal phosphate crop nutrient products are:

•Monoammonium Phosphate (11-52-0) (“MAP”): MAP is a crop nutrient composed of two macronutrients, nitrogen and phosphoric acid. This slurry is added inside a rotary drum type granulator with ammonia to complete the neutralization reaction and produce MAP.

•Triple superphosphate (“TSP”): TSP is a highly concentrated phosphate crop nutrient. TSP is produced from the phosphate rock reaction with phosphoric acid in a kuhlmann type reactor. The process for the production of TSP in Brazil is run of pile where the product undergoes a curing process of approximately seven days for later granulation.

•Single superphosphate (“SSP”): SSP is a crop nutrient with a low concentration of phosphorus that is used in agriculture because of the sulfur content in its formulation. SSP is produced from mixing phosphate rock with sulfuric acid in a kuhlmann or malaxador type reactor. After the reaction, the product goes to the curing process and then feeds the granulation units.

•Dicalcium phosphate (“DCP”): Dicalcium phosphate is produced by the reaction of desulphurized phosphoric acid with limestone. At Uberaba, it is produced from the reaction of concentrated phosphoric acid with limestone slurry. At Cajati, the phosphoric acid is diluted with dry limestone. The reaction of the DCP occurs in a kuhlmann or spinden type reactor.

Our primary mines and chemical plants are located in the states of Minas Gerais, São Paulo, and Goias. Production of our animal feed ingredients products is located at our Uberaba, Minas Gerais and Cajati, São Paulo facilities. We market our feed phosphate primarily under the brand name Foscálcio.

Annual capacity and production volume by plant as of December 31, 2024 are listed below:

(tonnes of ore in millions)	Phosphoric Acid		Processed Phosphate(a) (MAP/TSP/SSP/DCP/Feed)
Facility	Capacity(b)	Production(c)	Capacity(b)	Production(c)
Phosphate
Uberaba	0.9	0.8	2.0	1.5
Cajati	0.2	0.2	0.5	0.3
Araxá	—	—	1.1	0.9
Catalão	—	—	0.4	0.4
Total	1.1	1.0	4.0	3.1

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(a)Our ability to produce processed phosphate has been less than our annual operational capacity as stated in the table above, except to the extent we purchase phosphoric acid. Factors affecting actual production are described in note (c) below.

(b)The annual production capacity was calculated using the hourly capacity, days stopped for annual maintenance and OEE (historical utilization factor and capacity factor).

(c)Actual production varies from annual operational capacity shown in the table above due to factors that include, among others, the level of demand for our products, maintenance and turnaround time, accidents and mechanical failure.

The phosphoric acid produced at Cajati is used to produce DCP. The phosphoric acid produced at Uberaba is used to produce MAP, TSP and DCP.

We produced approximately 2.6 million tonnes of concentrated phosphate crop nutrients during 2024 which accounted for approximately 48% of estimated Brazilian annual production.

Phosphate Rock

Phosphate rock is the key mineral used to produce phosphate crop nutrients and animal feed product. Our phosphate rock production in Brazil totaled approximately 3.9 million tonnes in 2024, which accounted for approximately 74% of estimated Brazilian annual production. We are the largest producer of phosphate rock in Brazil and currently have an annual capacity of approximately 4.6 million tonnes. During 2024, we operated five properties; Araxá, Patrocínio and Tapira in the state of Minas Gerais; Catalão in the state of Goiás; and Cajati in the state of São Paulo.

Production of one tonne of MAP requires 1.6 to 1.7 tonnes of phosphate rock. Production of one tonne of SSP requires between 0.6 to 0.7 tonnes of phosphate rock. Production of one tonne of TSP requires 1.4 tonnes of phosphate rock.

See Item 2. “Properties” for a discussion of our Brazilian mining properties, including processing methods, facilities, production and summaries of our mineral resources and reserves, both in the aggregate and for our individually material Brazilian properties.

We are required to pay royalties to mineral owners and resource taxes to the Brazilian government for phosphate and potash production. The resource taxes, known as Compensação Financeira pela Exploração de Recursos Minerais or CFEM, are regulated by the National Mining Agency. In 2024, we paid royalties and resource taxes of approximately $22.1 million.

Sulfur

We use molten sulfur at our phosphate concentrates plants to produce sulfuric acid, one of the key components used in the production of phosphoric acid. We consumed approximately 1.0 million long tons of sulfur for our own production during 2024. We purchase approximately 14% of the volume under annual supply agreements from oil and natural gas refiners, who are required to remove or recover sulfur during the refining process. The remaining 86% is purchased in the spot market. Sulfur is imported through the Tiplam port and transported by rail to the Uberaba plant and by truck to the Araxá and Cajati locations.

Although sulfur is readily available from many different suppliers and can be transported to our phosphate facilities by a variety of means, sulfur is an important raw material used in our business that has in the past been, and could in the future be, subject to volatile pricing and availability. Alternative transportation and terminaling facilities might not have sufficient capacity to fully serve all of our facilities in the event of a disruption to current transportation or terminaling facilities. Changes in the price of sulfur or disruptions to sulfur transportation or terminaling facilities could have a material impact on our business.

Ammonia

We use ammonia, together with phosphoric acid, to produce MAP, and to a lesser extent for SSP production. We consumed approximately 118,280 tonnes of ammonia during 2024. Production of one tonne of MAP requires approximately 0.137 tonnes of ammonia. We purchase all of our ammonia under a long-term supply agreement with two suppliers. Ammonia is imported through the Tiplam port and transported by truck to Uberaba, Araxá and Catalão.

We own approximately 1% of the Tiplam terminal in Santos, São Paulo. Our ownership percentage, along with a contractual agreement, guarantee us unloading priority for ammonia and also provide us unloading capacity for rock, sulfur and crop nutrients.

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Although ammonia is readily available from many different suppliers and can be transported to our phosphates facilities by a variety of means, ammonia is an important raw material used in our business that has in the past been, and in the future could be, subject to volatile pricing. Alternative transportation and terminaling facilities might not have sufficient capacity to fully serve all of our facilities in the event of a disruption to existing transportation or terminaling facilities. Changes in the price of ammonia or disruptions to ammonia transportation or terminaling could have a material impact on our business.

Brazilian Potash

We conduct potash operations through the leased Taquari-Vassouras shaft mine, which is the only potash mine in Brazil, located in Rosário do Catete in the Brazilian state of Sergipe. We also own a related refinery at the site. We produce and sell potash product domestically. MOP is the primary source of potassium for the crop nutrient industry in Brazil. Red MOP has traces of iron oxide. The granular and standard grade red MOP products are well-suited for direct fertilizer application and bulk blending. Our potash product is marketed in Brazil to crop nutrient manufacturers, distributors and retailers and is also used in the manufacturing of crop nutrients.

In 2024, we paid royalties of approximately $6.8 million related to the leasing of potash assets and mining rights for Taquari.

Land Holdings

Mosaic Fertilizantes owns properties and the surface rights of certain rural lands comprising over 34,000 hectares (84,000 acres) in the States of São Paulo, Minas Gerais, Goiás, Paraná, Mato Grosso, Santa Catarina, Bahia and Sergipe, and has the right to mine additional properties which contain phosphate rock or potash reserves. Most of our land holdings are needed to operate our phosphate and potash production and fertilizer distribution businesses. A portion of our land assets may no longer be required for our current operations and may be leased to third parties, for agricultural or other purposes, or may be set aside for mineral or environmental conservation. Our real property assets are generally comprised of concentrates plants, port facilities and phosphate and potash mines, crop nutrient blending and bagging facilities and other properties which we have acquired through our presence in Brazil.

India and China Distribution Businesses

Our China and India distribution businesses market phosphate-, potash- and nitrogen-based crop nutrients and provide other ancillary services to wholesalers, cooperatives, independent retailers, and farmers in the Asia-Pacific regions. These operations provide our Phosphates and Potash segments access to key markets outside of North and South America and serve as a marketing agent for our Phosphates segment. In 2024, the India and China operations purchased 25,233 tonnes of phosphate-based products from our Phosphates segment, and 1,077,567 tonnes of potash products from our Potash segment and Canpotex. They also purchase phosphate, potash and nitrogen products from unrelated third parties, which we either use to produce blended crop nutrients or for resale.

In China, we own two 300,000-tonne per year capacity blending plants. In 2024, we sold approximately 325,000 tonnes of Blends and distributed another 850,000 tonnes of phosphate and potash crop nutrients in China.

In India, we have distribution facilities to import and sell crop nutrients. In 2024, we distributed approximately 201,000 tonnes of potash crop nutrient products in India.

SALES AND DISTRIBUTION ACTIVITIES

United States and Canada

We have a U.S. and Canada sales and marketing team that serves our business segments. We sell to wholesale distributors, retail chains, cooperatives, independent retailers and national accounts.

Customer service and the ability to effectively minimize the overall supply chain costs are key competitive factors in the crop nutrient and animal feed ingredients businesses. In addition to our production facilities, to service the needs of our customers, we own or have contractual throughput or other arrangements at strategically located distribution warehouses along or near the Mississippi and Ohio Rivers, as well as in other key agricultural regions of the U.S. and Canada. From these facilities, we distribute Mosaic-produced phosphate and potash products for customers who in turn resell the product into the distribution channel or directly to farmers in the U.S. and Canada.

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We own port facilities in Tampa, Florida which have deep water berth capabilities providing access to the Gulf Coast of the United States. We also own warehouse distribution facilities in: Rosemount, Minnesota; Pekin, Illinois; and Henderson, Kentucky.

In addition to the facilities that we own, our U.S. distribution operations also include leased distribution space or contractual throughput agreements in other key geographical areas including California, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, Texas and Wisconsin.

Our Canadian customers include independent dealers and national accounts. We also lease or own warehouse facilities in Saskatchewan, Ontario, Quebec and Manitoba in Canada.

International

Outside of the U.S. and Canada, we market our Phosphates segment’s products through our Mosaic Fertilizantes segment and our China and India distribution businesses, as well as a sales force focused on geographies outside of North America. The countries that account for the largest amount of our phosphates sales outside the U.S., by volume, are Canada, Brazil, Colombia, Australia and Argentina.

Our sales of potash products outside of the U.S. and Canada are made through Canpotex. Canpotex sales are allocated among its members based on peaking capacity. Our entitlement percentage of Canpotex was 36.2%, however in 2024 our percentage was 34.5% due to lower shipments as a result electrical equipment problems.

Our potash exports from Carlsbad are sold through our own sales force. We also market our Potash segment’s products through our Mosaic Fertilizantes segment and our China and India distribution businesses, which acquire potash primarily through Canpotex. The countries that account for the largest amount of international potash sales, by volume, are Brazil, China, Indonesia, India and Belgium.

To service the needs of our customers, our Mosaic Fertilizantes segment includes a network of strategically located sales offices, crop nutrient blending and bagging facilities, port terminals and warehouse distribution facilities that we own and operate. The blending and bagging facilities primarily produce Blends from phosphate, potash and nitrogen. The average product mix in our Blends (by volume) contains approximately 22% nitrogen, 45% phosphate and 33% potash, although this mix differs based on seasonal and other factors. All of our production in Brazil is consumed within the country.

Our India and China distribution businesses also includes a network of strategically located sales offices, crop nutrient blending and bagging facilities, port terminals and warehouse distribution facilities. These businesses serve primarily as a sales outlet for our North American phosphate production, both for resale and as an input for Blends. Our Potash segment also has historically furnished the majority of the raw materials needs for the production of Blends, primarily via Canpotex, and is expected to continue to do so in the future.

Other Products

With a strong brand position in a multi-billion dollar animal feed ingredients global market, our Phosphates segment supplies animal feed ingredients for poultry and livestock to customers in North America, Latin America and Asia. Our potash sales to non-agricultural users are primarily to large industrial accounts and the animal feed industry. Additionally, in North America, we sell potash for de-icing and as a water softener regenerant. In Brazil, we also sell phosphogypsum.

In 2023, we announced the formation of the Mosaic Biosciences platform, a global initiative to bring the latest science and innovation to the agricultural market. The Mosaic Biosciences portfolio includes biological fertilizer complements which improve nutrient use efficiency and enhance plant growth and vigor.

The Mosaic Biosciences platform has grown through the acquisition of Plant Response in late 2021 and organically from the addition of new products. Our portfolio of products has been successful with customers and benefits greatly from our existing fertilizer distribution network to our customers. In 2024, Mosaic Biosciences reached 9 million acres of coverage in key markets this year which is double the prior year. Mosaic Biosciences is included primarily within Corporate, Eliminations and Other.

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COMPETITION

Because crop nutrients are global commodities available from numerous sources, crop nutrition companies compete primarily on the basis of delivered price. Other competitive factors include product quality, cost and availability of raw materials, customer service, plant efficiency and availability of product. As a result, markets for our products are highly competitive. We compete with a broad range of domestic and international producers, including farmer cooperatives, subsidiaries of larger companies, and independent crop nutrient companies. Foreign competitors may have access to less expensive raw materials, may not have to comply with as stringent regulatory requirements or are owned or subsidized by governments and, as a result, may have cost advantages over North American companies. We believe that our extensive North American and international production and distribution system provides us with a competitive advantage by allowing us to achieve economies of scale, transportation and storage efficiencies, and obtain market intelligence. Also, we believe our performance products, such as MicroEssentials®, provide us a competitive advantage with customers in North and South America.

Unlike many of our competitors, we have our own distribution system to sell phosphate- and potash-based crop nutrients and animal feed ingredients, whether produced by us or by other third parties, around the globe. In North America, we have one of the largest and most strategically located distribution systems for crop nutrients, including warehouse facilities in key agricultural regions. We also have an extensive network of distribution facilities internationally, including in the key growth regions of South America and Asia, with port terminals, warehouses and blending plants in Brazil, Paraguay, China and India. Our global presence allows us to efficiently serve customers in approximately 40 countries.

Phosphates Segment

Our Phosphates segment operates in a highly competitive global market. Among the competitors in the global phosphate industry are domestic and foreign companies, as well as foreign government-supported producers in Asia and North Africa. Phosphate producers compete primarily based on price, as well as product quality, service and innovation. Major integrated producers of feed phosphate are located in the U.S., Europe and China. Many smaller producers are located in emerging markets around the world. Many of these smaller producers are not miners of phosphate rock or manufacturers of phosphoric acid and are required to purchase this material on the open market.

We believe that we are a low-cost integrated producer of phosphate-based crop nutrients, due in part to our scale, vertical integration and strategic network of production and distribution facilities. As the world’s second largest producer of concentrated phosphate, as well as the second largest miner of phosphate rock in the world and the largest in the U.S., we maintain an advantage over some competitors as the scale of operations effectively reduces production costs per unit. We are also vertically integrated to captively supply one of our key inputs, phosphate rock, to our phosphate production facilities. We believe that our position as an integrated producer of phosphate rock provides us with a significant cost advantage over competitors that are non-integrated phosphate producers. In addition, our ownership in the Miski Mayo Mine allows us to supplement our overall phosphate rock needs.

We produce ammonia at our Faustina, Louisiana concentrates plant in quantities sufficient to meet approximately one third of our total ammonia needs in North America. We do not have ammonia production capacity within Florida to serve our Florida operations, but we have capacity to supply a portion of our requirements by transporting produced ammonia from Louisiana to Florida. We purchase additional ammonia from world markets and thus are subject to significant volatility in our purchase price of ammonia. Our ammonia supply agreements provide us with a supply of a substantial volume of ammonia at prices based on the price of natural gas.

With our dedicated sulfur transportation barges and tugs, we are also well-positioned to source an adequate, flexible and cost-effective supply of sulfur, our third key input, to our Florida and Louisiana phosphate production facilities. We believe that our investments in sulfur logistical and melting assets continue to afford us a competitive advantage compared to other producers in cost and access to sulfur.

With facilities in both central Florida and Louisiana, we are logistically well positioned to fulfill our material needs at very competitive prices. Those multiple production points also afford us the flexibility to optimally balance supply and demand.

Potash Segment

Potash is a commodity available from several geographical regions around the world and, consequently, the market is highly competitive. Through our participation in Canpotex, we compete outside of North America against various independent and state-owned potash producers. Canpotex has substantial expertise and logistical resources for the international distribution of

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potash, including strategically located export assets in Portland, Oregon, St. John, New Brunswick and Vancouver, British Columbia. Our principal methods of competition with respect to the sale of potash include product pricing and offering consistent, high-quality products and superior service. We believe that our potash cost structure is competitive in the industry and should improve as we continue to complete our potash expansion projects.

Mosaic Fertilizantes

The Mosaic Fertilizantes segment operates in a highly competitive market in Brazil. We compete with a broad range of domestic and international producers, including farmer cooperatives, subsidiaries of larger companies, and independent crop nutrient companies. We believe that having a vertically integrated business, internationally but also in Brazil, provides us with a competitive advantage by allowing us to achieve economies of scale, transportation and storage efficiencies, and obtain market intelligence.

Mosaic Fertilizantes has a wide variety of customers including farmers, blenders and other local distributors. We compete with local businesses that offer a wide variety of products that are available from many sources. We believe the strategic location of our mines and chemical plants, in close proximity to our customers, and the benefit of our own distribution network, gives us an advantage over most of our competitors. The vertical integration of our wholly-owned production, along with our distribution network, as well as our focus on product innovation and customer solutions, position us with an advantage over many of our competitors. We have a strong brand in Brazil. In addition to having access to our own production, our distribution activities have the capability to supply a wide variety of crop nutrients to our dealer and farmer customer base.

FACTORS AFFECTING DEMAND

Our results of operations historically have reflected the effects of several external factors which are beyond our control and have in the past produced significant downward and upward swings in operating results. Revenues are highly dependent upon conditions in the agriculture industry and can be affected by, among other factors: crop conditions; changes in agricultural production practices; worldwide economic conditions, including the increasing world population, household incomes, and demand for more protein-rich food, particularly in developing regions such as China, India and Latin America; changing demand for biofuels; variability in commodity pricing; governmental policies; the level of inventories in the crop nutrient distribution channels; customer expectations regarding farmer economics, future crop nutrient prices and availability, and transportation costs, among other matters; market trends in raw material costs; market prices for crop nutrients; and weather. Furthermore, our crop nutrients business is seasonal to the extent farmers and agricultural enterprises in the markets in which we compete purchase more crop nutrient products during the spring and fall. The international scope of our business, spanning the northern and southern hemispheres, reduces to some extent the seasonal impact on our business. The degree of seasonality of our business can change significantly from year to year due to conditions in the agricultural industry and other factors. The seasonal nature of our businesses requires significant working capital for inventory in advance of the planting seasons.

We sell products throughout the world. Unfavorable changes in trade protection laws, policies and measures, government policies and other regulatory requirements affecting trade, including the imposition of tariffs; unexpected changes in tax and trade treaties; and strengthening or weakening of foreign economies as well as political relations with the U.S. may cause sales trends to customers in one or more foreign countries to differ from sales trends in the U.S.

Our international operations are subject to risks from changes in foreign currencies, or government policy, which can affect local farmer economics.

OTHER MATTERS

Employees

We had 13,765 employees as of December 31, 2024, consisting of approximately 10,454 salaried and 3,311 hourly employees. This includes approximately 720 salaried employees at the Miski Mayo Mine, of which we own 75% and its results are consolidated within our results of operations.

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Labor Relations

As of December 31, 2024:

•We had eight collective bargaining agreements with unions covering certain hourly employees in the U.S. and Canada. Of these employees, approximately 15% are covered under agreements that expire in 2025. All are expected to collectively bargain for new contracts in 2025.

•We had agreements with 37 unions covering all employees in Brazil. More than one agreement may govern our relations with each of these unions. In general, the agreements are renewable on an annual basis.

Failure to renew any of our union agreements could result in a strike or labor stoppage that could have a material adverse effect on our operations. However, we have not experienced a significant work stoppage in many years and historically have had good labor relations.

Information Available on our Website

Our Annual Report Form on 10-K (“Form 10-K”), Quarterly Reports on Form 10-Q (“Form 10-Q”), Current Reports on Form 8-K (“Form 8-K”), and amendments thereto, filed with the Securities and Exchange Commission (“SEC”) pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder are made available free of charge on our website (www.mosaicco.com) as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. These reports are also available on the SEC’s website (www.sec.gov). The information contained on our website and the SEC’s website is not being incorporated in this report.

HUMAN CAPITAL

Our employees are the foundation of our Company. Our 13,765 colleagues embody Mosaic’s core values of innovation, collaboration, drive and responsibility, and are the key to enabling us to execute our mission to help the world grow the food it needs.

As of December 31, 2024, our regular employee base was made up of the following:

Country	Male	Female	Total
Brazil	5,608	1,207	6,815
United States	3,305	643	3,948
Canada	1,677	311	1,988
Peru	644	76	720
China	112	55	167
India	62	7	69
Paraguay	32	18	50
Saudi Arabia	8	—	8
Total	11,448	2,317	13,765

Mosaic is committed to the well-being and development of our employees by creating and cultivating an innovative and collaborative workplace that welcomes, values and respects diversity of people, thoughts, and perspectives; a workplace free of discrimination and intolerant of bias. As part of Mosaic’s strategic priorities, we are committed to driving actions and behaviors, both internally and within our communities, that build Mosaic’s brand as a respected and responsible company and to be an employer of choice for generations to come.

Employee Health and Safety–Safety is a top priority and we strive for zero harm to people and zero environmental incidents. Through the implementation of the Mosaic Management System, we have established a structured approach to effectively manage and control risk for the safety and well-being of our colleagues, the environment and our stockholders. The management system defines processes that help support a safe work environment and establish a continuous improvement cycle to adjust for changing conditions and identified risks.

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Global Worker Wellness–Extending beyond safety, our wellness programs seek to improve the well-being of our employees – and their families – in the areas of physical and psychological health, and financial security. These programs include health screenings, insurance plans, psychological health training and mental health resources, as well as our Environmental, Health and Safety (“EHS”) Risk Reduction Program, various trainings and flexible schedules.

Development–Mosaic believes in continually investing in people and their lifelong learning. Mosaic holds training events throughout the year across all of our locations, invests in leadership competencies through facilitated learning opportunities and hosts an online education platform through Workday Learning, which all employees are encouraged to access for mandatory and self-guided education. Mosaic offers companywide educational reimbursement programs to help employees in each of our operating companies acquire new skills and capabilities to better meet their job responsibilities and provide for future career opportunities within the Company. Mosaic supports membership in numerous professional associations and encourages participation in work-related external networking groups.

•In 2024 Mosaic continued its programs to help employees gain the knowledge and skills that we believe will be necessary for the next evolution of our business through development programs for emerging leaders, front line leaders, mid-level and senior leaders designed to support and address the needs at different career points. Like any company, Mosaic experiences turnover and the need to replace talent related to retirement and succession. Mosaic seeks to minimize unwanted turnover through its talent review, succession management, performance management, and compensation processes. We seek to build our talent pipeline through targeted student programs. We strive to design career paths through progressions that will enable our employees to grow and evolve their careers at Mosaic.

Community–Mosaic is a thoughtful and engaged neighbor who invests carefully and generously through long-term partnerships with organizations that are making a difference. We are proud to support organizations and initiatives that create growth and leave a lasting impact in our communities in three main focus areas: food, water and local community. In 2023, we invested $16.7 million. While the official 2024 investment data will be available in February 2025, preliminary data indicates continued strong support in these areas with investments of over $12 million. In addition to philanthropic grants and sponsorships of local programs, we also support and facilitate volunteerism by our employees. Similarly, we participate on local committees, boards and associations focused on contributing to the vitality of the people and communities around us.

•2024 was the fourth year of the Mosaic Employee Giving Program (the “Program”) that provides employees with flexibility to connect their personal causes to corporate giving, matching and volunteerism opportunities. The Program aligns to Mosaic’s strategic priorities and our 2025 Environmental, Social and Governance performance goals. Employees can take advantage of Company matching funds through financial contributions, volunteering on personal time, or both. In North America this can be up to $2,000 annually.

Removing Barriers and Creating Opportunities–In 2024, Mosaic continued to dedicate resources to identifying barriers to employment, partnership and succession and creating more opportunities for our employees and our communities. We continued to advance progress in creating a more innovative and engaged workforce through our executive-led Employee Inclusion Networks (“EIN”), expanding community engagement and obtaining feedback and taking action on Mosaic’s workplace and employee experience through the Voice of the Employee survey. We continued to make progress towards our previously announced global 2030 representation goals and are driving accountability into the business units by implementing business-level initiatives and programs to help foster a more inclusive workplace essential for fostering innovation and collaboration. Ongoing education continues to be a cornerstone of Mosaic’s journey to build and promote a more inclusive culture. We enhanced leadership competencies by providing interactive education on enabling authentic connections, becoming successful ambassadors for progress, and continuing our online, curated, self-directed learning platform to encourage employees to continue their own learning journeys. We continue to focus and expand our recruitment efforts to build awareness and interest in our industry and to attract the best, qualified candidates from a broad variety of sources.

Pay equity is fundamental to our compensation philosophy and our commitment to our employees. Mosaic annually evaluates pay equity and compensation practices to ensure fair and equitable treatment of employees based on our pay-for-performance framework. In 2024, Mosaic continued to enhance ongoing internal analytical capabilities for continuous assessment of pay and performance equity and evolved our annual pay equity audit to bring more employees within scope across our global operations and to enhance our assessment of pay disparities. The results of our internal audit revealed .4% outliers, both men and women, without adequate business justifications that will be addressed during our 2025 compensation cycle. Pay equity will be reviewed internally every year with periodic external independent reviews.

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Further information on our human capital practices is available in our sustainability report. Information contained in our sustainability report, or on our website, is not incorporated by reference into, and does not constitute a part of, this Form 10-K.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

Information regarding our executive officers as of March 3, 2025 is set forth below:

Name	Age	Position
Philip E. Bauer	52	Senior Vice President, General Counsel and Corporate Secretary
Bruce M. Bodine Jr.	53	Chief Executive Officer, President and Director
Walter F. Precourt III	60	Senior Vice President and Chief Administrative Officer
Luciano Siani Pires	55	Executive Vice President and Chief Financial Officer
Karen A. Swager	54	Executive Vice President - Operations
Yijun (“Jenny”) Wang	57	Executive Vice President - Commercial

Philip E. Bauer. Mr. Bauer was promoted to Senior Vice President, General Counsel and Corporate Secretary in January 2023. Since joining Mosaic in 2007, Mr. Bauer has managed legal support for business development activities, potash operations, offshore finance, commercial transactions and corporate governance. Before assuming his current role, Mr. Bauer was the Vice President and Deputy General Counsel from October 2022 through December 2022 and immediately prior to that role he served as the Vice President - Growth and Development on Mosaic's Strategy and Growth team from May 2019 to September 2022. Prior to Mosaic, he was a partner at an international law firm where he focused his practice on mergers and acquisitions, public and private securities offerings and public company compliance matters, as well as general business advising.

Bruce M. Bodine Jr. Mr. Bodine was elected our Chief Executive Officer effective January 2024 and our President effective August 2023. He previously served as our Senior Vice President - North America from April 2020 to August 2023, and as our Senior Vice President - Phosphates from January 2019 to April 2020 during which time he also provided executive oversight for the corporate procurement organization. Prior to that, Mr. Bodine served as Senior Vice President - Potash (from June 2016 to December 31, 2018); as Vice President - Potash (from April to May 2016); as Vice President - Supply Chain (from August 2015 to March 2016); as Vice President - Operations Business Development (from October 2014 to August 2015); as Vice President - Operations for our Esterhazy and Colonsay potash production facilities (from July 2013 to October 2014); as the General Manager, Esterhazy (from September 2012 to June 2013); and as the General Manager, Four Corners (from March 2010 to August 2012). Before that, Mr. Bodine held various plant and mine development management positions in the Phosphates segment beginning with Mosaic’s formation in 2004.

Walter F. Precourt III. Mr. Precourt was elected our Senior Vice President and Chief Administrative Officer in November 2023. In this role, Mr. Precourt has responsibility for the Company’s Human Resources, Public Affairs, Procurement and Shared Services teams. He had previously served as our Senior Vice President - Strategy and Growth since January 1, 2019. From June 2016 through March 2020 he also provided executive oversight for the EHS organization. He previously served as Senior Vice President - Phosphates and provided executive oversight for the corporate procurement organization from June 2016 until January 1, 2019, as Senior Vice President - Potash Operations from May 2012 to June 2016, and before that he led the Environment, Health and Safety organization since joining Mosaic in 2009. Prior to joining Mosaic, Mr. Precourt was employed by cement and mineral component producer Holcim (U.S.) where he initially led its safety transformation and later became Vice President of Environment and Government Affairs. Mr. Precourt started his career at The Dow Chemical Company where he served in a variety of roles in Operations, Technology, Capital Project Management, and Environmental, Health and Safety. Mr. Precourt served as a director and was the past Chairman of the Board of the Saskatchewan Potash Producers Association and was a director of Fertilizer Canada.

Luciano Siani Pires. Mr. Siani Pires was elected as our Executive Vice President and Chief Financial Officer in January 2025 and previously elected as our Executive Vice President and Chief Financial Officer – Designate in November 2024. Mr. Siani Pires previously served on The Mosaic Company’s Board of Directors from 2018 to 2022. Prior to joining Mosaic, Mr. Siani Pires served as Executive Vice President of Strategy and Business Development, Chief Financial Officer and other strategic roles for Vale S.A., a global mining company. He also served as the chairman of the Board of Directors of VLI S.A., as a senior business development advisor for the Natural Resources Group of Accenture and was a consultant at McKinsey and

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Company and at various leadership roles in The Brazilian Development Bank in the areas of capital Markets, export finance and infrastructure. He serves on the board of Vallourec Societe Anonime, has served as a member of the executive council of o9 solutions, as a member of the advisory board at Barbosa Mello, and as a board member of Suzano Papel e Celulose.

Karen A. Swager. Ms. Swager was elected our Executive Vice President – Operations in November 2023. In this role, Ms. Swager is responsible for the Company’s enterprise-wide operations, including the Environment, Health and Safety (“EHS”) organization, and the North America Supply Chain organization. Ms. Swager had previously served as our Senior Vice President - Supply Chain, including executive oversite for the Procurement and corporate EHS teams, since April 1, 2020. From January 1, 2019 until her appointment as Senior Vice President - Supply Chain, she served as Senior Vice President - Potash. Previously, Ms. Swager held leadership positions at Mosaic, including Vice President - Minerals, Vice President - Mining Operations and General Manager in our Phosphates business since joining Mosaic upon its formation in 2004. She also led the mine planning and strategy group for the Phosphates business. Ms. Swager serves as a director of MVM Resources International, B.V., the general partner of Compañia Minera Miski Mayo S.R.L., the joint venture that operates the mines in Peru, and as a director of SSR Mining Inc., a publicly traded company.

Yijun (“Jenny”) Wang. Ms. Wang was elected Executive Vice President – Commercial in January 2024 after serving as the Company’s Senior Vice President – Global Strategic Marketing since May 2023. From January 2022 until May 2023, Ms. Wang served as our Senior Vice President - Global Strategic Marketing, Head of China and India. From October 15, 2020 until her current appointment, Ms. Wang served as Vice President - Global Strategic Marketing. Prior to October 2020, Ms. Wang served as Vice President - Global Product Management and International Distribution and before May 2019, Ms. Wang served as Country Head for China since joining Mosaic in 2011. Ms. Wang serves on the Board of Directors of Canpotex Limited, the Canadian potash marketing association.

Our executive officers are generally elected to serve until their respective successors are elected and qualified or until their earlier death, resignation or removal. No “family relationships,” as that term is defined in Item 401(d) of Regulation S-K, exist among any of the listed officers or between any such officer and any member of our Board of Directors.

Item 1A. Risk Factors.

Our business, financial condition or results of operations could be materially adversely affected by any of the risks and uncertainties described below.

Operational Risks

Our operating results are highly dependent upon and fluctuate based upon business, economic and other conditions and governmental policies affecting the agricultural industry in which we or our customers operate. These factors are outside of our control and may significantly affect our profitability.

The most important factors are:

•weather and field conditions (particularly during periods of traditionally high crop nutrients application);

•quantities of crop nutrients imported and exported;

•current and projected inventories and prices, which are heavily influenced by U.S. exports and world-wide markets; and

•governmental policies, including farm and biofuel policies, which may directly or indirectly influence the number of acres planted, the level of inventories, the mix of crops planted or crop prices or otherwise negatively affect our operating results.

International market conditions and the effects of recent countervailing duty orders, which are also outside of our control, may also significantly influence our operating results. The international market for crop nutrients is influenced by such factors as the relative value of the U.S. dollar and its impact upon the cost of importing crop nutrients, foreign agricultural policies, including subsidy policies, the existence of, or changes in, import or foreign currency exchange barriers in certain foreign markets, changes in the hard currency demands of certain countries and other regulatory policies of foreign governments, as well as the laws and policies of the U.S. affecting foreign trade and investment, including use of tariffs.

In 2021, the U.S. Department of Commerce (“DOC”) issued countervailing duty (“CVD”) orders on imports of phosphate fertilizers from Morocco and Russia, in response to petitions filed by Mosaic. The orders were based on DOC’s determination that the imports are unfairly subsidized, and the U.S. International Trade Commission’s (“ITC”) determination that the

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imports materially injure the U.S. phosphate fertilizer industry. The purpose of the CVD orders was to remedy the injury and thereby restore fair competition. CVD orders normally stay in place for at least five years, with possible extensions.

Moroccan and Russian producers have initiated federal court actions seeking to overturn the orders. Mosaic has also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies. These litigation challenges remain underway as further described in this Item 3 of Form 10-K.

The applicable final CVD assessment rates and cash deposit rates for imports of phosphate fertilizer from Morocco and Russia could change as a result of these various proceedings and potential associated appeals, whether in federal courts or at the World Trade Organization. A reversal of, or change in, the ITC’s or DOC’s prior determination in the CVD investigations could have an adverse effect on our business, financial condition or operating results.

U.S. tariffs on Canadian potash and retaliatory tariffs could materially adversely affect our business operations and financial condition.

In February 2025, the U.S. imposed a 25% tariff on most imports from Canada, including potash crop nutrients. Although the implementation of these tariffs has been temporarily paused for 30 days, there is a risk that they may be reinstated and sustained for an extended period. If these tariffs are reintroduced, they could significantly increase the cost of importing potash from Canada. Higher potash prices may lead to reduced usage by U.S. farmers and negatively impact demand. Additionally, retaliatory tariffs imposed by Canada on U.S. exports, could further exacerbate these challenges. The prolonged imposition of these tariffs could have a material adverse effect on our business, financial condition, and results of operations.

Pandemics, epidemics or other health outbreaks could materially adversely affect our business operations and financial condition.

Pandemics, epidemics or other health outbreaks have, and could again, adversely affect the global economy and have, and could again, significantly disrupt our operations, key suppliers or third-party logistics providers, customers and ultimate end-users. These disruptions could arise due to the spread of the outbreak and/or from measures to contain or mitigate it such as quarantines and extended closures of businesses mandated by government authorities. For example, the Covid-19 pandemic adversely affected our businesses in multiple ways, including by creating short-term labor shortages due to illness, and transportation issues, such as trucking delays and port congestion, which slowed delivery of inputs to our facilities and products to our end customers.

The full impact of another public health event depends on various factors, any of which could materially increase our costs, negatively impact our revenue and/or adversely impact our results of operations and liquidity, possibly to a significant degree. A public health event could also have the effect of heightening many of the other risks described in this Item 1A of this Form 10-K.

Unfavorable worldwide economic and market conditions could adversely affect our business, financial condition or operating results.

Economic and market conditions, including inflation, supply chain challenges, high interest rates and foreign exchange volatility, have and may continue to have an impact on our business. Our production costs have increased due to higher prices for raw materials, including purchased nitrogen, sulfur and ammonia, as well as supply chain challenges, including increased costs and delays caused by transportation and labor shortages. These adverse economic events have adversely affected, and may continue to adversely affect our operating results.

Our crop nutrient business is seasonal and varies based on application rates, which may result in carrying significant amounts of inventory and seasonal variations in working capital, and our inability to predict future seasonal crop nutrient demand accurately may result in excess inventory or product shortages.

The use of crop nutrients is seasonal and varies based on application rates. Farmers tend to apply crop nutrients during two short application periods, the strongest one in the spring, before planting, and the other in the fall, after harvest. As a result, the strongest demand for our products typically occurs during the spring planting season, with a second period of strong demand following the fall harvest. In contrast, we generally produce our products throughout the year. As a result, we and our customers generally build inventories during the low demand periods of the year in order to provide timely product availability during the peak sales seasons. The seasonality of crop nutrient demand results in our sales volumes and net sales

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typically being the highest during the North American spring season and our working capital requirements typically being the highest just prior to the start of the spring season. Our quarterly financial results can vary significantly from one year to the next due to weather-related shifts in planting schedules and purchasing patterns.

If seasonal demand exceeds our projections, we will not have enough product, which would negatively impact our profitability. If seasonal demand is less than we expect, we will have excess inventory and higher working capital and liquidity requirements. The degree of seasonality of our business can change significantly from year to year due to conditions in the agricultural industry and other factors.

Changes in transportation costs can affect our sales volumes and selling prices.

Delivery costs are a significant factor in the total cost to customers. As a result, changes in transportation costs, or in customer expectations about them, may adversely affect our sales volumes and prices.

A disruption at our production, distribution or terminaling facilities could have a material adverse impact on our business. The risk of material disruption increases when demand for our products results in high operating rates at our facilities.

We conduct our operations through a limited number of key production, distribution and terminaling facilities. These facilities include our phosphate mines and concentrates plants; our potash mines; and the ports and other distribution facilities through which we, Canpotex and the other joint ventures in which we participate, conduct our respective businesses, as well as other commercial arrangements with unrelated third parties. Any disruption of operations at any of these facilities may significantly negatively affect our production or our ability to distribute our products.

Examples of the types of events that could result, and have, in the past, resulted, in a disruption at these facilities include: adverse weather; strikes or other work stoppages; civil unrest; deliberate, malicious acts, including acts of terrorism and armed conflict; political or economic instability; cyberattacks; changes in permitting, financial assurance or certain environmental, health and safety laws or other changes in the regulatory environment in which we operate; legal and regulatory proceedings; our relationships with the other member of Canpotex and the other joint ventures in which we participate and their or our exit from participation in such joint ventures; other changes in our commercial arrangements with unrelated third parties; brine inflows at our Esterhazy, Saskatchewan mine or our other shaft mines; mechanical failure and accidents or other failures occurring in the course of operating activities, including at our gypstacks, clay settling areas and tailing dams; accidents occurring in the course of operating activities; lack of truck, rail, barge or ship transportation; and other factors.

Reduced oil refinery operating rates in North America could have a material adverse impact on our business, financial condition or operating results.

Reduced oil refinery operating rates in the U.S. and Canada could, and have, in the past, resulted in decreased availability of molten sulfur, which could increase costs of sulfur procurement or decrease availability of sulfur needed in our phosphate fertilizer production operations. If it becomes necessary to procure sulfur at higher costs, and if we are unable to pass those costs on in our product prices, or if we are unable to procure sulfur at volumes necessary for our operations, such events could have a material adverse effect on our phosphate business, and/or our financial condition or operating results.

Key inputs for the production of our finished goods, including fertilizer, sulfur and ammonia, and energy used in our businesses in the past have been and may in the future be the subject of volatile pricing and availability. Changes in the price or availability of these key inputs for production of finished goods have had, and could again have, a material adverse impact on our businesses.

Fertilizer is a key input for production of our blended finished goods products. Natural gas, ammonia and sulfur are key raw materials used in the manufacture of phosphate crop nutrient products. Natural gas is used as both a chemical feedstock and a fuel to produce anhydrous ammonia, which is a raw material used in the production of concentrated phosphate products. Natural gas is also a significant energy source used in the potash solution mining process. From time to time, our profitability has been and may in the future be adversely impacted by the price and availability of these key inputs and other energy costs. For example, the ongoing conflict between Russia and Ukraine and the related sanctions have led, and may continue to lead, to disruption and instability in global markets, supply chains and volatile pricing and availability of these key inputs and raw materials. Because most of our products are commodities, there can be no assurance that we will be able to pass through increased costs to our customers. A significant increase in the price of fertilizer, natural gas, ammonia, sulfur or energy costs

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that is not recovered through an increase in the price of our related crop nutrients products could have a material adverse impact on our business.

We are subject to risks associated with our international sales and operations, which could negatively affect our sales to customers in foreign countries as well as our operations and assets in foreign countries. Some of these factors may also make it less attractive to distribute cash generated by our operations outside the U.S. to our stockholders, or to utilize cash generated by our operations in one country to fund our operations or repayments of indebtedness in another country or to support other corporate purposes.

In 2024, we derived approximately 64% of our net sales from customers located outside of the U.S. As a result, we are subject to numerous risks and uncertainties relating to international sales and operations, including:

•difficulties and costs associated with complying with a wide variety of complex laws, treaties and regulations;

•unpredictable changes in regulatory environments;

•increased government regulation of the economy in the countries we serve;

•political and economic instability, inflation and adverse economic conditions resulting from governmental attempts to reduce inflation, such as imposition of higher interest rates and wage and price controls;

•unpredictable tax audit practices of various governments;

•nationalization of properties by foreign governments;

•the imposition of tariffs, exchange controls, trade barriers or other restrictions, or government-imposed increases in the cost of resources and materials necessary for the conduct of our operations or the completion of strategic initiatives, including with respect to our joint ventures; and

•currency exchange rate fluctuations between the U.S. dollar and foreign currencies, particularly the Brazilian real and the Canadian dollar.

The occurrence of any of the above in the countries in which we operate or elsewhere could jeopardize or affect our ability to transact business there and could adversely affect our revenues and operating results and the value of our assets located outside of the U.S.

In addition, tax regulations and tax audit practices, currency exchange controls and other restrictions may also make it economically unattractive to:

•distribute cash generated by our operations outside the U.S. to our stockholders; or

•utilize cash generated by our operations in one country to fund our operations or repayments of indebtedness in another country or to support other corporate purposes.

Our assets outside of North America are located in countries with volatile conditions, which could subject us and our assets to significant risks.

We are a global business with substantial assets located outside of North America. Our operations in Brazil, China, India and Paraguay are fundamental to our business. We have a majority interest in the joint venture entity operating the Miski Mayo Mine that supplies phosphate rock to us. Volatile economic, market and political conditions may have a negative impact on our operations, operating results and financial condition. In addition, unfavorable changes in trade protection laws, policies and measures, or governmental actions and policies and other regulatory requirements affecting trade and the pricing and sourcing of our raw materials, may also have a negative impact on our operations, operating results and financial condition.

Natural resource extraction is an important part of the economy in Peru and, in the past, there have been protests against other natural resource operations in Peru. There remain numerous social conflicts that exist within the natural resource extraction sector in Peru, and there is potential for active protests against natural resource extraction companies. If the Government of Peru’s proactive efforts to address the social and environmental issues surrounding natural resource activities are not successful, protests could extend to or impact the Miski Mayo Mine and adversely affect our interest in the Miski Mayo joint venture or the supply of phosphate rock to us from the mine.

Adverse weather conditions, including hurricanes, and excess heat, cold, snow, rainfall and drought, have in the past, and may in the future, adversely affect our operations, and result in increased costs, decreased sales or production and potential liabilities.

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Adverse weather conditions have in the past and may in the future adversely affect our operations, particularly our Phosphates operations. In the past, hurricanes have resulted in physical damage to our facilities in Florida and Louisiana.

Additionally, water treatment costs tend to increase significantly following excess rainfall. Some of our Florida and Louisiana facilities have had, and others could have, high water levels that have required, or may require, treatment. High water balances in the past at phosphate facilities in Florida also led the Florida Department of Environmental Protection (“FDEP”) to adopt rules requiring phosphate production facilities to meet more stringent process water management objectives for phosphogypsum stack systems. In addition to the FDEP, the U.S. Environmental Protection Agency (“EPA”) and the Louisiana Department of Environmental Quality also have similar requirements for water management objectives as outlined in our U.S. Resource Conservation and Recovery Act (“RCRA”) Consent Decrees.

If adverse weather conditions occur in coming years, our facilities may be required to take additional measures to manage process water to comply with existing or future requirements and these measures could potentially have a material effect on our business and financial condition.

Adverse weather conditions may also cause a loss of production and may disrupt our supply chain or adversely affect delivery of our products to our customers. For example, oil refineries that supply sulfur to us may suspend operations as a result of a hurricane, and incoming shipments of ammonia can be delayed, disrupting production at our Florida or Louisiana facilities and delivery of our products. In 2021, we experienced production impacts related to Hurricane Ida at our Louisiana operations. We also experienced down time and delayed shipments caused by impacts from Hurricane Ian which occurred in 2022. In 2024, we experienced production and distribution impacts related to Hurricanes Francine, Helene and Milton.

Excess rainfall and drought have in the past, and may in the future, adversely affect us. For example, in 2019 we experienced the wettest year in North America in nearly 50 years, which reduced fertilizer applications by farmers. Excess rainfall also resulted in higher river levels which adversely affected delivery of our products. Drought can reduce farmers’ crop yields and the uptake of phosphate and potash, reducing the need for application of additional phosphate and potash for the next planting season. Drought can also lower river levels, adversely affecting delivery of our products to our customers. For example, the Mississippi River was in drought condition for parts of 2022 and 2023, affecting barge movement on the river.

Climate change could adversely affect us.

The impacts of climate change on our operations and those of our customers remains uncertain. The impacts of climate change could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities, and changing temperature levels, and these changes could be severe. These impacts could vary by geographic location. Severe climate change could impact our costs and operating activities, the location and cost of global grain and oilseed production, and the supply and demand for grains and oilseeds. A number of our sites are located in areas that are exposed to weather events and have been adversely impacted by hurricanes and excessive rainfall as described elsewhere in these risk factors. To the extent climate change exacerbates these weather events, our operations could experience increased costs and disruptions to our business, which could be material. At the present time, we cannot predict the prospective impacts of climate change on our results of operations, liquidity or capital resources, or whether any such effects could be material to us.

We do not own a controlling equity interest in our non-consolidated companies, some of which are foreign companies, and therefore our operating results and cash flow may be materially affected by how the governing boards and majority owners operate such businesses. There may also be limitations on monetary distributions from these companies that are outside of our control. Together, these factors may lower our equity earnings or cash flow from such businesses and negatively impact our results of operations.

We hold minority ownership interests in other companies that are not controlled by us. The operations and results of Ma'aden and some other companies are significant to us, and their operations can affect earnings. Because we do not control these companies either at the board or stockholder levels and because local laws in foreign jurisdictions and contractual obligations may place restrictions on monetary distributions by these companies, we cannot ensure that these companies will operate efficiently, pay dividends or generally follow the desires of our management by virtue of our board or stockholder representation. As a result, these companies may contribute less than anticipated to our earnings and cash flow, negatively impacting our results of operations and liquidity.

Strikes or other forms of work stoppage or slowdown could disrupt our business and lead to increased costs.

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Our financial performance is dependent on a reliable and productive work force. A significant portion of our work force, and that of the joint ventures in which we participate, is covered by collective bargaining agreements with unions. Unsuccessful contract negotiations or adverse labor relations could result in strikes or slowdowns. Any disruption may decrease our production and sales or impose additional costs to resolve disputes. The risk of adverse labor relations may increase as our profitability increases because labor unions’ expectations and demands generally rise at those times.

Our underground potash shaft mines are subject to risks of water inflows.

Over the past century, several potash mines experiencing water inflow problems have flooded. Since December 1985, we have had inflows of brine water into our Esterhazy, Saskatchewan K1 and K2 potash mines. Due to an acceleration of brine inflows, on June 4, 2021, the Company announced a closure of our K1 and K2 potash mine shafts. Our potash mines at Colonsay, Saskatchewan, Carlsbad, New Mexico and our Esterhazy, Saskatchewan K3 mine (though not contiguous with the K1/K2 underground inflow region) are also subject to risks from inflow. Though minor inflows are regularly managed, it is possible that significant water inflows could occur which may present risks to our employees and our operations, and which may require us to incur brine management costs, change our mining processes, or abandon our operating mines.

See “Key Factors that can Affect Results of Operations and Financial Condition” and “Potash Net Sales and Gross Margin” sections of our Management’s Analysis in this Form 10-K and the Esterhazy closure costs in Note 26 of this Form 10-K, which sections are incorporated herein by reference, for a discussion of costs, risks and other information relating to the brine inflows.

Accidents or equipment failures occurring in the course of our operating activities could result in significant liabilities, interruptions or shutdowns of facilities or the need for significant safety or other expenditures.

We engage in mining and industrial activities, including rail transportation, that can result in serious accidents or experience equipment failures. If our procedures are not effective, or if an accident or equipment failure were to occur, we could be subject to liabilities arising out of property damage, personal injuries or death, our operations could be interrupted and we might have to shut down or abandon affected facilities. Accidents could cause us to expend significant amounts to remediate safety issues or to repair damaged facilities and could result in significant liabilities and/or impact on the financial performance of the Company, including material adverse effects on our results of operations, liquidity or financial condition. For example:

•Some of our facilities are subject to potential damage from seismic activity or other geologic concerns.

The excavation of mines in some parts of the world can result in potential seismic events or can increase the likelihood or potential severity of a seismic event. Our Esterhazy mine and Louisiana facilities have experienced minor seismic events from time to time. A significant seismic event at one our facilities or mines could result in serious injuries or death, or damage to or flooding of operations, or damage to adjoining properties or facilities of unrelated third parties. Geologic features may affect the integrity of our impoundments, particularly in central Florida. Our efforts to deploy new technologies to identify and repair features to mitigate impacts and risk may not be successful, adversely impacting our operations or could cause us to incur significant costs.

•Our underground potash shaft mines are subject to risk from fire. In addition, fire at one of our underground shaft mines could halt our operations at the affected mine or for longer periods for remedial work or otherwise.

Our underground potash shaft mines are subject to risk from fire. In the event of a fire, if our emergency procedures are not successful, we could have significant injuries or deaths, or shutdowns of our facilities, or could cause us to expend significant amounts to remediate safety issues or repair damaged facilities.

•We handle significant quantities of ammonia at several of our facilities.

We produce ammonia at our Faustina, Louisiana phosphate concentrates plant, use ammonia in significant quantities at all of our Florida and Louisiana phosphates concentrates plants and store ammonia at some of our distribution facilities. In Florida, ammonia is received at terminals in Tampa and transported by pipelines and trucks to our facilities. We also use ammonia in our Brazil phosphate operations. Our ammonia is generally stored and transported at high pressures or cryogenically. Accidents at any of our ammonia facilities could result in serious injury or death and could adversely impact our operations.

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•We also use or produce other hazardous chemicals at some of our facilities. If our safety procedures are not effective, an accident involving these other hazardous chemicals could result in serious injuries or death, or result in the shutdown of our facilities.

We use sulfuric acid to produce concentrated phosphate in our Florida and Louisiana operations and our Brazil operations. We also use or produce other hazardous chemicals at some of our facilities. An accident involving any of these chemicals could result in serious injuries or death, or evacuation of areas near an accident. An accident could also result in property damage or shutdown of our facilities, or cause us to expend significant amounts to remediate safety issues or to repair damaged facilities.

Our business operations rely on our information systems and any material disruption or slowdown of our systems could cause operational delays or loss of revenue.

We depend on information systems to, among other things, manage our inventory, process transactions, operate our websites, purchase and ship goods on a timely basis, and maintain cost-effective operations. We have invested significant capital associated with the implementation and integration of our information technology systems across our businesses. This process involves the replacement and consolidation of technology platforms, resulting in operational efficiencies and reduced costs. Our inability to effectively implement or convert our operations to the new systems could cause delays in product fulfillment and reduced efficiency in our operations and could have a material impact on our financial condition or operating results.

Regulatory Risks

Environmental, health and safety regulations and requirements to which we are subject may have a material adverse effect on our business, financial condition and results of operations.

We are subject to numerous environmental, health and safety laws and regulations (“EHS laws”) in countries in which we operate. These EHS laws govern a wide range of matters, including environmental controls, land reclamation, discharges to air and water, remediation of hazardous substance releases and in some cases, demonstration of financial assurance. They significantly affect our operating activities as well as the level of our operating costs and capital expenditures. In some jurisdictions, environmental laws change frequently and it may be challenging for us to achieve and maintain compliance with all material environmental laws at all times. If we are not in compliance, we may be subject to enforcement or third-party claims, and may require new investment in our business. In those circumstances, our financial condition and results of operations may be materially adversely affected.

The U.S. Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) imposes liability, including for cleanup costs, without regard to fault or to the legality of a party’s conduct, on certain categories of persons, including current and former owners and operators of a site and parties who are considered to have contributed to the release of “hazardous substances” into the environment. Under CERCLA, or various U.S. state analogues, a party may, under certain circumstances, be required to bear more than its proportional share of cleanup costs at a site where it has liability if payments cannot be obtained from other responsible parties. We periodically have incurred and may incur liabilities and cleanup costs, under CERCLA and other environmental laws, with regard to our current or former facilities, adjacent or nearby third-party facilities or offsite disposal locations.

Our operations are dependent on having the required permits and approvals from governmental authorities. Denial or delay by a government agency in issuing any of our permits and approvals or imposition of restrictive conditions on us with respect to these permits and approvals may impair our business and operations.

Our operations, including our mines, are dependent on having the required permits and approvals from governmental authorities. Denial or delay by a government agency in issuing, modifying or renewing any of our permits and approvals or imposition of restrictive or cost prohibitive conditions on us with respect to these permits and approvals may impair our business and operations and could have a material adverse effect on our business, financial condition or results of operations. For example, in Florida, local community involvement has become an increasingly important factor in the permitting process for mining companies, and various counties and other parties in Florida have in the past filed and continue to file lawsuits challenging the issuance or renewal of some of the permits we require. A recent federal court decision invalidated Florida’s Clean Water Act 404 “dredge and fill” permitting program and returned that permitting authority to the federal agencies.

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While that decision is under appeal, a change in permitting authority may complicate and delay the receipt of 404 Act approvals.

We are, and may in the future be, involved in legal and regulatory proceedings that could be material to us.

We have in the past been, are currently, and in the future may be, subject to legal and regulatory proceedings that could be material to our business, results of operations, liquidity or financial condition. Joint ventures in which we participate could also become subject to these sorts of proceedings. These proceedings may be brought by the government or private parties and may arise out of a variety of matters, including:

•Allegations that we have violated environmental, health and safety laws and regulations or that we are responsible for adversely affecting nearby properties. We are currently involved in proceedings alleging that, or to review whether, we have violated environmental laws in the U.S. and Brazil.

•Allegations by private parties that our operations have resulted in personal injury, property damage or damage to business operations.

•Antitrust, commercial, tax (including tax audits) and other disputes.

The legal and regulatory proceedings to which we are currently or may in the future be subject may, depending on the circumstances, result in monetary damage awards, fines, penalties, other liabilities, injunctions or other court or administrative rulings that interrupt, impede or otherwise materially affect our business operations or criminal sanctions.

We have included additional information with respect to pending legal and regulatory proceedings in Note 23 of our Notes to Consolidated Financial Statements and in this Form 10-K in Part I, Item 3. “Legal Proceedings”.

Environmental, health and safety and food and crop laws and regulations to which we are subject may become more stringent over time. This could increase the effects on us of these laws and regulations, and the increased effects could be materially adverse to our business, operations, liquidity and/or results of operations.

Heightened regulation on food and crop inputs (including crop nutrients) and environmental, health and safety issues in countries in which we operate can be expected to result in requirements that apply to us and our operations that may be more stringent than those described elsewhere in this report. These requirements may include:

•Increased levels of future investments and expenditures for environmental controls at ongoing operations, which will be charged against income from future operations; increased levels of the financial assurance requirements to which we are subject, and increased efforts or costs to obtain permits or denial of permits.

•New or interpretations of existing statutes or regulations that impose new or more stringent standards, restrictions or liabilities related to elevated levels of naturally-occurring radiation that arise on formerly mined land and other matters that could increase our expenses, capital requirements or liabilities or adversely affect our business, liquidity or financial condition.

Environmental justice considerations could have a material adverse effect on our business, financial condition or results of operations.

Some state governments increasingly are adopting standards or policies requiring environmental justice reviews in some permitting actions. In general, they require governmental agencies to evaluate projects for disproportionate impacts to disadvantaged or already burdened communities. If such conditions are found, they might result in a permit denial, or restrictive or cost prohibitive conditions imposed on our operations and may impair our business and operations and could have a material adverse effect on our business, financial condition or results of operations.

We are subject to financial assurance requirements as part of our routine business operations. If we were unable to satisfy financial assurance requirements, we might not be able to obtain or maintain permits we need to operate our business as we have in the past. In addition, our compliance with these requirements could materially affect our business, results of operations or financial condition.

In many cases, as a condition to obtaining or maintaining permits and approvals or otherwise, we are required to comply with financial assurance requirements of governmental authorities. The purpose of these requirements is to provide comfort to the government that sufficient funds will be available for the ultimate closure, post-closure care or reclamation of our facilities.

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In some cases, we comply through the satisfaction of applicable state financial strength tests; but if we are unable to do so, we must utilize alternative methods of complying with these requirements; if we do not, we would be prevented from continuing our operations and also could be subject to enforcement proceedings brought by relevant government agencies. Alternative compliance methods include providing credit support in the form of cash escrows or trusts, surety bonds from surety or insurance companies, letters of credit from banks, or other forms of financial instruments or collateral to satisfy the financial assurance requirements. Use of alternative means of financial assurance imposes additional expense on us and could affect our liquidity.

We have included additional discussion about financial assurance requirements under “Off-Balance Sheet Arrangements and Obligations–Other Commercial Commitments” in our Management’s Analysis.

Regulatory restrictions on greenhouse gas emissions and climate change regulations in the U.S., Canada or elsewhere could adversely affect us, and these effects could be material.

Various governmental initiatives to limit greenhouse gas emissions are under way or under consideration around the world. These initiatives could restrict our operating activities, require us to make changes in our operating activities that would increase our operating costs, reduce our efficiency or limit our output, require us to make capital improvements to our facilities, increase our energy, raw material and transportation costs or limit their availability, or otherwise adversely affect our results of operations, liquidity or capital resources, and these effects could be material to us.

Governmental greenhouse gas emission initiatives include, among others, the December 2015 agreement (the “Paris Agreement”) which was the outcome of the 21st session of the Conference of the Parties under the United Nations Framework Convention on Climate Change (“UNFCCC”). The Paris Agreement, which was signed by nearly 200 nations, including the U.S. and Canada, entered into force in late 2016 and sets out a goal of limiting the average rise in temperatures for this century to below 2 degrees Celsius. Each signatory is expected to develop its own plan (referred to as a Nationally Determined Contribution, or “NDC”) for reaching that goal. The U.S. formally withdrew from the Paris Agreement in January 2025.

Various legislative or regulatory initiatives relating to greenhouse gases have been adopted or considered by the U.S. Congress, the EPA or various states and those initiatives already adopted may be used to implement a U.S. NDC. Additionally, in the future, more stringent laws and regulations may be enacted to accomplish the goals set out in the NDC.

Brazil ratified the Paris Agreement in September 2016, committing to an NDC that includes economy-wide greenhouse gas reduction targets by 2030. The NDC further commits to achieving climate neutrality in 2060. Complete details surrounding Brazil’s plan for achieving the greenhouse gas emissions reductions and climate neutrality are uncertain. The government of Brazil may intervene with new or different policy instruments to meet the goals set out in the 2020 NDC.

Canada’s intended NDC aims to achieve significant greenhouse gas emissions reductions. The Canadian federal government has also introduced legislation establishing a long-term target of “net-zero” greenhouse gas emissions by 2050. More stringent laws and regulations may be enacted to accomplish the goals set out in Canada’s NDC and Canada’s own long-term emissions reduction targets.

In March 2024, the SEC issued final rules on climate-related disclosures that, if adopted, will require disclosure of extensive detailed climate-related information. The future of the SEC climate-related disclosure rule is uncertain as it was immediately challenged in litigation and implementation has been stayed pending the legal challenges. Most recently, the SEC issued a statement halting the defense of the climate-related disclosures until the Commission decides whether to continue defending it. The Company is monitoring the SEC’s climate-related disclosure rules and recently enacted standards in the European Union and California on climate change disclosure and is taking necessary steps to plan for the anticipated or adopted disclosure requirements. It is possible that such legislation and other future legislation or regulation addressing climate change, including the Paris Agreement or any new international agreements, could adversely affect our operating activities, energy, raw material and transportation costs, results of operations, liquidity or capital resources, and these effects could be material or adversely impact our competitive advantage. In addition, to the extent climate change restrictions imposed in countries where our competitors operate such as India, China, Russia, Belarus or Morocco, are less stringent than in the U.S., Canada or Brazil, our competitors could gain cost or other competitive advantages over us.

We use tailings, sediments and water dams and other impoundments to manage residual materials generated by our facilities, including Brazilian mining operations. If our safety procedures are not effective, an accident involving these

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impoundments could result in serious injuries or death, damage to property or the environment, or result in the shutdown of our facilities, any of which could materially adversely affect our results of operations.

Mining and processing of potash and phosphate generate residual materials that must be managed both during the operation of the facility and upon facility closure. Potash tailings, consisting primarily of salt and clay, are stored in surface disposal sites. Phosphate residuals from mining or processing are deposited in tailings dams or clay settling areas and phosphogypsum stacks. Mosaic manages its structures in accordance with all legal requirements and is implementing actions to be aligned with the major principles from the Global Industry Standard on Tailings Management – GISTM (established in 2020 by the ICMM – International Council of Metals and Mining, the UN environment program and the PRI – Principles of responsible investment). The failure of or a breach at any of our impoundments at any of our operations could cause severe property and environmental damage and loss of life, could result in the shut down or idling of our facilities and could have a material adverse effect on our results of operations.

We cannot predict the full impact of these rules or potentially related judicial actions, or future actions, or whether or how it would affect our Brazilian operations or customers. Any accident involving our tailings or other dams, or any shut down or idling of our related mines, could have a material adverse effect on our results of operations.

Competitive Risks

Our competitive position could be adversely affected if we are unable to participate in continuing industry consolidation.

Most of our products are readily available from a number of competitors, and price and other competition in the crop nutrient industry is intense. In addition, crop nutrient production facilities and distribution activities frequently benefit from economies of scale. As a result, particularly during pronounced cyclical troughs, the crop nutrient industry has a long history of consolidation. Mosaic itself is the result of a number of industry consolidations. We expect consolidation among crop nutrient producers to continue. Our competitive position could suffer to the extent we are not able to expand our own resources either through consolidations, acquisitions, joint ventures or partnerships. In the future, we may not be able to find suitable companies to combine with, assets to purchase or joint venture or partnership opportunities to pursue. Even if we are able to locate desirable opportunities, we may not be able to enter into transactions on economically acceptable terms. If we do not successfully participate in continuing industry consolidation, our ability to compete successfully could be adversely affected and result in the loss of customers or an uncompetitive cost structure, which could adversely affect our sales and profitability.

Our strategy for managing market and interest rate risk may not be effective.

Our businesses are affected by fluctuations in market prices for our products, the purchase price of key inputs to operations, freight and shipping costs, foreign currency exchange rates and interest rates. We periodically enter into derivatives and forward purchase contracts to mitigate some of these risks. However, our strategy may not be successful in minimizing our exposure to these fluctuations. See “Market Risk” in our Management’s Analysis and Note 15 of our Notes to Consolidated Financial Statements which sections are incorporated herein by reference.

A shortage or unavailability of trucks, railcars, tugs, barges and ships for carrying our products and the raw materials we use in our business could result in customer dissatisfaction, loss of production or sales and higher transportation or equipment costs.

We rely heavily upon truck, rail, tug, barge and ocean freight transportation to obtain raw materials needed at our mines and concentrates facilities and to deliver our products to our customers. In addition, the cost of transportation is an important part of the final sale price of our products. Finding affordable and dependable transportation is important in obtaining our raw materials and to supply our customers. Higher costs for these transportation services or an interruption or slowdown due to factors including high demand, high fuel prices, labor disputes, layoffs or other factors affecting the availability of qualified transportation workers, adverse weather or other environmental events, or changes to rail, barge or ocean freight systems, could negatively affect our ability to produce our products or deliver them to our customers, which could affect our performance and results of operations.

Strong demand for grain and other products and a strong world economy increases the demand for and reduces the availability of transportation, both domestically and internationally. Shortages of railcars, barges and ocean transport for carrying product and increased transit time may result in customer dissatisfaction, loss of sales and higher equipment and

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transportation costs. In addition, during periods when the shipping industry has a shortage of ships, the substantial time needed to build new ships prevents rapid market response. Delays and missed shipments due to transportation shortages, including vessels, barges, railcars and trucks, could result in customer dissatisfaction or loss of sales potential, which could negatively affect our performance and results of operations.

Our success will continue to depend on our ability to attract and retain highly qualified and motivated employees.

Our continued success depends on the collective abilities and efforts of our employees. We compete for a talented workforce with other businesses, particularly within the mining and chemicals industries, in general, and the crop nutrients industry, in particular. Our expansion plans are highly dependent on our ability to attract, retain and train highly qualified and motivated employees who are essential to the success of our ongoing operations as well as to our expansion plans. If we were to be unsuccessful in attracting, retaining and training the employees we require, our ongoing operations and expansion plans could be materially and adversely affected.

Our most important products are global commodities, and we face intense global competition from other crop nutrient producers that can affect our prices and volumes.

Our most important products are concentrated phosphate crop nutrients, including diammonium phosphate, or DAP, monoammonium phosphate, or MAP, MicroEssentials® and muriate of potash, or MOP. We sell most of our DAP, MAP and MOP as global commodities. Our sales of these products face intense global competition from other crop nutrient producers.

Changes in competitors’ production or shifts in their marketing focus have in the past significantly affected both the prices at which we sell our products and the volumes that we sell, and are likely to continue to do so in the future. Increases in the global supply of DAP, MAP and MOP or competitors’ increased sales into regions in which we have significant sales could adversely affect our prices and volumes.

Competitors and new entrants in the markets for both concentrated phosphate crop nutrients and potash have in recent years expanded capacity, or begun, or announced plans, to expand capacity or build new facilities. The extent to which current global or local economic and financial conditions, changes in global or local economic and financial conditions, or other factors may cause delays or cancellation of some of these ongoing or planned projects, or result in the acceleration of existing or new projects, is unclear. In addition, certain of our products sold to China may be subject to additional tariffs due to ongoing trade tensions between China and the U.S. The level of exports by Chinese producers of concentrated phosphate crop nutrients depends to a significant extent on Chinese government actions to curb exports through, among other measures, prohibitive export taxes at times when the government believes it desirable to assure ample domestic supplies of concentrated phosphate crop nutrients to stimulate grain and oilseed production.

The other member of Canpotex is among our competitors who may, in the future, independently expand its potash production capacity at a time when each Canpotex member’s respective shares of Canpotex sales is based upon that member’s respective proven peaking capacity for producing potash. When a Canpotex member expands its production capacity, the new capacity is added to that member’s proven peaking capacity based on a proving run at the maximum production level. Alternatively, Canpotex members may elect to rely on an independent engineering firm and approved protocols to calculate their proven peaking capacity. Antitrust and competition laws prohibit the members of Canpotex from coordinating their production decisions, including the timing of their respective proving runs. Worldwide potash production levels could exceed then-current market demand, resulting in an oversupply of potash and lower potash prices.

All of the foregoing events are beyond our control. The effects of any of these events occurring could be materially adverse to our results of operations.

Some of our competitors and potential competitors have greater resources than we do, which may place us at a competitive disadvantage and adversely affect our sales and profitability. These competitors include state-owned and government-subsidized entities in other countries.

We compete with a number of producers throughout the world, including state-owned and government-subsidized entities. Some have greater total resources than we do, and may be less dependent on earnings from crop nutrients sales than we are. In addition, some of these entities have access to lower cost or government-subsidized natural gas supplies, mining rights and reserves, financing, transportation and tax incentives, placing us at a competitive disadvantage. Furthermore, certain governments as owners of some of our competitors may be willing to accept lower prices and profitability on their products in order to support domestic employment or other political or social goals. To the extent other producers of crop nutrients

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enjoy competitive advantages or are willing to accept lower profit levels, the price of our products, our sales volumes and our profits may be adversely affected.

Industry Risks

Future product or technological innovation could affect our business.

Future product or technological innovations by third parties, such as the development of seeds that require less crop nutrients, the development of substitutes for our products or developments in the application of crop nutrients, if they occur, could have the potential to adversely affect the demand for our products and our results of operations, liquidity and capital resources.

The success of our strategic initiatives depends on our ability to effectively manage them, and to successfully integrate and grow acquired businesses.

We have significant ongoing strategic initiatives. They involve capital and other expenditures and require effective project management and, in the case of potential strategic acquisitions, successful integration. To the extent the processes we (or, for our joint venture, we together with our joint venture partners) put in place to manage these initiatives or integrate and grow acquired businesses are not effective, our capital expenditure and other costs may exceed our expectations or the benefits we expect from these initiatives might not be fully realized, or both, thereby resulting in adverse effects on our operating results and financial condition.

Cyberattacks could disrupt our operations and have a material adverse impact on our business.

We utilize and rely upon information technology systems in many aspects of our business, including internal and external communications and the management of our accounting, financial, production and supply chain functions. As we become more dependent on information technologies to conduct our operations, and as the number and sophistication of cyberattacks increase, the risks associated with cybersecurity increase. These risks apply to us, our employees, and to third parties on whose systems we rely to conduct our business. To our knowledge, we have not experienced any material cybersecurity incidents of our technology systems. Failure to effectively anticipate, prevent, detect and recover from the increasing number and sophistication of cyberattacks could result in theft, loss or misuse of, or damage or modification of our information, and cause disruptions or delays in our business, reputational damage and third-party claims, which could have a material adverse effect on our results of operations or financial condition.

Our crop nutrients and other products are subject to price and demand volatility resulting from periodic imbalances of supply and demand, which may cause our results of operations to fluctuate.

Historically, the market for crop nutrients has been cyclical, and prices and demand for our products have fluctuated significantly. Periods of high demand, increasing profits and high capacity utilization tend to lead to new plant investment and increased production in the industry. This growth increases supply until the market is over-saturated, leading to declining prices and declining capacity utilization until the cycle repeats.

As a result, crop nutrient prices and volumes have been, and are expected to continue to be, volatile. This volatility may cause our results of operations to fluctuate and potentially deteriorate. The price at which we sell our crop nutrient products and our sales volumes could fall in the event of industry oversupply conditions, which could have a material adverse effect on our business, financial condition and results of operations. In contrast, high prices may lead our customers and farmers to delay purchasing decisions in anticipation of future lower prices, thus impacting our sales volumes.

Due to reduced market demand, depressed agricultural economic conditions and other factors, we have at various times suspended or curtailed production at some of our facilities. The extent to which we utilize available capacity at our facilities will cause fluctuations in our results of operations, as we will incur costs for any temporary or indefinite shutdowns of our facilities. In addition, lower sales tend to lead to higher fixed costs as a percentage of sales.

Financial Risks

During periods when the prices for our products are falling because of falling raw material prices, we could be required to write-down the value of our inventories. Any such write-down could adversely affect our results of operations and the value of our assets.

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We carry our inventories at the lower of cost or market. In periods when the market prices for our products are falling rapidly, including in response to falling market prices for raw materials, it is possible that we could be required to write-down the value of our inventories if market prices fall below our costs. Any such write-down could adversely affect our results of operations and the value of our assets. Any such effect could be material.

Our estimates of future selling prices reflect in part the purchase commitments we have from our customers. As a result, defaults on these existing purchase commitments because of the global or local economic and financial conditions or for other reasons could adversely affect our estimates of future selling prices and require additional inventory write-downs.

We may incur significant non-cash charges if our goodwill or long-lived assets become impaired in the future.

Under accounting principles generally accepted in the U.S. (“GAAP”), we review goodwill for impairment on an annual basis or more frequently if events or circumstances indicate that their carrying value may not be recoverable. Other long-lived assets, including property, plant and equipment, are reviewed if events or circumstances indicate that their carrying value may not be recoverable. The process of impairment testing involves a number of judgments and estimates made by management, including the fair values of assets and liabilities, future cash flows, our interpretation of current economic indicators and market conditions, overall economic conditions and our strategic operational plans with regard to our business units. If the judgments and estimates used in our analysis are not realized or change due to external factors, then actual results may not be consistent with these judgments and estimates, and our goodwill and intangible assets may become impaired in future periods. If our goodwill or long-lived assets are determined to be impaired in the future, we may be required to record non-cash charges to earnings during the period in which the impairment is determined, which could be significant and have an adverse effect on our financial condition and results of operations. We have, in the past, and may in the future, be required to write down the value of our goodwill or other long-lived assets, and such future write downs could be material.

Changes in tax laws or regulations or their interpretation, or exposure to additional tax liabilities, could materially adversely affect our operating results and financial condition.

We are subject to taxes, including income taxes, resource taxes and royalties, and non-income based taxes in countries where we operate. Changes in tax laws or regulations or their interpretation could result in higher taxes, which could materially adversely affect our operating results and financial condition.

We are subject to periodic audits by various tax authorities in all countries where we have meaningful operations. The due process, audit and appeal practices and procedures of such authorities may vary significantly by jurisdiction, may be unpredictable (and unreliable) in nature and may result in significant risk to us. For various reasons, some governments may issue significant reassessments on audit based positions not fully grounded in law or fact, even though, upon disputing the reassessments, a great many are overturned on administrative appeal and through the court system. Certain systems involve tax litigation as a common practice. In certain countries, there are requirements to pay a reassessment (even though the matter has not been finally decided by the tax administration or a court of law) while the taxpayer has a well-supported objection and appeals administratively or in court. This may result in tying up significant funds and/or creating adverse treasury and credit risks that may interrupt, impede or otherwise materially affect our business operations.

We extend trade credit to our customers and guarantee the financing that some of our customers use to purchase our products. Our results of operations may be adversely affected if these customers are unable to repay the trade credit from us or financing from their banks. Increases in prices for crop nutrient, other agricultural inputs and grain may increase this risk.

We extend trade credit to our customers throughout the world, in some cases for extended periods of time. In Brazil, where there are fewer third-party financing sources available to farmers, we also have several programs under which we guarantee customers’ financing from financial institutions that they use to purchase our products. As our exposure to longer trade credit extends throughout the world and use of guarantees in Brazil increases, we are increasingly exposed to the risk that some of our customers will not pay us or the amounts we have guaranteed. Additionally, we become increasingly exposed to risk due to weather and crop growing conditions, fluctuations in crop nutrient prices, commodity prices or foreign currencies, and other factors that influence the price, supply and demand for agricultural commodities. Significant defaults by our customers could adversely affect our financial condition and results of operations.

Due to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in earnings and cash flows.

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Our primary foreign currency exposures are the Canadian dollar and Brazilian real. The functional currency for our Brazilian subsidiaries is the Brazilian real. However, we finance our Brazilian inventory purchases with U.S. dollar-denominated liabilities. The functional currency of several of our Canadian entities is the Canadian dollar. For those entities, sales are primarily denominated in U.S. dollars, but the costs are paid principally in Canadian dollars. Canadian entities have significant U.S. dollar denominated intercompany loans and U.S. entities, with the U.S. dollar as functional currency, have Brazilian real denominated loans. During periods of local or global economic crises, local currencies may be devalued significantly against the U.S. dollar. During times of a strengthening dollar, our net earnings can be reduced due to transaction currency losses arising from these exposures of U.S. dollar denominated liabilities held in the Brazilian and Canadian entities and Brazilian real denominated assets held in U.S. entities. To reduce economic risk and volatility on expected cash flows that are denominated in the Canadian dollar and Brazilian real, we use financial instruments that may include forward contracts, options or collars when unable to naturally offset the exposures.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

Risk Management and Strategy

As a global company, we utilize and rely upon information technology systems in many aspects of our business, including internal and external communications and the management of our accounting, financial, production and supply chain functions. As we become more dependent on information technologies to conduct our operations, and as the number and sophistication of cyberattacks increase, the risks associated with cybersecurity increase. Failure to effectively anticipate, prevent, detect and recover from the increasing number and sophistication of cyberattacks could have a material adverse effect on our results of operations or financial condition. To our knowledge, we have not experienced any material cybersecurity incidents of our technology systems.

Mosaic’s cybersecurity program is comprised of people, processes and technology that are designed to adequately protect the confidentiality, integrity and availability of information technology systems and data. Mosaic has strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture of cybersecurity risk awareness. This integration ensures that cybersecurity considerations are an integral part of our decision-making processes at every level. We have a Governance Risk and Compliance team which is a dedicated team within the cybersecurity department that focuses on identifying and mitigating cybersecurity and compliance risk. The team works closely with the Information Technology department to continuously evaluate and address cybersecurity risks in alignment with our business objectives and operational needs. Our Enterprise Risk Management committee, which is comprised of members of our executive leadership team, reviews and evaluates key risks identified through cybersecurity risk management processes. Mosaic develops and continues to refine mitigation plans that adhere to industry best practices.

Regularly, Mosaic engages external vendors to provide independent insight to overall cybersecurity program effectiveness and to assist with evaluating response preparedness. As part of our third-party risk oversight, we regularly review the vendor's ratings and conduct assessments and interviews with their personnel. The results are then reported to leaders in the Information Technology department.

Governance

Board of Director Oversight

The Board of Directors oversees Mosaic’s Enterprise Risk Management program, and the Audit Committee is tasked with oversight of risk from cybersecurity threats. The Board receives an annual cybersecurity update while the Audit Committee receives reports from the Chief Information Security Officer (“CISO”) and Chief Information Officer (“CIO”) regularly. The reports to the Audit Committee include updates on key performance indicators and key risk indicators, including short-term, intermediate-term and emerging risks. The Audit Committee then briefs the Board on these matters. Ad hoc updates occur as needed.

Management’s Role in Managing Risk

The Information Technology organization is led by the CIO who is responsible for cybersecurity and risk management, with oversight by the Audit Committee. The cybersecurity program is overseen by the Mosaic’s CISO and supporting

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cybersecurity leadership, who lead teams to protect and preserve the confidentiality, integrity and continued availability of all information owned by, or in the care of, Mosaic.The CISO, along with the leadership team, possess many years of relevant Information Technology, cybersecurity and risk management experience in the manufacturing, electric, defense, financial and retail sectors. Educational backgrounds include advanced degrees and certifications, such as Certified Information Systems Security Professional. During the course of leadership team’s careers, they have built and sustained programs protecting other Fortune 500 companies, critical national infrastructure and military defense systems.

The CIO and CISO regularly update the Board and/or the Audit Committee on cybersecurity matters and the effectiveness of the cybersecurity program. The Board and Audit Committee also engage directly with senior leaders from the Information Technology department.

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Item 2. Properties.

SUMMARY OVERVIEW OF MINING

As used in this Form 10-K, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource,” “inferred mineral resource,” “mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are defined and used in accordance with S-K 1300. All determinates of mineral resources and mineral reserves have been prepared by qualified persons. Under S-K 1300, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a qualified person that the mineral resources can be the basis of an economically viable project. Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves.

Except for that portion of mineral resources classified as mineral reserves, mineral resources have not demonstrated economic value. Inferred mineral resources are estimates based on limited geological evidence and sampling and have too high of a degree of uncertainty to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Estimates of inferred mineral resources may not be converted to a mineral reserve. It cannot be assumed that all or any part of an inferred mineral resource will be upgraded to a higher category. A significant amount of exploration must be completed to determine whether an inferred mineral resource may be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource can be the basis of an economically viable project, or that it will be upgraded to a higher category.

Properties

The subsections below describe the property locations, overviews and mineral resource and mineral reserve estimates. Our material properties, as determined pursuant to S-K 1300, are Florida Phosphates, Esterhazy, Belle Plaine and Tapira. Further information about these properties can be found in the technical report summaries (“TRSs” or “TRS”) filed as exhibits to this Form 10-K.

Except as otherwise stated, the scientific and technical information relating to Florida Phosphates contained in this Form 10-K is derived from the 2022 S-K 1300 report for Florida Phosphates titled “Florida Phosphate Mining Technical Report Summary” effective December 31, 2022 prepared by employees of Mosaic. Except as otherwise stated, the scientific and technical information relating to Belle Plaine is derived from the 2024 S-K 1300 report titled “Belle Plaine Potash Facility Technical Report Summary” prepared by employees of Mosaic and the scientific and technical information relating to Esterhazy in this Form 10-K is derived from the 2021 S-K 1300 report titled “Esterhazy Potash Facility Technical Report Summary” effective December 31, 2021 prepared by employees of Mosaic.

Except as otherwise stated, the scientific and technical information relating to Tapira contained in this Form 10-K is derived from the 2023 S-K 1300 report for Tapira titled “SEC S-K 1300 Technical Report Summary Mosaic Fertilizantes: Complexo Mineracao de Tapira” effective December 31, 2023 prepared by qualified persons who are employees of WSP USA Inc., which is not affiliated with Mosaic.

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

Property Locations

Figure 2.1 and Figure 2.2 show the locations of each Resource and Reserve property.

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Figure 2.1: North America Resource and Reserve Location Map

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Figure 2.2: South America Resource and Reserve Location Map

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Property Overview

Annual Production

Table 2.1 shows the production tonnage and grade for all phosphate properties for 2024, 2023 and 2022.

Table 2.1 Summary of Production - Phosphate Properties
(in millions of tonnes)				December 31,
Mine Property		Annual Operational Capacity (tonnes)(a)(b)		2024				2023				2022
	Production (tonnes)		%P2O5(c)			Production (tonnes)	%P2O5(c)			Production (tonnes)	%P2O5(c)
Phosphate (Grade: P2O5)(c)
Florida		14.0		8.9	28.3			9.1	27.8			9.6	27.6
Total United States		14.0		8.9	28.3			9.1	27.8			9.6	27.6
Miski Mayo (d)		4.8		4.8	29.7			4.7	29.7			4.2	29.7
Total Peru		4.8		4.8	29.7			4.7	29.7			4.2	29.7
Araxá / Patrocinio		1.1		0.8	34.5			0.9	34.7			0.9	34.5
Cajati		0.5		0.4	34.3			0.3	33.7			0.3	34.3
Catalão		1.0		0.9	34.7			1.0	34.8			1.1	34.8
Tapira		2.0		1.8	35.0			1.7	35.2			1.9	35.1
Total Brazil		4.6		3.9	34.8			3.9	34.9			4.2	34.8
Total Phosphate		23.4		17.6	30.1			17.7	29.9			18.0	29.8

______________________________

(a)Annual operational capacity is the expected average long-term annual capacity for finished goods considering constraints represented by the grade, quality and quantity of the reserves being mined as well as equipment performance and other operational factors.

(b)Actual production varies from annual operational capacity shown in the above table due to factors that include, among others, the level of demand for our products, the quality of the reserves, the nature of the geologic formations we are mining at any particular time, maintenance and turnaround time, mechanical failure, weather conditions and other operating conditions.

(c)The percent of P2O5 represents a measure of the phosphate content in phosphate rock or a phosphate ore body. A higher percentage corresponds to a higher percentage of phosphate content in phosphate rock or a phosphate ore body.

(d)We have a 75% economic interest in the Miski Mayo Mine and consolidate its results. Miski Mayo’'s annual operating capacity and production tonnes are presented at 100% economic interest. These amounts are presented in wet tonnes based on average moisture levels of 3.0% to 5.0%. These quantities are the production of the drying plant.

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Table 2.2 shows the production tonnage and grade for the potash properties for 2024, 2023 and 2022.

Table 2.2 Summary of Production - Potash Properties
(in millions of tonnes)					December 31,
Facility	Annualized Proven Peaking Capacity (tonnes)(a)(b)		Annual Operational Capacity (tonnes) (b)(c)(d)		2024			2023			2022
		Ore Mined (tonnes)		Grade % K2O(e)		Ore Mined (tonnes)	Grade % K2O(e)		Ore Mined (tonnes)	Grade % K2O(e)
Belle Plaine – MOP(f)	3.9		3.0		11.6	19.3		10.2	19.3		11.3	19.3
Esterhazy – MOP(g)	6.3		6.3		15.6	22.2		14.1	23.4		13.7	24.5
Colonsay – MOP(h)	2.6		1.5		1.8	26.5		1.8	25.6		2.6	26.4
Total Canada	12.8		10.8		29.0	21.3		26.1	21.9		27.6	22.5
Carlsbad – K-Mag®(i)	0.9		0.7		2.3	6.6		2.3	6.7		3.0	6.2
Total United States	0.9		0.7		2.3	6.6		2.3	6.7		3.0	6.2
Taquari – MOP	0.7		0.5		1.7	16.4		1.9	14.7		1.6	14.3
Total Brazil	0.7		0.5		1.7	16.4		1.9	14.7		1.5	14.3
Total Potash	14.4		12.0		33.0	20.0		30.3	20.3		32.1	20.6

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(a)Represents full capacity based on 350 operating days per annum.

(b)Capacity is based on finished goods capacity, not ore mined. The annualized proven peaking capacity shown above is the capacity currently used to determine our share of Canpotex sales. Canpotex members’ respective shares of Canpotex sales are based upon the members’ respective proven peaking capacities for producing potash. When a Canpotex member expands its production capacity, the new capacity is added to that member’s proven peaking capacity based on a proving run at the maximum production level. Alternatively, after January 2017, Canpotex members may elect to rely on an independent engineering firm and approved protocols to calculate their proven peaking capacity. The annual operational capacity reported in the table above can exceed the annualized proven peaking capacity until the proving run has been completed.

(c)Annual operational capacity is the expected average long-term annual capacity considering constraints represented by the grade, quality and quantity of the reserves being mined as well as equipment performance and other operational factors.

(d)Actual production varies from annual operational capacity shown in the above table due to factors that include, among others, the level of demand for our products, the quality of the reserves, the nature of the geologic formations we are mining at any particular time, maintenance and turnaround time, mechanical failure, weather conditions and other operating conditions, as well as the effect of recent initiatives intended to improve operational excellence.

(e)Grade % K2O is a traditional reference to the percentage (by weight) of potassium oxide contained in the ore. A higher percentage corresponds to a higher percentage of potassium oxide in the ore.

(f)Equivalent to tonnes hoisted to surface at an underground shaft mine. Ore mined for Belle Plaine is calculated (KCl concentrate mined by solution divided by the estimated global grade of the deposit). The calculation is based on actual KCl tonnes mined for January 1, 2024 through December 31, 2024.

(g)Following completion of our Esterhazy K3 expansion project, a third-party audit assessed our Esterhazy Facility's nameplate capacity at 7.8 million tonnes. To date, we have been unable to rely upon this audit as a basis for an increase to our Canpotex entitlement percentage. We are evaluating when to take the necessary steps to complete the entitlement adjustment process.

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

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

Overview

Overviews for Phosphates, Potash and Mosaic Fertilizantes are shown in Table 2.3, Table 2.4, and Table 2.5 below. All properties are operated by Mosaic. All properties listed below are production stage, except Araxá/Patrocínio. Araxá/Patrocínio is an operating mine but is considered an exploration stage mine because Mosaic is extracting minerals from this

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mine without having determined there are mineral reserves under S-K 1300. Information concerning our material properties is located in this Item 2 under the headings “Florida Phosphates,” “Esterhazy,” “Belle Plaine” and “Tapira”.

Table 2.3: Phosphates Overview

Florida Phosphates
See Florida Phosphates Individual Property Disclosure below.
Peru - Compañía Minera Miski Mayo S.R.L. (“Miski Mayo”)
Location	Sechura Province in the Piura Region, Peru
Type and amount of ownership interests	75% owned by Compañía Minera Miski Mayo S.R.L., a wholly-owned indirect subsidiary of Mosaic.
Titles, mineral rights, leases or options and acreage	Miski Mayo is the holder of 20 non-metallics mining concessions (76,000 hectares).
Key permit conditions	Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis. As of December 31, 2024, all environmental licenses were either still valid or were being renewed pursuant to applications with the Peruvian Environmental Agency within the legal deadlines.<br><br><br><br>In general, environmental commitments are being met; however, there are environmental requirements and commitments related to the expansion of Miski Mayo Line 3 of the Second Amendment of the EIA (2015) that have to be verified and implemented.<br><br><br><br>Miski Mayo’s environmental controls are related to monitoring the quality of wastewater, surface water, groundwater and air, as well as waste management. Additional environmental controls are in place for air emissions, air quality and noise.<br><br><br><br>Tailings storage facilities and other impoundment’s stability are monitored through specified routine internal and third party inspections.
Mine types and mineralization styles	Miski Mayo is a surface mine. The phosphate deposits of Peru are located within the shallow north-trending Sechura Basin, in the Piura region, hosting successive inter-layered marine sediments of phosphate. We extract phosphate ore from Miski Mayo using excavators. The ore is then transported by truck for beneficiation in a plant that we own. The beneficiated concentrate is then shipped to North America for use in our own production or sold to third parties.
Processing plants and other facilities	Beneficiation plant

Table 2.4: North America Potash Overview

Belle Plaine Potash Facility (“Belle Plaine Facility”)
See Belle Plaine Individual Property Disclosure below.
Esterhazy Potash Facility (“Esterhazy Facility”)
See Esterhazy Individual Property Disclosure below.
Colonsay Potash Facility (“Colonsay Facility”)
Location	Saskatchewan, Canada
Type and amount of ownership interests	100% owned by Mosaic Potash Colonsay ULC, a wholly-owned, indirect subsidiary of Mosaic.

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Titles, mineral rights, leases or options and acreage	We lease approximately 118,378 acres of mineral rights for the Colonsay Facility from the Province of Saskatchewan (the “Crown”) under Subsurface Mineral Lease KL 108. The lease term is for a period of 21 years, with renewals at our option for additional 21-year lease periods.<br><br><br><br>In addition, we own or lease approximately 14,451 acres of mineral rights within the Colonsay area. All mineral properties owned or leased by Mosaic are for the “subsurface mineral” commodity as defined in The Subsurface Mineral Tenure Regulations (Saskatchewan).<br><br><br><br>We own approximately 5,972 acres of surface rights in the Colonsay area. All infrastructure including the processing plant and tailings management areas ( “TMAs” or “TMA”) are located on our owned land.
Key permit conditions	A water rights license issued by the Saskatchewan Water Security Agency is in place and expires in 2032. The license is associated with the allocation of surface water rights for the site. An Approval to Operate Pollutant Control Facilities, issued by the Saskatchewan Ministry of Environment, is also in place and expires in July 2028. It is expected to be renewed at or before expiration.<br><br>There are no other significant encumbrances, including permitting requirements (existing or anticipated in the future) associated with the Colonsay Facility. Except for the royalties, we do not anticipate any future significant encumbrances based on current known regulations and existing permitting processes. There are no outstanding violations and fines.
Mine types and mineralization styles	The intracratonic Elk Point Basin is a major sedimentary geological feature in western Canada and the northwest U.S. It contains one of the world’s largest stratabound potash resources that represents almost 25% of the global potash production. The Prairie Evaporite hosts rich deposits of evaporite minerals including NaCl, KCl and locally, carnallite that occur in three potash deposits: the Esterhazy, Belle Plaine and Patience Lake members.<br><br><br><br>The Colonsay deposit includes two potash-bearing members within its local stratigraphy; the Patience Lake Member and the Belle Plaine Member. Mining at Colonsay is conducted within the upper portion of the Patience Lake Member using a room and pillar mining method.<br><br><br><br>The Colonsay Facility uses an underground room and pillar mining method to extract potash. After being transported along a network of conveyor systems to the shaft, it is hoisted to the surface for onsite processing.
Processing plants and other facilities	Mill facility, beneficiation plant
Carlsbad Potash Facility (“Carlsbad Facility”)
Location	New Mexico, U.S.
Type and amount of ownership interests	100% owned by Mosaic Potash Carlsbad Inc., a wholly-owned, indirect subsidiary of Mosaic.
Titles, mineral rights, leases or options and acreage	The property consists of 89% federally owned and 11% state owned land, and 40 acres of privately owned mineral rights that Mosaic leases. We lease approximately 64,267 acres of mineral rights from the U.S. Department of Interior Bureau of Land Management (“BLM”). These lease terms are for a period of 20 years and are reviewed and renewed at their end of term.<br><br><br><br>Surface rights are subject to separate ownership and title from subsurface mineral rights.<br><br><br><br>We own 8,370 acres of surface rights. All infrastructure, including the processing plant, TMA, cluster sites, and pipeline rights of way, are located on Mosaic-owned land.

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Key permit conditions	Primary environmental resource areas identified include groundwater quality and shorebird habitat. Environmental monitoring for effluents, air and surface/groundwater is in place.<br><br><br><br>Currently, 11 permits or approvals are active for the property. We are in compliance with all such permits or approvals. One of the 11, groundwater discharge permit (DP-1399) issued by the New Mexico Environmental Department (“NMED”), is currently being renewed. The discharge permit governs operation of the TMA. A tailings management and inspection plan is in place and active. The permit includes closure and post-closure requirements and financial assurance requirements.<br><br><br><br>A mining and reclamation plan has been developed and approved by the BLM. This plan includes standards for operation and closure of the mine that comply with federal and state of New Mexico environmental regulations. Current and final mine closure plans and reclamation cost estimates are completed and the closure plans have been approved by NMED and the BLM.<br><br><br><br>There are no significant environmental permitting encumbrances (existing or anticipated in the future) associated with the Carlsbad Facility. We do not anticipate any future encumbrances based on current known regulations and existing permitting processes. There are no outstanding violations and fines.
Mine types and mineralization styles	The Carlsbad potash district is located within the northern New Mexico portion of the Delaware Basin. The Delaware Basin is the western subdivision of the greater Permian Basin, one of the deepest intracratonic basins in North America.<br><br><br><br>Potash mineralization at Carlsbad occurs in the Ochoan Epoch (Upper Permian Age) Salado Formation. The Salado Formation, up to a maximum of 2,200 feet (671 m) ft. thick, is an evaporite sequence dominated by 650 to 1,300 feet (198 to 396 m) of halite and muddy halite. It hosts 12 ore zones, 11 in the middle or McNutt Member and the 12th in the Upper Member. The area underlain by the 12 ore zones is about 1,900 sq. miles (4,920 sq. km). The 400 foot (122 m) thick McNutt Member is at a depth of 300 to 1,500 feet (91 to 457 m) below the surface.<br><br><br><br>The Carlsbad Facility utilizes an underground room-and-pillar mining method.<br><br>Pillars are cut in a manner that creates a panel; panel sizes can be changed based on grade, ground conditions and lease or oil and gas boundaries. The mine currently has five mine panels that consist of nine to 11 rooms. Drum-style continuous miners are utilized for mining. As the continuous miner advances, ore is fed off a boom located at the back of the miner into battery-powered ore haulage units. These units transport the ore through the open mine workings and dump it onto an extensive belt system that conveys the ore to the surface for milling.
Processing plants and other facilities	Langbeinite (K-Mag®) refinery and a granulation plant

Table 2.5: Mosaic Fertilizantes Overview

Complexo Mineroquímic de Araxá (“Araxá”) / Complexo de Mineração de Patrocínio (“Patrocínio”)
Location	Near Araxá / Patrocínio, Minas Gerais, Brazil
Type and amount of ownership interests	100% owned by Mosaic Fertilizantes P&K S.A., a wholly-owned indirect subsidiary of Mosaic.
Titles, mineral rights, leases or options and acreage	Mining rights in Brazil are governed by the Mining Code, Decree 227, dated February 27, 1967, and further regulation enacted by Agência Nacional de Mineração (the “ANM”). All subsoil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM.

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Key permit conditions	Mosaic currently holds a total of four mining permits within the Araxá area (2,769 hectares) and two mining permits and two exploration permits within the Patrocínio area (3,480 hectares). Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis. As of December 31, 2024, all environmental licenses were valid or were being renewed pursuant to applications filed with the Brazilian Environmental Agency.<br><br><br><br>There are action plans in progress to comply with the environmental conditions of the permits that are not met yet within the applicable regulations. Araxá and Patrocínio’s environmental controls are related to monitoring the quality of wastewater, surface water, groundwater and air, as well as waste management. Additional environmental controls are in place for air emissions, air quality and noise.<br><br><br><br>Tailings storage facilities and other impoundment’s stability are monitored through a continuous monitoring program, as well as routine inspections.
Mine types and mineralization styles	The Araxá and Patrocínio phosphate deposits are part of a series of Late-Cretaceous, carbonatite-bearing alkaline ultramafic plutonic complexes belong to the Alto Paranaiba Igneous Province.<br><br><br><br>The tropical weather regime prevailing in the region and the inward drainage patterns developed from the weather-resistant quartzite margins of the dome structures resulted in the development of an extremely thick soil cover in most of the complexes. The extreme weathering was responsible for the residual concentration of apatite.<br><br><br><br>The phosphate ore is extracted through surface mining by limited drilling and blasting, loaded into trucks and transported to the beneficiation plants. Patrocinio does not have its own beneficiation plant, so the ore is transported by rail to Araxá for processing.
Processing plants and other facilities	Two beneficiation plants at Araxá
Complexo Mineroquímico de Cajati (“Cajati”)
Location	Near Cajati, São Paulo, Brazil
Type and amount of ownership interests	100% owned by Mosaic Fertilizantes P&K S.A., a wholly-owned indirect subsidiary of Mosaic.
Titles, mineral rights, leases or options and acreage	Mining rights in Brazil are governed by the Mining Code, Decree 227, dated February 27, 1967, and further regulation enacted by the ANM. All subsoil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM.
Key permit conditions	Mosaic currently holds a total of eight permits within the CMC area (2,131 hectares). Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis. As of December 31, 2024, all environmental licenses were either valid or were being renewed pursuant to applications filed with the Brazilian Environmental Agency.<br><br>There are action plans in progress to comply with the environmental conditions of the permits that are not met yet within the environmental permits. Cajati’s environmental controls are related to monitoring the quality of wastewater, surface and groundwater and air, as well as waste management. Additional environmental controls are in place for air emissions, air quality and noise.<br><br>Tailings storage facilities and other impoundment’s stability are strictly monitored through a continuous monitoring program as well as routine inspections.
Mine types and mineralization styles	The primary alkaline intrusive complex of interest for Cajati is the Jacupiranga Ultramafic-Carbonatitic Mesozoic Complex. The economically exploitable portion of the Jacupiranga Alkaline Complex is focused on phosphate mineralization within the carbonatite domain of the complex.<br><br><br><br>The phosphate ore is extracted through surface mining by drilling and blasting, loaded into trucks and transported to the beneficiation plant onsite at Cajati.

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Processing plants and other facilities	Beneficiation plant
Complexo Mineração de Catalão (“CMC”)
Location	Near Catalão, Minas Gerais (and Goias), Brazil
Type and amount of ownership interests	100% owned by Mosaic Fertilizantes P&K S.A., a wholly-owned indirect subsidiary of Mosaic.
Titles, mineral rights, leases or options and acreage	Mining rights in Brazil are governed by the Mining Code, Decree 227, dated February 27, 1967, and further regulation enacted by the ANM. All subsoil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM.
Key permit conditions	Mosaic currently holds a total of eight permits within the CMC area (2,131 hectares). Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis. As of December 31, 2024, all environmental licenses were either valid or were being renewed pursuant to applications filed with the Brazilian Environmental Agency.<br><br><br><br>There are action plans in progress to comply with the environmental conditions that are not met yet within the environmental permits. CMC’s environmental controls are related to monitoring the quality of wastewater, surface and groundwater and air, as well as waste management. Additional environmental controls are in place for air emissions, air quality and noise.<br><br><br><br>Tailings storage facilities and other impoundment’s stability are monitored through a continuous monitoring program as well as routine inspections.
Mine types and mineralization styles	The CMC phosphate deposit is part of a series of Late-Cretaceous, carbonatite-bearing alkaline ultramafic plutonic complexes belong to the Alto Paranaiba Igneous Province.<br><br>The tropical weather regime prevailing in the region and the inward drainage patterns developed from the weather-resistant quartzite margins of the dome structures resulted in the development of an extremely thick soil cover in most of the complexes. The extreme weathering process was responsible for the residual concentration of apatite.<br><br>The phosphate ore is extracted through surface mining by limited drilling and blasting, loaded into trucks and transported to the beneficiation plant onsite at CMC.
Processing plants and other facilities	Beneficiation plant
Complexo Mineração de Tapira (“Tapira”)
See the Tapira Individual Property Disclosure below.
Complexo Mineroquímico de Taquari-Vassouras (“Taquari”)
Location	Near Rosario de Catete, Sergipe, Brazil
Type and amount of ownership interests	100% owned by Mosaic Potássio Mineração Ltda, a wholly-owned indirect subsidiary of Mosaic.
Titles, mineral rights, leases or options and acreage	Mining rights in Brazil are governed by the Mining Code, Decree 227, dated February 27, 1967, and further regulation enacted by the ANM. All subsoil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM.

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Key permit conditions	Mosaic currently holds one mining permit within the Taquari area (92,498 hectares). Permit conditions are dictated by operating licenses, which are maintained and renewed on a regular basis. As of December 31, 2024, all environmental licenses were either valid or being renewed pursuant to applications filed with the Brazilian Environmental Agency within the legal deadlines. Licenses are managed through national and state databases.<br><br><br><br>There are action plans in progress to comply with the environmental conditions that are not met yet within the environmental permits. Taquari’s environmental controls are related to monitoring the quality of wastewater, surface water, groundwater and air, as well as waste management. Additional environmental controls are in place for air emissions, air quality and noise.<br><br><br><br>The brine pipeline and other impoundment’s stability are monitored through a monitoring program as well as routine inspections.
Mine types and mineralization styles	The deposit is in the Taquari-Vassouras sub-basin and is a bedded evaporite where sylvinite is mined in an underground room and pillar mine at depths of 1,640 to 2,207 feet (500 to700m) below surface using continuous miners. The beneficiation process operation begins at the run-of-mine stockpile. The material is conveyed to the processing circuit where it is divided into seven major units: crushing, concentration, dissolution, drying, compaction, storage and shipping.
Processing plants and other facilities	Beneficiation plant

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Mineral Resource and Mineral Reserve Estimates

Table 2.6 shows the Mineral Resource tonnage and grade for all properties as of December 31, 2024.

Table 2.6 Summary of Mineral Resources as of December 31, 2024(a)

(in millions of tonnes)
Commodity/Geography/Mine Property Name		Measured Mineral<br>Resources				Indicated Mineral Resources				Measured + Indicated Mineral Resources				Inferred Mineral <br>Resources
	tonnes		Grade		tonnes		Grade		tonnes		Grade		tonnes		Grade
Phosphate (Grade: P2O5 )(b)
United States
Florida(c)		102.0		29.9		415.0		30.1		517.0		30.0		83.0		30.0
Peru
Miski Mayo(d)		157.7		16.7		139.0		16.3		296.7		16.5		27.7		16.0
Brazil
Araxá/Patrocínio(e)(f)		208.8		12.9		304.8		13.8		513.6		13.4		7.0		13.0
Cajati(e)(g)		25.4		5.2		15.0		5.2		40.4		5.2		4.3		5.3
Catalão(e)(h)		59.2		9.9		102.6		10.6		161.8		10.3		17.9		8.8
Tapira(e)(i)		21.1		8.6		54.9		8.6		76.0		8.6		180.5		9.2
Total Phosphate		574.2		16.2		1,031.3		20.0		1,605.5		18.6		320.4		15.2
Potash (Grade: K2O)(j)
Canada
Belle Plaine(k)		—		—		—		—		—		—		4,647.0		19.0
Esterhazy(l)		255.0		23.3		2,092.0		22.8		2,347.0		22.9		—		—
Colonsay(l)		—		—		—		—		—		—		977.0		29.0
United States
Carlsbad(m)		—		—		—		—		—		—		39.0		6.0
Brazil
Taquari(n)		—		—		6.8		37.3		6.8		37.3		56.7		36.7
Total Potash		255.0		23.3		2,098.8		22.8		2,353.8		22.9		5,719.7		20.8

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(a)Mineral resources are reported exclusive of mineral reserves, and except as otherwise noted, are stated in-situ. Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves.

(b)The percentage of P2O5 represents a measure of the phosphate content in phosphate rock or a phosphate ore body. A higher percentage corresponds to a higher percentage of phosphate content in phosphate rock or a phosphate ore body. Brazilian grades, except for Cajati, are P2O5ap, which represents the P2O5 associated with apatite and was calculated by the evaluation of the CaO / P2O5 ratio. Where CaO / P2O5 ratio was greater than or equal to 1.35, P2O5ap was equal to the total of P2O5; where the CaO / P2O5 ratio was less than 1.35, P2O5ap was equal to the CaO / 1.35 ratio.

(c)Mineral resource tonnages and grade are reported as a beneficiation plant product (phosphate rock) tonnage and P2O5 grade. The cut-offs used to estimate mineral resources include, minimum beneficiation plant concentrate BPL (27.45% P2O5), minimum pebble BPL (18.30% P2O5, except 22.88% P2O5 for DeSoto and Pioneer), maximum pebble magnesium oxide concentration and a maximum clay content cut-off for a logged matrix layer and the composite matrix volume. A Life of Mine (“LOM”) commodity price of US$143/tonne of phosphate rock was used for 2025 to 2037 to assess prospects for economic extraction but is not used for cut-off purposes.

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(d)Mineral resources are presented on the basis of our 75% interest. Cut-off grade of > 8% P2O5 was applied for mineral resources. A breakeven pit shell was developed with costs, grade requirements and a sales price of US $97.69/tonne of phosphate concentrate (2022 price evaluation) to develop the mineral resource pit shell.

(e)Measured, indicated and inferred blocks were included in mineral resource estimates if they were inside mining concessions and exploration permits with a final report approved by the ANM, but exclusive of physical structures. For example, depending on the site, a physical structure may consist of a beneficiation plant, crusher or waste pile.

(f)Araxá Oxidized Cut-off grade: Mass Recovery (rend_t) > 0, P2O5 ≥ 4.0, Fe2O3 ≥ 4.0, SiO2 ≥ 0.05, BaO ≤ 18.0. Araxá Micaceous Cut-off grade: Cut-off grade for Micaceous: Mass Recovery (rend_t) > 0, P2O5 ≥ 3.0, Fe2O3 ≥ 6.0, SiO2 ≥ 1.0, BaO ≤ 13.0. For Araxá, a revenue factor of 1.0 with sales price in Brazilian Reais ($R) of R$1,953 per tonne of phosphate concentrate was used to develop mineral resource pit shell. Patrocínio BEB-OXI Cut-off grade: P2O5 ≥ 2.5, Fe2O3 ≤ 62.0. Patrocínio CBN-OXI Cut-off grade: P2O5 ≥ 3.2, SiO2 ≥ 0.1. Patrocínio BEB-MIC Cut-off grade: P2O5 ≥ 3.0, SiO2 ≥ 0.8. Patrocínio FET Cut-off grade: P2O5 > 0.0. Patrocínio RSI Cut-off grade: P2O5 ≥ 2.9. For Patrocínio, a revenue factor of 1.0 with a sales price of R$1,869.84 per tonne of phosphate concentrate (2023 LOM price evaluation) was used to develop mineral resource pit shell.

(g)Cut-off grade of > 3% P2O5 was applied for mineral resources. A revenue factor of 1.0 with sales price of R$2,963.40 per tonne of phosphate concentrate (2023 LOM price evaluation) was used to develop the mineral resource pit shell.

(h)Cut-off grade of P2O5ap ≥ 5.0% and 0.8 ≤ RCP ≤ 1.6 and MgO < 12% was applied to mineral resources. A revenue factor of 1.0 with a constant sales price of R$1,918.75 per tonne of phosphate concentrate was used to develop mineral resource pit shell.

(i)Cut-off grade of P2O5ap ≥ 5.0% and 0.9 ≤ RCP ≤ 3.0 was applied to mineral resources. A revenue factor of 1.0 with a sales price of R$1,940 per tonne of phosphate concentrate (2023 LOM price evaluation) was used to develop the mineral resource pit shell.

(j)%K2O refers to the total %K2O of the samples.

(k)No cut-off grade is used to estimate mineral resources as the solution mining method used at the Belle Plaine Facility is not selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. The mining solution dissolves the potash, regardless of its grade, to make a concentrate that is pumped to the surface from the mining caverns for processing. A KCl commodity price of US $314/tonne was used for 2025 to 2084 to assess prospects for economic extraction for the mineral resources but is not used for cut-off purposes. A US$/CAD$ exchange rate of 1.32 was used to assess prospects for economic extraction for the mineral resources but was not used for cut-off purposes.

(l)No cut-off grade or value based on commodity price is used to estimate mineral resources as the mining method used at Colonsay or Esterhazy is not grade selective. The potash mineralization is mined on one level by continuous miners following the well-defined and continuous beds of mineralization with relatively consistent grades. The following KCl commodity prices were used to assess prospects for economic extraction for the mineral resources but are not used for cut-off purposes: US $308/tonne for Esterhazy for 2025 to 2054 and US $316/tonne for 2025 to 2116 for Colonsay. A US$/CAD$ exchange rate of 1.32 was used to assess prospects for economic extraction for the mineral resources but was not used for cut-off purposes.

(m)A 4% K2O cut-off grade with less than 2% kieserite is used to estimate mineral resources. This is consistent with the definition of mineable potash established by the U.S. Geological Survey. A US $300/tonne price was used for 2025 to 2064 to assess economic viability for the mineral resources, but was not used for cut-off purposes.

(n)Cut-off grade of > 20% KCl, a minimum sylvinite thickness of 1.8 m, and a minimum sylvinite percentage per block of 50% was applied for mineral resources.

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

Table 2.7: Summary of Mineral Reserves as of December 31, 2024(a)

(in millions of tonnes)
Commodity/Geography/Mine Property Name		Proven Mineral Reserves				Probable Mineral Reserves				Total Mineral Reserves
	tonnes		Grade		tonnes		Grade		tonnes		Grade
Phosphate (Grade: P2O5)(b)
United States
Florida(c)		41.0		27.8		59.0		27.0		100.0		27.4
Peru
Miski Mayo(d)		90.5		15.8		54.1		15.0		144.6		15.5
Brazil
Cajati(e)		36.0		5.4		19.7		5.4		55.7		5.4
Catalão(f)		57.1		10.5		8.4		10.0		65.5		10.4
Tapira(g)		121.2		9.1		311.3		8.9		432.5		9.0
Total Phosphate		345.8		12.9		452.5		11.9		798.3		12.3
Potash (Grade: K2O)
Canada
Belle Plaine(h)		266.0		19.3		388.0		19.3		654.0		19.3
Esterhazy(i)		158.2		22.9		341.8		20.4		500.0		21.2
Colonsay(i)		104.0		25.3		163.0		27.2		267.0		26.5
United States
Carlsbad(j)		150.3		6.5		0.0		0.0		150.3		6.5
Brazil
Taquari(k)		0.0		0.0		22.5		27.0		22.5		27.0
Total Potash		678.5		18.2		915.3		21.3		1,593.8		20.0

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(a)A mineral reserve is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Reserves are measured as Run of Mine (“ROM”) unless otherwise noted.

(b)Brazil grades except for Cajati are P2O5ap, which represents the P2O5 associated with apatite and was calculated by the evaluation of the CaO / P2O5 ratio. Where CaO / P2O5 ratio was greater than or equal to 1.35, P2O5ap was equal to the total of P2O5; where the CaO / P2O5 ratio was less than 1.35, P2O5ap was equal to the CaO / 1.35 ratio.

(c)Mineral reserve tonnages and grade are reported as a beneficiation plant product (phosphate rock) tonnage and P2O5 grade. A LOM commodity price of US$143/tonne of phosphate rock was used to assess prospects for economic extraction but is not used for cut-off purposes. Cut-off based on productivity factors per site have been applied to estimate mineral reserves. Recoverable Finished Product tonnes vs. Matrix Volume Mined ranges from 9.4 to 9.9%. Recoverable Finished Product tonnes vs. Total Volume Mined is 2.2%.

(d)Mineral reserves are presented on the basis of our 75% interest. The reference point for cut-off grade and pit optimization analysis is tonnes of concentrate at a price of US$97.69/tonne concentrate (2022 LOM price evaluation). We applied a cut-off grade of > 8% P2O5 mineral reserves. Additionally, we used a phosphate concentrate grade limitation of a minimum P2O5 concentrate grade of 29.5% in the LOM plan.

(e)The reference point for cut-off grade and pit optimization analysis is tonnes of concentrate at a price of R$2,963.40/tonne concentrate (2023 price evaluation). Cut-off grade of > 3% P2O5 and < 11% SiO2 was applied to mineral reserves. Mineral reserves were proven to be economic based on an internal transfer price of R$1,067/tonne of phosphate rock (2023 LOM price evaluation) that was derived in the discounted cash flow and compared to the gross margin available.

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(f)The reference point for cut-off grade and pit optimization analysis is tonnes of concentrate at a price of R$1,918.75/tonne concentrate (2023 LOM price evaluation). Cut-off grade of P2O5ap ≥ 5.0% and 0.8 ≤ RCP ≤ 1.6 and MgO < 12% was applied to mineral reserves. Mineral reserves were proven to be economic based on internal transfer price of R$596/tonne of phosphate rock (2024 LOM price evaluation)that was derived in the discounted cash flow and compared to the gross margin available.

(g)The reference point for cut-off grade and pit optimization analysis is tonnes of concentrate at a price of R$1,940/tonne concentrate (2023 price evaluation). Cut-off grade of P2O5ap ≥ 5.0% and 0.9 ≤ RCP ≤ 3.0 was applied to mineral reserves. Mineral reserves were proven to be economic based on internal transfer price of R$525/tonne of phosphate rock (2024 LOM price evaluation) that was derived in the discounted cash flow and compared to the gross margin available.

(h)No cut-off grade is used to estimate mineral reserves as the solution mining method used at the Belle Plaine Facility is not selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. The mining solution dissolves the potash, regardless of its grade, to make a concentrate that is pumped to surface from the mining cavities for processing. Mine designs based on a solution mining method and design criteria are used to constrain mineral reserves within mineable shapes. The following KCl commodity prices were used to assess economic viability for the mineral reserves, but were not used for cut-off purposes: 2025-$211/tonne, 2026-$263/tonne, 2027-$281/tonne, 2028-$256/tonne, 2029-$261/tonne and for the LOM $319/tonne. A US$/CAD$ exchange rate of 1.32 was used to assess economic viability for the mineral reserves but was not used for cut-off purposes.

(i)The following KCl commodity prices were used to assess economic viability for the mineral reserves: US$308/tonne for Esterhazy, US$319/tonne for Belle Plaine, and US$316/tonne for Colonsay. A US$/CAD$ exchange rate of 1.32 was used to economic viability for the Esterhazy and Belle Plaine mineral reserves.

(j)A 4% K2O cut-off grade with less than 2% kieserite is used to estimate mineral reserves. This is consistent with the definition of mineable potash established by the U.S. Geological Survey. A US$232/tonne price was used to assess economic viability for the mineral resources but was not used for cut-off purposes.

(k)A tonnage reduction of 20% has been applied to the Probable mineral reserves to account for geological uncertainty. A KCl grade downgrade of -10% was applied to the Probable mineral reserves in order to adjust in-situ grades to ROM grades. A mean density of 2.10 g/cc was applied to all mineral reserve volumes to convert to tonnages. Cut-off grade of ≥ 20% KCl and a minimum sylvinite thickness of 1.8m was applied for mineral reserves. The discounted cash flow utilized K2O commodity prices (US$) of $299/tonne for 2025, $309/tonne for 2026, $279/tonne for 2027 and $269 for the remaining LOM. Mineral reserves were proven to be economic based on a positive discounted cash flow.

FLORIDA PHOSPHATE

Our three phosphate production stage mining facilities (South Fort Meade, Four Corners and Wingate) and three exploration properties (DeSoto, Pioneer and South Pasture) in Florida consist of over 210,000 acres of property in central Florida (Table 2.8 and Figure 2.3). We idled the mining and beneficiation activities at South Pasture. The facilities and properties are in DeSoto, Hardee, Hillsborough, Manatee and Polk counties. Even though we continue to add real property to one or more of these locations, most of the property currently being mined or planned for future mining have been in industry ownership for over 50 years. The mining facilities and exploration properties are owned by or have controlling interest granted to Mosaic Fertilizer LLC, South Ft. Meade Land Management or South Ft. Meade Land Partnership, L.P. (“SFMLP”), each a subsidiary of Mosaic.

We either own or have a controlling interest in the mineral rights to the current and future facilities. Mineral and surface rights are joined at the Four Corners, Wingate, Pioneer and South Pasture properties. Portions of the DeSoto property and South Fort Meade facility have the surface and mineral interests severed.

The net book value for our Florida phosphate mining facilities and exploration properties is $1.9 billion as of December 31, 2024.

Table 2.9 lists the land status and acreages for the facilities and properties.

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Table 2.8: Property Locations

Property	Location
South Fort Meade Facility	Straddles the county line road beginning 1.3 miles (2.1 km) east of the City of Bowling Green and continuing another five miles (8 km). Located at 27.667195 N, 81.761349 W.
Four Corners Facility	Located in southeast Hillsborough County, northeast Manatee County and southwest Polk County. Located at 27.646144 N, 82.087305 W.
Wingate Facility	Most of the property associated with this mine is west of Duette Road and north of State Road 64. There is a portion of this property that exists on the east side of Duette Road that begins approximately three miles (2 km) north of State Road 64. Located at 27.504452 N, 82.132221 W.
DeSoto Property	This exploration property is bisected by State Road 70 and State Road 72 running east and west and the county line running north and south. A portion of the DeSoto property is owned fee simple and the mining interests on the remaining portion is secured by mineral rights. Located at 27.263018 N, 82.035208 W.
Pioneer Property	This exploration property is bisected by County Road 663 running north and south. Several local roads (Murphy, Bridges, Bennett and Post Plant) cross this parcel. Located at 27.439391 N, 81.940020 W.
South Pasture Property	The property is situated along a ten mile stretch of State Road 64 and a seven mile stretch along Country Road 663. All parcels are bisected by County Road 663, State Road 62, State Road 64 and several local roads. The mining and beneficiation activities at this location have been idled. Located at 27.585787 N, 81.942888 W.

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Figure 2.3: Location Plan

The table below includes only land holdings associated with our mining properties.

Table 2.9: Property Status and Acreages

	Status (Acres)
	Florida Phosphate Property Status and Acreages
	Fee Simple	Mining Agreement		Mineral Rights (b)	Lease	Total
South Fort Meade Facility	15,978	25,528	(a)	92	711	42,309
Four Corners Facility	55,659	—		—	—	55,659
Wingate Facility	8,761	—		—	—	8,761
DeSoto Property	24,113	8		18,943	—	43,064
Pioneer Property	26,017	—		—	—	26,017
South Pasture Property	39,043	—		—	—	39,043
Total	169,571	25,536		19,035	711	214,853

______________________________

(a)    The mining agreement relates to the SFMLP which is 100% controlled by Mosaic or its subsidiaries.

(b)    All acres include surface rights with the exception of the DeSoto mineral rights.

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Governmental permits and approvals for mining are obtained from federal, state and county authorities, including the Environmental Resource Permit (“ERP”) issued by FDEP and permits required by Section 404 of the federal Clean Water Act. In connection with these permits, we are required to develop a reclamation plan with respect to these areas. The ERP is associated with a FDEP-approved reclamation plan that requires “acre for acre and type for type” reclamation to reclaim mined areas. Mitigation may also be required by ERP conditions which may also require conservation easements to provide permanent protection.

The integrated water use permit (“IWUP”) issued by the Southwest Florida Water Management District (“SWFWMD”) in 2012 authorizes the withdrawal of groundwater from underground aquifers through permitted wells to provide potable and production-water supplies in support of mining and other operations. The IWUP addresses all of our active mining operations. A separate water use permit (“WUP”) was issued by SWFWMD for the South Pasture property in 2017. The IWUP and the South Pasture WUP also regulate mine dewatering to avoid adverse impacts to wetlands and offsite properties. Both the IWUP and the WUP are 20 year permits expiring in 2032 and 2037, respectively.

Pre-mining development follows the issuance of regulatory permits. This involves ditch and berm construction for stormwater control, groundwater draw down mitigation where applicable, land clearing, installation of infrastructure and pre-mining dewatering (only for dragline mining).

There are no significant environmental permitting encumbrances, existing or anticipated, associated with the mining facilities and exploration properties. We do not anticipate any future encumbrances based on current known regulations and existing permitting processes. There are no material outstanding violations and fines.

Existing Infrastructure

The three mining facilities are in rural central Florida located southeast of Tampa in Hardee, Hillsborough, Manatee and Polk counties. The sites are located in agricultural zones with associated population centers and easy access to multiple transportation hubs in central Florida. The three exploration properties are located south of the mining facilities. Each will utilize the same water, electrical, railway and road networks as the active mines.

The mining facilities at South Fort Meade, Four Corners, Wingate and South Pasture commenced operations between 1981 and 1995, as noted below under “History and Exploration”. The phosphate mines have the infrastructure to meet our current production plans and long-range production goals. The current infrastructure includes major roads and highway access, railway support from CSX Transportation and electricity supplied by Duke Energy, TECO, PRECO, Florida Power and Mosaic cogeneration in associated distribution areas. Water supply is from Mosaic-owned deep wells and recycle sources. Current clay and tailings management areas footprints are expected to meet present demands, with additional capacity planned to meet the maximum volume and deposition rates from the 2024 LOM plan. An integrated operations center remotely controls certain functions at our Florida phosphate mines.

Additional infrastructure may be added to increase production reliability or flexibility. The assets currently in place are maintained through a workflow process that focuses on proactive inspections and preventative maintenance, while trying to minimize reactive maintenance. Except for South Pasture, which is currently idled, minimal infrastructure is currently in place at the other exploration properties.

We expect the sites to continue to operate effectively during the LOM while continuing to maintain the built infrastructure and renewing the long-term agreements in place for the site’s water, electricity and logistics needs.

We focus on reliability-centered maintenance with the goal of extending the life of the majority of assets to align with the LOM plan. We expect that some infrastructure will need to be replaced as it reaches end of life and has been factored into the relevant capital cost requirements.

Phosphate mining in central Florida is a mature industry. A network of suppliers, machine shops, fabricators and specialty contractors exist to support mining, and post-mining, land reclamation activities. Many large component vendors have branch offices in either Lakeland or Tampa, Florida. Engineering, design and technical services are readily available in Bartow, Lakeland and Tampa, Florida.

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Mining Method

Our mining operations in central Florida extract phosphate using surface mining techniques. The active mines utilize either electric walking draglines or dredges to remove overburden and mine phosphate ore (matrix). Matrix is hydraulically transported via centrifugal pumping systems to the beneficiation plant.

Pre-mining development follows the issuance of regulatory permits. This involves ditch and berm construction for stormwater control, groundwater draw down mitigation where applicable, land clearing, installation of infrastructure and pre-mining dewatering (only for dragline mining).

Development of the mine plan is based on several factors, including geological data, equipment, property boundaries, geotechnical considerations, clay impoundment, reclamation schedule, production (volume and quality) demands, permits (local, state and federal) and third-party agreements, such as agreements with local community groups, neighboring properties or NGO’s which do not materially impair the mine plan. Production is monitored through dragline/dredge monitoring systems, mass-flow instrumentation on slurry pumping systems and pit surveys. In addition to draglines and dredges, heavy mobile equipment is used to support mining activities. While each mine is staffed with Mosaic personnel to handle production and maintenance, contractors are used on an as-needed basis.

Processing Recovery Method

Phosphate matrix mined at the three mining facilities is processed through onsite beneficiation plants. The principal production components of the beneficiation plants consist of a washer, sizing system and flotation plant.

Matrix at each mine is slurried for transport to the beneficiation plant. After receiving matrix, washers separate minerals into four separate material groups. These are debris, pebbles, clay and under-sized flotation feed. The pebble is one of the final products and the under-sized flotation feed material contains recoverable phosphate rock. The washers separate >1.0 mm phosphate product and the <1.0 mm slurry of liberated clay, sand and phosphate particles. The clay is removed with hydrocyclones and pumped to clay settling areas while the >0.1 mm sand and phosphate move on to the sizing section.

The >0.1 mm sand and phosphate is separated into different size fractions using hydrosizers. An upward flow of water is injected into the hydrosizer that forces the fine particles to rise and overflow the sizer, while the coarse particles gently fall and flow out the sizer’s underflow. The segregated fine and coarse particles are then sent to the flotation plant so the phosphate can be separated from the sand.

The two-step flotation process, rougher flotation and cleaning flotation, is next utilized to separate phosphate from the sand. In the rougher flotation process, the phosphate mineral is recovered using flotation machines by adding fatty acid, oil, soda ash and sodium silicate. To increase the recovered rougher phosphate grade, a second cleaning flotation process is used to remove the residual sand using amine.

History and Exploration

Table 2.10 lists the important historical dates and events relevant to the mining facilities and exploration properties:

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Table 2.10: History

Date	Event/Activity
1881	Pebble phosphate discovered along the Peace River south of Fort Meade by Captain J. Francis LeBaron, chief engineer of a detachment of the Engineering Corps, United States Army.
1888	Phosphate rock first commercially mined along the Peace River.
1977	Farmland Industries purchased the Pioneer (eastern portion a.k.a. Hickory Creek) property.
1981	Beker Phosphate Company opened Wingate.
1983	Four Corners construction was completed. The operation was an equal partnership between IMC and W.R. Grace Corporation.
1985	Wingate was closed after Beker Phosphate Company filed for bankruptcy.
1985	Four Corners started production.
1986	IMC purchased Brewster Phosphates and closed the Lonesome Mine which would later be consolidated into Four Corners.
1986	Four Corners is idled due to market conditions.
1986	The DeSoto (also known as Pine Level) property is sold by AMAX Chemical Company to Consolidated Minerals, Incorporated.
1988	IMC gained 100% control of Four Corners.
1989	IMC restarted Four Corners.
1990	Wingate is acquired by Nu-Gulf.
1992	Wingate is reopened after a joint venture by Nu-Gulf and Royster Industries but closed later that year.
1993	IMC-Agrico is created by a joint venture between IMC and Agrico Chemical Company (a subsidiary of Freeport McMoRan).
1995	CF Industries opened and started production at South Pasture.
1995	Mobil Chemical Corporation opened and started production at South Fort Meade.
1996	Cargill Fertilizer (later Cargill Crop Nutrition) acquired South Fort Meade.
1996	DeSoto (a.k.a. Pine Level) and Ona (includes western portion of the Pioneer property) properties are sold by CMI to IMC-Agrico.
1997	IMC acquired Freeport McMoRan’s share of IMC-Agrico.
1998	Wingate is reopened.
1999	Wingate is closed.
2002	Cargill Crop Nutrition acquired the Pioneer property (eastern portion a.k.a. Hickory Creek) from Farmland-Hydro.
2004	Cargill Crop Nutrition acquired and reopened the Wingate Facility.
2004	Mosaic created out of a combination between IMC and Cargill Crop Nutrition.
2005	Wingate is shutdown.
2006	The Fort Green site is closed permanently, and the property is consolidated into Four Corners and Wingate.
2008	Wingate is reopened.
2014	Mosaic acquired CF Industries’ phosphate business in Florida, which included the South Pasture property.
2018	South Pasture Facility is idled.
2018	Ona (western portion) property is consolidated into Four Corners.
2020	South Fort Meade acquired the Eastern Reserves Phase I.
2022	South Fort Meade acquired the Eastern Reserves Phase II.

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Geology and Mineralization

The phosphate deposits of Florida are sedimentary in origin and part of a phosphate-bearing province that extends from southern Florida north along the Atlantic coast into southern Virginia. Sedimentary phosphate deposits consist of rock in which the phosphate mineral(s) occur in grains, pellets, nodules and as phosphate replacement of calcium in the remains of animal skeletal material and excrement.

Florida has phosphate rock distributed along the entire peninsula with varying lateral extents and abundance. There are five phosphate districts recognized in Florida identified as Northern, Northeast, Hardrock, Southeast and Central. The phosphate of Florida occur in sedimentary rocks and are of secondary origin, having been redeposited either by mechanical or chemical action. During deposition, most of the carbonate platform was drowned, and deposition was widespread. The intensity of reworking by marine processes allows some deposits to remain relatively near their origins and contribute to massive deposits while others were transported and winnowed into deposits of nodules, grains and pellets.

All our phosphate deposits are located in the central Florida Phosphate District. The general description of the phosphatic deposits in central Florida consist of two geological facies. The phosphate bearing units are within the Bone Valley Member of the Peace River Formation and the Undifferentiated Member of the Peace River Formation within the South Florida Extension region of the Central District. The deposit characteristics transition from northeast to the southwest. The major phosphate bearing units in the northeast consist of a productive Bone Valley Member with limited production in the Undifferentiated Member. The phosphate bearing units in the southwest exhibit limited production in the Bone Valley Member and a productive Undifferentiated Member of the Peace River Formation.

The phosphate stratigraphy consists of 5 to 50 feet (1.5 to 15.2 m) thick, white to brown poorly graded quartz sand with varying abundance of reworked phosphate grains as waste overburden. The economic zone is 13 to 50 feet (4.0 to 15.2 m) thick, with a grade ranging from 27 to 35% P2O5. It consists of tan-gray to gray quartz sands, dark gray to dark gray-blue-green clays and silts with phosphate nodules and pellets present with phosphate grains and clasts predominate. There can be interbedded waste zones of 0 to 15 feet (0.0 to 4.6 m) thick comprised of beds of cream to green barren sandy clay, clays or dense dolomitic clays. The basal units are dark gray to black clays to phosphatic limestone rubble to beds of phosphatic limestone.

Mineral Resource and Mineral Reserve Assumptions and Modifying Factors

The key mineral resource and mineral reserve assumptions and modifying factors are listed in Table 2.11.

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Table 2.11: Key Assumptions and Modifying Factors:

Parameter	Value	TRS Section
Supporting Information	Regional geologic studies, 56,713 drill holes and greater than 40 years of mining history.	Section 7
Average total thickness of the phosphate mineralization	13 to 50 feet (4 to 15 m)	Section 6
Minimum Concentrate %P2O5	27.5%	Section 11
Minimum Pebble %P2O5	18.3 to 22.9%	Section 11
Maximum pebble magnesium oxide (“MgO”) cut-off volume	2.5%	Section 11
Maximum Clay Content	40 to 50%	Section 11
Maximum Dragline Mining depth	85 feet (26 m)	Section 11
Maximum dredge mining depth	109 feet (33 m)	Section 11
Production Days per Year	365 days	Section 11
Mining Method	Dredge and dragline mining	Section 13
Production Rate	Approximately 9 to 13 million tonnes per year (2023-2033).	Section 13
Mineral Resource Cut-offs	The cut-offs used to estimate mineral resources by site include, the minimum beneficiation plant concentrate BPL (%P2O5), minimum pebble BPL (%P2O5), maximum pebble magnesium oxide concentration and a maximum clay content cut-off for a logged matrix layer and the composite matrix volume.	Section 11
Mineral Reserve Cut-off	Cut-off based on productivity factors per site have been applied to estimate mineral reserves.	Section 12
Mining Dilution	11.5 to 24.1% minimum pebble volume dilution and 10.3 to 12.9% minimum concentrate volume dilution.	Section 11
Mineral Resource Impurity Recovery	100%	Section 11
Mineral Reserve Pebble Impurity Recovery	91 to 99% Fe2O3, 106 to 125% aluminum oxide (“Al2O3”), 97 to 100% CaO, 110 to 137% MgO	Section 12
Mineral Reserve Concentrate Impurity Recovery	85 to 99% Fe2O3, 84 to 103% Al2O3, 94 to 100% CaO, 87 to 100% MgO	Section 12
Processing Method	Beneficiation plants at the facilities consisting of washer, sizing and flotation processes.	Section 14
Mineral Resource Beneficiation Plant Recovery	100%	Section 11
Mineral Reserves Beneficiation Plant Recovery	Pebble: 83 to 100%, Concentrate: 68.1 to 74.8%	Section 12
Deleterious Elements and Impact	Major elements include MgO, pyrite (FeS2) and Al2O3 affecting flotation and filtering processes.	Section 10, 11,12
Environmental Requirements, Permits etc.	No significant environmental permitting encumbrances.	Section 17
Geotechnical Factors (if any)	No concerns.	Section 13
Hydrological or hydrogeological factors (if any)	Water inflow onto mining areas can impact recovery and dilution.	Section 13
Commodity Price	$103/tonne of phosphate rock for 2022 mineral resources and $143/tonne for mineral reserves.	Section 16

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Mineral Resource Estimates

Mosaic’s phosphate mineral resources are reported as a beneficiation plant product (phosphate rock) tonnage and P2O5 grade, including a total primary impurities ratio (“MER”).

The geological information used to estimate the phosphate mineral resources for the mining facilities and exploration properties is based on drilling and sampling. The mineral resource estimates are completed using a proprietary software that applies specific grade, physical and impurity limits to the raw drill data of the property. These factors are used to select material that contains sufficient grade, limited impurities and is physically extractable to be included in the mineral resource estimate. The confidence and classification of the mineral resources is estimated based on the drill density of the evaluated area.

Mineral resources that are not mineral reserves have not demonstrated economic viability utilizing the criteria and assumptions required.

The methodology for estimating mineral resources consists of interpreting the available geological data to create composites of lithological units that meet the specified criteria. These composites are then mapped to determine the mineral resource boundary. The boundary is then trimmed to account for permit and mine boundary limitations. The composite data is also used to create a geologic model composed of volume, density, grade and impurity grids created using inverse distance weighted as the interpolation method. Elevation grids are created using triangulation based on LiDAR (Light Detection and Ranging) or survey data assigned to each drill hole. A utility macro is used to adjust elevations to account for holes with no matrix that meets the mine requirements. The data from each grid is then volumetrically combined using product volumes for the specific mineral resource shape and mineral resource classification creating a block of uniform constituents. Estimation of mineralization tonnage, grade and impurities is done by applying the volume weight percent of pebble, feed and clay for the given mineral resource shape.

Additional details regarding the estimation methodology are listed in Section 11 of the 2022 Florida Phosphate Mining TRS filed as an Exhibit to this Form 10-K.

Table 2.12 lists the total mineral resource estimates. Mineral resources are reported exclusive of the mineral reserves.

Table 2.12: Mineral Resources at the End of the Fiscal Year Ended December 31, 2024 Based on a LOM Plan Phosphate Rock Price of $143 per tonne(a)(b)(c)(d)(f)

(tonnes in millions)
Category	Tonnes(e)	Grade %P2O5(e)	Cut-off Grade	Metallurgical Recovery %
Measured	102.0	29.9	n/a	100	%
Indicated	415.0	30.1	n/a	100	%
Measured + Indicated	517.0	30.0	n/a	100	%
Inferred	83.0	30.0	n/a	100	%

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(a)Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves. Mineral resources are reported exclusive of mineral reserves.

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

(c)Mineral resources assume dragline mining at all sites except Wingate mine where dredging is assumed.

(d)Mineral resources amenable to a dragline mining method are contained within a conceptual mine pit design using the same technical parameters as used for mineral reserves.

(e)The cut-offs used to estimate mineral resources include: minimum beneficiation plant concentrate BPL (27.45%P2O5), minimum pebble BPL (18.30%P2O5, except 22.88%P2O5 for DeSoto and Pioneer), maximum pebble magnesium oxide concentration and a maximum clay content cut-off for a logged matrix layer, and the composite matrix volume.

(f)A LOM commodity price of $143 per tonne of phosphate rock was used to assess prospects for economic extraction but is not used for cut-off purposes.

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Mineral Reserve Estimates

Mosaic’s estimated mineral reserves are located at the South Fort Meade, Four Corners and Wingate mine facilities and are reported as a beneficiation plant product (phosphate rock) tonnage and P2O5 grade including a total MER. Mineral reserves have demonstrated economic viability utilizing the criteria and assumptions required at each phosphate facility and meet all the mining criteria required including, but not limited to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

The methodology for estimating mineral reserves consists of interpreting the available geological data to create composites of lithological units that meet the specified reserve criteria. A utility macro is used to apply reserve plant volume recoveries, adjust insoluble limits to the geologic model and to adjust elevations grids to account for holes with no matrix that meets the mine requirements. Dragline or dredge pit design work and scheduling are applied to the geologic model by the mine planner. Tonnes, grades and product quality are estimated by applying the mining shapes to the geological model. The data from each grid is then volumetrically combined using product volumes for the specific mine pit shape creating a block of uniform constituents. The recoverable tonnes of pebble and feed for the entire mine pit are calculated based on the area of the mine pit. The beneficiation plant grade recoveries are then applied to the recoverable feed tonnes to estimate the mineral reserves and recoverable concentrate tonnes.

Additional details regarding the estimation methodology are listed in Section 12 of the 2022 Florida Phosphate Mining TRS filed as an Exhibit to this Form 10-K.

The mineral reserve estimates are listed in Table 2.13.

Table 2.13: Mineral Reserves at the End of the Fiscal Year Ended December 31, 2024 Based on a LOM Plan Phosphate Rock Price of $143 per tonne(a)(b)(c)(d)(e)

(tonnes in millions)
Category	Tonnes	Grade<br><br>%P2O5	Metallurgical Recovery %
Proven	41	27.8	Pebble: 83 to 100%, Concentrate: 68.1 to 74.8%
Probable	59	27.0	Pebble: 83 to 100%, Concentrate: 68.1 to 74.8%
Proven + Probable	100	27.4	Pebble: 83 to 100%, Concentrate: 68.1 to 74.8%

___________________________

(a)South Fort Meade and Four Corners mineral reserves are mined by a dragline mining method. Wingate mineral reserves are mined by dredge mining.

(b)Cut-off based on productivity factors per site have been applied to estimate mineral reserves. Recoverable finished product tonnes vs. matrix volume mined ranges from 9.4-9.9%. Recoverable finished product tonnes vs. total volume mined is 2.2%,

(c)Mine designs are used to constrain measured and indicated mineral resources within mineable pit shapes.

(d)Only after a positive economic test and inclusion in the LOM plan are the mineral reserve estimates considered and disclosed as mineral reserves.

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

Mineral Resources and Mineral Reserves Comparison

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

As of December 31, 2024, we had mineral reserves of 100 million tonnes compared to 112 million in the prior year, resulting in a decrease of 13% for proven reserves and a decrease of 9% for probable reserves. Changes in mineral reserve tonnage from the prior year are the result of mining depletion and re-evaluations.

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BELLE PLAINE

The Belle Plaine Facility is in the rural municipality of Pense (No. 160) in the province of Saskatchewan, Canada. It is located north of the TransCanada Highway (Hwy. 1) approximately 32 miles (51 km) west of Regina (Figure 2.4). It is the oldest and largest potash solution mine in the world. Coordinates for the Belle Plaine Facility are +50° 25’ 39.57, -105° 11’ 53.87” +50° 25’ 39.57,” -105° 11’ 53.87”.

We lease 53,131 acres of mineral rights from the Crown under Subsurface Mineral Lease KL 106-R. Table 2.14 lists additional information regarding the lease. Table 2.15 outlines the lease acreage designated by township and section. The lease term is for a period of 21 years from July 2012, with renewals at the Company’s option for additional 21-year periods.

In addition, we own 19,284 acres of mineral rights within the Belle Plaine area as shown in Table 2.16 below. All mineral titles owned or leased by us include “subsurface minerals,” which under The Subsurface Mineral Tenure Regulations, 2015 (Saskatchewan) means “all-natural mineral salts of boron, calcium, lithium, magnesium, potassium, sodium, bromine, chlorine, fluorine, iodine, nitrogen, phosphorus and sulfur, and their compounds, occurring more than 197.0 feet (60.0 m) below the surface of the land”. Other commodities (e.g., petroleum and natural gas, coal, etc.) may be included within mineral rights we lease or own but are not specifically sought after when acquired.

Within the total acreage leased from the Crown or owned by us are parcels of land where we own or lease less than a 100% share of the mineral rights. 100% control by lease or ownership is required for mineral extraction. Acreages currently not mineable for this reason are listed in Table 2.17 below.

There are no significant environmental permitting encumbrances, existing or anticipated in the future, associated with the Belle Plaine Facility. We do not anticipate any future encumbrances based on current known regulations and existing permitting processes. There are no outstanding fines or material violations.

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

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Figure 2.4: Location Plan

Table 2.14: Mineral Lease

Crown Lease Number	Type	Area (Ha)	E	Expiration Date
KL 106-R	Subsurface Mineral Lease	21,501		July 1, 2033

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Table 2.15: Sections and Acreages Owned by the Crown

Township/Range	Sections of Mineral Rights Owned by Crown*	Area of Mineral Rights Owned by Crown (acres)
18/21	2/100	12
19/21	4-13/16	3,087
17/22	4-14/16	3,118
18/22	9-10/16	6,166
19/22	9-6/16	5,991
17/23	9-11/16	6,201
18/23	14-13/16	9,475
17/24	7-1/16	4,500
18/24	18-7/16	11,813
18/25	4-5/16	2,768
Total	83-2/100	53,131

*Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available.

Table 2.16: Sections and Acreages of Mosaic Owned Mineral Rights

Township/Range	Sections of Mineral Rights Owned by Mosaic*	Area of Mineral Rights Owned by Mosaic (acres)	Area of Full Quarter Sections Owned by Mosaic (acres)
17/23	11-2/16	6,962	5,910
18/23	7-1/16	4,275	3,817
17/24	7-11/16	4,762	3,526
18/24	5-6/16	3,285	2,871
Total	31-4/16	19,284	16,124

*Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available.

Table 2.17: Partial Mineral Rights Area

Township/Range	Sections of Crown Mineral Rights Leased by Mosaic, Currently Not Mineable*	Crown Mineral Rights Leased by Mosaic, Currently Not Mineable (acres)
18/22	1-2/100	652
19/22	1-7/100	682
18/23	38/100	241
18/24	97/100	307
Total	3-83/100	1,882

*Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available.

Existing Infrastructure

The Belle Plaine Facility consists of a mining area and a processing plant. Based on the current mine life, the mineral reserves support mining for 61 years. The processing plant consists of a refinery and cooling pond. The Belle Plaine Facility has the infrastructure in place to meet the current production goals and LOM plan. The current infrastructure includes major road and highway access, railway support from Canadian National Railway (“CNR”) and Canadian Pacific Railway (“CPR”),

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SaskPower-supplied electricity, Trans Gas-supplied natural gas and potable and non-potable water supplied from a local fresh water source. The current Tailings Management Area (“TMA”) footprint is designed to support the volume and deposition rates indicated in the 2024 LOM plan.

The main source of water (non-potable) required for production is provided by SaskWater from Buffalo Pound Lake, an 18 mile (29 km) long, 0.6 mile (1 km) wide lake with an average depth of 10 ft. (3 m), located northwest of the mine (Figure 15-1). Buffalo Pound Lake also supplies potable water for the cities of Regina, Moose Jaw and surrounding regions. Water levels are controlled by the SaskWater Security Agency and managed through the Lake Diefenbaker Dam. SaskWater operates a dedicated pumping station located on the south shore of Buffalo Pound Lake near the eastern edge of the lake with capacity of approximately 13,000 U.S. gallons per minute. There are three on duty pumps and a fourth on standby to ensure steady supply. Belle Plaine typically runs two pumps to meet the current water needs with the other pumps providing peaking capacity for future mining. Potable water is supplied for the site from the Buffalo Pound Water Treatment facility that is operated by SaskWater. Belle Plaine also has a tie-in to the potable water line that feeds the City of Regina.

SaskPower provides a portion of the power required to run the Belle Plaine Facility. This power comes in off their main grid that could be fed from any number of power plants, along the highline running north and south along Kalum Road. A total of 138 kV comes into the Belle Plaine substation through overhead lines where it is then stepped down to 13.8 kV using two transformers (28 MVA and 33.3 MVA) to their substation where there is also a 138 kV grounding transformer and a 138 kV gas insulated switchgear lineup. The Belle Plaine Facility generates power from the site powerhouse from two turbine generators. Typically, the total required Belle Plaine power requirement is 90% in-house generated power with the remaining being 10% fed from SaskPower. Belle Plaine does not have the option to send power back to the SaskPower grid.

From the on-site substation, 13.8 kV transformer secondary wires are fed to 13.8 kV switchgear lineup in the powerhouse to MCC rooms throughout the plant area and mine area. Belle Plaine uses overhead and buried cables throughout the mine area and cable trays in the refinery for the 13.8 kV wires. Belle Plaine owns a 138 kV air disconnect that is tied into SaskPower.

SaskEnergy supplies natural gas to the Belle Plaine Facility. The gas flows from the main lines into a local regulator station situated just north of the administration building and powerhouse. This station takes the high-pressure feed from the main lines and cuts it down through on-site filtration and also does some pre-heating to provide low pressure gas directly to the facility.

There are a variety of local or site roads on or to the Belle Plaine property. These are typically gravel roads. Roads around the processing plant are paved.

CNR and CPR are available to the Belle Plaine Facility to move final product to port. There is a tri party joint operating agreement among Mosaic, CPR and CNR which governs the joint operation and interaction of all parties for freight services at the Belle Plaine Facility.

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

The Belle Plaine Facility workforce primarily lives in Regina and Moose Jaw. Belle Plaine Facility personnel are typically trained through a variety of trades programs offered at the Saskatchewan Polytechnic campuses, the University of Regina or the University of Saskatchewan.

The province of Saskatchewan offers a large variety of suppliers for the potash mine operators. The potash industry in Saskatchewan is very mature which makes it easier to attract vendors to support the needs of the various mine sites throughout the province.

Saskatoon and Regina both have large industrial sectors with a variety of machine shops and industrial support services. Some specialty services are provided from the Alberta oil and gas industry.

Supplies are sourced locally, regionally and internationally based on availability or commercial considerations. Lead times and on-hand inventory are balanced to meet the needs of the site.

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Mining Method

The Belle Plaine Facility accesses the potash mineral reserves remotely by solution mining the ore. Paired wells are directionally drilled, cased and cemented to the base of the potash beds and are then connected underground using proprietary potash mining techniques. Solution mining can target extraction of the potash (“KCl”) beds. Current mining practices allow for all three potash beds in the Prairie Evaporite formation to be recovered. Water, or a weaker brine, is injected into the cavern to return a salt saturated and potash rich brine. This fluid is pumped through pipelines from the mining area and sent to the refinery complex as raw feed for further processing. The total life cycle of each cavern is approximately 25 years. Once the potash recovery is exhausted, each cavern is plugged and decommissioned in accordance with local government regulations.

The current production capacity of the Belle Plaine Facility is 3.2 million finished KCl tons/year (2.9 million finished tonnes/year).

Capability is scheduled to ramp up to support a finished tonnage projection of 3.3 million tons (3.0 million tonnes) per year and will do so until drilling is completed in the year 2066 at which point there will be a ramp down in production until 2084.

The 2024 Belle Plaine LOM plan based on mineral reserves has a total mine life of 60 years, ending in 2084.

Processing Recovery Method

The Belle Plaine Facility processing plant receives KCl-NaCl rich brine, known as raw feed, from the mine and achieves KCl recovery through the refinery and cooling pond areas. Well established solubility curves of H2O-NaCl-KCl systems are utilized to monitor the selective dropout of products in the process.

The refinery subjects the raw feed brine from the mining area to changing temperatures and pressures that selectively precipitates the NaCl and then the KCl out of solution in different stages of the process. Selective drop out of NaCl is achieved through two parallel lines of evaporators that heat the brine with steam that is generated on-site through natural gas fired boilers. The heating of the raw feed brine results in water liberation, causing NaCl to concentrate in the brine and then precipitate out of solution. After the brine is conditioned in the evaporator circuit, it is pumped to the thickener area for clarification and then pumped into a crystallizer circuit for KCl recovery. The crystallizer circuit subjects the process brine to a vacuum that allows further boiling, creating a cooling effect on the brine. As the brine cools, the KCl is forced to precipitate out of solution. The solid KCl is withdrawn from the crystallizer vessel as a slurry and pumped to the dewatering and drying area. The brine that overflows the crystallizer circuit, which still contains some dissolved KCl and NaCl, is fed to the cooling pond area for further KCl recovery.

The cooling pond area consists of multiple ponds that are fed with brine from the refinery and with raw feed brine from the mining area. The ponds facilitate atmospheric cooling, which allows KCl to preferentially precipitate out of the brine and then settle to the bottom of the ponds. The cooling pond area contains several KCl dredges that are comprised of a cutter wheel that fluidizes the deposited KCl from the bottom of a cooling pond and a slurry pump that moves the KCl slurry toward the dewatering and drying areas.

The dewatering and drying area removes the bulk of the brine in the slurry through process equipment and then conveys the KCl product into natural gas fired industrial dryers. The dried KCl product is then fed into the sizing area or compaction area for compacting, crushing, and screening processes to achieve product size specifications. Finished product is then conveyed to the on-site storage area, where it is held until being reclaimed, rescreened and shipped off-site, primarily through rail.

Site production is expected to increase to a stabilized 3.0 million tonnes per year until the year 2066, at which time the site will stop drilling new cavities and ramp down production to 2084. The site’s ability to produce at a sustained 3.0 million tonnes per year in future years is backed by a Canpotex proving run in 2016/2017, in which the Belle Plaine Facility achieved a production nameplate of 12,179 tons/day. Total site processing recovery will average approximately 79% throughout the remaining life of the mine and is dependent on sustained drilling activities. Future projections are modeled with mass and energy balance software to predict the future production and recovery capabilities.

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History and Exploration

The Belle Plaine Facility started production in 1964, after a period of significant research into solution mining, potash recovery and processing plant construction. Table 2.18 summarizes the important historical dates and events for the Belle Plaine Facility.

Table 2.18: History

Date	Event/Activity
1928	Discovery of evaporites in the sedimentary sequence in Saskatchewan.
1956 to 1966	Pittsburgh Plate Glass completed significant research and development over a decade and published several research papers concerning solution mining and potash recovery.
1960	A pilot solution mining project located at the current site was constructed, convincing Pittsburgh Plate Glass to develop the first commercial potash solution mining operation in the world based on the pilot plant results. The first exploration well drilled at the Belle Plaine property was Standard Chemical Stony Beach #1 in August 1960. Fourteen additional exploration wells were drilled from August 1960 to June 1968.
1963	Kalium Chemicals, Ltd, a joint subsidiary of Pittsburgh Plate Glass and Armour and Co. started construction of the original processing plant for a capacity of 0.544 million tonnes annually. The main plant construction consisted of the North and South evaporators (all 8), crystallizers #1 to #4, #1 and #2 compactor systems, #1 to #5 beehive warehouses, loadout building and the office and maintenance buildings.
1964	Mine and processing plant construction completed and production commences. The first rail car of potash was produced and shipped in August.
1968	Capacity expansion to 0.9 million tonnes per year. Main assets added included three more crystallizers (#5, #6 and #7), a third cooling tower, a sixth beehive warehouse and a barn style warehouse #7, a fluid bed dryer and filter table and a third boiler.
1980 to 1984	Two capacity expansions, first to 1.1 million tonnes and the second to 1.5 million tonnes per year. The major assets added included bucket elevators for each product, the fine fluid bed dryer, #4 compactor, reheat system barometric, additional galleries and conveyors to the warehouse (1A), cooling ponds, scrubbers and the Cold Leach Area.
1989	Belle Plaine Facility sold to Sullivan & Proops (Vigoro).
1990s	Capacity expansion to 2.0 million tonnes per year. Assets added included the K-Life System, #4 Turbo Generator, dual conveyors, conversion of the compaction system and additional compactors installed.
1995	IMC purchased Belle Plaine.
1998	The first 2D seismic survey at the Belle Plaine mine site was completed. A total of 160 line km was completed covering an area of approximately 5.4 sq. miles (14 sq. km).
2000	The first 3D seismic survey at the Belle Plaine Facility was completed, providing critical geological information about the geology of the potash members. This has become a critical tool used to provide confidence in the interpretation of the potash mineralization.
2001	The 2001 Belle Plaine Facility 3D seismic survey was completed. The survey covered approximately 5 sq. miles (13 sq. km) and was adjacent to and merged with the 2000 survey. This survey program utilized 35 miles (56 km) of source lines and 45 miles (72 km) of receiver lines.
2004	The Mosaic Company formed from a combination of IMC Global and Cargill’s Crop Nutrition business.
2005	The 2005 Belle Plaine Facility 3D seismic survey was completed. The survey covered approximately 4 sq. miles (11 sq. km) and was adjacent to and merged with previous 3D surveys. This survey program utilized 29 miles (47 km) of source lines and 34 miles (55 km) of receiver lines.
2008	The 2008 3D seismic survey covered approximately 28 sq. miles (72 sq. km) and was adjacent to and merged with previous 3D surveys. This survey program utilized 239 miles (385 km) of source lines and 235 miles (378 km) of receiver lines.

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2008 to 2012	Capacity was expanded to 2.86 million tonnes per year. Assets added the injection wells 3 and 4, reclaim brine system, #4 boiler, process water building, cold leach motor control center room, #5 compaction system, #8 warehouse building, #2 reclaim, reclaim losses system, pond return slurry tank and centrifuge upgrades, rotary dryer #3, #2 loadout system, 37 miles (60 km) of new mine field pipelines, a drilling rig, new substation and replacement of the #4 crystallizer.
2010	The Pense 3D seismic survey was completed that covered approximately 15 sq. miles (40 sq. km) and was adjacent to and merged with the previous 3D surveys. This survey program consisted of 136 miles (219 km) of source lines and 129 miles (208 km) of receiver lines.
2014	Plant upgrades included the adding and commissioning of Compaction #6.
2016/2017	The site’s ability to produce at a sustained 3.0 million tonnes per year in future years was validated through a “proving run” completed in 2016 when the Belle Plaine Facility achieved a proven peak capacity of 3.9 million tonnes per year.
2019	Plant upgrades were completed, consisting of adding the east thickener and advanced dewatering techniques.
2020	Two production wells were cored in 2020 to support the grade interpretation and calibration of the gamma geophysical logging system. The recent calibration check has been evaluated by a third party potash consultant to ensure applicability of the method regarding sample quality grade estimation.

Geology and Mineralization

The intracratonic Elk Point Basin is a major sedimentary geological feature in western Canada and the northwest U.S. It contains one of the world’s largest stratabound potash resources. The nature of this type of deposition is largely continuous with predictable depths and thickness. It is mined at several locations, including Mosaic's Esterhazy Facility.

Potash at the Belle Plaine Facility occurs conformably within Middle Devonian-age sedimentary rocks ranging in thicknesses from approximately 100 to 131 feet (30.0 to 40.0 m) at a depth of approximately 5,345 to 5,740 feet (1,630 to 1,750 m).

The Prairie Evaporite Formation, host to the potash mineralization, is divided into a basal lower salt and an overlying unnamed unit containing three potash-bearing units and one unit containing thin marker beds. In ascending order, the potash horizons in the upper unit are the Esterhazy Member, White Bear Marker Beds, Belle Plaine Member, and Patience Lake Member. Mineralogically, these members consist of sylvite and halite with minor amounts of carnallite (KCl, MgCl2, 6H2O).

The Esterhazy, Belle Plaine and Patience Lake members underly the Belle Plaine property. Also present are the White Bear Formation marker beds which occur between the Belle Plaine and Esterhazy members but are of insufficient thickness to be minable.

The following is a summary of the key stratigraphic units for the Belle Plaine Facility area:

•Patience Lake Member: The uppermost member of the Prairie Evaporite Formation with potash production potential. Between the top of the Prairie Evaporite and the top of the Patience Lake Member is a 0 to 45 feet (0.0 to 14.0 m) thick unit of halite with clay bands called the Salt Back. The sylvite-rich horizons within the Patience Lake Member are mined using conventional underground mining techniques along a trend from Vanscoy to Lanigan in the Saskatoon area and by solution mining techniques at Belle Plaine.

•Belle Plaine Member: The Belle Plaine Member underlies the Patience Lake Member and is separated from it by a zone of low grade sylvinite. The Belle Plaine Member is mined using solution mining techniques at the Belle Plaine Facility.

•White Bear Formation: The White Bear Formation consists of marker beds that are a distinctive unit of thin interbedded clay, halite, and sylvinite horizons that are not minable due to insufficient thicknesses of only 4.0 to 5.0 feet (1.2 to 1.5 m).

•Esterhazy Member: The Esterhazy Member is separated from the Belle Plaine Member by the White Bear Formation marker beds, a sequence of clay seams, low-grade sylvinite, and halite. The Esterhazy Member is mined using conventional underground techniques at the Esterhazy Facility in southeastern Saskatchewan, and by solution mining techniques at the Belle Plaine Facility.

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The mineable potash mineralization at Belle Plaine occurs in the three major potash bearing members, all of which are included in the solution mining. The potash mined at Belle Plaine is a mixture of halite and sylvite and in some parts of the mining area, small amounts of carnallite. There are several clay-rich zones that are not recovered in the solution mining process which recovers a concentrate portion of the minerals rather than the entire bed.

When considering the sequence of mining at the Belle Plaine Facility, the following terminology is applied to the beds. This describes the geology in a way that best summarizes the grades that are available for solution mining.

•The Upper Mining Zone consists of beds 38 to 31 of the Patience Lake Member and beds 23 to 21 of the Belle Plaine Member. The Upper Mining Zone is about 90 feet (27.4 m) thick.

•The Salt Stringer is a thin bed of salt located between Beds 31 and 23 in the Upper Mining Zone. The Salt Stringer is approximately 10 feet (3.0 m) thick.

•The Interzonal Salt is a thick bed of salt located between the Lower and Upper Mining Zones.

•The Marker Bed is a small, very rich potash bed located midway through the Interzonal Salt.

•The Lower Mining Zone consists of beds 13, 12 and 11 of the Esterhazy Member. The Lower Mining Zone is approximately 20 feet (6.1 m) thick.

Potash mineralization contains sylvinite: a mixture of the iron oxide-stained halite, sylvite and local carnallite. When present interstitially or as massive pods, carnallite can deteriorate rapidly or be preferentially dissolved. The color of the potash can vary from light orange to deep red rimmed crystals. The mineralization can be locally bedded or massive. The halite and sylvite crystals can range from small to more typically coarse to large which can be attributed to the conditions during deposition as there has been no alteration.

Mineral Resource and Mineral Reserve Assumption and Modifying Factors

The key mineral resource and mineral reserve assumptions and modifying factors are listed in Table 2.19.

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Table 2.19: Key Assumptions and Modifying Factors

Parameter	Value	TRS Section
Supporting Information	Regional geologic studies, 700 production wells, seismic surveys and greater than 55 years of mining history from approximately 350 caverns.	Section 7, 11
Average composited total thickness of the potash mineralization amenable to solution mining	102.2 feet (31.1 m)	Section 11
Tonnage Factor	17.2 cu ft./tonne (2,054 kilograms per cubic meter).	Section 11
Average KCl grade from all drilling	30.6% (19.3% K2O)	Section 11
Operating Days per Year	365 days	Section 13
Mining Method	Solution mining from surface installations.	Section 13
Production Rate	3.0 million tonnes per year.	Section 13
Cut-off	No cut-off grade or value based on commodity price is used to estimate mineral resources. This is because the solution mining method used at Belle Plaine mining is not grade selective.	Section 11, 12
Mining Recovery	21.5%	Section 13
External Dilution	None	Section 12
Processing Method	KCl recovered from brine solution.	Section 14
Processing Recovery	79 to 90%	Section 14
Deleterious Elements and Impact	Trace NaCl and MgCl2	Section 10
Environmental Requirements – Permits, etc.	No significant environmental permitting encumbrances.	Section 17
Geotechnical Factors (if any)	No concerns.	Section 13
Hydrological or Hydrogeological Factors (if any)	No concerns.	Section 13
Commodity Prices	KCl commodity prices of US$325 for mineral reserves.	Section 17
Exchange Rate (US$/C$)	1.32	Section 17

Mineral Resource Estimates

The Belle Plaine Facility mineral resources are reported as in-situ mineralization and are exclusive of mineral reserves. The mineral resources occur in the Esterhazy, Belle Plaine and Patience Lake members. Mineral resources that are not mineral reserves have demonstrated economic viability utilizing the criteria and assumptions required at the Belle Plaine Facility.

Mineral resources that are not mineral reserves have demonstrated economic viability utilizing the criteria and assumptions required at Esterhazy.

The methodology for estimating mineral resources consists of interpreting the available geological data in plan view using AutoCAD 2020 software. The plan is updated to include the current mineral rights status, seismic survey interpretations, the limits of the current mining footprint, known areas (geological anomalies, town sites and other surface infrastructure) that make the mineral resource inaccessible and the planned cluster sites.

Additional details regarding the estimation methodology is listed in Section 11 of the 2024 Belle Plaine Facility TRS.

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

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Table 2.20: Mineral Resources as of December 31, 2024 Based on LOM Plan KCI Price of $314 per tonne(a)(b)(c)(d)(e)(g)(h)

(tonnes in millions)
Category	Tonnes	Grade<br><br>%K2O	Grade <br>%KCl	Cut-off<br><br>Grade(f)	Metallurgical <br>Recovery
Inferred	4,647	19	31	n/a	79 to 90%

___________________________

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

(b)Mineral resources are reported exclusive of those mineral resources that have been converted to mineral reserves.

(c)Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves.

(d)Mineral resources assume solution mining.

(e)Mineral resources amenable to a solution mining method are contained within a conceptual cluster and cavern design using the same technical parameters as used for mineral reserves.

(f)No cut-off grade is used to estimate mineral resources. This is because the solution mining method used at the Belle Plaine Facility is not selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing.

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

(h)Rounding as required by reporting guidelines may result in apparent summation differences.

(i)2024 LOM price evaluation.

Mineral Reserve Estimates

The Belle Plaine Facility mineral reserves are reported as in-situ mineralization accounting for all applicable modifying factors. Mineral reserves meet all the mining criteria required at the Belle Plaine Facility including, but not limited to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

The methodology for estimating mineral reserves consists of solution mining design work and scheduling and the application of mining recovery and unplanned dilution. Additional details regarding the estimation methodology are listed in Section 12 of the 2024 Belle Plaine Facility TRS.

The mineral reserve estimates for the Belle Plaine Facility are listed in Table 2.21.

Table 2.21: Mineral Reserves at the End of the Fiscal Year Ended December 31, 2024 Based on a LOM Plan KCl Price of $314 per tonne(a)(b)(c)(d)(e)(f)

(tonnes in millions)
Category	KCl Tonnes	Grade <br>%KCl	Grade<br><br>%K2O	Metallurgical <br>Recovery %
Proven	266	30.6	19.3	79 to 90%
Probable	388	30.6	19.3	79 to 90%
Proven + Probable	654	30.6	19.3	79 to 90%

___________________________

(a)Mineral reserves are based on measured and indicated mineral resources only.

(b)All mineral reserves are mined by a solution mining method.

(c)No cut-off grade is used to estimate mineral reserves. This is because the solution mining method used at the Belle Plaine Facility is not selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining cavities for processing.

(d)Only after a positive economic test and inclusion in the LOM plan is the mineral reserve estimate included as a mineral reserve.

(e)Tonnages are in U.S. Customary and metric units and are rounded to the nearest million tonnes. The grades are rounded to one decimal place.

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(f)The following KCl commodity prices were used to assess economic viability for the mineral reserves, but were not used for cut-off purposes: 2025-$211/tonne, 2026-$263/tonne, 2027-$281/tonne, 2028-$256/tonne, 2029-$261/tonne and for the LOM $314/tonne.

Mineral Resources and Mineral Reserves Comparison

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

As of December 31, 2024, our estimated mineral reserves were 654 million tonnes compared to 652 million as of the prior year-end, resulting in a change of <1% related to our proven reserves. The year-over-year change is due to mining depletion. Our probably reserves did not change.

ESTERHAZY

The Esterhazy Facility is approximately 10 miles (16 km) to the east of the town of Esterhazy in Saskatchewan, Canada, 56 miles (90 km) southeast of the city of Yorkton and 137 miles (220 km) east of the city of Regina (Figure 2.5). The K1 mill site is located nine miles (14 km) northeast of Esterhazy. The K2 mill site is located 12 miles (19 km) east of Esterhazy. The K3 mine site is located four miles east (six km) of Esterhazy and the K4 mineral resources are located 18 miles northeast of Esterhazy. The geographic coordinates for K1 are latitude 50.726463 N and longitude -101.933506 W, the K2 coordinates are latitude 50.6574 N and longitude -101.8422 W and the K3 coordinates are latitude 50.64623 N and longitude -101.99346 W.

Mosaic, through Mosaic Potash Esterhazy Limited Partnership, a wholly-owned indirect subsidiary of Mosaic, leases 197,920 acres of mineral rights from the Crown under Subsurface Mineral Leases KL 105, KL 126, and KLSA 003. Table 2.22 lists additional information regarding the three Crown leases. Table 2.23 outlines the total acreage of the Crown leases designated by township and range. The lease terms are 21 years, with renewals at our option for successive 21-year periods.

We also own or lease 206,228 acres of freehold mineral rights within the Esterhazy area as shown in Table 2.24 below. All mineral titles owned or leased by Mosaic include the “subsurface mineral” which under The Subsurface Mineral Tenure Regulations (Saskatchewan) means all natural mineral salts of boron, calcium, lithium, magnesium, potassium, sodium, bromine, chlorine, fluorine, iodine, nitrogen, phosphorus and sulfur, and their compounds, occurring more than 60m below the surface of the land. Other commodities (e.g., petroleum and natural gas, coal, etc.) that are not specifically sought after when acquired may be on mineral titles that Mosaic leases or owns.

Within the total acreage leased from the Crown or owned/leased by us are parcels of land where we own or lease less than a 100% share of the mineral rights. To mine these properties, we would need to acquire 100% control either by lease or ownership. Acres currently not mineable for this reason are listed in Table 2.25 below.

There are no significant environmental permitting encumbrances (existing or anticipated in the future) associated with the Esterhazy Facility. Except for royalties, we do not anticipate any future encumbrances based on current known regulations and existing permitting processes. There are no outstanding fines or material violations.

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

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Figure 2.5: Location Plan

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Table 2.22: Mineral Lease

Crown Lease Number	Type	Area (Hectares)	Expiration Date
KL 105	Subsurface Mineral Lease	26,125	November 2, 2044
KL 126	Subsurface Mineral Lease	28,473	October 25, 2026
KLSA 003	Subsurface Mineral Lease	25,498	November 18, 2030

Table 2.23: Sections and Acreages Owned by the Crown

Township/Range	Sections of Mineral Rights Owned by Crown*	Area of Mineral Rights Owned by Crown (acres)
19/30	19-2/16	12,221
20/30	18-1/16	11,542
21/30	18-6/16	11,753
22/30	2-1/16	1,331
19/31	18-1/16	11,561
20/31	19-3/16	12,265
21/31	13-7/16	8,613
22/31	15-15/16	10,238
18/32	5-7/16	3,471
19/32	18-15/16	12,116
20/32	14-11/16	9,388
21/32	17-2/16	10,970
22/32	4-6/16	2,799
18/33	5-12/16	3,662
19/33	10-11/16	6,850
20/33	11-7/16	7,326
21/33	8-5/16	5,313
22/33	1-6/16	878
18/1	15-9/16	9,969
19/1	15-14/16	10,158
20/1	16-7/16	10,533
21/1	14-6/16	9,207
22/1	4-3/16	2,668
19A/1	2-12/16	1,762
18/2	6-1/16	3,865
19/2	4-13/16	3,083
19A/2	1-12/16	1,130
Total	309-4/16	194,672

*Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available.

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Table 2.24: Sections and Acreages of Mosaic-Owned Mineral Rights

Township/Range	Sections of Mineral Rights Owned/ Leased by Mosaic*	Area of Mineral Rights Owned/Leased by Mosaic (acres)
19/30	17-14/16	11,420
20/30	19-7/16	12,430
21/30	18-8/16	11,822
19/31	16-13/16	10,760
20/31	17-13/16	11,389
21/31	23-6/16	14,954
22/31	4-7/16	2,846
18/32	4-15/16	3,168
19/32	18-8/16	11,843
20/32	22-12/16	14,553
21/32	19-12/16	12,624
22/32	4-8/16	2,868
18/33	5-14/16	3,764
19/33	10-6/16	6,631
20/33	9-8/16	6,087
21/33	12-10/16	8,075
22/33	2-3/16	1,390
18/1	2-8/16	1,583
19/1	18-14/16	12,084
19A/1	4-15/16	3,177
20/1	20-8/16	13,134
21/1	21-7/16	13,707
22/1	9-15/16	6,343
18/2	2-9/16	1,631
19/2	10-4/16	6,579
19A/2	2-2/16	1,365
Total	30-2/16	206,227

*Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available.

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Table 2.25: Partial Mineral Rights Area

Township/Range	Crown Mineral Rights Leased by Mosaic, Currently Not Mineable (acres)*	Mineral Rights Owned/Leased by Mosaic, Currently Not Mineable (acres)*
21/30	321	—
20/31	80	—
21/31	80	—
22/31	80	514
21/32	321	—
21/33	—	74
18/1	150	—
19/1	1209	138
19A/1	322	—
20/1	221	—
21/1	80	159
18/2	160	—
19/2	161	—
19A/2	61	—
Total	3246	885

*Less than 100% share of a mineral rights parcel.

Existing Infrastructure

The Esterhazy Facility consists of an underground mine and two processing plants that started production in 1962. The mine has an additional expected life, based on mineral reserves of 30 years, to 2054. The Esterhazy Facility has the infrastructure in place to meet the current production goals and LOM plan. The current infrastructure includes: major road and highway access; railway support from CNR and CPR; SaskPower supplied electricity; TransGas and SaskEnergy supplied natural gas; and potable and non-potable water supplied from local fresh water sources. The long-term TMA development plan is being revised to support production at the levels indicated in the LOM plan.

Process and potable water for the K1 mill is provided by three 200 ft (61 m) deep wells drilled into the upper Dundurn aquifer. The K2 mill water supply comes from the Cutarm Creek dam reservoir that is owned and operated by Mosaic. Located 1.5 miles (2.4 km) northeast of the K2 site, the dam forms a reservoir approximately 5.25 miles (8.5 km) long and 650 feet (200 m) wide. K3 mine water is supplied from K2 via a 7.4 mile (11.8 km) long pipeline.

The power to operate the Esterhazy Facility is supplied by the provincial utility, SaskPower. The K1 mill is serviced by a 72 kV line with approximately 36 MVA capacity. The K2 mill has two services at 72 kV and 138 kV respectively, with a combined capacity of 125 MVA. The K3 mine is serviced by a 230 kV line from SaskPower with 140 MVA capacity. Two transformers step down the voltage, each rated at 70 MVA.

TransGas provides an uninterrupted supply of natural gas to the Esterhazy Facility. SaskEnergy also supplies natural gas to a few outlying areas at K2. Esterhazy has regulator stations for the natural gas at each of the sites, with a low-pressure distribution piping network.

The K1 and K2 sites are serviced by the CNR main line, and by spur lines to the CPR. The surrounding area is developed for agriculture with a road network, villages and towns.

Regina International Airport is 140 miles (225 km) by highway west of the Esterhazy mine sites, while Yorkton municipal airport is 55 miles (90 km) to the northwest. The Town of Esterhazy maintains a paved 3,000 feet (914 m) long airstrip, located eight miles (13 km) southwest of the K1 mill.

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The Esterhazy Facility’s workforce lives throughout the area, generally within 62 miles (100 km) of the mine sites. This includes the Russell and Binscarth areas of western Manitoba. Education and healthcare facilities are in Esterhazy, Russell, Melville and Yorkton.

The province of Saskatchewan offers a large variety of suppliers for the potash mine operators. The potash industry in Saskatchewan is very mature, making it easier to attract vendors to support the needs of the various mine sites throughout the province.

Saskatoon and Regina have large industrial sectors with a variety of machine shops and industrial support services. Some specialty services are provided from the Alberta oil and gas industry.

Supplies are sourced locally, regionally and internationally based on availability or commercial considerations. Lead times and on-hand inventory are balanced to meet the needs of the site.

Mining Method

At Esterhazy, potash is extracted by underground mining using the room-and-pillar method. The average planned extraction quality of the potash ore is 28.4%. Pillars are left in place between mining rooms to support the overlying rock to prevent a failure of the upper rock formations preventing an inflow of brine from any overlying water bearing zones.

The 2024 LOM plan for the Esterhazy Facility includes the K3 mineral reserves and the K4 mineral resources. It is based on an average production rate of 17.5 million tonnes per year based on 365 production days per year.

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

The K4 mining resources are currently scheduled to start mining in 2051 and is expected to ramp up to full production in 2055 and ending in 2090.

Processing Recovery Method

The Esterhazy Facility’s processing plant consists of two separate mill facilities, designated as K1 and K2. Each mill processes the raw ore feed stock received from the underground mining operations through crushing, separation, screening and compaction unit operations to produce on-grade, saleable product. The plants utilize online grade analyzers to monitor the process as well as routine samples that are analyzed by the onsite lab. The milling can be broken down into two main functions: the wet end separates potash and salt, while the dry end sizes potash for sale.

The wet end of the mill begins with raw ore sizing and crushing to prepare it for the separation processes. In heavy media, the larger size fraction is separated into potash and salt through dense media separation that is driven by differences of buoyancy in salt and potash. Flotation receives the smaller size fraction and has specific reagents added that allow the potash crystals to float while the salt is rejected as tailings material. At K2 there is also a crystallizer circuit that produces potash using solubility, temperature, and pressure differences. Dewatering and drying is the final stage in the wet end, where potash is sent through centrifuges and industrial driers to remove all moisture.

Once the product is dried, it is sent to a screen to separate the right sized material from the over and undersize material for all the different product grades. Oversized material is sent through a crushing circuit to break it down to right sized material. The undersize material is upgraded through compaction to a larger product.

Esterhazy plans to ramp up milling rates once the K3 mine is up to full capacity and then stabilize at a total milling rate to the end of mine life. The differences in final product tonnes will be based on supplied raw ore grade as it varies throughout the mine workings. The site’s ability to produce at the increasing rates being forecasted in the LOM plan are supported by a proving run in 2013, when the Esterhazy plants achieved an annual production nameplate of 5.7 million tonnes overall.

History and Exploration

The Esterhazy Facility K1 started production in 1962 and K2 started production in 1967. Table 2.26 lists the important historical dates and events for Esterhazy.

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Table 2.26: History

Date	Event/Activity
1928	Discovery of evaporites in the sedimentary sequence in Saskatchewan.
1955	International Minerals and Chemicals (IMC, Canada) Ltd. acquired >500,000 acre lease in Esterhazy area and started drilling.
1957 to 1962	IMC Corporation begins shaft sinking at K1. The first official K1 mine production started September at a capacity of 0.9 million tonnes per year.
1965	K2 TMA Phase I expansion.
1966	The K1 mine capacity was expanded to 1.5 million tonnes per year.
1967	The K2 shaft sinking was completed to a capacity of 2.4 million tonnes per year. The first potash production from K2 was in April/May.
1968	The K2 TMA Phase II expansion was completed.
1974	K2 mill expansion, heavy media circuit.
1981	The K2 TMA Phase III expansion was completed.
1985	Inflow 10B was detected December 29, 1985 in the D400 entry at a point 3.5 miles (5.6 km) southwest of the K2 shaft. Initial inflow was estimated to be 1,000 gpm. Information obtained using seismic surveys allowed for targeted drilling and placement of calcium chloride and various grouts to reduce the inflow to manageable levels. The pumping capacity was increased through a series of stages to bring online a total of 22 pumps, to a maximum capacity of 4,000 gpm. As a result of these efforts, K1 and K2 sites continued normal mining operations.
1987	Mineral Resource Location Study – Vibroseis Study was completed.
1989	12 exploration drill holes to delineate the K1 and K2 mining area were completed.
1991 to 1998	Seismic surveys in the Gerald, Gerald West and Cutarm areas.
1997	IMC Kalium merged with IMC Global and Freeport-McMoRan.
1999	Company renamed to IMC Potash.
2000-03	Seismic surveys: 2D and 3D (K1 and K2).
2004	Mosaic formed from Combination of IMC Global and Cargill Crop Nutrition.
2005	3D seismic surveys completed at K1 (7.5 sq. miles, 19.5 sq. km) and K2 (4.0 sq. miles, 10.3 sq. km).
2006-09	Various seismic surveys completed. Hoist expansion at K2. Processing plant capacity increased to 4.8 million tonnes per year. K2 TMA expansion completed. Exploration drilling of ten holes including two shaft pilot holes completed as part of the K3 expansion project.
2010	Completion of the crushing expansion at K1.
2011	3D seismic surveys at K1 North (19.7 sq. miles, 51.4 sq. km) and Perrin Lake (14.4 sq. miles, 37.3 sq. km).
2012	K3 south shaft pre-sink was completed. Esterhazy exits Tolling Agreement with PCS. A number of 3D seismic surveys were completed including Saskman, K1 NW, K1 SWD Field. Seven brine injection wells were drilled at Farfield.
2013	K3 south shaft sunk to the potash level. 3D seismic survey at Panel 11Q (9.2 sq. km) completed. Completion of mill expansion at K2 for an additional 0.7 million tonnes per year.
2014	3D seismic survey at Panel 11Q 3C (3.6 sq. miles, 9.3 sq. km) completed.
2015	3D seismic surveys at Gerald (4.7 sq. miles, 12.1 sq. km) and K3 (89.7 sq. miles, 232.4 sq. km) completed.
2016	Nine exploration drill holes completed.
2017	The K3 north shaft sinking was completed and the first K3 ore from the South shaft was skipped to surface and trucked to the K1 mill.

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2018	The K3 to K2 overland conveyor construction was completed. The K3 North shaft steel and Keope hoist rope up were completed. The K3 North shaft first ore skipped in December 18 and trucked to the K2 mill.<br><br>The first K2 ore was conveyed on the overland conveyor to the K2 mill in December.
2019	Commissioned the K3 Koepe production and Blair service hoists. Four drum miners cutting K3 shaft pillar development started. Two four rotor miner assembly completed. The K3 South shaft sinking was completed in November.
2020	Completion of the K3 south shaft bottom steel, added a third four-rotor miner, installed the Mainline conveyor, added a fourth rotor miner cutting and completed the K3 south headframe concrete slip. K3 shaft pillar development was completed in December. The K3 fifth four-rotor miner started cutting in October. The first ore from K3 conveyed to K1.
2021	The sixth K3 four-rotor miner started cutting in January and the seventh four rotor-miner started cutting in May. The K1 and K2 mines were closed eight months ahead of schedule in response to brine inflow conditions.
2022	K1 and K2 shaft decommissioning completed.

Geology and Mineralization

The intracratonic Elk Point Basin is a major sedimentary geological feature in western Canada and the northwest U.S. It contains one of the world’s largest stratabound potash resources. The nature of this type of deposition is largely continuous with predictable depths and thickness. It is mined at several locations, including the Esterhazy Facility.

Potash at the Esterhazy Facility area occurs conformably within Middle Devonian-age sedimentary rocks and is found in total thicknesses ranging from approximately 100 to 131 feet (30 to 40 m) at a depth of approximately 5,345 to 5,740 feet (1,630 to 1,750 m).

The Prairie Evaporite Formation, host to the potash mineralization, is divided into a basal “lower salt” and an overlying unnamed unit containing three potash-bearing units and one unit containing thin marker beds. In ascending order, the potash horizons in the upper unit are the Esterhazy Member, White Bear Marker Beds, Belle Plaine Member and Patience Lake Member. Mineralogically, these members consist of sylvite and halite, with minor amounts of carnallite (KCl, MgCl2, 6H2O).

In the Esterhazy area, the Esterhazy, White Bear and Belle Plaine members are present, and the Patience Lake member is absent. The following is a summary of the key stratigraphic units for the Esterhazy Facility area:

•Belle Plaine Member: The Belle Plaine Member underlies Second Red Bed and makes up part of the salt back that is critical to isolating the mining horizon from the formations above. The Belle Plaine Member is mined using solution mining techniques at the Belle Plaine Facility and is not mined at the Esterhazy Facility.

•White Bear Member: The White Bear Member consists of marker beds that are a distinctive unit of thin interbedded clay, halite, and sylvinite horizons that are not minable due to insufficient thickness of only 4.0 to 5.0 feet (1.2 to 1.5 m).

•Esterhazy Member: The Esterhazy Member is separated from the Belle Plaine Member by the White Bear Member marker beds, a sequence of clay seams, low-grade sylvinite, and halite. The Esterhazy Member is mined using conventional underground techniques at the Esterhazy Facility in southeastern Saskatchewan, and by solution mining techniques at the Belle Plaine Facility.

The sylvinite intervals within the Prairie Evaporite Formation consist of a mass of interlocked sylvite crystals that range from pink to translucent and may be rimmed by greenish-grey clay or bright red iron insoluble material, with minor halite randomly disseminated throughout the mineralized zones. Local large one inch (2.5 cm) cubic translucent to cloudy halite crystals may be present within the sylvite groundmass, and overall, the sylvinite ranges from a dusky brownish red color (lower grade, 23% to 27% K2O with an increase in the amount of insoluble material) to a bright, almost translucent pinkish orange color (high grade, 30%+ K2O). Carnallite is also present locally in the Prairie Evaporite Formation as a mineral fraction of the depositional sequence. The intervening barren salt beds consist of brownish red, vitreous to translucent halite with minor sylvite and carnallite and increased insoluble materials content.

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Mineral Resource and Mineral Reserve Assumptions and Modifying Factors

The key mineral resource and mineral reserve assumptions and modifying factors are listed in Table 2.27.

Table 2.27: Key Assumptions and Modifying Factors

Parameter	Value	TRS Section
Supporting Information	Regional geologic studies, 59 exploration holes, seismic surveys, in-mine channel samples and 50 years of mining history at K1 and K2.	Section 7
Average total thickness of the potash mineralization	8.55 feet (2.6 m)., based on the ratio of 8.5 feet (2.6 m). production panel mining height and 9.0 feet (2.7 m) development mining heights.	Section 11
Density	129.878 lbs./cu ft. (2,080.446 kg/cu m)	Section 11
In-mine channel samples grade	25.9% K2O	Section 11
Operating Days per Year	365 days	Section 13
Mining Method	Underground room and pillar mining.	Section 13
Production Rate	17.527 million tonnes per year.	Section 13
Cut-off	No cut-off grade or value based on commodity price is used to estimate mineral resources. This is because the mining method used at Esterhazy is not grade selective. Potash mineralization is mined on one level by continuous miners following the well-defined and continuous beds of mineralization with relatively consistent grades.	Section 11
Mining Recovery	28.4%	Section 12, 13
External Dilution	0%	Section 12, 13
Processing Method	Two mill facilities that crush, float, screen and compact KCl.	Section 14
Processing Recovery	85 to 88% (86.1% average)	Section 14
Deleterious Elements and Impact	Increased amounts of NaCl can significantly impact production volumes.	Section 10
Environmental Requirements, Permits, etc.	No significant environmental permitting encumbrances.	Section 17
Geotechnical Factors (if any)	No concerns/issues.	Section 13
Hydrological or Hydrogeological Factors (if any)	Undersaturated brines from adjacent aquifers.	Section 13
Commodity Prices	$219/tonne for the economic evaluation of the 2021 mineral resources and $308/tonne for the mineral reserves.	Section 16
Exchange Rate (US$/CAD$)	1.31 for the 2021 mineral resources and 1.32 for the mineral reserves.	Section 16

Mineral Resource Estimates

The Esterhazy Facility’s mineral resources are reported as in-situ mineralization and are exclusive of mineral reserves. The mineral resources occur in the Esterhazy, White Bear and Belle Plaine members. The mineralization is assumed to be

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laterally continuous and consistent, based on publicly available regional geological information and Mosaic's knowledge of the local geology and area.

Mineral resources that are not mineral reserves have not demonstrated economic viability utilizing the criteria and assumptions required at Esterhazy.

The methodology for estimating mineral resources consists of interpreting the available geological data in plan view using AutoCAD 2020 software. The plan is updated to include the current mineral rights status, seismic survey interpretations, the limits of the current mining footprint, known areas (geological anomalies, town sites and other surface infrastructure) that make the mineral resource inaccessible, property boundary pillars, pillars around exploration holes and infrastructure, “no mining” areas in the uncontrolled mineral rights locations and a pillar between the K1 and K2 mining area and the adjacent K4 mineral resource areas.

Additional details regarding the estimation methodology are listed in Section 11 of the 2021 Esterhazy Facility TRS filed as an Exhibit to the 2021 Form 10-K.

The mineral resource estimates for the Esterhazy Facility are listed in Table 2.28.

Table 2.28: Mineral Resources at the End of the Fiscal Year Ended December 31, 2024 Based on a LOM Plan KCl Price of $219 per tonne(a)(b)(c)(d)(e)(g)(h)(i)(j)(k)

(tonnes in millions)
Category	Tonnes	Grade<br><br>%K2O(f)	Metallurgical <br>Recovery
Measured	255.0	23.3	86.1
Indicated	2,092.0	22.8	86.1
Measured + Indicated	2,347.0	22.9	86.1

___________________________

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

(b)Mineral resources have an effective date of December 31, 2024. Mineral resources are reported exclusive of those mineral resources that have been converted to mineral reserves. Unlike mineral reserves, mineral resources do not have demonstrated economic viability, but they do demonstrate reasonable prospects for economic extraction.

(c)Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves.

(d)Mineral resources assume an underground room and pillar mining method.

(e)Mineral resources amenable to underground mining methods are accessed via shaft and scheduled for extraction based on a conceptual room and pillar design using the same technical parameters as for mineral reserves.

(f)No cut-off grade or value based on commodity price is used to estimate mineral resources. This is because the mining method used at Esterhazy is not grade selective. The potash mineralization is mined on one level by continuous miners following the well-defined and continuous beds of mineralization with relatively consistent grades (Section 11.2).

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

(h)Rounding as required by reporting guidelines may result in apparent summation differences.

(i)%K2O refers to the total %K2O of the sample.

(j)The percent carnallite refers to the mineral associated with potash ore at Esterhazy (KCl.MgCl3.6H2O). It is considered an impurity.

(k)2024 LOM price evaluation.

Mineral Reserve Estimates

The Esterhazy Facility’s mineral reserves are reported as in-situ mineralization, accounting for all applicable modifying factors. Mineral reserves meet all the mining criteria required at Esterhazy including, but not limited to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

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The methodology for estimating mineral reserves consists of post pillar mine design work and scheduling and the application of mining recovery and unplanned dilution. Additional details regarding the estimation methodology are listed in Section 12 of the 2021 Esterhazy Facility TRS filed as an Exhibit to the 2021 Form 10-K.

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

Table 2.29: Mineral Reserves at the End of the Fiscal Year Ended December 31, 2024 Based on a LOM Plan KCl Price of $308 per tonne(a)(b)(d)(e)(f)(g)(h)

(tonnes in millions)
Category	Tonnes	Grade<br><br>%K2O(c)	Metallurgical <br>Recovery %
Proven	158.2	22.9	85.3
Probable	341.8	20.4	85.3
Proven + Probable	500.0	21.2	85.3

___________________________

(a)Mineral reserves have an effective date of December 31, 2024.

(b)Underground mining standards and design criteria are used to constrain measured and indicated mineral resources within mineable shapes. Only after a positive economic test and inclusion in the LOM plan is the mineral reserve estimate included as mineral reserves.

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

(d)Rounding as required by reporting guidelines may result in apparent summation differences.

(e)%K2O refers to the total %K2O of the samples.

(f)The percent carnallite refers to the mineral associated with potash ore at Esterhazy (KCl.MgCl3.6H2O). It is considered an impurity.

(g)A KCI commodity price of $308 was used to assess economic viability for the mineral reserve for the 2024 LOM plan.

(h)We used a US$/CAD$ exchange rate of 1.32 to assess economic viability for the mineral reserves but was not used for cut-off purposes.

Mineral Resources and Mineral Reserves Comparison

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

At December 31, 2024, we had mineral reserves of 500 million tonnes compared to 515 million tonnes in the prior year, resulting in a decrease of 2.9%. Proven reserves increased by 40% while probable reserves decreased 15%. The year over year changes are due to mining depletion, changes in mineral reserve category and increased sterilization of mineral reserves due to unmineable buffer areas.

TAPIRA

Tapira is located in the western portion of the state of Minas Gerais, in the southeast of Brazil, to the north of the town of Tapira, and approximately 22 miles (35 km) south-southeast of the city of Araxá (Figure 2.6). The mine is 261 miles (420 km) by road to the Minas Gerais state capital of Belo Horizonte, via the BR-262 highway to Araxá and then the BR 146 highway to Tapira. The property extends from approximately UTM 7,805,000 N to 7,799,500 N, and from 304,000 E to 310,000 E (Corrego Alegre 1961, UTM Zone 23 South), and is centered approximately at 19º52’S/46º51’W. The Tapira complex consists of a mine and a phosphate beneficiation plant. The plant produces phosphate conventional and ultrafine concentrate, which is sent by pipeline (conventional) and truck (ultrafine) to local Mosaic chemical plants for finished product production.

Figure 2.6: Project Location Plan

Infrastructure

Tapira is located in a highly developed region known as Alto Parnaíba. This region is known for its modern infrastructure with high standards of living compared with other regions in Brazil. The local infrastructure available to Tapira is situated within a well-established mining area, 22 miles (35 km) from the city of Araxá and within 16 miles (25 km) of two other mining operations.

The supply of electricity occurs via a 13.8 kiloVolt (“kV”) transmission line that is operated by CEMIG and Vale Energia Concessionaires. Tapira has a total receipt of 40 megawatts (“MW”) and an annual power usage around 305 gigawatts (“GW”). The main substation receives 13.8 kV in three oil-type transformers which is transferred to secondary substations. From the secondary substations, power is distributed to the end-use areas at 110 volts (“V”), 220 V, 280 V, 440 V, or 4,160 V.

Water intake comes from the Ribeirão do Inferno and artesian wells, as well as recovered water from the tailings dams. Additionally, there are four artesian wells at Tapira. The industrial reuse system used to recover water from the dams includes ten pumps (four operating and six on stand-by) and 36-inch (91 cm) pipes covering varying distances to the different dam areas. The distance from BR1 dam is approximately six miles (nine km) with a rated capacity of 4,400 cubic meters per hour (“m3/hr”). The distance from BL1 dam is approximately two miles (three km) with a rated capacity of 10,400 m3/hr. The distance from BR dam is approximately 2.5 miles (four km) with a rated capacity of 4,900 m3/hr.

There is currently no rail or airport access at Tapira. The closest rail and airport access is in the city of Araxá.

Infrastructure includes a phosphate beneficiation plant with associated support infrastructure, including tailings storage facilities, maintenance facilities, warehouses, and various administrative and other support facilities. The mine infrastructure

includes overburden storage and other material storage facilities, surface water management features and maintenance, warehouses and other typical support infrastructure.

Tapira includes an impoundment stability monitoring system that covers all the operating impoundments at Tapira.

Network connectivity is in place at the mine buildings and a telephone system provides coverage throughout the mine unit. A radio system provides the ability to dispatch and control the mining equipment and transport trucks as well as communicate with the control room in the beneficiation plant.

Mineral and Surface Rights

Mining rights in Brazil are governed by the Mining Code, Decree 227, dated February 27, 1967, and further regulation enacted by the ANM. This governmental agency, which controls the mining activities throughout Brazil, was recently created as a replacement of the former National Department of Mineral Production (“DNPM”). All sub-soil situated within Brazilian territory is deemed state property, with the mining activities subject to specific permits granted by the ANM.

We currently hold a total of nine mining permits within the Tapira area (3,853 hectares (“ha”)). The Tapira mineral assets are part of a Consortium named Consórcio Vale Fosfértil Tapira created by Decree Number 98.962 (February 16, 1990), Process Number 930.785/1988 (4,355.76 ha) granted to Vale S.A. (previously Vale do Rio Doce S.A.) and Vale Fertilizantes Fosfatados S.A. – Fosfértil.

The Tapira Mining Consortium and all mining permits have transferred from Vale S.A to Mosaic Fertilizantes P&K Ltda.

Tapira has an overall surface rights area of 8,008 ha distributed in 18 different property registrations. The surface area within the ultimate pit is currently mostly controlled by Mosaic. There is a small area near a local village that is not within the current property rights. The relocation of the village and State Highway MG-146 will be necessary to fully realize the LOM tonnages. The area surrounding the village and State Highway MG-146 is currently included in the currently controlled mining permits, and is therefore not seen as a significant encumbrance to Tapira.

The capacity requirements are not currently in place for all tailings disposal for total LOM capacity requirements. However, Tapira has an ongoing permitting and development plan to support the mining operations that will continue through the LOM requirements.

Present Condition of the Property

The Tapira mine has been in operation since 1978 and is a production stage property.

All required fixed and permanent infrastructure of power, pipelines and primary roadways, and project access are established. Drainage, water controls and mine access roads and ramps are established for current operations and will be expanded and continued as the pit progresses through its planned life of operations.

The ore at Tapira is recovered using open-pit conventional truck and shovel mining methods, due to the proximity of the ore to the surface and the physical characteristics of the deposit. The ore is transported via truck to a homogenization pile where it is later fed to the beneficiation plant via conveyors. The beneficiation plant produces phosphate conventional and ultrafine concentrate which is sent by pipeline (conventional) and truck (ultrafine) to local Mosaic chemical plants for finished product production.

The mining equipment at Tapira is leased and therefore not owned by us. The beneficiation plant has been in operation since Tapira started 45 years ago. The tailings dams, water dams and sedimentation ponds have been active at Tapira since mining started 45 years ago as well. Currently the BR1 dam is being raised to its final design height to accommodate the LOM plan.

The total book value for Tapira is R$1.9 billion (US$300 million with exchange rate of 1 U.S. dollar = 6.1923 Brazilian Real) as of December 31, 2024.

Exploration activities are ongoing for in-fill drilling for phosphate production to complete the current LOM. Additional areas of exploration and research include better understanding the non-weathered material and titanium ore for future mining prospects.

History of Previous Operations

Tapira has been in operation since 1978 and has produced more than 70 million tonnes (“Mt”) of phosphate concentrate. Since 1978, Titanium Dioxide (TiO2) bearing material, mainly in the form of anatase, has been stockpiled, with more than 130,000 tonnes awaiting the implementation of an economical beneficiation method.

The geological structure of the alkaline complex of Tapira was first recognized in 1953 through magnetometric and radiometric investigations carried out by the Brazil-Germany Project. There was an agreement between the two countries to carry out regional geophysical aero-survey programs, performed by the Geological Survey of Brazil in the 1950s, 1960s and 1970s.

In 1968, three major private groups – Pedro Maciel, Companhia Meridional de Mineração, and Companhia Brasileira de Metalurgia e Mineração – had exploration research requests granted by DNPM. In early1971, Vale (previously known as Companhia Vale do Rio Doce) joined Pedro Maciel to create the company Titan International S.A., which changed its name to Rio Doce Titânio in later years. Vale acquired the rights of Pedro Maciel at the end of 1971, with the mining rights incorporated into the company Mineração Rio Paranaíba. At the time, a series of intensive and detailed systematic works were undertaken, and important occurrences of phosphate, titanium, niobium, rare earths and vermiculite were identified.

Extensive exploration works were undertaken between 1971 and 1973, with particular focus on the occurrences of titanium. From 1973 to 1977, the exploration priorities changed to occurrences of phosphate, with the aim of replacing the massive imports of fertilizers in the agricultural sector that was then undergoing a period of expansion in Brazil. In 1977, the Fosfértil (Fertilizantes Fosfatados S.A.) company was created under the administration of Petrofértil (a subsidiary of Petrobras, the Brazilian state oil company). In 1992, Fosfértil was privatized, and a pool of investors held the company shares.

In 2010, Vale S.A. acquired complete control of Fósfertil and after created a new company, Vale Fertilizantes S.A., which included other fertilizer assets. At the start of 2018, Mosaic Fertilizantes P&K S.A. acquired the assets of Vale Fertilizantes including the Tapira mineral deposit.

Mineral Resources and Mineral Reserves

The regional and local geology, mineral resources and mineral reserves are detailed in the sub-sections below.

Regional and Local Geology

The Tapira phosphate deposit is part of a series of Late-Cretaceous, carbonatite-bearing alkaline ultramafic plutonic complexes belong to the Alto Paranaiba Igneous Province. The Tapira igneous rocks intrude the phyllites, schists and quartzites of the Late-Proterozoic Brasília mobile belt. The Tapira igneous complex is roughly elliptical, 35 square kilometers (“km2”) in area and consists predominantly of alkaline pyroxenite rocks with subordinate carbonatite, serpentinite (dunite), glimmerite, syenite and ultramafic potassic dikes.

The tropical weathering regime prevailing in the region and the inward drainage patterns developed from the weathering-resistant quartzite margins of the dome structures resulted in the development of an extremely thick soil cover in most of the complexes. The extreme weathering process was responsible for the residual concentration of apatite. The main geological types identified in the deposit are a combination of the igneous protoliths (bebedourites, phoscorites and carbonatites) and the products of the weathering process.

Mineral Resources

The mineral resources at Tapira were estimated based on the long-standing exploration drilling and sampling completed at Tapira since 1967. The drilling results were loaded into the geological database, verified and vetted for errors, and then used in the geological model to create the lithology and weathering surfaces. The geological model was used in creating the block model, where geological domains based on the lithology and weathering surfaces were utilized to interpret grade, density and mass recovery in a geologically appropriate manner. Exploratory Data Analysis and geostatistical analysis were completed on the raw and composite data sets to help define interpolation parameters and mineral resource classifications. The mineral resources were restricted based on an optimized pit limit that took into account cut-off grade, price, mining costs, infrastructure limitations and mineral licenses. The mineral resources are exclusive of mineral reserves and include approximately 76.0 Mt of measured and indicated mineral resources with a P2O5ap grade of 8.6%. There are an additional 180.5 Mt of inferred mineral resources with a P2O5ap grade of 9.2% (Table 2.30).

Table 2.30: Mineral Resources at the End of the Fiscal Year Ended 2024 Based on R$ 1,940/tonne of Phosphate Concentrate(a)(b)(c)(d)

(tonnes in millions)
Category	Tonnes	Grade (%P2O5ap)	Metallurgical Recovery (%P2O5ap)
Measured	21.1	8.6	48.2
Indicated	54.9	8.6	48.9
Measured + Indicated	76.0	8.6	48.7
Inferred	180.5	9.2	63.0

___________________________

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

(b)Mineral resources are reported exclusive of mineral reserves. Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves.

(c)Grades are P2O5ap, which represents the P2O5 associated with apatite and was calculated by the evaluation of the CaO / P2O5 ratio. Where CaO / P2O5 ratio was greater than or equal to 1.35, P2O5ap was equal to the total of P2O5; where the CaO / P2O5 ratio was less than 1.35, P2O5ap was equal to the CaO / 1.35 ratio.

(d)Mineral resource tonnages and grade are stated in-situ. Cut-off grade of P2O5ap ≥ 5.0% and 0.9 ≤ Ratio of CaO to P2O5 (RCP) ≤ 3.0 was applied to mineral resources. Measured, indicated and inferred blocks were included in mineral resource estimates if they were inside mining concessions and exploration permits with a final report approved by ANM, but exclusive of physical structures such as the crusher and waste piles. A revenue factor of 1.0 with sales price of R$1,939.57 per tonne of phosphate concentrate (2023 price evaluation) was used to develop the mineral resource pit shell.

Mineral Reserves

A mineral reserve estimate has been prepared for Tapira. Mineral reserves are limited by the Tapira property boundary, and the ultimate pit designed for the LOM plan, which was limited with an economic optimized pit analysis.

The mineral reserve estimate includes mining modifying adjustments for mining ore recovery, mining dilution and ore concentration recovery factors. The mineral reserve estimate is limited to a cut-off grade of 5.0% P2O5ap, as well as certain geometallurgical beneficiation criteria, including:

a.Diluted ratio of CaO to P2O5 (RCP) between 0.9 and 3.0; and

b.The four mineralized domains characterized by lithology and alteration.

The beneficiation plant generates conventional (coarse) and ultrafine concentrates from the Tapira ore. The mass recovery of coarse concentrate is forecast based on the results of laboratory flotation tests performed on drill core samples. The test database was subdivided into metallurgical recovery domains treating isalterite and semi-weathered horizons separately. For each metallurgical recovery domain, a linear regression was developed, capable of predicting mass recovery based on the P2O5 grade of the ROM ore.

The metallurgical recovery is calculated from the mass recovery, the concentrate % P2O5, and the ROM % P2O5 according to the following equation:

Metallurgical recovery = 100 x Mass recovery x Concentrate % P2O5 / ROM % P2O5

The annual production estimates were used to determine annual estimates of capital and operating costs. All cost estimates were in Brazilian real 2024 R$ terms. Total capital costs included R$4.0 billion of sustaining capital and opportunity costs. Annual operating costs were based predominantly on historical consumption factors and unit costs. They included costs for ongoing, final reclamation and closure. Annual total cost of rock production varied from R$291 per concentrate tonne to R$425 per concentrate tonne, with an average total cost of production for a tonne of phosphate rock concentrate at R$370.

For the purpose of reporting our total financial statistics, the discounted cash flow was converted from Reals to U.S. dollars at an exchange rate of R$4.86 = US$1.00.

Because Tapira is a captive operation supplying rock to other Mosaic-owned chemical plants, there is no transparent mined phosphate rock commodities price market in Brazil. Mineral reserves for Tapira were estimated based on an internal transfer price. This internal transfer price was set as a constant number of US$111.76 per tonne (R$525 per tonne).

The Tapira mineral reserve as of December 31, 2024 is estimated to be 432.5 Mt ROM (dry), with a dry grade of 9.0% P2O5ap delivered to the concentrator plant, and 65.8 Mt (dry) concentrated phosphate tonnes at 34.7% P2O5 post-concentration process plant. This includes (Table 2.31):

a.121.2 Mt of Proven Mineral Reserve at a 9.1% P2O5ap dry grade, resulting in 18.0 Mt of concentrate with a 34.6% P2O5 post beneficiation plant; and

b.311.3 Mt of Probable Mineral Reserve with a 8.9% P2O5ap dry grade, resulting in 47.9 Mt of concentrate at 34.7% P2O5.

Table 2.31 Mineral Reserves at the End of the Fiscal Year Ended 2024 Based on R$1,940/tonne of Phosphate Concentrate(a)(b)(c)(d)(e)

(tonnes in millions)
Category	Tonnes (Dry)	Grade<br><br>(%P2O5ap Dry)	Metallurgical Recovery (%P2O5)
Proven	121.2	9.1	55.2
Probable	311.3	8.9	58.8
Proven + Probable	432.5	9.0	57.8

___________________________

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

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

(c)Only after a positive economic test and inclusion in the LOM plan is the mineral reserve estimate included as a mineral reserve.

(d)Grades are P2O5ap, which represents the P2O5 associated with apatite and was calculated by the evaluation of the CaO / P2O5 ratio. Where CaO / P2O5 ratio was greater than or equal to 1.35, P2O5ap was equal to the total of P2O5; where the CaO / P2O5 ratio was less than 1.35, P2O5ap was equal to the CaO / 1.35 ratio.

(e)Mineral reserve tonnages and grade are stated as ROM tonnages. The mineral reserves are constrained by a pit design that honors site specific geotechnical designs by pit sector. The mine plan considers constraints required for surface and groundwater management, appropriate extraction methodology, labor and equipment requirements, beneficiation plant mass and metallurgical recoveries, and are dependent upon all permits and environmental licenses in place and continued approved status. The reference point for cut-off grade and pit optimization analysis is tonnes of concentrate at a price of R$1,940/tonne concentrate (2024 price evaluation). Cut-off grade of P2O5ap ≥ 5.0% and 0.9 ≤ RCP ≤ 3.0 was applied to mineral reserves. Mineral reserves were proven to be economic based on internal transfer price that was derived in the discounted cash flow and compared to the gross margin available.

Mineral Resources and Mineral Reserves Comparison

The comparison of the Mineral Resources as of December 31, 2023 and December 31, 2024 can be found in Table 2.32. The Measured and Indicated Mineral Resources have increased by 9%, while the Inferred Resources have decreased by an immaterial amount since December 31, 2023.

Table 2.32: Mineral Resources Comparison

(tonnes in millions)	December 31, 2024		December 31, 2023		Percent Difference
Category	Tonnes	Grade (%P2O5ap)	Tonnes	Grade (%P2O5ap)
Measured	21.1	8.6	16.5	8.6
Indicated	54.9	8.6	53.2	8.7
Measured + Indicated	76.0	8.6	69.7	8.7	9	%
Inferred	180.5	9.2	180.8	9.2	—	%

The comparison of the Mineral Reserves as of December 31, 2023 and December 31, 2024 can be found in Table 2.33. The Mineral Reserves have decreased in tonnage by 3% from the December 31, 2023 estimate due to mining depletion. This change is not considered a material change.

Table 2.33: Mineral Reserves Comparison

(tonnes in millions)	December 31, 2024		December 31, 2023		Percent Difference
Category	Tonnes	Grade (%P2O5ap)	Tonnes	Grade (%P2O5ap)
Proven	121.2	9.1	131.7	9.1
Probable	311.3	8.9	311.9	8.9
Proven+Probable	432.5	9.0	443.6	9.0	-3	%

REGULATION S-K 1300 INTERNAL CONTROLS DISCLOSURE

Qualified persons, including third parties and Mosaic employees, are responsible for estimating mineral resources and reserves. Mosaic has a Global Review Team, consisting of a broad spectrum of internal personnel outside the operating organization whose primary responsibilities include review of the mineral resources and reserves estimation reporting for compliance with SEC rules and regulations. The Global Review Team includes members from Mosaic’s accounting, finance, business units and legal departments. Reports prepared by qualified persons and third parties are reviewed at various levels of the Global Review Team before they are ultimately reviewed and approved by our senior leadership team. In future years, Mosaic expects to modify and streamline our S-K 1300 processes and internal controls.

Item 3. Legal Proceedings.

We have included information about legal and environmental proceedings in Note 23 of our Notes to Consolidated Financial Statements. That information is incorporated herein by reference.

We are also subject to the following legal and environmental proceedings in addition to those described in Note 23 of our Consolidated Financial Statements included in this Form 10-K:

Countervailing Duty Orders. In April 2021, the U.S. Department of Commerce (“DOC”) issued countervailing duty (“CVD”) orders on imports of phosphate fertilizers from Morocco and Russia in response to petitions filed by Mosaic. The purpose of the CVD order is to remedy the injury to the U.S. phosphate fertilizer industry caused by imports that benefit from unfair foreign subsidies, and thereby restore fair competition. CVD orders normally stay in place for at least five years, with possible extensions.

Moroccan and Russian producers have initiated actions at the U.S. Court of International Trade (“CIT”) and the U.S. Court of Appeals for the Federal Circuit (“CAFC”) seeking to overturn the orders. Mosaic has also made claims contesting certain aspects of DOC’s final determinations that, we believe, failed to capture the full extent of Moroccan and Russian subsidies.

These litigation challenges remain underway. The CAFC is reviewing a challenge to DOC’s final determination in the CVD investigation for Russia; DOC is expected to issue a second remand determination for the CVD investigation for Morocco, which will then be reviewed by the CIT; and the CIT is reviewing a January 2024 ITC remand determination upholding its original affirmative injury determination.

When a CVD order is in place, DOC normally conducts annual administrative reviews, which establish a final CVD assessment rate for past imports during a defined period, and a CVD cash deposit rate for future imports. In November 2023, DOC announced the final results of the first administrative reviews for the CVD orders on phosphate fertilizers for Russia and Morocco covering the period November 30, 2020 to December 31, 2021. DOC calculated new subsidy rates of 2.12% for Moroccan producer OCP and 28.50% for Russian producer PhosAgro. In addition, in November and December 2024 DOC announced the final results of the second administrative reviews for the CVD orders on phosphate fertilizers for Russia and Morocco covering calendar year 2022. DOC calculated subsidy rates of 16.60% for OCP and 18.21% for PhosAgro. Mosaic, as well as parties that oppose the duties, have appealed the final results of DOC’s first and second administrative reviews to the CIT. Currently, DOC is conducting an administrative review for imports from Russia, covering calendar year 2023. DOC is not conducting an administrative review for Morocco for this period. The applicable final CVD assessment rates and cash deposit rates for imports of phosphate fertilizer from Morocco and Russia could change as a result of these various proceedings and potential associated appeals, whether in federal courts or at the World Trade Organization.

The South Pasture Mine – Hardee County Enforcement Action. On January 8, 2020, Hardee County issued a Notice of Violation (“NOV”) for Mosaic’s delay in meeting the required reclamation schedule for two designated reclamation units within the South Pasture Mine. The delay resulted from idling the South Pasture beneficiation plant in 2018; because the plant was idled, no sand was available for reclamation activities.

Acting on Mosaic’s “Application for Waiver and Reclamation Schedule Extension,” in May 2020, the Hardee County Board of County Commissioners approved: (1) a waiver of the applicable reclamation deadlines of the South Pasture Development Order and Land Development Code; (2) an alternative reclamation schedule; and (3) a settlement agreement that resolved the NOV. Mosaic timely paid the civil penalty required by the settlement agreement and continues to implement the approved alternative reclamation schedule, as required. Monitoring programs are in place to ensure continued compliance with the Waiver and settlement agreement.

Cruz Litigation. On August 27, 2020, a putative class action complaint was filed in the Circuit Court of the Thirteenth Judicial Circuit in Hillsborough County, Florida against our wholly-owned subsidiary, Mosaic Global Operations Inc., and two unrelated co-defendants. The complaint alleges claims related to elevated levels of radiation at two manufactured housing communities located on reclaimed mining land in Mulberry, Polk County, Florida, allegedly due to phosphate mining and reclamation activities occurring decades ago. Plaintiffs seek monetary damages, including punitive damages, injunctive relief requiring remediation of their properties and a medical monitoring program funded by the defendants. On October 14, 2021, the court substantially granted a motion to dismiss we filed late in 2020, with leave for the plaintiffs to amend their complaint.

On November 3, 2021, plaintiffs filed an amended complaint and in response, Mosaic filed a motion to dismiss that complaint with prejudice on November 15, 2021. On December 23, 2021, plaintiffs opposed that motion and Mosaic replied to that opposition on January 26, 2022. On April 6, 2022, the court heard argument on the motions to dismiss filed by Mosaic and each other co-defendant. In late March 2023, the court denied Mosaic's motions to dismiss.

We intend to continue to vigorously defend this matter.

Faustina Plant Risk Management Plan. On September 14, 2022, EPA Region 6 issued a Notice of Potential Violation and Opportunity to Confer (“NOPVOC”) regarding compliance of our Faustina Plant with Section 112(r) of the Federal Clean Air Act and 40 C.F.R. Part 68, commonly known as the Risk Management Plan Rule (“RMP Rule”). The NOPVOC relates to a compliance evaluation inspection conducted by the EPA at the Faustina Plant from February 22-25, 2022 and alleges violations of the RMP Rule. We conferred with the EPA regarding the allegations in the NOPVOC on November 30, 2022. We negotiated a Consent Agreement and Final Order (“CAFO”) with the agency that was filed on January 30, 2024. As required by the CAFO, we paid a penalty in the amount of $217,085. The CAFO also requires the completion of two supplemental environmental projects: (1) installation of ammonia monitors and monitoring at the plant for a period of two years, and (2) donation of two generators to the St. James Parish Department of Emergency Preparedness. We completed the donation to the St. James Parish Department of Emergency Preparedness on March 14, 2024, and we completed installation and began operation of the ammonia monitors on April 24, 2024.

Item 4. Mine Safety Disclosures.

Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this report.

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

The principal stock exchange on which our common stock is traded is The New York Stock Exchange under the symbol “MOS”.

The following provides information related to equity compensation plans:

Plan category	Number of shares to be<br><br>issued upon exercise of<br><br>outstanding options,<br><br>warrants and rights (a)	Weighted-average<br><br>exercise price of<br><br>outstanding options,<br><br>warrants and rights (b)		Number of shares remaining<br>available for future issuance<br>under equity compensation plans<br>(excluding shares reflected<br>in first column)
Equity compensation plans approved by stockholders	3,736,021	$	32.68	15,843,627
Equity compensation plans not approved by stockholders	—	—		—
Total	3,736,021	$	32.68	15,843,627

______________________________

(a)Includes grants of 534,126 stock options, 1,592,931 time-based restricted stock units and 1,608,964 total stockholder return (“TSR”) performance units settled in stock. The total does not include cash-settled TSR performance units. For purposes of the table above, the number of shares to be issued under a performance unit award reflects the maximum number of shares of our common stock that may be issued pursuant to such performance award. The actual number of shares to be issued under a TSR performance unit award will depend on the change in the market price of our common stock over a three-year vesting period. No shares will be issued if the market price of a share of our common stock at the vesting date plus dividends thereon is less than 50% of its market price on the date of grant and the maximum number will be issued only if the market price of one share of our common stock at the vesting date plus dividends thereon is at least twice its market price on the date of grant.

(b)Includes weighted average exercise price of stock options only.

Pursuant to our equity compensation plans, we have granted and may in the future grant employee stock options to purchase shares of common stock of Mosaic for which the purchase price may be paid by means of delivery to us by the optionee of shares of common stock of Mosaic that are already owned by the optionee (at a value equal to market value on the date of the option exercise). During the period covered by this report, no options to purchase shares of common stock of Mosaic were exercised for which the purchase price was so paid.

The following table sets forth information with respects to shares of our Common Stock that we purchased under the repurchase programs during the quarter ended December 31, 2024:

Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of a publicly announced program	Maximum approximate dollar value of shares that may yet be purchased under the program(a)
Common Stock
October 1, 2024- October 31, 2024	—	$	—	—	$	957,429,576
November 1, 2024- November 30, 2024	937,875	26.63		937,875	932,458,629
December 1, 2024- December 31, 2024	—	—		—	932,458,629
Total	937,875	$	26.63	937,875	$	932,458,629

(a)    At the end of the month shown.

Item 6. Reserved.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The Management’s Discussion and Analysis of Financial Condition and Results of Operations listed in the Financial Table of Contents included in this report is incorporated herein by reference.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

We have included a discussion about market risks under “Market Risk” in the Management’s Analysis that is included in this report in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. This information is incorporated herein by reference.

Item 8. Financial Statements and Supplementary Data.

Our Consolidated Financial Statements, the Notes to Consolidated Financial Statements, the report of our Independent Registered Public Accounting Firm and the information under “Quarterly Results” listed in the Financial Table of Contents included in this report are incorporated herein by reference. All other schedules for which provision is made in the applicable accounting regulation of the SEC are not required under the related instructions or are inapplicable, and therefore, have been omitted.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures.

None.

Item 9A. Controls and Procedures.

(a)Disclosure Controls and Procedures

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in our filings under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to management, including our principal executive officer and our principal financial officer, to allow timely decisions regarding required disclosures. Our management, with the participation of our principal executive officer and our principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Form 10-K. Our principal executive officer and our principal financial officer have concluded, based on such evaluations, that our disclosure controls and procedures were effective for the purpose for which they were designed as of the end of such period.

(b)Management’s Report on Internal Control Over Financial Reporting

We have included management’s report on internal control over financial reporting under “Management’s Report on Internal Control Over Financial Reporting” listed in the Financial Table of Contents included in this Form 10-K.

We have included our registered public accounting firm’s attestation report on our internal controls over financial reporting under “Report of Independent Registered Public Accounting Firm” listed in the Financial Table of Contents included in this Form 10-K.

This information is incorporated herein by reference.

(c)Changes in Internal Control Over Financial Reporting

Our management, with the participation of our principal executive officer and our principal financial officer, have evaluated any changes in our internal control over financial reporting that occurred during the three months ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. During the third quarter of 2024, we completed the implementation of a new enterprise resource planning (“ERP”) system. As a result, we have modified or implemented certain annual internal controls over financial reporting to address the new control environment and processes associated with the new ERP system. There were no other changes in our internal control over financial reporting during the quarter ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Item 9B. Other Information.

During the quarter ended December 31, 2024, none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as those terms are defined in Item 408(a) of Regulation S-K.

Item 9C: Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Not Applicable.

Item 10. Directors, Executive Officers and Corporate Governance.

The information contained under the headings “Proposal No. 1–Election of Directors,” “Corporate Governance–Committees of the Board of Directors,” “Beneficial Ownership of Securities,” and “Delinquent Section 16 Reports” included in our definitive proxy statement for our 2025 annual meeting of stockholders and the information contained under “Information About our Executive Officers” in Part I, Item 1. “Business,” in this report is incorporated herein by reference.

The information under the heading "Corporate Governance - Insider Trading Policy" included in our definitive proxy statement for our 2025 annual meeting of stockholders is incorporated herein by reference. A copy of our insider trading policy is filed as Exhibit 19 to this Form 10-K.

We have a Code of Business Conduct and Ethics within the meaning of Item 406 of Regulation S-K adopted by the SEC under the Exchange Act that applies to our principal executive officer, principal financial officer and principal accounting officer. Our Code of Business Conduct and Ethics is available on Mosaic’s website (www.mosaicco.com) and we intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K regarding any amendment to, or waiver from, a provision of our code of ethics by posting such information on our website. The information contained on Mosaic’s website is not being incorporated herein.

Item 11. Executive Compensation.

The information under the headings “Director Compensation” and “Executive Compensation” included in our definitive proxy statement for our 2025 annual meeting of stockholders is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information under the headings “Beneficial Ownership of Securities” and “Certain Relationships and Related Transactions” included in our definitive proxy statement for our 2025 annual meeting of stockholders is incorporated herein by reference. The table containing information related to equity compensation plans set forth in Part II, “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” of this report is also incorporated herein by reference.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information under the headings “Corporate Governance–Board Independence,” “Corporate Governance–Committees of the Board of Directors,” “Corporate Governance–Other Policies Relating to the Board of Directors–Policy and Procedures Regarding Transactions with Related Persons,” and “Certain Relationships and Related Transactions” included in our definitive proxy statement for our 2025 annual meeting of stockholders is incorporated herein by reference.

Item 14. Principal Accounting Fees and Services.

Our independent registered public accounting firm is KPMG LLP, Tampa, FL, Auditor Firm ID: 185.

The information included under “Audit Committee Report and Payment of Fees to Independent Registered Public Accounting Firm–Fees Paid to Independent Registered Public Accounting Firm” and “Audit Committee Report and Payment of Fees to Independent Registered Public Accounting Firm–Pre-approval of Independent Registered Public Accounting Firm Services” is included in our definitive proxy statement for our 2025 annual meeting of stockholders is incorporated herein by reference.

Item 15. Exhibits and Financial Statement Schedules.

(a)	(1)	Consolidated Financial Statements filed as part of this report are listed in the Financial Table of Contents included in this report and incorporated by reference in this report in Part II, Item 8, “Financial Statements and Supplementary Data”.
	(2)	All schedules for which provision is made in the applicable accounting regulations of the SEC are listed in this report in Part II, Item 8, “Financial Statements and Supplementary Data”.
	(3)	Reference is made to the Exhibit Index in (b) below.
(b)	Exhibits
Exhibit No.		Description	Incorporated Herein by<br>Reference to	Filed with<br>Electronic<br>Submission
3.i.		Restated Certificate of Incorporation of Mosaic, effective May 19, 2016	Exhibit 3.i to Mosaic’s Current Report on Form 8-K dated May 19, 2016 and filed on May 23, 2016(2)
3.ii.		Amended and Restated Bylaws of Mosaic, effective December 15, 2023	Exhibit 3.1 to Mosaic’s Current Report on Form 8-K dated December 15, 2023 and filed on December 20, 2023(2)
4.i		Credit Agreement dated as of August 19, 2021, among Mosaic, Bank of America, N.A., as administrative agent, Swing Line Lender and an L/C Issuer, and the lenders and other L/D Issuers party thereto	Exhibit 4.i to Mosaic’s Current Report on Form 8-K dated August 23, 2021 and filed on August 23, 2021(2)
4.ii		First Amendment to Credit Agreement, dated as of May 10, 2023, among The Mosaic Company, as borrower, Bank of America, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer, and the lenders and other L/C Issuers party thereto	Exhibit 10.1 to Mosaic’s Current Report on Form 8-K dated May 10, 2023, and filed on May 10, 2023
4.iii		Indenture dated as of October 24, 2011, between Mosaic and U.S. Bank National Association, as trustee.<br><br>Registrant hereby agrees to furnish to the Commission, upon request, all other instruments defining the rights of holders of each issue of long-term debt of the Registrant and its consolidated subsidiaries	Exhibit 4.1 to Mosaic’s Current Report on Form 8-K dated October 24, 2011 and filed on October 24, 2011(2)
4.iv		Description of Registrant’s Common Stock	Exhibit 4.iii to Mosaic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019
10.iii.a.(3)		The Mosaic Company 2004 Omnibus Stock and Incentive Plan (the “Omnibus Incentive Plan”), as amended October 8, 2009	Appendix A to Mosaic’s Proxy Statement dated August 25, 2009(2)
10.iii.a.1(3)		Form of Amendment dated May 11, 2011, to the Omnibus Incentive Plan	Exhibit 10.iii.u. to Mosaic’s Annual Report on Form 10-K for the Fiscal Year ended May 31, 2011(2)
10.iii.a.2(3)		Form of Employee Nonqualified Stock Option Award Agreement under the Omnibus Incentive Plan, approved July 20, 2011	Exhibit 10.iii.b. to Mosaic’s Quarterly Report on Form 10-Q for the Quarterly Period ended August 31, 2011(2)
10.iii.c.1(3)	Mosaic Nonqualified Deferred Compensation Plan, as amended and restated effective December 15, 2023	Exhibit 10.iii.c.i to Mosaic's Annual Report on Form 10-K for the Fiscal Year ended December 31, 2023
---	---	---	---
10.iii.c.2(3)	Mosaic LTI Deferral Plan, approved March 5, 2015	Exhibit 10.1 to Mosaic’s Current Report on Form 8-K dated March 5, 2015 and filed on March 11, 2015(2)
10.iii.c.3(3)	Amendment to Mosaic LTI Deferral Plan, approved March 1, 2017	Exhibit 10.iii.c.4 to Mosaic’s Quarterly Report on Form 10-Q for the Quarterly Period ended March 31, 2017(2)
10.iii.c.4(3)	Mosaic LTI Deferral Plan, approved December 18, 2024		X
10.iii.d.1(3)	Form of Senior Management Severance and Change in Control Agreement effective April 1, 2023	Exhibit 10.iii.d to Mosaic’s Quarterly Report on Form 10-Q for the Quarterly Period ended March 31, 2023
10.iii.d.2	Form of Non-Competition, Non-Solicitation, Non-Defamation and Confidentiality Agreement effective April 1, 2023	Exhibit 10.iii.d.2. to Mosaic’s Quarterly Report on Form 10-Q of Mosaic for the Quarterly Period ended March 31, 2023(2)
10.iii.d.3(3)	Form of expatriate agreement dated November 1, 2019 between Mosaic and an executive officer	Exhibit 10.1 to Mosaic’s Current Report on Form 8-K dated October 31, 2019 and filed on November 4, 2019
10.iii.d.4(3)	Form of expatriate agreement dated January 8, 2016, between Mosaic and an executive officer	Exhibit 10.iii.d to Mosaic’s Quarterly Report on Form 10-Q for the Quarterly Period ended March 31, 2022
10.iii.e.1(3)	Agreement between Cargill and Mosaic relating to certain former Cargill employees’ participation in the Cargill International Pension Plan	Exhibit 10.iii.b. to Mosaic’s Quarterly Report on Form 10-Q for the Quarterly Period ended August 31, 2012(2)
10.iii.e.2(3)	Form of Supplemental Agreement between Mosaic and certain former participants in the Cargill International Pension Plan	Exhibit 10.iii.x. to Mosaic’s Annual Report on Form 10-K of Mosaic for the fiscal year ended May 31, 2013(2)
10.iii.f.(3)	Form of Indemnification Agreement between Mosaic and its directors and executive officers	Exhibit 10.iii. to Mosaic’s Current Report on Form 8-K dated October 8, 2008, and filed on October 14, 2008(2)
10.iii.i.(3)	The Mosaic Company 2014 Stock and Incentive Plan (the “2014 Incentive Plan”)	Appendix B to Mosaic’s Proxy Statement dated April 2, 2014(2)
10.iii.j.(3)	Form of Amendment dated August 14, 2019, to the 2014 Incentive Plan	Exhibit 10.iii.j to Mosaic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019
---	---	---
10.iii.k.1(3)	Form of Non-Qualified Stock Option Award Agreement under the 2014 Incentive Plan, approved March 5, 2015	Exhibit 10.iii.a. to Mosaic’s Quarterly Report on Form 10-Q for the Quarterly Period ended March 31, 2015(2)
10.iii.k.2(3)	Form of Non-Qualified Stock Option Award Agreement under the 2014 Incentive Plan, approved March 2, 2016	Exhibit 10.iii.a. to Mosaic’s Quarterly Report on Form 10-Q for the Quarterly Period ended March 31, 2016(2)
10.iii.k.7(3)	Form of Global Restricted Stock Unit Award Agreement (March 2023)	Exhibit 10.iii.k.1 to Mosaic's Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2023
10.iii.k.8(3)	Form of Executive TSR Performance Unit Award Agreement (Stock-Settled - March 2023)	Exhibit 10.iii.k.2 to Mosaic's Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2023
10.iii.k.9(3)	Form of Executive TSR Performance Unit Award Agreement (Cash-Settled - March 2023)	Exhibit 10.iii.k.3 to Mosaic's Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2023
10.iii.k.10(3)	Form of Director Restricted Stock Unit Award Agreement under The Mosaic Company 2014 Stock and Incentive Plan, as amended, approved May 19, 2022	Exhibit 10.iii.k to Mosaic’s quarterly report on Form 10-Q for the Quarterly Period Ended June 30, 2022
10.iii.l.1(3)	The Mosaic Company 2023 Stock and Incentive Plan	Appendix B to Mosaic’s Proxy Statement dated April 12, 2023
10.iii.l.2(3)	Form of Global Restricted Stock Unit Award Agreement under The Mosaic Company 2023 Stock and Incentive Plan approved May 24, 2023	Exhibit 10.iii.i to Mosaic's Quarterly Report on Form 10-Q for the Quarterly Period Ended September 30, 2023
10.iii.l.3(3)	Form of Director Restricted Stock Unit Award Agreement under The Mosaic Company 2023 Stock and Incentive Plan approved December 15, 2023	Exhibit 10.1 to Mosaic's Current Report on Form 8-K dated December 15, 2023 and filed on December 20, 2023
10.iii.l.4(3)	Form of Executive TSR Stock-Settled Performance Unit Award Agreement approved March 5, 2024, under The Mosaic Company 2023 Stock and Incentive Plan	Exhibit 10.iii.i to Mosaic's Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2024
10.iii.l.5(3)	Form of Executive TSR Cash-Settled Performance Unit Award Agreement approved March 5, 2024, under The Mosaic Company 2023 Stock and Incentive Plan	Exhibit 10.iii.ii to Mosaic's Quarterly Report on Form 10-Q for the Quarterly Period Ended March 31, 2024
10.iv.a	Consent Decree dated September 30, 2015 among the United States of America, the Florida Department of Environmental Protection, Mosaic Fertilizer, LLC and The Mosaic Company(4)	Exhibit 10.1. to Mosaic’s Current Report on Form 8-K dated September 30, 2015 and filed on October 6, 2015(2)
---	---	---	---
10.iv.b	Description of Modifications to Consent Decree dated September 30, 2015 among the United States of America, the Florida Department of Environmental Protection, Mosaic Fertilizer, LLC and The Mosaic Company, filed as Exhibit 10.1 to the Current Report on Form 8-K of Mosaic dated September 30, 2015 and filed on October 6, 2015	Exhibit 10.v.i to Mosaic’s Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 2016(2)
10.iv.c	Consent Decree dated September 30, 2015 among the United States of America, the Louisiana Department of Environmental Quality, Mosaic Fertilizer, LLC and The Mosaic Company(4)	Exhibit 10.2. to Mosaic’s Current Report on Form 8-K dated September 30, 2015 and filed on October 6, 2015(2)
10.iv.d	Description of Modifications to Consent Decree dated September 30, 2015 among the United States of America, the Louisiana Department of Environmental Quality, Mosaic Fertilizer, LLC and The Mosaic Company, filed as Exhibit 10.2 to the Current Report on Form 8-K of Mosaic dated September 30, 2015 and filed on October 6, 2015	Exhibit 10.v.ii to Mosaic’s Quarterly Report on Form 10-Q for the Quarterly Period Ended June 30, 2016(2)
19	The Mosaic Company Insider Trading and Tipping Policy		X
21	Subsidiaries of the Registrant		X
23.1	Consent of KPMG LLP, independent registered public accounting firm for Mosaic		X
23.2	Florida Phosphate Mining Consent of Qualified Persons	Exhibit 23.2 to Mosaic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022
23.3	Tapira Consent of Qualified Persons	Exhibit 23.3 to Mosaic's Annual Report on Form 10-K for the fiscal year ended December 31, 2023
23.4	Belle Plaine Potash Facility Consent of Qualified Persons		X
23.5	Esterhazy Potash Facility Consent of Qualified Persons	Exhibit 23.4 to Mosaic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021
24	Power of Attorney		X
31.1	Certification of Chief Executive Officer Required by Rule 13a-14(a)		X
31.2		Certification of Chief Financial Officer Required by Rule 13a-14(a)		X
---	---	---	---	---
32.1		Certification of Chief Executive Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code		X
32.2		Certification of Chief Financial Officer Required by Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code		X
95		Mine Safety Disclosures		X
96.1		Florida Phosphate Mining Technical Report Summary	Exhibit 96.1 to Mosaic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022
96.2		Esterhazy Potash Facility Technical Report Summary	Exhibit 96.2 to Mosaic’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021
96.3		Belle Plaine Potash Facility Technical Report Summary		X
96.4		Tapira Technical Report Summary	Exhibit 96.4 to Mosaic's Annual Report on Form 10-K for the fiscal year ended December 31, 2023
97.1		Incentive Compensation Recovery Policy	Exhibit 97.1 to Mosaic's Annual Report on Form 10-K for the fiscal year ended December 31, 2023
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)		X
101.SCH		Inline XBRL Taxonomy Extension Schema Document		X
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document		X
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document		X
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document		X
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document		X
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)		X
(c)	Summarized financial information of 50% or less owned persons is included in Note 9 of Notes to Consolidated Financial Statements. Financial statements and schedules are omitted as none of such persons are significant under the tests specified in Regulation S-X under Article 3.09 of general instructions to the financial statements.

*********************************************

(1)	Mosaic agrees to furnish supplementally to the SEC a copy of any omitted schedules and exhibits to the extent required by rules of the Commission upon request.
(2)	SEC File No. 001-32327.
(3)	Denotes management contract or compensatory plan.
(4)	Confidential information has been omitted from this Exhibit and filed separately with the SEC pursuant to a confidential treatment request under Rule 24b-2 of the Exchange Act.

Item 16. Annual Report on Form 10-K Summary.

None.

*********************************************

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE MOSAIC COMPANY
(Registrant)
/s/ Bruce M. Bodine
Bruce M. Bodine
Chief Executive Officer and President

Date: March 3, 2025

S-1

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

Name	Title	Date
/s/ Bruce M. Bodine	Chief Executive Officer and President and Director (principal executive officer)	March 3, 2025
Bruce M. Bodine
/s/ Luciano Siani Pires	Executive Vice President and Chief Financial Officer (principal financial officer)	March 3, 2025
Luciano Siani Pires
/s/ Russell A. Flugel	Vice President—Controller and Chief Accounting Officer (principal accounting officer)	March 3, 2025
Russell A. Flugel
*	Chairman of the Board of Directors	March 3, 2025
Gregory L. Ebel
*	Director	March 3, 2025
Cheryl K. Beebe
*	Director	March 3, 2025
Timothy S. Gitzel
*	Director	March 3, 2025
Emery N. Koenig
*	Director	March 3, 2025
Jody L. Kuzenko
*	Director	March 3, 2025
Sonya C. Little
*	Director	March 3, 2025
David T. Seaton
*	Director	March 3, 2025
Kathleen M. Shanahan
*	Director	March 3, 2025
João Roberto Gonçalves Teixeira
*	Director	March 3, 2025
Gretchen H. Watkins
*	Director	March 3, 2025
Kelvin R. Westbrook
*By:	/s/ Philip E. Bauer
---	---
	Philip E. Bauer<br>Attorney-in-Fact

S-2

Financial Table of Contents

	Page
Management’s Discussion and Analysis of Financial Condition and Results of Operations	F-2
Introduction	F-2
Key Factors that can Affect Results of Operations and Financial Condition	F-2
Results of Operations	F-4
Overview	F-5
Phosphates	F-7
Potash	F-9
Mosaic Fertilizantes	F-10
Corporate, Elimination and Other	F-11
Other Income Statement Items	F-11
Selling, General and Administrative Expenses	F-11
Other Operating Expenses	F-12
Interest Expense, Net	F-12
Foreign Currency Transaction (Loss) Gain	F-12
Gain on Sale of Equity Investment	F-12
Other (Expense) Income	F-12
Equity in Net Earnings of Nonconsolidated Companies	F-13
Provision for Income Taxes	F-12
Critical Accounting Estimates	F-13
Liquidity and Capital Resources	F-14
Off-Balance Sheet Arrangements and Obligations	F-17
Market Risk	F-19
Environmental, Health, Safety and Security Matters	F-22
Contingencies	F-27
Related Parties	F-27
Recently Issued Accounting Guidance	F-28
Forward-Looking Statements	F-28
Reports of Independent Registered Public Accounting Firm	F-31
Consolidated Statements of Earnings	F-34
Consolidated Statements of Comprehensive Income (Loss)	F-35
Consolidated Balance Sheets	F-36
Consolidated Statements of Cash Flows	F-37
Consolidated Statements of Equity	F-39
Notes to Consolidated Financial Statements	F-40
Management’s Report on Internal Control Over Financial Reporting	F-80

F-1

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

The Mosaic Company (before or after the Cargill Transaction, as defined below, “Mosaic,” and with its consolidated subsidiaries, “we,” “us,” “our” or the “Company”) is the parent company of the business that was formed through the business combination (“Combination”) of IMC Global Inc. and the Cargill Crop Nutrition fertilizer businesses of Cargill, Incorporated and its subsidiaries (collectively, “Cargill”) on October 22, 2004. In May 2011, Cargill divested its approximately 64% equity interest in us in a split-off to its stockholders and a debt exchange with certain Cargill debt holders.

We produce and market concentrated phosphate and potash crop nutrients. We conduct our business through wholly- and majority-owned subsidiaries as well as businesses in which we own less than a majority or a non-controlling interest, including consolidated variable interest entities and investments accounted for by the equity method.

We are organized into the following business segments:

•Our Phosphates business segment owns and operates mines and production facilities in Florida, which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana, which produce concentrated phosphate crop nutrients for sale domestically and internationally. We have a 75% economic interest in the Miski Mayo Phosphate Mine (“Miski Mayo Mine”) in Peru. These results are consolidated in the Phosphates segment. Through December 24, 2024, the Phosphates segment included our 25% interest in the Ma’aden Wa’ad Al Shamal Phosphate Company (“MWSPC”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. On December 24, 2024, we exchanged our ownership of MWSPC for shares of Saudi Arabian Mining Company (“Ma’aden”). Our equity in the net earnings or losses relating to MWSPC were recognized on a one-quarter lag in our Consolidated Statements of Earnings.

•Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S. which produce potash-based crop nutrients, animal feed ingredients and industrial products. Potash sales include domestic and international sales. We are a member of Canpotex, Limited (“Canpotex”), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S. and Canada.

•Our Mosaic Fertilizantes business segment includes five phosphate rock mines, four phosphate chemical plants and a potash mine in Brazil. The segment also includes our distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay. We also have a majority interest in Fospar S.A., which owns and operates a single superphosphate granulation plant and a deep-water port and throughput warehouse terminal facility in Brazil.

Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives, the investment in equity securities of Ma'aden, debt expenses, corporate functional costs and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other. See Note 25 of the Consolidated Financial Statements in this Form 10-K for segment results.

Key Factors That Can Affect Results of Operations and Financial Condition

Our primary products, phosphate and potash crop nutrients, are, to a large extent, global commodities that are also available from a number of domestic and international competitors, and are sold by negotiated contracts or by reference to published market prices. The markets for our products are highly competitive, and the most important competitive factor for our products is delivered price. Business and economic conditions and governmental policies affecting the agricultural industry and customer sentiment are the most significant factors affecting worldwide demand for crop nutrients with the impact of demand for biofuels and batteries also playing an increasing role. The profitability of our businesses is heavily influenced by worldwide supply and demand for our products, which affects our sales prices and volumes. Our costs per tonne to produce our products are also heavily influenced by fixed costs associated with owning and operating our major facilities, significant raw material costs in our Phosphates and Mosaic Fertilizantes businesses, water treatment costs in our Phosphates business and fluctuations in currency exchange rates.

F- 2

Our products are generally sold based on the market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment. Additionally, in certain circumstances the final price of our products is determined after shipment based on the current market at the time the price is agreed to with the customer. Forward sales programs at fixed prices increase the lag between prevailing market prices and our average realized selling prices. The mix and parameters of these sales programs vary over time based on our marketing strategy, which considers factors that include, among others, optimizing our production and operating efficiency within warehouse limitations, as well as customer requirements. The use of forward sales programs and the level of customer prepayments may vary from period to period due to changing supply and demand environments, seasonality and market sentiments.

World prices for the key raw material inputs for concentrated phosphate products, including ammonia, sulfur and phosphate rock, have an effect on industry-wide phosphate prices and production costs. The primary feedstock for producing ammonia is natural gas. The product price for ammonia is generally highly dependent on the supply and demand balance for ammonia. In North America, two-thirds of our ammonia is sourced either through ammonia supply agreements or produced internally at our Faustina, Louisiana, location with the remaining one-third purchased from various suppliers in the spot market. We have agreements with various suppliers to ensure we have reliable sources of supply for ammonia to support competitive pricing in various market conditions. In Brazil, we purchase all our ammonia from a single supplier.

Sulfur is a global commodity that is primarily produced as a by-product of oil refining. The market price is based primarily on the supply and demand balance for sulfur. We believe our current and future investments in sulfur transformation and transportation assets will enhance our competitive advantage.

We produce and procure most of our phosphate rock requirements through either wholly or partly owned mines. In addition to producing phosphate rock, Mosaic Fertilizantes purchases phosphate, potash and nitrogen products which are either used to produce blended crop nutrients (“Blends”) or for resale.

Our per tonne selling prices for potash are affected by shifts in the product mix, geography and customer mix. Our Potash business is significantly affected by Canadian resource taxes that we pay to the Province of Saskatchewan and royalties we pay to mineral holders in order for us to mine and sell our potash products. In addition, cost of goods sold is affected by a number of factors, including: fluctuations in the Canadian dollar; the level of periodic inflationary pressures on resources in western Canada, where we produce most of our potash; and natural gas costs for operating our potash solution mine at Belle Plaine, Saskatchewan. In the past, we have also incurred operating costs to manage salt saturated brine inflows at our Esterhazy, Saskatchewan K1 and K2 mine shafts, which we closed in June 2021, due to an acceleration of brine inflows. We have now transitioned mining to the K3 mine shaft, which has replaced production from the K1 and K2 shafts.

Our results of operations are also affected by changes in currency exchange rates due to our international footprint. The most significant currency impacts are generally from the Canadian dollar and the Brazilian real.

A discussion of these and other factors that affected our results of operations and financial condition for the periods covered by this Management’s Discussion and Analysis of Financial Condition and Results of Operations is set forth in further detail below. This Management’s Discussion and Analysis of Financial Condition and Results of Operations should also be read in conjunction with the narrative description of our business in Item 1, and the risk factors described in Item 1A, of Part I of this Annual Report on Form 10-K (“Form 10-K”), and our Consolidated Financial Statements, accompanying notes and other information listed in the accompanying Financial Table of Contents.

This section of this Form 10-K discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. Discussions of 2022 items and year-to-year comparisons between 2023 and 2022 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Form 10-K for the year ended December 31, 2023 and are incorporated by reference herein.

Throughout the discussion below, we measure units of production, sales and raw materials in metric tonnes which are the equivalent of 2,205 pounds, unless we specifically state that we mean short or long ton(s), which are the equivalent of 2,000 pounds and 2,240 pounds, respectively. In addition, we measure natural gas, a raw material used in the production of our products, in MM BTU, which stands for one million British Thermal Units (“BTU”). One BTU is equivalent to 1.06 Joules. Management uses the following metrics to monitor segment performance: production volume, sales volume, average finished product selling price and average cost per unit consumed.

In the following table, there are certain percentages that are not considered to be meaningful and are represented by “NM”.

F- 3

Results of Operations

The following table shows the results of operations for the years ended December 31, 2024, 2023, and 2022:

	Years Ended December 31,									2024-2023					2023-2022
(in millions, except per share data)	2024			2023			2022			Change			Percent		Change			Percent
Net sales	$	11,122.8		$	13,696.1		$	19,125.2		$	(2,573.3)		(19)	%	$	(5,429.1)		(28)	%
Cost of goods sold	9,610.9			11,485.5			13,369.4			(1,874.6)			(16)	%	(1,883.9)			(14)	%
Gross margin	1,511.9			2,210.6			5,755.8			(698.7)			(32)	%	(3,545.2)			(62)	%
Gross margin percentage	13.6		%	16.1		%	30.1		%	(2.5)		%			(14.0)		%
Selling, general and administrative expenses	496.9			500.5			498.0			(3.6)			(1)	%	2.5			1	%
Other operating expenses	393.5			372.0			472.5			21.5			6	%	(100.5)			(21)	%
Operating earnings	621.5			1,338.1			4,785.3			(716.6)			(54)	%	(3,447.2)			(72)
Interest expense, net	(182.8)			(129.4)			(137.8)			(53.4)			41	%	8.4			(6)	%
Foreign currency transaction (loss) gain	(685.8)			194.0			97.5			(879.8)			NM		96.5			99	%
Gain on sale of equity investment	522.2			—			—			522.2			NM		—			NM
Other income (expense)	40.3			(76.8)			(102.5)			117.1			(152)	%	25.7			(25)	%
Earnings from consolidated companies before income taxes	315.4			1,325.9			4,642.5			(1,010.5)			(76)	%	(3,316.6)			(71)
Provision for income taxes	186.7			177.0			1,224.3			9.7			5	%	(1,047.3)			(86)
Earnings from consolidated companies	128.7			1,148.9			3,418.2			(1,020.2)			(89)	%	(2,269.3)			(66)	%
Equity in net earnings of nonconsolidated companies	73.3			60.3			196.0			13.0			22	%	(135.7)			(69)	%
Net earnings including noncontrolling interests	202.0			1,209.2			3,614.2			(1,007.2)			(83)	%	(2,405.0)			(67)	%
Less: Net earnings attributable to noncontrolling interests	27.1			44.3			31.4			(17.2)			(39)	%	12.9			41	%
Net earnings attributable to Mosaic	$	174.9		$	1,164.9		$	3,582.8		$	(990.0)		(85)	%	$	(2,417.9)		(67)	%
Diluted net earnings per share attributable to Mosaic	$	0.55		$	3.50		$	10.06		$	(2.95)		(84)	%	$	(6.56)		(65)	%
Diluted weighted average number of shares outstanding	320.7			333.2			356.0

F- 4

Overview of the Years ended December 31, 2024 and 2023

Net earnings attributable to Mosaic for the year ended December 31, 2024 were $174.9 million, or $0.55 per diluted share, compared to $1.2 billion, or $3.50 per diluted share for 2023, driven by lower finished good sales pricing in our Potash and Mosaic Fertilizantes segments and lower sales volumes across our segments, as discussed further below. Net income for the year ended December 31, 2024 was unfavorably impacted by a foreign currency transaction loss of $686 million, compared to a foreign currency transaction gain of $194 million in the prior year period. Current year net income benefited from a gain of $522 million on the sale of our equity investment in MWSPC, as discussed further below.

Significant factors that affected our results of operations and financial condition in 2024 and 2023 are listed below. These factors are discussed in more detail in the following sections of this Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Year ended December 31, 2024

In our Phosphates segment, operating results for 2024 were unfavorable compared to the prior year due to lower finished goods sales volumes partially offset by higher average selling prices. Sales volumes in the current year were unfavorably impacted by planned maintenance and turnaround activity at our sites as well as impacts from hurricanes Florida in the second half of the year. Phosphate operating results were also unfavorably impacted by increased product costs due to our sales volumes including a larger proportion of purchased tonnes than the prior year. We increased our purchases in 2024 to offset lost production in the first quarter from a fire at our Riverview, Florida facility. Average selling prices for the current year were favorable versus the prior year as prices have continued trending upwards since the third quarter of 2023, driven by strong demand in North America. Operating results also benefited from lower raw material costs, primarily sulfur, compared to the prior year period.

In our Potash segment, operating results for 2024 were unfavorably impacted by lower global average selling prices, resulting from improved global supply. Operating results were also unfavorably impacted by lower sales volumes in the second half of the year resulting from production challenges in the third quarter due to electrical issues at two of our mines and supply chain delays caused by the port strike in Vancouver, Canada.

In our Mosaic Fertilizantes segment, operating results for 2024 were unfavorably impacted by a decrease in average selling prices compared to the prior year period. Sales prices of potash and nitrogen in Brazil decreased as global supply improved. Sales volumes were down compared to the prior year period as a result of our decision to prioritize sales to lower credit-risk customers, and to focus on obtaining improved gross margin over sales volumes.

In addition to the items mentioned above:

•In April 2024, we entered into an agreement with Ma’aden to exchange our 25% ownership of the Ma'aden Wa’ad al Shamal Phosphate Company for 111,012,433 shares of Ma’aden. The transaction closed on December 24, 2024 at a value of approximately $1.5 billion, resulting in a pre-tax gain of approximately $0.5 billion. The shares are reflected in Equity Securities and Investments in Nonconsolidated Companies in our Consolidated Balance Sheet at December 31, 2024.

•In 2024, we repurchased 7,944,507 shares of Common Stock in the open market for approximately $235.4 million at an average purchase price of $29.63.

In February 2025, the U.S. imposed tariff increases on imports from several countries, including a 25% tariff on most imports from Canada, including potash. Subsequently, the implementation of these tariffs has been paused for 30 days following an agreement between the U.S. and Canada. At this time, we do not expect these tariffs to have a significant impact on our Potash business and operating results.

Year ended December 31, 2023:

For the year ended December 31, 2023, operating results in all of our segments were impacted by lower average sales prices compared to the prior year. Global markets softened compared to the prior year, with a rebound in supply combined with buyers delaying purchases in the first half of the year, in anticipation of lower prices. Buyer deferral reversed in the later part of 2023, and we saw seasonal price strength in many markets.

F- 5

In the Phosphates segment, operating results for 2023 were driven by lower average selling prices, partially offset by lower raw material costs and higher sales volumes compared to the prior year. Selling prices decreased due to the factors described above and were partially offset by lower raw material costs, primarily sulfur and ammonia, due to global supply and demand. Finished product sales volumes were favorable versus the prior year, driven by buyers deferring purchases in the prior year period in anticipation of lower sales prices.

In the Potash segment, 2023 operating results were unfavorably impacted by lower average selling prices of potash compared to the prior year period, driven by the factors discussed above. This was partially offset by higher sales volumes, driven by the factor discussed above. Operating results for 2023 were also unfavorably impacted by higher idle plant and maintenance turnaround costs, due to the temporary idling of our Colonsay, Saskatchewan mine in the first half of the year, due to market conditions and the length of turnarounds, compared to the prior year.

In the Mosaic Fertilizantes segment, 2023 results were unfavorably impacted by a decrease in average selling prices compared to the prior year period, driven by the factors discussed above. Sales volumes of finished goods, including performance products, were higher in 2023, compared to the same period in the prior year, due to an increased customer base as a result of our growth strategy to expand our presence in Brazil. Results were also favorably impacted by a decrease in product costs for our distribution business, and lower sulfur and ammonia costs in our production business.

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Phosphates Net Sales and Gross Margin

The following table summarizes the Phosphates segment’s net sales, gross margin, sales volume, selling prices and raw material prices:

									2024-2023				2023-2022
(in millions, except price per tonne or unit)			2023			2022			Change		Percent		Change		Percent
Net sales:
North America	3,772.9		$	3,749.8		$	4,211.2		$	23.1	1	%	$	(461.4)	(11)	%
International			974.5			1,973.0			(228.6)		(23)	%	(998.5)		(51)	%
Total			4,724.3			6,184.2			(205.5)		(4)	%	(1,459.9)		(24)	%
Cost of goods sold			4,022.2			4,425.2			(97.4)		(2)	%	(403.0)		(9)	%
Gross margin	594.0		$	702.1		$	1,759		$	(108.1)	(15)	%	$	(1,056.9)	(60)
Gross margin as a percentage of net sales		%	14.9		%	28.4		%
Sales volumes(a) (in thousands of metric tonnes)
DAP/MAP			3,625			3,399			(492)		(14)	%	226		7	%
Performance and Other(b)			3,366			3,159			(62)		(2)	%	207		7	%
Total finished product tonnes			6,991			6,558			(554)		(8)	%	433		7	%
Rock(c)			1,622			1,719			173		11	%	(97)		(6)	%
Total Phosphates Segment Tonnes(a)			8,613			8,277			(381)		(4)	%	336		4	%
Realized prices (/tonne)
Average finished product selling price (destination)(d)	672		$	646		$	913		$	26	4	%	$	(267)	(29)	%
DAP selling price (fob mine)	585		$	573		$	804		$	12	2	%	$	(231)	(29)	%
Average cost per unit consumed in cost of goods sold:
Ammonia (metric tonne)	435		$	426		$	603		$	9	2	%	$	(177)	(29)	%
Sulfur (long ton)	132		$	181		$	368		$	(49)	(27)	%	$	(187)	(51)	%
Blended rock (metric tonne)	85		$	75		$	70		$	10	13	%	$	5	7	%
Production volume (in thousands of metric tonnes) - North America			6,568			6,647			(278)		(4)	%	(79)		(1)	%

All values are in US Dollars.

(a)    Includes intersegment sales volumes.

(b)    Includes sales volumes of MicroEssentials® and animal feed ingredients.

(c)    Sales volumes of rock are presented on a wet tonne basis based on average moisture levels of 3.5% to 4.5% as it exits the drying process and is prepared for shipping.

(d)     Excludes sales revenue and tonnes associated with rock sales.

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

The Phosphates segment’s net sales were $4.5 billion for the year ended December 31, 2024, compared to $4.7 billion for the same period a year ago. The decrease in net sales was primarily due to lower finished goods sales volumes, which unfavorably impacted net sales by approximately $310 million. In addition, Miski Mayo operations had an unfavorable impact of approximately $40 million compared to the prior year period due to lower selling prices. These impacts were partially offset by approximately $150 million due to higher finished product selling prices in the year current period.

Our average finished product selling price increased 4%, to $672 per tonne for the year ended December 31, 2024, compared to $646 per tonne for the same period a year ago, due to the factor discussed in the Overview.

The Phosphates segment’s sales volumes of finished products decreased to 6.4 million tonnes for the year ended December 31, 2024, compared to 7.0 million tonnes in 2023, due to the production challenges discussed in the Overview.

Gross margin for the Phosphates segment decreased to $594.0 million in the current year compared with $702.1 million for the prior year. Gross margin was unfavorably impacted by lower finished goods sales volumes, which unfavorably impacted gross margin by approximately $130 million, higher conversion of approximately $80 million and higher blended rock costs of approximately $70 million. The current year gross margin was also unfavorably impacted by approximately $40 million

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related to selling a higher proportion of purchased tonnes compared to the prior year period, higher idle costs of approximately $40 million, primarily due to impacts from Hurricane Milton, and higher freight costs of approximately $10 million. In addition, Miski Mayo gross margin was approximately $30 million lower than the prior year primarily due to a decrease in selling prices. These impacts were partially offset by favorable impacts from higher finished goods selling prices of approximately $150 million and lower raw material costs, primarily sulfur as discussed below, of approximately $150 million.

Our average consumed price for ammonia in our North American operations increased to $435 per tonne in 2024 from $426 a year ago. The average consumed price for sulfur for our North American operations decreased to $132 per long ton for the year ended December 31, 2024, from $181 in the prior year period. The purchase price of these raw materials is driven by global supply and demand. The consumed ammonia and sulfur prices also include transportation, transformation and storage costs.

The average consumed cost of purchased and produced rock increased to $85 per tonne in the current year, from $75 a year ago. For the year ended December 31, 2024, our North American phosphate rock production decreased slightly to 9.0 million tonnes from 9.1 million tonnes in the prior year.

The Phosphates segment’s production of crop nutrient dry concentrates and animal feed ingredients decreased to 6.3 million tonnes from 6.6 million in the prior year. For the year ended December 31, 2024, our operating rate for processed phosphate production decreased slightly to 64%, compared to 65% in the same period of the prior year.

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Potash Net Sales and Gross Margin

The following table summarizes the Potash segment’s net sales, gross margin, sales volume and selling price:

									2024-2023				2023-2022
(in millions, except price per tonne or unit)			2023			2022			Change		Percent		Change		Percent
Net sales:
North America	1,452.3		$	1,899.9		$	2,122.3		$	(447.6)	(24)	%	$	(222.4)	(10)	%
International			1,333.7			3,086.2			(397.3)		(30)	%	(1,752.5)		(57)	%
Total			3,233.6			5,208.5			(844.9)		(26)	%	(1,974.9)		(38)	%
Cost of goods sold			2,018.6			2,365.5			(273.1)		(14)	%	(346.9)		(15)	%
Gross margin	643.2		$	1,215.0		$	2,843.0		$	(571.8)	(47)	%	$	(1,628.0)	(57)	%
Gross margin as a percentage of net sales		%	37.6		%	54.6		%
Sales volume(a) (in thousands of metric tonnes)
MOP			7,969			7,236			(90)		(1)	%	733		10	%
Performance and Other(b)			901			865			(36)		(4)	%	36		4	%
Total Potash Segment Tonnes			8,870			8,101			(126)		(1)	%	769		9	%
Realized prices (/tonne)
Average finished product selling price (destination)	273		$	365		$	643		$	(92)	(25)	%	$	(278)	(43)	%
MOP selling price (fob mine)	222		$	308		$	632		$	(86)	(28)	%	$	(324)	(51)	%
Production volume (in thousands of metric tonnes)			8,246			9,053			552		7	%	(807)		(9)	%

All values are in US Dollars.

(a)     Includes intersegment sales volumes.

(b)    Includes sales volumes of K-Mag®, Aspire® and animal feed ingredients.

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

The Potash segment’s net sales decreased to $2.4 billion for the year ended December 31, 2024, compared to $3.2 billion in the prior year. Lower average selling prices had an unfavorable impact on net sales of approximately $760 million versus the prior year period. Net sales were also unfavorably impacted by approximately $70 million due to lower finished goods sales volumes compared to the prior period.

Our average finished product selling price was $273 per tonne for the year ended December 31, 2024, a decrease of $92 per tonne compared with the prior year period, due to the factor discussed in the Overview.

The Potash segment’s sales volumes decreased to 8.7 million tonnes for the year ended December 31, 2024, compared to 8.9 million tonnes in the same period a year ago, due to the factors discussed in the Overview.

Gross margin for the Potash segment decreased to $643.2 million in the current year, from $1.2 billion in the prior year period. Gross margin was unfavorably impacted by approximately $760 million due to the decrease in average selling prices, and approximately $50 million due to lower sales volumes. This was partially offset by lower Canadian resource taxes of approximately $170 million in the current year period, as discussed below. Gross margin was also favorably impacted by approximately $40 million, due to lower idle and maintenance turnaround costs in the current year period due to the timing of turnarounds. In addition, gross margin was favorably impacted by lower conversion costs of approximately $30 million.

We had expense of $232.2 million from Canadian resource taxes for the year ended December 31, 2024 compared to $403.4 million in the prior year. Royalty expense also decreased to $40.5 million for the year ended December 31, 2024 from $53.6 million in the prior year. The fluctuations in Canadian resource taxes and royalties are due to lower sales volumes, average selling prices and margins in the current year, compared to the prior year.

For the year ended December 31, 2024, potash production increased to 8.8 million tonnes, compared to 8.2 million tonnes in the prior year period, resulting in an operating rate of 76% for 2024, compared to 73% for 2023. The increased operating rate in the current year period reflects higher production across our Canadian mines, due to less maintenance downtime at our

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Esterhazy and Belle Plaine locations and our Colonsay mine operating for a portion of the current year period. Prior year production was impacted by maintenance downtime during the first half of the year.

Mosaic Fertilizantes Net Sales and Gross Margin

The following table summarizes the Mosaic Fertilizantes segment’s net sales, gross margin, sales volume and selling price.

									2024-2023				2023-2022
(in millions, except price per tonne or unit)			2023			2022			Change		Percent		Change		Percent
Net Sales	4,422.3		$	5,684.7		$	8,287.2		$	(1,262.4)	(22)	%	$	(2,602.5)	(31)	%
Cost of goods sold			5,473.1			7,241.6			(1,457.4)		(27)	%	(1,768.5)		(24)	%
Gross margin	406.6		$	211.6		$	1,045.6		$	195.0	92	%	$	(834.0)	(80)	%
Gross margin as a percent of net sales		%	3.7		%	12.6		%
Sales volume (in thousands of metric tonnes)
Phosphate produced in Brazil			2,235			2,368			(534)		(24)	%	(133)		(6)	%
Potash produced in Brazil			195			165			6		3	%	30		18	%
Purchased nutrients			7,253			6,905			(125)		(2)	%	348		5	%
Total Mosaic Fertilizantes Segment Tonnes			9,683			9,438			(653)		(7)	%	245		3	%
Realized prices (/tonne)
Average finished product selling price (destination)	490		$	587		$	878		$	(97)	(17)	%	$	(291)	(33)	%
Brazil MAP price (delivered price to third party)	605		$	597		$	868		$	8	1	%	$	(271)	(31)	%
Purchases (’000 tonnes)
DAP/MAP from Mosaic			341			272			(146)		(43)	%	69		25	%
MicroEssentials® from Mosaic			1,019			1,271			(30)		(3)	%	(252)		(20)	%
Potash from Mosaic/Canpotex			2,067			2,276			128		6	%	(209)		(9)	%
Average cost per unit consumed in cost of goods sold:
Ammonia (metric tonne)	627		$	807		$	1,301		$	(180)	(22)	%	$	(494)	(38)	%
Sulfur (long ton)	173		$	232		$	391		$	(59)	(25)	%	$	(159)	(41)	%
Blended rock (metric tonne)	109		$	122		$	105		$	(13)	(11)	%	$	17	16	%
Production volume (in thousands of metric tonnes)			3,457			3,598			44		1	%	(141)		(4)	%

All values are in US Dollars.

Year Ended December 31, 2024 compared to Year Ended December 31, 2023

The Mosaic Fertilizantes segment’s net sales were $4.4 billion for the year ended December 31, 2024, compared to $5.7 billion for 2023. In the current period, net sales were unfavorably impacted by approximately $870 million of lower finished goods sales prices and by approximately $350 million of lower finished goods sales volumes. This was partially offset by a $20 million favorable impact from sales of other products, primarily sulfuric acid.

The overall average finished product selling price decreased $97 per tonne, to $490 per tonne for 2024, due to the decrease in global prices referenced in the Overview.

The Mosaic Fertilizantes segment’s sales volume decreased to 9.0 million tonnes for the year ended December 31, 2024, compared to 9.7 million tonnes for the prior year period, due to the change in strategic focus discussed in the Overview.

Gross margin for the Mosaic Fertilizantes segment increased to $406.6 million for the year ended December 31, 2024, from $211.6 million in the prior year. The increase in gross margin was primarily due to the focus on obtaining margin over sales volume as discussed in the Overview and lower costs, which had a favorable impact of $1.13 billion, driven by a decrease in product costs for our distribution business, and lower sulfur and ammonia costs in our production business. This was partially offset by approximately $870 million related to the decrease in average selling prices during the current year period, and approximately $40 million due to lower sales volumes in the current year period.

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The average consumed price for ammonia for our Brazilian operations was $627 per tonne for the year ended December 31, 2024, compared to $807 per tonne in the prior year. The average consumed sulfur price for our Brazilian operations was $173 per long tonne for the year ended December 31, 2024, compared to $232 in the prior year. The purchase prices of these raw materials are driven by global supply and demand, and include transportation, transformation and storage costs.

The Mosaic Fertilizantes segment’s production of crop nutrient dry concentrates and animal feed ingredients increased 1% compared to the prior year. For the year ended December 31, 2024, our phosphate operating rate was 78%, compared to 77% in the prior year.

Our Brazilian phosphate rock production increased to 3.9 million tonnes for the year ended December 31, 2024 compared to 4.0 million for the prior year period.

Corporate, Eliminations and Other

In addition to our three operating segments, we assign certain costs to Corporate, Eliminations and Other, which is presented separately in Note 25 of our Notes to Consolidated Financial Statements. The Corporate, Eliminations and Other category includes intersegment eliminations, including profit on intersegment sales, unrealized mark-to-market gains and losses on derivatives and the investment in equity securities of Ma'aden, debt expenses, corporate functional costs and the results of the China and India distribution businesses.

Gross margin for Corporate, Eliminations and Other was a loss of $131.9 million for the year ended December 31, 2024, compared to a gain of $81.9 million in the same period a year ago. Gross margin was unfavorably impacted by higher elimination of profit on intersegment sales in the current year period of approximately $139 million, compared to the prior year. Gross margin was also unfavorably impacted by a $101 million net unrealized loss on derivatives in the current year period, primarily foreign currency derivatives, compared to a $29 million net unrealized gain in the prior year period. Distribution operations in India and China had revenues and gross margin of $519.6 million and $39.7 million, respectively, for the year ended December 31, 2024, compared to revenues and gross margin of $898.9 million and $(16.8) million, respectively, for the year ended December 31, 2023. China and India gross margin was favorably impacted by lower product costs in the current year period compared to the prior year. This was partially offset by the impact of lower selling prices compared to the prior year period.

Other Income Statement Items

	Years Ended December 31,						2024-2023				2023-2022
(in millions)	2024		2023		2022		Change		Percent		Change		Percent
Selling, general and administrative expenses	$	496.9	$	500.5	$	498.0	$	(3.6)	(1)	%	$	2.5	1	%
Other operating expenses	393.5		372.0		472.5		21.5		6	%	(100.5)		(21)	%
Interest (expense)	(230.0)		(189.0)		(168.8)		(41.0)		22	%	(20.2)		12	%
Interest income	47.2		59.6		31.0		(12.4)		(21)	%	28.6		92	%
Interest expense, net	(182.8)		(129.4)		(137.8)		(53.4)		41	%	8.4		(6)	%
Foreign currency transaction (loss) gain	(685.8)		194.0		97.5		(879.8)		NM		96.5		99	%
Gain on sale of equity investment	522.2		—		—		522.2		NM		—		NM
Other income (expense)	40.3		(76.8)		(102.5)		117.1		NM		25.7		(25)	%
Provision for income taxes	186.7		177.0		1,224.3		9.7		5	%	(1,047.3)		(86)
Equity in net earnings of nonconsolidated companies	73.3		60.3		196.0		13.0		22	%	(135.7)		(69)	%

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $496.9 million for the year ended December 31, 2024, compared to $500.5 million for the same period a year ago. The decrease was primarily due to approximately $20 million of lower consulting and professional services and lower compensation and other employee-related costs of approximately $15 million in the current year period. This was largely offset by approximately $30 million of bad debt reserve in our Mosaic Fertilizantes segment.

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Other Operating Expenses

Other operating expenses were $393.5 million for the year ended December 31, 2024, compared to $372.0 million for the prior year period. Other operating expenses typically relate to five major categories: (1) AROs, (2) environmental and legal reserves, (3) idle facility costs, (4) insurance reimbursements, and (5) gain/loss on sale or disposal of fixed assets. The change from the prior year was primarily due to an arbitration reserve of approximately $52 million in the current year. Other operating expense was also impacted by lower estimated closure costs for our asset retirement obligations (“AROs”) at our closed facilities, which were approximately $53 million lower than the prior year. In addition, environmental reserves in our Phosphates segment were lower compared to the prior year by approximately $13 million. The prior year included a gain on the sale of the Streamsong Resort of approximately $57 million.

Interest Expense, Net

Net interest expense increased to $182.8 million for the year ended December 31, 2024, compared to $129.4 million in 2023. The increase was primarily due to higher short term debt levels in the current year period and lower interest income. The prior year included approximately $10 million on tax credit refunds from our Brazilian subsidiaries.

Foreign Currency Transaction (Loss) Gain

In 2024, we recorded a foreign currency transaction loss of $685.8 million, compared to a gain of $194.0 million in 2023. The loss was the result of the effect of the strengthening of the U.S. dollar relative to the Brazilian real on intercompany loans and U.S. dollar-denominated payables held by our Brazilian subsidiaries and the impact of the U.S. dollar relative to the Canadian dollar on intercompany loans. Our reported foreign currency gains and losses are often non-cash in nature because they are related to intercompany transactions.

Gain on Sale of Equity Investment

On December 24, 2024 we exchanged our 25% ownership of MWSPC for 111,012,433 shares of Ma’aden at a value of approximately $1.5 billion, resulting in a pre-tax gain, net of expenses, of $522.2 million. See further discussion of this transaction in Note 9 of our Notes to Consolidated Financial Statements.

Other Income (Expense)

For the year ended December 31, 2024, we had other income of $40.3 million compared to expense of $76.8 million in the prior year. The change from the prior year is primarily due to an unrealized gain of approximately $28 million related to our investment in shares of Ma'aden being marked to market at period end. In the current year we had a gain of approximately $8 million on the finalization of amounts related to the 2023 termination of a pension plan compared to a settlement loss of approximately $42 million in the prior year. We also had a realized gain on the marketable securities held in the RCRA Trusts of approximately $2 million compared to a loss of $19 million in the prior year.

Provision for Income Taxes

	Effective<br>Tax Rate		Provision for<br>Income Taxes
Year Ended December 31, 2024	59.2	%	$	186.7
Year Ended December 31, 2023	13.3	%	177.0
Year Ended December 31, 2022	26.4	%	1,224.3

For all years, our income tax is impacted by the mix of earnings across jurisdictions in which we operate, by a benefit associated with depletion and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.

For the year ended December 31, 2024, tax expense specific to the period included a net expense of $125.9 million. The net expense relates to the following: $99.9 million related to the impact of accruing withholding tax expense on expected foreign distributions associated with changes in management’s indefinite reinvestment assertion on select foreign earnings under ASC 740-30 (formerly APB 23), $7.1 million related to true-up of estimates from our U.S. and non-U.S. tax return provisions, $24.2 million related to changes to valuation allowances in Brazil, the Netherlands, and the U.S., $4.0 million related to share-based excess benefit, $2.5 million related to changes in tax rates and $6.2 million related to other

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miscellaneous expenses. The tax expenses are partially offset by a net tax benefit related to changes in U.S. state tax law of $18.1 million.

Equity in Net Earnings of Nonconsolidated Companies

For the year ended December 31, 2024, we had a gain from equity of nonconsolidated companies of $73.3 million, net of tax, compared to a gain of $60.3 million, net of tax, for the prior year. These results were primarily related to the operations of MWSPC.

Critical Accounting Estimates

We prepare our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America which requires us to make various judgments, estimates and assumptions that could have a significant impact on our reported results and disclosures. We base these estimates on historical experience and other assumptions we believe to be reasonable at the time we prepare our financial statements. Changes in these estimates could have a material effect on our Consolidated Financial Statements.

Our significant accounting policies can be found in Note 2 of our Notes to Consolidated Financial Statements. We believe the following accounting policies include a higher degree of judgment and complexity in their application and are most critical to aid in fully understanding and evaluating our reported financial condition and results of operations.

Recoverability of Goodwill

Goodwill is the excess of the purchase price consideration over the estimated fair value of net assets of acquired businesses. The carrying value of goodwill in our reporting units is tested annually as of October 31 for possible impairment. We typically use an income approach valuation model, representing present value of future cash flows, to determine the fair value of a reporting unit. Growth rates for sales and profits are determined using inputs from our annual strategic and long range planning process. The rates used to discount projected future cash flows reflect a weighted average cost of capital based on the Company’s industry, capital structure and risk premiums, including those reflected in the current market capitalization. When preparing these estimates, management considers each reporting unit’s historical results, current operating trends and specific plans in place. These estimates are impacted by various factors, including inflation, the general health of the economy and market competition. In addition, events and circumstances that might be indicators of possible impairment are assessed during other interim periods. As of October 31, 2024, the date of our annual impairment testing, the Company concluded that the fair values of the reporting units which include goodwill, Potash, Mosaic Fertilizantes and Corporate, Eliminations and Other, were in substantial excess of their respective carrying values and the goodwill for those units was not impaired.

See Note 10 of our Notes to Consolidated Financial Statements for additional information regarding the goodwill impairment analysis, including the methodologies and assumptions used in estimating the fair values of our reporting units. As of December 31, 2024, we had $1.1 billion of goodwill.

Environmental Liabilities and Asset Retirement Obligations

We record accrued liabilities for various environmental and reclamation matters, including the demolition of former operating facilities, and AROs.

Contingent environmental liabilities are described in Note 23 of our Notes to Consolidated Financial Statements. Accruals for environmental matters are based primarily on third-party estimates for the cost of remediation at previously operated sites and estimates of legal costs for ongoing environmental litigation. We regularly assess the likelihood of material adverse judgments or outcomes and the effects of potential indemnification, as well as potential ranges or probability of losses. We determine the amount of accruals required, if any, for contingencies after carefully analyzing each individual matter. Estimating the ultimate settlement of environmental matters requires us to develop complex and interrelated assumptions based on experience with similar matters, our history, precedents, evidence and facts specific to each matter. Actual costs incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating environmental exposures. As of December 31, 2024 and 2023, we had accrued $197.5 million and $203.2 million, respectively, for environmental matters.

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As indicated in Note 14 of our Notes to Consolidated Financial Statements, we recognize AROs in the period in which we have an existing legal obligation, and the amount of the liability can be reasonably estimated. We utilize internal engineering experts as well as third-party consultants to assist in determining the costs of retiring certain of our long-term operating assets. Assumptions and estimates reflect our historical experience and our best judgments regarding future expenditures. The assumed costs are inflated based on an estimated inflation factor and discounted based on a credit-adjusted risk-free rate. For active facilities, fluctuations in the estimated costs (including those resulting from a change in environmental regulations), inflation rates and discount rates can have a significant impact on the corresponding assets and liabilities recorded in the Consolidated Balance Sheets. However, changes in the assumptions for our active facilities would not have a significant impact on the Consolidated Statements of Earnings in the year they are identified. For closed facilities, fluctuations in the estimated costs, inflation and discount rates have an impact on the Consolidated Statements of Earnings in the year they are identified as there is no asset related to these items. Phosphate land reclamation activities in North America generally occur concurrently with mining operations; as such, we accrue and expense reclamation costs as we mine. In addition, we regularly perform post-mining evaluations to ensure we have established a sufficient liability to meet permitting requirements. As of December 31, 2024 and 2023, $2.6 billion and $2.2 billion, respectively, was accrued for AROs (including both current and noncurrent amounts) in North and South America. In August 2016, Mosaic deposited $630 million into two trust funds as financial assurance to support certain estimated future AROs. See Note 14 of our Notes to Consolidated Financial Statements for additional information regarding the Environmental Protection Agency (“EPA”) RCRA Initiative.

Income Taxes

We make estimates for income taxes in three major areas: valuation allowances, uncertain tax positions, and U.S. deferred income taxes on our non-U.S. subsidiaries’ undistributed earnings.

A valuation allowance is provided for deferred tax assets for which it is more likely than not that the related tax benefits will not be realized. Significant judgment is required in evaluating the need for and magnitude of appropriate valuation allowances. The realization of the Company’s deferred tax assets, specifically the evaluation of net operating loss carryforwards and foreign tax credit carryforwards, is dependent on generating certain types of future taxable income, using both historical and projected future operating results, the source of future income, the reversal of existing taxable temporary differences, taxable income in prior carry-back years (if permitted) and the availability of tax planning strategies. As of December 31, 2024 and 2023, we had a valuation allowance of $1.5 billion and $1.4 billion, respectively. Changes in tax laws, assumptions with respect to future taxable income, tax planning strategies, resolution of matters under tax audit and foreign currency exchange rates could result in adjustment to these allowances.

Due to Mosaic’s global operations, we assess uncertainties and judgments in the application of complex tax regulations in a multitude of jurisdictions. Future changes in judgment related to the expected ultimate resolution of uncertain tax positions will affect earnings in the quarter of such change. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, our liabilities for income taxes reflect what we believe to be the more likely than not outcome. We adjust these liabilities, as well as the related interest, in light of changing facts and circumstances, including negotiations with taxing authorities in various jurisdictions, outcomes of tax litigation and resolution of disputes arising from tax audits in the normal course of business. Settlement of any particular position may require the use of cash. Based upon an analysis of tax positions taken on prior year returns and expected positions to be taken on the current year return, management has identified gross uncertain income tax positions of $14.2 million as of December 31, 2024.

Any dividends from controlled foreign corporations are tax-free from a U.S. income tax perspective. Additionally, there will not be any foreign tax credits associated with foreign, non-branch, dividends. Therefore, there are no material federal U.S. implications of future repatriations on non-U.S. subsidiaries’ undistributed earnings. However, since there are no U.S. foreign tax credits associated with foreign dividends, any foreign withholding tax associated with a future repatriation will need to be accrued if the earnings are not permanently reinvested.

We have included a further discussion of income taxes in Note 13 of our Notes to Consolidated Financial Statements.

Liquidity and Capital Resources

We define liquidity as the ability to generate or access adequate amounts of cash to meet current cash needs. We remain committed to a disciplined capital allocation strategy and assess our liquidity in terms of our ability to fund working capital requirements, fund sustaining and opportunistic capital projects, pursue strategic opportunities and make capital management decisions, which include making payments on and issuing indebtedness and making distributions to our stockholders, either

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in the form of share repurchases or dividends. Our liquidity is subject to general economic, financial, competitive and other factors that are beyond our control.

We have a target liquidity buffer of up to $3.0 billion, including cash and available credit facilities. We expect our liquidity to fluctuate from time to time, especially in the first quarter of each year, to manage through the seasonality of our business. We also target debt leverage ratios that are consistent with investment grade credit metrics. Our capital allocation priorities include maintaining our target investment grade metrics and financial strength, sustaining our assets, including ensuring the safety and reliability of our assets, investing to grow our business, either through organic growth or taking advantage of strategic opportunities, and returning excess cash to stockholders, including paying our dividend. During 2024 we returned capital to our stockholders through share repurchases of $235.4 million and by paying dividends of $270.7 million.

As of December 31, 2024, we had cash and cash equivalents of $272.8 million, marketable securities held in trusts to fund future obligations of $695.2 million, long-term debt including current maturities of $3.4 billion, short-term debt of $847.1 million and stockholders’ equity of $11.6 billion. In addition, we had $402.3 million of commercial arrangements for certain customer purchases in Brazil through structured payable arrangements, as discussed in Note 11 of our Notes to Consolidated Financial Statements.

All of our cash and cash equivalents are diversified in highly rated investment vehicles. Our cash and cash equivalents are held either in the U.S. or held by non-U.S. subsidiaries and are not subject to significant foreign currency exposures, as the majority are held in investments denominated in U.S. dollars as of December 31, 2024. These funds may create foreign currency transaction gains or losses, however, depending on the functional currency of the entity holding the cash. In addition, there are no significant restrictions that would preclude us from bringing funds held by non-U.S. subsidiaries back to the U.S., aside from withholding taxes.

Sources and Uses of Cash

As of December 31, 2024, we had cash and cash equivalents and restricted cash of $272.8 million. Funds generated by operating activities, available cash and cash equivalents and our revolving credit facility continue to be our most significant sources of liquidity. We believe funds generated from the expected results of operations and available cash, cash equivalents and borrowings, either under our revolving credit facility or through long-term borrowings, will be sufficient to finance our operations, including our expansion plans, existing strategic initiatives and expected dividend payments for the foreseeable future. We expect our capital expenditures to be approximately $1.3 billion in 2025. There can be no assurance, however, that we will continue to generate cash flows at or above current levels. At December 31, 2024, we had $2.5 billion available under our $2.5 billion revolving credit facility. See Note 11 of our Notes to Consolidated Financial Statements for additional information relating to our financing arrangements, which is hereby incorporated by reference.

We have certain contractual obligations that require us to make cash payments on a scheduled basis. These include, among other things, long-term debt payments, interest payments, operating leases, unconditional purchase obligations and funding requirements of pension and postretirement obligations. Our long-term debt has maturities ranging from one year to 19 years. Unconditional purchase obligations are our largest contractual cash obligations. These include obligations for contracts to purchase raw materials such as sulfur, ammonia, phosphate rock and natural gas, obligations to purchase raw materials for our international distribution activities and maintenance and services. Other large cash obligations are our AROs and other environmental obligations, primarily related to our Phosphates and Mosaic Fertilizantes segments. We expect to fund our AROs and other environmental obligations, purchase obligations, long-term debt and capital expenditures with a combination of operating cash flows, cash and cash equivalents and borrowings.

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The following is a summary of our material contractual cash obligations as of December 31, 2024:

			Payments by Calendar Year
(in millions)	Total		Less than 1<br>year		1 - 3<br>years		3 - 5<br>years		More than 5<br>years
Long-term debt(a)	$	3,377.6	$	45.3	$	751.3	$	618.2	$	1,962.8
Estimated interest payments on long-term debt(b)	1,612.4		178.2		343.5		240.6		850.1
Operating leases	225.1		58.3		74.3		49.4		43.1
Purchase commitments(c)	6,930.6		2,842.1		3,525.7		525.7		37.1
Pension and postretirement liabilities(d)	124.0		4.4		20.0		23.8		75.8
Total contractual cash obligations	$	12,269.7	$	3,128.3	$	4,714.8	$	1,457.7	$	2,968.9

______________________________

(a)Long-term debt primarily consists of unsecured notes, finance leases, unsecured debentures and secured notes.

(b)Based on interest rates and debt balances as of December 31, 2024.

(c)Based on prevailing market prices as of December 31, 2024. For additional information related to our purchase commitments, see Note 22 of our Notes to Consolidated Financial Statements.

(d)The 2025 pension plan payments are based on minimum funding requirements. For years thereafter, pension plan payments are based on expected benefits paid. The postretirement plan payments are based on projected benefit payments. The above amounts include our North America and Brazil plans.

See Off-Balance Sheet Arrangements and Obligations below for more information on other environmental obligations.

Summary of Cash Flows

The following table represents a comparison of the net cash provided by operating activities, net cash used in investing activities and net cash used in financing activities for calendar years 2024, 2023 and 2022:

	Years Ended December 31,
(in millions)			2024-2023					2023-2022
Cash Flow	2024			2023		2022			Change		Percent		Change		Percent
Net cash provided by operating activities	$	1,299.2		$	2,407.2	$	3,935.8		$	(1,108.0)	(46)	%	$	(1,528.6)	(39)	%
Net cash used in investing activities	(1,261.0)			(1,317.2)		(1,259.6)			56.2		4	%	(57.6)		(5)	%
Net cash used in financing activities	(131.9)			(1,480.5)		(2,678.7)			1,348.6		91	%	1,198.2		45	%

Operating Activities

In 2024, net cash flow from operating activities provided us with a significant source of liquidity. For the year ended December 31, 2024, net cash provided by operating activities was $1.3 billion, compared to $2.4 billion in the prior year. Our results of operations, after non-cash adjustments to net earnings, contributed $1.3 billion to cash flows from operating activities during 2024, compared to $2.0 billion during 2023. During 2024, we had a favorable change in assets and liabilities of $21.1 million, compared to $401.7 million in 2023.

The change in assets and liabilities for the year ended December 31, 2024, was primarily driven by unfavorable changes in inventories of $275.6 million and other current and long-term assets of $79.2 million. These changes were mostly offset by favorable impacts from changes in accounts payable and accrued liabilities of $96.4 million and other noncurrent liabilities of $220.3 million. The change in inventories was driven primarily by an increase in inventory volumes in Brazil. The change in other current and noncurrent assets was primarily due to an increase in supplier prepayments and cloud computing costs in the current year. The increase in accounts payable and accrued liabilities was primarily driven by the timing of payments. The increase in other noncurrent liabilities was primarily due to an increase in environmental reserves in the current year.

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Investing Activities

Net cash used in investing activities for the year ended December 31, 2024 was comparable to the same period a year ago at $1.3 billion, primarily driven by capital expenditures of $1.25 billion in 2024.

Financing Activities

Net cash used in financing activities was $131.9 million for the year ended December 31, 2024, compared to $1.5 billion in the prior year. In 2024, we made paid dividends of $302.6 million and made repurchases of our common stock for $235.4 million. We also made net payments on our long-term debt of $3.1 million and had net payments on structured accounts payable of $17.7 million. In 2024, we received net proceeds from short-term borrowings of $253.2 million.

Debt Instruments, Guarantees and Related Covenants

See Note 11 and Note 16 of our Notes to Consolidated Financial Statements for additional information relating to our financing arrangements and fair value measurements, which is hereby incorporated by reference.

Financial Assurance Requirements

In addition to various operational and environmental regulations primarily related to our Phosphates segment, we incur liabilities for reclamation activities under which we are subject to financial assurance requirements. In various jurisdictions in which we operate, particularly Florida and Louisiana, we are required to pass a financial strength test or provide credit support, typically in the form of cash deposits, surety bonds or letters of credit. See Other Commercial Commitments under Off-Balance Sheet Arrangements and Obligations and Note 22 of our Notes to Consolidated Financial Statements for additional information about these requirements, which is hereby incorporated by reference.

Off-Balance Sheet Arrangements and Obligations

Off-Balance Sheet Arrangements

In accordance with the definition under rules of the Securities and Exchange Commission (“SEC”), the following qualify as off-balance sheet arrangements:

•certain obligations under guarantee contracts that have “any of the characteristics identified in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) paragraph ASC 460-10-15-4 (Guarantees Topic)”;

•a retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement that serves as credit, liquidity or market risk support to that entity for such assets;

•any obligation, including a contingent obligation, under a contract that would be accounted for as derivative instruments except that it is both indexed to the registrant’s own stock and classified as equity; and

•any obligation, arising out of a variable interest in an unconsolidated entity that is held by, and material to, the registrant, where such entity provides financing, liquidity, market risk or credit risk support to the registrant, or engages in leasing, hedging or research and development services with the registrant.

Information regarding guarantees that meet the above requirements is included in Note 17 of our Notes to Consolidated Financial Statements and is hereby incorporated by reference. We do not have any contingent interest in assets transferred, derivative instruments or variable interest entities that qualify as off-balance sheet arrangements under SEC rules.

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Other Commercial Commitments

The following is a summary of our other commercial commitments as of December 31, 2024:

			Commitment Expiration by Calendar Year
(in millions)	Total		Less than 1<br>year		1 - 3<br>years		3 - 5<br>years		More than 5<br>years
Letters of credit	$	63.8	$	63.8	$	—	$	—	$	—
Surety bonds	793.7		793.7		—		—		—
Total	$	857.5	$	857.5	$	—	$	—	$	—

The surety bonds and letters of credit generally expire within one year or less but a substantial portion of these instruments provide financial assurance for continuing obligations and, therefore, in most cases, must be renewed on an annual basis. We issue letters of credit through our revolving credit facility and bilateral agreements. As of December 31, 2024, we had no outstanding letters of credit through our credit facility and $63.8 million outstanding through bilateral agreements. We primarily incur liabilities for reclamation activities in our Florida operations and for phosphogypsum management system (“Gypstack” or “Gypstacks”) closure in our Florida and Louisiana operations where, for permitting purposes, we must either pass a test of financial strength or provide credit support, typically in the form of cash deposits, surety bonds or letters of credit. As of December 31, 2024, we had $411.8 million in surety bonds and a $50 million letter of credit included in the total amount above. These bonds and letters of credit are outstanding for reclamation obligations, primarily related to mining in Florida. We also have a surety bond of $327.1 million with the EPA which was delivered as a substitute for the financial assurance provided through a trust (the “Plant City Trust”). The surety bonds generally require us to obtain a discharge of the bonds or to post additional collateral (typically in the form of cash or letters of credit) at the request of the issuer of the bonds.

We are subject to financial assurance requirements related to the closure and post-closure care of our Gypstacks in Florida and Louisiana. These requirements include Florida and Louisiana state financial assurance regulations, and financial assurance requirements under the terms of consent decrees that we have entered into with respect to our facilities in Florida and Louisiana. These include a consent decree (the “Plant City Consent Decree”) with EPA and the Florida Department of Environmental Protection (“FDEP”) relating to the Plant City, Florida Phosphate Concentrates facility (the “Plant City Facility”) we acquired as part of an acquisition (the “CF Phosphate Assets Acquisition”) and two separate consent decrees (collectively, the “2015 Consent Decrees”) with federal and state regulators that include financial assurance requirements for the closure and post-closure care of substantially all of our Gypstacks in Florida and Louisiana, other than those acquired as part of the CF Phosphate Assets Acquisition, which are discussed separately below.

See Note 14 of our Notes to Consolidated Financial Statements for additional information relating to our financial assurance obligations, including the Plant City Consent Decree and the 2015 Consent Decrees, which information is incorporated by reference.

Currently, state financial assurance requirements in Florida and Louisiana for the closure and post-closure care of Gypstacks are, in general terms, based upon the same assumptions and associated estimated values as the AROs recognized for financial reporting purposes. For financial reporting purposes, we recognize the AROs based on the estimated future closure and post-closure costs of Gypstacks, the undiscounted value of our North America Gypstacks is approximately $3.0 billion. The value of the AROs for closure and post-closure care of our North America Gypstacks, discounted to the present value, based on a credit-adjusted, risk-free rate, is reflected on our Consolidated Balance Sheets in the amount of approximately $1.5 billion as of December 31, 2024. Compliance with the financial assurance requirements in Florida and Louisiana is generally based on the undiscounted Gypstack closure estimates.

We satisfy substantially all of our Florida, Louisiana and federal financial assurance requirements through compliance with the financial assurance requirements under the 2015 Consent Decrees by providing third-party credit support in the form of surety bonds (including under the Plant City Consent Decree), and a financial test mechanism supported by a corporate guarantee (“Bonnie Financial Test”) related to a closed Florida phosphate concentrates facility in Bartow, Florida (the “Bonnie Facility”) as discussed below. We comply with our remaining state financial assurance requirements because our financial strength permits us to meet applicable financial strength tests. There have been times in the past that we have not met the applicable financial strength tests and there can be no assurance that we will be able to meet the applicable financial strength tests in the future. In the event we do not meet either financial strength test, we could be required to seek an alternate financial strength test acceptable to state regulatory authorities or provide credit support, which may include surety bonds, letters of credit and cash escrows or trust funds. Cash escrows or trust funds would be classified as restricted cash on our

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Consolidated Balance Sheets. Assuming we maintain our current levels of liquidity and capital resources, we do not expect that these Florida and Louisiana requirements will have a material effect on our results of operations, liquidity or capital resources.

As part of the CF Phosphate Assets Acquisition, we assumed certain AROs related to the estimated costs (“Gypstack Closure Costs”) at both the Plant City Facility and the Bonnie Facility. Associated with these assets are two related financial assurance arrangements for which we became responsible and that provided sources of funds for the estimated Gypstack Closure Costs for these facilities, pursuant to federal or state law, which the government can draw against in the event we cannot perform such closure activities. One was initially the Plant City Trust established to meet the requirements under a consent decree with EPA and the FDEP with respect to U.S. Resource Conservation and Recovery Act (“RCRA”) compliance at Plant City that also satisfied Florida financial assurance requirements at that site. Beginning in September 2016, as a substitute for the financial assurance provided through the Plant City Trust, we have provided financial assurance for Plant City in the form of a surety bond delivered to EPA (the “Plant City Bond”). The amount of the Plant City Bond is $327.1 million at December 31, 2024, which reflects our closure cost estimates at that date. The other was also a trust fund (the “Bonnie Facility Trust”) established to meet the requirements under Florida financial assurance regulations that apply to the Bonnie Facility. On July 27, 2018, we received $21.0 million from the Bonnie Facility Trust by substituting the trust fund for the Bonnie Financial Test supported by a corporate guarantee as allowed by state regulations. Both financial assurance funding obligations require estimates of future expenditures that could be impacted by refinements in scope, technological developments, new information, cost inflation, changes in regulations, discount rates and the timing of activities. Under our current approach to satisfying applicable requirements, additional financial assurance would be required in the future if increases in cost estimates exceed the face amount of the Plant City Bond or the amount supported by the Bonnie Financial Test.

Other Long-Term Obligations

The following is a summary of our other long-term obligations, including Gypstacks and land reclamation, as of December 31, 2024:

			Payments by Calendar Year
(in millions)	Total		Less than 1<br>year		1 - 3<br>years		3 - 5<br>years		More than 5<br>years
ARO(a)	$	4,484.5	$	295.7	$	398.4	$	320.9	$	3,469.5

______________________________

(a)Represents the undiscounted estimated cash outflows required to settle the AROs. For the Potash segment, this excludes the subsequent years of tailings area management for activities such as dissolution and reclamation of land, which are estimated to require an additional 161 to 391 years until completion. The corresponding present value of all future expenditures is $2.6 billion as of December 31, 2024 and is reflected in our accrued liabilities and other noncurrent liabilities in our Consolidated Balance Sheets.

Most of our export sales of potash crop nutrients are marketed through a North American export association, Canpotex, which funds its operations in part through third-party financing facilities. As a member, Mosaic and our subsidiaries are subject to certain conditions and exceptions and contractually obligated to reimburse Canpotex for their pro rata share of any operating expenses or other liabilities incurred. The reimbursements are made through reductions to members’ cash receipts from Canpotex.

Commitments are set forth in Note 22 of our Notes to Consolidated Financial Statements and are hereby incorporated by reference.

Income Tax Obligations

Gross uncertain tax positions as of December 31, 2024 of $14.2 million are not included in the other long-term obligations table presented above because the timing of the settlement of unrecognized tax benefits cannot be reasonably determined. For further discussion, refer to Note 13 of our Notes to Consolidated Financial Statements.

Market Risk

We are exposed to the impact of fluctuations in the relative value of currencies, fluctuations in interest rates, fluctuations in the purchase prices of natural gas, nitrogen, ammonia and sulfur consumed in operations, and changes in freight costs, as well as changes in the market value of our financial instruments. We periodically enter into derivatives in order to mitigate our

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interest rate risks, foreign currency risks and the effects of changing commodity prices and freight prices, but not for speculative purposes. Unrealized mark-to-market gains and losses on derivatives are recorded in Corporate, Eliminations and Other. Once realized, they are recorded in the related business segment.

Foreign Currency Exchange Rates

Due to the global nature of our operations, we are exposed to currency exchange rate changes, which may cause fluctuations in our earnings and cash flows. Our primary foreign currency exposures are the Canadian dollar and Brazilian real. To reduce economic risk and volatility on expected cash flows that are denominated in the Canadian dollar and Brazilian real, we use financial instruments that may include forward contracts, zero-cost collars and/or futures.

The functional currency of several of our Canadian entities is the Canadian dollar. For those entities, sales are primarily denominated in U.S. dollars, but the costs are paid principally in Canadian dollars. We generally enter into derivative instruments for a portion of the currency risk exposure on anticipated cash inflows and outflows, including outflows for capital expenditures denominated in Canadian dollars. Mosaic hedges cash flows on a declining basis, up to 18 months for the Canadian dollar. A stronger Canadian dollar generally reduces these entities’ operating earnings. A weaker Canadian dollar has the opposite effect. Depending on the underlying exposure, such derivatives can create additional earnings volatility because we do not apply hedge accounting. Gains or losses on these derivative contracts, both for open contracts at quarter-end (unrealized) and settled contracts (realized), are recorded in either cost of goods sold or foreign currency transaction gain (loss).

The functional currency for our Brazilian subsidiaries is the Brazilian real. We finance our Brazilian inventory purchases with U.S. dollar-denominated liabilities. We hedge a portion of cash flows on a declining basis, up to 12 months for the Brazilian real. A stronger Brazilian real relative to the U.S. dollar has the impact of reducing these liabilities on a functional currency basis. When this occurs, an associated foreign currency transaction gain is recorded as non-operating income. A weaker Brazilian real generally has the opposite effect. We also enter into derivative instruments for a portion of our currency risk exposure on anticipated Brazilian real cash flows and record an associated gain or loss in either cost of goods sold or foreign currency transaction gain (loss) line in the Consolidated Statements of Earnings. A stronger Brazilian real generally reduces our Brazilian subsidiaries operating earnings. A weaker Brazilian real has the opposite effect.

As discussed above, we have Canadian dollar, Brazilian real and other foreign currency exchange contracts. As of December 31, 2024 and 2023, the fair value of our major foreign currency exchange contracts was an asset of $82.6 million and a liability of $28.4 million, respectively. We recorded an unrealized loss of $108.0 million in cost of goods sold and recorded an unrealized loss of $2.1 million in foreign currency transaction gain (loss) in the Consolidated Statements of Earnings for 2024.

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The table below provides information about Mosaic’s significant foreign exchange derivatives.

	As of December 31, 2024									As of December 31, 2023
	Expected<br>Maturity Date<br>    Years ending    <br>December 31,						Fair<br>Value			Expected<br>Maturity Date<br>    Years ending    <br>December 31,								Fair<br>Value
(in millions)	2025		2026		2027				2024			2025			2026
Foreign Currency Exchange Forwards
Canadian Dollar							$	(32.6)										$	15.5
Notional (million US$) - short Canadian dollars	$	51.6	$	—	$	—				$	297.3		$	—		$	—
Weighted Average Rate - Canadian dollar to U.S. dollar	1.3771		—		—					1.3387			—			—
Notional (million US$) - long Canadian dollars	$	638.3	$	—	$	—				$	1,068.5		$	120.5		$	—
Weighted Average Rate - Canadian dollar to U.S. dollar	1.3504		—		—					1.3430			1.3445			—
Indian Rupee							$	—										$	—
Notional (million US$) - short Indian rupee	$	2.0	$	—	$	—				$	—		$	—		$	—
Weighted Average Rate - Indian rupee to U.S. dollar	84.0382		—		—					—			—			—
Foreign Currency Exchange Non-Deliverable Forwards
Brazilian Real							$	(51.2)										$	14.6
Notional (million US$) - long Brazilian real	$	563.4	$	—	$	—				$	741.7		$	—		$	—
Weighted Average Rate - Brazilian real to U.S. dollar	5.8279		—		—					5.0023			—			—
Indian Rupee							$	1.1										$	(0.3)
Notional (million US$) - short Indian rupee	$	89.1	$	—	$	—				$	80.0		$	—		$	—
Weighted Average Rate - Indian rupee to U.S. dollar	84.7720		—		—					83.7458			—			—
China Renminbi							$	0.1										$	(1.4)
Notional (million US$) - short China renminbi	$	33.0	$	—	$	—				$	110.7		$	—		$	—
Weighted Average Rate - China renminbi to U.S. dollar	7.1923		—		—					7.1336			—			—
Total Fair Value							$	(82.6)										$	28.4

Commodities

We use forward purchase contracts, swaps and occasionally three-way collars to reduce the risk related to significant price changes in our inputs and product prices.

All gains and losses on commodities contracts are recorded in cost of goods sold in the Consolidated Statements of Earnings.

As of December 31, 2024 and 2023, the fair value of our major commodities contracts was ($1.8) million and ($10.3) million, respectively. We recorded an unrealized gain of $7.2 million in cost of goods sold in the Consolidated Statements of Earnings for 2024.

Our primary commodities exposure relates to price changes in natural gas.

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The table below provides information about Mosaic’s natural gas derivatives which are used to manage the risk related to significant price changes in natural gas.

	As of December 31, 2024							As of December 31, 2023
	Expected Maturity Date<br>    Years ending    <br>December 31,						Fair Value			Expected Maturity Date<br>    Years ending    <br>December 31,										Fair Value
(in millions)	2025		2026		2027						2024			2025			2026
Natural Gas Swaps								$	(1.8)												$	(10.3)
Notional (million MMBTU) - long	2.5		—		—							15.1			2.0			—
Weighted Average Rate (US$/MM BTU)	$	2.73	$	—	$	—						$	2.75		$	3.30		$	—
Total Fair Value								$	(1.8)												$	(10.3)

Interest Rates

From time to time, we enter into interest rate swap agreements to hedge our exposure to changes in future interest rates related to anticipated debt issuances. At December 31, 2024 and 2023, we had no interest rate swap agreements in effect.

Summary

Overall, there have been no material changes in our primary market risk exposures since the prior year. In 2025, we do not expect any material changes in our primary risk exposures. Additional information about market risk associated with our investments held in the RCRA Trusts is provided in Note 12 of our Notes to Consolidated Financial Statements. For additional information related to derivatives, see Notes 15 and 16 of our Notes to Consolidated Financial Statements.

Environmental, Health, Safety and Security Matters

We are subject to complex and evolving international, federal, state, provincial and local environmental, health, safety and security (“EHS”) policies that govern the production, distribution and use of crop nutrients and animal feed ingredients. These EHS standards regulate or propose to regulate: (i) conduct of mining, production and supply chain operations, including employee safety and facility security procedures; (ii) management or remediation of potential impacts to air, soil and water quality from our operations; (iii) disposal of waste materials; (iv) beneficial use of co-products and residuals; (v) reclamation of lands after mining; (vi) management and handling of raw materials; (vii) product content; and (viii) use of products by both us and our customers.

We have a comprehensive EHS management program that seeks to achieve sustainable, predictable and verifiable EHS performance. Key elements of our EHS program include: (i) identifying and managing EHS risk; (ii) complying with legal requirements; (iii) improving our EHS procedures and protocols; (iv) educating employees regarding EHS obligations; (v) retaining and developing professional qualified EHS staff; (vi) evaluating facility conditions; (vii) evaluating and enhancing safe workplace behaviors; (viii) performing audits; (ix) formulating EHS action plans; and (x) assuring accountability of all managers and other employees for EHS performance. Our business units are responsible for implementing day-to-day elements of our EHS program, assisted by integrated EHS professionals. We conduct audits to verify that each facility has identified risks, achieved regulatory compliance, improved EHS performance and incorporated EHS management systems into day-to-day business functions.

New or proposed regulatory programs or policies can present significant challenges in ascertaining future compliance obligations, implementing compliance plans, and estimating future costs until implementing regulations are finalized and definitive regulatory interpretations are adopted. New or proposed regulatory standards may require modifications to our facilities or to operating procedures and these modifications may involve significant capital costs or increases in operating costs. For example the Company is monitoring recently enacted standards in the European Union and California on climate change disclosure and is taking steps to address those new requirements.

We have expended, and anticipate that we will continue to expend, substantial financial and managerial resources to comply with EHS standards and to continue to improve our environmental stewardship. In 2025, excluding capital expenditures arising out of the consent decrees referred to under “EPA RCRA Initiative” in Note 14 of our Notes to Consolidated Financial Statements, we expect environmental capital expenditures to total approximately $480 million, primarily related to:

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(i) modification or construction of waste management infrastructure and water treatment systems; (ii) construction and modification projects associated with Gypstacks and clay settling ponds at our Phosphates facilities and tailings management areas for our Potash mining and processing facilities; (iii) upgrading or new construction of air pollution control equipment at some of the concentrates plants; and (iv) capital projects associated with remediation of contamination at current or former operations. Additional expenditures for land reclamation, Gypstack closure and water treatment activities are expected to total approximately $275 million in 2025. In 2026, we estimate environmental capital expenditures will be approximately $465 million and expenditures for land reclamation activities, Gypstack closure and water treatment activities are expected to be approximately $215 million. We spent approximately $545 million and $470 million for the years ended December 31, 2024 and 2023, respectively, for environmental capital expenditures, land reclamation activities, Gypstack closure and water treatment activities. No assurance can be given that greater-than-anticipated EHS capital expenditures or land reclamation, Gypstack closure or water treatment expenditures will not be required in 2025 or in the future.

Operating Requirements and Impacts

Permitting. We hold numerous environmental, mining and other permits and approvals authorizing operations at our facilities. Our ability to continue operations at a facility could be materially affected by a government agency decision to deny or delay issuing a new or renewed permit or approval, to revoke or substantially modify an existing permit or approval or to substantially change conditions applicable to a permit modification, or by legal actions that successfully challenge our permits.

Expanding our operations or extending operations into new areas is also predicated upon securing the necessary environmental or other permits or approvals. We have been engaged in, and over the next several years will be continuing, efforts to obtain permits in support of our planned Florida operations at certain of our properties. For years, we have successfully permitted properties and anticipate that we will be able to permit these properties as well.

A denial of our permits, the issuance of permits with cost-prohibitive conditions, substantial delays in issuing key permits, legal actions that prevent us from relying on permits or revocation of permits can prevent or delay our mining or operations at the affected properties and thereby materially affect our business, results of operations, liquidity or financial condition.

In addition, in the U.S., local stakeholder involvement has become an increasingly important factor in the permitting process for companies like ours, and various counties and other parties, particularly in Florida, have in the past filed and continue to file lawsuits or administrative appeals challenging the issuance of some of the permits we require. These actions can significantly delay permit issuance. Additional information regarding certain potential or pending permit challenges is provided in Note 23 to our Consolidated Financial Statements and is incorporated herein by reference.

Federal Initiatives to Define “Waters of the United States.” The Clean Water Act (“CWA”) authorizes federal jurisdiction over “navigable waters,” defined in the Act as “waters of the United States” and often abbreviated as “WOTUS.” As it relates to Mosaic’s operations and facilities, the scope of the term WOTUS dictates legal requirements for our national pollutant discharge elimination system wastewater discharge permits and for impacts to surface waters and wetlands associated with our phosphate mining and some production operations. A broad definition of WOTUS, and thus the scope of federal jurisdiction, increases the time required to identify wetlands and waterways subject to federal regulatory and permitting requirements, and the amount and type of mitigation required to compensate for impacts to jurisdictional WOTUS caused by our mining operations.

On May 25, 2023, the U.S. Supreme Court issued its opinion in Sackett v EPA, which significantly limits water features that can be considered WOTUS and therefore subject to CWA Section 404 jurisdiction. The Sackett decision is binding nationwide as to the determination of which wetlands and waters are subject to the CWA.

The Sackett decision invalidated the January 18, 2023 definition of WOTUS promulgated by EPA which had expanded federal jurisdiction. In response to Sackett, EPA issued a final rule that became effective September 8, 2023 intended to conform its definition of WOTUS to the Sackett decision.

As a result of ongoing litigation, the January 2023 WOTUS rule, as “conformed” by the September 2023 rule, is being implemented in 23 states, including New Mexico. In the other 27 states, including Florida, WOTUS is being interpreted consistent with the pre-2015 regulatory regime and the Supreme Court's Sackett decision.

Water Quality Regulations for Nutrient Discharges. New nutrient regulatory initiatives could have a material effect on either us or our customers. For example, the Mississippi River/Gulf of America Hypoxia Task Force was established by The

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Environmental Protection Agency in 1997 to coordinate activities with twelve states within the Mississippi River Basin to reduce nutrient loading in streams and tributaries through regulatory and voluntary actions. The strategy calls for, among other matters, reduction of the flow of excess nutrients into the Gulf of America through state nutrient reduction frameworks, new nutrient reduction approaches and reduction of agricultural and urban sources of excess nutrients. Implementation of the strategy will require legislative or regulatory action at the state level. Through these heightened actions by the states, some are also leveraging groundwater protection initiatives to mandate nutrient use restrictions for fall applications in specific agricultural regions to limit nutrient losses. While some of the legislative actions have changed application timing of nutrient use, we cannot overall predict what the requirements of any such legislative or regulatory action could be or whether or how it would affect us or our customers.

Reclamation Obligations. During phosphate mining we remove overburden to retrieve phosphate rock reserves. Once we have finished mining in an area, we use the overburden and sand tailings produced by the beneficiation process to reclaim the area in accordance with approved reclamation plans and applicable laws. We have incurred and will continue to incur significant costs to fulfill our reclamation obligations.

Management of Residual Materials and Closure of Management Areas. Mining and processing of potash and phosphate generate residual materials that must be managed both during the operation of the facility and after facility closure. Potash tailings, consisting primarily of salt and clay, are stored in surface disposal sites. Phosphate clay residuals from mining are deposited in clay storage areas (“CSAs”). Processing of phosphate rock with sulfuric acid generates phosphogypsum that currently is stored in Gypstacks.

During the life of the tailings management areas, CSAs and Gypstacks, we have incurred and will continue to incur significant costs to manage residual materials in accordance with environmental laws and regulations and with permit requirements. Additional legal and permit requirements will take effect when these facilities are closed. Our AROs are further discussed in Note 14 of our Notes to Consolidated Financial Statements.

New Wales Water Loss Incident. In August 2016, a sinkhole developed under one of the two cells of the Phase II Gypstack at our New Wales facility in Polk County, Florida, resulting in process water from the stack draining into the sinkhole. The incident was reported to the FDEP and EPA. In connection with the incident, our subsidiary, Mosaic Fertilizer, LLC (“Mosaic Fertilizer”), entered into a consent order (“Order”) with the FDEP in October 2016. Pursuant to the Order, Mosaic Fertilizer agreed to, among other things, implement an approved repair plan to close the sinkhole; perform additional water monitoring and if necessary, assessment and rehabilitation activities in the event of identified offsite impacts; provide financial assurance; and evaluate the risk of potential future sinkhole formation at our active Florida Gypstack operations.

Financial Assurance. Separate from our accounting treatment for reclamation and closure liabilities, some jurisdictions in which we operate require us either to pass a test of financial strength or provide credit support, typically cash deposits, surety bonds, financial guarantees or letters of credit, to address phosphate mining reclamation liabilities and closure liabilities for clay settling areas and Gypstacks. See “Other Commercial Commitments” under “Off-Balance Sheet Arrangements and Obligations” above for additional information about these requirements. We also have obligations under certain consent decrees and a separate financial assurance arrangement relating to our facilities in Florida and Louisiana. Two consent decrees that became effective in 2016 resolved claims under RCRA and state hazardous waste laws relating to our management of certain waste materials onsite at certain fertilizer manufacturing facilities in Florida and Louisiana. Under these consent decrees, in 2016, we deposited $630 million in cash into two trust funds to provide additional financial assurance for the estimated costs of closure and post-closure care of our phosphogypsum management systems. In addition, in 2017 we issued a letter of credit in the amount of $50 million to further support our financial assurance obligation under the Florida 2015 Consent Decree. While our actual Gypstack Closure Costs are generally expected to be paid by us in the normal course of our Phosphates business over a period that may not end until three decades or more after a Gypstack has been closed, the funds on deposit in the RCRA Trusts can be drawn by the applicable governmental authority in the event we cannot perform our closure and long-term care obligations. If and when our estimated Gypstack Closure Costs with respect to the facilities associated with a RCRA Trust are sufficiently lower than the amount on deposit in that RCRA Trust, we have the right to request that the excess funds be released to us. The same is true for the RCRA Trust balance remaining after the completion of our obligations, which will be performed over a period that may not end until three decades or more after a Gypstack has been closed. See the discussion under “EPA RCRA Initiative” in Note 14 of our Notes to Consolidated Financial Statements for additional information about these matters.

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We have fully funded a trust valued at $25 million (Canadian dollars) in satisfaction of financial assurance requirements for closure of our Saskatchewan Potash facilities. Trust performance is subject to review by the Province of Saskatchewan every five years during its existence.

In 2020, we executed and thereafter have maintained a surety bond in the amount of approximately $82 million to establish financial assurance for closure of our Carlsbad, New Mexico potash facility with the U.S. Department of the Interior, Bureau of Land Management and the New Mexico Environment Department.

Climate Change

We are committed to meeting the challenges of crop nutrient and animal feed ingredient production while working to mitigate greenhouse gas emissions. We have implemented innovative energy recovery technologies that result in our generation of much of the energy we need, particularly in our U.S. Phosphates operations, from high efficiency heat recovery systems. In 2021, we announced our goal to achieve net-zero greenhouse gas emissions companywide by 2040.

Climate Change Regulation. Various governmental initiatives to limit greenhouse gas emissions are under way or under consideration around the world. These initiatives could restrict our operating activities, require us to make changes in our operating activities that would increase our operating costs, reduce our efficiency or limit our output, require us to make capital improvements to our facilities, increase our energy, raw material and transportation costs or limit their availability, or otherwise adversely affect our results of operations, liquidity or capital resources, and these effects could be material to us.

The direct greenhouse gas emissions from our operations result primarily from:

•Combustion of natural gas to produce steam and dry potash products at our Belle Plaine, Saskatchewan potash solution mine. To a lesser extent, at our potash shaft mines, natural gas is used as a fuel to heat fresh air supplied to the shaft mines and for drying potash products.

•The use of natural gas as a feedstock in the production of ammonia at our Faustina, Louisiana facility.

•Process reactions from naturally occurring carbonates in phosphate rock.

•Operation of transport trucks, mining and construction equipment and other machinery powered by internal combustion engines utilizing fossil fuels.

In addition, the production of energy and raw materials that we purchase from unrelated parties for use in our business and energy used in the transportation of our products and raw materials are sources of greenhouse gas emissions.

Governmental greenhouse gas emission initiatives include, among others, the December 2015 agreement (the “Paris Agreement”) which was the outcome of the 21st session of the Conference of the Parties under the United Nations Framework Convention on Climate Change. The Paris Agreement, which was signed by nearly 200 nations, including the U.S. and Canada, entered into force in 2016 and sets out a goal of limiting the average rise in temperatures for this century to below 2 degrees Celsius. Each signatory is expected to develop its own plan (referred to as a Nationally Determined Contribution, or “NDC”) for reaching that goal. The U.S. formally withdrew from the Paris Agreement in January 2025.

Various legislative or regulatory initiatives relating to greenhouse gases have been adopted or considered by the U.S. Congress, EPA or various states and those initiatives already adopted may be used to implement a U.S. NDC in the future. We will continue to monitor climate-related policy in the U.S.

Brazil ratified the Paris Agreement in September 2016, committing to a NDC that includes economy-wide greenhouse gas reduction targets by 2030. Since 2020, the Brazilian Congress has been active in proposing climate-related legislation and could approve new instruments to combat climate change in this current legislature.

Canada’s intended NDC aims to achieve significant greenhouse gas emission reductions. In 2016, the Canadian federal government announced plans for a comprehensive tax on carbon emissions, under which provinces opting out of the tax would have the option of adopting a cap-and-trade system. In the plans, the federal government also committed to implementing a federal carbon pricing backstop system that will apply in any province or territory that does not have a carbon pricing system in place by 2018. As of April 1, 2024 a carbon tax of $80 per tonne now applies in Canada for any emitter not covered under the federal backstop program or approved provincial program. A revised plan was submitted by Saskatchewan to the federal government in 2022, which was subsequently approved in its entirety in November 2022. Our Saskatchewan Potash facilities are subject to the Saskatchewan climate change plan regarding emissions at our facilities; however, indirect

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costs from the carbon tax associated with electricity, natural gas consumption and transportation are currently passed through to Mosaic. More stringent laws and regulations may be enacted to accomplish the goals set out in Canada’s NDC.

It is possible that future legislation or regulation addressing climate change, including in response to the Paris Agreement or any new international agreements, could adversely affect our operating activities, energy, raw material and transportation costs, results of operations, liquidity or capital resources, and these effects could be material or adversely impact our competitive advantage. In addition, to the extent climate change restrictions imposed in countries where our competitors operate, such as China, India, former Soviet Union countries or Morocco, are less stringent than in our production regions, our competitors could gain cost or other competitive advantages over us.

Operating Impacts Due to Climate Change. The prospective impact of climate change on our operations and those of our customers and farmers remains uncertain. The impacts of climate change could include changes in rainfall patterns, water shortages, changing sea levels, changing storm patterns and intensities and changing temperature levels. These changes could be severe. These impacts could vary by geographic location. Severe climate change could impact our costs and operating activities, the location and cost of global grain and oilseed production, and the supply and demand for grains and oilseeds. At the present time, we cannot predict the prospective impact of climate change on our results of operations, liquidity or capital resources, or whether any such effects could be material to us.

Remedial Activities

Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) (aka Superfund) and state analogues impose liability, without regard to fault or to the legality of a party’s conduct, on certain categories of persons, including those who have disposed of “hazardous substances” at a location. Under Superfund, or its various state analogues, one party may be responsible for the entire site, regardless of fault or the locality of its disposal activity. We have contingent environmental remedial liabilities that arise principally from three sources which are further discussed below: (i) facilities currently or formerly owned by our subsidiaries or their predecessors; (ii) facilities adjacent to currently or formerly owned facilities; and (iii) third-party Superfund or state equivalent sites where we are alleged to have disposed of hazardous materials. Taking into consideration established accruals for environmental remedial matters of approximately $197.5 million as of December 31, 2024, expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material effect on our business or financial condition. However, material expenditures could be required in the future to remediate the contamination at known sites or at other current or former sites.

Remediation at Our Facilities. Many of our formerly owned or current facilities have been in operation for decades. The historical use and handling of regulated chemical substances, crop and animal nutrients and additives as well as by-product or process tailings at these facilities by us and predecessor operators have resulted in soil, surface water and groundwater impacts.

At many of these facilities, spills or other releases of regulated substances have occurred previously and potentially could occur in the future, possibly requiring us to undertake or fund cleanup efforts under Superfund or otherwise. In some instances we have agreed, pursuant to consent orders or agreements with the appropriate governmental agencies, to undertake certain investigations, which currently are in progress, to determine whether remedial action may be required to address site impacts. At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions. Taking into account established accruals, future expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material adverse effect on our business or financial condition. However, material expenditures by us could be required in the future to remediate the environmental impacts at these or at other current or former sites.

Remediation at Third-Party Facilities. Various third parties have alleged that our historical operations have impacted neighboring offsite areas or nearby third-party facilities. In some instances we have agreed, pursuant to orders from or agreements with appropriate governmental agencies or agreements with private parties, to undertake or fund investigations, some of which currently are in progress, to determine whether remedial action, under Superfund or otherwise, may be required to address offsite impacts. Our remedial liability at these sites, either alone or in the aggregate, taking into account established accruals, currently is not expected to have a material adverse effect on our business or financial condition. As more information is obtained regarding these sites, this expectation could change.

Liability for Offsite Disposal Locations. Currently, we are involved or concluding involvement for offsite disposal at several Superfund or equivalent state sites. Moreover, we previously have entered into settlements to resolve liability with regard to

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Superfund or equivalent state sites. In some cases, such settlements have included “reopeners,” which could result in additional liability at such sites in the event of newly discovered contamination or other circumstances. Our remedial liability at such disposal sites, either alone or in the aggregate, currently is not expected to have a material adverse effect on our business or financial condition. As more information is obtained regarding these sites and the potentially responsible parties involved, this expectation could change.

Product Requirements and Impacts

International, federal, state and provincial standards require us to register many of our products before these products can be sold. The standards also impose labeling requirements on these products and require us to manufacture the products to formulations set forth on the labels. We believe that, when handled and used as intended, based on the available data, crop nutrient materials do not pose harm to human health or the environment and that any additional standards or regulatory requirements relating to product requirements and impacts will not have a material adverse effect on our business or financial condition.

Environmental Justice

Some state governments have adopted or are adopting standards or policies requiring environmental justice reviews in some permitting actions. In general, they require governmental agencies to evaluate projects for disproportionate impacts to disadvantaged or already burdened communities. If such conditions are found, they might result in a permit denial, or restrictive or cost prohibitive conditions imposed on our operations and may impair our business and operations and could have a material adverse effect on our business, financial condition or results of operations.

Sustainability

We are committed to making informed choices that improve our corporate governance, financial strength, operational efficiency, environmental stewardship, community engagement and resource management. Through these efforts, we intend to sustain our business and experience lasting success.

We have included, or incorporate by reference, throughout this Form 10-K discussions of various matters relating to our sustainability, in its broadest sense, that we believe may be material to our investors. These matters include, but are not limited to, discussions about: corporate governance, including the leadership and respective roles of our Board of Directors and its committees, and management; recent and prospective developments in our business; product development; risk, enterprise risk management and risk oversight; the regulatory and permitting environment for our business and ongoing regulatory and permitting initiatives; executive compensation practices; employee and contractor safety; human capital matters and other EHS matters, including climate change, water management, energy and other operational efficiency initiatives: reclamation and AROs. Other matters relating to sustainability are included in our sustainability reports that are available on our website at www.mosaicco.com/ourresponsibility. Our sustainability reports are not incorporated by reference in this Form 10-K.

Additional Information

For additional information about phosphate mine permitting in Florida, our environmental liabilities, the environmental proceedings in which we are involved, our AROs related to environmental matters and our related accounting policies, see Environmental Liabilities and AROs under Critical Accounting Estimates above and Notes 2, 14, and 23 of our Notes to Consolidated Financial Statements.

Contingencies

Information regarding contingencies in Note 23 of our Notes to Consolidated Financial Statements is incorporated herein by reference.

Related Parties

Information regarding related party transactions is set forth in Note 24 of our Notes to Consolidated Financial Statements and is incorporated herein by reference.

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Recently Issued Accounting Guidance

Recently issued accounting guidance is set forth in Note 3 of our Notes to Consolidated Financial Statements and is incorporated herein by reference.

Cautionary Statement Regarding Forward Looking Information

All statements, other than statements of historical fact, appearing in this report constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements include, among other things, statements about our expectations, beliefs, intentions or strategies for the future, including statements about proposed or pending future transactions or strategic plans, statements concerning our future operations, financial condition and prospects, statements regarding our expectations for capital expenditures, statements concerning our level of indebtedness and other information, and any statements of assumptions regarding any of the foregoing. In particular, forward-looking statements may include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “potential,” “predict,” “project” or “should”. These statements involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this filing.

Factors that could cause reported results to differ materially from those expressed or implied by the forward-looking statements include, but are not limited to, the following:

•business and economic conditions and governmental policies affecting the agricultural industry where we or our customers operate, including price and demand volatility resulting from periodic imbalances of supply and demand;

•because of political and economic instability, civil unrest or changes in government policies in Brazil, Peru or other countries in which we do business, our operations could be disrupted as higher costs of doing business could result, including those associated with implementation of new freight tables and new mining legislation;

•potential U.S. imposed tariffs on Canadian potash imports and retaliatory tariffs by Canada or other countries on U.S. phosphates exports;

•changes in farmers’ application rates for crop nutrients;

•changes in the operation of world phosphate or potash markets, including consolidation in the crop nutrient industry, particularly if we do not participate in the consolidation;

•the expansion or contraction of production capacity or selling efforts by competitors or new entrants in the industries in which we operate, including the effects of actions by members of Canpotex to prove the production capacity of potash expansion projects, through proving runs or otherwise;

•the effect of future product innovations or development of new technologies on demand for our products;

•seasonality in our business that results in the need to carry significant amounts of inventory and seasonal peaks in working capital requirements, which may result in excess inventory or product shortages;

•changes in the costs, or constraints on supplies, of raw materials or energy used in manufacturing our products, or in the costs or availability of transportation for our products;

•economic and market conditions including supply chain challenges and increased costs and delays caused by transportation and labor shortages;

•declines in our selling prices or significant increases in costs that can require us to write down our inventories to the lower of cost or market, or require us to impair goodwill or other long-lived assets, or establish a valuation allowance against deferred tax assets;

•the lag in realizing the benefit of falling market prices for the raw materials we use to produce our products that can occur while we consume raw materials that we purchased or committed to purchase in the past at higher prices;

•disruptions of our operations at any of our key production, distribution, transportation or terminaling facilities, including those of Canpotex or any joint venture in which we participate;

•shortages or other unavailability of trucks, railcars, tugs, barges and ships for carrying our products and raw materials;

•the effects of and change in trade, monetary, environmental, tax and fiscal policies, laws and regulations;

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•foreign exchange rates and fluctuations in those rates;

•tax regulations, currency exchange controls and other restrictions that may affect our ability to optimize the use of our liquidity;

•adverse weather and climate conditions affecting our operations, including the impact of potential hurricanes, excessive heat, cold, snow, rainfall or drought;

•difficulties or delays in receiving, challenges to, increased costs of obtaining or satisfying conditions of, or revocation or withdrawal of required governmental and regulatory approvals, including permitting activities;

•changes in the environmental and other governmental regulation that applies to our operations, including federal legislation or regulatory action expanding the types and extent of water resources regulated under federal law and the possibility of further federal or state legislation or regulatory action affecting or related to greenhouse gas emissions, including carbon taxes or other measures that may be implemented in Canada or other jurisdictions in which we operate, or of restrictions or liabilities related to elevated levels of naturally-occurring radiation that arise from disturbing the ground in the course of mining activities or possible efforts to reduce the flow of nutrients into the Gulf of America, the Mississippi River basin or elsewhere;

•the potential costs and effects of implementation of federal or state water quality standards for the discharge of nitrogen and/or phosphorus into Florida waterways;

•the financial resources of our competitors, including state-owned and government-subsidized entities in other countries;

•the possibility of defaults by our customers on trade credit that we extend to them or on indebtedness that they incur to purchase our products and that we guarantee;

•any significant reduction in customers’ liquidity or access to credit that they need to purchase our products;

•the effectiveness of the processes we put in place to manage our significant strategic priorities and to successfully integrate and grow acquired businesses;

•actual costs of various items differing from management’s current estimates, including, among others, asset retirement, environmental remediation, reclamation or other environmental obligations;

•the costs and effects of legal and administrative proceedings and regulatory matters affecting us, including environmental, tax or administrative proceedings, complaints that our operations are adversely impacting nearby farms, businesses, other property uses or properties, settlements thereof and actions taken by courts with respect to approvals of settlements, costs related to defending and resolving global audit, appeal or court activity and other further developments in legal proceedings and regulatory matters;

•the success of our efforts to attract and retain highly qualified and motivated employees;

•strikes, labor stoppages or slowdowns by our work force or increased costs resulting from unsuccessful labor contract negotiations, and the potential costs and effects of compliance with new regulations affecting our workforce, which increasingly focus on wages and hours, healthcare, retirement and other employee benefits;

•brine inflows at our potash mines;

•accidents or other incidents involving our properties or operations, including potential fires, explosions, seismic events, sinkholes, unsuccessful tailings management, ineffective mine safety procedures or releases of hazardous or volatile chemicals;

•terrorism, armed conflict or other malicious intentional acts, including cybersecurity risks such as attempts to gain unauthorized access to, or disable, our information technology systems, or our costs of addressing malicious intentional acts;

•actions by the holders of controlling equity interests in businesses in which we hold a noncontrolling interest;

•changes in our relationship with the other member of Canpotex or any joint venture in which we participate or their or our exit from participation in Canpotex or any such export association or joint venture, and other changes in our commercial arrangements with unrelated third parties; and

•other risk factors reported from time to time in our SEC reports.

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Material uncertainties and other factors known to us are discussed in Item 1A, “Risk Factors,” of our Form 10-K for the year ended December 31, 2024 and incorporated by reference herein as if fully stated herein.

We base our forward-looking statements on information currently available to us, and we undertake no obligation to update or revise any of these statements, whether as a result of changes in underlying factors, new information, future events or other developments.

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

The Mosaic Company:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of The Mosaic Company and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of earnings, comprehensive income (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 3, 2025 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of asset retirement obligations for water treatment costs

As discussed in Note 14 to the consolidated financial statements, the Company has recorded asset retirement obligations (AROs) of $2,572.2 million as of December 31, 2024. The ARO includes the planned treatment of contaminated water (“water treatment costs”) and other asset retirement activities at the Company’s Florida and Louisiana facilities.

We identified the evaluation of asset retirement obligations for water treatment costs as a critical audit matter. Specialized skills and knowledge were required to evaluate the Company’s selection of planned water treatment activities to satisfy their legal obligation. In addition, there was a high degree of subjective auditor judgment due to the sensitivity of the AROs to minor changes to significant assumptions, such as the volume of contaminated water and the forecasted level of contamination used to estimate the water treatment costs per thousand gallons (“unit costs”).

The following are the primary procedures performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s ARO process. This included controls related

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to the knowledge, skill, and ability of third-party specialists and their relationship to the Company, determination of necessary activities required to treat contaminated water, and the development of the significant assumptions utilized in the process. We compared water treatment unit cost estimates to actual spending and water quality measurements. We evaluated the Company’s ability to accurately estimate water treatment costs by comparing the Company’s prior year estimates to the actual water treatment costs incurred. We performed sensitivity analyses over the volume of contaminated water and the unit costs assumptions to assess their impact on the water treatment costs estimate. Due to the specialized skills and knowledge used by the Company to select water treatment activities, we involved an environmental engineering professional with specialized skills and knowledge. This professional assisted in assessing the professional qualifications of the Company’s environmental engineers and engineering firm, including the knowledge, skill, and ability of the engineers, and the relationship of the engineers and engineering firm to the Company. In addition, the environmental engineering professional evaluated the Company’s planned asset retirement activities by analyzing the Company’s specialist’s reports. This professional evaluated significant engineering assumptions listed above and compared the planned activities per the specialist’s reports to other information obtained during the audit, such as:

• permits obtained which specify the Company’s legal obligations

• reports to state regulators on the level of contamination in water balances.

We evaluated the Company’s changes in assumptions for the volume of contaminated water and the forecasted level of contamination by comparing them to actual results from the prior year, as well as assessing operational changes that could impact estimated water volumes, contamination levels, or necessary treatment activities.

/s/ KPMG LLP

We have served as the Company’s auditor since 2004.

Tampa, Florida

March 3, 2025

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Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors

The Mosaic Company:

Opinion on Internal Control Over Financial Reporting

We have audited The Mosaic Company and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2024 and 2023, the related consolidated statements of earnings, comprehensive income (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements), and our report dated March 3, 2025 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Tampa, Florida

March 3, 2025

F- 33

Consolidated Statements of Earnings

In millions, except per share amounts

	Years Ended December 31,
	2024		2023		2022
Net sales	$	11,122.8	$	13,696.1	$	19,125.2
Cost of goods sold	9,610.9		11,485.5		13,369.4
Gross margin	1,511.9		2,210.6		5,755.8
Selling, general and administrative expenses	496.9		500.5		498.0
Other operating expenses	393.5		372.0		472.5
Operating earnings	621.5		1,338.1		4,785.3
Interest expense, net	(182.8)		(129.4)		(137.8)
Foreign currency transaction (loss) gain	(685.8)		194.0		97.5
Gain on sale of equity investment	522.2		—		—
Other income (expense)	40.3		(76.8)		(102.5)
Earnings from consolidated companies before income taxes	315.4		1,325.9		4,642.5
Provision for income taxes	186.7		177.0		1,224.3
Earnings from consolidated companies	128.7		1,148.9		3,418.2
Equity in net earnings of nonconsolidated companies	73.3		60.3		196.0
Net earnings including noncontrolling interests	202.0		1,209.2		3,614.2
Less: Net earnings attributable to noncontrolling interests	27.1		44.3		31.4
Net earnings attributable to Mosaic	$	174.9	$	1,164.9	$	3,582.8
Basic net earnings per share attributable to Mosaic	$	0.55	$	3.52	$	10.17
Basic weighted average number of shares outstanding	319.8		331.3		352.4
Diluted net earnings per share attributable to Mosaic	$	0.55	$	3.50	$	10.06
Diluted weighted average number of shares outstanding	320.7		333.2		356.0

See Accompanying Notes to Consolidated Financial Statements

F- 34

Consolidated Statements of Comprehensive Income (Loss)

In millions

	Years Ended December 31,
	2024		2023		2022
Net earnings including noncontrolling interest	$	202.0	$	1,209.2	$	3,614.2
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss)	(495.6)		154.1		(255.0)
Net actuarial gain and prior service cost	10.9		20.1		19.7
Realized gain (loss) on interest rate swap	(0.1)		1.4		1.5
Net gain (loss) on marketable securities held in trust fund	(14.8)		23.7		(24.8)
Other comprehensive income (loss)	(499.6)		199.3		(258.6)
Comprehensive income (loss)	(297.6)		1,408.5		3,355.6
Less: Comprehensive income attributable to noncontrolling interest	21.6		46.3		33.2
Comprehensive income (loss) attributable to Mosaic	$	(319.2)	$	1,362.2	$	3,322.4

See Accompanying Notes to Consolidated Financial Statements

F- 35

Consolidated Balance Sheets

In millions, except per share amounts

	December 31,
	2024		2023
Assets
Current assets:
Cash and cash equivalents	$	272.8	$	348.8
Receivables, net	1,113.3		1,269.2
Inventories	2,548.4		2,523.2
Other current assets	563.8		603.8
Total current assets	4,498.3		4,745.0
Property, plant and equipment, net	13,352.6		13,585.4
Equity securities and investments in nonconsolidated companies	1,533.4		909.0
Goodwill	1,061.1		1,138.6
Deferred income taxes	958.3		1,079.2
Other assets	1,520.3		1,575.6
Total assets	$	22,924.0	$	23,032.8
Liabilities and Equity
Current liabilities:
Short-term debt	$	847.1	$	399.7
Current maturities of long-term debt	45.3		130.1
Structured accounts payable arrangements	402.3		399.9
Accounts payable	1,156.5		1,166.9
Accrued liabilities	1,720.1		1,777.1
Total current liabilities	4,171.3		3,873.7
Long-term debt, less current maturities	3,332.3		3,231.6
Deferred income taxes	942.8		1,065.5
Other noncurrent liabilities	2,862.9		2,429.2
Equity:
Preferred stock, $0.01 par value, 15,000,000 shares authorized, none issued and outstanding as of December 31, 2024 and 2023	—		—
Common stock, $0.01 par value, 1,000,000,000 shares authorized, 394,648,654 shares issued and 316,932,047 shares outstanding as of December 31, 2024, 393,875,241 shares issued and 324,103,141 shares outstanding as of December 31, 2023	3.2		3.2
Capital in excess of par value	2.1		—
Retained earnings	13,926.1		14,241.9
Accumulated other comprehensive loss	(2,449.0)		(1,954.9)
Total Mosaic stockholders’ equity	11,482.4		12,290.2
Non-controlling interests	132.3		142.6
Total equity	11,614.7		12,432.8
Total liabilities and equity	$	22,924.0	$	23,032.8

See Accompanying Notes to Consolidated Financial Statements

F- 36

Consolidated Statements of Cash Flows

In millions, except per share amounts

	Years Ended December 31,
	2024		2023		2022
Cash Flows from Operating Activities
Net earnings including noncontrolling interests	$	202.0	$	1,209.2	$	3,614.2
Adjustments to reconcile net earnings including noncontrolling interests to net cash provided by operating activities:
Depreciation, depletion and amortization	1,025.5		960.6		933.9
Deferred and other income taxes	(142.9)		(261.2)		344.4
Equity in net (earnings) of nonconsolidated companies, net of dividends	(55.7)		(31.8)		(191.5)
Accretion expense for asset retirement obligations	111.2		96.1		81.6
Amortization of debt financing fees	36.5		21.4		7.2
Share-based compensation expense	31.8		33.0		27.9
Unrealized (gain) loss on derivatives	104.1		(29.0)		4.3
Foreign currency adjustments	462.7		(94.0)		(67.9)
(Gain) loss on sale of securities	(2.4)		19.4		46.6
Pension settlement loss	—		42.4		41.9
Gain on sale of business	—		(56.5)		—
Gain on sale of equity investment	(538.2)		—		—
Unrealized (gain) loss on equity securities	(28.3)		—		—
Other	71.8		95.9		85.7
Changes in assets and liabilities:
Receivables, net	59.2		526.3		(215.2)
Inventories, net	(275.6)		1,061.4		(749.6)
Other current assets and noncurrent assets	(79.2)		(239.2)		(247.4)
Accounts payable and accrued liabilities	96.4		(1,055.1)		219.8
Other noncurrent liabilities	220.3		108.3		(0.1)
Net cash provided by operating activities	1,299.2		2,407.2		3,935.8
Cash Flows from Investing Activities
Capital expenditures	(1,251.8)		(1,402.4)		(1,247.3)
Purchases of available-for-sale securities - restricted	(1,529.7)		(1,240.8)		(762.5)
Proceeds from sale of available-for-sale securities - restricted	1,501.1		1,209.1		743.0
Proceeds from sale of business	—		158.4		—
Acquisition of business	—		(41.0)		—
Other	19.4		(0.5)		7.2
Net cash used in investing activities	(1,261.0)		(1,317.2)		(1,259.6)
Cash Flows from Financing Activities
Payments of short-term debt	(16,779.6)		(9,832.0)		(1,761.2)
Proceeds from issuance of short-term debt	17,032.8		10,007.1		1,980.5
Payments from inventory financing arrangement	(1,805.0)		(601.4)		(1,651.5)
Proceeds from inventory financing arrangement	2,004.5		601.4		1,348.8
Payments of structured accounts payable arrangements	(755.0)		(1,432.9)		(1,476.6)
Proceeds from structured accounts payable arrangements	737.3		1,048.2		1,460.5
Collections of transferred receivables	425.5		1,468.6		2,352.1
Payments of transferred receivables	(425.5)		(1,468.6)		(2,433.2)
Payments of long-term debt	(67.2)		(995.3)		(610.3)
Proceeds from issuance of long-term debt	70.3		900.0		—
Repurchases of stock	(235.4)		(756.0)		(1,665.2)
Cash dividends paid	(270.7)		(351.6)		(197.7)
Dividends paid to non-controlling interest	(31.9)		(41.5)		(38.0)
Other	(32.0)		(26.5)		13.1
Net cash used in financing activities	(131.9)		(1,480.5)		(2,678.7)
Effect of exchange rate changes on cash	37.9		(2.8)		(29.7)
Net change in cash, cash equivalents and restricted cash	(55.8)		(393.3)		(32.2)
Cash, cash equivalents and restricted cash—beginning of year	360.8		754.1		786.3
Cash, cash equivalents and restricted cash—end of year	$	305.0	$	360.8	$	754.1

See Accompanying Notes to Consolidated Financial Statements

F- 37

Consolidated Statements of Cash Flows (Continued)

In millions, except per share amounts

	Years Ended December 31,
	2024		2023		2022
Reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows:
Cash and cash equivalents	$	272.8	$	348.8	$	735.4
Restricted cash in other current assets	14.9		8.6		8.2
Restricted cash in other assets	17.3		3.4		10.5
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	305.0	$	360.8	$	754.1

See Accompanying Notes to Consolidated Financial Statements

F- 38

Consolidated Statements of Equity

In millions, except per share data

		Dollars
	Shares	Mosaic Stockholders
	Common<br>Stock	Common<br>Stock		Capital in<br>Excess<br>of Par Value		Retained<br>Earnings		Accumulated<br>Other<br>Comprehensive<br>Loss		Non-<br>Controlling<br>Interests		Total<br>Equity
Balance as of December 31, 2021	368.7	$	3.7	$	478.0	$	12,014.2	$	(1,891.8)	$	144.4	$	10,748.5
Total comprehensive income (loss)	—	—		—		3,582.8		(260.4)		33.2		3,355.6
Vesting of restricted stock units	1.2	—		(19.2)		—		—		—		(19.2)
Stock based compensation	—	—		31.5		—		—		—		31.5
Stock option exercises	—	—		16.0		—		—		—		16.0
Repurchases of stock	(30.8)	(0.3)		(506.3)		(1,166.6)		—		—		(1,673.2)
Dividends ($0.60 per share)	—	—		—		(227.0)		—		—		(227.0)
Dividends for noncontrolling interests	—	—		—		—		—		(38.0)		(38.0)
Balance as of December 31, 2022	339.1	3.4		—		14,203.4		(2,152.2)		139.6		12,194.2
Total comprehensive income	—	—		—		1,164.9		197.3		46.3		1,408.5
Vesting of restricted stock units	1.9	—		(0.8)		(53.4)		—		—		(54.2)
Stock based compensation	—	—		33.0		—		—		—		33.0
Share repurchases, including tax of $6.4 million	(16.9)	(0.2)		(32.2)		(722.0)		—		—		(754.4)
Dividends ($0.85 per share)	—	—		—		(351.0)		—		—		(351.0)
Equity to noncontrolling interests	—	—		—		—		—		(43.3)		(43.3)
Balance as of December 31, 2023	324.1	3.2		—		14,241.9		(1,954.9)		142.6		12,432.8
Total comprehensive income	—	—		—		174.9		(494.1)		21.6		(297.6)
Vesting of restricted stock units	0.7	—		—		(10.5)		—		—		(10.5)
Stock based compensation	—	—		31.8		—		—		—		31.8
Share repurchases, including tax of $2.1 million	(7.9)	—		(29.7)		(207.8)		—		—		(237.5)
Dividends ($0.85 per share)	—	—		—		(272.4)		—		—		(272.4)
Dividends for noncontrolling interests	—	—		—		—		—		(31.9)		(31.9)
Balance as of December 31, 2024	316.9	$	3.2	$	2.1	$	13,926.1	$	(2,449.0)	$	132.3	$	11,614.7

See Accompanying Notes to Consolidated Financial Statements

F- 39

Notes to Consolidated Financial Statements

Tables in millions, except per share amounts

1. ORGANIZATION AND NATURE OF BUSINESS

The Mosaic Company (“Mosaic,” and, with its consolidated subsidiaries, “we,” “us,” “our,” or the “Company”) produces and markets concentrated phosphate and potash crop nutrients. We conduct our business through wholly- and majority-owned subsidiaries and businesses in which we own less than a majority or a noncontrolling interest, including consolidated variable interest entities and investments accounted for by the equity method.

We are organized into the following business segments:

•Our Phosphates business segment owns and operates mines and production facilities in Florida which produce concentrated phosphate crop nutrients and phosphate-based animal feed ingredients, and processing plants in Louisiana which produce concentrated phosphate crop nutrients. We have a 75% economic interest in the Miski Mayo Phosphate Mine in Peru. These results are consolidated in the Phosphates segment. Through December 24, 2024, the Phosphates segment included our prior 25% interest in the Ma’aden Wa’ad Al Shamal Phosphate Company (“MWSPC”), a joint venture to develop, own and operate integrated phosphate production facilities in the Kingdom of Saudi Arabia. On December 24, 2024, we exchanged our ownership of MWSPC for shares of Ma’aden. Our equity in the net earnings or losses relating to MWSPC were recognized on a one-quarter lag in our Consolidated Statements of Earnings.

•Our Potash business segment owns and operates potash mines and production facilities in Canada and the U.S. which produce potash-based crop nutrients, animal feed ingredients and industrial products. Potash sales include domestic and international sales. We are a member of Canpotex, Limited (“Canpotex”), an export association of Canadian potash producers through which we sell our Canadian potash outside the U.S. and Canada.

•Our Mosaic Fertilizantes business segment includes five Brazilian phosphate rock mines, four phosphate chemical plants and a potash mine in Brazil. The segment also includes our distribution business in South America, which consists of sales offices, crop nutrient blending and bagging facilities, port terminals and warehouses in Brazil and Paraguay. We also have a majority interest in Fospar S.A., which owns and operates a single superphosphate granulation plant and a deep-water port and throughput warehouse terminal facility in Brazil.

Intersegment eliminations, unrealized mark-to-market gains/losses on derivatives and investment in equity securities of Ma'aden, debt expenses and the results of the China and India distribution businesses are included within Corporate, Eliminations and Other.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement Presentation and Basis of Consolidation

The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Throughout the Notes to Consolidated Financial Statements, amounts in tables are in millions of dollars except for per share data and as otherwise designated.

The accompanying Consolidated Financial Statements include the accounts of Mosaic and its majority-owned subsidiaries. Certain investments in companies in which we do not have control but have the ability to exercise significant influence are accounted for by the equity method.

Accounting Estimates

Preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. The most significant estimates made by management relate to the recoverability of non-current assets including goodwill, the useful lives and net realizable values of long-lived assets, environmental and reclamation liabilities, including asset retirement obligations (“ARO”), and income tax-related accounts, including the valuation allowance against deferred income tax assets. Actual results could differ from these estimates.

F- 40

Revenue Recognition

We generate revenues primarily by producing and marketing phosphate and potash crop nutrients. Revenue is recognized when control of the product is transferred to the customer, which is generally upon transfer of title to the customer based on the contractual terms of each arrangement. Title is typically transferred to the customer upon shipment of the product. In certain circumstances, which are referred to as final price deferred arrangements, we ship product prior to the establishment of a valid sales contract. In such cases, we retain control of the product and do not recognize revenue until a sales contract has been agreed to with the customer.

Revenue is measured as the amount of consideration we expect to receive in exchange for the transfer of our goods. Our products are generally sold based on market prices prevailing at the time the sales contract is signed or through contracts which are priced at the time of shipment, except for the final priced deferred arrangements discussed above. Sales incentives are volumetric based annual programs and recorded as a reduction of revenue at the time of sale. We estimate the variable consideration related to our sales incentive programs based on the sales terms with customers and historical experience. Historically, sales incentives have represented 1% or less of total revenue and there have not been significant adjustments to such estimates in the financial statements.

We sell Canadian-sourced potash outside Canada and the U.S. exclusively through Canpotex distribution. Canpotex sells potash to buyers in export markets pursuant to term and spot contracts at agreed upon prices. For sales through this channel, our revenue is recognized at the amount received from Canpotex representing proceeds from their sale of potash, less net costs of Canpotex. Sales are recognized when control is transferred to Canpotex, typically upon shipment of the product to Canpotex, and adjusted at the end of each reporting period based upon the updated estimated pricing or final pricing from Canpotex. Prior to final pricing, revenue is recognized only to the extent that it is probable a significant reversal of revenue will not occur. The constraint is estimated each period based on historical experience, market trends and industry data. The estimated constraint is not material to the Company’s financial statements.

Due to our membership in Canpotex, we eliminate the intra-entity profit with Canpotex at the end of each reporting period and present that profit elimination by reversing revenue and cost of goods sold for the inventory remaining at Canpotex. For more information regarding our relationship with Canpotex and accounting considerations, see Note 9 of our Notes to Consolidated Financial Statements. For information regarding sales by product type and by geographic area, see Note 25 of our Notes to Consolidated Financial Statements.

The timing of recognition of revenue related to our performance obligations may be different than the timing of collection of cash related to those performance obligations. Specifically, we collect prepayments from certain customers in Brazil. In addition, cash collection from Canpotex may occur prior to delivery of product to the end customer. We generally satisfy our contractual liabilities within one quarter of incurring the liability.

Other key revenue recognition accounting policies include:

•Shipping and handling costs are included as a component of cost of goods sold.

•We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses.

•We have elected to recognize the cost for freight and shipping as an expense in cost of sales, when control over the product has passed to the customer.

Non-Income Taxes

We pay Canadian resource taxes consisting of the Potash Production Tax and resource surcharge. The Potash Production Tax is a Saskatchewan provincial tax on potash production and consists of a base payment and a profits tax. In addition to the Canadian resource taxes, royalties are payable to the mineral owners with respect to potash reserves or production of potash. These resource taxes and royalties are recorded in our cost of goods sold. Our Canadian resource tax and royalty expenses were $272.7 million, $457.0 million and $1.0 billion during 2024, 2023 and 2022, respectively.

We have approximately $96.2 million of assets recorded as of December 31, 2024 related to PIS and Cofins, which is a Brazilian federal value-added tax. This amount was mostly earned in 2008 through 2022; we believe that it will be realized through offsetting income tax payments or other federal taxes or receiving cash refunds. As of December 31, 2023 we had approximately $136.5 million of assets recorded for these matters. Should the Brazilian government determine that these are not valid credits upon audit, this could impact our results in such period. We have recorded the PIS and Cofins credits at

F- 41

amounts which we believe are probable of collection. Information regarding PIS and Cofins taxes already audited is included in Note 23 of our Notes to Consolidated Financial Statements.

Foreign Currency Translation

The Company’s reporting currency is the U.S. dollar; however, for operations located in Canada and Brazil, the functional currency is the local currency. Assets and liabilities of these foreign operations are translated to U.S. dollars at exchange rates in effect at the balance sheet date, while income statement accounts and cash flows are translated to U.S. dollars at the average exchange rates for the period. For these operations, translation gains and losses are recorded as a component of accumulated other comprehensive income in equity until the foreign entity is sold or liquidated. Transaction gains and losses result from transactions that are denominated in a currency other than the functional currency of the operation, primarily accounts receivable and intercompany loans in our Canadian entities denominated in U.S. dollars, intercompany loans receivable in our U.S. entities denominated in Brazilian real, and accounts payable in Brazil denominated in U.S. dollars. These foreign currency transaction gains and losses are presented separately in the Consolidated Statement of Earnings.

Cash and Cash Equivalents

Cash and cash equivalents include short-term, highly liquid investments with original maturities of 90 days or less and other highly liquid investments that are payable on demand such as money market accounts, certain certificates of deposit and repurchase agreements. The carrying amount of such cash equivalents approximates their fair value due to the short-term and highly liquid nature of these instruments.

Concentration of Credit Risk

In the U.S., we sell our products to manufacturers, distributors and retailers primarily in the Midwest and Southeast. Internationally, our potash products are sold primarily through Canpotex, an export association. A concentration of credit risk arises from our sales and accounts receivable associated with the international sales of potash product through Canpotex. We consider our concentration risk related to the Canpotex receivable to be mitigated by their credit policy, which requires the underlying receivables to be substantially insured or secured by letters of credit. As of December 31, 2024 and 2023, there were $65.1 million and $193.1 million, respectively, of trade accounts receivable due from Canpotex. During 2024, 2023 and 2022, sales to Canpotex were $884.3 million, $1.3 billion and $3.0 billion, respectively.

Inventories

Inventories of raw materials, work-in-process products, finished goods and operating materials and supplies are stated at the lower of cost or net realizable value. Costs for substantially all inventories are determined using the weighted average cost basis. To determine the cost of inventory, we allocate fixed expense to the costs of production based on the normal capacity, which refers to a range of production levels and is considered the production expected to be achieved over a number of periods or seasons under normal circumstances, taking into account the loss of capacity resulting from planned maintenance. Fixed overhead costs allocated to each unit of production should not increase due to abnormally low production. Those excess costs are recognized as a current period expense. When a production facility is completely shut down temporarily, it is considered “idle”, and all related expenses are charged to cost of goods sold.

Net realizable value of our inventory is defined as forecasted selling prices less reasonably predictable selling costs. Significant management judgment is involved in estimating forecasted selling prices including various demand and supply variables. Examples of demand variables include grain and oilseed prices, stock-to-use ratios and changes in inventories in the crop nutrients distribution channels. Examples of supply variables include forecasted prices of raw materials, such as phosphate rock, sulfur, ammonia and natural gas, estimated operating rates and industry crop nutrient inventory levels. Results could differ materially if actual selling prices differ materially from forecasted selling prices. Charges for lower of cost or market are recognized in our Consolidated Statements of Earnings in the period when there is evidence of a decline of market value below cost.

Property, Plant and Equipment and Recoverability of Long-Lived Assets

Property, plant and equipment are stated at cost. Costs of significant assets include capitalized interest incurred during the construction and development period. Repairs and maintenance, including planned major maintenance and plant turnaround costs, are expensed when incurred.

F- 42

Currently, we do not have any material exploration or development stage mining projects. When we transition to new mining areas within our current properties, we incur minimal pre-mining costs related to the permitting process and land preparation activities, such as water management control and construction of roads and access points. These costs are capitalized as part of our mineral properties and rights. Mineral properties and rights at our operations include mineral reserves and mineral resources. Mineral resources have not yet been scheduled in formal mine plans and therefore are not subject to depletion. Depletion expenses for mining operations, including mineral reserves, are generally determined using the units-of-production method based on estimates of proven and probable reserves. Depreciation is computed principally using the straight-line method and units-of-production method over the following useful lives: machinery and equipment: three to 25 years; and buildings and leasehold improvements: three to 40 years.

We estimate initial useful lives based on experience and current technology. These estimates may be extended through sustaining capital programs. Factors affecting the fair value of our assets or periods of expected use may also affect the estimated useful lives of our assets and these factors can change. Therefore, we periodically review the estimated remaining lives of our facilities and other significant assets and adjust our depreciation rates prospectively where appropriate.

Long-lived assets, including fixed assets and right-of-use assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment assessment involves management judgment and estimates of factors such as industry and market conditions, the economic life of the asset, sales volume and prices, inflation, raw materials costs, cost of capital, tax rates and capital spending. The carrying amount of a long-lived asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset group. If it is determined that an impairment loss has occurred, the loss is measured as the amount by which the carrying amount of the long-lived asset group exceeds its fair value.

Leases

Right of use (“ROU”) assets represent our right to use an underlying asset for the lease term. Lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date of the lease, based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. For both operating and finance leases, the initial ROU asset equals the lease liability, plus initial direct costs, less lease incentives received. Our lease agreements may include options to extend or terminate the lease, which are included in the lease term at the commencement date when it is reasonably certain that we will exercise that option. In general, we do not consider optional periods included in our lease agreements as reasonably certain of exercise at inception.

At inception, we determine whether an arrangement is a lease and the appropriate lease classification. Operating leases with terms greater than twelve months are included as operating lease ROU assets within other assets and the associated lease liabilities within accrued liabilities and other noncurrent liabilities on our consolidated balance sheets. Finance leases with terms greater than twelve months are included as finance ROU assets within property and equipment and the associated finance lease liabilities within current maturities of long-term debt and long-term debt on our consolidated balance sheets.

Leases with terms of less than twelve months, referred to as short-term leases, do not create a ROU asset or lease liability on the balance sheet.

We have lease agreements with lease and non-lease components, which are generally accounted for separately. For full-service railcar leases, we account for the lease and non-lease components as a single lease component. Additionally, for certain equipment leases, we apply assumptions using a portfolio approach, given the generally consistent terms of the agreements. Lease payments based on usage (for example, per-mile or per-hour charges), referred to as variable lease costs, are recorded separately from the determination of the ROU asset and lease liability.

Contingencies

Accruals for environmental remediation efforts are recorded when costs are probable and can be reasonably estimated. In determining these accruals, we use the most current information available, including similar past experiences, available technology, consultant evaluations, regulations in effect, the timing of remediation and cost-sharing arrangements. Adjustments to accruals, recorded as needed in our Consolidated Statement of Earnings each quarter, are made to reflect changes in and current status of these factors.

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We are involved from time to time in claims and legal actions incidental to our operations, both as plaintiff and defendant. We have established what we currently believe to be adequate accruals for pending legal matters. These accruals are established as part of an ongoing worldwide assessment of claims and legal actions that takes into consideration such items as advice of legal counsel, individual developments in court proceedings, changes in the law, changes in business focus, changes in the litigation environment, changes in opponent strategy and tactics, new developments as a result of ongoing discovery and our experience in defending and settling similar claims. The litigation accruals at any time reflect updated assessments of the then-existing claims and legal actions. The final outcome or potential settlement of litigation matters could differ materially from the accruals which we have established. Legal costs are expensed as incurred.

Pension and Other Postretirement Benefits

Mosaic offers a number of benefit plans that provide pension and other benefits to qualified employees. These plans include defined benefit pension plans, supplemental pension plans, defined contribution plans and other postretirement benefit plans.

We accrue the funded status of our plans, which is representative of our obligations under employee benefit plans and the related costs, net of plan assets measured at fair value. The cost of pensions and other retirement benefits earned by employees is generally determined with the assistance of an actuary using the projected benefit method prorated on service and management’s best estimate of expected plan investment performance, salary escalation, retirement ages of employees and expected healthcare costs.

Additional Accounting Policies

To facilitate a better understanding of our consolidated financial statements we have disclosed the following significant accounting policies (with the exception of those identified above) throughout the following notes, with the related financial disclosures by major caption:

Note	Topic	Page
9	Equity Securities and Investments in Non-Consolidated Companies	F-51
10	Goodwill	F-52
11	Structured Accounts Payable Arrangements	F-52
12	Marketable Securities Held in Trusts	F-55
13	Income Taxes	F-57
14	Accounting for Asset Retirement Obligations	F-62
15	Accounting for Derivative and Hedging Activities	F-63
16	Fair Value Measurements	F-64

3. RECENTLY ISSUED ACCOUNTING GUIDANCE

In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance which requires that a buyer in a supplier financing program make annual disclosures about the program’s key terms, the balance sheet presentation of related amounts, the confirmed amount outstanding at the end of the period and associated rollforward information. We have historically presented supplier financing programs separately on the face of the balance sheet as structured accounts payable arrangements and disclosed key terms of such programs. Payments and proceeds rollforward information on structured accounts payable arrangements has historically been provided on the face of the statement of cash flows. As such, adoption of this standard did not impact our balance sheet presentation or footnote disclosures.

In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through additional disclosures about significant segment expenses. The standard is effective for fiscal years beginning after December 15, 2023 (our fiscal 2024), and interim periods within fiscal years beginning after December 15, 2024 (our fiscal 2025), with early adoption permitted. The amendments are to be applied retrospectively to all prior periods presented in the financial statements. We adopted this standard as of December 31, 2024. While this standard required enhanced segment disclosures, adoption of this guidance did not have a material effect on our consolidated financial statements.

In December 2023, the FASB issued guidance to provide more disaggregation of income tax disclosures mainly related to the reconciliations of the income tax rate and income taxes paid by jurisdiction. We expect the adoption of the standard to result in additional disaggregation of our income tax footnote disclosure. We will begin providing the enhanced disclosure related to income taxes effective with our quarterly report of Form 10-Q for the quarter ending March 31, 2025.

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In November 2024, the FASB issued guidance which requires more detailed disclosure about specified categories of expenses (purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion) included in certain expense captions on the face of the income statement. Additionally, the amendments require disclosure of the total amount of selling expenses and an annual disclosure of the definition of selling expenses. These amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosures may be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact this new guidance will have on our disclosures.

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4. LEASES

Leasing Activity

We have operating and finance leases for heavy mobile equipment, railcars, fleet vehicles, field and plant equipment, river and cross-gulf vessels, corporate offices, land and computer equipment. Our leases have remaining lease terms of one year to 38 years, some of which include options to extend the lease for up to 20 years and some of which include options to terminate the lease within one year.

Supplemental balance sheet information related to leases as of December 31, 2024 and December 31, 2023 is as follows:

	December 31,
Type of Lease Asset or Liability	2024		2023		Balance Sheet Classification
	(in millions)
Operating Leases
Right-of-use assets	$	220.0	$	229.8	Other assets
Lease liabilities:
Short-term	43.9		65.3		Accrued liabilities
Long-term	181.2		168.1		Other noncurrent liabilities
Total	$	225.1	$	233.4
Finance Leases
Right-of-use assets:
Gross assets	$	452.0	$	459.7
Less: accumulated depreciation	205.3		171.3
Net assets	$	246.7	$	288.4	Property, plant and equipment, net
Lease liabilities:
Short-term	$	30.6	$	112.7	Current maturities of long-term debt
Long-term	114.2		67.3		Long-term debt, less current maturities
Total	$	144.8	$	180.0

Lease expense is generally included within cost of goods sold and selling, general and administrative expenses, except for interest on lease liabilities, which is recorded within net interest. The components of lease expense were as follows:

	December 31,
(in millions)	2024		2023		2022
Operating lease cost	$	87.2	$	86.9	$	86.6
Finance lease cost:
Amortization of right-of-use assets	45.5		45.8		45.9
Interest on lease liabilities	6.1		7.1		5.3
Short-term lease cost	0.2		0.1		0.8
Variable lease cost	19.5		19.8		19.3
Total lease cost	$	158.5	$	159.7	$	157.9

Rental expense for 2024, 2023 and 2022 was $269.4 million, $252.1 million and $237.2 million, respectively.

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Supplemental cash flow information related to leases was as follows:

	December 31,
(In millions)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	90.4	$	89.2	$	88.1
Operating cash flows from finance leases	6.1		7.1		5.3
Financing cash flows from finance leases	42.9		78.8		46.5
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	70.4	$	54.5	$	56.7
Finance leases	9.0		35.8		27.2

Other information related to leases was as follows:

	December 31, 2024
Weighted Average Remaining Lease Term
Operating leases	6.4 years
Finance leases	4.3 years
Weighted Average Discount Rate
Operating leases	6.3	%
Finance leases	5.7	%

Future lease payments under non-cancellable leases recorded as of December 31, 2024, were as follows:

	Operating Leases		Finance Leases
(in millions)
2025	$	70.3	$	38.8
2026	51.1		26.5
2027	38.1		22.1
2028	30.2		16.9
2029	26.6		58.1
Thereafter	58.3		9.6
Total future lease payments	$	274.6	$	172.0
Less imputed interest	(49.5)		(27.2)
Total	$	225.1	$	144.8

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5. OTHER FINANCIAL STATEMENT DATA

The following provides additional information concerning selected balance sheet accounts:

	December 31,
(in millions)	2024		2023
Receivables
Trade - External	$	969.1	$	940.9
Trade - Affiliate	67.1		194.6
Non-trade	78.1		134.4
	1,114.3		1,269.9
Less allowance for doubtful accounts	1.0		0.7
	$	1,113.3	$	1,269.2
Inventories
Raw materials	$	148.6	$	135.8
Work in process	941.1		964.8
Finished goods	1,239.8		1,178.0
Final price deferred (a)	53.5		61.5
Operating materials and supplies	165.4		183.1
	$	2,548.4	$	2,523.2
Other current assets
Income and other taxes receivable	$	234.9	$	269.3
Prepaid expenses	299.8		284.3
Other	29.1		50.2
	$	563.8	$	603.8
Other assets
Restricted cash	$	17.3	$	3.4
MRO inventory	169.0		166.3
Marketable securities held in trust - restricted	708.7		708.6
Operating lease right-of-use assets	220.0		229.8
Indemnification asset	18.4		20.9
Long-term receivable	12.9		21.8
Cloud computing cost (b)	166.3		138.9
Other	207.7		285.9
	$	1,520.3	$	1,575.6

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	December 31,
(in millions)	2024		2023
Accrued liabilities
Accrued dividends	$	74.1	$	72.3
Payroll and employee benefits	161.8		182.6
Asset retirement obligations	352.8		377.4
Customer prepayments	270.7		261.8
Accrued income and other taxes	204.7		190.0
Operating lease obligation	43.9		65.3
Other	612.1		627.7
	$	1,720.1	$	1,777.1
Other noncurrent liabilities
Asset retirement obligations	$	2,219.4	$	1,836.0
Operating lease obligation	181.2		168.1
Accrued pension and postretirement benefits	91.6		119.7
Unrecognized tax benefits	17.7		30.5
Other	353.0		274.9
	$	2,862.9	$	2,429.2

______________________________

(a)Final price deferred is product that has shipped to customers, but we retain control and do not recognize revenue until a sales contract has been agreed to with the customer.

(b)Implementation costs eligible for capitalization related to cloud computing arrangements that are a service contract are recorded within Prepaid expenses and Other assets in the Consolidated Balance Sheets and amortized over the reasonably certain term of the associated hosting arrangement.

Interest expense, net was comprised of the following in 2024, 2023 and 2022:

	Years Ended December 31,
(in millions)	2024		2023		2022
Interest income	$	47.2	$	59.6	$	31.0
Less interest expense	230.0		189.0		168.8
Interest expense, net	$	(182.8)	$	(129.4)	$	(137.8)

6. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	December 31,
(in millions)	2024		2023
Land	$	352.5	$	373.0
Mineral properties and rights	6,831.3		6,477.5
Buildings and leasehold improvements	3,836.4		3,881.6
Machinery and equipment	11,684.0		11,407.6
Construction in-progress	1,148.1		1,359.8
	23,852.3		23,499.5
Less: accumulated depreciation and depletion	10,499.7		9,914.1
	$	13,352.6	$	13,585.4

Depreciation and depletion expense was $1,012.5 million, $958.9 million, and $932.1 million for 2024, 2023 and 2022, respectively. Interest capitalized on major construction projects was $42.3 million, $35.2 million, and $26.8 million for 2024, 2023 and 2022, respectively.

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Subsequent to December 31, 2024, we entered into an agreement to sell the closed Patos de Minas mine in Brazil which has minimal assets remaining.

7. EARNINGS PER SHARE

The numerator for basic and diluted earnings per share (“EPS”) is net earnings attributable to Mosaic. The denominator for basic EPS is the weighted average number of shares outstanding during the period. The denominator for diluted EPS also includes the weighted average number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued, unless the shares are anti-dilutive.

The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations:

	Years Ended December 31,
(in millions)	2024		2023		2022
Net earnings attributable to Mosaic	$	174.9	$	1,164.9	$	3,582.8
Basic weighted average number of shares outstanding attributable to common stockholders	319.8		331.3		352.4
Dilutive impact of share-based awards	0.9		1.9		3.6
Diluted weighted average number of shares outstanding	320.7		333.2		356.0
Basic net earnings per share	$	0.55	$	3.52	$	10.17
Diluted net earnings per share	$	0.55	$	3.50	$	10.06

A total of 1.0 million shares for 2024, 0.5 million shares for 2023 and 0.1 million shares for 2022 of common stock subject to issuance related to share-based awards have been excluded from the calculation of diluted EPS because the effect would have been anti-dilutive.

8. CASH FLOW INFORMATION

Supplemental disclosures of cash paid for interest and income taxes and non-cash investing and financing information is as follows:

	Years Ended December 31,
(in millions)	2024		2023		2022
Cash paid during the period for:
Interest	$	228.7	$	204.7	$	196.4
Less amount capitalized	42.3		35.2		26.8
Cash interest, net	$	186.4	$	169.5	$	169.6
Income taxes	$	337.0	$	385.6	$	1,114.5

Acquiring or constructing property, plant and equipment by incurring a liability does not result in a cash outflow for us until the liability is paid. In the period the liability is incurred, the change in operating accounts payable on the Consolidated Statements of Cash Flows is adjusted by such amount. In the period the liability is paid, the amount is reflected as a cash outflow from investing activities. The applicable net change in operating accounts payable that was classified to investing activities on the Consolidated Statements of Cash Flows was $(20.3) million, $(19.5) million, and $(65.2) million for 2024, 2023 and 2022, respectively.

We accrued $74.1 million related to the dividends declared in 2024 that will be paid in 2025. At December 31, 2023 and 2022, we had accrued dividends of $72.3 million and $72.9 million which were paid in 2024 and 2023, respectively.

Included in proceeds from issuance of short-term debt and payments of short-term debt were $16.8 billion and ($16.6) billion and $9.6 billion and ($9.5) billion for 2024 and 2023, respectively, related to our commercial paper arrangement.

We had non-cash investing and financing transactions related to right-of-use assets obtained in exchange for lease obligations assets under finance leases in 2024 of $9.0 million. Non-cash investing and financing transactions related to assets acquired under capital leases were $35.8 million and $27.2 million for 2023 and 2022, respectively.

F- 50

We had non-cash transactions related to the exchange of our 25% ownership MWSPC for 111,012,433 shares of Ma’aden at a value of approximately $1.5 billion, resulting in a gain before transaction expenses of $538.2 million.

Depreciation, depletion and amortization includes $1,012.5 million, $958.9 million and $932.1 million related to depreciation and depletion of property, plant and equipment and $13.0 million, $1.7 million and $1.8 million related to the amortization of intangible assets and cloud computing costs for 2024, 2023 and 2022, respectively.

9. EQUITY SECURITIES AND INVESTMENTS IN NON-CONSOLIDATED COMPANIES

We have investments in various international and domestic entities and ventures. The equity method of accounting is applied to such investments when the ownership structure prevents us from exercising a controlling influence over operating and financial policies of the businesses but still allow us to have significant influence. Under this method, our equity in the net earnings or losses of the investments is reflected as equity in net earnings of non-consolidated companies on our Consolidated Statements of Earnings. The effects of material intercompany transactions with these equity method investments are eliminated, including the gross profit on sales to and purchases from our equity-method investments which is deferred until the time of sale to the final third-party customer. The cash flow presentation of dividends received from equity method investees is determined by evaluation of the facts, circumstances and nature of the distribution.

A summary of our equity-method investments, which were in operation as of December 31, 2024, is as follows:

Entity	Economic Interest
River Bend Ag, LLC	50.0	%
IFC S.A.	45.0	%
Canpotex	36.2	%

The summarized financial information shown below includes all non-consolidated companies carried on the equity method.

	Years Ended December 31,
(in millions)	2024		2023		2022
Net sales	$	3,601.9	$	7,055.1	$	11,852.8
Net earnings	6.2		317.9		956.9
Mosaic’s share of equity in net earnings	3.1		60.3		196.0
Total assets	1,883.8		9,900.6		11,707.8
Total liabilities	1,865.1		7,014.1		8,973.7
Mosaic’s share of equity in net assets	9.4		725.9		693.2

MWSPC owns and operates a mine and two chemical complexes that produce phosphate fertilizers and other downstream phosphate products in the Kingdom of Saudi Arabia. As of December 31, 2023, our cash investment was $770.0 million and we marketed approximately 25% of the phosphate production of this joint venture. As of December 31, 2023, MWSPC represented 77% of the total assets and 68% of the total liabilities in the table above. In 2024, 2023 and 2022 our share of equity in net earnings of MWSPC was $70.8 million, $57.6 million, and $194.5 million, respectively. On April 29, 2024, Saudi Arabian Mining Company (“Ma’aden”) and Mosaic entered into a Share Purchase and Subscription Agreement to exchange our 25% ownership of the Ma’aden Wa’ad al Shamal Phosphate Company for 111,012,433 shares of Ma’aden. This transaction closed on December 24, 2024, at a value of approximately $1.5 billion, resulting in a gain of $522.2 million, net of transaction costs. The shares received by Mosaic are subject to transfer and sale restrictions, which will be released over a five-year period. The shares are included in equity securities and investments in nonconsolidated companies on our Consolidated Balance Sheets. They are carried at fair value based on the unadjusted quoted price on the Saudi Exchange (Tadawul), with the changes in fair value reported in non-operating income (expense). At December 31, 2024, the unrealized gain on the Ma’aden shares was $28.3 million.

Canpotex is a Saskatchewan export association used by two Canadian potash producers to market, sell and distribute Canadian potash products outside of Canada and the U.S. It operates as a break-even entity and therefore has insignificant equity earnings or loss. We have concluded that the sales to Canpotex are not at arm’s-length, due to the unique pricing and payment structure and financial obligations of the stockholders. Therefore, the full profit on sales to Canpotex is eliminated until Canpotex no longer has control of the related inventory and has sold it to an unrelated third-party customer. We

F- 51

eliminate the intra-entity profit with Canpotex at the end of each reporting period and present that profit elimination by reversing revenue and cost of goods sold for the inventory remaining at Canpotex.

10. GOODWILL

Goodwill is carried at cost, not amortized, and represents the excess of the purchase price and related costs over the fair value assigned to the net identifiable assets of a business acquired. We test goodwill for impairment on a quantitative basis at the reporting unit level on an annual basis or upon the occurrence of events that may indicate possible impairment. Impairment is measured as the excess carrying value over the fair value of goodwill.

The changes in the carrying amount of goodwill, by reporting unit, as of December 31, 2024 and 2023, are as follows:

(in millions)	Potash		Mosaic Fertilizantes		Corporate, Eliminations and Other		Total
Balance as of December 31, 2022	$	1,006.6	$	97.6	$	12.1	$	1,116.3
Foreign currency translation	20.3		2.0		—		22.3
Balance as of December 31, 2023	$	1,026.9	$	99.6	$	12.1	$	1,138.6
Foreign currency translation	(71.5)		(6.0)		—		(77.5)
Balance as of December 31, 2024	$	955.4	$	93.6	$	12.1	$	1,061.1

As of October 31, 2024, we performed our annual quantitative assessment. In performing our assessment, we estimated the fair value of each of our reporting units using the income approach, also known as the discounted cash flow (“DCF”) method. The income approach utilized the present value of cash flows to estimate fair value. The future cash flows for our reporting units were projected based on our estimates, at that time, for revenue, operating income and other factors (such as working capital and capital expenditures for each reporting unit). To determine if the fair value of each of our reporting units with goodwill exceeded its carrying value, we assumed sales volume growth rates based on our long-term expectations, our internal selling prices and projected raw material prices for years one through five, which were anchored in projections from CRU International Limited (“CRU”), an independent third party data source. Selling prices and raw material prices for years six and beyond were based on anticipated market growth and long-term CRU outlooks. The discount rates used in our DCF method were based on a weighted-average cost of capital (“WACC”), determined from relevant market comparisons. A terminal value growth rate of 2% was applied to all years thereafter for the projected period and reflected our estimate of stable growth. We then calculated a present value of the respective cash flows for each reporting unit to arrive at an estimate of fair value under the income approach. Finally, we compared our estimates of fair values for our reporting units, to our October 31, 2024 total public market capitalization, based on our common stock price at that date.

In making this assessment, we considered, among other things, expectations of projected net sales and cash flows, assumptions impacting the WACC, changes in our stock price and changes in the carrying values of our reporting units with goodwill. We also considered overall business conditions.

The Potash, Mosaic Fertilizantes and Corporate, Eliminations and Other reporting units were evaluated and not considered at risk of goodwill impairment at October 31, 2024.

As of December 31, 2024, $18.6 million of our goodwill was tax deductible.

11. FINANCING ARRANGEMENTS

Mosaic Credit Facility

On August 19, 2021, we entered into a committed, unsecured, five-year revolving credit facility of up to $2.5 billion (the “Mosaic Credit Facility”), with a maturity date of August 19, 2026, which is intended to serve as our primary senior unsecured bank credit facility. The Mosaic Credit Facility has cross-default provisions that, in general, provide that a failure to pay principal or interest under, or any other amount payable under, any indebtedness with an outstanding principal amount of $100 million or more, or breach or default under such indebtedness that permits the holders thereof to accelerate the maturity thereof, will result in a cross-default.

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The Mosaic Credit Facility requires Mosaic to maintain certain financial ratios, including a ratio of Consolidated Indebtedness, which has been redefined to exclude unrestricted cash and cash equivalents, to Consolidated Capitalization Ratio (as defined) of no greater than 0.65 to 1.0, as well as a minimum Interest Coverage Ratio (as defined) of not less than 3.0 to 1.0. We were in compliance with these ratios as of December 31, 2024.

The Mosaic Credit Facility also contains other events of default and covenants that limit various matters. These provisions include limitations on indebtedness, liens, investments and acquisitions (other than capital expenditures), certain mergers, certain sales of assets and other matters customary for credit facilities of this nature.

As of December 31, 2024 and 2023, we had outstanding letters of credit that utilized a portion of the amount available for revolving loans under the Mosaic Credit Facility of $0.0 million and $10.5 million, respectively. The net available borrowings for revolving loans under the Mosaic Credit Facility were approximately $2.50 billion and $2.49 billion as of December 31, 2024 and December 31, 2023, respectively. As of December 31, 2024, 2023 and 2022 unused commitment fees accrued at an average rate of 0.15%, generating expenses of $3.8 million in each period.

Short-Term Debt

Short-term debt consists of the revolving credit facility under the Mosaic Credit Facility, under which there were no borrowings as of December 31, 2024, working capital financing arrangements and various other short-term borrowings related to our international operations in India, China and Brazil. These other short-term borrowings outstanding were $847.1 million and $399.7 million as of December 31, 2024 and 2023, respectively.

We have an inventory financing arrangement whereby we can sell up to $625 million of certain inventory for cash and subsequently repurchase the inventory at an agreed upon price and time in the future, not to exceed 180 days. Under the terms of the agreement, we may borrow up to 90% of the value of the inventory. It is later repurchased by Mosaic at the original sale price plus interest and any transaction costs. As of December 31, 2024 and 2023, we had financed inventory of $199.5 million and $0.0 million, respectively, under this arrangement, which is included in short-term debt on the Consolidated Balance Sheet.

We have Receivable Purchasing Agreements (“RPAs”), with banks whereby, from time-to-time, we sell certain receivables. The net face value of the purchased receivables may not exceed $600 million at any point in time. The purchase price of the receivable sold under the RPA is the face value of the receivable less an agreed upon discount. The receivables sold under the RPAs are accounted for as true sales. Upon sale, these receivables are removed from the Consolidated Balance Sheets. Cash received is presented as cash provided by operating activities in the Consolidated Statements of Cash Flows.

The Company sold approximately $430.7 million and $1.3 billion during December 31, 2024 and 2023, respectively, of accounts receivable under these arrangements. Discounts on sold receivables were not material for any period presented. Following the sale to the banks, we continue to service the collection of the receivables on behalf of the banks without further consideration. As of December 31, 2024 and 2023, there was no amount outstanding to be remitted to the bank. Any outstanding amount would be classified in accrued liabilities on the Consolidated Balance Sheets. Cash collected and remitted is presented as cash used in financing activities in the Consolidated Statements of Cash Flows.

We have a commercial paper program which allows us to issue unsecured commercial paper notes with maturities that vary, but do not exceed 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $2.5 billion. We plan to use the revolving credit facility as a liquidity backstop for borrowings under the commercial paper program. As of December 31, 2024, we had $609.2 million outstanding under this program, with a weighted average interest rate of 4.74% and a remaining average term of 10 days. As of December 31, 2023, we had $399.5 million outstanding under this program, with a weighted average interest rate of 5.62% and a remaining average term of nine days.

We had additional outstanding bilateral letters of credit of $63.8 million as of December 31, 2024, which includes $50.0 million as required by the 2015 Consent Decrees as described further in Note 14 of our Consolidated Financial Statements.

Long-Term Debt, including Current Maturities

In May 2023, we entered into a ten year senior unsecured term loan facility pursuant to which we can draw up to $700 million. The term loan matures on May 18, 2033. We may voluntarily prepay the outstanding principal without premium or penalty. As of December 31, 2024 and 2023, $570 million and $500 million, respectively, has been drawn under

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this facility. Interest rates for the term loan are variable and are based on the Secured Overnight Financing Rate (“SOFR”) plus credit spread adjustments.

In 2023, we paid the outstanding balance of $900 million on our 4.25% senior notes due November 15, 2023.

On, December 4, 2023, we issued new senior notes consisting of $400 million aggregate principal amount of 5.375% due 2028 (the “Senior Notes of 2023”). We have the following additional senior notes outstanding: $700 million aggregate principal amount of 4.050% senior notes due 2027 (the “Senior Notes of 2017”) $500 million aggregate principal amount of 5.45% senior notes due 2033 and $600 million aggregate principal amount of 5.625% senior notes due 2043 (collectively, the “Senior Notes of 2013”); and $300 million aggregate principal amount of 4.875% senior notes due 2041 (the “Senior Notes of 2011”).

The Senior Notes of 2011, the Senior Notes of 2013, the Senior Notes of 2017 and the Senior Notes of 2023 are Mosaic’s senior unsecured obligations and rank equally in right of payment with Mosaic’s existing and future senior unsecured indebtedness. The indenture governing these notes contains restrictive covenants limiting debt secured by liens, sale and leaseback transactions and mergers, consolidations and sales of substantially all assets, as well as other events of default.

A debenture issued by Mosaic Global Holdings, Inc., one of our consolidated subsidiaries, due in 2028 (the “2028 Debenture”), is outstanding as of December 31, 2024, with a balance of $147.1 million. The indenture governing the 2028 Debenture also contains restrictive covenants limiting debt secured by liens, sale and leaseback transactions and mergers, consolidations and sales of substantially all assets, as well as events of default. The obligations under the 2028 Debenture are guaranteed by the Company and several of its subsidiaries.

Long-term debt primarily consists of unsecured notes, finance leases, unsecured debentures and secured notes. Long-term debt as of December 31, 2024 and 2023, respectively, consisted of the following:

				2024								2023
(in millions)	Stated Interest Rate	Effective Interest Rate	Maturity Date	Stated Value		Combination Fair <br>Market <br>Value Adjustment		Discount on Notes Issuance		Carrying Value		Stated Value		Combination Fair <br>Market <br>Value Adjustment		Discount on Notes Issuance		Carrying Value
Unsecured notes	4.05% -<br><br>5.63%	5.49%	2027-<br>2043	$	2,500.0	$	—	$	(5.1)	$	2,494.9	$	2,500.0	$	—	$	(5.8)	$	2,494.2
Unsecured debentures	7.30%	7.19%	2028	147.1		0.3		—		147.4		147.1		0.4		—		147.5
Term Loan	30 Day SOFR	7.08%	2033	570.0		—		—		570.0		500.0		—		—		500.0
Finance leases	0.77% -<br><br>13.02%	5.75%	2025-<br>2034	144.8		—		—		144.8		180.0		—		—		180.0
Other(a)	6.53% -<br><br>8.00%	5.59%	2025-<br>2026	17.1		3.4		—		20.5		35.0		5.0		—		40.0
Total long-term debt				3,379.0		3.7		(5.1)		3,377.6		3,362.1		5.4		(5.8)		3,361.7
Less current portion				45.4		0.4		(0.5)		45.3		129.2		1.3		(0.4)		130.1
Total long-term debt, less current maturities				$	3,333.6	$	3.3	$	(4.6)	$	3,332.3	$	3,232.9	$	4.1	$	(5.4)	$	3,231.6

______________________________

(a) Includes deferred financing fees related to our long-term debt.

Scheduled maturities of long-term debt are as follows for the periods ending December 31:

(in millions)
2025	$	45.3
2026	33.8
2027	717.5
2028	561.0
2029	57.2
Thereafter	1,962.8
Total	$	3,377.6

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Structured Accounts Payable Arrangements

In Brazil, we finance some of our potash-based fertilizer, sulfur, ammonia and other raw material product purchases through third-party contractual arrangements. These arrangements provide that the third-party intermediary advance the amount of the scheduled payment to the vendor, less an appropriate discount, at a scheduled payment date and Mosaic makes payment to the third-party intermediary at dates ranging from 105 to 164 days from date of shipment. At December 31, 2024 and 2023, these structured accounts payable arrangements were $402.3 million and $399.9 million, respectively. Payments and proceeds rollforward information on structured payable arrangements are provided on the Consolidated Statements of Cash Flows. During 2024, the interest expense component of such programs was $22.9 million.

12. MARKETABLE SECURITIES HELD IN TRUSTS

In August 2016, Mosaic deposited $630 million into two trust funds (together, the “RCRA Trusts”) created to provide additional financial assurance in the form of cash for the estimated costs (“Gypstack Closure Costs”) of closure and long-term care of our Florida and Louisiana phosphogypsum management systems (“Gypstacks”), as described further in Note 14 of our Notes to Consolidated Financial Statements. Our actual Gypstack Closure Costs are generally expected to be paid by us in the normal course of our Phosphates business; however, funds held in each of the RCRA Trusts can be drawn by the applicable governmental authority in the event we cannot perform our closure and long-term care obligations. When our estimated Gypstack Closure Costs with respect to the facilities associated with a RCRA Trust are sufficiently lower than the amount on deposit in that RCRA Trust, we have the right to request that the excess funds be released to us. The same is true for the RCRA Trust balance remaining after the completion of our obligations, which will be performed over a period that may not end until three decades or more after a Gypstack has been closed. The investments held by the RCRA Trusts are managed by independent investment managers with discretion to buy, sell and invest pursuant to the objectives and standards set forth in the related trust agreements. Amounts reserved to be held or held in the RCRA Trusts (including losses or reinvested earnings) are included in other assets on our Consolidated Balance Sheets.

The RCRA Trusts hold investments, which are restricted from our general use, in marketable debt securities classified as available-for-sale and are carried at fair value. As a result, unrealized gains and losses are included in other comprehensive income until realized, unless it is determined that the entire unamortized cost basis of the investment is not expected to be recovered. A credit loss would then be recognized in operations for the amount of the expected credit loss. As of December 31, 2024, we expect to recover our amortized cost on all available-for-sale securities and have not established an allowance for credit loss.

We review the fair value hierarchy classification on a quarterly basis. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. We determine the fair market values of our available-for-sale securities and certain other assets based on the fair value hierarchy described below:

Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2: Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3: Values generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

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The estimated fair value of the investments in the RCRA Trusts as of December 31, 2024 and December 31, 2023 are as follows:

	December 31, 2024
(in millions)	Amortized <br>Cost		Gross <br>Unrealized <br>Gains		Gross <br>Unrealized <br>Losses		Fair <br>Value
Level 1
Cash and cash equivalents	$	3.1	$	—	$	—	$	3.1
Level 2
Corporate debt securities	203.3		0.8		(6.8)		197.3
Municipal bonds	210.8		0.7		(4.0)		207.5
U.S. government bonds	295.1		—		(7.8)		287.3
Total	$	712.3	$	1.5	$	(18.6)	$	695.2
	December 31, 2023
(in millions)	Amortized <br>Cost		Gross <br>Unrealized <br>Gains		Gross <br>Unrealized <br>Losses		Fair <br>Value
Level 1
Cash and cash equivalents	$	1.0	$	—	$	—	$	1.0
Level 2
Corporate debt securities	204.6		1.9		(8.4)		198.1
Municipal bonds	206.9		1.9		(4.1)		204.7
U.S. government bonds	268.6		11.5		(0.3)		279.8
Total	$	681.1	$	15.3	$	(12.8)	$	683.6

The following tables show gross unrealized losses and fair values of the RCRA Trusts’ available-for-sale securities that have been in a continuous unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2024 and December 31, 2023.

	December 31, 2024				December 31, 2023
Securities that have been in a continuous loss position for less than 12 months (in millions):	Fair <br>Value		Gross <br>Unrealized <br>Losses		Fair <br>Value		Gross <br>Unrealized <br>Losses
Corporate debt securities	$	53.4	$	(0.7)	$	5.4	$	(0.1)
Municipal bonds	102.4		(1.7)		42.3		(0.2)
U.S. government bonds	280.9		(7.8)		26.4		(0.3)
Total	$	436.7	$	(10.2)	$	74.1	$	(0.6)
	December 31, 2024				December 31, 2023
Securities that have been in a continuous loss position for more than 12 months (in millions):	Fair <br>Value		Gross <br>Unrealized <br>Losses		Fair <br>Value		Gross <br>Unrealized <br>Losses
Corporate debt securities	$	81.3	$	(6.1)	$	121.5	$	(8.3)
Municipal bonds	55.6		(2.3)		84.1		(3.9)
U.S. government bonds	—		—		—		—
Total	$	136.9	$	(8.4)	$	205.6	$	(12.2)

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The following table summarizes the balance by contractual maturity of the available-for-sale debt securities invested by the RCRA Trusts as of December 31, 2024. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations before the underlying contracts mature.

(in millions)	December 31, 2024
Due in one year or less	$	21.3
Due after one year through five years	218.9
Due after five years through ten years	402.1
Due after ten years	49.8
Total debt securities	$	692.1

For the year ended December 31, 2024, realized gains and (losses) were $17.5 million and $(15.1) million, respectively. For the year ended December 31, 2023, realized gains and (losses) were $9.5 million and $(28.9) million, respectively and for the year ended December 31, 2022, realized gains and (losses) were $0.3 million and $(46.9) million, respectively.

13. INCOME TAXES

In preparing our Consolidated Financial Statements, we utilize the asset and liability approach in accounting for income taxes. We recognize income taxes in each of the jurisdictions in which we have a presence. For each jurisdiction, we estimate the actual amount of income taxes currently payable or receivable, as well as deferred income tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The provision for income taxes for 2024, 2023 and 2022 consisted of the following:

	Years Ended December 31,
(in millions)	2024		2023		2022
Current:
Federal	$	(11.7)	$	86.4	$	62.7
State	10.7		1.5		51.9
Non-U.S.	339.2		357.4		770.4
Total current	338.2		445.3		885.0
Noncurrent:
Federal	$	(0.1)	$	0.3	$	0.2
State	—		—		—
Non-U.S.	(10.8)		(3.0)		(0.7)
Total noncurrent	(10.9)		(2.7)		(0.5)
Deferred:
Federal	$	(41.7)	$	(35.4)	$	215.4
State	(29.0)		(4.2)		31.0
Non-U.S.	(69.9)		(226.0)		93.4
Total deferred	(140.6)		(265.6)		339.8
Provision for income taxes	$	186.7	$	177.0	$	1,224.3

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The components of earnings from consolidated companies before income taxes, and the effects of significant adjustments to tax computed at the federal statutory rate, were as follows:

	Years Ended December 31,
(in millions)	2024			2023			2022
U.S. earnings (loss)	$	(557.8)		$	121.6		$	1,587.8
Non-U.S. earnings	873.2			1,204.3			3,054.7
Earnings (loss) from consolidated companies before income taxes	$	315.4		$	1,325.9		$	4,642.5
Computed tax at the U.S. federal statutory rate	21.0		%	21.0		%	21.0		%
State and local income taxes, net of federal income tax benefit	(5.7)		%	0.4		%	1.1		%
Percentage depletion in excess of basis	(13.8)		%	(4.9)		%	(1.8)		%
Impact of non-U.S. earnings	23.8		%	8.7		%	5.8		%
Change in valuation allowance	13.0		%	(1.7)		%	—		%
Non-U.S. incentives	(42.6)		%	(11.5)		%	(2.6)		%
Withholding tax	13.6		%	6.3		%	1.6		%
U.S. general basket foreign tax credits	(12.6)		%	(4.0)		%	—		%
Tax legislation change impacts	(5.7)		%	(1.6)		%	—		%
Undistributed earnings	33.0		%	2.2		%	—		%
Tax on dividends, deemed dividends, and GILTI	16.2		%	0.7		%	0.1		%
Nondeductible expenses	20.0		%	0.2		%	0.4		%
Other items (none in excess of 5% of computed tax)	(1.0)		%	(2.5)		%	0.8		%
Effective tax rate	59.2		%	13.3		%	26.4		%

2024 Effective Tax Rate

In the year ended December 31, 2024, there were two items impacting the effective tax rate: 1) items attributable to ordinary business operations during the year, and 2) other items specific to the period.

The tax impact of our ordinary business operations is affected by the mix of earnings across jurisdictions in which we operate, by a benefit associated with depletion, changes in valuation allowances and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.

For the year ended December 31, 2024, tax expense specific to the period included a net expense of $125.9 million. The net expense relates to the following: $99.9 million related to the impact of accruing withholding tax expense on expected foreign distributions associated with changes in management’s indefinite reinvestment assertion on select foreign earnings under ASC 740-30 (formerly APB 23), $7.1 million related to true-up of estimates from our U.S. and non-U.S. tax return provisions, $24.2 million related to changes to valuation allowances in Brazil, the Netherlands and the U.S., $4.0 million related to share-based excess benefit, $2.5 million related to changes in tax rates and $6.2 million related to other miscellaneous expenses. The tax expenses are partially offset by a net tax benefit related to changes in U.S. state tax law of $18.1 million.

2023 Effective Tax Rate

In the year ended December 31, 2023, there were two items impacting the effective tax rate: 1) items attributable to ordinary business operations during the year, and 2) other items specific to the period.

The tax impact of our ordinary business operations is affected by the mix of earnings across jurisdictions in which we operate, by a benefit associated with depletion, by a benefit associated with non-U.S. incentives, changes in valuation allowances, and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.

Tax expense specific to the period included a net benefit of $43.4 million. The net benefit relates to the following: $38.1 million related to true-up of estimates primarily related to our U.S. tax return, $24.4 million related to changes to

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valuation allowances in Brazil, and $11.6 million related to an increase in a U.S. deferred tax asset. The tax benefits are partially offset by a net tax cost of $29.3 million related to income tax expense on undistributed earnings and $1.4 million of other miscellaneous costs.

2022 Effective Tax Rate

In the year ended December 31, 2022, there were two items impacting the effective tax rate: 1) items attributable to ordinary business operations during the year, and 2) other items specific to the period.

The tax impact of our ordinary business operations is affected by the mix of earnings across jurisdictions in which we operate, by a benefit associated with depletion, by a benefit associated with non-U.S. incentives, changes in valuation allowances and by the impact of certain entities being taxed in both their foreign jurisdiction and the U.S., including foreign tax credits for various taxes incurred.

Tax expense specific to the period included a net expense of $26.2 million. The net expense relates to the following: $29.0 million related to true-up of estimates primarily related to our U.S. tax return, $4.8 million related to changes to valuation allowances in Brazil, $4.0 million related to interest of effectively settled unrecognized tax benefits and $1.2 million of other miscellaneous costs. The tax expenses are partially offset by a net tax benefit related to $12.8 million of RSUs vested in CY22 above grant price.

Deferred Tax Liabilities and Assets

Significant components of our deferred tax liabilities and assets were as follows as of December 31:

	December 31,
(in millions)	2024		2023
Deferred tax liabilities:
Depreciation and amortization	$	614.5	$	490.2
Depletion	573.4		623.6
Partnership tax basis differences	80.6		69.7
Undistributed earnings of non-U.S. subsidiaries	84.4		29.3
Other liabilities	78.6		97.0
Total deferred tax liabilities	$	1,431.5	$	1,309.8
Deferred tax assets:
Capital loss carryforwards	15.0		14.9
Foreign tax credit carryforwards	1,431.8		1,266.2
Net operating loss carryforwards	450.6		514.4
Pension plans and other benefits	13.9		17.8
Asset retirement obligations	547.4		452.1
Disallowed interest expense under §163(j)	20.3		11.5
Other assets	497.3		468.6
Subtotal	2,976.3		2,745.5
Valuation allowance	1,529.3		1,421.9
Net deferred tax assets	1,447.0		1,323.6
Net deferred tax assets/(liabilities)	$	15.5	$	13.8

We have certain non-U.S. entities that are taxed in both their local jurisdiction and the U.S. As a result, we have deferred tax balances for both jurisdictions. As of December 31, 2024 and 2023, these non-U.S. deferred taxes are offset by approximately $199.6 million and $220.5 million, respectively, of anticipated foreign tax credits included within our depreciation and depletion components of deferred tax liabilities above. We have recorded a valuation allowance against the anticipated foreign tax credits of $199.6 million and $220.5 million for December 31, 2024 and 2023, respectively.

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Tax Carryforwards

As of December 31, 2024, we had estimated carryforwards for tax purposes as follows: net operating losses of $1.7 billion, capital losses of $63.4 million, foreign tax credits of $1.4 billion and $3.9 million of non-U.S. business credits. These carryforward benefits may be subject to limitations imposed by the Internal Revenue Code, and in certain cases, provisions of foreign law. Approximately $1.1 billion of our net operating loss carryforwards relate to Brazil and can be carried forward indefinitely but are limited to 30 percent of taxable income each year. The majority of the remaining net operating loss carryforwards relate to U.S. federal and certain U.S. states and can be carried forward indefinitely. Of the $1.4 billion of foreign tax credits, approximately $222.1 million have an expiration date of 2026, approximately $18.5 million have an expiration date of 2029, approximately $14.7 million have an expiration date of 2030 and approximately $52.2 million have an expiration date of 2034. The realization of our foreign tax credit carryforwards is dependent on market conditions, tax law changes and other business outcomes including our ability to generate certain types of taxable income in the future. Due to current business operations and future forecasts, the Company has determined that no valuation allowance is required on its general basket foreign tax credits. As a result of changes in U.S. tax law due to the Tax Cuts and Jobs Act, the Company recorded valuation allowances against its branch basket foreign tax credits of $1.1 billion as of December 31, 2024.

As of December 31, 2024, we have not recognized a deferred tax liability for un-remitted earnings of approximately $873.7 million from certain foreign operations because we believe our subsidiaries have invested the undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction. It is not practicable for us to determine the amount of unrecognized deferred tax liability on these reinvested earnings. As part of the accounting for the Tax Cuts and Jobs Act, we recorded local country withholding taxes related to certain entities from which we began repatriating undistributed earnings and will continue to record local country withholding taxes, including foreign exchange impacts, on all future earnings.

Valuation Allowance

In assessing the need for a valuation allowance, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We evaluate our ability to realize the tax benefits associated with deferred tax assets by analyzing the relative impact of all the available positive and negative evidence regarding our forecasted taxable income using both historical and projected future operating results, the reversal of existing taxable temporary differences, taxable income in prior carry-back years (if permitted) and the availability of tax planning strategies. The ultimate realization of deferred tax assets is dependent upon the generation of certain types of future taxable income during the periods in which those temporary differences become deductible. In making this assessment, we consider the scheduled reversal of deferred tax liabilities, our ability to carry back the deferred tax asset, projected future taxable income, and tax planning strategies. A valuation allowance will be recorded in each jurisdiction in which a deferred income tax asset is recorded when it is more likely than not that the deferred income tax asset will not be realized. Changes in deferred tax asset valuation allowances typically impact income tax expense.

For the year ended December 31, 2024, the valuation allowance increased by $107.4 million, of which a $105.4 million increase related to changes in the valuation allowance to U.S. branch foreign tax credits, $11.3 million related to changes in the valuation allowance to U.S. state net operating losses and tax credits and a $2.8 million increase related to changes in valuation allowances in Canada. These increases to the valuation allowance were partially offset by a decrease of $9.0 million related to changes in valuation allowances and currency translation in Brazil and $3.1 million changes in valuation allowances in other foreign jurisdictions.

For the year ended December 31, 2023, the valuation allowance increased by $512.0 million, of which a $531.0 million increase related to changes in the valuation allowance to U.S. branch foreign tax credits, and a $0.2 million increase related to changes in valuation allowances in other foreign jurisdictions. These increases to the valuation allowance were partially offset by a decrease of $12.7 million related to changes in valuation allowances and currency translation in Brazil and $6.5 million changes in valuation allowances in other foreign jurisdictions.

For the year ended December 31, 2022 the valuation allowance increased by $135.2 million, of which a $83.6 million increase related to changes in the valuation allowance to U.S. branch foreign tax credits, a $13.2 million increase related to changes in valuation allowances and currency translation in Brazil and $46.8 million changes in valuation allowances in other foreign jurisdictions. These increases to the valuation allowance were partially offset by a decrease of $1.5 million to net operating losses for certain U.S. states and $7.0 million changes in valuation allowances in other foreign jurisdictions.

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Changes to our income tax valuation allowance were as follows:

	Years Ended December 31,
(in millions)	2024		2023		2022
Income tax valuation allowance, related to deferred income taxes
Balance at beginning of period	$	1,421.9	$	909.9	$	774.7
Charges or (reductions) to costs and expenses	107.4		512.0		135.2
Balance at end of period	$	1,529.3	$	1,421.9	$	909.9

Uncertain Tax Positions

Accounting for uncertain income tax positions is determined by prescribing a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. This minimum threshold is that a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than a fifty percent likelihood of being realized upon ultimate settlement.

As of December 31, 2024, we had $14.2 million of gross uncertain tax positions. If recognized, the benefit to our effective tax rate in future periods would be approximately $11.5 million of that amount. During 2024 we recorded net decreases in our uncertain tax positions of $11.6 million related to certain U.S. and non-U.S. tax matters, of which $11.1 million impacted the effective tax rate. This decrease was offset by items not included in gross uncertain tax positions.

Based upon the information available as of December 31, 2024, it is reasonably possible that the amount of unrecognized tax benefits will change in the next twelve months; however, the change cannot reasonably be estimated.

A summary of gross unrecognized tax benefit activity is as follows:

	Years Ended December 31,
(in millions)	2024		2023		2022
Gross unrecognized tax benefits, beginning of period	$	25.8	$	25.2	$	124.6
Gross increases:
Prior period tax positions	—		0.9		0.7
Current period tax positions	1.6		3.0		3.0
Gross decreases:
Prior period tax positions	(11.5)		(3.8)		(99.7)
Currency translation	(1.7)		0.5		(3.4)
Gross unrecognized tax benefits, end of period	$	14.2	$	25.8	$	25.2

We recognize interest and penalties related to unrecognized tax benefits as a component of our income tax expense. Interest and penalties accrued in our Consolidated Balance Sheets as of December 31, 2024 and 2023 were $5.4 million and $6.4 million, respectively, and are included in other noncurrent liabilities in the Consolidated Balance Sheets.

Open Tax Periods

We operate in multiple tax jurisdictions, both within the U.S. and outside the U.S., and face audits from various tax authorities regarding transfer pricing, deductibility of certain expenses and intercompany transactions, as well as other matters. With few exceptions, we are no longer subject to examination for tax years prior to 2017.

Mosaic is continually under audit by various tax authorities in the normal course of business. Such tax authorities may raise issues contrary to positions taken by the Company. If such positions are ultimately not sustained by the Company, this could result in material assessments to the Company. The costs related to defending, if needed, such positions on appeal or in court may be material. The Company believes that any issues considered are properly accounted for.

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We are currently under audit by the Internal Revenue Service for the tax years ended December 31, 2018 and December 31, 2020. Based on the information available, we do not anticipate significant changes to our unrecognized tax benefits as a result of these examinations other than the amounts discussed above.

We are currently under audit by the Canada Revenue Agency for the tax year ended December 31, 2020. Based on the information available, we do not anticipate significant changes to our unrecognized tax benefits as a result of these examinations other than the amounts discussed above.

14. ASSET RETIREMENT OBLIGATIONS

We recognize our estimated ARO’s in the period in which we have an existing legal obligation associated with the retirement of a tangible long-lived asset and the amount of the liability can be reasonably estimated. The ARO is recognized at fair value when the liability is incurred with a corresponding increase in the carrying amount of the related long lived asset. We depreciate the tangible asset over its estimated useful life. The liability is adjusted in subsequent periods through accretion expense which represents the increase in the present value of the liability due to the passage of time. Such depreciation and accretion expenses are included in cost of goods sold for operating facilities and other operating expense for indefinitely closed facilities.

Our legal obligations related to asset retirement require us to: (i) reclaim lands disturbed by mining as a condition to receive permits to mine phosphate ore reserves; (ii) treat low pH process water in Gypstacks to neutralize acidity; (iii) close and monitor Gypstacks at our Florida and Louisiana facilities at the end of their useful lives; (iv) remediate certain other conditional obligations; (v) remove all surface structures and equipment, plug and abandon mine shafts, contour and revegetate, as necessary, and monitor for five years after closing our Carlsbad, New Mexico facility; (vi) decommission facilities, manage tailings and execute site reclamation at our Saskatchewan potash mines at the end of their useful lives; (vii) decommission mines in Brazil and Peru; and (viii) decommission plant sites and closed Gypstacks in Brazil. The estimated liability for these legal obligations is based on the estimated cost to satisfy the above obligations which is discounted using a credit-adjusted risk-free rate.

A reconciliation of our AROs is as follows:

	Years Ended December 31,
(in millions)	2024		2023
AROs, beginning of period	$	2,213.4	$	1,905.6
Liabilities incurred	29.8		22.9
Liabilities settled	(253.8)		(198.5)
Accretion expense	111.2		96.1
Revisions in estimated cash flows	541.4		365.1
Foreign currency translation	(69.8)		22.2
AROs, end of period	2,572.2		2,213.4
Less current portion	352.8		377.4
Non-current portion of AROs	$	2,219.4	$	1,836.0

North America Gypstack Closure Costs

A majority of our ARO relates to Gypstack Closure Costs in Florida and Louisiana. For financial reporting purposes, we recognize our estimated Gypstack Closure Costs at their present value. This present value determined for financial reporting purposes is reflected on our Consolidated Balance Sheets in accrued liabilities and other noncurrent liabilities. As of December 31, 2024 and 2023, the present value of our North American Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet was approximately $1.5 billion and $1.2 billion, respectively.

As discussed below, we have arrangements to provide financial assurance for the estimated Gypstack Closure Costs associated with our facilities in Florida and Louisiana.

EPA RCRA Initiative. On September 30, 2015, we and our subsidiary, Mosaic Fertilizer, LLC (“Mosaic Fertilizer”), reached agreements with the U.S. Environmental Protection Agency (“EPA”), the U.S. Department of Justice (“DOJ”), the Florida Department of Environmental Protection (“FDEP”) and the Louisiana Department of Environmental Quality on the terms of

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two consent decrees (collectively, the “2015 Consent Decrees”) to resolve claims relating to our management of certain waste materials onsite at our Riverview, New Wales, Green Bay, South Pierce and Bartow fertilizer manufacturing facilities in Florida and our Faustina and Uncle Sam facilities in Louisiana. This followed a 2003 announcement by the EPA Office of Enforcement and Compliance Assurance that it would be targeting facilities in mineral processing industries, including phosphoric acid producers, for a thorough review under the U.S. Resource Conservation and Recovery Act (“RCRA”) and related state laws. As discussed below, a separate consent decree was previously entered into with the EPA and the FDEP with respect to RCRA compliance at the Plant City Facility that we acquired as part of our acquisition of the Florida phosphate assets and assumption of certain related liabilities of CF Industries, Inc. (“CF”).

The remaining monetary obligations under the 2015 Consent Decrees include a provision of additional financial assurance for the estimated Gypstack Closure Costs for Gypstacks at the covered facilities. The RCRA Trusts are discussed in Note 12 to our Consolidated Financial Statements. In addition, we have agreed to guarantee the difference between the amounts held in each RCRA Trust (including any earnings) and the estimated closure and long-term care costs.

As of December 31, 2024 the undiscounted amount of our Gypstack Closure Costs ARO associated with the facilities covered by the 2015 Consent Decrees, determined using the assumptions used for financial reporting purposes, was approximately $2.3 billion, and the present value of our Gypstack Closure Costs ARO reflected in our Consolidated Balance Sheet for those facilities was approximately $1.1 billion.

Plant City and Bonnie Facilities. As part of the CF Phosphate Assets Acquisition, we assumed certain AROs related to Gypstack Closure Costs at both the Plant City Facility and a closed Florida phosphate concentrates facility in Bartow, Florida (the “Bonnie Facility”) that we acquired. Associated with these assets are two related financial assurance arrangements for which we became responsible and that provided sources of funds for the estimated Gypstack Closure Costs for these facilities. Pursuant to federal or state laws, the applicable government entities are permitted to draw against such amounts in the event we cannot perform such closure activities. One of the financial assurance arrangements was initially a trust (the “Plant City Trust”) established to meet the requirements under a consent decree with the EPA and the FDEP with respect to RCRA compliance at the Plant City Facility. The Plant City Trust also satisfied Florida financial assurance requirements at that site. Beginning in September 2016, as a substitute for the financial assurance provided through the Plant City Trust, we have provided financial assurance for the Plant City Facility in the form of a surety bond (the “Plant City Bond”). The amount of the Plant City Bond is $327.1 million, which reflects our closure cost estimates as of December 31, 2024. The other financial assurance arrangement was also a trust fund (the “Bonnie Facility Trust”) established to meet the requirements under Florida financial assurance regulations that apply to the Bonnie Facility. In July 2018, we received $21.0 million from the Bonnie Facility Trust by substituting for the trust fund a financial test mechanism (“Bonnie Financial Test”) supported by a corporate guarantee as allowed by state regulations. Both financial assurance funding obligations require estimates of future expenditures that could be impacted by refinements in scope, technological developments, new information, cost inflation, changes in regulations, discount rates and the timing of activities. Under our current approach to satisfying applicable requirements, additional financial assurance would be required in the future if increases in cost estimates exceed the face amount of the Plant City Bond or the amount supported by the Bonnie Financial Test.

As of December 31, 2024 and 2023, the aggregate amounts of AROs associated with the combined Plant City Facility and Bonnie Facility Gypstack Closure Costs included in our consolidated balance sheet were $368.7 million and $361.8 million, respectively. The aggregate amount represented by the Plant City Bond exceeds the present value of the aggregate amount of ARO associated with that facility. This is because the amount of financial assurance we are required to provide represents the aggregate undiscounted estimated amount to be paid by us in the normal course of our Phosphates business over a period that may not end until three decades or more after the Gypstack has been closed, whereas the ARO included in our Consolidated Balance Sheet reflects the discounted present value of those estimated amounts.

15. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

We periodically enter into derivatives to mitigate our exposure to foreign currency risks, interest rate movements and the effects of changing commodity prices. We record all derivatives on the Consolidated Balance Sheets at fair value. The fair value of these instruments is determined by using quoted market prices, third-party comparables or internal estimates. We net our derivative asset and liability positions when we have a master netting arrangement in place. Changes in the fair value of the foreign currency, commodity and freight derivatives are immediately recognized in earnings. As of December 31, 2024 and 2023, the gross asset position of our derivative instruments was $3.1 million and $36.4 million, respectively, and the gross liability position of our liability instruments was $87.8 million and $17.2 million, respectively.

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We do not apply hedge accounting treatments to our foreign currency exchange contracts, commodities contracts or freight contracts. Unrealized gains and (losses) on foreign currency exchange contracts used to hedge cash flows related to the production of our products are included in cost of goods sold in the Consolidated Statements of Earnings. Unrealized gains and (losses) on commodities contracts and certain forward freight agreements are also recorded in cost of goods sold in the Consolidated Statements of Earnings. Unrealized gains or (losses) on foreign currency exchange contracts used to hedge cash flows that are not related to the production of our products are included in the foreign currency transaction gain/(loss) caption in the Consolidated Statements of Earnings.

From time to time, we enter into fixed-to-floating interest rate contracts. We apply fair value hedge accounting treatment to these contracts. Under these arrangements we agree to exchange, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. The mark-to-market of these fair value hedges is recorded as gains or (losses) in interest expense. We had no fixed-to-floating interest rate swap agreements in effect as of December 31, 2024 and 2023.

The following is the total absolute notional volume associated with our outstanding derivative instruments:

(in millions of Units)
Instrument	Derivative Category	Unit of Measure	December 31,<br>2024	December 31,<br>2023
Foreign currency derivatives	Foreign Currency	U.S. Dollars	1,377.3	2,418.7
Natural gas derivatives	Commodity	MM BTU	2.5	17.1

Credit-Risk-Related Contingent Features

Certain of our derivative instruments contain provisions that are governed by International Swap and Derivatives Association agreements with the counterparties. These agreements contain provisions that allow us to settle for the net amount between payments and receipts, and also state that if our debt were to be rated below investment grade, certain counterparties to the derivative instruments could request full collateralization on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position as of December 31, 2024 and 2023 was $58.1 million and $15.6 million, respectively. We have no cash collateral posted in association with these contracts. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2024 we would have been required to post an additional $54.9 million of collateral assets, which are either cash or U.S. Treasury instruments, to the counterparties.

Counterparty Credit Risk

Financial instruments that may subject us to concentrations of credit risk consist primarily of derivatives, cash and cash equivalents and accounts receivable. We enter into foreign exchange, certain commodity and interest rate derivatives, and place our cash and cash equivalents with a diversified group of highly rated counterparties. We have a diverse base of customers to which we grant credit terms in the normal course of business which are designed to mitigate concentrations of credit risk. We continually monitor our positions and the credit ratings of the counterparties involved and limit the amount of credit exposure to any one party. We manage our exposure to counterparty credit risk through specific minimum credit standards, establishing credit limits, diversification of counterparties, monitoring procedures and utilization of credit insurance or cash collateral in certain circumstances. While we may be exposed to potential losses due to the credit risk of non-performance by these counterparties, material losses are not anticipated. We closely monitor the credit risk associated with our counterparties and customers and to date have not experienced material losses.

16. FAIR VALUE MEASUREMENTS

Following is a summary of the valuation techniques for assets and liabilities recorded in our Consolidated Balance Sheets at fair value on a recurring basis:

Foreign Currency Derivatives–The foreign currency derivative instruments that we currently use are forward contracts and zero-cost collars, which typically expire within 18 months. Most of the valuations are adjusted by a forward yield curve or interest rates. In such cases, these derivative contracts are classified within Level 2. Some valuations are based on exchange-quoted prices, which are classified as Level 1. As of December 31, 2024, our foreign currency contracts were Level 2. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component

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of cost of goods sold in our Corporate, Eliminations and Other segment or foreign currency transaction gain (loss). As of December 31, 2024 and 2023, the gross asset position of our foreign currency derivative instruments was $3.1 million and $36.4 million, respectively, and the gross liability position of our foreign currency derivative instruments was $86.1 million and $8.0 million, respectively and is included in Accrued Liabilities in the Consolidated Balance Sheets.

Commodity Derivatives–The commodity contracts primarily relate to natural gas. The commodity derivative instruments that we currently use are forward purchase contracts, swaps and three-way collars. The natural gas contracts settle using NYMEX futures or AECO price indexes, which represent fair value at any given time. The contracts’ maturities and settlements are scheduled for future months and settlements are scheduled to coincide with anticipated gas purchases during those future periods. Quoted market prices from NYMEX and AECO are used to determine the fair value of these instruments. These market prices are adjusted by a forward yield curve and are classified within Level 2. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of cost of goods sold in our Corporate, Eliminations and Other segment. As of December 31, 2024 and 2023, the gross asset position of our commodity derivative instruments was zero, and the gross liability position of our commodity derivative instruments was $1.7 million and $9.2 million, respectively.

Interest Rate Derivatives–We manage interest expense through interest rate contracts to convert a portion of our fixed-rate debt into floating-rate debt. From time to time, we also enter into interest rate swap agreements to hedge our exposure to changes in future interest rates related to anticipated debt issuances. Valuations are based on external pricing sources and are classified as Level 2. Changes in the fair market values of these contracts are recognized in the Consolidated Financial Statements as a component of interest expense. We did not hold any interest rate derivative positions as of December 31, 2024 or 2023.

Financial Instruments

The carrying amounts and estimated fair values of our financial instruments are as follows:

	December 31,
	2024				2023
	Carrying		Fair		Carrying		Fair
(in millions)	Amount		Value		Amount		Value
Cash and cash equivalents	$	272.8	$	272.8	$	348.8	$	348.8
Accounts receivable	1,113.3		1,113.3		1,269.2		1,269.2
Equity securities	1,486.8		1,486.8		—		—
Accounts payable	1,156.5		1,156.5		1,166.9		1,166.9
Structured accounts payable arrangements	402.3		402.3		399.9		399.9
Short-term debt	847.1		847.1		399.7		399.7
Long-term debt, including current portion	3,377.6		3,324.1		3,361.7		3,364.1

For cash and cash equivalents, accounts receivable, net, accounts payable, structured accounts payable arrangements and short-term debt, the carrying amount approximates fair value because of the short-term maturity of those instruments. Equity securities represent our Ma’aden shares and are carried at fair value based on the unadjusted quoted price on the Saudi Exchange (Tadawul), which results in a Level 1 classification. For more information on the Ma’aden shares, see Note 9 of our Notes to Consolidated Financial Statements. Included in long-term debt is floating rate debt of $570 million. Our floating rate debt is non-public and bears a variable SOFR based rate and consists of our borrowings under our term loan facility. The fair value of our floating rate debt approximates the carrying value and is estimated based on market-based inputs including interest rates and credit spreads, which results in a Level 2 classification. The fair value of fixed rate long-term debt, including the current portion, is estimated using quoted market prices for the publicly registered notes and debentures, classified as Level 1 and Level 2, respectively, within the fair value hierarchy, depending on the market liquidity of the debt. For information regarding the fair value of our marketable securities held in trusts, see Note 12 of our Notes to Consolidated Financial Statements.

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17. GUARANTEES AND INDEMNITIES

We enter into various contracts that include indemnification and guarantee provisions as a routine part of our business activities. Examples of these contracts include asset purchase and sale agreements, surety bonds, financial assurances to regulatory agencies in connection with reclamation and closure obligations, commodity sale and purchase agreements and other types of contractual agreements with vendors and other third parties. These agreements indemnify counterparties for matters such as reclamation and closure obligations, tax liabilities, environmental liabilities, litigation and other matters, as well as breaches by Mosaic of representations, warranties and covenants set forth in these agreements. In many cases, we are essentially guaranteeing our own performance, in which case the guarantees do not fall within the scope of the accounting and disclosures requirements under U.S. GAAP. Our maximum potential exposure under our indemnification arrangements can range from a specified dollar amount to an unlimited amount, depending on the nature of the transaction. Many of the guarantees and indemnities we issue to third parties do not limit the amount or duration of our obligations to perform under them. For these guarantees and indemnities, we may not be able to estimate what our liability would be until a claim is made for payment or performance due to the contingent nature of these arrangements. Based on our current understanding of the relevant facts, we do not believe that we will be required to make any material payments under these indemnity provisions.

18. PENSION PLANS AND OTHER BENEFITS

We sponsor pension and postretirement benefits through a variety of plans, including defined benefit plans, defined contribution plans and postretirement benefit plans in North America and certain of our international locations. We reserve the right to amend, modify or terminate the Mosaic sponsored plans at any time, subject to provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), prior agreements and our collective bargaining agreements.

Defined Benefit

During fiscal 2022, we terminated the defined benefit pension plan in the U.S, which was frozen at the time of termination. In connection with the plan termination, we settled all future obligations under the terminated plan through a combination of lump-sum payments to eligible participants who elected to receive them through a lump-sum window, and the transfer of any remaining benefit obligations under the terminated plans to a third-party insurance company under a group annuity contract. As a result of these actions, we recognized a non-cash pre-tax pension settlement charge of $41.9 million in our 2022 Consolidated Statements of Earnings in Other income (expense).

We sponsor various defined benefit pension plans in Canada, which are closed to new participants. Benefits are based on different combinations of years of service and compensation levels, depending on the plan. Generally, contributions to Canadian plans are made in accordance with the Pension Benefits Act instituted by the province of Saskatchewan. Certain employees in Canada, whose pension benefits exceed Canada Revenue Agency limitations, are covered by supplementary non-qualified, unfunded pension plans. During 2023, we terminated certain defined pension plans in Canada by transferring remaining benefit obligations for participants to a third-party insurance company under a group annuity contract. As a result of these actions, we recognized a non-cash pre-tax settlement charge of $42.4 million in our 2023 Consolidated Statements of Earnings in Other income (expense).

We sponsor various defined benefit pension plans in Brazil, and we acquired multi-employer pension plans for certain of our Brazil associates. All our pension plans are governed by the Brazilian pension plans regulatory agency, National Superintendence of Supplementary Pensions. Our Brazil plans are not individually significant to the Company’s consolidated financial statements after factoring in the multi-employer pension plan indemnification that we acquired through an acquisition. We made contributions to these plans, net of indemnification, of $0.4 million and $0.1 million for the years ended December 31, 2024 and 2023, respectively.

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Accounting for Pension Plans

The year-end status of the North American pension plans was as follows:

	Pension Plans
	Years Ended December 31,
(in millions)	2024		2023
Change in projected benefit obligation:
Benefit obligation at beginning of period	$	119.6	$	294.3
Service cost	3.0		2.8
Interest cost	5.5		11.1
Actuarial loss	0.2		3.3
Currency fluctuations	(9.4)		2.0
Benefits paid and transfers	(4.3)		(190.4)
Plan amendments	—		5.8
Liability (gain)/loss due to curtailment/settlement	—		(9.3)
Projected benefit obligation at end of period	$	114.6	$	119.6
Change in plan assets:
Fair value at beginning of period	$	157.1	$	329.0
Currency fluctuations	(12.2)		2.9
Actual return	12.8		11.4
Company contribution	(7.1)		4.2
Benefits paid and transfers	(4.3)		(190.4)
Fair value at end of period	$	146.3	$	157.1
Funded status of the plans as of the end of period	$	31.7	$	37.5
Amounts recognized in the consolidated balance sheets:
Noncurrent assets	$	37.4	$	43.8
Current liabilities	(0.4)		(0.5)
Noncurrent liabilities	(5.3)		(5.8)
Amounts recognized in accumulated other comprehensive (income) loss
Prior service cost	$	11.9	$	15.1
Actuarial loss	14.8		20.0

The accumulated benefit obligation for the defined benefit pension plans was $114.6 million and $119.6 million as of December 31, 2024 and 2023, respectively. In 2025, we expect the related plans to pay benefit payments of approximately $3.4 million and to contribute cash of at least $0.8 million to the pension plans to meet minimum funding requirements.

Plan Assets and Investment Strategies

The Company’s overall investment strategy is to obtain sufficient return and provide adequate liquidity to meet the benefit obligations of our pension plans. The primary investment objective is to secure the promised pension benefits through capital preservation and appreciation to better manage the asset/liability gap and interest rate risk. A secondary investment objective is to most effectively manage investment volatility to reduce the variability of the Company’s required contributions. A significant amount of the assets are invested in funds that are managed by Mosaic’s investment advisor and reviewed by Mosaic management. Plan assets are primarily valued based on external pricing sources and are classified as Level 2. We do not have significant concentrations of credit risk or industry sectors within the plan assets. Fair value measurements of plan assets was $146.3 million at December 31, 2024 and was invested approximately 75% in fixed income securities, 20% in equity securities, and 5% in other investment funds and cash.

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Defined Contribution Plans

Eligible salaried and non-union hourly employees in the U.S. participate in a defined contribution investment plan which permits employees to defer a portion of their compensation through payroll deductions and provides matching contributions. We match 100% of the first 3% of the participant’s contributed pay plus 50% of the next 3% of the participant’s contributed pay, subject to Internal Revenue Service limits. Participant contributions, matching contributions and the related earnings immediately vest. Mosaic also provides an annual non-elective employer contribution feature for eligible salaried and non-union hourly employees based on the employee’s age and eligible pay. Participants are generally vested in the non-elective employer contributions after three years of service. In addition, a discretionary feature of the plan allows the Company to make additional contributions to employees. Certain union employees participate in a defined contribution retirement plan based on collective bargaining agreements.

Canadian salaried and non-union hourly employees participate in an employer funded plan with employer contributions similar to the U.S. plan. The plan provides a profit sharing component which is paid each year. We also sponsor one mandatory union plan in Canada. Benefits in these plans vest after two years of consecutive service.

The expense attributable to defined contribution plans in the U.S. and Canada was $60.8 million, $61.7 million and $55.7 million for 2024, 2023 and 2022, respectively.

Postretirement Medical Benefit Plans

We provide certain health care benefit plans for certain retired employees (“Retiree Health Plans”) which may be either contributory or non-contributory and contain certain other cost-sharing features such as deductibles and coinsurance.

The North American Retiree Health Plans are unfunded and the projected benefit obligation was $20.6 million and $22.8 million as of December 31, 2024 and 2023, respectively. This liability should continue to decrease due to our limited exposure. The related income statement effects of the Retiree Health Plans are not material to the Company. We anticipate contributing cash of at least $1.9 million in 2025 to the postretirement medical benefit plans to fund anticipated benefit payments.

The year-end status of the Brazil postretirement medical benefit plans with a discount rate of 9.95% and 10.40% on each of December 31, 2024 and 2023, respectively was as follows:

	Postretirement Medical Benefits
	Years Ended December 31,
(in millions)	2024		2023
Change in accumulated postretirement benefit obligation (“APBO”):
APBO at beginning of year	$	74.4	$	59.1
Service cost	—		0.1
Interest cost	7.4		6.2
Actuarial (gain) loss	(11.2)		4.8
Currency fluctuations	(15.2)		5.4
Benefits paid	(1.1)		(1.2)
APBO at end of year	$	54.3	$	74.4
Change in plan assets:
Company contribution	$	1.1	$	1.2
Benefits paid	(1.1)		(1.2)
Unfunded status of the plans as of the end of the year	$	(54.3)	$	(74.4)
Amounts recognized in the consolidated balance sheets:
Current liabilities	$	(1.4)	$	(1.1)
Noncurrent liabilities	(52.9)		(73.3)
Amounts recognized in accumulated other comprehensive income
Prior service credit	$	(8.8)	$	(13.2)
Actuarial (gain) loss	$	(0.6)	$	11.9

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19. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (“AOCI”)

The following table sets forth the changes in AOCI by component during the years ended December 31, 2024, 2023 and 2022:

(in millions)	Foreign Currency Translation Gain (Loss)		Net Actuarial Gain and Prior Service Cost		Amortization of Gain on Interest Rate Swap		Net Gain (Loss) on Marketable Securities Held in Trust		Total
Balance at December 31, 2021	$	(1,825.5)	$	(72.8)	$	5.2	$	1.3	(1,891.8)
Other comprehensive income (loss)	(261.1)		28.6		2.0		(32.4)		(262.9)
Tax (expense) or benefit	6.1		(8.9)		(0.5)		7.6		4.3
Other comprehensive income (loss), net of tax	(255.0)		19.7		1.5		(24.8)		(258.6)
Less: (Gain) Loss attributable to noncontrolling interest	(1.8)		—		—		—		(1.8)
Balance at December 31, 2022	$	(2,082.3)	$	(53.1)	$	6.7	$	(23.5)	$	(2,152.2)
Other comprehensive income (loss)	152.0		31.1		1.8		30.6		215.5
Tax (expense) or benefit	2.1		(11.0)		(0.4)		(6.9)		(16.2)
Other comprehensive income (loss), net of tax	154.1		20.1		1.4		23.7		199.3
Less: (Gain) Loss attributable to noncontrolling interest	(2.0)		—		—		—		(2.0)
Balance at December 31, 2023	$	(1,930.2)	$	(33.0)	$	8.1	$	0.2	$	(1,954.9)
Other comprehensive income (loss)	(478.6)		16.8		(0.1)		(19.6)		(481.5)
Tax (expense) or benefit	(17.0)		(5.9)		—		4.8		(18.1)
Other comprehensive income (loss), net of tax	(495.6)		10.9		(0.1)		(14.8)		(499.6)
Less: (Gain) Loss attributable to noncontrolling interest	5.5		—		—		—		5.5
Balance at December 31, 2024	$	(2,420.3)	$	(22.1)	$	8.0	$	(14.6)	$	(2,449.0)

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20. SHARE REPURCHASES

In 2022, our Board of Directors approved two share repurchase programs for a total of $3.0 billion. Our repurchase programs allow the Company to repurchase shares of our Common Stock through open market purchases, accelerated share repurchase arrangements, privately negotiated transactions or otherwise and have no set expiration date.

During the year ended December 31, 2024, we repurchased 7,944,507 shares of Common Stock in the open market for approximately $235.4 million at an average purchase price per share of $29.63.

On February 24, 2023, pursuant to existing stock repurchase authorizations, we entered into an accelerated share repurchase agreement (the “2023 ASR Agreement”) with a third-party financial institution to repurchase $300 million of our Common Stock. At inception, we paid the financial institution $300 million and took initial delivery of 4,659,290 shares of our Common Stock, representing an estimated 80% of the total shares expected to be delivered under the 2023 ASR Agreement. In March 2023, the transaction was completed and we received an additional 965,284 shares of Common Stock. In total, 5,624,574 shares were delivered under the 2023 ASR Agreement, at an average purchase price of $53.34 per share.

During the year ended December 31, 2023, we repurchased 16,879,059 shares of Common Stock in the open market for approximately $748.0 million, at an average purchase price per share of $44.31. This includes the 5,624,574 shares purchased under the 2023 ASR Agreement.

The extent to which we repurchase our shares and the timing of any such repurchases depend on a number of factors, including market and business conditions, the price of our shares, our ability to access capital resources, our liquidity and corporate, regulatory and other considerations.

21. SHARE-BASED PAYMENTS

The Mosaic Company 2023 Stock and Incentive Plan (the “2023 Stock and Incentive Plan”) was approved by our stockholders and became effective on May 25, 2023. It permits up to 18 million shares of common stock to be issued under share-based awards granted under this plan. The 2023 Stock and Incentive Plan provides for grants of stock options, restricted stock, restricted stock units, performance units and a variety of other share-based and non-share-based awards. Our employees, officers, directors, consultants, agents, advisors and independent contractors, as well as other designated individuals, are eligible to participate in the 2023 Stock and Incentive Plan.

The Mosaic Company 2014 Stock and Incentive Plan (the “2014 Stock and Incentive Plan”) was approved by our stockholders and became effective on May 15, 2014. It permits up to 25 million shares of common stock to be issued under share-based awards granted under this plan. The 2014 Stock and Incentive Plan provides for grants of stock options, restricted stock, restricted stock units, performance units and a variety of other share-based and non-share-based awards. Our employees, officers, directors, consultants, agents, advisors and independent contractors, as well as other designated individuals, are eligible to participate in the 2014 Stock and Incentive Plan.

The Mosaic Company 2004 Omnibus Stock and Incentive Plan (the “Omnibus Plan”), which was approved by our stockholders and became effective in 2004 and subsequently amended, provided for the grant of shares and share options to employees for up to 25 million shares of common stock. While awards may no longer be made under the Omnibus Plan, it will remain in effect with respect to the awards that had been granted thereunder prior to its termination.

Mosaic settles stock option exercises, restricted stock units and certain performance units and performance shares with newly issued common shares. The Compensation Committee of the Board of Directors administers these plans subject to their respective provisions and applicable law.

Stock Options

Stock options are granted with an exercise price equal to the market price of our stock at the date of grant and have a ten-year contractual term. The fair value of each option award is estimated on the date of the grant using the Black-Scholes option valuation model. Stock options generally vest in equal annual installments in the first three years following the date of grant (graded vesting). Stock options are expensed on a straight-line basis over the required service period, based on the estimated fair value of the award on the date of grant, net of estimated forfeitures.

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Valuation Assumptions

Assumptions used to calculate the fair value of stock options awarded in 2017 are noted in the following table. There were no stock options granted or issued in 2024, 2023 or 2022. Expected volatility is based on the simple average of implied and historical volatility using the daily closing prices of the Company’s stock for a period equal to the expected term of the option. The risk-free interest rate is based on the U.S. Treasury rate at the time of the grant for instruments of comparable life.

	Year Ended December 31, 2017
Weighted average assumptions used in option valuations:
Expected volatility	35.35	%
Expected dividend yield	1.97	%
Expected term (in years)	7
Risk-free interest rate	2.34	%

A summary of the status of our stock options as of December 31, 2024, and activity during 2024, is as follows:

	Shares<br>(in millions)	Weighted<br>Average<br>Exercise<br>Price		Weighted Average Remaining Contractual Term (Years)	Aggregate<br>Intrinsic<br>Value
Outstanding as of December 31, 2023	0.6	$	34.46
Granted	—	—
Exercised	—	$	—
Cancelled or forfeited	(0.1)	$	49.73
Outstanding as of December 31, 2024	0.5	$	32.68	1.44	$	—
Exercisable as of December 31, 2024	0.5	$	32.68	1.44	$	—

Restricted Stock Units

Restricted stock units are issued to various employees, officers and directors at a value equal to the market price of our stock at the date of grant. The fair value of restricted stock units is equal to the market price of our stock at the date of grant. Restricted stock units generally cliff vest after three years of continuous service and are expensed on a straight-line basis over the required service period, based on the estimated grant date fair value, net of estimated forfeitures.

A summary of the status of our restricted stock units as of December 31, 2024, and activity during 2024, is as follows:

	Shares<br>(in millions)	Weighted Average<br>Grant Date Fair<br>Value Per Share
Restricted stock units as of December 31, 2023	1.5	$	42.70
Granted	0.8	30.99
Issued and cancelled or forfeited	(0.7)	$	31.63
Restricted stock units as of December 31, 2024	1.6	$	41.61

Performance Units

During the years ended December 31, 2024, 2023 and 2022, 496,367, 1,206,263 and 540,915 total stockholder return (“TSR”) performance units were granted, respectively. Final performance units are awarded based on the increase or decrease, subject to certain limitations, in Mosaic’s share price from the grant date to the third anniversary of the award, plus dividends (a measure of total stockholder return or TSR). The beginning and ending stock prices are based on a 30 trading-day average stock price. Holders of the awards must be employed at the end of the performance period in order for any units to vest, except in the event of death, disability or retirement at or after age 60, certain changes in control or the exercise of Committee or Board discretion as provided in the related award agreements.

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The fair value of each TSR performance unit is determined using a Monte Carlo simulation. This valuation methodology utilizes assumptions consistent with those of our other share-based awards and a range of ending stock prices; however, the expected term of the awards is three years, which impacts the assumptions used to calculate the fair value of performance units as shown in the table below. 241,189, 354,500 and 195,755 of the TSR performance awards issued in 2024, 2023 and 2022, respectively, are to be settled in cash, and are therefore accounted for as a liability with changes in value recorded through earnings during the service period. The remaining TSR performance units issued in 2024, 2023 and 2022 are considered equity-classified fixed awards measured at grant-date fair value and not subsequently re-measured. All of the TSR performance units cliff vest after three years of continuous service and are expensed on a straight-line basis over the required service period, based on the estimated grant date fair value of the award net of estimated forfeitures.

A summary of the assumptions used to estimate the fair value of TSR performance units is as follows:

	Years Ended December 31,
	2024			2023			2022
Performance units granted	496,367			1,206,283			540,915
Average fair value of performance units on grant date	$	31.02		$	50.56		$	55.08
Weighted average assumptions used in performance unit valuations:
Expected volatility	40.95		%	48.33		%	54.77		%
Expected dividend yield	2.59		%	1.52		%	0.81		%
Expected term (in years)	3			3			3
Risk-free interest rate	4.48		%	4.52		%	1.68		%

A summary of our performance unit activity during 2024 is as follows:

	Shares<br>(in millions)	Weighted Average<br>Grant Date Fair<br>Value Per Share
Outstanding as of December 31, 2023	1.3	$	39.86
Granted	0.5	31.02
Issued and cancelled or forfeited	(0.7)	$	27.35
Outstanding as of December 31, 2024	1.1	$	44.15

The outstanding performance units as of December 31, 2024 and 2023 include 463,410 and 500,393 cash-settled performance units, respectively.

Share-Based Compensation Expense

We recorded share-based compensation expense of $20.2 million, $37.8 million and $61.1 million for 2024, 2023 and 2022, respectively. The tax benefit related to share exercises and lapses in the year was $1.0 million, $9.0 million and $7.5 million for 2024, 2023 and 2022, respectively.

As of December 31, 2024, there was $15.8 million of total unrecognized compensation cost related to options, restricted stock units and performance units and shares granted under the 2014 Stock and Incentive Plan and the Omnibus Plan. The unrecognized compensation cost is expected to be recognized over a weighted-average period of one year. No options vested in 2024, 2023 and 2022.

We received $16.0 million from exercises of share-based payment arrangements for 2022. There was no cash received from exercises of share-based payment arrangements for 2024 and 2023. We incurred a tax benefit for tax deductions from options of $4.1 million, $7.9 million and $13.4 million in 2024, 2023 and 2022, respectively.

22. COMMITMENTS

We lease certain plants, warehouses, terminals, office facilities, railcars and various types of equipment under operating leases, some of which include rent payment escalation clauses, with lease terms ranging from one to 43 years. In addition to minimum lease payments, some of our office facility leases require payment of our proportionate share of real estate taxes

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and building operating expenses. Our future obligations under these leases are included in Note 4 of our Notes to Consolidated Financial Statements.

We also have purchase obligations to purchase goods and services, primarily for raw materials used in products sold to customers. In 2013, we entered into an ammonia supply agreement with CF that commenced in 2017, under which Mosaic agreed to purchase approximately 545,000 to 725,000 tonnes of ammonia per year at a price tied to the prevailing price of U.S. natural gas. This agreement ended effective January 1, 2025.

We have long-term agreements for the purchase of sulfur, which is used in the production of phosphoric acid, and natural gas, which is a significant raw material used primarily in the solution mining process in our Potash segment as well as in our phosphate concentrates plants.

A schedule of future minimum long-term purchase commitments, based on expected market prices as of December 31, 2024 is as follows:

(in millions)	Purchase<br>Commitments
2025	$	2,842.1
2026	1,955.6
2027	1,570.1
2028	357.9
2029	167.8
Subsequent years	37.1
	$	6,930.6

Purchases made under long-term commitments were $2.1 billion in 2024, $3.0 billion in 2023 and $4.6 billion in 2022.

Most of our export sales of potash crop nutrients are marketed through a North American export association, Canpotex, which may fund its operations in part through third-party financing facilities. As a member, Mosaic or our subsidiaries are contractually obligated to reimburse Canpotex for their pro rata share of any operating expenses or other liabilities incurred. The reimbursements are made through reductions to members’ cash receipts from Canpotex.

We incur liabilities for reclamation activities and Gypstack closures in our Florida and Louisiana operations where, in order to obtain necessary permits, we must either pass a test of financial strength or provide credit support, typically in the form of cash deposits, surety bonds or letters of credit. The surety bonds generally expire within one year or less but a substantial portion of these instruments provide financial assurance for continuing obligations and therefore, in most cases, must be renewed on an annual basis. As of December 31, 2024 we had $793.7 million in surety bonds outstanding, of which $411.8 million is for reclamation obligations primarily related to mining in Florida. In addition, included in the total amount is $327.1 million, reflecting our updated closure cost estimates, delivered to the EPA as a substitute for the financial assurance provided through the Plant City Trust. The remaining balance in surety bonds outstanding of $54.8 million is for other matters.

23. CONTINGENCIES

We have described below the material judicial and administrative proceedings to which we are subject.

Environmental Matters

We have contingent environmental liabilities that arise principally from three sources: (i) facilities currently or formerly owned by our subsidiaries or their predecessors; (ii) facilities adjacent to currently or formerly owned facilities; and (iii) third-party Superfund or state equivalent sites. At facilities currently or formerly owned by our subsidiaries or their predecessors, the historical use and handling of regulated chemical substances, crop and animal nutrients and additives and by-product or process tailings have resulted in soil, surface water and/or groundwater contamination. Spills or other releases of regulated substances, subsidence from mining operations and other incidents arising out of operations, including accidents, have occurred previously at these facilities and potentially could occur in the future, possibly requiring us to undertake or fund cleanup or result in monetary damage awards, fines, penalties, other liabilities, injunctions or other court or administrative rulings. In some instances, pursuant to consent orders or agreements with governmental agencies, we are

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undertaking certain remedial actions or investigations to determine whether remedial action may be required to address contamination. At other locations, we have entered into consent orders or agreements with appropriate governmental agencies to perform required remedial activities that will address identified site conditions. Taking into consideration established reserves of approximately $197.5 million and $203.2 million as of December 31, 2024 and 2023, respectively, of which $90.8 million and $148.9 million are included in Accrued Liabilities and $106.7 million and $54.3 million in Other Non Current Liabilities in the Consolidated Balance Sheets as of December 31, 2024 and 2023, respectively, expenditures for these known conditions currently are not expected, individually or in the aggregate, to have a material effect on our business or financial condition. However, material expenditures could be required in the future to remediate the contamination at known sites or at other current or former sites or as a result of other environmental, health and safety matters. Below is a discussion of certain environmental matters.

New Wales Phase II East Stack. In April 2022 we confirmed the presence of a cavity in and liner tear beneath the southern part of the active phosphogypsum stack at the Company’s New Wales facility in Florida. This resulted in process water draining beneath the stack. The circumstances were reported to the FDEP and the EPA. Phase I of the repairs, consisting of stabilizing the cavity by depositing low pressure grout into it, began in July 2022 and now is complete. Phase II work, which consists of injecting high pressure grout beneath the stack to restore the geological confining layer beneath it, began in early in 2023 and the work is now complete.

As of December 31, 2024 we have a reserve of $14.7 million, included in the above amount, for the estimated repairs. We are unable to estimate at this time potential future additional financial impacts or a range of loss, if any, due to the ongoing evaluation.

New Wales Phase II West Stack. In October 2023 we observed a series of seismic acoustic emissions and changes to piezometric water levels in a part of the Phase II West phosphogypsum stack at the New Wales, Florida facility. These observations may be an indication of a breach in the stack liner system and were reported to the FDEP and EPA. We have begun repairs: stabilization grouting is now complete and high-pressure grouting began in October 2024. The area of the stack is not in use for either process water storage or additional gypsum placement. It lies within a zone of capture of a recovery groundwater well which is operating as intended. No offsite impacts are known or expected.

As of December 31, 2024 we have a reserve of $81.5 million, included in the above established reserves, for estimated repairs. We are unable to estimate at this time potential future additional financial impacts or a range of loss, if any, due to the ongoing evaluation.

EPA RCRA Initiative. We have certain financial assurance and other obligations under consent decrees and a separate financial assurance arrangement relating to our facilities in Florida and Louisiana. These obligations are discussed in Note 14 of our Notes to Consolidated Financial Statements.

Other Environmental Matters. Superfund and equivalent state statutes impose liability without regard to fault or to the legality of a party’s conduct on certain categories of persons who are considered to have contributed to the release of “hazardous substances” into the environment. Under Superfund, or its various state analogues, one party may, under certain circumstances, be required to bear more than its proportionate share of cleanup costs at a site where it has liability if payments cannot be obtained from other responsible parties. Currently, certain of our subsidiaries are involved or concluding involvement at several Superfund or equivalent state sites. Our remedial liability from these sites, alone or in the aggregate, currently is not expected to have a material effect on our business or financial condition. As more information is obtained regarding these sites and the potentially responsible parties involved, this expectation could change.

We believe that, pursuant to several indemnification agreements, our subsidiaries are entitled to at least partial, and in many instances complete, indemnification for the costs that may be expended by us or our subsidiaries to remedy environmental issues at certain facilities. These agreements address issues that resulted from activities occurring prior to our acquisition of facilities or businesses from parties including, but not limited to: ARCO (BP); Beatrice Fund for Environmental Liabilities; Conoco; Conserv; Estech, Inc.; Kaiser Aluminum & Chemical Corporation; Kerr-McGee Inc.; PPG Industries, Inc.; The Williams Companies; CF; and certain other private parties. Our subsidiaries have already received and anticipate receiving amounts pursuant to the indemnification agreements for certain of their expenses incurred to date as well as future anticipated expenditures. We record potential indemnifications as an offset to the established accruals when they are realizable or realized. The failure of an indemnitor to fulfill its obligations could result in future costs that could be material.

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Brazil Legal Contingencies

Our Brazilian subsidiaries are engaged in a number of judicial and administrative proceedings regarding labor, environmental, mining and civil claims that allege aggregate damages and/or fines of approximately $559.2 million. We estimate that our probable aggregate loss with respect to these claims is approximately $79.3 million, which is included in our accrued liabilities in our Consolidated Balance Sheets at December 31, 2024. Approximately $377.1 million of the maximum potential loss above relates to labor claims, of which approximately $62.0 million is included in accrued liabilities in our Consolidated Balance Sheets at December 31, 2024.

Based on Brazil legislation and the current status of similar labor cases involving unrelated companies, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses. If the status of similar cases involving unrelated companies were to adversely change in the future, our maximum exposure could increase and additional accruals could be required.

Brazil Tax Contingencies

Our Brazilian subsidiaries are engaged in a number of judicial and administrative proceedings relating to various non-income tax matters. We estimate that our maximum potential liability with respect to these matters is approximately $601.8 million, of which $204.0 million is subject to an indemnification agreement entered into with Vale S.A in connection with an acquisition.

Approximately $311.9 million of the maximum potential liability relates to a Brazilian federal value added tax, PIS and COFINS, and tax credit cases, while the majority of the remaining amount relates to various other non-income tax cases. The maximum potential liability can increase with new audits from Brazilian tax authorities. Based on Brazil tax legislation and the current status of similar tax cases involving unrelated taxpayers, we believe we have recorded adequate loss contingency reserves sufficient to cover our estimate of probable losses, which are immaterial. If the status of similar tax cases involving unrelated taxpayer changes in the future, additional accruals could be required.

Other Claims

We also have certain other contingent liabilities with respect to judicial, administrative and arbitration proceedings and claims of third parties, including tax matters, arising in the ordinary course of business. We do not believe that any of these contingent liabilities will have a material adverse impact on our business or financial condition, results of operations, and cash flows.

24. RELATED PARTY TRANSACTIONS

We enter into transactions and agreements with certain of our non-consolidated companies and other related parties from time to time. As of December 31, 2024 and 2023, we had amounts included in Accounts Receivable and Accounts Payable on our Consolidated Balances due to our non-consolidated companies of which the net amount totaled $46.5 million and $0.8 million, respectively.

The Consolidated Statements of Earnings included the following transactions with our non-consolidated companies:

	Years Ended December 31,
(in millions)	2024		2023		2022
Transactions with non-consolidated companies included in net sales	$	931.0	$	1,321.0	$	3,015.3
Transactions with non-consolidated companies included in cost of goods sold	$	1,082.7	$	1,465.2	$	3,245.2

As part of the MWSPC joint venture which was in place through December 24, 2024, we marketed approximately 25% of the MWSPC production for which approximately $18.4 million, $17.5 million and $23.1 million is included in revenue for the years ended December 31, 2024, 2023 and 2022, respectively.

25. BUSINESS SEGMENTS

The reportable segments are determined by management based upon factors such as products and services, production processes, technologies, market dynamics and for which segment financial information is available for our chief operating decision maker. Our chief operating decision maker is our chief executive officer.

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For a description of our business segments, see Note 1 of our Notes to Consolidated Financial Statements. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on the gross margin and operating earnings of the respective business segments, which includes certain allocations of corporate selling, general and administrative expenses. The segment results may not represent the actual results that would be expected if they were independent, stand-alone businesses. Intersegment eliminations, including profit on intersegment sales, mark-to-market gains/losses on derivatives, debt expenses and the results of the China and India distribution business are included within Corporate, Eliminations and Other. Certain selling, general and administrative costs that are not controllable by the business segments are included within Corporate, Eliminations and Other.

For the Phosphates, Potash and Mosaic Fertilizantes segments, the chief operating decision maker uses both segment gross margin and operating earnings to allocate resources to each segment, predominantly in the annual budget and forecasting process. The chief operating decision maker considers forecast-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The chief operating decision maker also uses segment gross margin for evaluating product pricing and segment profit or loss from operations to assess the performance for each segment by comparing the results and return on assets of each segment with one another.

Segment information for the years 2024, 2023 and 2022 is as follows:

(in millions)	Phosphates		Potash		Mosaic Fertilizantes		Corporate,<br><br>Eliminations<br><br>and Other (a)		Total
Year Ended December 31, 2024
Net sales to external customers	$	3,793.3	$	2,371.0	$	4,422.3	$	536.2	$	11,122.8
Intersegment net sales	725.5		17.7		—		(743.2)		—
Net sales	4,518.8		2,388.7		4,422.3		(207.0)		11,122.8
Cost of goods sold(b)	3,924.8		1,745.5		4,015.7		(75.1)		9,610.9
Gross margin	594.0		643.2		406.6		(131.9)		1,511.9
Canadian resource taxes	—		232.2		—		—		232.2
Gross margin (excluding Canadian resource taxes)	594.0		875.4		406.6		(131.9)		1,744.1
Selling, general and administrative(c)	45.3		31.1		134.7		285.8		496.9
Other operating expenses(d)	323.7		7.7		34.2		27.9		393.5
Operating earnings	225.1		604.5		237.6		(445.7)		621.5
Gain on sale of equity method investment	522.2		—		—		—		522.2
Capital expenditures	660.7		297.5		242.8		50.8		1,251.8
Depreciation, depletion and amortization expense	505.6		336.5		159.3		24.1		1,025.5
Equity in net earnings of nonconsolidated companies	70.9		—		—		2.4		73.3
Year Ended December 31, 2023
Net sales to external customers	$	3,894.5	$	3,203.1	$	5,684.7	$	913.8	$	13,696.1
Intersegment net sales	829.8		30.5		—		(860.3)		—
Net sales	4,724.3		3,233.6		5,684.7		53.5		13,696.1
Cost of goods sold(b)	4,022.2		2,018.6		5,473.1		(28.4)		11,485.5
Gross margin	702.1		1,215.0		211.6		81.9		2,210.6
Canadian resource taxes	—		403.4		—		—		403.4
Gross margin (excluding Canadian resource taxes)	702.1		1,618.4		211.6		81.9		2,614.0
Selling, general and administrative(c)	42.0		30.0		110.1		318.4		500.5
Other operating expenses(d)	284.3		33.5		27.0		27.2		372.0
Operating earnings	375.7		1,151.5		74.5		(263.6)		1,338.1
Capital expenditures	625.9		357.4		336.3		82.8		1,402.4
Depreciation, depletion and amortization expense	485.7		299.0		165.5		10.4		960.6
Equity in net earnings of nonconsolidated companies	56.4		—		—		3.9		60.3
Year Ended December 31, 2022

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Net sales to external customers	$	4,546.4	$	5,122.8	$	8,287.2	$	1,168.8	$	19,125.2
Intersegment net sales	1,637.8		85.7		—		(1,723.5)		—
Net sales	6,184.2		5,208.5		8,287.2		(554.7)		19,125.2
Cost of goods sold(b)	4,425.2		2,365.5		7,241.6		(662.9)		13,369.4
Gross margin	1,759.0		2,843.0		1,045.6		108.2		5,755.8
Canadian resource taxes	—		927.9		—		—		927.9
Gross margin (excluding Canadian resource taxes)	1,759.0		3,770.9		1,045.6		108.2		6,683.7
Selling, general and administrative(c)	40.7		30.3		101.9		325.1		498.0
Other operating expenses(d)	371.1		45.1		33.3		23.0		472.5
Operating earnings	1,347.2		2,767.7		910.4		(240.0)		4,785.3
Capital expenditures	631.8		281.6		306.4		27.5		1,247.3
Depreciation, depletion and amortization expense	485.1		307.3		125.5		16.0		933.9
Equity in net earnings of nonconsolidated companies	192.4		—		—		3.6		196.0
Total assets as of December 31, 2024	$	12,806.2	$	7,762.8	$	4,266.9	$	(1,911.9)	$	22,924.0
Total assets as of December 31, 2023	10,295.9		8,971.9		5,256.3		(1,491.3)		23,032.8
Total assets as of December 31, 2022	9,570.5		9,582.2		5,562.7		(1,329.4)		23,386.0

______________________________

(a)The “Corporate, Eliminations and Other” category includes the results of our ancillary distribution operations in India and China. For the years ended December 31, 2024, 2023 and 2022, distribution operations in India and China had revenues of $519.6 million, $898.9 million and $1.1 billion, respectively, and gross margins of $39.7 million, $(16.8) million and $130.9 million, respectively. These operations do not meet the quantitative thresholds for determining reportable segments.

(b)The primary components of cost of goods sold are raw material purchases, including sulfur and ammonia, conversion costs and transportation costs.

(c)Selling, general and administrative expenses include nonmanufacturing payroll expense and professional services expense.

(d)Other operating expenses typically relate to five major categories: (1) AROs, (2) environmental and legal reserves, (3) idle facility costs, (4) insurance reimbursements, and (5) gain/loss on sale or disposal of fixed assets.

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Financial information relating to our operations by geographic area is as follows:

	Years Ended December 31,
(in millions)	2024		2023		2022
Net sales(a):
Brazil	$	4,296.2	$	5,480.9	$	8,045.5
Canpotex(b)	884.3		1,275.7		2,961.6
China	536.9		556.1		648.2
Canada	520.1		411.6		966.0
Paraguay	178.5		222.8		227.1
Argentina	141.8		75.2		224.6
Japan	130.8		157.7		162.0
Colombia	118.7		103.2		125.9
India	72.8		350.8		512.5
Australia	57.9		69.0		101.6
Peru	49.2		77.5		70.2
Mexico	42.2		125.5		165.5
Honduras	25.7		30.0		31.2
Dominican Republic	14.7		16.7		34.1
Thailand	6.0		8.4		6.3
Other	76.3		55.9		100.8
Total international countries	7,152.1		9,017.0		14,383.1
United States	3,970.7		4,679.1		4,742.1
Consolidated	$	11,122.8	$	13,696.1	$	19,125.2

______________________________

(a)Revenues are attributed to countries based on location of customer.

(b)Canpotex sales to the ultimate third-party customers are made to customers in various countries. The countries with the largest portion of third-party customer sales are Brazil, China, India, and Indonesia.

	December 31,
(in millions)	2024		2023
Long-lived assets:
Canada	$	5,390.5	$	4,876.1
Brazil	2,012.8		2,467.8
Other	545.8		1,521.3
Total international countries	7,949.1		8,865.2
United States	8,457.2		7,204.8
Consolidated	$	16,406.3	$	16,070.0

Excluded from the table above as of December 31, 2024 and 2023, are goodwill of $1,061.1 million and $1,138.6 million and deferred income tax assets of $958.3 million and $1,079.2 million, respectively.

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Net sales by product type for the years 2024, 2023 and 2022 are as follows:

	Years Ended December 31,
(in millions)	2024		2023		2022
Sales by product type:
Phosphate Crop Nutrients	$	2,978.7	$	3,277.5	$	4,465.0
Potash Crop Nutrients	2,808.6		4,107.7		6,484.1
Crop Nutrient Blends	1,253.4		2,107.4		2,970.0
Performance Products(a)	2,264.2		2,453.3		3,025.8
Phosphate Rock	217.2		125.9		125.9
Other(b)	1,600.7		1,624.3		2,054.4
	$	11,122.8	$	13,696.1	$	19,125.2

______________________________

(a)Includes sales of MicroEssentials®, K-Mag® and Aspire®.

(b)Includes sales of industrial potash, feed products, nitrogen and other products.

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Management’s Report on Internal Control Over Financial Reporting

The Company’s management is responsible for establishing and maintaining effective internal control over financial reporting, as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934. The Company’s internal control system is a process designed to provide reasonable assurance to our management, Board of Directors and stockholders regarding the reliability of financial reporting and the preparation and fair presentation of our consolidated financial statements for external reporting purposes in accordance with U.S. GAAP and includes those policies and procedures that:

•Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

•Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP, and that receipts and expenditures are being made only in accordance with authorizations from our management and Board of Directors; and

•Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2024. In assessing the effectiveness of our internal control over financial reporting as of December 31, 2024 management used the control criteria framework of the Committee of Sponsoring Organizations (COSO) of the Treadway Commission published in its report entitled Internal Control—Integrated Framework (2013). Based on their evaluation, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2024. KPMG LLP, the independent registered public accounting firm that audited the financial statements included in this Form 10-K, has issued an auditors' report on the Company’s internal control over financial reporting as of December 31, 2024.

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Document

MOSAIC LTI DEFERRAL PLAN

As Amended and Restated Effective May 25, 2023

MOSAIC LTI DEFERRAL PLAN

TABLE OF CONTENTS

Page

ARTICLE 1    <br><br>DEFINITIONS, GENDER, AND NUMBER	2
Section 1.1.    Definitions. Whenever used in the Plan, the following words and phrases shall have the meanings set forth below unless the context plainly requires a different meaning, and when a defined meaning is intended, the term is capitalized.	2
Section 1.2.    Gender and Number. Except as otherwise indicated by context, masculine terminology used herein also includes the feminine and neuter, and terms used in the singular may also include the plural.	3
ARTICLE 2    <br><br>PARTICIPATION	4
Section 2.1.    Who May Participate. Participation in the Plan is limited to Participants.	4
Section 2.2.    Termination and Suspension of Participation. Once an individual has become a Participant in the Plan, participation shall continue until the first to occur of: (i) payment in full of all benefits to which the Participant or his or her Beneficiary is entitled under the Plan, or (ii) the occurrence of the event specified in Section 2.3 which results in loss of benefits.	4

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Section 2.3.    Missing Persons. Each Participant and Beneficiary entitled to receive benefits under the Plan shall be obligated to keep the Company informed of his or her current address until all Plan benefits that are due to be paid to the Participant or Beneficiary have been paid to him or her. If the Company is unable to locate the Participant and the Company has not received notice that the Participant has died, the Participant’s LTI Awards under the Plan will be forfeited as of the date that is five years after the date the payment was due. If the payment was to be made in installments, all unpaid installments shall be forfeited as of the date that is five years after the date the first installment payment was due. If the Company locates the Participant or receives notice of the Participant’s death after the forfeiture of the Participant’s LTI Awards, the Participant’s LTI Awards will not be reinstated and the Plan will owe no amount to the Participant or the Participant’s Beneficiaries. If payment is delayed because the Participant is missing or the Company does not receive timely notice of the Participant’s death, neither the Company nor any of its officers, directors, agents or affiliates shall be obligated, directly or indirectly, to any Participant or any other person for any taxes, penalties, interest or like amounts that may be imposed on the Participant or other person on account of any amounts paid under this Plan or on account of any failure to comply with the Code.	4
ARTICLE 3    <br><br>DEFERRALS, CREDITING, AND VESTING	5
Section 3.1.    Deferrals.	5
Section 3.2.    Crediting.	5
Section 3.3.    Vesting. Subject to forfeiture under Section 2.3, once a Participant’s LTI Award vests according to the LTI Award’s terms, the LTI Award shall be one hundred percent (100%) vested.	6
ARTICLE 4    <br><br>DISTRIBUTION	7

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Section 4.1.    Distribution of Deferrals. Except as provided under Section 4.2, distribution to a Participant shall be made at the time and in the form specified by the Participant in his or her Deferral Election Agreement according to the following rules.	7
Section 4.2.    Exception to Payment Terms. Notwithstanding the Participant’s Deferral Election Agreement or anything in this Article 4 to the contrary, the following rules apply to the time and form of payment:	7
Section 4.3.    Distributions on Plan Termination. Notwithstanding anything in this Article 4 to the contrary, if the Plan is terminated, distributions shall be made in accordance with Section 7.2.	9
Section 4.4.    Clawback or Recoupment Policy. All LTI Awards shall be subject to recovery or other penalties pursuant to (i) The Mosaic Company Incentive Compensation Recovery (Clawback) Policy or other any Company clawback policy, as may be adopted or amended from time to time, or (ii) any applicable law, rule or regulation or applicable stock exchange rule, including, without limitation, Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any applicable stock exchange listing rule adopted pursuant thereto, in addition to any other disciplinary or other action available to the Company under any agreement, Company policy including its Code of Business Conduct and Ethics, applicable law or otherwise.	9
ARTICLE 5    <br><br>FUNDING	10
Section 5.1.    Source of Benefits. All benefits under the Plan shall be paid when due by the Company out of its assets. Any amounts set aside by the Company for payment of benefits under the Plan are the property of the Company.	10

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Section 5.2.    No Claim on Specific Assets. No Participant shall be deemed to have, by virtue of being a Participant in the Plan, any claim on any specific assets of the Company such that the Participant would be subject to income taxation on his or her benefits under the Plan prior to distribution, and the rights of Participants and Beneficiaries to benefits to which they are otherwise entitled under the Plan shall be those of an unsecured general creditor of the Company.	10
ARTICLE 6    <br><br>ADMINISTRATION AND FINANCES	11
Section 6.1.    Administration. The Plan shall be administered by the Committee. The Company shall bear all administrative costs of the Plan other than those specifically charged to a Participant or Beneficiary.	11
Section 6.2.    Powers of Committee. In addition to the other powers granted under the Plan, the Committee shall have all powers necessary to administer the Plan, including, without limitation, powers:	11
Section 6.3.    Actions of the Committee. The Committee (including any person or entity to whom the Committee has delegated duties, responsibilities or authority, to the extent of such delegation) has total and complete discretionary authority to determine conclusively for all parties all questions arising in the administration of the Plan, to interpret and construe the terms of the Plan and to determine all questions of eligibility and status of employees, Participants and Beneficiaries under the Plan and their respective interests. Subject to the claims and review procedures described in Article 8, all determinations, interpretations, rules and decisions of the Committee (including those made or established by any person or entity to whom the Committee has delegated duties, responsibilities or authority, if made or established pursuant to such delegation) are conclusive and binding upon all persons having or claiming to have any interest or right under the Plan.	11

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Section 6.4.    Delegation. The Committee, or any officer or other employee of the Company designated by the Committee, shall have the power to delegate specific duties and responsibilities to officers or other employees of the Company or other individuals or entities. Any delegation may be rescinded by the Committee at any time. Each person or entity to whom a duty or responsibility has been delegated shall be responsible for the exercise of such duty or responsibility and shall not be responsible for any act or failure to act of any other person or entity.	11
Section 6.5.    Reports and Records. The Committee, and those to whom the Committee has delegated duties under the Plan, shall keep records of all their proceedings and actions and shall maintain books of account, records, and other data as shall be necessary for the proper administration of the Plan and for compliance with applicable law.	11
Section 6.6.    Valuation. As of such valuation dates determined by the Company, the Company shall adjust the valuation of a Participant’s deferred LTI Awards (as applicable).	11
Section 6.7.    Committee Member Participating in Plan. If a member of the Committee is a Participant, such Committee member shall not be a part of, and shall not participate in any way, in any determination or decision with respect to the manner or timing of benefit distributions to him or her individually or the permissibility of withdrawals by him or her individually.	12
ARTICLE 7    <br><br>AMENDMENTS AND TERMINATION	13

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Section 7.1.    Amendments. The Company, by written action of the Board may amend the Plan, in whole or in part, at any time and from time to time. The Committee may amend the Plan, without approval or authorization of the Board, provided that any such amendment: (i) does not materially increase the cost of the Plan; or (ii) is required in order to comply with the law, in which case the Committee shall amend the Plan in such manner as the Committee deems necessary or desirable to comply with the law. To the extent an amendment approved by the Compensation and Human Resources Committee affects Directors, the amendment must also be approved by the Governance Committee. An amendment shall not reduce a Participant’s deferred LTI Awards determined as of the date of such amendment without such Participant’s or Beneficiary’s consent.	13
Section 7.2.    Termination. The Company, by action of the Compensation and Human Resources Committee and Governance Committee, may at any time terminate the Plan, and reduce, suspend or discontinue future contributions to the Plan. The termination of the Plan shall not reduce a Participant’s deferred LTI Awards determined as of the date of such amendment without such Participant’s or Beneficiary’s consent. If the Plan is terminated, the Company shall terminate the Plan in accordance with the provisions permitting plan termination under section 409A of the Code.	13
ARTICLE 8    <br><br>CLAIM PROCEDURES	14

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Section 8.1.    Determinations. The benefits under the Plan will be paid only if the Committee decides in its discretion that the applicant is entitled to them. The Committee has discretionary authority to grant or deny benefits under the Plan. The Committee shall have the sole discretion, authority and responsibility to interpret and construe this Plan and all relevant documents and information, and to determine all factual and legal questions under the Plan, including but not limited to, the entitlement of all persons to benefits and the amounts of their benefits. The Committee shall make such determinations as may be required from time to time in the administration of the Plan. This discretionary authority shall include all matters arising under the Plan. An application for a distribution shall be considered as a claim.	14
Section 8.2.    Claims and Review Procedures. The claim and review procedures set forth in this section shall be the mandatory claims and review procedures for the resolution of disputes and disposition of claims filed under the Plan to be reviewed by the Committee.	14
Section 8.3.    Rules and Regulations.	15
Section 8.4.    Deadline to File Claim. To be considered timely under the Plan’s claim and review procedures, a claim must be filed with the Authorized Officer within one (1) year after the claimant knew or reasonably should have known of the principal facts upon which the claim is based. If or to the extent that the claim relates to a failure to effect a Participant’s or Beneficiary’s investment directions or a Participant’s election regarding contributions, a claim must be filed with the Authorized Officer within thirty (30) days after the claimant knew or reasonably should have known of the principal facts upon which the claim is based.	17

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Section 8.5.    Exhaustion of Administrative Remedies. Notwithstanding any provision in this Plan, the exhaustion of the claims and review procedures is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes: (i) no legal action to recover Plan benefits or to enforce or clarify rights under the Plan under any provision of law, whether or not statutory, may be commenced until the claims and review procedures set forth herein have been exhausted in the entirety; and (ii) in any such legal action all explicit and all implicit determinations by the Committee (including, but not limited to, determinations as to whether the initial request for benefits or request for review was timely filed) shall be afforded the maximum deference permitted by law.	17
Section 8.6.    Deadline to File Legal Action. No legal action to recover Plan benefits or to enforce or clarify rights under the Plan under any provision of law, whether or not statutory, may be brought by any claimant on any matter pertaining to the Plan unless the legal action is commenced in the proper forum before the earlier of: (i) thirty months after the date the claimant knew or reasonably should have known of the principal facts on which the claim is based, or (ii) six months after the date the claimant has exhausted the claims and review procedures.	17
Section 8.7.    Knowledge of Fact by Participant Imputed to Beneficiary and Others. Knowledge of all facts that a Participant knew or reasonably should have known shall be imputed to every claimant who is or claims to be a Beneficiary of the Participant or otherwise claims to derive an entitlement by reference to the Participant for the purpose of applying the previously specified periods.	17
ARTICLE 9    <br><br>MISCELLANEOUS	18

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Section 9.1.    No Guarantee of Employment or Retention to Perform Services. Neither the adoption and maintenance of the Plan nor the execution by the Company of a Deferral Election Agreement with any Participant shall be deemed to be a contract of employment or for the performance of services between the Company and any Participant. Nothing contained herein shall give any Participant the right to be retained in the employ of the Company or to perform services for the Company, or to interfere with the right of the Company to discharge any Participant at any time, nor shall it give the Company the right to require any Participant to remain in its employ or to perform services for it or to interfere with the Participant’s right to terminate his or her employment or performance of services at any time.

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Section 9.2.    Release. Any payment of benefits to or for the benefit of a Participant or a Participant’s Beneficiaries that is made in good faith by the Company in accordance with the Company’s interpretation of its obligations hereunder, shall be in full satisfaction of all claims against the Company for benefits under the Plan to the extent of such payment.

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Section 9.3.    Notices. Any notice permitted or required under the Plan shall be in writing and shall be hand-delivered or sent, postage prepaid, by first class mail, or by certified or registered mail with return receipt requested, to the Committee, if to the Company, or to the address last shown on the records of the Company, if to a Participant or Beneficiary. If a form or document must be filed with or received by the Company, the Committee, the Authorized Officer, the Human Resources Department or other entity (the “Appropriate Entity”), it must be actually received by the Appropriate Entity to be effective. The determination of whether or when a form or document has been received by the Appropriate Entity shall be made by the Committee on the basis of what documents are acknowledged by the Appropriate Entity to be in its actual possession without regard to the “mailbox rule” or similar rule of evidence. The absence of a document in the Appropriate Entity’s records and files shall be conclusive and binding proof that the document was not received by the Appropriate Entity.	18
Section 9.4.    Nonalienation. No benefit payable at any time under the Plan will be subject in any manner to alienation, sale, transfer, assignment, pledge, levy, attachment, or encumbrance of any kind, except with respect to a domestic relations order that the Committee determines to be a Qualified Domestic Relations Order.	18
Section 9.5.    Withholding. The Company may withhold from any payment of benefits or other compensation payable to a Participant or Beneficiary, or the Committee may direct the Trustee to withhold from any payment of benefits to a Participant or Beneficiary, such amounts as the Committee determines are reasonably necessary to pay any taxes or other amounts required to be withheld under applicable law.	18
Section 9.6.    Captions. Article and section headings and captions are provided for purposes of reference and convenience only and shall not be relied upon in any way to construe, define, modify, limit, or extend the scope of any provision of the Plan.	18

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Section 9.7.    Binding Agreement. This Plan shall be binding on the parties hereto, their heirs, executors, administrators, and successors in interest.	18
Section 9.8.    Invalidity of Certain Provisions. If any provision of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of the Plan and the Plan shall be construed and enforced as if such provision had not been included. The Plan is subject to section 409A of the Code. Each provision shall be interpreted and administered accordingly. If any provision of the Plan does not conform to the requirements of section 409A of the Code, such that the inclusion of the provision would result in loss of the Plan’s intended tax deferral, the Plan shall be construed and enforced as if such provision had not been included.	18
Section 9.9.    No Other Agreements. The terms and conditions set forth herein, together with the Deferral Election Agreements entered into between the Company and Participants, constitute the entire understanding of the Company and the Participants with respect to the matters addressed herein.	19
Section 9.10.    Incapacity. In the event that any Participant is unable to care for his or her affairs because of illness or accident, any payment due may be paid to the Participant’s spouse, parent, brother, sister or other person deemed by the Committee to have incurred expenses for the care of such Participant, unless a duly qualified guardian or other legal representative has been appointed.	19
Section 9.11.    Counterparts. This Plan may be executed in any number of counterparts, each of which when duly executed by the Company shall be deemed to be an original, but all of which shall together constitute but one instrument, which may be evidenced by any counterpart.	19
Section 9.12.    Participating Affiliates. Any Affiliate of the Company may adopt the Plan with the permission of the Company and according to such rules as may be established from time to time by the Company in its discretion, and thereby become a “Participating Affiliate” in the Plan.	19

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Section 9.13.    Sole Source of Benefits. Neither the Company nor any of its officers nor any member of its Board of Directors nor any members of the Committee in any way guarantee a Participant’s Account against loss or depreciation, nor do they guarantee the payment of any benefit or amount which may become due and payable hereunder to any Participant, Beneficiary, or other person. Each Participant, Beneficiary, or other person entitled at any time to payments hereunder shall look solely to the assets of the Company for such payments. If an Account shall have been distributed to a Participant, Beneficiary, or any other person entitled to the receipt thereof, such Participant, Beneficiary, or other person, as the case may be, shall have no further right or interest in the other assets.	19
Section 9.14.    Electronic Media. Notwithstanding anything in the Plan to the contrary, but subject to the requirements of the Code or other applicable law, any action or communication otherwise required to be taken or made in writing by a Participant or Beneficiary or by the Company or Committee shall be effective if accomplished by another method or methods required or made available by the Company or Committee, or their agent, with respect to that action or communication, including e-mail, telephone response systems, intranet systems, or the Internet.	19
Section 9.15.    ERISA Status. The Plan is maintained with the understanding that the Plan is not subject to ERISA with respect to: (i) non-employee Directors because they are not employees, and (ii) employees because the Plan is not intended to provide retirement income for employees or defer compensation to termination or a period after termination.	19

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Section 9.16.    Internal Revenue Code Status. The Plan is maintained as a nonqualified deferred compensation arrangement under section 409A of the Code. Notwithstanding the foregoing, neither the Company nor any of its officers, directors, agents or affiliates shall be obligated, directly or indirectly, to any Participant or any other person for any taxes, penalties, interest or like amounts that may be imposed on the Participant or other person on account of any amounts under this Plan or on account of any failure to comply with the Code.	19
Section 9.17.    Choice of Law. This instrument has been executed and delivered in the State of Minnesota and, except to the extent that federal law is controlling, shall be construed and enforced in accordance with the laws of the State of Minnesota (except that the state law will be applied without regard to any choice of law provisions).	20
Section 9.18.    Choice of Venue. Any claim or action brought with respect to this Plan shall be brought in the Federal courts of Hennepin County of the State of Minnesota.	20

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MOSAIC LTI DEFERRAL PLAN

The Mosaic Company (the “Company”) established this Mosaic LTI Deferral Plan (the “Plan”), first effective March 5, 2015 (the “Effective Date”), for the benefit of certain employees (generally executives and highly compensated employees) and non-employee directors of the Company. The Plan, in its most current amended and restated form, is maintained under this document effective May 25, 2023.

The Plan shall apply to LTI Awards deferred on or after the Effective Date. The Plan is maintained with the understanding that the Plan is not subject to ERISA with respect to: (i) non-employee directors because they are not employees, and (ii) employees because the Plan is not intended to provide retirement income for employees or defer compensation to termination or a period after termination. The Plan is subject to section 409A of the Code. Each provision shall be interpreted and administered accordingly. Notwithstanding the foregoing, neither the Company nor any of its officers, directors, agents or affiliates shall be obligated, directly or indirectly, to any Participant or any other person for any taxes, penalties, interest or like amounts that may be imposed on the Participant or other person on account of any amounts under this Plan or on account of any failure to comply with the Code.

The obligation of the Company to make payments under the Plan constitutes an unsecured (but legally enforceable) promise of the Company to make such payments and no person, including any Participant or Beneficiary, shall have any lien, prior claim or other security interest in any property of the Company as a result of the Plan. Notwithstanding a Participant’s deferral of an LTI Award settled in shares of Common Stock, the payment of such LTI Award shall be made under and subject to the LTI Award and (i) The Mosaic Company 2014 Stock and Incentive Plan (in the case of LTI Awards issued prior to May 25, 2023) or (ii) The Mosaic Company 2023 Stock and Incentive Plan (in the case of LTI Awards issued on or after May 25, 2023). Any shares, when issued, are issued pursuant to (i) The Mosaic Company 2014 Stock and Incentive Plan (in the case of LTI Awards issued prior to May 25, 2023) or (ii) The Mosaic Company 2023 Stock and Incentive Plan (in the case of LTI Awards issued on or after May 25, 2023).

ARTICLE 1

DEFINITIONS, GENDER, AND NUMBER

Section 1.1.Definitions. Whenever used in the Plan, the following words and phrases shall have the meanings set forth below unless the context plainly requires a different meaning, and when a defined meaning is intended, the term is capitalized.

(a)“Account” means all of a Participant’s LTI Awards subject to a Deferral Election Agreement that have not been paid to the Participant.

(b)“Administratively Reasonable Period of Time” means a payment under the Plan will be made as soon as administratively practicable on or after a specified date and no later than (i) within the same calendar year as such specified date, or, if later, (ii) by the fifteenth (15th) day of the third (3rd) calendar month following such specified date.

(c)“Affiliate” means any corporation which is a member of a controlled group of corporations (as defined in section 414(b) of the Code) which includes the Company and any trade or business (whether or not incorporated) which is under common control (as defined in section 414(c) of the Code) with the Company.

(d)“Authorized Officer” means the Senior Vice President - Human Resources or any Vice President of Human Resources of the Company.

(e)“Beneficiary” or “Beneficiaries” means the persons or trusts designated by a Participant in writing pursuant to Section 4.2(b) of the Plan as being entitled to receive any benefit payable under the Plan by reason of the death of a Participant, or, in the absence of such designation, the Participant’s estate.

(f)“Board” means the Board of Directors of the Company, as constituted at the relevant time.

(g)“Change in Control” means a change in control as defined under the award agreement to which a deferral relates; provided, however, that in all cases a change in control shall meet the definition of a change in control under section 409A of the Code or it will not be considered a change in control.

(h)“Code” means the Internal Revenue Code of 1986, including applicable regulations for the specified section of the Code. Any reference in this Plan to a section of the Code, including the applicable regulation, shall be considered also to mean and refer to any subsequent amendment or replacement of that section or regulation.

(i)“Commencement Date” shall mean the date that payment will commence as provided under Section 4.1(a) or as provided under a Participant’s Deferral Election Agreement.

(j)“Committee” means the Compensation and Human Resources Committee of the Board, except with respect to actions and determinations involving Directors, Committee shall mean the Corporate Governance and Nominating Committee of the Board (the “Governance Committee”).

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(k)“Company” means The Mosaic Company or any successor thereto.

(l)“Deferral Election Agreement” means an agreement by a Participant to defer all or a portion of an LTI Award under the Plan.

(m)“Director” means a member of the Company’s Board of Directors who is not an employee of the Company.

(n)“Disabled” or “Disability” means a condition in which either: (i) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, or (ii) the Participant is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve months, receiving replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company and its Affiliates.

(o)“Enrollment Period” means the period during which a Participant may elect to defer all or a portion of his or her LTI Awards that may be granted in such Plan Year (for this purpose, an LTI Award shall be considered granted when the Company takes action to approve such grant), which shall be either (i) prior to January 1 of each Plan Year, provided that such election shall be made as of the times the Authorized Officer may prescribe and shall be irrevocable as of December 31 of the year immediately preceding the Plan Year for which such elections are effective, or (ii) a period provided for under Section 3.1(a).

(p)“LTI Award” means a long-term incentive award, payable in shares of Common Stock or cash, granted by the Company.

(q)“Participant” means: (i) a U.S.-based employee (generally, an executive or a highly compensated employee) designated by the Authorized Officer, or (ii) a U.S. Based Director; in each case who has commenced participation in the Plan (by electing to defer an LTI Award).

(r)“Plan” means the “Mosaic LTI Deferral Plan.” The Plan was initially set forth in a document effective as of March 5, 2015, which document was subsequently amended and restated and is currently embodied in this restated plan document.

(s)“Plan Year” means January 1 through December 31.

(t)“Qualified Domestic Relations Order” has the same meaning as in section 414(p) of the Code.

(u)“Separation from Service” means a separation from service for the purposes of section 409A of the Code.

(v)“Specified Employee” means a specified employee for the purposes of section 409A of the Code.

Section 1.2.Gender and Number. Except as otherwise indicated by context, masculine terminology used herein also includes the feminine and neuter, and terms used in the singular may also include the plural.

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ARTICLE 2

PARTICIPATION

Section 2.1.Who May Participate. Participation in the Plan is limited to Participants.

Section 2.2.Termination and Suspension of Participation. Once an individual has become a Participant in the Plan, participation shall continue until the first to occur of: (i) payment in full of all benefits to which the Participant or his or her Beneficiary is entitled under the Plan, or (ii) the occurrence of the event specified in Section 2.3 which results in loss of benefits.

Section 2.3.Missing Persons. Each Participant and Beneficiary entitled to receive benefits under the Plan shall be obligated to keep the Company informed of his or her current address until all Plan benefits that are due to be paid to the Participant or Beneficiary have been paid to him or her. If the Company is unable to locate the Participant and the Company has not received notice that the Participant has died, the Participant’s LTI Awards under the Plan will be forfeited as of the date that is five years after the date the payment was due. If the payment was to be made in installments, all unpaid installments shall be forfeited as of the date that is five years after the date the first installment payment was due. If the Company locates the Participant or receives notice of the Participant’s death after the forfeiture of the Participant’s LTI Awards, the Participant’s LTI Awards will not be reinstated and the Plan will owe no amount to the Participant or the Participant’s Beneficiaries. If payment is delayed because the Participant is missing or the Company does not receive timely notice of the Participant’s death, neither the Company nor any of its officers, directors, agents or affiliates shall be obligated, directly or indirectly, to any Participant or any other person for any taxes, penalties, interest or like amounts that may be imposed on the Participant or other person on account of any amounts paid under this Plan or on account of any failure to comply with the Code.

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ARTICLE 3

DEFERRALS, CREDITING, AND VESTING

Section 3.1.Deferrals.

(a)Amount of Deferrals. Subject to the following rules and any rules adopted by the Authorized Officer, during the applicable Enrollment Period a Participant may elect to defer either twenty-five percent (25%), fifty percent (50%), seventy-five percent (75%), or one hundred percent (100%) of the LTI Award under a Deferral Election Agreement. The Committee, in the case of Directors, or the Authorized Officer, in the case of all other Participants, may, from time to time, change the minimum and maximum allowable elective deferrals, although such changes will take effect only with respect to LTI, if any, issued by the Company following the effectiveness of such changes.

(b)Notwithstanding the foregoing, to the extent allowed by the Authorized Officer, a Participant also may elect to defer all or a portion of his or her LTI Awards at the following times: (i) if the LTI Award is performance based compensation (as defined under section 409A of the Code), the election may be made no later than six months before the end of the performance period specified in the applicable award agreement or such earlier date as set by the Authorized Officer; (ii) if the LTI Award is subject to a substantial risk of forfeiture that will not lapse until at least thirteen months after the date of award or grant (or earlier upon death, Disability or a Change in Control), the election may be made no later than the first thirty days after the date of award or grant; provided that if the LTI Award actually vests within the first thirteen months by reason of death, Disability, or a Change in Control, then the deferral election shall be cancelled; and (iii) any other period established by the Authorized Officer that complies with section 409A of the Code.

(c)Separate Elections. A Participant shall make separate elections in a Deferral Election Agreement for each individual LTI Award.

(d)Distribution Election. At the time a Participant enters into a Deferral Election Agreement, the Participant shall elect the time and form of distribution for the amount deferred under the Deferral Election Agreement, subject to the terms of Section 4 of the Plan.

Section 3.2.Crediting.

(a)Deferral of Cash Settled LTI Awards. If a Participant elects to defer all or a portion of an LTI Award paid in cash, the administration, recordkeeping, and payment of such LTI Award shall be handled under this Plan after the payment date under the award agreement for such LTI Award. Once this Plan assumes the recordkeeping responsibility, the amount deferred in cash shall be credited each year effective as of December 31 with interest at the Applicable Federal Rate (“AFR”) as of that month. In addition, if the amount is paid prior to December 31, the amount shall be credited with interest at the AFR rate as of the month preceding the date of payment, pro-rated for the portion of the year

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preceding the date of payment. This Section 3.2(a) shall also apply to any cash payment made under an LTI Award settled in shares of the Company’s common stock, par value $.01 per share (“Common Stock”), to the extent specified in the related award agreement.

(b)Deferral of Share Settled LTI Awards. If a Participant elects to defer all or a portion of an LTI Award to be issued in shares of Common Stock, the payment of such LTI Award shall be made under and subject to the LTI Award and (i) The Mosaic Company 2014 Stock and Incentive Plan (in the case of LTI Awards issued prior to May 25, 2023) or (ii) The Mosaic Company 2023 Stock and Incentive Plan (in the case of LTI Awards issued on or after May 25, 2023). The LTI Award shall be paid as specified in the Participant’s Deferral Election Agreement or as provided under Section 4 of this Plan. Such awards shall also be subject to the terms of this Plan.

(c)In General. The Committee may revise the crediting rules under this Section 3.2 from time to time in the Committee’s discretion.

Section 3.3.Vesting. Subject to forfeiture under Section 2.3, once a Participant’s LTI Award vests according to the LTI Award’s terms, the LTI Award shall be one hundred percent (100%) vested.

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ARTICLE 4

DISTRIBUTION

Section 4.1.Distribution of Deferrals. Except as provided under Section 4.2, distribution to a Participant shall be made at the time and in the form specified by the Participant in his or her Deferral Election Agreement according to the following rules.

(a)Time of Distribution. A Participant may elect a Commencement Date which shall be January 30 (or the next succeeding business day if January 30 is not a business day) of the year elected by the Participant on the Participant’s Deferral Election Agreement (or within the Administratively Reasonable Period of Time thereafter). If the Participant does not specify the Commencement Date in a Deferral Election Agreement, the Participant will be deemed to have elected to have the LTI Award deferred under a Deferral Election Agreement distributed on the first January 30 (or the next succeeding business day if January 30 is not a business day) after the fourth anniversary of the grant date for an LTI Award (or within the Administratively Reasonable Period of Time thereafter).

(b)Form of Distribution. A Participant shall elect whether distribution of an LTI Award deferred under a Deferral Election Agreement shall be paid out on the Commencement Date: (i) in a single payment or lump sum payment; or (ii) in annual installments over a period of three, five, or ten years following the Commencement Date. If the Participant does not specify the form of distribution in a Deferral Election Agreement, the Participant will be deemed to have elected to have the LTI Award deferred under a Deferral Election Agreement distributed all in a single payment or lump sum payment.

(c)Determination of Amount of Installment Payment. If a Participant elects to have distribution made in the form of installments pursuant to Section 4.1(b)(ii), the amount of each installment payment shall be determined by multiplying the amount of the LTI Award deferred under a Deferral Election Agreement subject to the election by a fraction, the denominator of which in the first year of payment equals the number of years over which benefits are to be paid, and the numerator of which is one. The amounts of the payments for each succeeding year shall be determined by multiplying the balance of the LTI Award deferred under a Deferral Election Agreement subject to the election as of the applicable anniversary of the payment Commencement Date by a fraction, the denominator of which equals the number of remaining years over which the LTI Award is to be paid, and the numerator of which is one. The LTI Award deferred under a Deferral Election Agreement will be credited as described in Section 3.2. If shares of Common Stock are being distributed the value of any fractional shares shall be paid in cash at the same time in lieu of a fractional share.

(d)Disability, Qualified Change in Control Termination (Separation from Service with respect to a Change in Control), and Change in Control. Neither the time nor form of payment of a deferred LTI Award hereunder will be altered due to a Participant becoming Disabled, the Participant experiencing a qualified change in control termination, or the Company experiencing a Change in Control.

Section 4.2.Exception to Payment Terms. Notwithstanding the Participant’s Deferral Election Agreement or anything in this Article 4 to the contrary, the following rules apply to the time and form of payment:

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(a)Death. If a Participant dies, then, notwithstanding Section 4.1(a) or a Participant’s Deferral Election Agreement to the contrary, the Participant’s LTI Award subject to the Deferral Election Agreement shall be distributed to the Participant’s Beneficiary in a lump sum as of the earlier of (i) the date elected by the Participant on the Deferral Election Agreement, or (ii) on the date that is the third anniversary of the Participant’s death (or within the Administratively Reasonable Period of Time thereafter).

Each Participant may from time to time designate one or more persons (who may be any one or more members of such person’s family or other persons, administrators, trusts, foundations or other entities) as the Participant’s Beneficiary under the Plan. Such designation shall be made on a form prescribed by the Human Resources Department. Each Participant may, at any time, and from time to time, change any previous Beneficiary designation, without notice to or consent of any previously designated Beneficiary, by amending his or her previous designation on a form prescribed by the Human Resources Department. If the Beneficiary does not survive the Participant (or is otherwise unavailable to receive payment) or if no Beneficiary is validly designated, then the amounts payable under the Plan shall be paid to the Participant’s estate. If more than one person is the Beneficiary of a deceased Participant, each such person shall receive a pro rata share of any death benefit payable unless otherwise designated on the applicable Beneficiary designation form. If a Beneficiary who is receiving benefits dies, all benefits that were payable to such Beneficiary shall then be payable to the estate of that Beneficiary.

(b)Small Deferral Payment. If the aggregate balance of all the Participant’s amounts in all similar plans maintained by the Company (as defined under section 409A of the Code) after a Participant’s Separation from Service is less than the limit under section 402(g) of the Code, then the Company may pay out the Participant’s LTI Awards under this Plan and all other similar plans maintained by the Company, if permitted under the plans and the Code.

(c)Delay in Distributions.

(i)If the Participant is a Specified Employee, any Plan distributions that are otherwise to commence on the Participant’s Separation from Service shall commence within the Administratively Reasonable Period of Time after the six month anniversary of the Participant’s Separation from Service, or if earlier, the Participant’s death.

(ii)The Company shall delay the distribution of any amount otherwise required to be distributed under the Plan if, and to the extent that, the Company reasonably anticipates that the making of the distribution would violate Federal securities laws or other applicable law. In such event, the distribution will be made at the earliest date on which the Company reasonably anticipates that the making of the distribution will not cause such a violation.

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(d)Acceleration of Distributions. All or a portion of a Participant’s LTI Awards may be distributed at an earlier time and in a different form than specified in this Article 4:

(i)As may be necessary to fulfill a Qualified Domestic Relations Order or a certificate of divestiture (as defined in section 1043(b)(2) of the Code).

(ii)The Company may deduct from an LTI Award after it has vested and other conditions related to the LTI Award are met an amount necessary to cover federal and state employment taxes to the extent permitted under 26 C.F.R. § 1.409A-3(j)(4)(vi) and (xi) (to the extent that such taxes are due at that time).

(iii)Due to a failure of the Plan to satisfy section 409A of the Code with respect to the Participant, but only to the extent an amount is required to be included in the Participant’s income as a result of such failure.

Section 4.3.Distributions on Plan Termination. Notwithstanding anything in this Article 4 to the contrary, if the Plan is terminated, distributions shall be made in accordance with Section 7.2.

Section 4.4.Clawback or Recoupment Policy. All LTI Awards shall be subject to recovery or other penalties pursuant to (i) The Mosaic Company Incentive Compensation Recovery (Clawback) Policy or other any Company clawback policy, as may be adopted or amended from time to time, or (ii) any applicable law, rule or regulation or applicable stock exchange rule, including, without limitation, Section 304 of the Sarbanes-Oxley Act of 2002, Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any applicable stock exchange listing rule adopted pursuant thereto, in addition to any other disciplinary or other action available to the Company under any agreement, Company policy including its Code of Business Conduct and Ethics, applicable law or otherwise.

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ARTICLE 5

FUNDING

Section 5.1.Source of Benefits. All benefits under the Plan shall be paid when due by the Company out of its assets. Any amounts set aside by the Company for payment of benefits under the Plan are the property of the Company.

Section 5.2.No Claim on Specific Assets. No Participant shall be deemed to have, by virtue of being a Participant in the Plan, any claim on any specific assets of the Company such that the Participant would be subject to income taxation on his or her benefits under the Plan prior to distribution, and the rights of Participants and Beneficiaries to benefits to which they are otherwise entitled under the Plan shall be those of an unsecured general creditor of the Company.

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ARTICLE 6

ADMINISTRATION AND FINANCES

Section 6.1.Administration. The Plan shall be administered by the Committee. The Company shall bear all administrative costs of the Plan other than those specifically charged to a Participant or Beneficiary.

Section 6.2.Powers of Committee. In addition to the other powers granted under the Plan, the Committee shall have all powers necessary to administer the Plan, including, without limitation, powers:

(a)to interpret the provisions of the Plan;

(b)to establish and revise the method of tracking amounts under the Plan; and

(c)to establish rules for the administration of the Plan and to prescribe any forms required to administer the Plan.

The Committee delegates the day-to-day administration of the Plan to the Authorized Officer. In addition, the Committee may delegate any of its powers (other than the power to amend or terminate the Plan) to the Global Benefits Committee or to the Authorized Officer.

Section 6.3.Actions of the Committee. The Committee (including any person or entity to whom the Committee has delegated duties, responsibilities or authority, to the extent of such delegation) has total and complete discretionary authority to determine conclusively for all parties all questions arising in the administration of the Plan, to interpret and construe the terms of the Plan and to determine all questions of eligibility and status of employees, Participants and Beneficiaries under the Plan and their respective interests. Subject to the claims and review procedures described in Article 8, all determinations, interpretations, rules and decisions of the Committee (including those made or established by any person or entity to whom the Committee has delegated duties, responsibilities or authority, if made or established pursuant to such delegation) are conclusive and binding upon all persons having or claiming to have any interest or right under the Plan.

Section 6.4.Delegation. The Committee, or any officer or other employee of the Company designated by the Committee, shall have the power to delegate specific duties and responsibilities to officers or other employees of the Company or other individuals or entities. Any delegation may be rescinded by the Committee at any time. Each person or entity to whom a duty or responsibility has been delegated shall be responsible for the exercise of such duty or responsibility and shall not be responsible for any act or failure to act of any other person or entity.

Section 6.5.Reports and Records. The Committee, and those to whom the Committee has delegated duties under the Plan, shall keep records of all their proceedings and actions and shall maintain books of account, records, and other data as shall be necessary for the proper administration of the Plan and for compliance with applicable law.

Section 6.6.Valuation. As of such valuation dates determined by the Company, the Company shall adjust the valuation of a Participant’s deferred LTI Awards (as applicable).

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Section 6.7.Committee Member Participating in Plan. If a member of the Committee is a Participant, such Committee member shall not be a part of, and shall not participate in any way, in any determination or decision with respect to the manner or timing of benefit distributions to him or her individually or the permissibility of withdrawals by him or her individually.

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ARTICLE 7

AMENDMENTS AND TERMINATION

Section 7.1.Amendments. The Company, by written action of the Board may amend the Plan, in whole or in part, at any time and from time to time. The Committee may amend the Plan, without approval or authorization of the Board, provided that any such amendment: (i) does not materially increase the cost of the Plan; or (ii) is required in order to comply with the law, in which case the Committee shall amend the Plan in such manner as the Committee deems necessary or desirable to comply with the law. To the extent an amendment approved by the Compensation and Human Resources Committee affects Directors, the amendment must also be approved by the Governance Committee. An amendment shall not reduce a Participant’s deferred LTI Awards determined as of the date of such amendment without such Participant’s or Beneficiary’s consent.

Section 7.2.Termination. The Company, by action of the Compensation and Human Resources Committee and Governance Committee, may at any time terminate the Plan, and reduce, suspend or discontinue future contributions to the Plan. The termination of the Plan shall not reduce a Participant’s deferred LTI Awards determined as of the date of such amendment without such Participant’s or Beneficiary’s consent. If the Plan is terminated, the Company shall terminate the Plan in accordance with the provisions permitting plan termination under section 409A of the Code.

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ARTICLE 8

CLAIM PROCEDURES

Section 8.1.Determinations. The benefits under the Plan will be paid only if the Committee decides in its discretion that the applicant is entitled to them. The Committee has discretionary authority to grant or deny benefits under the Plan. The Committee shall have the sole discretion, authority and responsibility to interpret and construe this Plan and all relevant documents and information, and to determine all factual and legal questions under the Plan, including but not limited to, the entitlement of all persons to benefits and the amounts of their benefits. The Committee shall make such determinations as may be required from time to time in the administration of the Plan. This discretionary authority shall include all matters arising under the Plan. An application for a distribution shall be considered as a claim.

Section 8.2.Claims and Review Procedures. The claim and review procedures set forth in this section shall be the mandatory claims and review procedures for the resolution of disputes and disposition of claims filed under the Plan to be reviewed by the Committee.

(a)Initial Claim. An individual may, subject to any applicable deadline, file with the Authorized Officer a written claim for benefits under the Plan in a form and manner prescribed by such Authorized Officer.

(i)If the claim is denied in whole or in part, the Authorized Officer shall notify the claimant of the adverse benefit determination within ninety days after receipt of the claim.

(ii)The ninety-day period for making the claim determination may be extended for ninety days if the Authorized Officer determines that special circumstances require an extension of time for determination of the claim, provided that the Authorized Officer notifies the claimant, prior to the expiration of the initial ninety-day period, of the special circumstances requiring an extension and the date by which a claim determination is expected to be made.

(b)Notice of Initial Adverse Determination. A notice of an adverse determination shall be set forth in a manner calculated to be understood by the claimant:

(i)the specific reasons for the adverse determination;

(ii)references to the specific provisions of this Plan (or other applicable Plan document) on which the adverse determination is based;

(iii)a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary; and

(iv)a description of the claims and review procedures, including the time limits applicable to such procedure.

(c)Request for Review. Within sixty days after receipt of an initial adverse benefit determination notice, the claimant may file with the Authorized Officer a written request for a review of the adverse determination and may, in connection therewith, submit written comments, documents, records and other information

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relating to the claim benefits. Any request for review of the initial adverse determination not filed within sixty days after receipt of the initial adverse determination notice shall be untimely. The Authorized Officer shall provide the request for review to the Committee.

(d)Claim on Review. If the claim, upon review, is denied in whole or in part, the Committee shall notify the claimant of the adverse benefit determination within sixty (60) days after receipt of such a request for review.

(i)The sixty-day period for deciding the claim on review may be extended for sixty days if the Committee determines that special circumstances require an extension of time for determination of the claim, provided the Committee notifies the claimant, prior to the expiration of the initial sixty-day period, of the special circumstances requiring an extension and the date by which a claim determination is expected to be made.

(ii)In the event that the time period is extended due to a claimant’s failure to submit information necessary to decide a claim on review, the claimant shall have sixty days within which to provide the necessary information and the period for making the claim determination on review shall be tolled from the date on which the notification of the extension is sent to the claimant until the date on which the claimant responds to the request for additional information or, if earlier, the expiration of sixty days.

(iii)The Committee’s review of a denied claim shall take into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

(e)Notice of Adverse Determination for Claim on Review. A notice of an adverse determination for a claim on review shall be set forth in a manner calculated to be understood by the claimant:

(i)the specific reasons for the denial;

(ii)references to the specific provisions of this Plan (or other applicable Plan document) on which the adverse determination is based;

(iii)a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits; and

(iv)a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s right to obtain information about such procedures.

Section 8.3.Rules and Regulations.

(a)Adoption of Rules. Any rule not in conflict or at variance with the provisions hereof may be adopted by the Authorized Officer or the Committee.

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(b)Specific Rules.

(i)No inquiry or question shall be deemed to be a claim or a request for a review of a denied claim unless made in accordance with the established claims and review procedures. The Committee may require that any claim for benefits and any request for a review of a denied claim be filed on forms to be furnished by the Committee upon request.

(ii)All decisions on claims shall be made by the Committee, unless delegated as provided for in the Plan, in which case references in this section shall be treated as references to the delegate of the Committee.

(iii)Claimants may be represented by a lawyer or other representative at their own expense, but the Committee reserves the right to require the claimant to furnish written authorization and establish reasonable procedures for determining whether an individual has been authorized to act on behalf of a claimant. A claimant’s representative shall be entitled to copies of all notices given to the claimant.

(iv)The decision on a claim and on a request for a review of a denied claim may be provided to the claimant in electronic form instead of in writing.

(v)In connection with the review of a denied claim, the claimant or the claimant’s representative shall be provided, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits.

(vi)The time period within which a benefit determination will be made shall begin to run at the time a claim or request for review is filed in accordance with the claims and review procedures, without regard to whether all the information necessary to make a benefit determination accompanies the filing.

(vii)The claims and review procedures shall be administered with appropriate safeguards so that benefit claim determinations are made in accordance with governing plan documents and, where appropriate, the plan provisions have been applied consistently with respect to similarly situated claimants.

(viii)For the purpose of this section, a document, record, or other information shall be considered “relevant” if such document, record, or other information: (i) was relied upon in making the benefit determination; (ii) was submitted, considered, or generated in the course of making the benefit determination, without regard to whether such document, record, or other information was relied upon in making the benefit determination; (iii) demonstrates compliance with the administration processes and safeguards designed to ensure that the benefit claim determination was made in accordance with governing plan documents and that, where appropriate, the Plan provisions have been applied consistently with respect to similarly situated claimants; and (iv) constitutes a statement of policy or guidance with respect to the Plan concerning the denied treatment option or benefit for the claimant’s diagnosis, without regard to

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whether such advice or statement was relied upon in making the benefit determination.

(ix)The Committee may, in its discretion, rely on any applicable statute of limitation or deadline as a basis for denial of any claim.

Section 8.4.Deadline to File Claim. To be considered timely under the Plan’s claim and review procedures, a claim must be filed with the Authorized Officer within one (1) year after the claimant knew or reasonably should have known of the principal facts upon which the claim is based. If or to the extent that the claim relates to a failure to effect a Participant’s or Beneficiary’s investment directions or a Participant’s election regarding contributions, a claim must be filed with the Authorized Officer within thirty (30) days after the claimant knew or reasonably should have known of the principal facts upon which the claim is based.

Section 8.5.Exhaustion of Administrative Remedies. Notwithstanding any provision in this Plan, the exhaustion of the claims and review procedures is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes: (i) no legal action to recover Plan benefits or to enforce or clarify rights under the Plan under any provision of law, whether or not statutory, may be commenced until the claims and review procedures set forth herein have been exhausted in the entirety; and (ii) in any such legal action all explicit and all implicit determinations by the Committee (including, but not limited to, determinations as to whether the initial request for benefits or request for review was timely filed) shall be afforded the maximum deference permitted by law.

Section 8.6.Deadline to File Legal Action. No legal action to recover Plan benefits or to enforce or clarify rights under the Plan under any provision of law, whether or not statutory, may be brought by any claimant on any matter pertaining to the Plan unless the legal action is commenced in the proper forum before the earlier of: (i) thirty months after the date the claimant knew or reasonably should have known of the principal facts on which the claim is based, or (ii) six months after the date the claimant has exhausted the claims and review procedures.

Section 8.7.Knowledge of Fact by Participant Imputed to Beneficiary and Others. Knowledge of all facts that a Participant knew or reasonably should have known shall be imputed to every claimant who is or claims to be a Beneficiary of the Participant or otherwise claims to derive an entitlement by reference to the Participant for the purpose of applying the previously specified periods.

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ARTICLE 9

MISCELLANEOUS

Section 9.1.No Guarantee of Employment or Retention to Perform Services. Neither the adoption and maintenance of the Plan nor the execution by the Company of a Deferral Election Agreement with any Participant shall be deemed to be a contract of employment or for the performance of services between the Company and any Participant. Nothing contained herein shall give any Participant the right to be retained in the employ of the Company or to perform services for the Company, or to interfere with the right of the Company to discharge any Participant at any time, nor shall it give the Company the right to require any Participant to remain in its employ or to perform services for it or to interfere with the Participant’s right to terminate his or her employment or performance of services at any time.

Section 9.2.Release. Any payment of benefits to or for the benefit of a Participant or a Participant’s Beneficiaries that is made in good faith by the Company in accordance with the Company’s interpretation of its obligations hereunder, shall be in full satisfaction of all claims against the Company for benefits under the Plan to the extent of such payment.

Section 9.3.Notices. Any notice permitted or required under the Plan shall be in writing and shall be hand-delivered or sent, postage prepaid, by first class mail, or by certified or registered mail with return receipt requested, to the Committee, if to the Company, or to the address last shown on the records of the Company, if to a Participant or Beneficiary. If a form or document must be filed with or received by the Company, the Committee, the Authorized Officer, the Human Resources Department or other entity (the “Appropriate Entity”), it must be actually received by the Appropriate Entity to be effective. The determination of whether or when a form or document has been received by the Appropriate Entity shall be made by the Committee on the basis of what documents are acknowledged by the Appropriate Entity to be in its actual possession without regard to the “mailbox rule” or similar rule of evidence. The absence of a document in the Appropriate Entity’s records and files shall be conclusive and binding proof that the document was not received by the Appropriate Entity.

Section 9.4.Nonalienation. No benefit payable at any time under the Plan will be subject in any manner to alienation, sale, transfer, assignment, pledge, levy, attachment, or encumbrance of any kind, except with respect to a domestic relations order that the Committee determines to be a Qualified Domestic Relations Order.

Section 9.5.Withholding. The Company may withhold from any payment of benefits or other compensation payable to a Participant or Beneficiary, or the Committee may direct the Trustee to withhold from any payment of benefits to a Participant or Beneficiary, such amounts as the Committee determines are reasonably necessary to pay any taxes or other amounts required to be withheld under applicable law.

Section 9.6.Captions. Article and section headings and captions are provided for purposes of reference and convenience only and shall not be relied upon in any way to construe, define, modify, limit, or extend the scope of any provision of the Plan.

Section 9.7.Binding Agreement. This Plan shall be binding on the parties hereto, their heirs, executors, administrators, and successors in interest.

Section 9.8.Invalidity of Certain Provisions. If any provision of the Plan is held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision of the Plan and the Plan shall be construed and enforced as if such provision had not been included. The

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Plan is subject to section 409A of the Code. Each provision shall be interpreted and administered accordingly. If any provision of the Plan does not conform to the requirements of section 409A of the Code, such that the inclusion of the provision would result in loss of the Plan’s intended tax deferral, the Plan shall be construed and enforced as if such provision had not been included.

Section 9.9.No Other Agreements. The terms and conditions set forth herein, together with the Deferral Election Agreements entered into between the Company and Participants, constitute the entire understanding of the Company and the Participants with respect to the matters addressed herein.

Section 9.10.Incapacity. In the event that any Participant is unable to care for his or her affairs because of illness or accident, any payment due may be paid to the Participant’s spouse, parent, brother, sister or other person deemed by the Committee to have incurred expenses for the care of such Participant, unless a duly qualified guardian or other legal representative has been appointed.

Section 9.11.Counterparts. This Plan may be executed in any number of counterparts, each of which when duly executed by the Company shall be deemed to be an original, but all of which shall together constitute but one instrument, which may be evidenced by any counterpart.

Section 9.12.Participating Affiliates. Any Affiliate of the Company may adopt the Plan with the permission of the Company and according to such rules as may be established from time to time by the Company in its discretion, and thereby become a “Participating Affiliate” in the Plan.

Section 9.13.Sole Source of Benefits. Neither the Company nor any of its officers nor any member of its Board of Directors nor any members of the Committee in any way guarantee a Participant’s Account against loss or depreciation, nor do they guarantee the payment of any benefit or amount which may become due and payable hereunder to any Participant, Beneficiary, or other person. Each Participant, Beneficiary, or other person entitled at any time to payments hereunder shall look solely to the assets of the Company for such payments. If an Account shall have been distributed to a Participant, Beneficiary, or any other person entitled to the receipt thereof, such Participant, Beneficiary, or other person, as the case may be, shall have no further right or interest in the other assets.

Section 9.14.Electronic Media. Notwithstanding anything in the Plan to the contrary, but subject to the requirements of the Code or other applicable law, any action or communication otherwise required to be taken or made in writing by a Participant or Beneficiary or by the Company or Committee shall be effective if accomplished by another method or methods required or made available by the Company or Committee, or their agent, with respect to that action or communication, including e-mail, telephone response systems, intranet systems, or the Internet.

Section 9.15.ERISA Status. The Plan is maintained with the understanding that the Plan is not subject to ERISA with respect to: (i) non-employee Directors because they are not employees, and (ii) employees because the Plan is not intended to provide retirement income for employees or defer compensation to termination or a period after termination.

Section 9.16.Internal Revenue Code Status. The Plan is maintained as a nonqualified deferred compensation arrangement under section 409A of the Code. Notwithstanding the foregoing, neither the Company nor any of its officers, directors, agents or affiliates shall be obligated, directly or indirectly, to any Participant or any other person for any taxes, penalties,

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interest or like amounts that may be imposed on the Participant or other person on account of any amounts under this Plan or on account of any failure to comply with the Code.

Section 9.17.Choice of Law. This instrument has been executed and delivered in the State of Minnesota and, except to the extent that federal law is controlling, shall be construed and enforced in accordance with the laws of the State of Minnesota (except that the state law will be applied without regard to any choice of law provisions).

Section 9.18.Choice of Venue. Any claim or action brought with respect to this Plan shall be brought in the Federal courts of Hennepin County of the State of Minnesota.

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Document

Insider Trading and Tipping Policy

PURPOSE | SCOPE | DETAILS | DEFINITIONS | RESOURCES | REVISION HISTORY

Policy Owner        General Counsel and Corporate Secretary

Version        Effective March 1, 2024; Revised March 2024

Next Revision:        March 2025; one year from last revision

1.Purpose/Objective

1.1    The purpose of this policy is to require that all Officers, Directors, and employees of the Company comply with applicable laws and regulations relating to insider trading. Federal securities laws prohibit employees and others from buying or selling securities based on information that is not publicly available and that could affect the price of those securities.

2. Policy Scope

2.1    This policy applies to every Officer, Director, and Company employee, including employees of any Company subsidiary, division, business unit or facility, whether domestic or foreign, except to the extent this policy conflicts with any obligation of the Company under federal, state or local labor law.

3. Administration

3.1    The Board administers this policy.

3.2    Statement of Policy.

a.It is the policy of the Company that no Officer, Director, or employee of the Company or any of its subsidiaries may purchase or sell securities of the Company (other than pursuant to a Pre-Arranged Trading Program) when in possession of Material Non-Public Information. If Material Non-Public Information relating to the Company has not been available to the public for at least one (1) full trading day, Officers, Directors, and such employees are prohibited from trading in Company securities or directly or indirectly disclosing the Material Non-Public Information to any other persons that may trade in Company securities. In order to avoid even the appearance of illegal trading, all Officers and Directors (and any additional employees notified by the General Counsel from time to time) may purchase or sell Company securities only during a quarterly trading window, which shall commence on the second trading day after the release of quarterly earnings results to the public and shall cease fourteen (14) calendar days prior to the end of the then-current fiscal quarter; provided, however, that if the 14th calendar day falls on a day when markets are closed for trading, then

the trading window shall cease as of the close of business on the immediately preceding trading day.

Notwithstanding the prior paragraph, if an Officer, Director or other employee of the Company has established a Pre-Arranged Trading Program, then the Officer, Director or other Company employee may sell or purchase Company securities while in possession of Material Non-Public Information or during other periods in which the Company has required or recommended the suspension of trading by Officers and Directors (and any additional employees notified by the General Counsel from time to time), so long as such sales or purchases are made pursuant to such Pre-Arranged Trading Program.

In addition, it is the policy of the Company that no Officer, Director, or employee of the Company or any of its subsidiaries who, in the course of working for the Company, has obtained any Material Non-Public Information relating to another company with which the Company has done or is doing business (including a customer or supplier of the Company), may buy or sell securities of such other company or engage in any other action to take advantage of, or pass on to others, that information until the information becomes public or is no longer material. Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure) are no exception. The securities laws do not recognize such mitigating circumstances and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company’s reputation for adhering to the highest standards of conduct.

3.3    Requirements and Illustrations.

a.Prohibition Against Trading on Material Non-Public Information. Any Officer, Director, or employee of the Company or any of its subsidiaries who is aware of Material Non-Public Information related to the Company or to any other company with which the Company does business, which has not yet been available to the public for at least one (1) full trading day, may not trade in securities of the Company (unless such trading is pursuant to a Pre-Arranged Trading Program) or directly or indirectly disclose such information to any other persons that may trade in such securities. If the released information is particularly complex or voluminous, a longer period of time may be appropriate.

b.Illustration – Access to Material Non-Public Information. Access to Material Non-Public Information may be experienced in circumstances like the following:

1.If an employee of the Company becomes aware of favorable or unfavorable financial results for the Company (or any other public company that could affect the price of the stock of such company).

2.If an employee becomes aware of a company’s potential acquisition before it is disclosed to the press.

3.If an employee becomes aware that a company is about to announce a new product, enter into or terminate a significant commercial contract or make a decision that could affect the price of the stock of a competitor or supplier.

4.If an employee becomes aware that a company is about to make an announcement that could affect the price of its stock.

c.No Trading Securities of Certain Other Companies. If the Company is involved in a significant acquisition, merger, joint venture or other such business transaction with another public company, whether or not the transaction has been announced, no Officer, Director, or employee of the Company or any of its subsidiaries who is aware of the transaction or

Page 2 of 7	The Mosaic Company

possible transaction, may purchase or sell any securities (whether common or preferred stock or derivative securities, such as options to buy or sell such stock)of the other public company until after the closing or termination of such transaction has been publicly announced.

d.No Trading By Officers or Directors in Securities Except During a Quarterly Trading Window. The Company’s announcement of quarterly financial results almost always has the potential to have a material effect on the market for the Company’s securities. To avoid the appearance of trading on Material Non-Public Information relating to earnings, all Officers and Directors (and any additional employees of the Company or any of its subsidiaries notified by the General Counsel from time to time) may purchase or sell securities of the Company only during a quarterly “trading window” as described in Section 3.2(a) of this policy, unless the purchases or sales are pursuant to a Pre-Arranged Trading Program. Trading in these window periods will not relieve liability for trading on or tipping Material Non-Public Information or if such trading results in recoverable “short-swing profits”.

e.No Trading by Officers or Directors in Company Securities During a Pension Plan Blackout. In accordance with the Sarbanes-Oxley Act of 2002, Officers and Directors are prohibited from trading in Company’s equity securities when a substantial number of Company employees are unable to engage in transactions in Company equity securities through their individual pension plan accounts (including 401(k) plan or other retirement plan accounts) due to a pension plan blackout period. Such blackouts may occur for a variety of reasons and will be communicated to Officers and Directors and to Company employees in advance.

f.Notify the Company’s General Counsel Prior to any Transaction in Securities. Even though a quarterly trading window may be open, there are a number of other restrictions which may prohibit any trading by certain individuals, including trading restrictions relating to “short-swing” profits, trading restrictions relating to pension fund blackout periods and trading restrictions imposed because of confidential material transactions. To avoid any inadvertent violation of trading prohibitions, unless the purchases or sales are pursuant to a Pre-Arranged Trading Program, no Officer or Director may purchase or sell securities (including through the allocation of funds contributed to a pension or 401(k) plan) unless the Company’s General Counsel or, in his or her absence, the Company’s Chief Financial Officer, is advised at least two (2) business days in advance of such intent and approves the transaction.

g.Event-Specific Black-Out Periods. From time to time, an event may occur that is material to the Company and is known by only a few Directors or Officers. So long as the event remains material and nonpublic, Officers and Directors and such other persons as are designated by the General Counsel may not trade in the Company’s securities. The existence of an event-specific “black-out” will not be announced, other than to those who are aware of the event giving rise to the black-out. If, however, a person whose trades are subject to pre-clearance (as described above) requests permission to trade in the Company’s securities during an event-specific black-out, the General Counsel will inform the requester of the existence of a black-out period, without disclosing the reason for the black-out. Any person made aware of the existence of an event-specific black-out should not disclose the existence of the black-out to any other person. The failure of the General Counsel to designate a person as being subject to an event-specific black-out will not relieve that person of the obligation not to trade while aware of the Material Non-Public Information. “Black-out” periods also include periods during which participants in a Company pension plan (such as a 401(k) plan or other retirement plan) are prohibited from engaging in transactions in Company equity securities through their pension plan accounts. Approved transactions should be completed within three (3) trading days of approval. All employees are encouraged to seek the advice of the General Counsel or, in his or her absence, the Company’s Chief Financial Officer, prior to effecting any transaction in securities of the Company during any “black-out period”.

Page 3 of 7	The Mosaic Company

h.Short-Swing Profits for Directors and Officers. Under federal law, “short-swing” profits belong to and are recoverable by the Company. The Company cannot waive its right to recover short-swing profits; if the Company fails or refuses to collect the profits, a shareholder may commence a lawsuit for collection on behalf of the Company. This federal law applies regardless of whether the Director or Officer was actually in possession of Material Non-Public Information. Lack of intent to trade on Material Non-Public Information is similarly irrelevant. Trades made through a Pre-Arranged Trading Program are not exempt from the short-swing profit rules.

Short-swing profits include any “profit” resulting from any combination of purchase and sale or sale and purchase of Company securities, including derivative securities, within six-months of each other. The highest sale price of any securities sold during the six month period will be matched against the lowest purchase price of any securities purchased during that period to determine if a short-swing profit exists. The order in which the purchase and sale occurred and the fact that they may have involved different shares in the Company are both irrelevant to whether a “profit” exists.

3.4 Special Requirements for Pre-Approved Trading Programs.

a.All Pre-Arranged Trading Programs must be reviewed and approved by the Company’s General Counsel prior to entering into or amending such Pre-Arranged Trading Program.

b.Officer, Directors, and employees may not adopt multiple Pre-Arranged Trading Programs without approval from the Company’s General Counsel.

c.Officers and Directors are prohibited from trading in Company securities pursuant to a newly adopted or amended Pre-Arranged Trading Program from the later of (i) 90 days after adoption or amendment of the Pre-Arranged Trading Program and (ii) two business days after the Company files its financial results for the fiscal quarter in which such Pre-Arranged Trading Program was adopted or modified,

d.Company employees that are not Officers or Directors are prohibited from trading in Company securities pursuant to a newly adopted or amended Pre-Arranged Trading Program for 30 days after adoption or amendment of the Pre-Arranged Trading Program.

e.Officers, Directors, and employees must promptly notify the Company’s General Counsel of any intention to modify or terminate a previously approved Pre-Arranged Trading Program.

3.5    Transactions Under Company Plans.

a.Stock Option Exercises. This policy does not apply to the exercise of an employee stock option paid for in cash, or to the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares subject to an option to satisfy tax withholding requirements. The policy does apply, however, to any sale of stock as part of a broker-assisted cashless exercise of an option, any other market sale for the purpose of generating the cash needed to pay the exercise price of an option, or the payment of the exercise price with previously-owned shares.

b.Stock-Based Employee Benefit Plans; 401(k) Plan. This policy does not apply to purchases of Company stock in a stock-based employee benefit plan, including the Company’s 401(k) plan, resulting from your periodic contribution of money to the plan pursuant to your payroll deduction election. The policy does apply, however, to certain elections you may make under the 401(k) plan, including (a) an election to increase or decrease the percentage of your periodic contributions that will be allocated to the Company stock fund, (b) an election to make an intra-plan transfer of an existing account balance out of the Company stock fund, (c)

Page 4 of 7	The Mosaic Company

an election to borrow money against your 401(k) plan account if the loan will result in a liquidation of some or all of your Company stock fund balance, and (d) your election to pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to the Company stock fund.

3.6    Additional Prohibited Transactions. The Company considers it improper and inappropriate for any Officer or Director to engage in short-term or speculative transactions in the Company’s securities. It therefore is the Company’s policy that Officers and Directors may not engage in any of the following transactions:

a.Short Sales. Federal law prohibits Directors and Officers from making Short Sales of Company securities. It is unlawful and improper for a Director or Officer to sell Company securities which he or she does not own.

b.Publicly Traded Options. A transaction in publicly traded options is, in effect, a bet on the short-term movement of the Company’s stock and therefore creates the appearance that the Officer or Director is trading based on inside information. Transactions in publicly traded options also may focus the Officer’s or Director’s attention on short-term performance at the expense of the Company’s long-term objectives. Accordingly, transactions in puts, calls or other derivative securities, of the Company, on an exchange or in any other organized market, are prohibited by this policy.

c.Hedging Transactions. Certain forms of hedging or monetization transactions, such as zero-cost collars and forward sale contracts, allow an individual to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for upside appreciation of stock. These transactions allow the Officer or Director to continue to own the covered securities, but without the full risks and rewards of ownership. When that occurs, the Officer or Director may no longer have the same objectives as the Company’s other stockholders. Therefore, Officers and Directors are prohibited from engaging in any such transactions.

3.7    Margin Accounts and Pledges. Securities held in a margin account may be sold by the broker without the customer’s consent if the customer fails to meet a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the pledger is aware of Material Non-Public Information or otherwise is not permitted to trade in Company’s securities, Directors, Officers and other employees of the Company or any of its subsidiaries are prohibited from holding Company securities in a margin account or pledging Company securities as collateral for a loan. An exception to this prohibition may be granted where a person wishes to pledge Company securities as collateral for a loan (not including margin debt) and clearly demonstrates the financial capacity to repay the loan without resort to the pledged securities. Any person who wishes to pledge Company securities as collateral for a loan must submit a request for approval to the General Counsel at least two weeks prior to the proposed execution of documents evidencing the proposed pledge.

3.8    Tipping Information to Others. Officers, Directors, and employees are prohibited from communicating Material Non-Public Information on to others, including family members and friends. Penalties under federal securities laws apply whether or not the employee derives an economic benefit from another’s actions. The SEC has imposed substantial penalties on tippers even though they did not profit from their tippee’s trading.

3.9    Transaction by Family Members. The very same restrictions in this policy against purchasing or selling Company securities or securities of certain other public companies when in possession of Material Non-Public Information, or “tipping” information to others, apply to family members and any other individuals living in an Officer, Director, or employee’s household. Officers, Directors, and employees are expected to be responsible for the compliance of their immediate family and

Page 5 of 7	The Mosaic Company

personal household. Family members and any other individuals living in an Officer’s or Director’s household are required to comply with the preclearance procedures outlined in Section 3.3(f) of this policy prior to engaging in any transactions in Company securities.

3.10    Confidentiality of Information. Serious problems could be caused for the Company by unauthorized disclosure of internal information about the Company, whether or not for the purpose of facilitating improper trading in shares of Company securities. Company personnel should not discuss internal Company matters or developments with anyone outside of the Company, except as required in performance of regular corporate duties.

This prohibition applies specifically (but not exclusively) to inquiries about the Company which may be made by the financial press, investment analysts or others in the financial community. It is important that all such communications on behalf of the Company be through an appropriately designated officer under carefully controlled circumstances. Unless you are expressly authorized to the contrary, if you receive any inquiries of this nature, you should decline comment and refer the inquirer to a designated Company spokesperson.

3.11    Post-Termination Transactions. This policy continues to apply to your transactions in Company securities even after you have terminated employment or terminated your position as a Director. If you are in possession of Material Non-Public Information when your employment or directorship terminates, you may not trade in Company securities until that information has become public or is no longer material.

3.12    This policy will be reviewed on a periodic basis by the Governance Committee to determine whether any modifications or revisions are required or appropriate.

4.    Related Policies/References

1.1Code of Business Conduct and Ethics

5.Definitions

5.1The following terms used in this policy have the following meanings:

a.“Company” means The Mosaic Company.

b.“Director” means a member of the Company’s Board of Directors.

c.“Material Non-Public Information” is any information about a company, or its business, not generally available to the public which a reasonable investor would consider important in deciding whether to buy, hold or sell any securities of a public company. In other words, any information that could reasonably affect the market price of a security is material information. The U.S. Securities and Exchange Commission and the courts have generally given a broad interpretation to what is considered “material information”.

Common examples of “material information” include:

▪Information about a transaction that will significantly affect the financial condition of a company;

▪Projections of future earnings or losses;

▪Monthly earnings results for a company of its subsidiaries;

Page 6 of 7	The Mosaic Company

▪News of a pending or proposed merger, acquisition or tender offer;

▪News of a significant sale of assets or the disposition of a subsidiary;

▪Dividend actions, the declaration of a stock split, or an offering of additional securities;

▪Changes in senior management;

▪Development of a significant new product or process;

▪Impending bankruptcy or financial liquidity problems;

▪The gain or loss of a substantial contract, customer or supplier; or

▪Important financing transactions.

The foregoing list is not exhaustive. Any information that might be considered significant to an investor may be considered “material.” Any questions as to what might be considered “material information” should be directed to the Company’s Law Department, who will provide guidance on the issue.

d.“Officer” means any person who is designated as an executive officer by the Company’s Board of Directors.

e.“Pre-Arranged Trading Program” means a trading program that (a) meets the requirements of Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended, (b) was established at a time when the Officer, Director or Company employee was not in possession of Material Non-Public Information, (c) was approved in advance by the Company’s General Counsel, and (d) meets the requirements set forth in Section 3.4 hereof, including the waiting period between the date on which any Officer, Director or Company employee enters into a Pre-Arranged Trading Program agreement and the effective date of the Pre-Arranged Trading Program

f.“Short Sale” is the sale of securities where Company securities are not actually owned and where delivery on the sale is made with borrowed or subsequently purchased securities.

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Page 7 of 7	The Mosaic Company

Document

Exhibit 21

Subsidiary Information for The Mosaic Company

Certain subsidiaries of the Mosaic Company are listed below. Unnamed subsidiaries, considered in the aggregate as a single subsidiary, would not constitute a “significant subsidiary” as defined in Regulation S-X promulgated by the Securities and Exchange Commission.

Subsidiary Name	Jurisdiction of Incorporation
Mosaic Potash B.V.	Netherlands
Mosaic Global Holdings Inc.	Delaware
The Vigoro Corporation	Delaware
Mosaic USA Holdings Inc.	Delaware
Mosaic Fertilizer, LLC	Delaware
Mosaic Crop Nutrition, LLC	Delaware
Mosaic Fertilizantes Netherlands C.V.	Netherlands
Mosaic Potash Esterhazy Limited Partnership	Saskatchewan
Mosaic Esterhazy Holdings ULC	Alberta
Mosaic Global Operations Inc.	Delaware
Mosaic Canada ULC	Nova Scotia
Mosaic Fertilizantes P&K Ltda	Brazil
Mosaic Netherlands Holding Company	Delaware
Mosaic Global Sales, LLC	Delaware
Mosaic Fertilizantes do Brasil Ltda	Brazil
Mosaic Canada Crop Nutrition, LP	Manitoba
Phosphate Acquisition Partners L.P.	Delaware
PRP-GP LLC	Delaware
Mosaic Sales Netherlands CV	Netherlands
Mosaic Potash Carlsbad Inc	Delaware
Mosaic Phosphates B.V.	Netherlands
Bayovar Holdings	Luxembourg
Mosaic Berg BV	Netherlands
Compañia Minera Miski Mayo S.R.L.	Peru
Tampa Port Services, LLC	Delaware
Mosaic Potash Colonsay ULC	Nova Scotia
South Ft. Meade Land Management, Inc.	Delaware
Mosaic Brazil Fertilizantes B.V.	Netherlands
MVM Resources International B.V.	Netherlands
Mosaic Fertilizers (Beijing) Co., Ltd.	China
Mosaic Fertilizantes Bahamas Limited	Bahamas
Mosaic Fertilizantes Paraguay SRL	Paraguay
Mosaic Fertilizers (Hong Kong) Limited	Hong Kong
Mosaic India Private Limited	India
IMC Chemical North America	Delaware
MOS Insurance Company	Delaware
Plant Response, Inc	Delaware
Terras Brasil Administracão de Imóveis Ltda.	Brazil
Vigindustries Inc.	Delaware
Mosaic Ag Innovation Solutions, LLC	Delaware

Document

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the registration statements (No. 333-175087, 333-177251, 333-216133, and 333-260777) on Form S-3 and registration statements (No. 333-120501, 333-120503, 333-120878, 333-142268, 333-198332, and 333-272271) on Form S-8 of our reports dated March 3, 2025, with respect to the consolidated financial statements of The Mosaic Company and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Tampa, Florida March 3, 2025

Document

Lorelei Duke, Senior Manager Geotechnical Engineering & Planning The Mosaic Company

101 East Kennedy BLVD, Suite 2500

Tampa FL 33602 CONSENT OF QUALIFIED PERSON

I, Lorelei Duke, state that I am responsible for preparing or supervising the preparation of part(s) of the 2024 Mineral Resource Mineral Reserve Update (MRMR) Memorandum for the Belle Plaine Potash Facility with an effective date of December 31, 2024, as signed and certified by me (the “Project Memorandum”).

Furthermore, I state that:

a.I consent to the public filing of the Project Memorandum by The Mosaic Company;

b.the document that the Project Memorandum supports is the annual report on Form 10-K for the year ended December 31, 2024 (the “Document”);

c.I consent to the use of my name, or any quotation from or summarization in the Document of the parts of the Project Memorandum for which I am responsible, to the filing of the Project Memorandum as an exhibit to the Document, and to the incorporation of such information into the following registration statements: Nos. 333-260777, 333-175087, 333-177251, and 333-

216133 on Form S-3 and registration statements Nos. 333-120501, 333-120503, 333-120878,

333-142268, and 333-198332 and 333-272271 on Form S-8;

d.I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the Project Memorandum or in the part(s) thereof for which I am responsible.

Dated at Saskatchewan this 27th day of January 2025.

/s/Lorelei Duke     Lorelei Duke, P.Eng.

Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS), License #13944

Francis Hainstock Senior Geologist

The Mosaic Company

101 East Kennedy BLVD, Suite 2500

Tampa FL 33602 CONSENT OF QUALIFIED PERSON

I, Francis Hainstock, state that I am responsible for preparing or supervising the preparation of part(s) of the 2024 Mineral Resource Mineral Reserve Update (MRMR) Memorandum for the Belle Plaine Potash Facility with an effective date of December 31, 2024, as signed and certified by me (the “Project Memorandum”).

Furthermore, I state that:

a.I consent to the public filing of the Project Memorandum by The Mosaic Company;

b.the document that the Project Memorandum supports is the annual report on Form 10-K for the year ended December 31, 2024 (the “Document”);

c.I consent to the use of my name, or any quotation from or summarization in the Document of the parts of the Project Memorandum for which I am responsible, to the filing of the Project Memorandum as an exhibit to the Document, and to the incorporation of such information into the following registration statements: Nos. 333-260777, 333-175087, 333-177251, and 333-

216133 on Form S-3 and registration statements Nos. 333-120501, 333-120503, 333-120878,

333-142268, and 333-198332 and 333-272271 on Form S-8;

d.I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the Project Memorandum or in the part(s) thereof for which I am responsible.

Dated at Saskatchewan this 15 day of February 2025.

/s/Francis D. Hainstock     Francis Hainstock

License / Professional Membership: #24249

Jarid Hancock, P.Eng., MBA, Senior Mine Manager

The Mosaic Company

101 East Kennedy BLVD, Suite 2500

Tampa FL 33602 CONSENT OF QUALIFIED PERSON

I, Jarid Hancock, state that I am responsible for preparing or supervising the preparation of part(s) of the 2024 Mineral Resource Mineral Reserve Update (MRMR) Memorandum for the Belle Plaine Potash Facility with an effective date of December 31, 2024, as signed and certified by me (the “Project Memorandum”).

Furthermore, I state that:

a.I consent to the public filing of the Project Memorandum by The Mosaic Company;

b.the document that the Project Memorandum supports is the annual report on Form 10-K for the year ended December 31, 2024 (the “Document”);

c.I consent to the use of my name, or any quotation from or summarization in the Document of the parts of the Project Memorandum for which I am responsible, to the filing of the Project Memorandum as an exhibit to the Document, and to the incorporation of such information into the following registration statements: Nos. 333-260777, 333-175087, 333-177251, and 333-

216133 on Form S-3 and registration statements Nos. 333-120501, 333-120503, 333-120878,

333-142268, and 333-198332 and 333-272271 on Form S-8;

d.I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the Project Memorandum or in the part(s) thereof for which I am responsible.

Dated at Saskatchewan this 20 day of January 2025.

/s/Jarid Hancock     Jarid Hancock, P.Eng., MBA

Aimee Ottenbreit

Senior Manager – Environmental

The Mosaic Company

101 East Kennedy BLVD, Suite 2500

Tampa FL 33602 CONSENT OF QUALIFIED PERSON

I, Aimee Ottenbreit, state that I am responsible for preparing or supervising the preparation of part(s) of the 2024 Mineral Resource Mineral Reserve Update (MRMR) Memorandum for the Belle Plaine Potash Facility with an effective date of December 31, 2024, as signed and certified by me (the “Project Memorandum”).

Furthermore, I state that:

a.I consent to the public filing of the Project Memorandum by The Mosaic Company;

b.the document that the Project Memorandum supports is the annual report on Form 10-K for the year ended December 31, 2024 (the “Document”);

c.I consent to the use of my name, or any quotation from or summarization in the Document of the parts of the Project Memorandum for which I am responsible, to the filing of the Project Memorandum as an exhibit to the Document, and to the incorporation of such information into the following registration statements: Nos. 333-260777, 333-175087, 333-177251, and 333-

216133 on Form S-3 and registration statements Nos. 333-120501, 333-120503, 333-120878,

333-142268, and 333-198332 and 333-272271 on Form S-8;

d.I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the Project Memorandum or in the part(s) thereof for which I am responsible.

Dated at Saskatchewan this 17 day of February 2025.

/s/Aimee Ottenbreit     Aimee Ottenbreit

Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS), License #13249

Paul Plosz Process Engineer Senior

The Mosaic Company

101 East Kennedy BLVD, Suite 2500

Tampa FL 33602 CONSENT OF QUALIFIED PERSON

I, Paul Plosz, state that I am responsible for preparing or supervising the preparation of part(s) of the 2024 Mineral Resource Mineral Reserve Update (MRMR) Memorandum for Belle Plaine Potash Facility with an effective date of December 31, 2024, as signed and certified by me (the “Project Memorandum”).

Furthermore, I state that:

b.I consent to the public filing of the Project Memorandum by The Mosaic Company;

c.the document that the Project Memorandum supports is the annual report on Form 10-K for the year ended December 31, 2024 (the “Document”);

e.I consent to the use of my name, or any quotation from or summarization in the Document of the parts of the Project Memorandum for which I am responsible, to the filing of the Project Memorandum as an exhibit to the Document, and to the incorporation of such information into the following registration statements: Nos. 333-260777, 333-175087, 333-177251, and 333-

216133 on Form S-3 and registration statements Nos. 333-120501, 333-120503, 333-120878,

333-142268, and 333-198332 and 333-272271 on Form S-8;

f.I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the Project Memorandum or in the part(s) thereof for which I am responsible.

Dated at Saskatchewan this 24 day of February, 2025.

/s/Paul Plosz     Paul Plosz

License(s) / Membership(s):

Association of Professional Engineers & Geoscientists of Saskatchewan – Member Number 28194

Matthew Swedburg, Professional Engineer Senior Manager, Maintenance and Engineering

The Mosaic Company

101 East Kennedy BLVD, Suite 2500

Tampa FL 33602 CONSENT OF QUALIFIED PERSON

I, Matthew Swedburg, state that I am responsible for preparing or supervising the preparation of part(s) of the 2024 Mineral Resource Mineral Reserve Update (MRMR) Memorandum for the Belle Plaine Potash Facility with an effective date of December 31, 2024, as signed and certified by me (the “Project Memorandum”).

Furthermore, I state that:

a.I consent to the public filing of the Project Memorandum by The Mosaic Company;

b.the document that the Project Memorandum supports is the annual report on Form 10-K for the year ended December 31, 2024 (the “Document”);

c.I consent to the use of my name, or any quotation from or summarization in the Document of the parts of the Project Memorandum for which I am responsible, to the filing of the Project Memorandum as an exhibit to the Document, and to the incorporation of such information into the following registration statements: Nos. 333-260777, 333-175087, 333-177251, and 333-

216133 on Form S-3 and registration statements Nos. 333-120501, 333-120503, 333-120878,

333-142268, and 333-198332 and 333-272271 on Form S-8;

d.I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the Project Memorandum or in the part(s) thereof for which I am responsible.

Dated at Saskatchewan this 10 day of February, 2025.

/s/Matthew Swedburg     Matthew Swedburg, P. Eng.

Licenses / Memberships:

Association of Professional Engineers and Geoscientis of Saskatchewan (APEGS), License #15301

Monica Tochor, Manager, Geology & Reserves Senior Geologist

The Mosaic Company

101 East Kennedy BLVD, Suite 2500

Tampa FL 33602 CONSENT OF QUALIFIED PERSON

I, Monica Tochor, state that I am responsible for preparing or supervising the preparation of part(s) of the 2024 Mineral Resource Mineral Reserve Update (MRMR) Memorandum for the Belle Plaine Potash Facility with an effective date of December 31, 2024, as signed and certified by me (the “Project Memorandum”).

Furthermore, I state that:

a.I consent to the public filing of the Project Memorandum by The Mosaic Company;

b.the document that the Project Memorandum supports is the annual report on Form 10-K for the year ended December 31, 2024 (the “Document”);

c.I consent to the use of my name, or any quotation from or summarization in the Document of the parts of the Project Memorandum for which I am responsible, to the filing of the Project Memorandum as an exhibit to the Document, and to the incorporation of such information into the following registration statements: Nos. 333-260777, 333-175087, 333-177251, and 333-

216133 on Form S-3 and registration statements Nos. 333-120501, 333-120503, 333-120878,

333-142268, and 333-198332 and 333-272271 on Form S-8;

d.I confirm that I have read the Document, and that the Document fairly and accurately reflects, in the form and context in which it appears, the information in the Project Memorandum or in the part(s) thereof for which I am responsible.

Dated at Saskatchewan this 10 day of February, 2025.

/s/Monica Tochor     Monica Tochor

Association of Professional Engineers and Geoscientists of Saskatchewan (APEGS) License #12338

Document

Exhibit 24

POWER OF ATTORNEY

The undersigned, being a Director and/or Officer of The Mosaic Company, a Delaware corporation (the "Company"), hereby constitutes and appoints Bruce M. Bodine, Luciano Siani Pires and Philip E. Bauer his/her true and lawful attorneys and agents, each with full power and authority (acting alone and without the others) to execute and deliver in the name and on behalf of the undersigned as such Director and/or Officer, the Annual Report of the Company on Form 10-K for the calendar year ended December 31, 2024 (the "Annual Report") under the Securities Exchange Act of 1934, as amended, and to execute and deliver any and all amendments to the Annual Report for filing with the Securities and Exchange Commission; and in connection with the foregoing, to do any and all acts and things and execute any and all instruments which such attorneys and agents may deem necessary or advisable to enable the Company to comply with the securities laws of the United States and of any state or other political subdivision thereof. The undersigned hereby grants unto such attorney and agents, and each of them, full power of substitution and revocation in the premises and hereby ratifies and confirms all that such attorneys and agents may do or cause to be done by virtue of these presents.

/s/ Cheryl K. Beebe	/s/ Gregory L. Ebel
Cheryl K. Beebe	Gregory L. Ebel
/s/ Timothy S. Gitzel	/s/ Emery N. Koenig
Timothy S. Gitzel	Emery N. Koenig
/s/ Jody L. Kuzenko	/s/ Sonya C. Little
Jody L. Kuzenko	Sonya C. Little
/s/ David T. Seaton	/s/ Kathleen M. Shanahan
David T. Seaton	Kathleen M. Shanahan
/s/ João Roberto Gonçalves Teixeira	/s/ Gretchen H. Watkins
João Roberto Gonçalves Teixeira	Gretchen H. Watkins
/s/ Kelvin R. Westbrook
Kelvin R. Westbrook

Document

Exhibit 31.1

Certification Required by Rule 13a-14(a)

I, Bruce M. Bodine, certify that:

| 1. | I have reviewed this annual report on Form 10-K of The Mosaic Company; | | --- | --- || 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | | --- | --- || 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | | --- | --- || 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | | --- | --- || a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | | --- | --- || b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | | --- | --- || c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | | --- | --- || d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | | --- | --- || 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): | | --- | --- || a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | | --- | --- || b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | | --- | --- | | Date: March 3, 2025 | | --- | | /s/ Bruce M. Bodine | | Bruce M. Bodine | | Chief Executive Officer and President | | The Mosaic Company |

Document

Exhibit 31.2

Certification Required by Rule 13a-14(a)

I, Luciano Siani Pires, certify that:

| 1. | I have reviewed this annual report on Form 10-K of The Mosaic Company; | | --- | --- || 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | | --- | --- || 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | | --- | --- || 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | | --- | --- || a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | | --- | --- || b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | | --- | --- || c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | | --- | --- || d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | | --- | --- || 5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): | | --- | --- || a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | | --- | --- || b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | | --- | --- | | Date: March 3, 2025 | | --- | | /s/ Luciano Siani Pires | | Luciano Siani Pires | | Executive Vice President and Chief Financial Officer | | The Mosaic Company |

Document

Exhibit 32.1

Certification of Chief Executive Officer Required by Rule 13a-14(b)

and Section 1350 of Chapter 63 of Title 18 of the United States Code

I, Bruce M. Bodine, the Chief Executive Officer and President of The Mosaic Company, certify that (i) the Annual Report on Form 10-K for the year ended December 31, 2024 of The Mosaic Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of The Mosaic Company.

March 3, 2025
/s/ Bruce M. Bodine
Bruce M. Bodine
Chief Executive Officer and President
The Mosaic Company

Document

Exhibit 32.2

Certification of Chief Financial Officer Required by Rule 13a-14(b)

and Section 1350 of Chapter 63 of Title 18 of the United States Code

I, Luciano Siani Pires, the Executive Vice President and Chief Financial Officer of The Mosaic Company, certify that (i) the Annual Report on Form 10-K for the year ended December 31, 2024 of The Mosaic Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of The Mosaic Company.

March 3, 2025
/s/ Luciano Siani Pires
Luciano Siani Pires
Executive Vice President and Chief Financial Officer
The Mosaic Company

Document

Exhibit 95

MINE SAFETY DISCLOSURES

The following table shows, for each of our U.S. mines that is subject to the Federal Mine Safety and Health Act of 1977 (“MSHA”), the information required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K. Section references are to sections of MSHA.

			Potash Mine	Florida Phosphate Rock Mines
Year Ended December 31, 2023			Carlsbad,<br><br>New Mexico	Four Corners	South Fort Meade	Wingate	South Pasture
	Section 104 citations for violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard (#)		23	12	1	3	1
	Section 104(b) orders (#)		0	0	0	0	0
	Section 104(d) citations and orders (#)		0	0	0	0	0
	Section 110(b)(2) violations (#)		0	0	0	0	0
	Section 107(a) orders (#)		0	0	0	0	0
	Proposed assessments under MSHA (whole dollars)		$121,919	$62,716	$6,132	$3,510	$935
	Mining-related fatalities (#)		0	0	0	0	0
	Section 104(e) notice		No	No	No	No	No
	Notice of the potential for a pattern of violations under Section 104(e)		No	No	No	No	No
	Legal actions before the Federal Mine Safety and Health Review Commission (“FMSHRC”) initiated (#)		5	0	0	0	0
	Legal actions before the FMSHRC resolved (#)		2	0	0	0	0
	Legal actions pending before the FMSHRC, end of period:
		Contests of citations and orders referenced in Subpart B of 29 CFR Part 2700 (#)	0	0	0	0	0
		Contests of proposed penalties referenced in Subpart C of 29 CFR Part 2700 (#)	4	0	0	0	0
		Complaints for compensation referenced in Subpart D of 29 CFR Part 2700 (#)	0	0	0	0	0
		Complaints of discharge, discrimination or interference referenced in Subpart E of 29 CFR Part 2700 (#)	0	0	0	0	0
		Applications for temporary relief referenced in Subpart F of 29 CFR Part 2700 (#)	0	0	0	0	0
		Appeals of judges’ decisions or orders referenced in Subpart H of 29 CFR Part 2700 (#)	0	0	0	0	0
		Total pending legal actions (#)	4	0	0	0	0

a2024belleplainesk1300tr

Belle Plaine Potash Facility Saskatchewan, Canada Technical Report Summary Belle Plaine Potash Facility Technical Report Summary Effective December 31, 2024 Date: December 31, 2024 ii CONTENTS Executive Summary ................................................................................................................................. 1-2 1.1 Introduction .............................................................................................................................................. 1-2 1.2 Property Location ..................................................................................................................................... 1-2 1.3 Ownership and Status ............................................................................................................................... 1-2 1.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements ............................................ 1-2 1.5 Geology and Mineralization ..................................................................................................................... 1-3 1.6 Mineral Resource Estimate ...................................................................................................................... 1-3 1.7 Mineral Reserve Estimate ........................................................................................................................ 1-6 1.8 Mining Method ........................................................................................................................................ 1-6 1.9 Recovery Methods ................................................................................................................................... 1-7 1.10 Infrastructure ............................................................................................................................................ 1-7 1.11 Markets and Contracts .............................................................................................................................. 1-8 1.12 Environmental, Permitting and Social Considerations ............................................................................. 1-8 1.13 Capital Cost and Operating Cost Estimates ............................................................................................. 1-8 1.14 Economic Analysis................................................................................................................................... 1-8 1.15 Interpretations and Conclusions ............................................................................................................... 1-9 1.16 Recommendations .................................................................................................................................... 1-9 Introduction .............................................................................................................................................. 2-1 2.1 Registrant ................................................................................................................................................. 2-1 2.2 Purpose and Terms of Reference ............................................................................................................. 2-1 2.3 Abbreviations and Units ........................................................................................................................... 2-1 2.4 Qualified Persons (QP) ............................................................................................................................ 2-3 2.5 Effective Dates ......................................................................................................................................... 2-3 2.6 Information Sources and References ........................................................................................................ 2-4 2.7 Previous Technical Report Summaries .................................................................................................... 2-4 Property Description ................................................................................................................................ 3-1 3.1 Introduction .............................................................................................................................................. 3-1 3.2 Property and Title ..................................................................................................................................... 3-2 3.2.1 Mineral Title ........................................................................................................................................ 3-2 3.2.2 Surface Rights ...................................................................................................................................... 3-6 3.2.3 Water Rights ........................................................................................................................................ 3-6 3.2.4 Royalties .............................................................................................................................................. 3-6 3.3 Encumbrances .......................................................................................................................................... 3-6 3.4 Significant Factors and Risks That May Affect Access, Title or Work Programs ................................... 3-6 Accessibility, Climate, Local Resources, Infrastructure and Physiography ............................................. 4-1 4.1 Physiography ............................................................................................................................................ 4-1 4.1.1 Topography, Elevation and Vegetation ............................................................................................... 4-1 4.2 Accessibility ............................................................................................................................................. 4-1 4.3 Climate ..................................................................................................................................................... 4-3 4.3.1 Climate ................................................................................................................................................. 4-3 4.3.2 Length of Operating Season................................................................................................................. 4-3 4.4 Infrastructure/Local Resources ................................................................................................................ 4-3 Date: December 31, 2024 iii 4.4.1 Water ................................................................................................................................................... 4-3 4.4.2 Power and Electricity ........................................................................................................................... 4-3 4.4.3 Natural Gas .......................................................................................................................................... 4-3 4.4.4 Roads and Logistics ............................................................................................................................. 4-3 4.4.5 Personnel ............................................................................................................................................. 4-4 4.4.6 Supplies ............................................................................................................................................... 4-4 History ...................................................................................................................................................... 5-1 Geological Setting, Mineralization and Deposit ...................................................................................... 6-1 6.1 Deposit Type ............................................................................................................................................ 6-1 6.2 Regional Geology .................................................................................................................................... 6-1 6.3 Local Geology .......................................................................................................................................... 6-6 6.3.1 Stratigraphy.......................................................................................................................................... 6-6 6.3.2 Stratigraphic Anomalies ...................................................................................................................... 6-7 6.4 Property Geology ................................................................................................................................... 6-10 6.4.1 Belle Plaine Potash Deposit ............................................................................................................... 6-10 Exploration ............................................................................................................................................... 7-1 7.1 Exploration ............................................................................................................................................... 7-1 7.1.1 Grids and Surveys ................................................................................................................................ 7-1 7.1.2 Geological Mapping ............................................................................................................................ 7-1 7.1.3 Geochemistry ....................................................................................................................................... 7-1 7.1.4 Seismic Survey Geophysics ................................................................................................................. 7-1 7.1.5 Petrology, Mineralogy, and Research Studies ..................................................................................... 7-2 7.1.6 Exploration Potential ........................................................................................................................... 7-2 7.2 Drilling ..................................................................................................................................................... 7-2 7.2.1 Overview ............................................................................................................................................. 7-2 7.2.2 Drilling on Property ............................................................................................................................. 7-3 7.2.3 Drilling Supporting Mineral Resource Estimates ................................................................................ 7-6 7.2.4 Drilling Excluded for Estimation Purposes ......................................................................................... 7-6 7.2.5 Drill Methods ....................................................................................................................................... 7-7 7.2.6 Geological Logging ............................................................................................................................. 7-7 7.2.7 Recovery .............................................................................................................................................. 7-9 7.2.8 Collar Surveys ..................................................................................................................................... 7-9 7.3 QP Interpretation of the Exploration Information .................................................................................... 7-9 Sample Preparation, Analyses and Security ............................................................................................. 8-1 8.1 Introduction .............................................................................................................................................. 8-1 8.2 Core Sampling Method ............................................................................................................................ 8-1 8.2.1 Procedures............................................................................................................................................ 8-1 8.2.2 Quality Control .................................................................................................................................... 8-2 8.3 Sample Preparation .................................................................................................................................. 8-2 8.3.1 Process ................................................................................................................................................. 8-2 8.3.2 Quality Control .................................................................................................................................... 8-2 8.4 Assaying and Analytical Procedures ........................................................................................................ 8-3 8.4.1 Procedures............................................................................................................................................ 8-3 8.4.2 Density Determination ......................................................................................................................... 8-3 8.4.3 Quality Assurance and Quality Control ............................................................................................... 8-3 8.5 Sample Security ....................................................................................................................................... 8-4 Date: December 31, 2024 iv 8.6 Database ................................................................................................................................................... 8-4 8.7 QP Opinion on Sample Preparation, Security, and Analytical Procedures .............................................. 8-4 Data Verification ...................................................................................................................................... 9-1 9.1 QP and Internal Data Verification ............................................................................................................ 9-1 9.2 External Data Verification ....................................................................................................................... 9-1 9.3 QP Opinion on Data Adequacy ................................................................................................................ 9-2 Mineral Processing and Metallurgical Testing ....................................................................................... 10-1 10.1 Introduction ............................................................................................................................................ 10-1 10.2 On-Site Laboratory................................................................................................................................. 10-1 10.3 Quality Control ...................................................................................................................................... 10-3 10.4 Database and Records ............................................................................................................................ 10-4 10.5 Metallurgical Test Work ........................................................................................................................ 10-5 10.6 Recovery Estimates ................................................................................................................................ 10-5 10.7 Metallurgical Variability ........................................................................................................................ 10-5 10.8 Deleterious Elements ............................................................................................................................. 10-5 10.9 QP Opinion on Data Adequacy .............................................................................................................. 10-6 Mineral Resource Estimates ................................................................................................................... 11-1 11.1 Introduction ............................................................................................................................................ 11-1 11.2 Key Assumptions ................................................................................................................................... 11-1 11.3 Estimation Methodology ........................................................................................................................ 11-1 11.4 Exploratory Data Analysis ..................................................................................................................... 11-2 11.5 Validation ............................................................................................................................................... 11-3 11.6 Confidence Classification of Mineral Resource Estimate ...................................................................... 11-4 11.7 Reasonable Prospects of Economic Extraction ...................................................................................... 11-5 11.8 Mineral Resource Statement .................................................................................................................. 11-5 11.9 Uncertainties (Factors) That May Affect the Mineral Resource Estimate ............................................. 11-7 Mineral Reserve Estimates ..................................................................................................................... 12-1 12.1 Introduction ............................................................................................................................................ 12-1 12.2 Key Assumptions ................................................................................................................................... 12-1 12.3 Estimation Methodology ........................................................................................................................ 12-1 12.4 Mineral Reserve Statement .................................................................................................................... 12-2 12.5 Uncertainties (Factors) That May Affect the Mineral Reserve Estimate ............................................... 12-4 Mining Methods ..................................................................................................................................... 13-1 13.1 Introduction ............................................................................................................................................ 13-1 13.2 Solution Mining Process ........................................................................................................................ 13-1 13.2.1 Geotechnical Considerations ............................................................................................................. 13-3 13.2.2 Hydrogeological Considerations ........................................................................................................ 13-4 13.3 Mine Design and Operations .................................................................................................................. 13-5 13.3.1 Production Plan/Life of Mine Plan .................................................................................................... 13-5 13.3.2 Planning Assumptions/Design Criteria .............................................................................................. 13-9 13.3.3 Mining Sequence and Cluster Planning ........................................................................................... 13-10 13.3.4 Cluster Site Design .......................................................................................................................... 13-12 13.3.5 Operational Cut-off Grades.............................................................................................................. 13-13 13.3.6 Mine Production Monitoring ........................................................................................................... 13-13 13.3.7 Equipment ........................................................................................................................................ 13-13 13.3.8 Personnel ......................................................................................................................................... 13-14

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Date: December 31, 2024 v Recovery Methods ................................................................................................................................. 14-1 14.1 Introduction ............................................................................................................................................ 14-1 14.2 Flowsheet ............................................................................................................................................... 14-1 14.3 Equipment Characteristics and Specifications ....................................................................................... 14-5 14.4 Water and Energy Requirements ............................................................................................................ 14-6 14.5 Personnel ................................................................................................................................................ 14-7 14.6 Key Metrics ............................................................................................................................................ 14-7 Infrastructure .......................................................................................................................................... 15-1 15.1 Introduction ............................................................................................................................................ 15-1 15.2 Roads and Logistics ............................................................................................................................... 15-3 15.3 Tailings Storage Facilities ...................................................................................................................... 15-4 15.4 Brine Management Structures ................................................................................................................ 15-5 15.5 Built Infrastructure ................................................................................................................................. 15-5 15.6 Power and Electrical .............................................................................................................................. 15-5 15.7 Natural Gas ............................................................................................................................................ 15-6 15.8 Water Supply.......................................................................................................................................... 15-6 Market Studies and Contracts ................................................................................................................ 16-1 16.1 Markets .................................................................................................................................................. 16-1 16.2 Commodity Price and Exchange Rate Forecasts .................................................................................... 16-1 16.3 Contracts ................................................................................................................................................ 16-2 Environmental Studies, Permitting and Plans, Negotiations or Agreements with Local Individuals or Groups ................................................................................................................................................................ 17-1 17.1 Introduction ............................................................................................................................................ 17-1 17.2 Baseline and Supporting Studies ............................................................................................................ 17-1 17.3 Environmental Considerations/Monitoring Programs ............................................................................ 17-2 17.3.1 Environmental Considerations ........................................................................................................... 17-2 17.3.2 Environmental Monitoring ................................................................................................................ 17-3 17.3.3 Incidents and Releases ....................................................................................................................... 17-5 17.4 Stockpiles ............................................................................................................................................... 17-5 17.4.1 General Waste Management .............................................................................................................. 17-5 17.5 Waste Rock Storage Facilities................................................................................................................ 17-5 17.6 Tailings Storage Facility ........................................................................................................................ 17-5 17.6.1 Tailings Pile ....................................................................................................................................... 17-5 17.6.2 Brine Pond and Flood Containment Pond.......................................................................................... 17-6 17.6.3 Solids and Surface Brine Control ...................................................................................................... 17-6 17.6.4 Deep Well Injection ........................................................................................................................... 17-6 17.7 Water Management ................................................................................................................................ 17-7 17.7.1 Freshwater.......................................................................................................................................... 17-7 17.7.2 Runoff ................................................................................................................................................ 17-7 17.7.3 Waste Water....................................................................................................................................... 17-7 17.8 Closure and Reclamation Considerations ............................................................................................... 17-7 17.8.1 Decommissioning and Reclamation Guidelines ................................................................................ 17-7 17.8.2 Site Investigation and Reclamation Plan ........................................................................................... 17-8 17.9 Permitting ............................................................................................................................................. 17-11 17.10 Social Considerations, Plans, Negotiations and Agreements ............................................................... 17-11 Capital and Operating Costs ................................................................................................................... 18-1 Date: December 31, 2024 vi 18.1 Capital Cost Estimates ........................................................................................................................... 18-1 18.1.1 Basis of Estimate ............................................................................................................................... 18-1 18.1.2 Exclusions for the Capital Cost Estimate ........................................................................................... 18-1 18.1.3 Capital Cost Estimate......................................................................................................................... 18-2 18.2 Operating Cost Estimates ....................................................................................................................... 18-3 18.2.1 Basis of Estimate ............................................................................................................................... 18-3 18.2.2 Mine Operating Costs ........................................................................................................................ 18-3 Economic Analysis ................................................................................................................................. 19-1 19.1 Methodology Used ................................................................................................................................. 19-1 19.2 Financial Model Inputs, Parameters and Assumptions .......................................................................... 19-1 19.3 Economic Analysis................................................................................................................................. 19-2 19.4 Sensitivity Analysis ................................................................................................................................ 19-3 Adjacent Properties ................................................................................................................................ 20-1 Other Relevant Data and Information .................................................................................................... 21-1 Interpretation and Conclusions ............................................................................................................... 22-1 22.1 Mineral Resources .................................................................................................................................. 22-1 22.2 Mineral Reserves .................................................................................................................................... 22-2 Recommendations .................................................................................................................................. 23-1 References .............................................................................................................................................. 24-1 Reliance on Information Provided by the Registrant ............................................................................. 25-1 TABLES Table 1-1: 2024 Mineral Resources ........................................................................................................................... 1-3 Table 1-2: 2024 Mineral Reserves ............................................................................................................................. 1-6 Table 2-1: List of Units and Abbreviations ............................................................................................................... 2-1 Table 2-2: Qualified Persons ..................................................................................................................................... 2-3 Table 2-3 Reliance on Other Experts ......................................................................................................................... 2-4 Table 3-1: Mineral Lease ........................................................................................................................................... 3-4 Table 3-2: Sections and Acreages Owned by the Crown ........................................................................................... 3-4 Table 3-3: Sections and Acreages of Mosaic Owned Mineral Rights ....................................................................... 3-4 Table 3-4: Partial Mineral Rights Area ...................................................................................................................... 3-4 Table 5-1: History ...................................................................................................................................................... 5-1 Table 5-2: Production History ................................................................................................................................... 5-2 Table 6-1: Potash Horizons ..................................................................................................................................... 6-11 Table 7-1: Exploration Drilling Summary ................................................................................................................. 7-4 Table 7-2: Drill Summary Table Supporting Mineral Resource Estimates ............................................................... 7-6 Table 7-3: Drill Summary Table Excluded for Estimation Purposes ........................................................................ 7-7 Table 8-1: Digital Photograph Records ..................................................................................................................... 8-2 Table 10-1: Regular On-Site Laboratory Testing .................................................................................................... 10-2 Table 10-2: Notable Frequency of Samples............................................................................................................. 10-3 Table 10-3: Sample Accuracy and Precision ........................................................................................................... 10-4 Table 11-1: Assays and RESPEC/Mosaic GREC Comparison for Hole 41092 Mining Intervals by Member ....... 11-3 Table 11-2: 2024 Mineral Resources ....................................................................................................................... 11-5 Table 12-1: 2024 Mineral Reserves ......................................................................................................................... 12-2 Date: December 31, 2024 vii Table 13-1: Life of Mine Production Plan ............................................................................................................... 13-6 Table 13-2: Major Mining Area Equipment .......................................................................................................... 13-14 Table 13-3: Mining Area Personnel Requirements ............................................................................................... 13-14 Table 14-1: Process Plant Equipment ...................................................................................................................... 14-5 Table 14-2: Water and Energy Requirements .......................................................................................................... 14-6 Table 14-3: Processing Plant Personnel ................................................................................................................... 14-7 Table 14-4: Key Processing Plant Metrics............................................................................................................... 14-7 Table 15-1: Infrastructure Maintained by Third Parties .......................................................................................... 15-1 Table 16-1: Commodity Prices and Exchange Rates ............................................................................................... 16-2 Table 18.1: Historical and LOM Plan Sustaining and Project Capital .................................................................... 18-2 Table 18.2: Historical and LOM Plan Cash Costs ................................................................................................... 18-4 Table 19-11: Cash Flow Analysis ............................................................................................................................ 19-2 Table 25-1: Information Provided by the Registrant ............................................................................................... 25-1 FIGURES Figure 1-1: Location and Distribution of Mineral Resources and Mineral Reserves ................................................ 1-5 Figure 3-1: Location Map .......................................................................................................................................... 3-1 Figure 3-2: KL 106-R Lease Boundary ..................................................................................................................... 3-3 Figure 3-3: 2024 Mineral Rights Location and Status ............................................................................................... 3-5 Figure 4-1: Location and Accessibility ...................................................................................................................... 4-2 Figure 6-1: Regional Geology Plan of the Elk Point Basin (RESPEC, 2021) ........................................................... 6-2 Figure 6-2: Regional Central Saskatchewan Stratigraphy ......................................................................................... 6-3 Figure 6-3: Regional Cross Section Illustrating the Stratigraphic Relationships of the Prairie Evaporite Formation (RESPEC, 2021) ........................................................................................................................................................ 6-5 Figure 6-4: Local Stratigraphy (RESPEC, 2021) ...................................................................................................... 6-7 Figure 6-5 Types of Stratigraphic Anomalies (RESPEC, 2021)................................................................................ 6-8 Figure 6-6: Wash-out Anomaly ................................................................................................................................. 6-9 Figure 6-7: Leach Anomaly ..................................................................................................................................... 6-10 Figure 6-8: Deposit Stratigraphy with Corresponding Gamma Results .................................................................. 6-12 Figure 7-1: Seismic Surveys ...................................................................................................................................... 7-2 Figure 7-2: Exploration Drill Hole Locations ............................................................................................................ 7-5 Figure 11-1: Assays and RESPEC/Mosaic GREC Comparison for Hole 41092 Mining Intervals by Bed (RESPEC, 2020) ........................................................................................................................................................................ 11-3 Figure 11-2: Location and Distribution of Mineral Resources and Mineral Reserves ............................................ 11-6 Figure 12-1: Location and Distribution of Mineral Resources and Mineral Reserves ............................................ 12-3 Figure 13-1: Mining Process and Cavern Life Cycle .............................................................................................. 13-1 Figure 13-2: Mining Area Flow Inputs and Outputs................................................................................................ 13-3 Figure 13-3: 2021 LOM Plan .................................................................................................................................. 13-9 Figure 13-4: Mining Sequence and Cluster Planning ............................................................................................ 13-11 Figure 13-5: Typical Cluster Site Layout .............................................................................................................. 13-13 Figure 14-1: Processing Plant Flow Sheet ............................................................................................................... 14-2 Figure 15-1: Major Infrastructure ............................................................................................................................ 15-2 Figure 15-2: Detailed Plant and Tailings Area Infrastructure .................................................................................. 15-3 Figure 15-3: Simplified Stratigraphy of the TMA Area .......................................................................................... 15-4 Figure 15-4: Typical Cross Section of TMA Pile with Current and Future States .................................................. 15-4 Date: December 31, 2024 viii Figure 19-1: Sensitivity Results on NPV ............................................................................................................... 19-32 Figure 20-1: Adjacent Properties ............................................................................................................................. 20-2

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Date: December 31, 2024 1-1 FORWARD LOOKING INFORMATION CAUTION All statements, other than statements of historical fact, appearing in this report constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding results depend on inputs that are subject to both known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those presented in this Report. Information that is forward-looking includes, but is not limited to, the following: • Mineral resource and mineral reserve estimates. • Assumed commodity prices and exchange rates. • Assumed freight charges. • Proposed and scheduled mine production plan. • Projected mining and processing recovery rates. • Capital cost estimates and schedule. • Operating cost estimates. • Closure costs estimates and closure requirements assumptions. • Environmental, permitting and social risk assumptions. Additional risks to the forward-looking information include: • Changes to costs of production from what is assumed. • Unrecognized environmental risks. • Unanticipated reclamation expenses. • Unexpected variations in production tonnage, grade or recovery rates. • Failure of plant, equipment or processes to operate as anticipated. • Accidents, labor disputes and other risks of the mining industry. • Changes to tax rates. Date: December 31, 2024 1-2 Executive Summary 1.1 Introduction Potash is the generic term used to describe potassium chloride, also known as muriate of potash. It is one of the three primary crop nutrients required for plant growth and is not substitutable. Potash (and other fertilizer products derived from it) provides the overwhelming majority of potassium nutrient worldwide. Potash is mined globally with the most significant mineral reserves and mineral resources deposited in Saskatchewan, Canada. Most potash deposits are a mixture of potassium chloride (KCl), sodium chloride (NaCl) and clay. The Mosaic Company is a leading producer of Canadian potash utilizing underground and solution mining methods. The Belle Plaine Potash Facility, located in Saskatchewan, Canada started production in 1964 and was the first, and is the largest potash solution mining facility in the world. It consists of a Mining Area and a Processing Plant and has an expected mine life based on mineral reserves of 63 years. In addition, there are significant inferred mineral resources that may extend the mine life beyond that, pending additional exploration work. The 2024 Belle Plaine Potash Facility Technical Report Summary (the “Report”) has been prepared by the Belle Plaine Qualified Persons and supports the mineral resource and mineral reserve estimates for the year ending December 31, 2024. The Belle Plaine mineral resources and mineral reserves are reported in accordance with SEC Regulation S-K, Subpart 1300. 1.2 Property Location The Belle Plaine Potash Facility is located in the Rural Municipality of Pense in the Province of Saskatchewan, Canada, just north of the TransCanada Highway (Hwy 1) approximately 32 miles (51 km) by road west of Regina, Saskatchewan. It is the oldest and largest potash solution mine in the world. 1.3 Ownership and Status The Belle Plaine Potash Facility is 100% owned by Mosaic Canada ULC, a wholly owned indirect subsidiary of The Mosaic Company. For the purposes of this Report, unless otherwise noted, The Mosaic Company and Mosaic Canada ULC will each be referred to interchangeably as Mosaic, as the context requires. 1.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements Mosaic leases approximately 53,131 acres of mineral rights for the Belle Plaine Potash Facility from the Crown under Subsurface Mineral Lease KL 106-R. The Belle Plaine Crown lease term is for a period of 21 years from July 2012, with renewals at Mosaic’s option for additional 21-year lease periods. In addition, Mosaic owns approximately 19,284 acres of mineral rights within the Belle Plaine area. All mineral properties owned or leased by Mosaic are for the “subsurface mineral” commodity as defined in The Subsurface Mineral Tenure Regulations (Saskatchewan). Mosaic owns approximately 6,333 acres of surface rights in the Belle Plaine area. All infrastructure including the processing plant, TMA (Tailings Management Area), cluster sites and pipeline right of ways are located on Mosaic- owned land. Mosaic-owned land not used for infrastructure is leased out for agricultural use. Mosaic holds a Water Rights License issued by the Saskatchewan Water Security Agency for the Belle Plaine site. This License is subject to review by April 1, 2031 and covers the water rights from Buffalo Pound Lake and makes references to the Approval to Operate Works associated with the pipeline and associated infrastructure connecting Belle Plaine to the SaskWater intake on Buffalo Pound Lake. The Potash Crown Royalty is payable under The Subsurface Mineral Royalty Regulations, 2017 (Saskatchewan). Mosaic pays royalties that are based on a royalty rate of 3% on the value of the potash produced from Crown mineral Date: December 31, 2024 1-3 lands. Value is determined as the average price realized by the producer in the year, as determined by revenues and sales under The Potash Production Tax Regulations, 1990 (Saskatchewan). 1.5 Geology and Mineralization The intracratonic Elk Point Basin is a major sedimentary geological feature in western Canada and the northwest USA. It contains one of the world’s largest stratabound potash resources. The nature of this type of deposition is largely continuous with predictable depths and thickness. It is estimated to host >5 billion tonnes of ore (Orris, 2014) and is mined at a number of locations, including Mosaic’s Belle Plaine, Esterhazy and Colonsay potash facilities. Saskatchewan potash represents almost 25% of the global potash production due to its relatively low-cost, bulk tonnage mining methods. (Orris, 2014). The Prairie Evaporite hosts rich deposits of evaporite minerals including halite (NaCl), sylvite (KCl) and locally, carnallite. There are a number of insoluble clay-rich zones that are not recovered in the solution mining process. The potash deposit at Belle Plaine is uniform and laterally continuous. Solution mining methods can more easily accommodate any local variations in geological condition due to the non-selective concentrate mining process. Three potash deposits of economic importance occur in Saskatchewan: the Esterhazy, Belle Plaine and Patience Lake Members. The Belle Plaine Potash Facility is a solution mine that recovers potash from each of the Esterhazy, Belle Plaine and Patience Lake Members. The following is a summary of the key stratigraphic units for the Belle Plaine Potash Facility: • Patience Lake Member: The uppermost member of the Prairie Evaporite Formation with potash production potential. Between the top of the Prairie Evaporite Formation and the top of the Patience Lake Member is a 0 to 45 ft. (0 to 14 m) thick unit of halite with clay bands called the salt back. The sylvite-rich horizons within the Patience Lake Member are mined using conventional underground mining techniques in the Saskatoon, Saskatchewan area and by solution mining techniques at Belle Plaine. • Belle Plaine Member: The Belle Plaine Member underlies the Patience Lake Member and is separated from it by a zone of low grade sylvinite. The Belle Plaine Member is mined using solution mining techniques at Belle Plaine. • Esterhazy Member: The Esterhazy Member is separated from the Belle Plaine Member by the White Bear Marker Beds, a sequence of clay seams, low-grade sylvinite, and halite. The Esterhazy Member is mined using conventional underground techniques at Mosaic’s Esterhazy Potash Facility in southeastern Saskatchewan and by solution mining techniques at Belle Plaine. 1.6 Mineral Resource Estimate The mineral resource estimates for the Belle Plaine Potash Facility are listed in Table 1-1. Mineral resources are reported exclusive of the mineral reserves. Figure 1-1 shows the distribution of the mineral resources and mineral reserves on the Belle Plaine property. Table 1-1: 2024 Mineral Resources Inferred Mineral Resources Location Tons (M) Tonnes (M) Grade %KCl Grade %K2O Belle Plaine 5,124 4,647 31 19 Notes to accompany mineral resource Table 1-1: 1. Mineral resource estimates were prepared by QP M. Tochor, a Mosaic employee. 2. The mineral resources are reported as in-situ mineralization. 3. Mineral resources have an effective date of December 31, 2024. 4. Mineral resources are reported exclusive of those mineral resources that have been converted to mineral reserves. Date: December 31, 2024 1-4 5. Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves. 6. Mineral resources assume solution mining. 7. Mineral resources amenable to a solution mining method are contained within a conceptual cluster and cavern design using the same technical parameters as used for mineral reserves. 8. No cut-off grade is used to estimate mineral resources. This is because the solution mining method used at Belle Plaine is not selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing (Section 11.2). 9. Tonnages are in US Customary and metric units and are rounded to the nearest million tonnes. 10. Rounding as required by reporting guidelines may result in apparent summation differences.

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Date: December 31, 2024 1-5 Figure 1-1: Location and Distribution of Mineral Resources and Mineral Reserves 1.6 km 6 Miles Date: December 31, 2024 1-6 1.7 Mineral Reserve Estimate The mineral reserve estimate for the Belle Plaine Potash Facility is listed in Table 1-2. Figure 1-1 shows the distribution of the Belle Plaine mineral resources and mineral reserves. Mineral reserves are sub-divided into two confidence categories in Regulation S-K 1300, proven and probable. Table 1-2: 2024 Mineral Reserves Category Tons (M) Tonnes (M) Grade %KCl Grade %K2O Mining Recovery % % Dilution Proven 293.1 265.9 30.6 19.3 21.5% 0% Probable 419.2 380.3 30.6 19.3 21.5% 0% Proven + Probable 712.3 646.1 30.6 19.3 21.5% 0% Notes to accompany mineral reserves Table 1-2: 1. Mineral reserve estimates were prepared by QP F. Hainstock, a Mosaic employee. 2. Mineral reserves have an effective date of December 31, 2024. 3. Mineral reserves are based on measured and indicated mineral resources only. 4. All mineral reserves are mined by a solution mining method. 5. No cut-off grade is used to estimate mineral reserves. This is because the solution mining method used at Belle Plaine is not selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining cavities for processing (Section 11.2). 6. Mine designs based on a solution mining method and design criteria are used to constrain measured and indicated mineral resources within mineable shapes. 7. Only after a positive economic test and inclusion in the Life of Mine (LOM) plan is the mineral reserve estimate included as a mineral reserve. 8. Tonnages are in U.S. Customary and metric units and are rounded to the nearest million tonnes. The grades are rounded to one decimal place. 9. Rounding as required by reporting guidelines may result in apparent summation differences. 10. The following KCl commodity prices were used to assess economic viability for the mineral reserves, but were not used for cut-off purposes, 2025-$211/tonne, 2026-$263/tonne, 2027-$281/tonne, 2028-$256/tonne, 2029-$261/tonne and for the LOM $314/tonne. 11. A US$/C$ exchange rate of 1.32 was used to assess economic viability for the mineral reserves but were not used for cut- off purposes. 1.8 Mining Method The Belle Plaine Potash Facility utilizes a solution mining process where paired wells are directionally drilled, cased, and cemented to the base of the potash beds. Solution mining techniques are used to target mining of the potash (KCl) bedding while minimizing mining of the halite salts (NaCl). Current mining practices allow for all three potash beds in the formation to be mined. During the mining process, the two wells are mined to connect with each other underground forming a cavern, allowing one well to become the feed well and the other well to become the return well. Water or a weaker brine, is injected into the cavern to return a salt saturated and potash rich brine. This fluid is pumped through pipelines from the Mining Area and sent to the Refinery complex as raw feed for further processing. The total life cycle of each cavern is approximately 25 years. Once the potash recovery is exhausted, each cavern will be decommissioned. The Mining Area capability is scheduled to ramp up to support a finished tonnage projection of 3.30M tons (3.00M tonnes) per year and will do so until drilling is completed in the year 2066 at which point there is a ramp down in production until 2084. The 2024 Belle Plaine Life of Mine Plan (LOM plan) based on mineral reserves has an expected total mine life of 60 years, ending in 2084 and yielding an estimated total of 173.7M tons (157.7M tonnes) of final product KCl. Date: December 31, 2024 1-7 1.9 Recovery Methods The Belle Plaine Potash Facility processing plant receives KCl-NaCl rich brine, known as raw feed, from the Mining Area and achieves KCl recovery through the Refinery and Cooling Pond areas. Well-established solubility curves of H2O-NaCl-KCl systems are utilized to monitor the selective dropout of products in the process. The Refinery Area subjects the raw feed brine from the Mining Area to changing temperatures and pressures that selectively precipitates the NaCl and then the KCl out of solution in different stages of the process. Selective drop out of NaCl is achieved through two parallel lines of evaporators that heat the brine with steam, that is generated on-site through natural gas fired boilers. The heating of the raw feed brine results in water liberation, causing NaCl to concentrate in the brine and then precipitate out of solution. After the brine is conditioned in the Evaporator Circuit, it is pumped to the Thickener Area for clarification and then pumped into a Crystallizer Circuit for KCl recovery. The Crystallizer Circuit subjects the process brine to a vacuum that allows further boiling, creating a cooling effect on the brine. As the brine cools, the KCl is forced to precipitate out of solution. The solid KCl is withdrawn from the Crystallizer vessel as a slurry and pumped to the Dewatering and Drying Area. The brine that overflows the Crystallizer Circuit, that still contains some dissolved KCl and NaCl, is fed to the Cooling Pond Area for further KCl recovery. The Cooling Pond Area consists of multiple ponds that are fed with brine from the Refinery and with raw feed brine from the Mining Area. The ponds facilitate atmospheric cooling, that allows KCl to preferentially precipitate out of the brine and then settle to the bottom of the ponds. The Cooling Pond Area contains several KCl dredges that are comprised of a cutter wheel that fluidizes the deposited KCl from the bottom of a cooling pond and a slurry pump that moves the KCl slurry toward the Dewatering and Drying areas. The Dewatering and Drying Area removes the bulk of the brine in the slurry through process equipment and then conveys the KCl product into natural gas fired industrial dryers. The dried KCl product is then fed into the Sizing Area and/or Compaction Area for compacting, crushing, and screening processes to achieve product size specifications. Finished product is then conveyed to the on-site Storage Area, where it is held until being reclaimed, rescreened and shipped off site, primarily through rail. Site production is expected to increase to a stabilized 3.3M tons/year (3.0M tonnes/year) until the year 2066, when the Belle Plaine Potash Facility expects to stop drilling new cavities and ramp down production to 2084. The Belle Plaine Potash Facility’s ability to produce at a sustained 3.3M tons/year (3.0M tonnes/year) in future years was validated through a “proving run” completed in 2016/2017, when the Belle Plaine Potash Facility achieved a proven nameplate capacity of 4.3M tons/year (3.9M tonnes/year). The total site processing recovery is expected to average 79% throughout the remaining life of the mine and is dependent on sustained drilling activities. Future projects are modeled with mass and energy balance software to predict the future production and recovery capabilities. 1.10 Infrastructure The Belle Plaine Potash Facility is purposely situated in close proximity to relevant existing infrastructure. The TransCanada Pipeline passes through the Mining Area, a large body of water is located less than 12.5 miles (20 km) away, there is easy access to rail, and two significant population centers are located within 30 miles (48 km) of the Belle Plaine Potash Facility. The Belle Plaine Potash Facility has the infrastructure in place to meet the current production goals LOM plan. The current infrastructure includes major road and highway access, railway support from Canadian National and Canadian Pacific railways, SaskPower supplied electricity, TransGas supplied natural gas and potable and non-potable water supplied from a local fresh water source. The current Tailings Management Area (TMA) footprint is expected to meet the maximum volume and deposition rates from the 2024 LOM plan. Infrastructure may be added to increase reliability of the existing product lines or to provide production flexibility. The assets currently in place are maintained through a robust workflow process that focuses on proactive inspections and preventative maintenance while trying to minimize reactive maintenance. Date: December 31, 2024 1-8 The site is projected to be well positioned to operate effectively by continuing to maintain the built infrastructure and renewing the long-term agreements for the site’s water, electricity, natural gas, and logistics needs. A long-term Tailings Management Area Plan is in place to support the production at the levels indicated in the 2024 LOM plan. It is expected that some infrastructure will need to be replaced as some infrastructure reaches end of life. This has been factored into the capital cost requirements and will be planned and executed, accordingly. A focus on precision maintenance and reliability centered maintenance will extend the life of the majority of assets to align with the 2024 LOM plan. 1.11 Markets and Contracts The Belle Plaine Potash Facility produces several potash products that are sold into the crop nutrient (to be utilized as fertilizer) and industrial markets, domestically, defined here as the U.S. and Canada, as well as export markets. Due to the solution mining nature of the Belle Plaine Potash Facility, the potash produced contains fewer impurities and has a higher content of potassium (i.e., a K2O content of ~62% versus the more common 60% associated with the majority of potash products). The higher-grade results in a modestly higher market price for Belle Plaine potash. The Belle Plaine Potash Facility produces granular, fine, standard grade and industrial products. The global market for potash is estimated to be approximately 72M tonnes in 2024 and has grown at a compound annual growth rate of around 2.5% over the past thirty years. In other words, potash demand over the long term has been rather linear, though with significant year-to-year variability. Going forward, global potash demand growth is expected to continue this trend, with Mosaic and independent analysts projecting a growth rate of 2 to 3% per annum. This growth ensures sufficient market demand for continued production at the Belle Plaine Potash Facility. 1.12 Environmental, Permitting and Social Considerations All potash facilities and processing plants operate pursuant to federal, provincial and local environmental regulations. Accordingly, permits, licenses and approvals are obtained specific to each site, based on project specific requirements. Mosaic also has routine interactions with government officials and agencies related to agency inspections, permitting and other environmental matters. The information as supplied regarding the management of all environmental aspects, permitting and social considerations at Mosaic facilities is guided by Mosaic’s Environmental, Health and Safety Policy, the Mosaic Management System Program and Procedures, and current regulatory requirements. 1.13 Capital Cost and Operating Cost Estimates The capital cost estimates include mine, processing plant, loading, maintenance, mobile equipment, land management and regulatory capital. The total capital is for the 2024 LOM plan (2025 to 2084) and 2024 mineral reserves is estimated at US $3,453M. The Belle Plaine mining cash costs, processing cash costs, Central and Functional Overhead indirect allocated costs, selling, general and administrative costs and taxes and other non-production costs include Canadian Resource Taxes, Canadian Income Taxes and any other non-production costs are estimated at US $13,893M for the 2024 mineral reserves and LOM plan. The operating cost forecasts are based on a combination of historical performance and calculations from first principles to consider variation in production rates and expected process improvements. 1.14 Economic Analysis The financial model that supports the mineral reserve and mineral resource declaration is a standalone model that calculates annual cash flows based on scheduled ore production, assumed processing recoveries, commodity sale prices and US$/C$ exchange rates, projected operating and capital costs, estimated taxes along with anticipated closure and reclamation costs.

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Date: December 31, 2024 1-9 The analysis indicates that there is significant economic value associated with mining, refining and selling the potash mineral reserves at Belle Plaine, given the economic assumptions and operating parameters considered. The financial model reflects a breakeven after-tax internal transfer price of $108 USD/Tonne, which is significantly lower than the LOM price of $314 USD/Tonne a discount rate of 10.6%. A sensitivity analysis of the financial model by varying product price, total operating cost, total capital cost and foreign exchange projects that the financial results for the Belle Plaine are robust and considered low risk. 1.15 Interpretations and Conclusions Under the assumptions and technical data included in this Technical Report Summary, the Belle Plaine Potash Facility LOM plan utilizing mineral reserves only, yields a minimum product value of $108 USD/Tonne results in a $0 NPV, which is significantly lower than the LOM price of $314 USD/Tonne. This supports the 2024 SEC Regulation S-K, Subpart 1300 disclosure of the Belle Plaine Potash Facility mineral reserve estimates. 1.16 Recommendations The following recommendations for additional work are focused on improving and maintaining important processes and ensuring execution of the 2024 LOM plan. • The Land and Minerals Strategy will continue to develop and align with the LOM plan to ensure timely acquisition of Mineral Rights to support the mineral resource and mineral reserve estimates and LOM plan. • Mosaic will continue to investigate and consider new innovations in mining and processing technology. • Additional density information will be obtained from future core drilling campaigns. • Additional 3D seismic data should be collected and processed in strategic areas to ensure the continuity of available data for mine planning. • Continue to update and maintain the geological databases. • The seismic model supporting the mineral resource and mineral reserve estimates will continue to be developed and improved as seismic data collection and interpretation improves. Date: December 31, 2024 2-1 Introduction 2.1 Registrant The 2024 Belle Plaine Potash Facility Technical Report Summary has been prepared by the Belle Plaine Qualified Persons for The Mosaic Company, headquartered in Tampa, Florida, USA. 2.2 Purpose and Terms of Reference The Report was prepared to support the mineral resource and mineral reserve estimates for the year ending December 31, 2024. The mineral resources and mineral reserves are reported in accordance with SEC Regulation S-K, Subpart 1300. For the purposes of this Report, unless otherwise noted, The Mosaic Company and Mosaic Canada ULC will each be referred to interchangeably as Mosaic, as the context requires. Where practicable, measurement units used are U.S. Customary units with metric unit conversions included. U.S. Customary units are used in this Report when discussing the mining and processing facilities, including equipment capacities and pumping rates. Some analytical results are also reported using U.S. Customary units. Unless otherwise noted, monetary units are in United States dollars (US$). 2.3 Abbreviations and Units Table 2-1: List of Units and Abbreviations 3D Three dimensional AER Annual Environmental Report AFIA American Feed Industry Association AOI areas of interest ATO Approval to Operate Pollutant Control Facilities Avg average API An API unit is a unit of radioactivity used for measuring natural gamma rays in the ground BOL Bill of Lading °C degree Celsius C$ Canadian dollar(s) CBL Cement Bond Log CFIA Canadian Food Inspection Association cm centimeter CNSC Canadian Nuclear Safety Commission COPC constituents of potential concern CRF Combined Return Flow Crown The Province of Saskatchewan CS cluster sites D & R Decommissioning and Reclamation DDR Discharge Reporting EA Environmental Assessment EIA Environmental Impact Assessment EIS Environmental Impact Statement El elevation EM electromagnetic EPA Environmental Protection Agency EPCM Engineering, Procurement and Construction Management EPP Environmental Protection Plan °F degree Fahrenheit Fcast. forecast FOS Factor of Safety ft. foot, feet ft2 square foot, feet ft3 cubic foot, feet g/L grams per litre gal US gallon GJ giga joules gm gram(s) US gpm US gallon per minute GREC Gamma Ray Equivalent Calculation Ha hectare hp horsepower hr hour(s) HREM High resolution electromagnetic IEC International Electrotechnical Commission ISO International Standards Organization Date: December 31, 2024 2-2 K2O Potassium Oxide, K2O = 0.6317 x KCl. KCl Potassium Chloride kg kilogram km kilometer(s) kV kilovolt kVA kilovolt x amps kW kilowatt kWh kilowatt hour kWh/t kilowatt hour per ton lbs. pound(s) LOM Life of Mine m meters M million(s) MCC Motor Control Center MD Measured Depth MER Ministry of Energy & Resources MOE Ministry of Environment MVA mega volt amp MW mega watt NPV net present value OCHL Original Cased Hole Log PCB Polychlorinated biphenyls P. Eng. Professional Engineer P. Geo. Professional Geoscientist PLS Product Loading System ppm parts per million Psi pounds per square inch psi, g Pounds per square inch gauge pressure QA Quality assurance QC Quality control QCL Quality Control Lab QP Qualified Person SAP Enterprise software to manage business operations and customer relations SEC U.S. Securities and Exchange Commission SGS Inspection, verification, testing and certification company TMA Tailings Management Area tonnes metric tonnes (2,204 lbs.) tons US Customary short tons (2,000 lbs.) tons/hour tons per hour (US) tons/year tons per year (US) tpd tons per day (US) TVD True Vertical Depth US$ United States dollar(s) V volt(s) W watt(s) wt.% weight percent Yr. year(s) Date: December 31, 2024 2-3 2.4 Qualified Persons (QP) Table 2-2 outlines the people that served as Qualified Persons (QPs) for the Belle Plaine Potash Facility Technical Report Summary as defined in SEC Reg. S-K, Subpart 1300. Table 2-2: Qualified Persons QP Name Company Qualification Position/Title Site Visit/ Inspection Dates Section of Responsibility Francis Hainstock The Mosaic Company P. Geo. Senior Geologist July 9, 2024 11, 12 Monica Tochor The Mosaic Company P. Geo. Manager, Geology and Reserves August 12, 2024 6, 7, 8, 9, Paul Plosz The Mosaic Company P. Eng. Process Engineer Lead Full time Belle Plaine employee 10, 14 Jarid Hancock The Mosaic Company P. Eng. Senior Mine Manager Full time Belle Plaine employee 13, 16, 18, 19 Matthew Swedburg The Mosaic Company P. Eng. Senior Manager Maintenance and Engineering Full time Belle Plaine employee 15 Aimee Ottenbreit The Mosaic Company P. Eng. Senior Manager Environmental November 6, 2023 17.1, 17.2, 17.3, 17.4, 17.5, 17.7, 17.8, 17.9, 17.10, 17.11 Lorelei Duke The Mosaic Company P. Eng. Senior Manager Geotechnical Engineering and Planning August 12, 2024 17.3, 17.6, 17.8 2.5 Effective Dates There are a number of effective dates: • Date of the mineral resource estimates: December 31, 2024. • Date of the mineral reserve estimates: December 31, 2024. • Date of supply of the last information on mineral tenure and permitting: December 2024. • Date of capital estimation: September 2024. • Date of operating cost estimation: September 2024. • Date of reclamation cost estimate: September 2024. • Date of market analysis: August 2024. • Date of economic analysis: September 31, 2024. The overall effective date of the Report is taken to be the date of the mineral resource and mineral reserve estimates and is December 31, 2024.

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Date: December 31, 2024 2-4 2.6 Information Sources and References The reports and documents listed in Table 2-3 and Section 24.0 (References) of this Report were used to support the preparation of this Report. Table 2-3 Reliance on Other Experts Expert Title Topic Supporting Section Date Received RESPEC Mosaic Belle Plaine Regional Geology Lateral Continuity of Ore Body Sections 6, 11 and 12 February 2021 RESPEC Mosaic BP Local Geology Lateral Continuity of Ore Body Sections 6, 11 and 12 April 2021 RESPEC Gamma Ray Equivalent Calculations Grade from gamma Section 11 and 12 November 2020 RESPEC Density of the Prairie Evaporite Confirm historic density value Section 11 and 12 April 2021 SRC Core Analysis Standard Lab Process Section 8 June 2020 SRC Density Analysis Standard Lab Process Section 8 March 2021 RESPEC Core Logging Standard Data collection process Section 8 June 2020 Boyd Exploration Consultants Ltd. 2001 Belle Plaine 3D - Final Report Seismic Survey Section 7 March 2003 Boyd Exploration Consultants Ltd. 2005 Belle Plaine 3D - Final Report Seismic Survey Section 7 February 2008 Boyd Exploration Consultants Ltd. 2008 Belle Plaine 3D – Final Report Seismic Survey Section 7 April 2010 RPS Energy Canada Ltd. 2010 Pense 3D – Final Report Seismic Survey Section 7 August 2013 SNC-Lavalin 2017 TMA Development Plan Update commissioned by Mosaic Potash Belle Plaine Tailings Storage Facilities information Section 15 2017 2.7 Previous Technical Report Summaries A Technical Report Summary for the Belle Plaine Potash Facility was completed in 2021 (Belle Plaine Potash Facility Technical Report Summary-Effective December 31, 2021). Date: December 31, 2024 3-1 Property Description 3.1 Introduction The Belle Plaine Potash Facility is located in the Rural Municipality of Pense (No. 160) in the province of Saskatchewan, Canada. It is just north of the TransCanada Highway (Hwy 1) and approximately 32 miles (51 km) west of Regina (Figure 3-1). It is the oldest and largest potash solution mine in the world. Coordinates for the Belle Plaine facility are +50° 25’ 39.57”, -105° 11’ 53.87” +50° 25’ 39.57”, -105° 11’ 53.87”. Figure 3-1: Location Map Date: December 31, 2024 3-2 3.2 Property and Title 3.2.1 Mineral Title In Saskatchewan, the Dominion Land Survey is the method used to divide the province into 1 sq mile (2.6 km2) sections for land grid purposes. Township lines are established 6 miles (9.7 km) apart from south to north starting at the U.S. border, and range lines are established 6 miles (9.7 km) apart east to west starting at key meridians aligned with lines of longitude. This frames a 6 by 6 mile (9.7 by 9.7 km) township grid, containing 36 one square mile (approximately 640 acre) sections. Sections are further subdivided into 160 acre quarter sections and can be again subdivided into 40 acre legal subdivisions (LSD). These rights are all in the near vicinity of the processing facility (Lat: 50.429673, Long: -105.202404) primarily to the north and east. In Saskatchewan, ISC, a registry and information management services company, provides land titles management services for all surface and mineral properties on behalf of the Province of Saskatchewan. The Saskatchewan land titles registry can be accessed at www.isc.ca. Subsurface mineral rights are subject to separate ownership and title from surface mineral rights. Mosaic leases 53,131.66 acres of mineral rights from the Crown under Subsurface Mineral Lease KL 106-R (Figure 3-2). Table 3-1 outlines additional information regarding KL 106-R. Table 3-2 outlines the Lease KL 106-R split by township and section. The KL 106-R lease term is for a period of 21 years from July 2012, with renewals at the Company’s option for additional 21-year periods. In addition, Mosaic owns 19,284 acres of mineral rights (Figure 3-3) within the Belle Plaine area (Table 3-3). All mineral titles owned or leased by Mosaic include “subsurface minerals”, which under The Subsurface Mineral Tenure Regulations, 2015 (Saskatchewan) means “all-natural mineral salts of boron, calcium, lithium, magnesium, potassium, sodium, bromine, chlorine, fluorine, iodine, nitrogen, phosphorus and sulfur, and their compounds, occurring more than 197 ft. (60 m) below the surface of the land.” Other commodities (e.g., petroleum and natural gas, coal, etc.) may be included within mineral rights Mosaic leases or owns, but are not specifically sought after when acquired. Within the total acreage leased from the Crown or owned by Mosaic are parcels of land where Mosaic owns or leases less than a 100% share of the mineral rights. In order to potentially mine these properties, Mosaic would need to acquire 100% control ether by lease or ownership. Acreages currently not mineable due to less than 100% control (partial control) are listed in Table 3-4. Date: December 31, 2024 3-3 Figure 3-2: KL 106-R Lease Boundary

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Date: December 31, 2024 3-4 Table 3-1: Mineral Lease Crown Lease Number Type Area (Ha) Expiration Date KL 106-R Subsurface Mineral Lease 21,502 July 1, 2033 Table 3-2: Sections and Acreages Owned by the Crown Township/ Range Sections of Mineral Rights Owned by Crown* Area of Mineral Rights Owned by Crown (acres) 18/21 2/100 12 19/21 4-13/16 3,087 17/22 4-14/16 3,118 18/22 9-10/16 6,166 19/22 9-6/16 5,991 17/23 9-11/16 6,201 18/23 14-13/16 9,475 17/24 7-1/16 4,500 18/24 18-7/16 11,813 18/25 4-5/16 2,768 Total 83-2/100 53,131 *Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available. Table 3-3: Sections and Acreages of Mosaic Owned Mineral Rights Township/ Range Sections of Mineral Rights Owned by Mosaic* Area of Mineral Rights Owned by Mosaic (acres) Area of Full Quarter Sections Owned by Mosaic (acres) 17/23 10-14/16 6,962 5,910 18/23 6-11/16 4,275 3,817 17/24 7-7/16 4,762 3,526 18/24 5-2/16 3,286 2,871 Total 30-2/16 19,284 16,124 *Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available. Table 3-4: Partial Mineral Rights Area Township/ Range Sections of Crown Mineral Rights Leased by Mosaic, Currently Not Mineable* Crown Mineral Rights Leased by Mosaic, Currently Not Mineable (acres) 18/22 1-2/100 652 19/22 1-7/100 682 18/23 38/100 241 18/24 48/100 307 Total 2-94/100 1,882 *Full sections range from 640 acres to 644 acres; total acreage shown above is based on 640 acres per section where actual survey acreage is not available. Date: December 31, 2024 3-5 Figure 3-3: 2024 Mineral Rights Location and Status Date: December 31, 2024 3-6 3.2.2 Surface Rights Surface rights are subject to separate ownership and title from subsurface mineral rights. At Belle Plaine, Mosaic owns 6,332.88 acres of surface rights. All infrastructure including the processing plant, TMA (tailings management area), cluster sites, and pipeline rights of way are located on Mosaic-owned land. Mosaic-owned land not used for infrastructure is leased out for agricultural use. 3.2.3 Water Rights Water Rights License issued by the Saskatchewan Water Security Agency is in place for the Belle Plaine Potash Facility and is subject to review on April 1, 2031. This license covers the water rights from Buffalo Pound Lake and makes references to the Approval to Operate Works associated with the pipeline and associated infrastructure connecting the Site to the SaskWater intake on Buffalo Pound Lake. 3.2.4 Royalties Mosaic pays the Potash Crown Royalty under The Subsurface Mineral Royalty Regulations, 2017 (Saskatchewan) on all potash produced from Belle Plaine Crown mineral lands. Royalties are based on a royalty rate of 3% on the value of potash produced from Crown mineral lands. Value is determined based on the average price realized by the producer in the year, as determined by revenues and sales under The Potash Production Tax Regulations, 1990 (Saskatchewan). Non-crown royalties are also paid based on each individual freeholder ownership at a rate of 3% of the value of potash produced. Value is determined as the average price realized by the producer in the year, as determined by revenues and sales under The Potash Production Tax Regulations, 1990 (Saskatchewan). 3.3 Encumbrances There are no significant environmental permitting encumbrances (existing or anticipated in the future) associated with the Belle Plaine Potash Facility. Except for royalties, Mosaic does not anticipate any future encumbrances based on current known regulations and existing permitting processes. There are no outstanding violations and fines. 3.4 Significant Factors and Risks That May Affect Access, Title or Work Programs Surface rights and mineral rights acquisition are important for the continued operation of the Belle Plaine Potash Facility. Since all surface rights are privately owned, Mosaic is required to negotiate land purchases for continued expansion of the cluster site operations. In the event that Mosaic is unable to procure key plots of land, pipeline and cluster site layouts may be affected and an alternative plan may have to be considered. Similarly, any freehold mineral rights Mosaic wishes to mine must be purchased or leased through negotiated agreements with freehold mineral owners. Due to the large area of the Crown lease and broad lateral extents of the potash deposit, alternate locations for mining caverns and related infrastructure are generally available. The 2024 LOM plan includes mining only mineral rights that are controlled (Mosaic owned, or Crown leased). Mosaic will continue to acquire uncontrolled mineral rights and incorporate them into the LOM plan. Any acquisition of uncontrolled mineral rights has the potential to increase the mine life at Belle Plaine. Date: December 31, 2024 4-1 Accessibility, Climate, Local Resources, Infrastructure and Physiography 4.1 Physiography 4.1.1 Topography, Elevation and Vegetation Overall, the Belle Plaine area consists of flat, cleared farmland with a knob-and kettle topography and occasional rows of trees planted to serve as windbreaks. The area was settled by farmers beginning in the late 1880s after the arrival of the Canadian Pacific Railway (CP) and is primarily crop land used to grow wheat, canola, canary seed and flax, although there are scattered pastures and grazing lands. The ground surface at the Processing Plant is at an elevation of 1,900 ft. (589 m) above Mean Sea Level (MSL). 4.2 Accessibility The Belle Plaine Potash Facility is accessible by a network of “grid” section gravel and paved roads, including four major paved highways and three secondary highways. Figure 4-1 shows the Belle Plaine area railways and major roadways. The main road access to the site is via Kalium Road that provides access from the main corridor between Moose Jaw and Regina, TransCanada Highway #1. Alternate access to the Mining Area via the East/West Highway SK 730 or North/South Highway 642.

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Date: December 31, 2024 4-2 Figure 4-1: Location and Accessibility Date: December 31, 2024 4-3 4.3 Climate 4.3.1 Climate The climate is typical of the Canadian prairies and consists of a winter period (November–March) of snow with a mean temperature of –11°C and a warm 15° to 35°C summer period (June to early September) with moderate precipitation. The spring (April–May) and autumn (late September to October) are cool with precipitation in the form of rain and occasional snow. Exploration activities and construction of the processing plant and other surface facilities are limited by weather conditions during the spring and fall periods when soft ground conditions due to thawing and/or precipitation create difficulties in moving heavy machinery. During the winter and summer months, access is largely restricted only by local conditions, periodic rains or snowfalls, or environmentally sensitive ground conditions. 4.3.2 Length of Operating Season The length of the operating season for the Belle Plaine Potash Facility is the full year. Belle Plaine operates for an average 365 days per year. 4.4 Infrastructure/Local Resources 4.4.1 Water The main source of water (non-potable) required for production is provided by SaskWater from the Buffalo Pound Lake, that is 18 miles (29 km) long and 0.6 miles (1 km) wide with an average depth of 10 ft. (3 m), located northwest of the mine. The water source also supplies potable water for the cities of Regina, Moose Jaw and surrounding regions. Water levels are controlled by the Saskatchewan Water Security Agency and managed through the Lake Diefenbaker Dam. 4.4.2 Power and Electricity SaskPower provides a portion of the power required to run the Belle Plaine Potash Facility. This power comes in off the main SaskPower grid that could be fed from any number of SaskPower plants, along the highline running north and south along Kalium Road. A total of 138 kV comes into the Belle Plaine substation where it is then stepped down to 13.8 kV using two transformers (28 MVA and 33.3 MVA). Belle Plaine owns and manages a substation where there is also a 138 kV grounding transformer and a 138 kV gas insulated switchgear lineup. The Belle Plaine Potash Facility generates power from the Powerhouse from two steam turbine generators. 4.4.3 Natural Gas TransGas supplies natural gas to the Belle Plaine Potash Facility. In support of this, Belle Plaine has a regulator station for the natural gas, situated just north of the Administration Building and Powerhouse. 4.4.4 Roads and Logistics There are a variety of site roads maintained and Rural Municipality of Pense (No. 160) maintained roads on the Belle Plaine property. These are typically gravel roads. Roads around the processing plant are paved and maintained regularly. Canadian National and Canadian Pacific Railways are available to Belle Plaine to move final product to port. The majority of finished product leaves site by rail. Belle Plaine is party to a Tri-Party Joint Operating Agreement with Date: December 31, 2024 4-4 Canadian Pacific (CP) and Canadian National Railways (CN), dated July 20, 1967 that governs the joint operation and interaction of all parties for freight services at the Belle Plaine Potash Facility. Mosaic owns a portion of the tracks on site. The remainder of the tracks are owned by CN and CP, but Mosaic has running rights and lease agreements to operate on the tracks. Product is then moved via the CP Rail to port or south into the USA. Since Belle Plaine is located between the CN and CP rail lines, the loadout tracks are tied into the CN Lead and CP Spur. 4.4.5 Personnel The Belle Plaine Potash Facility is located between the cities of Moose Jaw and Regina. Moose Jaw has a population of approx. 34,000 people and is located 17 miles (28 km) west of the Belle Plaine Potash Facility. It is Saskatchewan’s fourth largest city and home to one of the four Saskatchewan Polytechnic campuses. Regina, located 27 miles (44 km) east of Belle Plaine has a population of approx. 214,000 people. It is Saskatchewan’s second largest city and home to the University of Regina as well as a Saskatchewan Polytechnic campus. The Belle Plaine workforce lives nearly evenly split between Regina and Moose Jaw. Belle Plaine personnel are typically trained through a variety of trades programs offered at the Saskatchewan Polytechnic campuses, the University of Regina or the University of Saskatchewan. 4.4.6 Supplies The province of Saskatchewan offers a large variety of suppliers for the potash mine operators. The potash industry in Saskatchewan is very mature. This makes it easier to attract vendors to support the needs of the various mine sites throughout the province. Trade associations, notably the Saskatchewan Mining Association, the Saskatchewan Ministry of Trade and Export Development and the Saskatchewan Industrial and Mining Suppliers Association, put on an annual Supply Chain Forum for vendors and potash producers. Saskatoon and Regina both have large industrial sectors with a variety of machine shops and industrial support services. Some specialty services are provided from Alberta or Manitoba. Mosaic’s procurement team targets longer term contracts with vendors to ensure an uninterrupted supply of required resources for the site is maintained. Date: December 31, 2024 5-1 History The Belle Plaine Potash Facility started production in 1964 after a period of significant research into solution mining, potash recovery and processing plant construction. Table 5-1 summarizes the important historical dates and events for Belle Plaine. Table 5-1: History Date Event/Activity 1928 Discovery of evaporites in the sedimentary sequence in Saskatchewan. 1956 to 1966 Pittsburgh Plate Glass completed significant research and development over a decade and published several research papers concerning solution mining and potash recovery. 1960 A pilot solution mining project located at the current site was constructed, convincing Pittsburgh Plate Glass to develop the first commercial potash solution mining operation in the world based on the pilot plant results. The first exploration well drilled at the Belle Plaine property was Standard Chemical Stony Beach #1 in August 1960. Fourteen additional exploration wells were drilled from August 1960 to June 1968. 1963 Kalium Chemicals, Ltd, a joint subsidiary of Pittsburgh Plate Glass and Armour and Co. started construction of the original processing plant for a capacity of 0.600M tons (0.544M tonnes) annually. The main plant construction consisted of the North and South evaporators (all 8), Crystallizers #1 to #4, #1 and #2 Compactor systems, #1 to #5 Beehive warehouses, Loadout building and the office and maintenance buildings. 1964 Mine and processing plant construction completed, and production commences. The first rail car of potash was produced and shipped in August. 1968 Capacity expansion to 1.0M tons (0.9M tonnes) per year. Main assets added included three more crystallizers (#5, #6 and #7), a third cooling tower, a sixth beehive warehouse and a barn style warehouse #7, a fluid bed dryer and filter table and a third boiler. 1980 to 1984 Two capacity expansions, first to 1.2M tons (1.1M tonnes) and the second to 1.6M tons (1.5M tonnes) per year. The major assets added included bucket elevators for each product, the fine fluid bed dryer, #4 Compactor, reheat system barometric, additional galleries and conveyors to the warehouse (1A), cooling ponds, scrubbers and the Cold Leach Area. 1989 Sullivan & Proops (Vigoro) purchased Belle Plaine from Pittsburgh Plate Glass (PPG). 1990s Capacity expansion to 2.2M tons (2.0M tonnes) per year. Assets added included the K-Life System, #4 Turbo Generator, dual conveyors, conversion of the compaction system and additional compactors installed. 1995 IMC bought Belle Plaine. 1998 The first 2D seismic survey at the Belle Plaine mine site was completed. A total of 160 line km was completed covering an area of approximately 14 sq. km. 2000 The first 3D seismic survey at the Belle Plaine Potash Facility was completed, providing critical geological information about the geology of the potash members. This has become a critical tool used to provide confidence in the interpretation of the potash mineralization. 2001 The 2001 Belle Plaine 3D seismic survey was completed. The survey covered approximately 13 sq. km and was adjacent to and merged with the 2000 survey. This survey program utilized 56 km of source lines and 72 km of receiver lines. 2004 The Mosaic Company was formed from a merger between IMC Global and Cargill’s Crop Nutrition business. 2005 The 2005 Belle Plaine 3D seismic survey was completed. The survey covered approximately 11 sq. km and was adjacent to and merged with previous 3D surveys. This survey program utilized 47 km of source lines and 55 km of receiver lines. 2008 The 2008 3D seismic survey covered approximately 72 sq. km and was adjacent to and merged with previous 3D surveys. This survey program utilized 385 km of source lines and 378 km of receiver lines.

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Date: December 31, 2024 5-2 2008 to 2012 Capacity expansion to 3.2M tons (2.9M tonnes) per year. Assets added the Injection wells 3 and 4, Reclaim Brine system, #4 Boiler, Process Water Building, Cold Leach Motor Control Center room, #5 Compaction system, #8 Warehouse building, #2 Reclaim, reclaim losses system, Pond return slurry tank and centrifuge upgrades, Rotary dryer #3, #2 Loadout system, 60 km of new mine field pipelines, a drilling rig, new substation and replacement of the #4 crystallizer. 2010 The Pense 3D seismic survey was completed that covered approximately 40 sq. km and was adjacent to and merged with the previous 3D surveys. This survey program consisted of 219 km of source lines and 208 km of receiver lines. 2014 Plant upgrades included the adding and commissioning of Compaction #6. 2016/2017 The site’s ability to produce at a sustained 3.3M tons (3.0M tonnes) per year in future years was validated through a “proving run” completed in 2016 when the Belle Plaine Potash Facility achieved a proven nameplate capacity of 4.3M tons/year (3.9M tonnes/year). 2019 Plant upgrades were completed, consisting of adding the East thickener and advanced dewatering techniques. 2020 Two production wells were cored in 2020 to support the grade interpretation and calibration of the gamma geophysical logging system. The recent calibration check has been evaluated by a third- party consultant to ensure applicability of the method regarding sample quality grade estimation. The Belle Plaine Potash Facility started production in 1964. Table 5-2 outlines the KCl production history from 2003 to the end of 2024. The 2024 production includes actual data for the months January to September inclusive and a forecast for October and December. Table 5-2: Production History Year Total Mineral Reserves Mined Total Product Tons M Tonnes M % K2O Tons M Tonnes M 1964 to 1984 79.8 72.4 18.0% 20.4 18.5 1985 to 2010 226.1 205.1 18.0% 55.4 50.3 2011 11.6 10.5 18.0% 2.6 2.4 2012 12.5 11.3 18.0% 2.3 2.1 2013 10.5 9.5 18.0% 2.4 2.2 2014 11.5 10.4 18.0% 2.4 2.2 2015 13.0 11.8 18.0% 2.3 2.1 2016 13.5 12.2 18.0% 2.6 2.4 2017 12.0 10.9 18.0% 2.9 2.7 2018 12.3 11.2 18.0% 3.1 2.8 2019 12.5 11.4 18.0% 3.0 2.7 2020 11.7 10.7 18.0% 3.1 2.8 2021 12.1 11.0 19.3% 3.1 2.8 2022 12.1 11.1 19.3% 3.1 2.8 2023 11.2 10.2 19.3% 3.0 2.8 2024 12.8 11.6 19.3% 3.4 3.1 Total 475.2 431.3 18.0% 115.1 104.7 Date: December 31, 2024 6-1 Geological Setting, Mineralization and Deposit 6.1 Deposit Type Potash at the Belle Plaine Potash Facility area occurs conformably within Middle Devonian-age sedimentary rocks and is found in total thicknesses ranging from approximately 100 to 131 ft. (30 to 40 m) at a depth of approximately 5,345 to 5,740 ft. (1,630 to 1,750 m). Evaporites are generally formed by seawater flowing into landlocked basins, followed by the evaporation of the seawater and precipitation of the dissolved salts. Progressive solar distillation of these salt-rich brines results in sequentially precipitated beds of limestone (CaCO3), dolomite (CaCO3·MgCO3), anhydrite (CaSO4), halite (NaCl), carnallite (KCl·MgCl2·6H2O), sylvite (KCl), kieserite (MgSO4.H2O), and other calcium and magnesium salts. The term potash is the common name for various compounds that contain the element potassium. Potash is expressed and reported in K2O equivalents. Since commercial potash minerals include chlorides and sulfates containing varying quantities of potassium, potassium-bearing minerals are compared on the basis of their K2O contents. The term muriate of potash (MOP) is used for commercial grade fertilizer containing potassium chloride (KCl). The product mined and sold is KCl. A tonne of KCl contains an equivalent of 0.6963 tons (0.6317 tonnes) of K2O. Sylvinite is a rock comprising a mixture of sylvite and halite that is the source of potash. The Prairie Evaporites may also contain carnallite and insoluble materials such as clay, anhydrite, and dolomite crystals. The widespread consistency of the potash-bearing Prairie Evaporite Formation sub-members and the flat lying bedded nature of the sylvinite intervals result in highly mechanized conventional underground mining operations. Where underground operations are not economically viable due to depth of deposition, solution mining has been safely and productively developed with an efficient process for recovering otherwise inaccessible minerals. Potash mineralogy in Saskatchewan locally includes high concentrations of carnallite. Carnallite is considered an impurity because it can negatively impact the effective recovery of potash in the milling process. Carnallite dissolves preferentially to sylvinite which can reduce the concentration of sylvite in suspension in solution mining efforts. There is currently no remote sensing application that effectively identifies the presence of carnallite in the Prairie Evaporite (Fuzesy, 1982) and others have shown areas of high carnallite grade on regional maps based on interpretations of downhole gamma and neutron geophysical logs and assay records maintained for historical drill holes by Saskatchewan Ministry of Energy and Resources. 6.2 Regional Geology The intracratonic Elk Point Basin is a major sedimentary geological feature in western Canada and the northwest USA (Figure 6-1). It contains one of the world’s largest stratabound potash resources. The nature of this type of deposition is largely continuous with predictable depths and thickness. It is estimated to host >5 billion tonnes of ore (Orris, 2014) and is mined at a number of locations, including the Mosaic’s Belle Plaine, Esterhazy and Colonsay potash facilities. Saskatchewan potash represents almost 25% of the global potash production due to its relatively low-cost, bulk tonnage mining methods. (Orris, 2014). Date: December 31, 2024 6-2 Figure 6-1: Regional Geology Plan of the Elk Point Basin (RESPEC, 2021) Date: December 31, 2024 6-3 The regional subsurface stratigraphic column of central Saskatchewan is presented in Figure 6-2. The geological column may be subdivided into three broad intervals. 1. An uppermost sequence extending from surface to an approximate depth of 575 to 650 ft. (175 to 200 m) and consisting of Quaternary glacial tills, gravels, and clays and containing freshwater aquifers. 2. A medial sequence extending from the base of the glacial sediments to an approximate depth of 3,215 ft. (980 m) and consisting of Triassic to Cretaceous shales, siltstones, and sandstones with limited aquifers of brackish water. 3. A lowermost sequence extending from the Triassic/Mississippian Unconformity to below 6,900 ft. (2,100 m) depth and consisting of Cambrian to Mississippian carbonates, evaporites, and basal shales and sandstones. Figure 6-2: Regional Central Saskatchewan Stratigraphy

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Date: December 31, 2024 6-4 The Deadwood Formation sandstone that lies immediately above the Precambrian basement is used for disposal of salt brines from preproduction cavern sump development and excess brines from the processing plant. The above strata are underlain by gneisses and granites of the Precambrian basement. Laterally extensive, evaporite beds containing deposits of halite, sylvite, and carnallite are found within the Middle Devonian Elk Point Group, whose top ranges from a depth of 8,200 ft. (2,500 m) in southern Saskatchewan to surface outcrop in northwestern Manitoba. The Elk Point Group lies unconformably on the Silurian-age Interlake Formation and is overlain unconformably by carbonate deposits of the Middle Devonian-age Dawson Bay Formation. The evaporite beds are contained within the Prairie Evaporite Formation, overly the Winnipegosis Formation within the Elk Point Group. The basal contact between the Prairie Evaporite and the Winnipegosis Formation is marked by a sharp transition from halite of the Prairie Evaporite Formation to mixed limestone, dolomite, and anhydrite of the Winnipegosis Formation. The uppermost contact between the Prairie Evaporite and the Dawson Bay formations consists of shale and poorly consolidated silty detrital deposits named the “Second Red Beds.” Regionally, the underlying Winnipegosis forms a broad flat basin to platform deposit with local development of limestone/dolomite “reefs.” The Elk Point Group was deposited within a broad mid-continental basin extending from North Dakota and northeastern Montana at its southern extent in a northwest direction through southwestern Manitoba, southern and central Saskatchewan, to eastern and northern Alberta. The evaporite strata in the basin are restricted to the southern third of the Elk Point Basin in south-central Saskatchewan, southwestern Manitoba, northeastern Montana, and northwestern North Dakota (Holter 1969). The Manitoba Group that overlies the Elk Point Basin consists of the Dawson Bay Formation and overlying Souris River Formation. Present within this sequence are two halite beds: 1. The Hubbard Salt, is the uppermost bed of the Dawson Bay Formation. 2. The Davidson Evaporite, overlies the First Red Beds within the Souris River Formation. These halite beds are important from an underground mining viewpoint as they form a flood protection zone that separates the Prairie Evaporite Formation mining horizon from the overlying water and brine aquifers present within the Cretaceous sands, especially the Mannville Group (formerly known as the Blairmore Formation). The Prairie Evaporite Formation is divided into a basal “Lower Salt” and an overlying unnamed unit containing three potash-bearing units and one unit containing thin “marker beds.” In ascending order, the potash horizons in the upper unit are the Esterhazy Member, White Bear Marker Beds, Belle Plaine Member, and Patience Lake Member. Mineralogically, these Members consist of sylvite and halite with minor amounts of carnallite (KCl MgCl2 6H2O). Small amounts of carnallitic ores can be handled by the evaporator/crystallizer processing circuits used at solution mines, however, to purge the magnesium, some KCl is lost as well. Carnallitic brines can be blended with non- carnallitic brines from other wells to make the resulting carnallite grade acceptable. The White Bear Marker Beds are typically of insufficient thickness and grade to be economically mineable. Figure 6-3 shows a regional cross section showing the potash bearing members across Saskatchewan. The Belle Plaine Potash Facility mines the Patience Lake, Belle Plane and Esterhazy Members, and the Esterhazy Potash Facility mines the White Bear and Esterhazy Members. Date: December 31, 2024 6-5 Figure 6-3: Regional Cross Section Illustrating the Stratigraphic Relationships of the Prairie Evaporite Formation (RESPEC, 2021) Date: December 31, 2024 6-6 6.3 Local Geology 6.3.1 Stratigraphy In the Belle Plaine area, the Esterhazy, Belle Plaine, and Patience Lake Members are present (Figure 6-4). Also, present are the White Bear Formation marker beds that occur between the Belle Plaine and Esterhazy Members but are of insufficient thickness to be minable. The following is a summary of the key stratigraphic units for the Belle Plaine Potash Facility area: • Patience Lake Member: The uppermost member of the Prairie Evaporite Formation with potash production potential. Between the top of the Prairie Evaporite and the top of the Patience Lake Member is a 0 to 45 ft. (0 to 14 m) thick unit of halite with clay bands called the Salt Back. The sylvite-rich horizons within the Patience Lake Member are mined using conventional underground mining techniques along a trend from Vanscoy to Lanigan in the Saskatoon area and by solution mining techniques at Belle Plaine. • Belle Plaine Member: The Belle Plaine Member underlies the Patience Lake Member and is separated from it by a zone of low grade sylvinite. The Belle Plaine Member is mined using solution mining techniques at the Belle Plaine Potash Facility. • White Bear Formation: The White Bear Formation consists of marker beds that are a distinctive unit of thin interbedded clay, halite, and sylvinite horizons that are not minable due to insufficient thickness 4 to 5 ft. (1.2 to 1.5 m). • Esterhazy Member: The Esterhazy Member is separated from the Belle Plaine Member by the White Bear Formation marker beds, a sequence of clay seams, low-grade sylvinite, and halite. The Esterhazy Member is mined using conventional underground techniques at the Esterhazy Potash Facility in southeastern Saskatchewan, and by solution mining techniques at the Belle Plaine Potash Facility. Date: December 31, 2024 6-7 Figure 6-4: Local Stratigraphy (RESPEC, 2021) The typical sylvinite intervals within the Prairie Evaporite Formation consists of a mass of interlocked sylvite crystals that range from pink to translucent and may be rimmed by greenish-grey clay or bright red iron insolubles, with minor halite randomly disseminated throughout the mineralized zones. Local large 1 inch (2.5 cm) cubic translucent to cloudy halite crystals may be present within the sylvite groundmass, and overall, the sylvinite ranges from a dusky brownish red color (lower grade, 23% to 27% K2O with an increase in the amount of insolubles) to a bright, almost translucent pinkish orange color (high grade, 30%+ K2O). Carnallite is also present locally in the Prairie Evaporite Formation as a mineral fraction of the depositional sequence. The intervening barren salt beds typically consist of brownish red, vitreous to translucent halite with minor sylvite, carnallite and increased insoluble materials content. 6.3.2 Stratigraphic Anomalies Potash-bearing horizons may be affected by three general types of anomalies. In general, any disturbance that affects the normal mineability of the sylvinite-bearing horizons is considered an “anomaly.” Figure 6-5 illustrates the typical disturbances that create anomalous altered zones within the main sylvinite-bearing horizons at Saskatchewan potash mining properties. These anomalies range from localized features less than a square kilometer in extent to disturbances that are regional (i.e., several square kilometers in extent) and can result in local disruptions to the grade of the ore body (either leaching or in some cases, enrichment).

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Date: December 31, 2024 6-8 Figure 6-5 Types of Stratigraphic Anomalies (RESPEC, 2021) Dissolution and collapse anomalies, or simply “collapse” anomalies, are those formed by the absence of a portion or the entire mass of evaporite salts. In the case of these anomalies, the overlying beds typically slump down into the void thus formed, creating a rubble pile or “breccia chimney” where normally the evaporite beds would be expected. In contrast to the leach or washout anomaly, the collapse anomaly can be identified by means of seismic reflection surveys and can thus be avoided through mine design by defining exclusion zones. Collapse anomalies are considered high risk to conventional underground potash mining operations as they typically breach all overlying aquitards and aquicludes, thus forming conduits for overlying brines and freshwaters to flow downward into potential mine workings. Date: December 31, 2024 6-9 Although the risk to life and mine makes identification of collapse anomalies critical for a conventional underground operation, there is limited risk to solution mining where access to the orebody is remote through boreholes only. Individual collapse occurrences are reviewed and categorized based on their potential impact to the potash deposit. A “washout anomaly” is an anomaly wherein the typical sylvinite horizon has been replaced or altered to a halite mass that consists of medium to large ½ inch (1 cm) halite crystals within a groundmass of smaller intermixed halite and clay insolubles. Clay intrusions up to ½ inch (1 cm) long may be present and, typically, there is a concentration of clay at the top and base of the altered zone. Mackintosh and McVittie (1983) describe these disturbances as “salt-filled V- or U-shaped structures (Figure 6-6), that transect the normal bedded sequence and obliterate the stratigraphy.” Washouts may extend laterally for considerable distances but generally appear over short intervals. These features are easily identified in conventional mining operations through visual inspection but are not detectable using seismic. Their occurrence would not be known in a solution cavity due to the style of mining. Intersection with this type of feature would have imperceptible impact on overall cavity performance. Figure 6-6: Wash-out Anomaly A “leach anomaly” is an anomaly wherein the typical sylvinite bed has been altered in such a manner that the sylvite mineral has been removed and replaced by halite (Figure 6-7). Such anomalies are also colloquially termed “salt horses” or “salt horsts” by mine operators. If the altered zone crosses any stratigraphic boundaries, these boundaries are commonly unaltered. This type of disturbance is generally considered post depositional (i.e., formed after deposition of the primary sylvinite). These anomalies are commonly associated with underlying Winnipegosis reefs, that may have some formative influence upon the anomaly. There are many examples at the Esterhazy Potash Facility where a leach anomaly is encountered and there is partial or complete remineralization of the insitu sylvite. These anomalies are local in extent ranging in diameter from a few meters to as much as 400m. Date: December 31, 2024 6-10 Figure 6-7: Leach Anomaly The above-described anomalies can impact mining operations by potentially reducing the insitu grade of the potash ore. Identification of any disruption to normal continuous deposition requires evaluation prior to developing a mine plan. Surface seismic reflection surveys (2D and 3D) can be used to identify and, in the case of 3D seismic, delineate large scale collapse zones. Careful examination of core or logged data from surface drill holes can identify anomalous grade conditions if they are intersected but provide no information on their shape or extent. 6.4 Property Geology The Belle Plaine property is underlain by the Esterhazy, Belle Plaine and Patience Lake Members described in Section 6.3.1. The mineable potash mineralization at Belle Plaine occurs in the three major potash bearing members, all of which are included in the solution mining. The key mining horizons are delineated using information gathered during production drilling using geophysical logging technology. These logs are compared to physical core to evaluate the quality of the mineralization. 6.4.1 Belle Plaine Potash Deposit The potash mined at Belle Plaine is a mixture of halite and sylvite and in some parts of the Mining Area, small amounts of carnallite. There are a number of clay-rich zones that are not recovered in the solution mining process that recovers a concentrate from a portion of the minerals rather than the entire bed. There are distinct features that are correlated between core and geophysical logging and applied to indicate relative ore quality. The key characteristics that are interpreted using remote data include KCl grade, bedding identification, and carnallite presence. The potash deposit at Belle Plaine is uniform and laterally continuous. When properly calibrated, the gamma response can be converted to indicate the amount of potash in the geological unit as %KCl. The neutron-density log is used to indicate the presence of carnallite. These correlations are possible based on understanding from examination of core. The three mineable potash-bearing members underlying the Belle Plaine property are, in ascending stratigraphic order, the Esterhazy Member, the Belle Plaine Member and the Patience Lake Member. The White Bear Formation marker beds occur between the Belle Plaine and Esterhazy Members. Deposit Dimensions Table 6-1 outlines the average thickness and grades of the potash horizons intersected by drilling at Belle Plaine. Date: December 31, 2024 6-11 Table 6-1: Potash Horizons Potash Member Average Mineable Thickness (ft.) Average Mineable Thickness (m) Average Grade %KCl Average Grade %K2O Local Naming Convention Patience Lake 67.6 20.6 28.4 18.0 30 Beds Belle Plaine 19.2 5.9 32.8 20.7 20 Beds Esterhazy 16.7 5.1 35.7 22.5 10 Beds Lithologies The Prairie Evaporite Formation includes all the beds between the Dawson Bay and Winnipegosis formations. The geological interpretation of the Prairie Evaporite for the Belle Plaine Potash Facility is completed by evaluating the geophysical logs. The three individual potash members can be easily identified by looking for typical marker features in the logging traces as seen in the sample in Figure 6-5. The density of drilling allows for good correlation of these beds providing a clear picture of the elevation, grade and thickness of the mining zones. The Esterhazy Member is easily identifiable in geophysical logs by the sharp increase in gamma at the top and decrease at the base (Figure 6-8), consisting of bedded halite, sylvite, with local carnallite. The potential mining zone in the Esterhazy Member is generally thin, with low potash grade, and is separated from the bottom of the Belle Plaine Member by approximately 60 ft. (18.2 m) of halite and clays. There are interbedded clay seams and some interstitial clays within the different salt beds. The naming convention at site refers to the beds in the Esterhazy Member as beds 11, 12 and 13 (in ascending depth). The highest grade potash is hosted in Bed 12 that has an average thickness of 20 ft. (6.1 m). The Esterhazy Member is separated from the Belle Plaine Member by interbedded low grade sylvite, halite and clay seams called the Whitebear Formation. This interzonal salt is approximately 20 ft. (6.1 m) thick and is locally referred to as Bed 20. It is not a specific mining target at Belle Plaine because it is too thin to be economically mined. The Belle Plaine Member includes three distinct beds separated by clay rich zones. These beds are notable in the gamma logs and distinguished as the 20 beds (beds 21, 22 and 23). The potash in the Belle Plaine Member is comprised of hematite-rimmed halite and sylvite and interstitial (non-planar) clays. A thin salt stringer interrupts the potash between the Belle Plaine and Patience Lake Members. This 10 ft. (3 m) barren salt is easily identified in the logs. The Patience Lake Member is a ~60 ft. (18.2 m) thick unit of sylvite, halite and interstitial clays. It is the thickest and youngest and highest grade horizon in the sequence. There are a number of clay seams that are identified in the logs for differentiation between the beds in this potash horizon. The beds are considered the 30 Series and are identified as beds 31, 32, 33, 34, 35 and 36. Separating the Patience Lake mining zones from the Second Redbed is a unit referred to as the Salt Back. Its presence is important to the stability of a cavern in the late stages of production. The Salt Back includes low grade interbedded halite and sylvite and is usually 25 to 30 ft. (7.6 to 9.1 m) thick at Belle Plaine. It is possible to encounter variation in the thickness and grade of these beds, but usually, normal stratigraphy is present. Solution mining methods can more easily accommodate any local variations in geological condition due to the non- selective concentrate mining process. Mosaic has extensive experience acquired from the conventionally mined sites that provides opportunity to visualize the impact of dissolution on the ore at Belle Plaine. When considering the sequence of mining at Belle Plaine, the following terminology is applied to the beds. This describes the geology in a way that best summarizes the grades that are available for solution mining. • The Upper Mining Zone consists of beds 38 to 31 of the Patience Lake Member and beds 23 to 21 of the Belle Plaine Member. The Upper Mining Zone is about 90 ft. (27.4 m) thick. • The Salt Stringer is a thin bed of salt located between Beds 31 and 23 in the Upper Mining Zone. The Salt Stringer is approximately 10 ft. (3 m) thick. • The Interzonal Salt is a thick bed of salt located between the Lower and Upper Mining Zones.

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Date: December 31, 2024 6-12 • The Marker Bed is a small, very rich potash bed located midway through the Interzonal Salt. • The Lower Mining Zone consists of beds 13, 12 and 11 of the Esterhazy Member. The Lower Mining Zone is approximately 20 ft. (6.1 m) thick. Figure 6-8: Deposit Stratigraphy with Corresponding Gamma Results Structure The Prairie Evaporite is a relatively flat-lying deposit with uniform bedding across the property. The 3D seismic interpretation is used to describe the structure within the mining zone. Evaluation of Winnipegosis mounds, collapse features and the total salt isopach supports mine planning activities at Belle Plaine. The underlying Winnipegosis Formation locally affects the elevation topography of the mining horizon. These local inflections result from compaction on the reef/mound structures found in the Winnipegosis carbonates and can affect the potash zones. There is limited impact to mining based on the occurrence of these mounds, which are well defined by 3D seismic interpretation. Geological expertise at Mosaic potash mines in Saskatchewan has resulted in an evolved internal registry of mound encounters. Appropriate operational strategy and mine planning controls are effective in limiting the impact of the local bed dip inflections and mineralogical variance associated with mound encounters in the conventional and solution environments. Collapse features are locally identified and impact the mineralization partially or entirely. They are classified based on the impacts of the feature with respect to size, vertical extent and Prairie Evaporite loss. At Belle Plaine, collapse features are considered, but do not pose mining risk to the operation outside of the impacts associated with potash bed loss. Mineralization Potash mineralization contains sylvinite; a mixture of the iron oxide-stained halite, sylvite and locally, carnallite. When present interstitially or as massive pods, carnallite can deteriorate rapidly or be preferentially dissolved. The color of the potash can vary from light orange to deep red rimmed crystals. The mineralization can be locally bedded or massive. The halite and sylvite crystals can range from small to more typically coarse to large. This can be attributed to the conditions during deposition as there has been no alteration. Date: December 31, 2024 6-13 Carnallite is considered an impurity in solution mining and can result in dilution of the potash grade. The mineralogy of carnallite results in liberation of magnesium into the brine that is not removed through processing. Because the magnesium remains in suspension, there is reduced carrying capacity for KCl. Date: December 31, 2024 7-1 Exploration The following section outlines and describes the exploration and geological information that has been collected and used to provide the basis for the mineral resource and mineral reserves estimates for Belle Plaine. 7.1 Exploration 7.1.1 Grids and Surveys The UTM grid (NAD83 Zone 13N) is used for all exploration and production drilling as well as all seismic surveys. 7.1.2 Geological Mapping Since there is no bedrock exposed on surface on the Belle Plaine property, no geological mapping has been completed. All subsurface bedrock geology is based on drilling. 7.1.3 Geochemistry No significant surface geological geochemistry surveys have been completed at Belle Plaine. 7.1.4 Seismic Survey Geophysics Over the past 30 years, the surface seismic method has gained widespread recognition in the potash industry, as a valuable mine planning tool and as an analytical tool for anomalous underground encounters at the mining level. Today, problems such as analysis of site-specific solution collapse anomalies, void space mapping, and brine inflow site identification are being solved through the use of surface seismic investigations. 2D seismic surveying has been done in the Belle Plaine Potash Facility as far back as the 1950’s, generally for oil and gas exploration. Initially four of these 2D lines in proximity to the proposed mine site were used for exploration purposes. As they were not specifically designed for delineation of the potash-bearing horizons, they could only be used for regional stratigraphy purposes. Over time, advancement of seismic technology has evolved from 2D to 3D methodology. This is now the primary exploration tool at Belle Plaine. The first 2D seismic survey at the Belle Plaine Potash Facility was completed in 1998. This was followed by the first 3D seismic survey in 2000. Seismic coverage was expanded with surveys in 2001, 2005, 2008, and 2010. Seismic coverage is shown in Figure 7-1. Mosaic contracts all seismic work including surveys, interpretation, and maintenance of the seismic model to a qualified third-party. Date: December 31, 2024 7-2 Figure 7-1: Seismic Surveys 7.1.5 Petrology, Mineralogy, and Research Studies Any studies that may have been done in the exploration stage and early production years (1960s) are no longer available for review. There have been no recent petrology and mineralogy studies completed. In 2021, a density study was completed by RESPEC to provide additional density information to support the Belle Plaine mineral resource and mineral reserve estimates. 7.1.6 Exploration Potential Due to the lateral continuity of the potash mineralization in the Belle Plaine area, the potential to increase mineral resources is good. There is a reasonable expectation that the majority of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration. 7.2 Drilling 7.2.1 Overview The first potash exploration hole drilled at the Belle Plaine property was Standard Chemical Stony Beach #1 in August 1960. Fourteen additional exploration holes were drilled from August 1960 to June 1968. From that point on, selected

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Date: December 31, 2024 7-3 production wells were identified as exploration wells and registered with the Saskatchewan government well drilling authority. The potash mineralization in most early wells was cored and the potash bearing zones were analyzed. These wells were also logged with a calibrated gamma ray tool. Calibration charts were constructed, quantitatively relating potash grade to the gamma ray readings. All current production wells are evaluated using these gamma ray logging techniques. 7.2.2 Drilling on Property The exploration drilling completed on the Belle Plaine property is listed in Table 7-1. The location of the bottom of the exploration holes is shown on Figure 7-2. In addition to exploration drilling, 756 production wells totaling 4,432,233 ft. (1,350,945 m) of additional drilling has been completed and supports the mineral resource and mineral reserve estimates. These holes represent drilled wells that are used for solution mining for each of the planned caverns. Each of these holes is gamma logged for KCl grade information. Date: December 31, 2024 7-4 Table 7-1: Exploration Drilling Summary Well Identifier Legal Subdivision Section Township Range Year Drilled Total Depth (ft.) Total Depth (m) Comments 60H039 16 22 17 24 1960 5,594 1,705 Stan Chem SB No 1 61C023 12 11 17 24 1961 5,704 1,739 Kalium Belle Plaine SB No 2 61C037 12 16 18 24 1961 5,451 1,661 Stony Beach No 3 61D025 12 11 17 24 1961 5,641 1,719 Kalium Belle Plaine SB No 4 61E037 5 16 18 23 1961 5,440 1,658 Stony Beach No 5 63A011 16 26 17 24 1963 5,503 1,677 Stony Beach SB No 6 63A042 6 30 17 23 1963 5,512 1,680 Stony Beach SB No 7 63A042 6 30 17 23 1963 5,544 1,690 Stony Beach SB No 7A 63C018 4 19 17 23 1963 5,600 1,707 Stony Beach SB No 8 63L063 9 23 17 23 1963 5,539 1,688 Kalium Belle Plaine 9 65F123 9 26 17 24 1965 5,587 1,703 Kalium Belle Plaine SB No 9 65E090 5 25 17 24 1965 5,604 1,708 Kalium Stony Beach No 10 65G136 3 26 17 24 1965 5,622 1,714 Kalium Belle Plaine SB No 11 65H067 1 25 17 24 1965 5,533 1,686 Kalium Belle Plaine SB No 12 68E096 9 24 17 24 1968 5,513 1,680 Kalium Belle Plaine SB No 15 84I206 13 18 17 23 1984 6,120 1,865 Kalium Belle Plaine BP17012 85J340 15 12 17 24 1985 5,525 1,684 Kalium Belle Plaine BP19051 86A341 1 13 17 24 1986 5,684 1,732 Kalium Belle Plaine BP19072 92A040 6 17 17 23 1992 6,190 1,887 Kalium Belle Plaine BP23032 94G140 5 20 17 23 1994 6,008 1,831 Kalium Belle Plaine BP25061 98B163 4 30 17 23 1998 5,615 1,711 Kalium Belle Plaine BP27042 99L144 1 31 17 23 1999 5,860 1,786 Kalium Belle Plaine BP29041 99L145 5 31 17 23 1999 5,861 1,786 Kalium Belle Plaine BP29061 01L100 5 05 17 23 2001 5,955 1,815 IMC Belle Plaine BP31072 01L101 8 05 17 23 2001 5,723 1,744 IMC Belle Plaine BP31052 08B136 3 21 17 23 2008 5,610 1,710 Mosaic Belle Plaine BP35082 09E128 2 21 17 23 2009 6,037 1,840 Mosaic Belle Plaine BP36111 10K106 2 22 17 23 2010 5,676 1,730 Mosaic Belle Plaine BP38102 12B405 4 22 17 23 2012 5,994 1,827 Mosaic Belle Plaine BP39032 148132 14 22 17 23 2020 6022 1836 Mosaic Belle Plaine BP41101 310382 4 25 17 23 2024 5961 1,817 Mosaic Belle Plaine BP43011 Total 177,228 54,019 Date: December 31, 2024 7-5 Figure 7-2: Exploration Drill Hole Locations Date: December 31, 2024 7-6 7.2.3 Drilling Supporting Mineral Resource Estimates The exploration drilling used to support the Belle Plaine mineral resource estimates are listed in Table 7-2. Core analysis methods were included to indicate whether the hole core samples were assayed, or grade was estimated from downhole gamma logging. It is important to note that the average zone thickness and grade defined by the exploration drilling is 100.59 ft. (30.70 m) at an average grade of 29.61% KCl. These support the thickness and grade assumptions used to estimate mineral resources. Table 7-2: Drill Summary Table Supporting Mineral Resource Estimates Well Identifier Legal Subdivision Section Township Range Total Zone Thickness (ft.) Total Zone Thickness (m) Total Mining Zone Grade (%KCl) Core Analysis Method 60H039 16 22 17 24 111.50 34.0 27.4 Assay 61C023 12 11 17 24 107.26 32.7 26.2 Assay 61C037 12 16 18 24 110.50 33.7 24.8 Assay 61D025 12 11 17 24 94.00 28.7 23.7 Assay 61E037 5 16 18 23 107.20 32.7 26.1 Gamma 63A011 16 26 17 24 114.92 35.0 30.1 Assay 63A042 6 30 17 23 102.55 31.3 29.2 Assay 63C018 4 19 17 23 110.78 33.8 29.0 Assay 65G136 3 26 17 24 81.66 24.9 25.5 Assay 85J340 15 12 17 24 77.00 23.5 37.4 Gamma 86A341 1 13 17 24 74.00 22.6 39.7 Gamma 92A040 6 17 17 23 89.00 27.1 18.1 Gamma 94G140 5 20 17 23 92.00 28.0 35.3 Gamma 98B163 4 30 17 23 117.20 35.7 26.6 Gamma 99L144 1 31 17 23 97.50 29.7 30.5 Gamma 99L145 5 31 17 23 104.00 31.7 31.1 Gamma 01L100 5 05 17 23 99.00 30.2 32.1 Gamma 01L101 8 05 17 23 106.00 32.3 36.6 Gamma 08B136 3 21 17 23 102.00 31.1 35.3 Gamma 09E128 2 21 17 23 111.00 33.8 31.3 Gamma 10K106 2 22 17 23 74.50 22.7 35.2 Gamma 12B405 4 22 17 23 119.50 36.4 23.6 Gamma 148132 14 26 17 23 107.98 32.9 23.7 Assay 310382 4 25 17 23 103.2 32.2 32.2 Gamma Average 100.59 30.70 29.61 7.2.4 Drilling Excluded for Estimation Purposes Table 7-3 outlines the drilling that was excluded for mineral resource estimation purposes. The reason that these holes were excluded is that they occur within the mined out area.

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Date: December 31, 2024 7-7 Table 7-3: Drill Summary Table Excluded for Estimation Purposes Well Identifier Legal Subdivision Section Township Range Total Depth (ft.) Total Depth (m) Comments Reason for Exclusion 63L063 9 23 17 23 5,539 1,688 Kalium Belle Plaine 9 Within mined out area 65F123 9 26 17 24 5,587 1,703 Kalium Belle Plaine SB No 9 Within mined out area 65E090 5 25 17 24 5,604 1,708 Kalium Stony Beach No 10 Within mined out area 65H067 1 25 17 24 5,533 1,686 Kalium Belle Plaine SB No 12 Within mined out area 68E096 9 24 17 24 5,513 1,680 Kalium Belle Plaine SB No 15 Within mined out area 84I206 13 18 17 23 6,120 1,865 Kalium Belle Plaine BP17012 Within mined out area 7.2.5 Drill Methods All historical exploration wells were drilled vertically using standard oil and gas well drilling techniques available at that time. Modern drilling uses standard rotary techniques combined with directional drilling utilizing mud motors and MWD (Measurement While Drilling) equipment. Single shot, multi shot, and MWD directional surveys are run during the drilling process. A final multi-shot directional survey is completed when total depth is reached. In the first three exploration wells hydrogeology was evaluated by drill stem tests run primarily on the Mannville Formation. Testing has also been done on the Dawson Bay Formation to evaluate for the presence of formational water immediately above the Prairie Evaporite. As all production wells are cased and cemented to surface, any presence of formational water is isolated from the ore body, other formations, and access to surface. Any geotechnical studies completed on core from the original exploration wells are no longer available for review. Production drilling in the past 50 years has identified areas of concern such as lost circulation issues encountered during drilling and casing issues that develop during production mining of a cavern. Standard operating procedures have been developed to mitigate all geotechnically related issues that could affect production. 7.2.6 Geological Logging Core Logging Core was retrieved from nine of the original fifteen exploration wells at Belle Plaine. A grade estimation process using gamma logs was developed in the past, and that combined with geological information from production wells and the known continuity of the mineralization, resulted in justifying that very limited coring would be completed in subsequent years. In 2020, core was retrieved from two planned production wells to support the grade interpretation and calibration of the gamma geophysical logging system and to establish core handling protocols. The field team included Mosaic drilling personnel and geological support as well as third-party core recovery professionals and a field projects management team. The following procedure was used in the overall process: • The field recovery of the core was technically managed by a core retrieval specialist. Initial core review and handling was supervised by the geologist to ensure a high-quality physical record was maintained. All standard procedures and quality control measures were adhered to for this drilling campaign. • The drill core was secured for shipping with the appropriate chain of custody documents and delivered from the site to the laboratory facility where it was received, inspected and sorted. Date: December 31, 2024 7-8 • The SRC (Saskatchewan Research Council) laboratoryan ISO/IEC 17025: 2017 Accredited Testing Laboratory, is equipped with an alarm system to ensure the security and integrity of the core when the laboratory is not under direct surveillance. SRC’s laboratory is temperature and humidity controlled to prevent core from rapidly deteriorating. • The core was then cleaned and arranged sequentially on the facility’s logging tables. • All core segments were re-fitted together in the best possible manner to restore the core to its original condition and length. • The core is remeasured and labeled. All field measurements are retained for cross-referencing. Each core box has its own unique information, including the depths corrected using available geophysical wirelines. • Depth correcting is a quality assurance quality control (QA/QC) measure undertaken by the geologists to ensure that accurate depths are recorded for critical elements observed in core. Depth correcting must be performed prior to any geological analysis of the core and all depth corrections must be peer reviewed. Where appropriate, a correction factor could be applied to the measured depth (MD) to calculate the true vertical depth (TVD) over the cored interval. • Once the initial assessment has been performed, the next step is for the geologist to begin the detailed description. Core descriptions are entered directly into the geological logging database. The geologist is expected to adhere to the following format and sequence of elements where applicable. o Lithology (major), then minor lithology (if applicable) o Rock color o Rock texture o Rock hardness and competency o Structural deformation o Mineralogy and fossils o Other special features o Porosity and permeability o Basal contact Geophysical Logging Gamma ray and neutron logs have been collected for every exploration and production well at the Belle Plaine Potash Facility. Open hole logging is completed when a well reaches planned total depth and the logs are used to interpret the thickness and grade of the ore body at that location. Logged data is also used to confirm stratigraphic elevations required for production casing installation. Cased hole logs and cement bond logs are completed prior to the well being put into production. In compliance with MRO 291/21, one drill hole per section is registered with a complete geological data submission provided to The Subsurface Geological Laboratory. Geophysical logs are collected from the open hole from total depth to surface by a logging contractor. The suite usually consists of CNL (Compensated Neutron Log), LDT (Litho- Density Tool), STI (Simultaneous Triple Induction), BHC (Borehole Compensated Sonic), and GR (Gamma Ray). For these registered wells, drill cuttings are collected every 16.4 ft. (5 m) from the Second White Specks Formation down to the bottom of the hole. Grade estimation utilizing gamma logs has been done at the Belle Plaine Potash Facility since the early days of exploration through the present. The early gamma grade to assay comparison work is no longer available for review. It appears that the original methodology has been adjusted over the years to adapt with industry down hole gamma ray tools. Two production wells were cored in 2020 to support the grade interpretation and calibration of the gamma geophysical logging system. The recent calibration check has been evaluated by a third-party potash consultant (RESPEC) to ensure applicability of the method with respect to sample quality grade estimation. Date: December 31, 2024 7-9 Two methods of correlating gamma ray API units and % K2O were reviewed. The first, described as the “Alger and Crain method” (Alger and Crain, 1966) uses the following data to determine the correlation between gamma ray API and % K2O: • Borehole diameter at depth of interest • Mud weight • Downhole logging speed • Centralization or decentralization of gamma tool downhole • Calipers – hole condition, shape of hole (washouts, etc.) The second, described as the “Bannatyne method” (Bannatyne, 1983) uses a linear relationship between gamma ray API and % K2O and does not consider borehole diameter, mud weight or other downhole parameters. An analysis was completed using a combination of the Bannatyne and Alger-Crain methods that provided better results than either of the methods alone for the mining intervals. This method, described as Gamma Ray Equivalent Calculation (GREC) is capable of estimating K2O values, as indicated by an assay and GREC difference ranging from a minimum 0.1% to maximum 2% K2O. 7.2.7 Recovery The average core recovery from 11 historical cored wells (1960 to 1965) is 98%. More recently, the recovery estimated from the 2020 core drilling is 99.5%. No additional coring as of 2024. 7.2.8 Collar Surveys Historical exploration wells were originally surveyed by a Land Survey or registered in the Province of Saskatchewan. Current standard operating procedure is for the production well collars to be surveyed by a third-party licensed survey contractor using GPS. 7.3 QP Interpretation of the Exploration Information In the opinion of the QP for this section of the Technical Report Summary the scientific and technical information contained in this section has been interpreted in a professional manner and has been properly disclosed. In addition, the quantity and quality of the lithological, collar and drilling data collected in the exploration program prior to 1968 and the production drilling completed after 1964 are sufficient to support mineral resource and mineral reserve estimation. The reasons for this are as follows: • The core logging meets industry standards for this type of deposit. • The collar surveys have been performed using industry-standard instrumentation. • Down-hole surveys were performed using industry-standard instrumentation. • Drill orientations are appropriate for the mineralization style and have been drilled at orientations that are acceptable for the orientation of mineralization for the bulk of the deposit area. • Drill orientations appropriately test the mineralization. • Core recovery data indicates that the representative sampling from the core drilling programs has been achieved. • The drilling pattern and density are consistent with industry standard. • The recorded data and classification of core constituents are in line with industry practice. • The drilling process and equipment are consistent with industry standards for this type of deposit. Date: December 31, 2024 7-10 • Data that is determined to be inadequate is not used in the estimation process.

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Date: December 31, 2024 8-1 Sample Preparation, Analyses and Security 8.1 Introduction The potash horizon at Belle Plaine was evaluated based on core samples collected from 8 historic exploration drill holes. The data from this interpretation has served as the basis of understanding, and until 2020 was the only physical core analysis that was performed on the property to support the grade estimation. Although it is not possible to audit the assay results for portions of the core that are no longer retained, the QP considers the data collection processes to be acceptable based on the historical standard practice. The QP is confident that the included results are suitable for consideration in the mineral reserves and mineral resources estimations. In 2020, two production wells were selected for core analysis to complete calibration checks on the geophysical logging process used at site. This section outlines the standard processes that are in place regarding the sampling, assay, and data collection methods. The entire coring process was supervised by Mosaic personnel. Sampling, assay, and data collection and the standards practices followed were supplied by consulting experts. The 2020 geochemical sampling activities were undertaken by RESPEC staff at the Saskatchewan Research Council (SRC) Core Lab Facility. Sample preparation, analysis and security was performed by Geoanalytical Laboratories – Saskatchewan Research Council (SRC). This lab is based in Saskatoon, Saskatchewan at 125, 15 Innovation Blvd. Future core processing and analyses will align with these 2020 processes and standards. 8.2 Core Sampling Method 8.2.1 Procedures Determining individual sample locations was based on visually inspecting the core and consulting the respective wireline logs. This information was used by RESPEC geologists to assess changes in mineralogy, lithology, and grade. Individual samples were selected according to the following process: • Changes in lithology, mineralogy, K2O grade, crystal size, or insoluble content warranted a new sample. • Clay seams were broken out as their own samples, with approximately 0.4 inches (1 cm) overlap on either side of the seam. • Samples were limited to a range of 12 to 20 inches (30 to 50 cm). Within barren intervals, sampling limits did not exceed 30 inches (75 cm) and the minimum sample length was no less than 12 inches (30 cm). • For sampling the Prairie Evaporite, the RESPEC quality standard was for each drill hole to be sampled from one sample above the 2nd Red Beds / Prairie Evaporite contact continuously down to 30 ft. (10 m) below the Esterhazy Member. • Once the sample interval to be assayed was chosen, the core was slabbed lengthwise into halves with the use of a guide to ensure a straight cut across the diameter of the core. The core was cut with the dry, 2 Hp band saw equipped with a dust collection system at SRC. Only one piece of core was removed from the core box at any one time and slabbed down the vertical orientation lines marked on the core. Once slabbed, the two complimentary core halves were placed back into their respective box, with cut surfaces facing up, prior to the next piece being taken to ensure proper stratigraphic order. This process was repeated until the cored interval was slabbed. The cutting process was supervised by a RESPEC geologist. • Prior to sample cutting, the core was divided into individually marked samples with straight lines perpendicular to core axis, by a RESPEC geologist. The upper half of the core with the marked sample intervals was cut with the band saw, where no natural breaks occur. Only one piece of core was removed from the core box at any one time and cut across the marked sample lines. This cutting process was repeated throughout the assay interval. Date: December 31, 2024 8-2 8.2.2 Quality Control The following quality control practices support the core sampling process. • The SRC laboratory is temperature and humidity controlled to prevent core from rapidly deteriorating. • Depth correcting is a quality assurance quality control (QA/QC) measure undertaken by the RESPEC geologists to ensure that accurate depths are recorded for critical elements observed in core. Depth correcting must be performed prior to any further geological analysis of the core and all depth corrections must be peer reviewed. Where appropriate, a correction factor is applied to the measured depth to calculate the true vertical depth over the cored interval. • Digital photographic records of the core and sample intervals are systematically collected and compiled by RESPEC (Table 8-1) to ensure sample location and depth intervals are accurate. Table 8-1: Digital Photograph Records Photo Series Interval Location Core Condition Moisture Content Primary Cored Interval Field / Lab Whole Wet / Dry Assayed Assayed Interval Lab Slabbed Dry (Brine) Assayed-Tagged Assayed Interval Lab Slabbed Dry (Brine) 8.3 Sample Preparation 8.3.1 Process Samples were prepared for assaying and analytical procedures following the process outlined in SRC’s Method Summary 62.3: Assay Potash Analysis: • All samples are kept in their original bags throughout all preparation procedures. • Samples are dried in their original bags. • The entire dried sample was crushed to 95% minus 2 mm. • A representative subsample was taken by passing the samples through a riffle splitter to riffle out an aliquot for mill grinding. The riffle has 10 riffle banks per side with ½ inch (1.3 cm) openings. All crushed “rejects” were vacuum sealed and returned to the original pails. The lab places coarse rejects into storage until requested by the customer. • Homogenization of the subsample was achieved by mild steel grind to 95% minus 0.106 mm. • Transfer a portion of the homogenized aliquot to a barcode labeled plastic snap top vial. The remaining ground material (pulp) was sealed in the pulp bag. 8.3.2 Quality Control Quality control performed during the sample preparation process at the SRC lab includes: • Screen size analysis on 5% of samples is performed, after crushing to minus 2 mm and after pulverization to minus 0.106 mm, 95% passing. All data is tracked and available to the client. • Loss of mass monitoring on 5% of samples is performed after crushing to minus 2 mm and after pulverization to minus 0.106 mm, 95% passing. All data is tracked and available to the client. Date: December 31, 2024 8-3 • Silica sand was used at the start of every group to clean the grinding mills. Silica sand was used to clean grinding mills between samples as required (sticky samples). Sample blanks (quintus quartz) were inserted at a rate of 5% per group. All data is available to the client. • A quintus quartz sand blank is inserted at a rate of 1 per 20 samples or 1 per group in the case there are less than 20 samples. • A pulp repeat (R) is included with every set of 36 samples and 1 split sample repeat (SSR) with every group. • Results include 1 reagent blank per group being processed. 8.4 Assaying and Analytical Procedures 8.4.1 Procedures The basic Potash Exploration Package (ICP 2 Geo Chem) offered by SRC is used. The assaying and analytical procedures performed at the SRC lab for the Belle Plaine core involved soluble and insoluble digestion and ICP-OES analysis. An aliquot of the sample pulp was weighed and placed in a volumetric flask. Deionized water from a thermostatically controlled system was added to the flask then shaken and placed in an agitated thermostatically controlled water bath. The volumetric flask was allowed to cool then topped to volume with deionized water and shaken. The solution was then vacuumed filtered. The reweighed filter paper was dried overnight cooled in a desiccator and weighed. The weight percent of insolubles is estimated. The detection limit for this method is 0.1 wt.%. Only calibrated glassware is used as per ISO 17025 requirements. A moisture determination is also completed. An aliquot pulp is placed into a pre-weighed crucible and heated. The sample is weighed again, and the moisture estimated as wt.% with a detection limit 0.1 wt.%. Assay standards are labeled with the sample number in which they were inserted after with a corresponding A to denote no thickness is given to the standard sample. 8.4.2 Density Determination Density is estimated at the SRC lab using whole dry cores. The samples are dried and weighed, then coated with an impermeable layer of wax and re-weighed. The samples are then weighed while submersed in water. All weights are entered into a database and the rock density estimated for each sample. The temperature of the water is recorded at the time of all measurements and included in the calculations. The detection limit is 0.01 g/cc. The associated QA/QC consists of one of every 40 samples is analyzed in duplicate with all QC results required to be within specified limit of 0.01% g/cc, otherwise corrective action is taken. The corrective action is to redigest and analyze the samples. 8.4.3 Quality Assurance and Quality Control Selection of the correct insertion of standards is completed by the Qualified Person (QP). To ensure that the standards are inserted at different intervals than the assaying labs standards, RESPEC inserts POT004B and POT003B every twenty samples, aligning with the prescribed sequence that SRC uses for insertion of their own standards. Inserted QA/QC samples include: • Reference materials POT004B (higher grade) and POT003B (lower grade) were developed by SRC and are alternately inserted by SRC every twenty samples. • Blanks (QQ) are inserted after high gamma readings shown on the wireline. Typically, 1 blank sample is inserted for each potash formation. All SRC instruments are calibrated using commercial standards. Date: December 31, 2024 8-4 Quality control samples from the Lab are prepared and analyzed with each batch of submitted samples. One in every 40 samples is analyzed in duplicate. All Lab quality control results must be within specified limits, otherwise action is taken. The corrective action is to redigest and analyze the samples. 8.5 Sample Security Sample security is important to maintaining the integrity of the analytical results and interpretation and use of the results for mineral resource estimation. The Chain of custody documentation is prepared for tracking of the core from the field to the logging facility. The logging facility has designated areas where Mosaic core is isolated from other projects. Sample preparation is completed in the same facility as core logging to eliminate contamination risk. The SRC laboratory is equipped with an alarm system to ensure the security and integrity of the core when the laboratory is not under direct surveillance. Digital photographic records of the core are systematically collected and compiled by RESPEC as listed in Table 8-1. 8.6 Database All the assayed intervals are compiled into the drilling database for further evaluation and compositing. The data is managed in a geological database management system called GeoSequel. The historic details have been verified by the QP and digitized to be included with recent drilling information. The geological database includes all available exploration drilling and is a combination of assayed core data and interpreted geophysical log data. Available geophysical log interpretations have been compiled from production drilling in the Mining Area. This information has been audited by the QP with respect to the ore zone interval selected and associated grade interpretation. Pertinent geological details are included in the database including elevation, formation tops, and grade interpretation to allow for confirmation of the average global grade and deposit dimensions used for the mineral reserves and mineral resources estimates. 8.7 QP Opinion on Sample Preparation, Security, and Analytical Procedures It is the opinion of the Section 8 QP that the historical pre-1965 and 2020 sample preparation, security, and analytical procedures are suitable to support mineral resource and mineral reserve estimation. The rational for this is as follows: • The 2020 core sampling, sample preparation, security and analytical procedures were conducted using industry standard procedures by RESPEC and SRC. • It is assumed, based on a review of existing documents and compilation reporting, that the historical core sampling, sample preparation, security and assaying processes were appropriate for the time of data collection. The majority of the historical drilling areas have been mined and through production records, the QP has gained confidence that these estimations reconcile with realized mining expectations.

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Date: December 31, 2024 9-1 Data Verification 9.1 QP and Internal Data Verification The Section 9 QP and the Belle Plaine Logging Supervisor perform the following regular internal data validation: • Well logs are collected during production drilling. These logs are generated under the supervision of site Logging Technicians in accordance with the Mosaic standard data collection procedure. Calibration checks are completed in the field and on the well logging tools as specified by the manufacturer. A record of the specific logging tool and deployment parameters is retained with each record. • The geophysical logs are reviewed by the Logging Technicians and provided to the Logging Supervisor and Geologist for additional interpretation including bed presence, elevation, thickness and quality. These interpretations are peer reviewed by the Geologist, and the Logging Supervisor prior to inclusion in the database. • The logged interpretations are compared to the predicted elevations generated in the 3D seismic model. All new elevation information is provided to the third-party seismic consulting team for inclusion in the 3D seismic model to maintain current interpretation for mine planning. The production drilling data generally agrees with the seismic interpretation and is reviewed as new information when it becomes available. • All new grade and thickness information is included in the drilling database. Average thickness and grade are recalculated to ensure that the most accurate estimate is applied to the mineral reserve and mineral resource estimates. • The QP has reviewed the existing copies of the analytical lab results for the historic drilling data used in the mineral resource and mineral reserve estimates. There is no historic core remaining from the original drilling campaigns, but the logged results and assays are available and included in the grade and thickness estimation. • A review and audit of the production drilling database has been completed to ensure alignment with the current data requirements. Additional details have been included to allow for a refined evaluation of the three individual potash-bearing members mined at Belle Plaine. • A review and audit of the internal GREC (Gamma Ray Equivalent Calculation) applied at Mosaic was completed by the external consulting team at RESPEC. The conclusion of the study is that the grades estimated for the mining zones at Belle Plaine using GREC are sufficient for use in the mineral resource and mineral reserve estimation process. • Drill core recovered from the mineralized zone in 2020 was examined by the QP. Assay intervals and stratigraphic markers were correlated to gamma ray logs to confirm application of the GREC (Gamma Ray Equivalent Calculation). The drill core has been analysed and is preserved in the sample repository of the Saskatchewan Subsurface Geological Laboratory as a permanent record. • The QP has conducted discussions with past professionals and original site experts regarding historic data. Numerous academic reviews of the application of logging processes and the internally generated research have been performed to validate the data included in the mineral resource and mineral reserve estimation process. 9.2 External Data Verification The following external data verifications have been completed supporting the Belle Plaine mineral resource and mineral reserve estimates. • Two production wells were cored in 2020 to support the grade interpretation and calibration of the logging system. The recent calibration check has been evaluated by a third-party potash consultant (RESPEC) to ensure applicability of the method regarding sample quality. Current calibration standards for geophysical logging tools are considered adequate, however the initial review of the conversion from the gamma response Date: December 31, 2024 9-2 to %KCl indicates that there may be an opportunity to further refine the calculation in the future to ensure the best estimation of grade possible from this data. For the intended purposes, the grade data reported from production drilling is deemed suitable for consideration in the ore reserves and resources estimation. • All new drilling results are tabulated and provided to the third-party geophysical consultants. This geological data is used to ground-truth the 3D seismic model and refine the interpretation used for mine planning. • The density has been verified by a third-party potash consultant (RESPEC) to ensure applicability in the mineral reserves and mineral resources estimate. 9.3 QP Opinion on Data Adequacy It is the opinion of the QP that the data being used and relied upon in the Technical Report Summary is adequate to support mineral resource and mineral reserve estimation. The rational for this is as follows: • The data quality and quantity are aligned with industry standards. • There is adequate drilling information to produce accurate mineral resource and mineral reserve estimates. • The verification process is adequate to validate the data used as part of the mineral resource and mineral reserve estimation process. • The historical assay information is adequately supported by the reconciliation to actual mining results and activity. Mining recoveries and expectations are supported by 60 years of production records. • The exploration results have been reviewed and there is confidence in the interpretations. The QP has not completed duplicate analysis based on the condition and limited availability of original core samples. • During the preparation of the report, the QP has reviewed the historical data set used to confirm the potash intervals included in the mineral resource estimates, however there is no formal documentation regarding the quality control measures and data verification procedures applied by the initial assayer. • Recent calibration of the geophysical logs to the assayed values serves to verify the grade interpretation used to describe the active Mining Area. The level of confidence in this analysis supports this modified grade interpretation for solution mining. It is the QP’s opinion that the grade interpretation generated through Mosaic’s conversion of API to K2O is accurate for the MRMR estimates required for solution mining. • Through the existing 3D seismic interpretation, combined with the regional geology interpretation, the QP is able to verify that potash is present with a level confidence that supports the mineral resource and mineral reserve estimates. • The QP has reviewed select internal reports and memos prepared by Mosaic staff and notes that those reports and memos have not identified any material deficiencies with the adequacy of the data at the time the Technical Report Summary was prepared. Date: December 31, 2024 10-1 Mineral Processing and Metallurgical Testing 10.1 Introduction Metallurgical testing and quality control are crucial to Belle Plaine mining and processing. Offline (laboratory) testing is a necessity to support the solution mining process because of inherent limitations of online measurement of specific fluid streams or solid product streams. Some of the limitations of online measurement in solution mining stem from the properties of solid and liquid flow streams. These flow streams are highly corrosive, abrasive and tend to plug instrumentation because of the precipitating nature of the solution mining process discussed in Section 14. Other noted limitations of online measurement technology also include the accuracy and repeatability of results. As such, the Belle Plaine on-site laboratory is utilized to ensure operating targets are being met throughout the process and to confirm final product purity/quality. 10.2 On-Site Laboratory The Belle Plaine on-site QC laboratory (QCL) functions as a metallurgical lab for analyzing process conditions, as well as a Quality Assurance/Quality Control (QA/QC) lab for confirming product quality to customer specifications. The lab operates 24 hours/day, seven days a week to meet site needs and is currently staffed by approximately 12 employees. They are owned by Mosaic and operated by Mosaic personnel and are not certified labs. The QC Supervisor and QC Specialist are responsible for training and onboarding new employees. One-on-one training is provided until competency has been demonstrated in required job duties and proficiency examinations for each training area are conducted and maintained in Mosaic’s training database. Review of the quality manual is done following a document control review process by the QCL Supervisor, where any updates must go through a formal controlled document change procedure, changes must be approved by the QA/QC Manager. Changes to the lab’s standard operating procedures are under the control of the QCL Supervisor and the QC Specialist. Quality control worksheets are filed, and records are maintained for a minimum of one year. The lab is located within the site’s administrative building, making it central to the many groups accessing their services. The lab consists of numerous types of industry standard benchtop lab equipment, as well as some notably larger footprint analytical equipment. The lab is well equipped with fume hoods, chemical storage, and PPE to safely perform analyses. Lab analyses are employed throughout the entire solution mining process (mining to shipping). Samples are primarily collected by operations personnel and brought to the lab for analysis on a set routine. These routines have been established by site engineering and operations personnel, based on the criticality and variability of each specific stream, noted over the site’s decades of operation. The lab receives solid and liquid samples, each analyzed following well-defined procedures that are subject to the Mosaic Document Control Standards. Major analyses utilized on-site are summarized in Table 10-1 and the frequency of the analyses is listed in Table 10-2. Processing related lab results are imported into a Laboratory Information Management System (LIMS), that feeds the site’s larger reporting-based database. Shipping related lab results are entered into a PLS (Product Loading System) system, that creates a history of the values and provides a certificate of analysis to customers through the Mosaic SAP billing system. Date: December 31, 2024 10-2 Table 10-1: Regular On-Site Laboratory Testing Analysis/ Equipment Sample Type Available Measurement Application XRF (X-Ray Fluorescence) Liquid/Brine/Slurry NaCl (g/L) KCl (g/L) MgCl2 (g/L) Br- (g/L) CaCl2 (g/L) SO4 -2 (g/L) • Individual Cavity Streams • Mining Area Streams • Refinery Streams • Cooling Pond Streams Solid NaCl (wt.%) Br- (ppm) • Refinery Streams • Cooling Pond Streams • Shipping Area Streams Flame Photometer Solid KCl (wt.%) NaCl (wt.%) • Evaporator Streams • Refinery Streams • Shipping Area Streams ICP (Inductively Coupled Plasma) Spectroscopy Liquid/Brine/Slurry Ca+2 (ppm) Mg+2 (ppm) Fe +2/+3 (ppm) Al+3 (ppm) SO4 -2 (ppm) • Refinery Streams Solids Ca+2 (ppm) Mg+2 (ppm) Fe +2/+3 (ppm) Al+3 (ppm) SO4 -2 (ppm) • Refinery Streams • Cooling Pond Streams • Shipping Area Streams Manual Sieves/ Cam Sizer Solids Size Distribution over broad mesh sizes • Crystallizer Body Samples • Intermediate Dry End Streams • Shipping Area Streams

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Date: December 31, 2024 10-3 Table 10-2: Notable Frequency of Samples Sample Name Frequency of Samples Analysis Type Mining Area Individual Cavity Returns x 2 per week Chemistry Mining Area Main Raw Feed Lines x 1 per day Chemistry Mining Area Feed Stream x 1 per day Chemistry Evaporator Circuit Streams x 2 per 12 hour shift Chemistry Crystallizer Area Streams x 2 per 12 hour shift x 1 per day x 1 per week x 1 per month Chemistry Size Cooling Pond Area Streams x 2 per 12 hour shift x 1 per week Chemistry Dryer and Dewatering Streams x 2 per 12 hour shift Chemistry Sizing Area x 4 per 12 hour shift x 1 per shift Chemistry Size Compaction Area x 4 per 12 hour shift Chemistry Size Shipping Every rail car Every bulk truck K-life – Composite over shift Paper Bagging/Tote – Composite over shift Per Customer Requirements: Chemistry • K2O Equivalent Content • Impurity Concentrations Size 10.3 Quality Control Instrument calibration is performed with standards prior to each sample run on the ICP and Flame photometer. Standards of known concentration are purchased and run to verify calibration curves for the ICP. In addition to this, controls are used to confirm the validity of the in-house preparation, prior to running the XRF and ICP equipment. Control samples are prepared in the same manner as product samples to ensure accurate sample preparation. Known control samples are purchased for ICP, while XRF liquid controls are prepared internally by QCL Technologists and run as unknowns with each run of samples. Statistical Quality Control (SQC) practices are in place in the Belle Plaine Quality Control Laboratory, where control sample values are plotted on SQC charts and maintained in Mosaic’s document control database. SQC charts are created for analytical methods and reviewed by the QCL Technologists, QC Supervisor or QC Specialist. Table 10-3 summarizes each analytical procedure used at Belle Plaine with method accuracy and precision, as determined by the Six Sigma Measurement Systems Analysis. QC Laboratory audits are completed yearly by Mosaic’s Quality Assurance team. The audit findings are given to the QC Supervisor and tracked in a software package. Mosaic also participates in a Saskatchewan potash producers sample exchange program using the STPB method. The analysis is performed by all producers to verify the analytical methods as standardized methods. As per the International Fertilizer Association Method Harmonization Working Group’s evaluation of analytical methods, used globally for the quality testing of potassium content in Potassium Chloride Fertilizer, the STPB method is the preferred method or best practice methodology for use in the international fertilizer trade. Instrument calibration curves are based off generic methods. Date: December 31, 2024 10-4 Table 10-3: Sample Accuracy and Precision Equipment Descriptor Accuracy XRF Liquids – In house control +/- 1.5 Standard deviation of the mean Solids – In house control +/- 3.0 Standard deviation of the mean ICP Certified Control +/- 10% from control value In house control +/- 3.0 Standard deviation of the mean Flame Photometer Certified Control +/-0.045 from control value The ICP and XRF used to analyze samples have service agreements with the manufacturer, that include two preventative maintenance visits per year and emergency visits to troubleshoot instrument issues. Routine instrument maintenance is carried out by QCL Technologists and instrument specific logbooks document daily maintenance. Maintenance procedures for QCL equipment and instrument troubleshooting procedures are stored in Mosaic’s document control database. Heavy Metal analysis is conducted on a quarterly basis on all major streams/final products. This analysis is conducted by SRC. 10.4 Database and Records Composite samples are collected for each rail car, truck and bagged product lot number loaded at Mosaic Potash Belle Plaine. They are stored by QCL personnel in the shipment and truck storage rooms. Unit train composite samples are created by QCL personnel for customers as instructed in the QCL Shipment standard operating procedure. Unit train composite samples are retained on-site. Certificates of analysis are prepared and issued by the Quality Control Laboratory (QCL) and are double signed by QCL Technologists prior to issuance to customers. Customers can obtain their Certificate of analysis from Mosaic Online, while certificates of analysis are filed and records maintained in Mosaic’s document management system for a minimum of three years. The American Feed Industry Association (AFIA) requires that BOL’s must contain the guaranteed product grade information as required by Canadian Food Inspection Agency (CFIA), AFIA and US State Regulations. Changes to BOL information are under the control of the QA Specialists or QA/QC Manager. As the product is unloaded at ports for international shipment, it is sampled and analyzed by a third-party laboratory. This analysis is compared to the analysis on the product as the train was loaded to ensure accuracy. This provides third-party confirmation of final product purity by a company that has ISO/IEC 17025:2005 accreditation using industry standard methods of analysis. Composite samples and certificates of analysis are linked using the following methods: Material Identification (ID) • Unique SAP Material ID numbers have been created for each grade of product produced. • The Material IDs for bagged products identify the product grade and the bag/tote size loaded. • Rail car product labels are required by several states including Washington, California and Oregon. • Shipment load-lists identify when labels are required. Loadout personnel are responsible for the addition of specific labels to each car. • Railcar product labels abide by the rules set forth by the Canadian Food Inspection Agency (CFIA), American Feed Industry Association (AFIA), and US State Regulations. • Changes to rail car labels are under the control of the QA Specialists or QA/QC Manager. Rail and Truck • Unique Scale Ticket numbers are generated from PLS for each rail car and truck loaded. • Scale Ticket Number can be traced to the rail car ID, SAP order number, Date of Loading, Material ID, retained composite sample and QCL generated analytical values. Date: December 31, 2024 10-5 Bagged Product • Identified with a lot number, consisting of Material ID, the year of bagging and the bagging date using the Julien calendar. • The destination of all bagged product lot numbers can be traced through PLS. • Bagged product labels abide by the rules set forth by the Canadian Food Inspection Agency (CFIA), American Feed Industry Association (AFIA), and US State Regulations. Changes to bag labels are under the control of the QA Specialists or QA/QC Manager. 10.5 Metallurgical Test Work Metallurgical analysis is performed throughout Belle Plaine mining and processing. Samples are typically taken by operations personnel and brought to the combined Metallurgical and QA/QC lab for analysis. This metallurgical analysis is subjected to the rigor discussed in the above section. Sampling locations and frequencies are also noted above. Mining Area and cavity specific flow streams are subjected to metallurgical testing on a weekly schedule. Flows feeding and returning from each cavity are analyzed on a set frequency, with information from the lab feeding back into site’s data historian. Metallurgical data is combined with in-field flow measurement to track total KCl tons mined and KCl tonnage removal rates from each cavity over the entire life of the cavity. KCl tonnage withdrawal is tracked during development and production phases. As previously discussed, a gamma log is collected from each borehole to identify the presence of KCl beds and the grade of KCl in each of those beds. This gamma log serves as a reference point throughout the development activities of a cavity and confirms the presence of KCl in the cavity that is to be developed. During the development of a cavity, which lasts approximately 5 years, the return concentrations from each cavity are also recorded and tracked, further proving the presence and grade of KCl present in the mineralization. 10.6 Recovery Estimates The total processing KCl recovery at Belle Plaine is dependent on the operation of the Belle Plaine Refinery and Cooling Pond areas, and the number of developing caverns that drive freshwater intake flow and deep well brine disposal flow. The demonstrated processing recoveries of KCl to date, discussed in Section 14, are estimated using third-party verification of inventories, government regulated scales, industry standard field measurement instruments, and metallurgical testing on each individual cavity on a weekly schedule. 10.7 Metallurgical Variability The combination of drill core sampling, gamma logs, 3D Seismic, and historically proven consistency of the ore grade surrounding the Belle Plaine site provides confidence to the Belle Plaine metallurgical consistency. Gamma logs and neutron logs have also proven a repeatability of KCl rich and non- KCl rich beds in the area mined below the Dawson Bay Formation, providing further confidence on the consistency of the potash bearing units. 10.8 Deleterious Elements The sylvanite ore mined at Belle Plaine contains some deleterious elements that are monitored in several brine streams, solid stream, and finished products. The major elements of this group include sodium chloride (NaCl) and magnesium chloride (MgCl2). NaCl NaCl is dissolved in underground caverns and precipitated in the Evaporator Area. The presence of NaCl precipitation in the Evaporator is integral to the site’s performance. NaCl is either sold, disposed of, or reused in critical process Date: December 31, 2024 10-6 flow streams that are fed back to the Mining Area. Trace amounts of NaCl are found in the Belle Plaine final product as a result of co-precipitation in the Belle Plaine processing. MgCl2 This compound is found in high carnallite regions of the Mining Area. The presence of high MgCl2 in a cavity is observed as above average MgCl2 concentrations in that cavity’s return borehole stream. Once brought to surface, the mass of MgCl2 stays within the recirculating streams between the Refinery and Mining Area until it is disposed of through site’s brine injection wells. A small fraction of the mined MgCl2 will co-precipitate with KCl and washes in the Drying and Dewatering circuits allow a large fraction of the MgCl2 to be washed off of the KCl crystal to meet customer specifications. In 2020, the Belle Plaine Potash Facility performed an analysis to determine projections on MgCl2 concentrations in the raw feed that feeds the Cooling Pond and Refinery circuits. The analysis concluded that current and future projections of MgCl2 are manageable with the site’s existing assets. Other Deleterious Elements Additional elements are noted in the mining and processing streams and final product. These elements/compounds are in trace concentrations and have shown no notable accumulations within the process or final products. These elements/compounds include calcium, aluminum, bromide, iron, and sulfate. 10.9 QP Opinion on Data Adequacy It is the opinion of the QP that the mineral processing, metallurgical testing and analytical procedures used and relied upon in the Technical Report Summary is adequate to support mineral resource and mineral reserve estimation. The rational for this is as follows: • The metallurgical and QA/QC procedures used in the QCL lab are conventional and are aligned with industry practice, meeting domestic and international requirements. • The data quality and quantity are aligned with industry standards and are reasonably practicable. • Test work programs, internal and external, continue to be performed to support current operations and potential improvements. • The QA/QC processes for analyzing product and confirming accuracy is adequate. • The metallurgical analyses and their respective analysis frequencies are appropriate for optimizing processing conditions and informing site personnel of anomalous conditions. • Processing recovery projections are based on appropriate metallurgical test work and compared against historical production data for validity.

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Date: December 31, 2024 11-1 Mineral Resource Estimates 11.1 Introduction Potash in Saskatchewan, including the mineralization at Belle Plaine, has been described as having “remarkable consistency of grade and thickness over many tens of kilometers” (CIM Council November, 2003). This regional interpretation is used to interpolate the quality of the potash between data points used at Belle Plaine for mineral resource estimation. The geological information used to estimate the potash mineral resources at Belle Plaine includes core drilling, gamma-ray logging, and 3D seismic modeling. The Belle Plaine mineral resources are reported as in-situ mineralization and are exclusive of mineral reserves. The mineral resources occur in the Esterhazy, Belle Plaine, and Patience Lake Members. Mineral resources that are not mineral reserves have not demonstrated economic viability utilizing the criteria and assumptions required at Belle Plaine. A total of 60 years of solution mining history from ~350 caverns and 756 production wells at Belle Plaine was considered when developing the criteria and methodology for the estimation of the mineral resources. 11.2 Key Assumptions The following outlines the key assumptions used for the estimation of mineral resources at Belle Plaine. • The mineral resources are estimated and reported as in-situ mineralization. • The mineralization is assumed to be laterally continuous and consistent based on Mosaic’s knowledge of the regional and local geology. Local seismic studies are used to refine the property geology for mineral resource consideration. Areas where mineralization is not present are geologically excluded from the mineral resource estimation. • The average KCl grade based on all production drilling for the three potash members combined is 30.6% KCl (19.3% K2O). The drilling database used includes interpreted grades from gamma logs from production drilling. No local grades derived from drilling are estimated or incorporated in the mineral resource estimation process, though they are used to update and verify the average global grade used. • K2O (Potassium Oxide) is the common unit to compare concentrations between different types of potash. At Belle Plaine, the potash mined is commonly known as Muriate of Potash (MOP) or potassium chloride (KCl). The conversion from KCl to K2O is K2O = 0.6317 x KCl. • The average composited total thickness of the potash mineralization amenable to solution mining is 102.2 ft. (31.2 m). This is applied to all mineral resource estimates. • A tonnage factor of 15.6 ft3/ton is used to estimate the tonnage (2,054 kilograms per cubic meter). • No grade capping or restricting of grade outliers is applied. • No cut-off grade or value based on commodity price is used to estimate mineral resources. This is because the solution mining method used at Belle Plaine is not grade selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing. 11.3 Estimation Methodology The methodology for estimating mineral resources at Belle Plaine is described as follows: Date: December 31, 2024 11-2 1. The spatial location, continuity and thickness of the potash mineralization is interpreted in plan view using AutoCAD 2020 software. This interpretation is based on drill holes, 3D seismic geophysical surveys and regional geological studies. The 3D seismic survey interpretation serves as the geologic model and provides the highest resolution detail of the potash horizon. The seismic surveys provide information regarding the possible location of structural disturbances and geologic anomalies (dissolution or non-deposition) of the potash horizons. Mosaic has thoroughly compared survey results and predicted interpretations to actual locations (drill hole intersections) and characteristics of the potash horizons at the conventional underground mining operations. The understanding gained from comparing predicted to actual geological conditions allows for increased confidence in areas covered by 3D seismic surveys across all Mosaic potash properties. 2. The property map is updated as follows: • To show the current mineral rights status. • To show the limits of the current mining footprint. New drilled intersections and caverns are combined to indicate the active Mining Area. • To outline areas such as geological anomalies, town sites and other known surface features that are excluded from the mineral resource estimation process. 3. Areas that contain mineral resources are further defined by applying a minimum spatial area requirement for cluster development (mining footprint). Areas large enough for a cluster design to be applied are considered as areas that support a mineral resource estimate. 4. An average mineralization thickness and density are applied to the mineral resource areas to estimate the mineral resource tonnage. 5. The mineral resource is categorized as measured, indicated or inferred based on the amount and quality of the supporting data. 6. An average grade is estimated and applied to the mineral resource tonnages. 11.4 Exploratory Data Analysis At the Belle Plaine Potash Facility, 756 production wells have been drilled in the last 60 years. This data serves to verify the quality and continuity of the deposit. The mineralization in most early wells was cored and the potash bearing zones were analyzed internally. These wells were also logged with a calibrated gamma ray tool. A Gamma Ray Equivalent Calculation (GREC) was developed to quantitatively relate potash grade to the gamma ray readings. All current production wells are evaluated using these gamma ray logging techniques and have this grade calculation applied. In 2020, a two-hole core logging program was completed to confirm the agreement between grades from Mosaic’s current well logging process with the physical assayed results. The holes were drilled in a strategic location supporting future mineral resource estimates. The variation between assay values and gamma interpretation for each potash member is listed in Table 11-1 and by individual potash bed within these members in Figure 11-1. This information graphically displays the agreement between the different methods of grade interpretation used at Belle Plaine in determining the average grade of the mineralization. The closest agreement is shown in the Belle Plaine Member with <1% variation from assay to GREC. The Esterhazy Member is interpreted with the widest variability with 2.3% difference between calculation methods. The overall difference between the assay results and the GREC interpretation for potash mineralization is a ~1.5%. The QPs are confident in the interpretation of grade using the Mosaic GREC for the mineralized zone and deem it sufficient for use in the mineral resource estimation process. Date: December 31, 2024 11-3 Table 11-1: Assays and RESPEC/Mosaic GREC Comparison for Hole 41092 Mining Intervals by Member Mining Intervals RESPEC GREC Assays Assays/GREC Difference (KCl%) Unit Thickness (ft.) Thickness (m) Total K2O% Total KCl% Total K2O% Total KCl% RESPEC GREC Mosaic GREC Patience Lake 69.5 21.1 16.2 25.6 16.4 26.0 -0.4 1.3 Belle Plaine (Upper) 18.5 5.6 18.7 29.6 18.2 28.8 0.8 -0.1 Patience Lake and Belle Plaine (Combined) 88.0 26.8 16.7 26.5 16.8 26.6 -0.1 1.0 Esterhazy Member (Bed 12) 13.5 4.1 13.7 21.7 11.5 18.2 3.5 5.8 Total Mining Zone 102.5 31.2 16.2 25.6 15.9 25.2 0.4 1.9 Figure 11-1: Assays and RESPEC/Mosaic GREC Comparison for Hole 41092 Mining Intervals by Bed (RESPEC, 2020) 11.5 Validation The workflow to generate the mineral resource estimate includes multiple checkpoints to ensure the validity of the work. Key validations include: • An annual potash mineral resource and mineral reserve review forum is held internally at Mosaic for the QPs from each site to align and review the potash mineral resources and reserves estimates and processes. This includes a review of proposed workflow, source data inputs and industry best-practices. • The Belle Plaine QP reviews the lease area with the Land and Mineral team to ensure alignment on property limits, mineral control and ownership. Date: December 31, 2024 11-4 • Ensuring the active Mining Area limits are accurate, there is a review completed of all producing and sterilized areas for inclusion in the updated property map. • A review to ensure the mineral resource estimates align with the established definitions for each mineral resource category. • Peer review of potash mineral resources estimates by an alternate potash site QP. • A review of the mineral resource estimates by the Manager, Lands and Minerals, Senior Mine Engineering Manager and the site Senior Management. 11.6 Confidence Classification of Mineral Resource Estimate The classification of mineral resource is fully defined in SEC Regulation S-K, Subpart 1300. Mosaic follows these definitions when categories to their mineral resource estimates. The SEC Regulation S-K, Subpart 1300 definitions of measure, indicated and inferred mineral resources are as follows. Measured Mineral Resource A measured mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated based on conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, as defined in this section, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. At Belle Plaine, a measured mineral resource is defined as mineralization that is confirmed by a 2D or 3D seismic interpretation and is within ½ mile (0.8 km) of a drill hole or active mining. Indicated Mineral Resource An Indicated mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated based on adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. At Belle Plaine, an indicated mineral resource is defined as mineralization that is confirmed by a 2D or 3D seismic interpretation or is within 1 mile (1.6 km) of a drill hole or active mining. Inferred Mineral Resource An inferred mineral resource is that part of a mineral resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project and may not be converted to a mineral reserve. At Belle Plaine, an inferred mineral resource is defined as mineralization that has been investigated through regional geological study with limited exploration drilling and no 3D seismic interpretation. The inferred mineral resources will require additional exploration drilling and seismic interpretation prior to possible future mining.

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Date: December 31, 2024 11-5 11.7 Reasonable Prospects of Economic Extraction Regulation S-K, Subpart 1300 requires that an evaluation be conducted to support the prospect of eventual economic extraction for measured and indicated mineral resources. The mineral resources at Belle Plaine that are classified as inferred are not subject to this requirement. 11.8 Mineral Resource Statement The mineral resource estimates for the Belle Plaine Potash Facility are listed in Table 11-2. The inferred mineral resources are reported exclusive of the mineral reserves. Figure 11-2 shows the distribution of the mineral resources and mineral reserves on the Belle Plaine property. Table 11-2: 2024 Mineral Resources Inferred Mineral Resources Location Tons (M) Tonnes (M) Grade %KCl Grade %K2O Belle Plaine 5,124 4,647 31 19 Notes to accompany mineral resources table: 1. Mineral resource estimates were prepared by QP M. Tochor, a Mosaic employee. 2. Mineral resources have an effective date of December 31, 2024. 3. Mineral resources are reported exclusive of those mineral resources that have been converted to mineral reserves. 4. Mineral resources are not mineral reserves and do not meet the threshold for mineral reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the mineral resources estimated will be converted into mineral reserves. 5. Mineral resources assume solution mining. 6. Mineral resources amenable to a solution mining method are contained within a conceptual cluster and cavern design using the same technical parameters as used for mineral reserves. 7. No cut-off grade is used to estimate mineral resources. This is because the solution mining method used at Belle Plaine is not selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing (Section 11.2). 8. Tonnage is in US Customary and metric units and are rounded to the nearest million tonnes. 9. Rounding as required by reporting guidelines may result in apparent summation differences. Date: December 31, 2024 11-6 Figure 11-2: Location and Distribution of Mineral Resources and Mineral Reserves 1.6 km 6 Miles Date: December 31, 2024 11-7 11.9 Uncertainties (Factors) That May Affect the Mineral Resource Estimate The reader is cautioned that a mineral resource is an estimate and not a precise and completely accurate calculation, that is based on the interpretation of limited sampling results. Actual mineralization can be more or less than estimated, depending upon geological conditions. The mineral resource statement includes inferred mineral resources that have the lowest level of geological confidence and there is a reasonable expectation that most of inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration. The following uncertainties at Belle Plaine could impact the mineral resource estimates. • Local grade, density and thickness variations. • The potash grade may not remain within historical averages for all subsequent clusters that are developed. • Local variations of the Salt Back thickness across the Belle Plaine property. • Local uncertainty related to density estimate. There may be variation from the global estimate being used in the grade and tonnage estimates. • The internal GREC (Gamma Ray Equivalent Calculation) applied at Mosaic. Audits are completed to verify the process relied upon at Belle Plaine. • Surface access limitations could result in revision of the planned mining activity. • Mineral acquisitions that could increase the mineral resources for the Belle Plaine Potash Facility. • Cavern planning is based on current 3D seismic interpretation. The average cavern layout is planned to include a minimum of 16.5 caverns per cluster. The sequence of drilling can result in changes to the mineral resource estimates. Date: December 31, 2024 12-1 Mineral Reserve Estimates 12.1 Introduction The Belle Plaine mineral reserves are reported as in-situ mineralization accounting for all applicable modifying factors. Mineral reserves meet all the mining criteria required at Belle Plaine including, but not limited to mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. 12.2 Key Assumptions The following outlines the key assumptions used for the estimation of mineral reserves at Belle Plaine. • The mineral resources are assumed to be laterally continuous and consistent based on locally available geological information collected from production records. Local seismic studies are used to plan the details for solution mining. • No dilution is applied converting the grade of the mineral resources to mineral reserves. • Mine planning is based on arrangement and planning of solution mining targets called caverns. A collection of 16.5 caverns is the average number of production caverns planned per cluster with the minimum mine planning size being ½ cluster. • The average mineral reserves per cavern is 1.63M tons (1.48M tonnes). This equates to 27M tons (24M tonnes) per cluster. This correlates to an average mining recovery of approximately 21.5%. • No cut-off grade is used to estimate mineral reserves. The solution mining method used at Belle Plaine is not selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing. 12.3 Estimation Methodology The following outlines the methodology used for the estimation of the Belle Plaine mineral reserves and development of a mining plan to support the mineral reserve estimates. • The current 3D seismic interpretation and all drilling information is used to generate an interpreted mining surface for cavern planning. The lateral continuity of the ore quality has been proven by production drilling. • A standard cluster size and shape is applied to the available mineral resource area on the AutoCAD plan map. This standard size accurately represents the production limit for current mining practice and includes an average of 16.5 caverns per cluster within the limits. A minimum ½ cluster size is assumed for mineral reserve estimation. • Production drilling is planned using elevations interpreted from seismic modeling to delineate appropriate mining targets within the cluster to maximize the number of caverns available for solution mining. • The mineral reserve tonnage is estimated for each cluster based on the number of caverns planned and are categorized as proven mineral reserves or probable mineral reserves based the mineral resource category. • For mine planning and scheduling purposes, cluster tonnages and grades are converted to mineable KCl tons based on the average deposit grade of 30.6% KCl (19.3% K2O).

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Date: December 31, 2024 12-2 12.4 Mineral Reserve Statement The mineral reserves estimate for the Belle Plaine Potash Facility are listed in Table 12-1. Figure 12-1 shows the distribution of the mineral resources and mineral reserves on the Belle Plaine property. Mineral reserves are sub- divided into two confidence categories in Regulation S-K 1300, proven and probable. Proven Mineral Reserve A Proven mineral reserve is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. Regulation S-K 1300 provides additional guidance that to be classified as a proven mineral reserve, the qualified person must have a high degree of confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality. At Belle Plaine, a proven mineral reserve is described as the mineable portion of a measured mineral resource. Probable Mineral Reserve A probable mineral reserve is the economically mineable part of an indicated and, in some cases, a measured mineral resource. Regulation S-K 1300 provides additional guidance that to be classified as a probable mineral reserve, the qualified person’s confidence in the results obtained from the application of the modifying factors and in the estimates of tonnage and grade or quality is lower than what is sufficient for a classification as a proven mineral reserve, but is still sufficient to demonstrate that, at the time of reporting, extraction of the mineral reserve is economically viable under reasonable investment and market assumptions. The lower level of confidence is due to higher geologic uncertainty when the qualified person converts an indicated mineral resource to a probable reserve or higher risk in the results of the application of modifying factors at the time when the qualified person converts a measured mineral resource to a probable mineral reserve. At Belle Plaine, a probable mineral reserve is described as the mineable portion of an indicated mineral resource. Table 12-1: 2024 Mineral Reserves Category Tons (M) Tonnes (M) Grade %KCl Grade %K2O Mining Recovery % % Dilution Proven 293.1 265.9 30.6 19.3 21.5% 0% Probable 419.2 380.3 30.6 19.3 21.5% 0% Proven + Probable 712.3 646.1 30.6 19.3 21.5% 0% Notes to accompany mineral reserves table: 1. Mineral reserve estimates were prepared by QP F. Hainstock, a Mosaic employee. 2. Mineral reserves have an effective date of December 31, 2024. 3. Mineral reserves are based on measured and indicated mineral resources only. 4. All mineral reserves are mined by a solution mining method. 5. No cut-off grade is used to estimate mineral reserves. This is because the solution mining method used at Belle Plaine is not selective. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing (Section 11.2). 6. Mine designs based on a solution mining method and design criteria are used to constrain measured and indicated mineral resources within mineable shapes. 7. Only after a positive economic test and inclusion in the LOM plan is the mineral reserve estimate included as a mineral reserve. 8. Tonnages are in US Customary and metric units and are rounded to the nearest million tonnes. The grades are rounded to one decimal place. 9. Rounding as required by reporting guidelines may result in apparent summation differences. 10. The following KCl commodity prices were used to assess economic viability for the mineral reserves, but were not used for cut-off purposes, 2025-$211/tonne, 2026-$263/tonne, 2027-$281/tonne, 2028-$256/tonne, 2029-$261/tonne and for the LOM $314/tonne. 11. A US$/C$ exchange rate of 1.32 was used to assess economic viability for the mineral reserves, but were not used for cut-off purposes. Date: December 31, 2024 12-3 Figure 12-1: Location and Distribution of Mineral Resources and Mineral Reserves 1.6 km 6 Miles Date: December 31, 2024 12-4 12.5 Uncertainties (Factors) That May Affect the Mineral Reserve Estimate The reader is cautioned that a mineral reserve is an estimate only. It is based on applying modifying factors to the resources determined to be measured and indicated. Actual mineralization can be more or less than estimated depending upon actual geological conditions. The following outlines uncertainties that exist at Belle Plaine that could impact the mineral reserve estimates. • The potash grade may not remain within historical averages for all subsequent clusters that are developed. • There is some uncertainty about the local density estimates and variance. There may be variation from the global estimate being used in the estimates. • The shape of the mineral reserve boundary may change as additional properties are acquired, and as additional data is added. Estimates will vary as drilling is added and as additional properties are acquired. • Production performance is described by an average performance factor. A particular part of the Mining Area may be slightly higher or lower from the designed production expectations. • Surface access limitations could result in revision of the planned mining activity. • Extension of 3D seismic interpretation can result in the conversion of mineral resources to mineral reserves by increasing confidence in the geological interpretation. • There are potential mineral acquisitions that could increase the mineral reserves for the Belle Plaine Potash Facility. • Cavern planning is based on current 3D seismic interpretation. The average cavern layout is planned to include a minimum of 16.5 caverns per cluster. The sequence of drilling can result in changes to the mineral reserve estimates. Date: December 31, 2024 13-1 Mining Methods 13.1 Introduction The solution mining method at the Belle Plaine Potash Facility accesses three different potash members: the Esterhazy, Belle Plaine and Patience Lake Members. The Esterhazy Member makes up the “Lower Mining Zone” and is mined with injection water during the cavern development phase. The Belle Plaine and Patience Lake Members are considered the “Upper Mining Zones.” The Belle Plaine Member is mined with injection water during the cavern development phase and the Patience Lake Member is mined during the “Production phase” of the cavern lifecycle using a hot, salt-saturated “recycle brine.” 13.2 Solution Mining Process Solution mining involves directionally drilling boreholes to the base of the potash beds in the Prairie Evaporite Formation. These boreholes are used to transport fluid that dissolves halite (sodium chloride) and sylvite (potassium chloride) within the evaporite. The brine is returned to surface and transported to the Belle Plaine Processing Plant via buried pipelines for processing. The solution mining process and the cavern life cycle at Belle Plaine is illustrated in Figure 13-1. The total life cycle period for mining of a solution cavern is approximately 25 years. Cavern development takes up to five years to achieve, primary mining lasts for six years, and secondary mining lasts 14 years. Following secondary mining, potassium chloride (KCl) recovery is exhausted, and the cavern will be plugged and decommissioned. Figure 13-1: Mining Process and Cavern Life Cycle Drilling The solution mining process at Belle Plaine begins by drilling a pair of boreholes 550 to 600 ft. (168 to 183 m.) below surface to install a surface casing that provides flow isolation and groundwater protection. The boreholes are then directionally drilled to their downhole location at the base of the Esterhazy Member and are spaced to optimize mineral extraction. Production casing is cemented into each borehole to isolate the various geological formations from each other and from the cavern. The cementing also serves to isolate the cavern from the porous overlying Dawson Bay Formation that ensures pressure integrity for all mining operations. The logging group will produce an Original Cased Hole Log (OCHL) as a reference log used for all future mining operations and a Cement Bond Log (CBL), that evaluates the integrity of the production cementing operation, before turning the well over so cavern development can begin.

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Date: December 31, 2024 13-2 Cavern Development During the cavern development stages, a fluid that is less dense than the brine in the cavern is injected to control the vertical growth of the mining face. This forces the cavern to grow outwards along the desired mining horizon. Cavern development begins by creating sumps surrounding each of the two wells below the target potash horizon in the underlying halite. Once sump development is complete, mining of the Esterhazy Member begins. The caverns are operated as single boreholes by injecting water through the annulus into the targeted mining zone and returning the tubing until the caverns are large enough to connect. Once connected, one borehole is used as the injection side of the cavern and the other borehole functions as the return. The feed and return sides of the cavern are alternated until mining of the Esterhazy Member is complete. The thick interburden between the Esterhazy Member and the bottom of the Belle Plaine Member is characterized as halite interbedded with a thin marker bed (the White Bear Marker Bed) that contains low-grade potash. The White Bear Marker Bed is generally too thin and low grade to be economically mined. Connection of the two boreholes is re-established at the base of the Belle Plaine Member. The Belle Plaine Member is mined similarly to the Esterhazy Member as previously described. Once cavern development is complete, the cavern will be prepared for production mining. Cavern development takes approximately five years. Primary Production Mining Upon completion of cavern development, the well is moved into production. The feed fluid is changed from injection water to “recycle” which is a hot, salt-saturated brine. The salt-saturated feed brine allows for selective dissolution of KCl and results in a high concentration return to the Refinery. The cavern is pressure tight (no interaction with the porous Dawson Bay Formation above) so the recycle feed that is pumped from the Refinery enters and then returns from the cavern without the requirement of any other pumping mechanism. Primary production caverns are continuously fed and returned without “resting” the cavern. The primary mining phase lasts approximately six years. Secondary Production Mining Once the majority of the Patience Lake Member has been dissolved, the cavern is deemed to be in its secondary mining phase of its lifecycle. Typically, this phase will coincide with the cavern connecting to the porous Dawson Bay Formation that causes the cavern to lose its pressure integrity. Once a cavern is no longer pressure tight, an electric submersible pump is installed on the return side of the cavern and the feed stream is changed from recycle to “development brine.” Development brine is the fluid that returns out of an injection fed cavern in development before being reinjected into a secondary cavern. Caverns in secondary mining are mostly mining the KCl from the cavern walls and as such are typically mined intermittently until the KCl grade appreciates to a high enough concentration that is suitable to send to the Refinery. The secondary mining phase will last approximately 14 years. Cavern Decommissioning After a cavern is no longer productive, or it is no longer economical to perform a workover to bring the cavern back online, it is plugged and decommissioned in accordance with applicable regulations. The typical decommissioning procedure involves placing a bridge plug or retainer in the thick anhydrite unit above the Davidson Evaporate of the Upper Souris River Formation (Harris/Hatfield is preferential) and then filling the casing to surface with cement. This process provides cement coverage over all geological units to ensure that adequate stratigraphic isolation exists to prevent brine migration into freshwater formations and to isolate the cavern from surface. Mining Process Fluid Flows There are two main fluid flow inputs into the Mining Area: injection water and recycle (Figure #13-2). Both feed streams ultimately contribute to the brine streams (Combined Return Flow or CRF) that are sent to the Cooling Ponds and Refinery. Date: December 31, 2024 13-3 Figure 13-2: Mining Area Flow Inputs and Outputs Injection water is the primary source of fresh flow into the Belle Plaine Mining Area and is used as the feed into developing caverns for dissolution of KCl and NaCl. Injection water is also used as dilution for cavern fluid returns to prevent the KCl from crystallizing during transport to the Refinery. The origin of the fresh water is a local lake called Buffalo Pound. The water from Buffalo Pound is pumped to storage tanks in the Refinery. The water is combined with recovered low concentration brines and heat from various sources in the Refinery, before being pumped to the Mining Area via the Powerhouse and Process Water Building. The injection water is low in KCl and NaCl, so it is suitable for dissolving both minerals. The flow requirements for this stream are primarily dictated by the number of caverns being developed at a given time in the Mining Area. Caverns under development generally return a low saturated brine (typically called development brine) that is used as a feed for caverns in the secondary production phase of their life cycle. These caverns are usually connected to the Dawson Bay Formation and utilize a submersible pump to return fluid to the Refinery. Any excess brine originating from development that is not required as a cavern feed (if the sum of injection water and recycle is greater than the requirement for feed into the Refinery and cooling ponds) is sent to the tailing management area for disposal. The recycle brine is a hot, salt-saturated brine that is used as a feed for production caverns during their primary production mining phase. The source of the brine is overflow from the Belle Plaine cooling ponds. The cooling pond overflow brine is sent through the Refinery reheat system to pick up heat, then sent to a surge tank where NaCl solids are added to the brine before being pumped back to the Mining Area. Since the recycle fluid is at or near NaCl saturation and lower in KCl saturation, it allows for selective dissolution of KCl in the cavern and a deposition of NaCl into the cavern as the KCl is mined. The high NaCl concentration of recycle fluid minimizes the mining of the salt bed between the Patience Lake Member and the Dawson Bay Formation. Combined Return Flow (CRF) is an NaCl saturated and KCl rich brine that is a collection of the return brines out of the production caverns. This fluid is the raw feed sent from the Mining Area to the Refinery for further processing. 13.2.1 Geotechnical Considerations Similar to conventional underground mines, the control of stresses and subsequent rock deformation are paramount for successful recovery of potash using the solution mining method. These key factors directly influence cavern stability and the rates of surface subsidence. Date: December 31, 2024 13-4 Since cavern development and production occurs in multiple stages, the magnitude and distribution of stresses will differ throughout the process. The in-situ vertical stresses prior to cavern development are a function of depth. As mining commences, these gradually migrate to the pillar areas found between caverns and increase in magnitude as caverns are enlarged. Excessive levels of vertical stress in these pillars will impact their stability and can eventually result in development issues or even pillar failure. As pillars shorten and widen in response to the added vertical loads, increased horizontal stresses within the cavern roof may develop and result in some displacement along natural planes of weakness such as bedding contacts or clay seams. Other stress derivatives, such as effective stress and damage potential are also considered as these have been shown to impact rock behavior. To minimize the risks associated with ground stresses, mine planning must not only consider cavern design, but also the material properties of the ore and surrounding rock formations. At Belle Plaine, this is accomplished through the geomechanical testing of core and the use of numerical modeling to optimize cavern design and development criteria. Subsidence, or the deformation of overlying strata, is another important consideration. Subsidence results from the gradual closure of cavities as adjacent potash and salt units creep into the mined openings. Aside from vertical surface displacement, other modes of ground movement can occur including extensional and compressional strains as well as tilt. When excessive, these can compromise rock strata above the caverns, result in damage to structures such a buildings or pipelines, and even change surface drainage patterns. As with cavern stresses, subsidence is controlled by cavern design and layout. Similarly, numerical models are used to analyze expected subsidence in response to mining and can be compared against data acquired during surface subsidence surveys for reconciliation and model improvement. 13.2.2 Hydrogeological Considerations The Belle Plaine Potash Facility relies on third-party contractors to develop and execute the drilling program for each borehole. The mud program that is specifically designed for the Belle Plaine production drilling is closely followed to minimize potential loss and in-flow zones. Loss Circulation Material additives are run to help control minor losses. If at any point a loss zone become unmanageable, the hole will be displaced to straight brine (to avoid pumping the mud system directly into formation) and drilling will continue without returns while monitoring rig and hole conditions closely. The loss zone would then be isolated using a hydraulic stage tool and two-stage cement job after casing and logging operations have been completed. In an underbalanced scenario (flow from the formation entering the borehole being drilled), the crew will work to regain control typically by use of a heavy weight fluid to “kill” the well. The contractors work to avoid scenarios by balancing fluid properties to expected formation pressures during drilling activities. Both the surface and production casings are cemented into each borehole to isolate the various geological formations from each other and from the cavern. The cementing also serves to isolate the cavern from the permeable overlying Dawson Bay Formation. This is completed and reported in accordance with applicable regulations. At some point in the lifecycle of each cavern, it will lose its pressure integrity when it connects with the Dawson Bay Formation. This occasionally occurs earlier in its lifecycle (prior to the secondary/wall mining phase) and is generally due to the salt bedding that exists between the Patience Lake Member and the Dawson Day Formation being much thinner than typical. Early connection to the Dawson Bay Formation may result in slower recovery of KCl, or lower KCl concentration brine returns, due to cavern dissolution mechanics. The return brine is brought to surface utilizing an electric submersible pump as is the case with any cavern that has lost pressure integrity due to interaction with the Dawson Bay Formation. At the end of a cavern’s lifecycle, it will be plugged and decommissioned. The typical decommissioning procedure involves placing a bridge plug or retainer in the thick anhydrite member above the Davidson Evaporate of the Upper Souris River Formation (Harris/Hatfield is preferential) and then filling the casing to surface with cement. This process provides cement coverage over all formations to ensure adequate stratigraphic isolation exists to prevent brine migration into freshwater formations and to isolate the cavern from surface. Date: December 31, 2024 13-5 13.3 Mine Design and Operations 13.3.1 Production Plan/Life of Mine Plan The 2024 Belle Plaine Life of Mine (LOM) plan is tabulated in Table 13-1 and has a total mine life of 60 years, ending in 2084. The Mining Area capability is scheduled to ramp up to support a finished tonnage projection of 3.30M tons (3.00M tonnes) per year and will do so until drilling is completed in the year 2066 at which point there is a ramp down in production until 2084. The Mining Area KCl production capability in the LOM plan is estimated as net mined KCl tons multiplied by total site KCl processing recovery. The difference between Mining Area KCl production capability and total shipped tons is the change in cooling pond inventory and warehouse inventory that occurs between production years. In years where the Mining Area KCl production capability is higher than shipped tons, the cooling pond and/or warehouse inventories will rise which provides surge capacity for future years. This means that any surplus of unharvested inventory in the cooling ponds can be produced into finished product in subsequent years through the refinery complex, provided the Refinery has capacity to do so. Figure 13-3 is a graphical presentation of the Mining Area KCl production and the Total KCl tons shipped by year from Table 13-1. After drilling has been completed in the Year 2066, the ramp down period will begin. At this point, it is assumed that the Mining Area will have an inventory of 225 caverns (25-year cavern life multiplied by an average of 9 caverns drilled per year) in the following stages of their lifecycle: 45 in development, 54 in primary production mining and 126 in secondary production mining. Progression of cavern lifecycle has been maintained in this plan along with the cavern abandonment rate. Mining area capability will decline as cavern inventory declines. The overall system hydraulic balance will be maintained throughout the ramp down period. The Refinery will be switched over to a single line evaporation operation in the years 2070 to 2084 to accommodate declining flow capability. The final year of production at Belle Plaine has been projected to occur in 2084 and was determined by two main factors. First, flow from the Mining Area in successive years was insufficient to support the Belle Plaine current single line evaporation mode (Belle Plaine runs what is known as “partial evaporation”, a switch to “total evaporation” was not explored in this plan). Second, it was assumed that an operation the size of Belle Plaine is not economical below a KCl production rate of 1.0M tons (907,000 tonnes) per year. At the conclusion of the LOM plan, 14.07M tons (12.79M tonnes) of KCl are left unrecoverable in the caverns. This has been removed from the 2024 mineral reserve estimate disclosed in this report. The LOM plan planning exercise was completed using a mass and energy balance software package that has been programmed to simulate the Belle Plaine process.

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Date: December 31, 2024 13-6 Table 13-1: Life of Mine Production Plan Year Mineral Reserves Mined M tons Net Mined KCl M tons Mining Area KCl Production Capability M tons Total Shipped Tons @ 98 weight %KCl Purity M tons Change in Cooling Pond KCl Inventory M tons Change in Warehouse KCl Inventory M tons Total Site KCl Processing Recovery % Mineral Reserve Grade %KCl 2025 13.17 4.030 3.205 3.300 -0.095 0.000 79.5 30.6% 2026 13.10 4.010 3.205 3.300 -0.095 0.000 79.9 30.6% 2027 12.86 3.935 3.198 3.300 -0.102 0.000 81.3 30.6% 2028 12.82 3.924 3.208 3.200 0.008 0.000 81.8 30.6% 2029 12.84 3.929 3.208 3.200 0.008 0.000 81.7 30.6% 2030 12.93 3.958 3.207 3.250 -0.043 0.000 81.0 30.6% 2031 13.60 4.163 3.302 3.300 0.002 0.000 79.3 30.6% 2032 13.73 4.201 3.315 3.300 0.015 0.000 78.9 30.6% 2033 13.74 4.205 3.317 3.300 0.017 0.000 78.9 30.6% 2034 13.85 4.237 3.326 3.300 0.026 0.000 78.5 30.6% 2035 13.71 4.195 3.303 3.300 0.003 0.000 78.7 30.6% 2036 13.71 4.195 3.303 3.300 0.003 0.000 78.7 30.6% 2037 13.71 4.195 3.303 3.300 0.003 0.000 78.7 30.6% 2038 13.71 4.195 3.303 3.300 0.003 0.000 78.7 30.6% 2039 13.71 4.195 3.303 3.300 0.003 0.000 78.7 30.6% 2040 13.76 4.209 3.301 3.300 0.001 0.000 78.4 30.6% 2041 13.76 4.209 3.301 3.300 0.001 0.000 78.4 30.6% 2042 13.76 4.209 3.301 3.300 0.001 0.000 78.4 30.6% 2043 13.76 4.209 3.301 3.300 0.001 0.000 78.4 30.6% 2044 13.75 4.207 3.300 3.300 0.000 0.000 78.4 30.6% 2045 13.75 4.207 3.300 3.300 0.000 0.000 78.4 30.6% 2046 13.75 4.207 3.300 3.300 0.000 0.000 78.4 30.6% 2047 13.75 4.207 3.300 3.300 0.000 0.000 78.4 30.6% 2048 13.77 4.213 3.303 3.300 0.004 0.000 78.4 30.6% 2049 13.77 4.213 3.303 3.300 0.004 0.000 78.4 30.6% 2050 13.77 4.213 3.303 3.300 0.004 0.000 78.4 30.6% 2051 13.77 4.213 3.303 3.300 0.004 0.000 78.4 30.6% Date: December 31, 2024 13-7 Year Mineral Reserves Mined M tons Net Mined KCl M tons Mining Area KCl Production Capability M tons Total Shipped Tons @ 98 weight %KCl Purity M tons Change in Cooling Pond KCl Inventory M tons Change in Warehouse KCl Inventory M tons Total Site KCl Processing Recovery % Mineral Reserve Grade %KCl 2052 13.71 4.195 3.303 3.300 0.003 0.000 78.7 30.6% 2053 13.71 4.195 3.303 3.300 0.003 0.000 78.7 30.6% 2054 13.71 4.195 3.303 3.300 0.003 0.000 78.7 30.6% 2055 13.71 4.195 3.303 3.300 0.003 0.000 78.7 30.6% 2056 13.76 4.211 3.302 3.300 0.003 0.000 78.4 30.6% 2057 13.76 4.211 3.302 3.300 0.003 0.000 78.4 30.6% 2058 13.76 4.211 3.302 3.300 0.003 0.000 78.4 30.6% 2059 13.76 4.211 3.302 3.300 0.003 0.000 78.4 30.6% 2060 13.75 4.207 3.300 3.300 0.000 0.000 78.4 30.6% 2061 13.75 4.207 3.300 3.300 0.000 0.000 78.4 30.6% 2062 13.75 4.207 3.300 3.300 0.000 0.000 78.4 30.6% 2063 13.75 4.207 3.300 3.300 0.000 0.000 78.4 30.6% 2064 14.30 4.376 3.392 3.300 0.092 0.000 77.5 30.6% 2065 14.30 4.376 3.392 3.300 0.092 0.000 77.5 30.6% 2066 13.89 4.251 3.363 3.300 0.063 0.000 79.1 30.6% 2067 13.47 4.122 3.292 3.300 -0.008 0.000 79.9 30.6% 2068 12.16 3.721 3.195 3.300 -0.105 0.000 85.9 30.6% 2069 9.89 3.026 2.980 3.300 -0.320 0.000 98.5 30.6% 2070 7.05 2.156 2.031 2.031 0.000 0.000 94.2 30.6% 2071 6.37 1.950 1.872 1.872 0.000 0.000 96.0 30.6% 2072 6.37 1.949 1.856 1.856 0.000 0.000 95.3 30.6% 2073 6.37 1.949 1.856 1.856 0.000 0.000 95.3 30.6% 2074 6.37 1.949 1.856 1.856 0.000 0.000 95.3 30.6% 2075 6.37 1.949 1.856 1.856 0.000 0.000 95.3 30.6% 2076 6.37 1.949 1.856 1.856 0.000 0.000 95.3 30.6% 2077 6.30 1.929 1.845 1.845 0.000 0.000 95.6 30.6% 2078 6.02 1.841 1.758 1.758 0.000 0.000 95.5 30.6% Date: December 31, 2024 13-8 Year Mineral Reserves Mined M tons Net Mined KCl M tons Mining Area KCl Production Capability M tons Total Shipped Tons @ 98 weight %KCl Purity M tons Change in Cooling Pond KCl Inventory M tons Change in Warehouse KCl Inventory M tons Total Site KCl Processing Recovery % Mineral Reserve Grade %KCl 2079 5.66 1.733 1.669 1.669 0.000 0.000 96.3 30.6% 2080 5.29 1.619 1.558 1.658 -0.100 0.000 96.2 30.6% 2081 5.04 1.544 1.473 1.573 -0.100 0.000 95.4 30.6% 2082 4.74 1.451 1.373 1.423 -0.050 0.000 94.6 30.6% 2083 4.57 1.398 1.267 1.292 -0.025 0.000 90.6 30.6% 2084 4.16 1.273 1.164 1.164 0.000 0.000 91.5 30.6% Total LOM Plan 696.25* 213.050 172.907 173.665 -0.656 0.000 83.2 30.6 * Equivalent to approximately 632 million tonnes. Date: December 31, 2024 13-9 Figure 13-3: 2024 LOM Plan 13.3.2 Planning Assumptions/Design Criteria The following outlines the planning assumptions incorporated into the Belle Plaine 2024 LOM plan. • For mine planning and scheduling purposes, the mineral reserves are converted to mineable KCl tons based on the average deposit grade. • A cluster site (well site) layout is based on between 16 and 18 caverns (32 to 36 boreholes) being drilled and developed from a single pad. Directional drilling makes it possible to support up to 18 caverns from one cluster pad. The cluster site is generally split into an “A side” and a “B side”, each with eight to nine caverns. Typically, either an “A side” or “B side” is turned over to production each year. The cluster sites in the LOM plan will assume a 16.5 cavern/cluster average which is consistent with recent history. The mining footprint of a typical cluster site is approximately 1,200 by 1,400 m. Belle Plaine’s required drilling rate to sustain a production level of 3.3M finished tons/year (3.0M finished tonnes/year) is nine caverns drilled per year. Therefore, it will occasionally be necessary to drill two half clusters in a single year to maintain the nine caverns per year average requirement. These caverns will be drilled in such a timeframe that the Mining Area will never be in a deficit of caverns and injection water flow can be smoothed to match requirements. • A cluster site consists of a cluster building, an oil separation pond, a brine pond, a rig pad with a sump that drains to the oil pond, and wellheads along the rig pad. The entire cluster site is surrounded by a berm, or dyke, to manage any environmental impacts and 100-year rainwater events. • Potash ore grade will remain within historical averages for all subsequent clusters that are developed. • The average time required to develop a cavern will not change from current averages. • Production cavern performance will not change from historical averages. • Notable inputs such as feed temperature and concentrations will remain consistent with recent historical averages. • Caverns will continue to provide approximately 500,000 mined tons of KCl (453,000 tonnes) over the course of their life cycle as per historical averages. With an estimated processing recovery of 79% recovery from

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Date: December 31, 2024 13-10 mined net KCl tons to shipped tons, each cavern will provide approximately 395,000 net tons (358,000 net tonnes) of saleable KCl. • An average of nine caverns (18 boreholes) will be drilled and turned over to operations personnel in November each year. The estimated sustaining drilling rate requires approximately 8.5 caverns to be drilled each year to match the finished production rate of 3.3M finished tons/year (3.0M finished tonnes/year). An estimated drilling rate of nine caverns per year are required to offset any unforeseen complications over the life of a cavern. • Production splits between the Cooling Ponds and Refinery will stay consistent with current day projections. 13.3.3 Mining Sequence and Cluster Planning The Belle Plaine mining sequence is presented in Figure 13-4. The planned mining covers the extent of the current mineral reserves. Uncontrolled mineralization is not included in the LOM plan; however, they would be added in future years as Belle Plaine acquires them. Date: December 31, 2024 13-11 Figure 13-4: Mining Sequence and Cluster Planning Date: December 31, 2024 13-12 The mining sequence and cluster planning considers the following points. • There will be no mining adjacent to previously mined out areas for stress distribution and rock mechanics considerations as per historical work completed in conjunction with RESPEC. • The closer the cluster is to the Processing Plant, the less piping and pumping pressure is required to be maintained. Preliminary flow modeling has shown that a booster pumping station is not required for the duration of this LOM plan for sufficient flow to the more distant clusters. Further detailed work will be completed in the future to make a final determination as to the necessity of booster pumping stations. Other considerations that may influence this decision are deviations from cluster placement, fluid specific gravity, pipeline sizes and configurations, pumping performance of the current systems, etc. To ensure that minefield recycle flows are met, funding for two booster stations has been allocated in this plan as a cautionary measure. • Due to the complexities related to the calculation of the payment of royalties, Mosaic has not and does not currently plan to mine caverns that straddle over boundaries between Mosaic-owned and Crown lease mineral properties. This consideration may impact the cavern layout of future clusters that have not yet been fully planned. • Half a cluster (8 to 9 caverns) has been used as the smallest mining unit (SMU) for planning of mining. • Caverns are placed according to geological contouring from the seismic interpretation to minimize bed dip between boreholes. • Cluster and cavern placements are planned to optimize ore extraction while maintaining a minimum of a 300 ft. (100 m) buffer between caverns as required to minimize subsidence. • Populated areas such as farmhouses, townships, etc. are typically avoided in the cluster and cavern placement plan. Areas of note are the Hamlet of Keystown in Section 36 of 17-23-W2 and the Belle Plaine Hutterite Colony located in Section 7 of 18-23-W2. • If Mosaic is unable to procure key plots of land, pipeline and cluster building layouts may be affected and would have to be re-planned. • The LOM plan includes mining only minerals that are Controlled (Mosaic owned, or Crown owned) as of December 31, 2024. No uncontrolled (privately owned by a third-party) minerals are included as tons mined in the LOM plan. Mosaic will plan to acquire the uncontrolled minerals and incorporate them into the LOM plan as mining approaches an area where uncontrolled minerals are located. Any purchase of uncontrolled minerals has the potential to increase the mine life at Belle Plaine. If Mosaic is unable to procure mineral rights for any uncontrolled minerals, it is possible that those minerals may be stranded if it is determined that Mosaic will mine around them. This would in effect leave a pillar in the middle of a mined-out area and it may not be advisable to return to that area due to stress distribution and rock mechanics considerations. Further geotechnical work would need to be completed on a case-by-case basis. • Surface property and mineral rights acquisitions have been built into an extended Capital project plan to account for the time needed to approach third parties before construction can begin on a cluster. 13.3.4 Cluster Site Design A cluster site (well site) layout is based on between 16 and 18 caverns (32 to 36 boreholes) being drilled and developed from a single pad. Directional drilling makes it possible to support up to 18 caverns from one cluster pad. The cluster site is generally split into an “A side” and a “B side” each with 8 to 9 caverns. Typically, either an “A side” or “B side” is turned over to production each year. The cluster sites in the LOM plan will assume a 16.5 cavern/cluster average which is consistent with recent history. The mining footprint of a typical cluster site is approximately 1,200 by 1,400 m. A cluster site consists of a cluster building, an oil separation pond, a brine pond, a rig pad with a sump that drains to the oil pond, and wellheads along the rig pad. The entire lease is surrounded by a berm, or dyke, to manage any environmental impacts and 100-year rainwater events. A typical cluster site layout is shown in Figure 13- 5. Date: December 31, 2024 13-13 Figure 13-5: Typical Cluster Site Layout 13.3.5 Operational Cut-off Grades There is no operational cut-off grade applied at Belle Plaine. This is because the solution mining method used at Belle Plaine is not selective to KCl grade variability in the mineralization. At no point in the cavern development and mining process can a decision be made to mine or not mine the potash mineralization that is in contact with the mining solution. There is no control on what potash grade the mining solution dissolves to make a concentrate that is pumped to surface from the mining caverns for processing. 13.3.6 Mine Production Monitoring Mine production monitoring is completed on multiple streams that are both inputs and returns to the Processing Plant. Individual caverns are monitored throughout their lifecycle. The process of monitoring production is discussed in the Mineral Processing and Metallurgical Testing section of this report. 13.3.7 Equipment The Belle Plaine Potash Facility owns all the equipment necessary to execute the primary operational functions in the Mining Area. Some additional support equipment is provided and operated by contractors as necessary to provide secondary functions such as road maintenance, earth moving, etc. Table 13-2 outlines the amount of major Mining

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Date: December 31, 2024 13-14 Area equipment and their associated estimated useful life. The capital cost associated with the replacement of this equipment is included in the cash flow analysis. Table 13-2: Major Mining Area Equipment Major Assets in Current Equipment Fleet Quantity Estimated Useful Life (Years) Drilling Rig 1 30 Service Rigs 7 30 Automated Service Rig 1 30 Wireline Logging Unit 3 20 Service and Support Equipment As needed Varies The drilling rig is first scheduled to be replaced in 2040. Each service rig will have an automated retrofit performed over the next 12 years. The retrofit along with major regulatory workovers will replace many of the major components of the service rigs and is projected to extend the asset life of each service rig by 25 years. The service rigs will then be replaced in the following years; 2049, 2050, 2052, 2053, 2055, and 2057. The automated service rig is scheduled to be replaced in 2049 and the wireline logging units will be replaced in 2026 and 2031, with one being recently replaced in 2022. Most of the support equipment in the fleet consists of various trucks and trailers, though it also contains forklifts, personnel lifts, loaders, etc. 13.3.8 Personnel Table 13-3 outlines the Mining Area current and forecasted personnel requirements. It excludes personnel who may report to a centralized support function offsite. The Contract Headcount is stated as a Full Time Equivalent (FTE) of 2,000 hours/year/person of time tracked through the site’s safety performance metrics. The bulk of the Mining Area Mosaic workforce is positioned as operational workforce, including supervisory roles. The total Mining Area headcount has stayed relatively flat since 2018 and is expected to stay relatively flat until production ramp down begins after the final year of drilling. Movement within the sub-categories can be a result of converting contractors to Mosaic personnel. Where contracted employees are in an embedded contractor relationship, supervision is provided by the contractor with an assigned liaison for oversight who is a Mosaic employee. Table 13-3: Mining Area Personnel Requirements Employer Area 2020 2021 2022 2023 2024 2025 to 2070 2071 to 2077 2078 to 2084 Actual Actual Actual Actual Fcast. Plan Plan Plan Mosaic Maintenance 16 17 16 15 18 15 10 7 Operations 73 70 76 71 70 71 64 61 Other 2 4 4 4 4 4 2 1 Total 91 91 96 90 92 90 76 69 Contractors Maintenance 34 29 35 35 35 35 19 10 Operations 8 11 9 9 8 9 8 8 Other 1 2 1 1 1 1 0 0 Total 43 42 45 45 44 45 27 18 Mining Area Total 134 133 141 135 136 135 103 87 Date: December 31, 2024 14-1 Recovery Methods 14.1 Introduction The Belle Plaine Potash Facility Processing Plant consists of a Refinery Area and a Cooling Pond Area. The Refinery Area subjects the raw feed brine to changing temperatures that selectively precipitates NaCl and then KCl out of solution in different stages of the process. This selective precipitation occurs because of the differences in solubilities of NaCl and KCl at varying temperatures. The Refinery utilizes an Evaporator circuit to condition the raw feed prior to being fed into a Crystallizer Circuit. Both circuits promote boiling of the brine, that allows for energy capture by process flow streams that need to be heated before being sent back to the Mining Area. The Cooling Pond area consists of multiple ponds that are fed with brine from the Refinery and with raw feed brine from the Mining Area. The ponds facilitate atmospheric cooling, that allows KCl to preferentially precipitate out of the brine. These ponds represent a very efficient method of KCl recovery, as minimal additional energy is required to facilitate the KCl recovered in this area of the operating process plant. Well established solubility curves of H20-NaCl-KCl systems are utilized to monitor the selective dropout of products in the process. Field samples are regularly taken and processed by the Belle Plaine metallurgical lab to confirm proper operational conditions in the Processing Plant. 14.2 Flowsheet The flowsheet for the Belle Plaine Processing Plant is outlined in Figure 14-1. Date: December 31, 2024 14-2 Figure 14-1: Processing Plant Flow Sheet Injection streams for mining is a combination of heated water and recovered brines that are heated in the Processing Plant and used for development in the Mining Area. Water is supplied to site from a third-party vendor that draws from the local Buffalo Pound Lake and is pumped into two distinct Injection Water systems. These systems contain a combination of heat recovery and exchange equipment that heats up the water, prior to being pumped into the Mining Area Injection pipeline network. Energy is recovered from the site’s Evaporator circuit and from a third-party industrial facility that is in close proximity to the Belle Plaine Potash Facility through heat recovery piping loops. Solution Storage Tanks Raw feed from the Mining Area first enters the Processing Plant in the Solution Storage Tanks or it can be fed directly to the Cooling Pond Area. The Solution Storage Tanks feed the Refinery Area’s Evaporator Circuit. Powerhouse The Belle Plaine Powerhouse contains several natural gas fired, water tube boilers that generate the steam required to run the Belle Plaine Solution Mining process. The on-site boilers are fed with natural gas and boiler feed water. The natural gas is supplied by a third-party company and the boiler feed water is condensate that has been recovered from Date: December 31, 2024 14-3 several steam fed heat exchangers within the process. The majority of the steam energy produced from the boilers is fed into: • Turbo Generators for on-site electrical generation • Steam driven equipment (example: turbine driven pumps) • Evaporator Circuit heat exchangers (see Evaporator Circuit description) • Process Heat Exchangers • Pressure reducing valves for steam use at a lower operating pressure The Powerhouse also utilizes power from Saskatchewan Power Corporation (SPC), that supplements on-site power generation and can provide backup to on-site power generation. Evaporator Circuit The Evaporator Circuit contains the equipment necessary to condition the NaCl and KCl containing brine for efficient KCl recovery. The Evaporator Circuit contains two lines of evaporators that operate in parallel. Each line contains four evaporators in series that are surrounded by circulation heaters with dedicated pumps. Raw feed from the Solution Storage Tanks is pumped into each evaporator line, while steam from the Powerhouse Area is supplied to each of the evaporator lines. In this process, the energy and process brine flow counter-current to one another. As such, the process brine is heated and brought to a boil as the steam’s energy is transferred to the brine. When the NaCl and KCl containing brine is heated and boiled in this process, it achieves a state that encourages efficient KCl precipitation in the downstream Crystallizer circuit. As water is boiled off in the Evaporator Circuit, it concentrates the constituents in solution to a point where NaCl is forced to precipitate. NaCl that precipitates in each evaporator is collected, dewatered, and then sent to one of the following locations: • Re-slurried and pumped to a third-party to be sold as a saleable co-product. • Re-slurried and pumped to the Tailing Management Area. • Re-dissolved in site’s Reheat System (See Reheat section below). Thickener Area Brine that has been conditioned in the Evaporator Circuit is fed into the Thickener Area to drop out impurities. This area consists of thickener vessels and associated pumps. Brine exiting the Evaporator Circuit is fed into the top of the thickener and is blended with a flocculent additive to assist in the dropout of impurities. The dropout of impurities is also mechanically assisted with an internal thickener rake, that further directs the impurities to the bottom cone of the Thickener vessel. Impurities are pumped from the bottom of the thickener to the Tailings Management Area, while clarified brine overflows from the thickener and is pumped into the Crystallizer Circuit for KCl recovery. Crystallizer Circuit The Crystallizer Circuit is fed with process brine that has been conditioned in the upstream Evaporator Circuit and clarified in the upstream thickener. The Crystallizer Circuit is designed to cool process brine through vacuum assisted evaporative cooling, that forces KCl to precipitate out of solution. The Crystallizer Circuit consists of multiple crystallizers in series that reduce the temperature of the brine through boiling. Boiling is achieved through the use of barometric condensers and ejectors, that results in the preferential precipitation of KCl from solution. KCl solids are withdrawn from each crystallizer vessel as a KCl slurry and pumped to the Dewatering and Dryer Area for processing. At the end of the Crystallizer Circuit, the cooled process brine is pumped to the Cooling Pond Area for further atmospheric cooling of the brine. Cooling Ponds The Belle Plaine Cooling Pond Area is used to cool brine through atmospheric cooling for the purposes of precipitating KCl out of solution. The Cooling Pond Area consists of 11 interconnected ponds and feeds into this area include a portion of the raw feed that is generated from the Mining Area, Crystallizer Circuit brine overflows, and several other

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Date: December 31, 2024 14-4 process slipstreams. As the brine flows through this area, it is gradually cooled because of the temperature difference between the brine and atmospheric temperature. As the brine cools, KCl is precipitated out of solution and deposits on the bottom of the cooling ponds through natural settling. When the brine reaches the end of the Cooling Pond Area, it is pumped back into the Refinery as “Pond Overflow/Reheat Brine” in the Reheat System or pumped to the Tailings Management Area. The Cooling Pond Area contains several KCl dredges that are used to reclaim the settled KCl solids from the bottom of the Cooling Ponds. The dredges use a cutter wheel and slurry pump to send the solid KCl into a series of tanks that allow for impurity leaching and surge capacity for the Dewatering and Dryer Area. Reheat Circuit The Reheat System uses Cooling Pond Overflow brine to recover energy from Refinery Area vessels before the brine is pumped back to the Mining Area. Cooling Pond Overflow brine is pumped into the Reheat System through several pumps that are located at the end of the Cooling Pond Area and is relabeled as “Reheat Brine” once it enters the Refinery Area. The Reheat Brine is then fed into several barometric condensers and heat exchangers that increase the temperature of the brine. The barometric condensers facilitate efficient energy recovery by allowing direct contact between the Reheat Brine and the vapours being liberated from process vessels. After the reheat, brine has achieved an appropriate temperature, it is pumped to a large surge tank where NaCl solids are added and re-dissolved back into solution. At this point, the brine is rebranded as “Recycle” and is pumped into the Mining Area as a feed stream. Dewatering and Drying Circuits The Belle Plaine Processing Plant contains several dewatering and dryer circuits that are fed with KCl slurry withdrawn from the Crystallizer and Cooling Pond circuits. Dewatering, or removal of process brine from the KCl solids as a filtrate, is achieved using hydrocyclones, a filter table, and several centrifuges. Filtrate brine is returned to the circuit that it was pumped from, while the KCl solids are fed into natural gas fired industrial dryers. Each dryer is equipped with its own burner to produce high temperature combustion gas that comes into direct contact with the KCl solids to remove surface and internal moisture. Every dryer is also equipped with a wet scrubber or baghouse system to comply with local government emissions regulations. Testing is performed by a third-party annually and submitted to the Ministry of Environment as proof of compliance. Dried product exiting each dryer is then conveyed into an elevator that lifts the product into the Sizing Area or directly into the Compaction Area for further processing. Sizing Area The Sizing Area is comprised of screens and gates that are used to split the product by size and product purity. Some of the product exiting the KCl dryers is fed into an elevator that feeds a bank of screens. These screens separate product as “on-size” or “oversized” product. Oversized product reports to a crusher and is recycled back to the Sizing Area screens to be screened again. A portion of on-size product is sent to product storage warehouses, while the rest is sent to the Compaction Area. On-size product that is not fed to the Compaction Area is treated and cooled in an industrial cooler. The product is then weighed and conveyed to the proper warehouse using belt conveyors. The Sizing Area is connected into a wet scrubber system that helps minimize area dust. It should be noted that a small portion of on-size product can be pulled from the Sizing Area screens and transferred directly to the Loadout Area through a belt conveyor, where it can be packaged as 55 lb. (25 kg) capacity paper bags or 2,204 lbs. (1,000 kg) capacity totes. Compaction Area The Compaction Area is used to compress a portion of site’s dry KCl particles into larger compacted material so that it can be crushed and/or screened to product grade size. The Compaction Area contains several compaction circuits, each containing its own set of elevators, conveyors, compactors, crushers and screens. Each compaction circuit is configured to produce a specific size of product, based on the typical feed purity. As such, compaction circuits are Date: December 31, 2024 14-5 generally isolated from one another to maintain product purity. Compacted products produced at Belle Plaine include Industrial products and a Pegasus Granular product. Individual compactors are composed of two large diameter rolls that are spinning in opposite directions via an electrical motor and gearbox. Pressure is applied to the compactor rolls, while product is continually fed between the spinning rolls. This process mechanically compresses smaller KCl particles into a larger solid compacted material. The compacted material is gravity fed into a crusher that creates a distribution of particle sizes, which then feeds an elevator and bank of screens for sizing, or bypass crushing and go directly to screening. Typical operation of compaction circuit screens allow the screen undersized product to be sent back to the compactors, the screen oversized product to be sent to another crusher in the system that discharges back into the screen’s feed, and the screen on-size product to move forward in the process. On-size compaction circuit products are then cooled, weighed, and belt conveyed to the proper warehouse, based on purity and size requirements. It should be noted that a slip stream of product is pulled off the Compaction Area and is fed into the K-Life Bagging area. This area bags, weighs, and palletizes KCl product for sale as a consumer based KCl water softener in 40 lb. (18 kg) bags. Palletized bags of product are then forklifted into semi-trucks for distribution. Storage and Shipping Area Product is weighed and conveyed into the Belle Plaine warehouses through the use of belt conveyors and is distributed to the appropriate warehouse through the use of trippers or chutes that allow the product to freefall and land atop existing product in the warehouse. Product that is produced, stored and shipped offsite must meet customer grade. Product purity shipped from the site must contain a K2O equivalent content of 62.0%, that equates to a product purity of approximately 98 wt.%. The site product warehouses are configured such that each product has its own dedicated warehouse(s) to avoid product contamination. When required, product in a warehouse is reclaimed through one of the two reclaim systems. Bucket loaders feed the reclaim systems that convey product back into the Refinery building for its final screening before it is sent to the site’s shipping facility. During the screening process, “losses” are produced because of initial product breakdown that occurs in the Warehouse and through product conveyance. These “losses” are smaller KCl particles that have broken away from the compacted and sized KCl product and are primarily fed back into the Compaction Area or Sizing Area for reprocessing. These losses will work their way through the Compaction Area or Sizing Area and will return to a warehouse as on-grade product. Product that is screened to size reports to a belt conveyor that transfers the product to the Shipping Area surge bins. These surge bins feed shipping systems that are filling semi-trucks or rail cars. Product entering a rail car or truck is weighed by government regulated scales. Some of the products being conveyed to the Shipping Area can be transferred to the paper bagging/tote area, that is contained in the Shipping Area building. In this process, product is reclaimed to a product storage bin and then pulled out of the bin with a screw conveyor that feeds the bagging/tote system. 14.3 Equipment Characteristics and Specifications Table 14-1 outlines and summarizes the Process Plant main equipment characteristics and specifications. Table 14-1: Process Plant Equipment Circuit/Area Equipment Name Powerhouse Area Boilers Steam Turbine Generators Mining Area Feed Streams Injection Pumps Process Heat Exchanger Recycle Pumps Date: December 31, 2024 14-6 Circuit/Area Equipment Name Evaporator Circuit Raw Feed Tanks Evaporators Barometric Condensers Cooling Towers Thickener Area Thickener Vessel Thickener Pumps Crystallizer Circuit Crystallizer Vessels Barometric Condensers Cooling Ponds Cooling Ponds KCl Dredges Cooling Pond Overflow Pumps Dewatering and Drying Hydrocyclones Filter Table KCl Centrifuges Industrial Dryers Reheat System Barometric Condensers Heat Exchangers Sizing Area Sizing Area Screens Sizing Area Product Coolers Compaction Area KCl Compactors Product Crushers Compaction Area Screens Compaction Area Coolers Storage and Shipping Product Warehouses Reclaim System Conveyance and Screens Rail/Truck Loading Tracks 14.4 Water and Energy Requirements The Belle Plaine process is an energy and water intensive process. Over the many years of production, upgrades have been implemented to increase the efficiency of the overall process. The historical and the future water and energy requirements to meet production requirements are listed in Table 14-2. Table 14-2: Water and Energy Requirements Year 2020 2021 2022 2023 2024 2025 to 2027 2028 to 2066 2067 to 2070 2071 to 2080 2081 to 2084 Actual Actual Actual Actual Fcast. Plan Plan Plan Plan Plan Natural Gas Energy Purchased, GJ/day 35,786 37,819 38,093 36,566 38,924 39,799 40,169 36,657 25,633 22,622 Energy Recovery from Third-Party, GJ/day 985 1,262 1,002 1,707 1,429 2,433 2,433 1,532 794 794 Average Import Power from SPC, MW 2.95 4.12 4.58 5.16 4.03 4.89 1.23 1.53 3.67 6.29 Average Water Usage, US gallon/min 3,369 4,985 5,237 5,261 5,827 5,259 7,889 5,402 2,787 2,795 Future water and energy requirements are estimated using a mass and energy balance software package that has been programmed to simulate the Belle Plaine process. Table 14-2 outlines that there are varying levels of energy and water consumption over historical and future years. Total water and energy consumption required in each year is largely influenced by the number of caverns in development. As discussed in Section 13, developing caverns requires heated water (Injection Water) to efficiently develop an underground cavity. As the Belle Plaine production tonnage increases Date: December 31, 2024 14-7 to a sustained 3.30M tons/year (3.0M tonnes/year) output, a sustainable number of caverns will need to be drilled each year, followed by several years of development. The predicted water and energy requirements reflect this progression towards a sustained nine caverns drilled per year between 2027 to 2066. Inputs into site then decrease over the site’s ramp down that occurs between 2067 and 2084. 14.5 Personnel The Belle Plaine Processing Plant workforce consists of Mosaic personnel and contractors. The breakdown of Mosaic and Contract headcount for the Processing Plant is listed in Table 14-3. It excludes personnel who may report to a centralized support function offsite. The Contract headcount is stated as a Full Time Equivalent (FTE) of 2,000 hours/year/person of time tracked through the Belle Plaine safety performance metrics. Table 14-3: Processing Plant Personnel The majority of the Processing Plant’s Mosaic workforce is positioned as operational workforce, including supervisory roles. The total Mosaic personnel count has maintained a relatively consistent trend. This trend is expected to continue throughout the remaining life of the Belle Plaine site until the site’s ramp down that begins in 2067. The majority of the contractor workforce is utilized in maintenance activities through common industrial trades (Pipefitters, Millwrights, Carpenters, etc.). A portion of the trade skills required is sourced through a third-party contractor. This facilitates the increased flexibility in resources that may be required for maintenance shutdowns. Where contracted employees are in an embedded contractor relationship, supervision is provided by the contractor with an assigned liaison for oversight who is a Mosaic employee. The Processing Plant’s total contractor headcount has stayed relatively constant in recent years and this trend is expected to continue until the site’s ramp down. 14.6 Key Metrics The historical and future key metrics for the Belle Plaine Processing Plant have been tabulated in Table 14-4. It should be noted that historical values listed in Table 14-4 have been estimated from field level measurement, on-site metallurgical analysis, on-site Quality Assurance/Quality Control (QA/QC) analysis, and third-party inventory assessments. Metallurgical and QA/QC testing information is outlined in Section 10 of this report. Future tonnage recoveries are estimated using a mass and energy balance software package that has been programmed to simulate the Belle Plaine process. Table 14-4: Key Processing Plant Metrics Area/ Location Year 2020 2021 2022 2023 2024 2025 to 2027 2028 to 2066 2067 to 2070 2071 to 2080 2081 to 2084 Actual Actual Actual Actual Fcast Plan Plan Plan Plan Plan Net Mined KCl, M tons 3.316 3.700 3.788 3.494 3.928 3.992 4.194 3.256 1.882 1.417 Employer Year 2020 2021 2022 2023 2024 2025 to 2070 2071 to 2080 2081 to 2084 Actual Actual Actual Actual Fcast Plan Plan Plan Mosaic Maintenance 69 67 71 73 73 73 53 37 Operations 111 111 108 119 114 119 106 97 Other 4 3 3 3 3 3 3 2 Total 184 181 182 195 190 195 162 136 Contractors (FTE) Maintenance 129 137 127 127 131 127 90 63 Operations 11 9 6 5 5 5 3 3 Other 2 2 2 2 2 2 2 3 Total 142 148 135 134 138 134 95 69 Processing Plant Total 326 329 317 329 328 329 257 205

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Date: December 31, 2024 14-8 Area/ Location Year 2020 2021 2022 2023 2024 2025 to 2027 2028 to 2066 2067 to 2070 2071 to 2080 2081 to 2084 Actual Actual Actual Actual Fcast Plan Plan Plan Plan Plan Total Site Processing Recovery Change in Cooling Pond KCl Inventory, M tons -0.096 0.242 -0.040 -0.001 -0.210 -0.098 0.009 -0.108 -0.010 -0.044 Change in Warehouse KCl Inventory, M tons -0.075 -0.021 0.107 -0.096 0.000 0.000 0.000 0.000 0.000 0.000 Total Shipped KCl, M tons @ 98 weight% KCl Purity 3.195 3.055 3.011 3.139 3.245 3.300 3.293 2.983 1.808 1.363 Total Site KCl Processing Recovery, % 91.2 88.5 81.3 87.1 77.3 80.2 78.8 89.6 95.6 93.0 Refinery Area Total Refinery KCl Input, M tons 3.800 3.828 3.764 3.507 3.937 3.970 3.846 3.440 2.201 2.173 Crystallizer KCl Production to Warehouse, M tons 1.692 1.704 1.689 1.668 1.798 1.722 1.672 1.461 0.811 0.797 Refinery KCl Recovery, % 44.5 44.5 44.9 47.6 45.7 43.4 43.5 41.9 36.8 36.7 Cooling Pond Area Total Cooling Pond KCl Input, M tons 4.301 5.000 5.112 4.669 5.055 5.162 5.516 4.789 3.401 1.749 Change in Cooling Pond Inventory, M tons -0.096 0.242 -0.040 -0.001 -0.210 -0.098 0.009 -0.108 -0.010 -0.044 Cooling Pond KCl Production to Warehouse, M tons 1.569 1.527 1.505 1.471 1.573 1.578 1.621 1.522 0.997 0.567 Cooling Pond KCl Recovery, % 34.3 35.4 28.7 31.5 27.0 28.7 29.5 29.5 29.1 29.9 It should be noted that Table 14-2 includes a relatively steady state operation between 2027 to 2066. During this time, Mining Area caverns are drilled at a rate closely equal to their consumption and site achieves very consistent year over year performance. This table also includes a Belle Plaine ramp down period between 2067 to 2084. During the ramp down, drilling is no longer completed, and only one of the two evaporator lines is run to maintain an overall system hydraulic balance. The Mining Area continues to feed the Refinery and Cooling Pond Areas until cavity inventory is pulled down to an insufficient state, that was found to occur after 2084. The historical Refinery Area and Cooling Pond Area recoveries have proven to be relatively constant, and this trend is expected to continue in the life of mine plan, until a progressive ramp down of the site occurs in 2067. On the other hand, historical and future total processing recoveries do change over time. This is because the total site balance is influenced by the total number of cavities that are developing and the freshwater input required to facilitate their development. As the freshwater flow increases to site, the total deep well brine disposal flow out of the Belle Plaine process will also increase because of site’s overall hydraulic balance. Deep well brine disposal represents a loss of KCl mass and reduces the site’s total processing recovery. As the total number of cavities in development has varied over historical years and as the site moves towards a sustainable drilling rate to sustain a 3.30M tons/year production rate, the predicted total KCl process recoveries are expected to trend and stabilize accordingly. The ability of the operation to produce at a sustained 3.30M tons/year in future years is also backed by a Canpotex proving run in 2016/2017, when the Belle Plaine site achieved a proven nameplate of 4.3M tons/year (3.9M tonnes/year), and achieved a maximum demonstrated rate of 550 tons/hour (499 tonnes/hour) across the Dryer, Sizing, and Compaction areas over a four day period. The site also achieved a daily shipping record of 19,319 tons (17,526 tonnes) over this proving run. Date: December 31, 2024 15-1 Infrastructure 15.1 Introduction The Belle Plaine Potash Facility is situated in close proximity to relevant existing infrastructure. The TransCanada Pipeline passes through the Mining Area, a large body of water is located less than 12.5 miles (20 km) away, there is easy access to rail, and two significant population centers are located within 30 miles (48 km) of the Belle Plaine Potash Facility. The Belle Plaine Potash Facility has the infrastructure in place to meet the current production goals and LOM plan. Additional infrastructure may be added to increase reliability of the existing product lines or provide production flexibility. The assets currently in place are maintained through a robust workflow process that focuses on proactive inspections and preventative maintenance while trying to minimize reactive maintenance. Belle Plaine uses qualitative and quantitative inspections to identify the current condition and remaining life of the assets. The assets are inspected using a risk-based approach following the American Petroleum Institute Recommended Practice - API RP 580 and there is a dedicated mechanical integrity team on-site that is focused on inspections and creating remediation plans when deficiencies are identified. The major structural assets at Belle Plaine are inspected by third-party professional engineers, and models of the main structures are available to quickly and accurately determine member by member fitness for service. Belle Plaine uses a data management tool for inspected assets and to prioritize maintenance based on risk. This tool also makes it easy to communicate the risk of any asset and to update following repairs or follow up inspections. Belle Plaine also relies on some infrastructure that is maintained by third parties. These are listed in Table 15-1. Figure 15-1 shows the location of the major Belle Plaine infrastructure. Figure 15-2 is a detailed view of the plant and Tailings Area infrastructure. Table 15-1: Infrastructure Maintained by Third Parties Infrastructure Supplied and Maintained by Rail Network Canadian Pacific Railway (agreement to access Canadian National Rail) Road Network Rural Municipality of Pense (No. 160) and Saskatchewan Highways Process Water SaskWater Power SaskPower Natural Gas TransGas and SaskEnergy Communications SaskTel Date: December 31, 2024 15-2 Figure 15-1: Major Infrastructure Date: December 31, 2024 15-3 Figure 15-2: Detailed Plant and Tailings Area Infrastructure 15.2 Roads and Logistics The main road access to the site is via Kalium Road that provides access from the main corridor between Moose Jaw and Regina, TransCanada Highway #1 (Figure 15-1). Alternate access to the Mining Area via the East/West Highway SK 730 or North/South Highway 642. Access to site is maintained throughout the year with snow clearing and grading being a normal routine practiced. There are a variety of site-maintained and Rural Municipality of Pense (No. 160) maintained roads through the Mining Area. These are typically gravel roads. Roads around the processing plant are paved and maintained regularly. Canadian National and Canadian Pacific Railways are available to Belle Plaine to move final product to port. The majority of finished product leaves site by rail. Belle Plaine is party to a Tri-Party Joint Operating Agreement with Canadian Pacific (CP) and Canadian National Railways (CN), dated July 20, 1967, that governs the joint operation and interaction of all parties for freight services at the Belle Plaine Potash Facility. Mosaic owns a portion of the tracks on site. Product is then moved via the CP Rail to port or south into the USA. Since Belle Plaine is located between the CN and CP rail lines, the loadout tracks are tied into the CN Lead and CP Spur.

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Date: December 31, 2024 15-4 15.3 Tailings Storage Facilities The TMA (Tailings Management Area), consisting of a salt pile, brine pond and the surrounding containment dykes, was first constructed in 1964 on low hydraulic conductivity foundation soils (Regina Clay and glacial till). A generalized cross section (Figure 15-3) from top to bottom includes Regina Clay overlaying glacial till, followed by disturbed Bearpaw Shale overlying the basal intact Bearpaw Shale. More detail is outlined in Section 17.6.3. A composite French drain system surrounds the entire TMA and has been shown to be effective at reducing porewater pressures in foundation materials and thus reducing brine migration from the mine site. The tailings management area (TMA) at Belle Plaine is regulated by the Saskatchewan Ministry of Environment (MOE). Figure 15-3: Simplified Stratigraphy of the TMA Area The TMA is located northeast of the general Refinery and is used to store the tailings produced from the solution mining process. The TMA area is approximately 217 hectares in size. Tailings are discharged through two separate spigots onto the tailings pile, at which point the salt is allowed to settle onto the tailings pile and the brine is decanted to the brine pond. Heavy equipment is used to create berms to direct the flow of the discharges and help with strategic tailings placement. A plan is in place to raise the height of the current TMA salt pile in a staged approach with benches set back to preserve the stability of the overall pile. A cross section of the current and future state is shown in Figure 15-4. Figure 15-4: Typical Cross Section of TMA Pile with Current and Future States Brine injection wells at the facility reduce the net deposition to the tailings area. A composite French drain system, constructed between 2005 and 2015 is located around the north, east and south perimeters of the TMA. The French drain is used to collect seepage from the TMA pond, that is pumped back into the pond via dewatering wells. Mosaic has committed to the Ministry of the Environment (MOE) to raise the TMA dykes by 2025 as per the Saskatchewan Potash Industry Brine Pond Freeboard Guidelines and Reporting Requirements within the ATO. Monitoring of the TMA includes, but is not limited to: • Site visits and review by operations personnel twice a day. • Monthly inspections of the TMA dyke. • Quarterly monitoring performed by a Mosaic environmental consultant. Date: December 31, 2024 15-5 • An annual inspection completed in the fall by a Mosaic environmental consultant, focusing on the TMA dykes. • Real time instrumentation monitoring of portions of the TMA dykes and tailings pile. The instrumentation includes vibrating wire piezometers, and slope inclinometers, that monitor and measure any movement and provide alarms. Refer to Section 17 for additional information about the TMA. 15.4 Brine Management Structures The cooling ponds occupy approximately a space of 85 hectares and are similar in construction to the TMA, using local Regina Clay to build up the dykes. Cooling ponds were built in 1984 as an alternative refining technique to the evaporation/crystallization process, greatly reducing the natural gas needed to refine potash. The pond dykes are monitored in a manner similar to that outlined for the TMA. 15.5 Built Infrastructure The infrastructure built at the Belle Plaine Potash Facility includes: • A sewage digester for the main refinery and maintenance/office buildings. • A fire water system with backup generators for the processing plant. Belle Plaine has agreements with the local Rural Municipality of Pense and the Yara Belle Plaine Inc. (that operates a nitrogen fertilizer production facility adjacent to Belle Plaine) to support each other in emergency situations. • The Mining Area consists of hundreds of kilometers of buried pipeline that supports the mining process and transports brine and water to the mine and raw feed for the recovery of potash back to the Refinery and Cooling Ponds. • Tanks and pumping systems to support the mining and get the Refinery raw feed are a part of the mechanical integrity program. • Belle Plaine has a number of Refinery workshops and buildings for the storage of parts and spares. • Belle Plaine has a fiber mesh system in place in the Mining Area to support instrumentation. For communications on-site there is a radio system in place as well as a portable cellular tower provided by SaskTel that boosts cell reception for the site. 15.6 Power and Electrical SaskPower provides a portion of the power required to run the Belle Plaine Potash Facility. This power comes in off their main grid that could be fed from any number of power plants, along the highline running north and south along Kalium Road (Figure 15-1). A total of 138 kV comes into the Belle Plaine substation through overhead lines to a Mosaic owned 138kV disconnect, where it is then stepped down to 13.8 kV using two transformers (28 MVA and 33.3 MVA). Belle Plaine owns and manages their substation where there is also a 138 kV grounding transformer and a 138 kV gas insulated switchgear lineup. The Belle Plaine Potash Facility generates power from the site powerhouse from two steam turbine generators. Typically, the total required Belle Plaine power requirement is 90% in-house generated power with the remaining being 10% fed from SaskPower. Belle Plaine does not have the option to send power back to the SaskPower grid. From the on-site substation, 13.8 kV transformer secondary cables are fed to 13.8 kV switchgear in the Powerhouse to MCC rooms throughout the plant area and mine area. Belle Plaine uses overhead and buried cables throughout the mine area and cable trays in the Refinery for the 13.8 kV distribution. Date: December 31, 2024 15-6 The existing powerhouse at Mosaic Belle Plaine consists of three boilers installed between 1964 to 1968 which are industrial water-tube boilers, and one newer water-tube boiler installed in 2010. Steam produced by the boilers is supplied to two turbines to generate electricity, as well as to the brine injection pumps, and evaporator heat exchangers used to produce potash. The existing 1960s era boilers must be modified or replaced to meet new MSAPR (Multi-Sector Air Pollutants Regulations) set by the Canadian Government. These regulations set air pollution emission standards across Canada and limit the amount of nitrogen oxides (NOx) allowed to be emitted from gaseous fuel-fired non-utility boilers. Belle Plaine will replace one of the existing 1960s boilers with a new boiler installed south of the existing powerhouse and retrofit the other two 1960s boilers with new Low-NOx burners to reduce emissions. Removal of the boiler air preheaters, and installation of economizers and low-temperature process heat exchangers will improve boiler efficiency. The boiler built in 2010 meets the 2026 standard and will not require retrofitting or replacement. 15.7 Natural Gas TransGas supplies natural gas to the Belle Plaine Potash Facility. The gas flows from the main lines into a local regulator station situated just north of the administration building and powerhouse. This station takes the high pressure feed from the main lines and cuts it down through on-site filtration and also does some pre-heating to provide low pressure gas directly to the facility. 15.8 Water Supply The main source of water (non-potable) required for production is provided by SaskWater from Buffalo Pound Lake, an 18 mile (29 km) long, 0.6 mile (1 km) wide lake with an average depth of 10 ft. (3 m), located northwest of the mine (Figure 15-1). Buffalo Pound Lake also supplies potable water for the cities of Regina, Moose Jaw and surrounding regions. Water levels are controlled by the SaskWater Security Agency and managed through the Lake Diefenbaker Dam. SaskWater operates a dedicated pumping station located on the south shore of Buffalo Pound Lake near the eastern edge of the lake with capacity of approximately 13,000 US gallons per minute. There are three on duty pumps and a fourth on standby to ensure steady supply. Belle Plaine typically runs two pumps to meet the water current needs with the other pumps providing peaking capacity for future mining. Potable water is supplied for the site from the Buffalo Pound Water Treatment facility that is operated by SaskWater. Belle Plaine also has a tie-in to the potable water line that feeds the City of Regina. Date: December 31, 2024 16-1 Market Studies and Contracts 16.1 Markets Potassium is one of the three primary crop nutrients required for plant growth and is not substitutable. Potassium chloride, otherwise referred to as muriate of potash (MOP), as well as other fertilizer products derived from it, provides the overwhelming majority of potassium nutrient worldwide. While the term potash can be used to refer to a number of salts that contain potassium in a water-soluble form, it is common practice to refer to MOP as potash. Relatively small volumes of potash are also utilized in industrial applications and as a mineral supplement for livestock. The global market for potash is estimated to be approximately 72M tonnes in 2024 and has grown at a compound annual growth rate of around 2.5% over the past thirty years. In other words, potash demand over the long term has been rather linear, though with significant year-to-year variability. Going forward, global potash demand growth is expected to continue this trend, with Mosaic and independent analysts projecting a growth rate of 2 to 3% per annum. This growth ensures sufficient market demand for continued production at the Belle Plaine Potash Facility. Belle Plaine produces several specifications of potash that are sold into the crop nutrient (to be utilized as fertilizer) and industrial markets, domestically, defined as the U.S. and Canada, as well as export markets. Mosaic’s sales of potash are split about evenly between domestic and offshore markets. Due to the solution mining nature of the Belle Plaine operation, the potash produced contains fewer impurities and has a higher content of potassium (i.e., a K2O content of ~62% versus the more common 60% associated with the majority of potash products). The higher-grade results in a modestly higher market price for Belle Plaine potash. Potash prices may also vary due to the physical sizing of the product. For example, there is generally a price premium for granular (blend) grade product versus standard grade product. Belle Plaine produces a combination of granular, standard grade and industrial products. For the purposes of this analysis, no market premium for Belle Plaine product is assumed. A simpler and more conservative approach is to assume that the Belle Plaine production is representative of the FOB Vancouver price benchmark published by an independent third-party that includes standard and granular potash sales. 16.2 Commodity Price and Exchange Rate Forecasts The commodity price forecasts utilized in the analysis are derived from an independent third-party, CRU, a reputable supplier of market forecasts across a range of commodities including potash. Specifically, CRU publishes a regular forecast of potash pricing on an FOB Vancouver basis that incorporates prices for a blend of various grades of potash. The CRU also publishes historical and forecast potash production cost estimates for most mines around the world, including Belle Plaine. These cost estimates include figures on an FOB port of Vancouver basis as well a site cost (ex- works) basis at Belle Plaine. The difference provides an estimate of the handling and transport cost from the mine to port. For the 2024 LOM plan, the arithmetic average of the forecast values from 2025 to 2029 have been used (Table 16-1). The price forecast is conservative, as the price reflects export sales (FOB Vancouver) and does not account for the higher mine netbacks that are achieved with domestic market sales. The U.S. dollar / Canadian dollar exchange rate utilized in the analysis is derived as the arithmetic average of the five years 2020 to 2024, with the actuals sourced from Bloomberg.

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Date: December 31, 2024 16-2 Table 16-1: Commodity Prices and Exchange Rates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 LOM Actual Actual Actual Actual Fcast. Plan Plan Plan Plan Plan Plan Foreign Exchange (US$/C$) 1.34 1.25 1.30 1.35 1.36 1.32 1.32 1.32 1.32 1.32 1.32 Potash KCl (US$/tonne) 178 210 571 355 197 211 263 281 256 261 319 Sources: 1. FX rate: (Actual) Bloomberg – arithmetic average of the end-of-day spot rate; (Forecast) Arithmetic average of the five years 2020 to 2024. 2. Potash: CRU Potassium Chloride Market Outlook June 2024, FOB, Vancouver minus an estimate of the cost of freight/handling from mine to port via the CRU Potash Cost Service October 2021 (FOB cost minus cost ex-works at realized production). CRU’s report does not have a datapoint for 2029, so these figures were estimated using data from the 2028 forecast. LOM is a 10-years average of 2019-2028 16.3 Contracts Potash sales from Belle Plaine can be split into two general categories: domestic and export. Export sales occur through Canpotex Limited, a joint venture between potash producers Mosaic and Nutrien Ltd. Canpotex undertakes all sales of the member producers’ potash outside of the U.S. and Canada. All Belle Plaine export sales are made to Canpotex. Canpotex then moves the product to offshore markets and sells the product. The Canpotex sales are a combination of spot and contract sales (with contract duration typically one year or less) to longstanding customers. Domestic sales are managed internally by Mosaic. Over half of these sales are made on a spot basis, with the remainder of sales under longer-term contracts (with prices that adjust to reflect market conditions). Date: December 31, 2024 17-1 Environmental Studies, Permitting and Plans, Negotiations or Agreements with Local Individuals or Groups 17.1 Introduction The information as supplied regarding the management of all environmental aspects, permitting and social considerations at Mosaic facilities is guided by Mosaic’s Environmental, Health and Safety Policy, the Mosaic Management System Program and Procedures and current regulatory requirements. 17.2 Baseline and Supporting Studies Groundwater Studies Investigation of groundwater at the Site has been a continual process since mining began with many boreholes and wells installed over the operational history. To date there have been over 1,200 boreholes drilled for various environmental monitoring purposes and over 600 installations completed including monitoring wells, dewatering wells, vibrating wire piezometers, pneumatic piezometers, slope inclinometers, EM39 ports, etc. The drilling, instrumentation and testing programs, coupled with ongoing groundwater level and chemistry monitoring and periodic electromagnetic (EM) surveys have characterized the hydrogeology and are used for environmental monitoring purposes. The following discussion provides supporting groundwater studies that have been instrumental in environmental investigations and permitting to date. To assist with site characterization, a High Resolution Electromagnetic (HREM) survey has been completed for the site. Apparent resistivity maps identified strong anomalies north and east of the existing TMA, in areas largely devoid of shallow stratigraphic information. Confirmatory field investigations indicated predominantly tills and stratified deposits infilling topographic lows created by channel structures identified in the HREM surveys. Groundwater assessments completed to date include mapping of aquifer limits, potentiometric, and chloride concentrations for the site. Chloride and hydrocarbon concentrations and potentiometric trends have also been assessed in conjunction with EM data to evaluate potential migration, impacts and the groundwater monitoring network itself. Risk to the closest third-party groundwater users in the vicinity of the site appeared to be minimal at the time of the last assessment. A 100-year, 3D groundwater flow and solute transport modeling study was completed to identify potential sub-surface brine migration issues and evaluate a potential horizontal brine mitigation system. The modeling and monitoring to date shows that groundwater flow and solute transport is downward and then radially away from the ponds and the TMA in the higher hydraulic conductivity sediments. Lateral groundwater flow is in a north-easterly direction in the Quaternary-aged sediments and fractured Bearpaw Formation shale, except to the west and south of the Tailings Management Area (TMA), where groundwater flow is interpreted to be in a westerly and southerly direction from the TMA. Air Baseline and Supporting Studies Air dispersion modeling (using AERMOD) was completed for Mosaic Belle Plaine in 2022 (WSP 2024). The results are used to determine if a pollutant is expected to present at a particular concentration to evaluate compliance with the Ministry of Environment (MOE) Saskatchewan Environmental Quality Guidelines for Ambient Air Quality. Model inputs included emissions from nearby industrial facilities. The Mosaic Potash Belle Plaine 2023 Annual Environmental Report (AER) includes air management commitments and strategies. The report also contains the results of a dryer compliance stack sampling program at the Belle Plaine mine site. This sampling program included the results of testing of dryer exhaust stacks that demonstrated particulate emissions complied with the Ministry of Environment (MOE) Saskatchewan Environmental Quality Guidelines. Date: December 31, 2024 17-2 Biophysical Baseline and Supporting Studies Baseline biophysical studies were completed as part of the Belle Plaine Expansion EIA (MDH 2009a), as well as the Technical Proposals for Cluster Site 40, Cluster Site 41, Cluster Site 42, Cluster 43 and Cluster 44 developments. These studies included both field and desktop assessments of the terrain and soils, terrestrial and wetland vegetation, wildlife and wildlife habitat, species of conservation concern, and land cover mapping exercises. The studies also included a summary of expected impacts and mitigation measures on the biophysical environment that related to development of the cluster sites. A Wildlife Management Plan is also in place for the Belle Plaine Potash Facility. The management plan includes general guidance for management of wildlife commonly encountered on the site including a description of the wildlife and wildlife habitat in the area, wildlife management protocols, and mitigation and protective measures for wildlife in the area. Mosaic has also developed additional management plans specifically for Canada goose nest management, migratory bird nest management and deterrence, and burrowing mammal assessments. Surface Water Baseline and Supporting Studies A regional hydrology assessment was completed as part of the Belle Plaine Expansion Environmental Impact Assessment (MDH 2009a and 2009b). This assessment included a study and description of the dominant hydrological processes, topography, hydrological features, soils, and land use within the proposed expansion area. It also identified potential project impacts on hydrological processes and water features in the area and evaluates post-expansion flood storage capacity at the Belle Plaine mine site. A predictive subsidence analysis update was completed for Belle Plaine to evaluate the potential impact of subsidence on the existing and future regional surface water and mining infrastructure at the Belle Plaine site. This analysis included a hydrology assessment to quantify the effect the predictive subsidence would have on the regional surface water features associated with cluster site development and mining infrastructure. Wetland delineation programs were conducted at the Belle Plaine Mining Area to provide a reference for future mine site activities. These programs used desktop and field-based methods to delineate and classify (where applicable) wetlands within the mine site area. They also provided mitigation recommendations for work within or near wetlands to avoid or minimize potential impacts from future activities, including relevant permitting requirements. The 2023 AER includes surface water management commitments and strategies, field-level monitoring procedures, and monitoring results for the Belle Plaine mine site. Heritage Assessments When undertaking a new development, Mosaic adheres to provisions of The Heritage Property Act to protect any heritage resources, in alignment with requirements set forth by the Government of Saskatchewan. The heritage screening process within a project area includes partnering with a third-party expert and consulting with the Saskatchewan Heritage Conservation Branch of the Government of Saskatchewan. This information is included in a comprehensive report that is subsequently provided to the Saskatchewan Ministry of the Environment for review and approval prior to development. 17.3 Environmental Considerations/Monitoring Programs 17.3.1 Environmental Considerations Legacy Information Constituents of potential concern (COPC), existing assessment data, known and/or potential contamination and exposure pathways, assessment needs and risks, required actions, etc. associated with areas of interest (AOI) have been documented by Mosaic. Any remaining COPCs will be addressed at the final decommissioning & reclamation phase. Date: December 31, 2024 17-3 Permitting Approval to Operate Pollutant Control Facilities No. PO18-107 Mosaic holds an Approval to Operate Pollutant Control Facilities No. PO18-107 (ATO) for the Mosaic Belle Plaine Facility, which is issued by the MOE under The Environmental Management and Protection Act, 2010 (Saskatchewan). The ATO expires on July 1, 2028. Note that it is expected to be renewed on or before the expiry date. This permit provides the terms and conditions for operation of the site with respect to: • tailings and brine management • materials, storage, handling, and transportation • waste management, transportation and disposal • air quality management • pipelines • inspections, monitoring and reporting • decommissioning and reclamation • contingency planning and reporting • alterations • other site-specific conditions Approval for Hazardous Substances and/or Waste Dangerous Goods Approval no. PO18-106 provides the Approval to Construct, Alter, Expand, Operate, and Decommission a Hazardous Substances and/or Waste Dangerous Goods Storage Facility, pursuant to The Hazardous Substances and Waste Dangerous Goods Regulations; Chapter E-10.2 Reg 3, issued by the MOE. 17.3.2 Environmental Monitoring Groundwater Quality Monitoring There are over 500 groundwater monitoring wells at site. These locations are generally monitored for potentiometric elevation (i.e., groundwater level) and/or routine water chemistry analysis (i.e., electrical Cl, Na, K, Ca, Mg, CO3, SO4, HCO3, sum of ions, conductivity, hydrocarbon analysis and ionic balance) annually to every five years depending on the location and assessment of results as per the ATO. Baseline testing of new monitoring wells typically includes routine, trace metals and petroleum hydrocarbon water chemistry analyses for at least four sampling events. The 2023 Annual Environmental Report (AER) provides the most recent groundwater monitoring data. Horizontal Pathway Monitoring Water chemistry data is used in conjunction with EM31 and EM34 surveys to monitor horizontal brine migration. Horizontal migration in and around the mine facility is slow due to the confining properties associated with the native soils and operation of the composite drain system. These EM surveys are scheduled every five years with the next one for the main site scheduled for 2027 according to the ATO. EM31 and EM34 surveys in the vicinity of CS 31 to 41 are also collected on a five-year schedule with the next one scheduled for 2025 according to the ATO. The most recent EM31 and EM34 monitoring for the Site can be found in the AER. Vertical Pathway Monitoring Water chemistry data is used in conjunction with EM39 surveys to gauge vertical brine migration within selected on- site monitoring casings. Monitoring is completed on a recurring five-year schedule with the next planned for 2026. The most recent EM39 results can be found in the 2021 annual environmental report. Surface Water Quality Monitoring There are very few surface water bodies in the vicinity of the Site. According to the ATO, Mosaic presently monitors six wetlands located north and east of the Site. Monitoring is completed semi-annually every two years. Surface water is analyzed for routine, trace metals and petroleum hydrocarbon parameters. The AER provides surface water monitoring results.

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Date: December 31, 2024 17-4 Soils Monitoring Soil sampling is completed as part of an on-going assessment program to gauge the impacts associated with saturated brines on native soils. Plume delineation through conventional drilling is completed on an as-required basis, which is typically implemented after the completion of a geo-physical survey. Soil sampling and associated testing is completed on an as required basis. Air Emission Monitoring Annual air emission tests are conducted for the processing plant dryer stacks in compliance with the Saskatchewan Industrial Source (Air Quality) Chapter of the Saskatchewan Environmental Code and the results are submitted to the MOE. The results indicated that all stacks were within the allowable emission limits, the maximum allowable dryer stack emission is 570 milligrams per dry reference cubic meter (mg/drm3). More detail is provided in the AER. Subsidence Monitoring Monitoring of surface subsidence is conducted as per the regulatory requirements to determine surface subsidence induced by mining. These surveys assist in identifying any subsidence issues, prior to problems arising. Subsidence has not, nor is expected to significantly alter drainage patterns on surface, impact groundwater, or structurally impact any surface facilities in the Mining Area according to Mosaic. Brine Pond Monitoring TMA brine pond levels are monitored to confirm that freeboard levels are maintained as per the ATO and readings are provided on an annual basis to the MOE as part of the AER. Under the current pond configuration, the Belle Plaine mine site is at Notification Level 1 (Normal Freeboard or Maximum Operating Level exceeded) as per the new Saskatchewan Potash Industry Brine Pond Freeboard Guidelines and Reporting Requirements within the ATO. Mosaic has been submitting weekly Notification Level 1 communications to the MOE. Mosaic is currently in the construction phase of a dyke improvement project which will achieve the new freeboard requirements and various progress updates have been provided to the MOE. This project is anticipated to be fully completed by summer 2025. Prior to the dyke raise project reaching substantial completion, the pond was operating at Notification Level 1 (above the maximum operating level). It is anticipated the pond would exceed the maximum flood storage level and enter Notification Level 2 in the event that a design storm event occurred. Site stopped operating above the maximum operating level and subsequent Notification Level 1 reporting to the Ministry of Environment as of December 1, 2024 as dyke raise component was complete. Smaller earthworks projects are still to be completed in 2025 which would consider the project fully commissioned at that time. The AER also provides the daily Production Pond freeboard readings. Dyke Instrumentation and Monitoring Visual inspections of the TMA dykes and ditches are completed as per the ATO. On an annual basis, an independent engineering firm is contracted to conduct a comprehensive annual visual dyke inspection (AVDI) which is provided in the AER. Dyke instrumentation consists of slope inclinometers, vibrating wire piezometers, standpipe piezometers and/or in- place inclinometers. As per the ATO, a minimum calculated Factor of Safety (FOS) equal to 1.5 is required for containment dykes. All segments of the TMA dykes meet the minimum FOS. The dyke improvement project is scheduled for completion by summer 2025 and anticipated to maintain the required FOS for all dyke segments. Tailings Pile Instrumentation and Monitoring Tailings pile stability monitoring is conducted as per the ATO utilizing a variety of geotechnical instruments installed within and around the perimeter of the existing TMA. The instrumentation network is reviewed and inspected on an annual basis and recommendations for replacement, maintenance, or expansion are provided. Results of the monitoring are reviewed quarterly by a qualified third-party and included in the annual TMA report that is provided in the AER submitted to the MOE. Date: December 31, 2024 17-5 As per the ATO, a minimum calculated Factor of Safety (FOS) equal to 1.3 is required for all segments of the tailings pile. The calculated FOS for one segment of the tailings pile is below 1.3. Work to increase the FOS in these segments relies on operational factors and future tailings deposition. Mosaic has ceased spigotting within the areas which is thereby lowering the porewater pressures and improving the FOS over time. The Ministry of Environment has been updated through the AER. A summary of the calculated FOS for the tailings pile segments is provided in AER. The geotechnical instrumentation network has experienced functional fluctuations over time, primarily due to periodic instrument malfunction. Maintenance and replacement of instrumentation is a routine and expected activity. Additional instrumentation has been recommended in the AER for the few areas of the tailings pile that are not currently monitored and/or replacement of failed instrumentation. Mosaic is developing implementation plans to address the AER instrumentation recommendations. General Waste Management Mosaic’s operations generate a variety of nonhazardous solid wastes, including domestic refuse, construction and demolition debris, and waste lubricants. Mosaic’s waste management program provides assurance that all locations have a process in place to minimize waste generation, maximize recycling, and to ensure that waste management practices do not adversely affect the environment or health and safety of employees and the public. The AER provides a general summary of the site waste management program for the 2023 calendar year. All hazardous substances and waste dangerous goods in the storage facilities listed in Appendix C of ATO are stored in accordance with The Hazardous Substances Waste Dangerous Goods Regulations according to the 2023 Annual Environmental Report. Generated wastes appear to be managed in compliance with applicable environmental legislation through facility inspections conducted by MOE, as well as monitoring and documentation policies instituted by Mosaic and internal/external audits. 17.3.3 Incidents and Releases The AER provides a summary of releases, incidents, and reclamation activities along with a map for Reportable Spill Incidents (releases to secondary containment over a reportable regulatory quantity) and Reportable Discharge/Spill (releases to the environment over the reportable regulatory quantity). There was one Reportable Discharge/Spill that occurred at Belle Plaine in 2023. There was one Reportable Spill Incident at Belle Plaine in 2023.All reporting for these events was completed as required by site ATO. 17.4 Stockpiles 17.4.1 General Waste Management The Site generates a variety of nonhazardous solid wastes, including domestic refuse, construction and demolition debris, and waste lubricants. The Site waste management program provides assurance a process in place to minimize waste generation, maximize recycling, and to ensure that waste management practices do not adversely affect the environment or health and safety of employees and the public. 17.5 Waste Rock Storage Facilities Waste rock is not produced at the Site. 17.6 Tailings Storage Facility 17.6.1 Tailings Pile Salt tailings are hydraulically transported (via brine slurry) to the TMA. The TMA consists of a salt pile, brine pond and control structures that limit migration of process brines from the TMA. The tailings placement on the pile utilizes spigots and loaders to form the pile. The brine used to transport the tailings is allowed to run off the tailings pile and Date: December 31, 2024 17-6 pond within the TMA. Brine is produced primarily by tailings dissolution during processing and, to a lesser extent, by precipitation falling on the salt tailings pile. The brine is stored in the northwest corner of the TMA, and in brine return channels along the toe of the tailings pile used to collect brine discharge from the tailings pile. Excess brine is disposed of by deep well injection into the Winnipeg and Deadwood formations in accordance with applicable regulatory requirements. Heavy construction equipment is used to move the salt tailings to maintain the desired tailings pile geometry. The configuration of the tailings pile is not anticipated to change significantly into the near future. 17.6.2 Brine Pond and Flood Containment Pond The mining operation makes extensive use of ditches, concrete trenches, floor drains, and collection ponds to capture process fluids and site runoff for re-use in the process. The overall drainage collection is operated as a closed loop system. The brine pond is impounded by the perimeter dykes of the TMA. Brine pond levels or freeboard in the TMA are monitored as per the ATO. 17.6.3 Solids and Surface Brine Control The primary brine and tailings control structures at the mine are the perimeter containment dykes. The TMA is surrounded by approximately three miles (five km) of containment dykes. A system of open ditches has been constructed around the perimeter of the TMA to collect seepage. The seepage water collected in the ditches flows by gravity into various brine collection ponds. The dyke toe and ditches are maintained to ensure ditch flow. The stratigraphy at the site, generalized herein as approximately 15 ft. (five m) of Regina Clay underlain by 50 ft. (15 m) of glacial till, is reasonably consistent. Directly beneath the till is the Bearpaw Shale. The top layers of the shale have been significantly weathered and disturbed by glacial activity. The disturbed or fractured shale has a hydraulic conductivity that is approximately three orders of magnitude higher than the confining clayey layers. This unit represents the primary conduit for subsurface brine migration from the site, as confirmed by numerous site-specific studies. The disturbed layer thickness varies considerably from location to location but is typically 23 to 33 ft. (7 to 10 m). However, the level of disturbance typically decreases with depth until intact shale is encountered. In 2006, a modified containment strategy was developed, which combined relief wells and a French drain (referred to as the Composite Drain) to form an integrated control structure. The relief wells were installed into the disturbed shale to facilitate the reduction in pore water pressure, which was driving subsurface brine migration. Brine is allowed to flow up from the disturbed shale (due to artesian conditions), through two inch diameter slotted PVC, and into the composite drain, where the brine is recovered and pumped back to the TMA. The composite drain design combines relief wells and French drain technology to significantly reduce porewater pressures in the foundation soils. Composite drains are operated on the north, east and south side of the TMA. 17.6.4 Deep Well Injection In 2023, the Site had three brine injection wells for disposal of excess brine into the Deadwood and Winnipeg formations (the deepest possible disposal horizon in Saskatchewan). The amount of brine injected is controlled to maintain brine levels in the TMA, provide sufficient flood storage, and provide brine for mining and production requirements. The total brine injection required per year varies with precipitation, evaporation, cavern development, and potash production. Injection wells are operated and permitted as per the Oil and Gas Conservation Act (Saskatchewan) regulations thereunder, and applicable orders issued by the Minister of Energy and Resources. Minister’s order MRO 852/95 and MRO 369/09 provides the licensing and conditions for SWD 20 and SWD 3 and 4, respectively, specifically to maintain well injection pressures below 19,300 kPa and 19,150 kPa (respectively). Date: December 31, 2024 17-7 17.7 Water Management 17.7.1 Freshwater Mosaic recognizes that water is a critical natural resource that is essential to the sustainability of operations, as well as the communities and ecosystems in which they operate. Mosaic Belle Plaine monitors and evaluates water use to confirm it is minimized, and water recycling and reuse are being maximized according to Mosaic. Water use, including source and allocated volumes, are subject to site-specific regulations and permits. Belle Plaine holds two licenses: E2-17155 and E2-9408 issued on May 1, 2012 for the operation of surface water works and pursuant to The Saskatchewan Watershed Authority Act, 2005 (Saskatchewan). License No. E2-17155 is for the intake at Buffalo Pound Lake, pump station and pipelines to supply freshwater owned and operated by Saskatchewan Water Corporation (SaskWater) while E2-9408 is for pipeline, booster pump station and reservoir tie-in issued to and operated by Mosaic. The Water Security Agency issued a water rights license (File no. E2/17155-I-001) for Mosaic to use up to a maximum of 23,500,000 m3 annually from these systems; this license was issued on July 8, 2013 and is subject for review on April 1, 2031. General and specific conditions are provided in this license. Annual water usage is reported in the AER. 17.7.2 Runoff The AER states that the “plant site surface water runoff is collected in drainage ditch systems and ponds which are equipped to pump water into the TMA pond or into the processing plant where it can be reused in the solution mining process, excess brine is disposed of via the deep well disposal system. Cluster site drainage is designed so that runoff is collected in the brine and separation ponds to be used in the mining process.” 17.7.3 Waste Water The Site sewage is disposed of into the sewage digester facility. The treated sewage effluent is returned to the mining process. 17.8 Closure and Reclamation Considerations The Site maintains a Decommissioning and Reclamation (D&R) Plan that is updated every five years. The 2021 D&R Plan was submitted and approved by the Ministry. Mosaic actively participates in the D&R Potash Technical Working Group which drives the plan updates and incorporation of best management practices across the potash industry in Saskatchewan. Mosaic maintains financial assurance to support its D&R obligations as required by The Mineral Industry Environmental Protection Regulations 1996 (Saskatchewan). This financial assurance is in the form of a trust fund which was established by way of a trust agreement between Mosaic and the Province of Saskatchewan. The C$25M trust fund is intended to cover Mosaic’s financial assurance requirements for all Mosaic Saskatchewan potash facilities. The evaluation of the performance of the fund to date will be undertaken as part of the 2026 reporting cycle, and the review will address any new liabilities that may affect the fund and the growth potential of the fund over the 100-year time frame. 17.8.1 Decommissioning and Reclamation Guidelines Mosaic works with the Province of Saskatchewan to address and resolve environmental issues. The objective of the most recent decommissioning and reclamation plan was to meet the requirements of Section 16 of The Mineral Industry Environmental Protection Regulations 1996 (Saskatchewan), with respect to review and resubmission of the D&R Plan and financial assurance fund once every five years. In addition to meeting all applicable regulatory requirements, Mosaic is committed to the following Decommissioning and Reclamation (D&R) principles:

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Date: December 31, 2024 17-8 • Protect the environment. • Return the mining area and processing plant areas to a state environment compatible with the surrounding land use (safe and stable environment) and tailings management area to an engineered saline wetland environment. • Establish a means of measuring the effectiveness of the D&R plan. • Provide an action plan with costs for the determination of a suitable Financial Assurance. Assumptions The development of the decommissioning, demolition, remediation and reclamation plan was based on the following: • Decommissioning and demolition of all existing structures currently on the site, • Decommissioning and reclamation of the mining area and processing plant to a stable environment compatible with the surrounding land use following mine closure, and • Reclamation of the TMA to an engineered saline wetland environment following TMA decommissioning. Monitoring, Inspections, Evaluation and Reporting Monitoring is expected to be conducted during the course of the decommissioning and reclamation, with monitoring results provided on an agreed upon timeline with the MOE. Inspections of tailings pile dissolution and dyke integrity are expected to be conducted by Mosaic on an agreed upon schedule and scope with the MOE. Soils, surface water and groundwater monitoring and acceptance criteria are expected to be developed through discussions with the MOE. 17.8.2 Site Investigation and Reclamation Plan Mining Area A total of 43 Cluster sites have been constructed or are under development in the Mining Area. As of December 31, 2023, Cluster Sites 1 through 25 were in various stages of decommissioning, remediation, or investigation. Cluster Sites 26 through 42 are operational. The proposed number of cluster sites for future operations will be based on the number of existing production wells and the number of production wells to be installed at the future cluster sites. Environmental site assessments will be conducted to assess the soil and groundwater impacts associated with the current and historical operations at each cluster site. A sampling rationale plan is expected to be developed based on the historical use of the site to determine substances of potential concern. Primary substances of potential concern will include petroleum hydrocarbons and chlorides. Corrective action plans will follow the environmental site assessment to reclaim the site to a stable environment compatible with the surrounding land use. Following the corrective actions, Mosaic is then expected to seek to be released from additional environmental responsibility at the site. An environmental monitoring program approved by the MOE is expected to be conducted during the course of reclamation to determine the effectiveness of the reclamation process. Processing Plant Site On-Site Landfill It’s assumed that an on-site landfill will be designed, constructed and used for the disposal of materials during the demolition activities. Under the assumption the landfill is a non-engineered facility, waste disposal will be limited to inert non-recyclable, non-hazardous materials. A recycle station is also projected to be established during demolition activities to recover recyclable materials (i.e., metal and corrugated metals panels, jacketed cable, etc.). Processing Plant / Other Buildings Facilities associated with the processing plant site and ancillary buildings are expected to be decommissioned. Prior to commencing demolition, the site will be secured. Hazardous materials including fuels, lubricants, hydraulic oil, Date: December 31, 2024 17-9 reagents, chemicals, etc., are expected to be inventoried and removed by an environmental contractor licensed in the management and disposal of these materials. Asbestos containing materials encountered during demolition are expected to be managed in accordance with standard industry practices under the direction of a licensed asbestos abatement contractor. Asbestos waste is expected to be hauled to an approved off-site landfill facility for disposal. Buildings are expected to be demolished using a combination of mechanical demolition, hydraulic shearing of structural steel and felling demolition techniques. Deconstruction or controlled demolition may be required during the early stages of demolition to remove salvageable equipment and to remove remaining asbestos containing materials and recyclable materials. The steel structures may be sheared and recycled as scrap. Miscellaneous building debris including fiberglass panels, masonry, wood, insulation, electrical cable, equipment and instrumentation, etc. is expected to be removed and hauled to the designated recycle station with all non- recyclable non-hazardous materials hauled to an on-site landfill for disposal. Slab-on-grade and below-grade concrete floors are expected to be perforated or cracked to ensure permeability and left in-place. Where applicable, foundation walls may be folded into basements, sumps and/or tunnels and left in- place. Excavations are expected to be backfilled with fill soils from the site and compacted to ensure that voids in the backfill do not occur. Miscellaneous Surface Infrastructure Mine site owned near-surface pipelines not required during the reclamation activities are expected to be purged and capped at their existing depths. Buried power and communication lines are expected to be de-energized, isolated and left in place. Third-party utilities are expected to remain in service during the decommissioning and reclamation activities to support electrical power, heating and communication needs during this time. Where applicable, water utilities will be disconnected at the property line. Following completion of the saline wetland development, a component of the reclamation activities, it is anticipated that the remaining third-party utilities will be disconnected by the appropriate utility provider at the mine site property line and left in place. Reservoir and Lagoon The Site does not operate either a reservoir or wastewater lagoon; however, there is a storm water pond and evaporation pond. The storm water pond is expected to be decommissioned by pumping water from the pond to the TMA, excavating the upper 1.0 m of the side slopes and floor, hauling the excavated soil to the TMA and backfilling to grade. The ponds are expected to be graded and seeded as part of the mine site’s reclamation activities. The evaporation ponds are projected to naturally develop as a wetland. Regulated Storage Vessels & Materials An application to decommission HSWDG vessels regulated under the ATO is expected to be submitted to the MOE prior to any decommissioning activities. Upon approval, any remaining products in the vessels may be removed and the vessels purged, cleaned and made inert. Any residual product will likely either be recycled or disposed of in accordance with the applicable regulations by an appropriately qualified person or contractor. The vessels may be reused or destroyed and recycled as scrap under the direction of an approved environmental contractor. Waste Management Systems A hazardous materials storage compound is located on the site. Domestic and hazardous waste is expected to be hauled off-site to an approved disposal site. The existing facility is expected to be assessed as part of the environmental site assessment to determine the presence or absence of impacts. The processing plant site reclamation plan may include actions to remediate the areas to the applicable guidelines. Scrap yard areas are located at the processing plant site. Existing materials may either be recycled or returned to the appropriate suppliers. These areas are expected to be assessed as part of the processing plant site investigation in order to determine the presence or absence of impacts. The processing plant site reclamation plan may include actions to remediate the areas to the applicable guidelines. Date: December 31, 2024 17-10 Roads, Rail, Grounds and Supporting Infrastructure Roads, including access, operations and parking lots not required for post-decommissioning site activities, are expected to be removed and contoured to meet site grades as part of processing plant site reclamation activities. Topsoil is expected to be placed where required to support vegetation. Mine owned rail is expected to be recycled as scrap and railway ties recycled. The remaining roadbed may be graded and contoured to meet site grades as part of processing plant site reclamation activities. The remaining rail facilities are expected to be decommissioned by the owner of the facilities. Brine Injection Wells The mine site operates three brine injection wells and pump houses to dispose of excess brine. One well and pump house is expected to be decommissioned as part of the processing plant demolition and decommissioning. Two injection wells and associated pump houses are expected to remain operational during the dissolution of the tailings pile and early stages of the TMA reclamation. Once all brine disposal is considered complete, the wells are expected to be decommissioned in accordance with the Saskatchewan Ministry of Energy and Resources and the pump houses demolished in accordance with the D&R Plan. The Technical Working Group will continue to work with the Saskatchewan Ministry of Energy and Resources on licensing brine injection wells, reporting, monitoring, maintenance and well replacement. Environmental Monitoring Wells The mine site currently maintains approximately 500 environmental monitoring wells. The environmental monitoring well system is expected to be modified on an ongoing basis to reflect changing conditions encountered during the processing plant site reclamation, dissolution of the tailings pile and reclamation of the TMA as an engineered saline wetland environment. Fifty new environmental monitoring wells are expected to be installed across the processing plant site as part of the processing plant environmental site assessment. The monitoring wells is expected to be incorporated into the overall mine site monitoring program. The wells will be decommissioned after 15 years, assuming that the processing plant site meets applicable reclamation criteria established by the MOE. It is assumed that 70% of the wells associated with the TMA will be decommissioned at processing plant closure with the remaining wells repurposed to track the effectiveness of the decommissioning and reclamation strategies. The remaining 30% of the wells are projected to be decommissioned after mine site closure following approval from the MOE that the reclamation criterion for the engineered saline wetland has been achieved. The wells will be decommissioned in accordance with applicable MOE guidelines. Tailings Management Area Decommissioning Sequence The general decommissioning sequence prior to the development of the TMA as an engineered saline wetland is expected to be as follows: • Production ceases • Dissolution of tailings continues • Brine injection continues • Subsurface seepage control operation and maintenance continues • Dyke maintenance continues • Tailing salts all dissolve • Seepage/run-off collected/injected • Salinity reduced – injection discontinued • Injection pumphouse demolished and wells decommissioned Date: December 31, 2024 17-11 • Cooling/reclaim brine pumphouse decommissioned • Drainage ditches and seepage control systems decommissioned Tailings Pile The Belle Plaine TMA consists of a tailings pile and a brine pond and covers an area of 217 hectares. The salt inventory in the Belle Plaine TMA is 57,100,000 tonnes of salt based on the 31 December 2023 mass salt balance. The average annual salt addition to the TMA is projected to equal 527,104 tonnes per year for use in estimating the final pile configuration at end of mine life. At mine closure, both active and passive dissolution strategies will be used to dissolve the salt pile. The duration associated with salt dissolution is based on pile configuration and inventory at time of closure. Following dissolution of the TMA, an engineered saline wetland will be constructed. The Cooling Ponds cover an area of 94 hectares and will be included as part of the TMA at mine closure, to assist with the catchment of freshwater for acceleration of pile dissolution. 17.9 Permitting All Mosaic mines and processing plants operate pursuant to federal, provincial and local environmental regulations. Accordingly, permits, licenses and approvals are obtained specifically to each site, based on project specific requirements. Mosaic also has routine interactions with government officials and agencies related to agency inspections, permitting and other environmental matters. 17.10 Social Considerations, Plans, Negotiations and Agreements When undertaking a new development, Mosaic also adheres to provisions of the provincial and federal environmental assessment regulatory requirements, which include a review of socio-economic considerations. This information is included in a comprehensive report that is subsequently provided to the appropriate levels of government for review and approval prior to development.

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Date: December 31, 2024 18-1 Capital and Operating Costs 18.1 Capital Cost Estimates 18.1.1 Basis of Estimate The basis of estimate used to estimate the Belle Plaine Potash Facility capital expenditures is as follows: • The target accuracy level is at a pre-feasibility level, -25% to +25%. • The estimate was prepared in C$ and converted to US$ at an exchange rate of 1 US$ = 1.32 C$ or 1 C$ = 0.76 US$. • The estimates have been compiled and organized by asset and aligned with re-build/replacement schedules and fixed asset replacement and refurbishment schedules. • Mine capital costs include only capital expenditures related to the extraction of mineral reserves. Expenditures are classified as mine capital if they relate to physical assets, exceed C$10,000 or have a minimum expected useful life of two years. • The mine capital costs are broken into two major categories: Sustaining and Expansion. Sustaining capital is defined as “ongoing” capital expenditures required for maintaining current production levels while project capital expands production capacity. • Sustaining capital cost forecasts are based on forecasted mine development and construction needs, mobile equipment re-build/replacement schedules and fixed asset replacement and refurbishment schedules. • Processing plant sustaining capital estimates have been based on historical costs. Projects that fall under this category are based on scheduled maintenance and rebuilds and the Asset Management Framework system, that is used to assess the condition and associated risks of fixed assets. • Ongoing Mine Area capital costs for the Belle Plaine site are based on the sustaining mine development plan to maintain the facility at its current capacity. These costs are a makeup of routine infrastructure such as pipelines, cluster sites and cavern development. These costs are included in the LOM Plan at its current capacity. • Expansion capital is based on a FEL 3 engineering study completed in 2013 for a full-scale plant expansion. This study was conducted using the Mosaic capital process management system (CPM) and estimated using an engineering-procurement-construction-management (EPCM) approach and team. The estimate is inclusive of all Project indirects and owner costs as these costs are captured in the historical cost analysis used to prepare the estimate. • Mobile equipment that is leased is included in operating costs. Lease periods typically range from two to five years. Lease costs are charged to capital while the equipment is doing capital work. Purchased equipment is allotted for in the capital plan. Mobile equipment costs are based on supplier quotations and/or historical costs. • The Regulatory capital forecast includes capital for a TMA dyke raise and the Refinery NOx boiler emission modifications. The boiler project is scheduled for completion in 2026. • Provincial Sales Tax (PST) has been included. • Freight and installation were included. 18.1.2 Exclusions for the Capital Cost Estimate The following has not been included in the Belle Plaine Potash Facility capital cost estimate. Date: December 31, 2024 18-2 • Goods and Services Tax (GST). • Foreign currency exchange fluctuations. • Schedule delays and associated costs, such as those caused by unexpected conditions and labor disputes. • Inflation and escalation. • Capital expenditures related to fire, flood and severe weather events. • General and Administrative are not allocated to capital projects at Mosaic and have not been included in this cost estimate. 18.1.3 Capital Cost Estimate The capital cost estimates for the Belle Plaine LOM plan are summarized by category in Table 18-1. The total capital for the 2024 LOM plan (2025 to 2084) is estimated at US $3,453M. Historic costs from 2019 to 2023 and a forecast for 2024 are included. Table 18-1: Historical and LOM Plan Sustaining and Project Capital Year Status Mine Area M US$ Processing Plant M US$ Other M US$ Total M US$ 2020 Actual 32.6 25.1 17.8 75.5 2021 Actual 32.0 27.3 11.1 70.3 2022 Actual 25.5 26.0 36.6 88.1 2023 Actual 31.6 21.3 29.0 82.0 2024 Fcast. 19.7 19.0 33.0 71.7 2025 Plan 22.0 22.0 20.0 64.0 2026 Plan 21.5 21.6 10.9 54.0 2027 Plan 21.1 21.2 10.7 53.0 2028 Plan 21.9 22.0 11.1 55.0 2029 Plan 31.6 20.1 5.9 57.6 2030 to 2084 Plan 1,739.3 1,105.0 325.1 3,169.4 LOM Total Plan 1,857.5 1,211.9 383.7 3,453.1 Date: December 31, 2024 18-3 18.2 Operating Cost Estimates 18.2.1 Basis of Estimate The basis of estimate used for the Belle Plaine Potash Facility operating costs are as follows: • The estimate was prepared in Canadian dollars and converted to USA dollars at an exchange rate of 1 US$ = 1.32 C$. • Operating costs do not include inflation and are in today’s dollars over the LOM plan. • Historical costs are used as the basis for mining operating forecasts and adjustments are made by using a variable cost per tonne. The accuracy of the operating costs is within the required parameters for a pre- feasibility level estimate, -25% to +25%. • The latest sales and market prices are estimated for the next five years and then projected over the remaining LOM plan for royalties, natural gas, and other goods and services. • Royalties are tied to sales prices as indicated in Section 16. • Natural gas prices are based off short and long-term natural gas market price projections. • Mosaic and contractor labor headcount complement are assumed to remain relatively constant and fixed in total over the LOM plan. • Other operating costs consist of functional and administrative and plant costs. These costs are assumed to remain relatively constant compared to the 2024 forecast. • Depreciation, depletion and accretion are excluded from the operating cost estimates listed below. • Freight charges are excluded from the operating costs and are shown net of the sales price. 18.2.2 Mine Operating Costs Historical costs are used as the basis for mine operating cost forecasts, estimated using a long-term cost model. This model accounts for the impact of varying production rates and labor components. The Belle Plaine costs are grouped in the following categories: • Mining cash costs include the mining area operating, maintenance and direct overhead costs and transportation to the Refinery but exclude the mine development costs such as pipeline infrastructure, cluster sites and cavern development costs, that are considered capital. • Processing cash costs include the Refinery and loading cash costs applied to the mineral reserves mined throughout the life of mine plan. The cash costs include variable operating and fixed maintenance and direct overhead costs that directly relate processing the ore to its finished product and storing it in the Belle Plaine warehouse. • Other Operating Costs are central and functional overhead allocated costs, that include site warehousing, purchasing, accounting, information technology, environmental and safety, mechanical integrity and asset reliability, and quality control labs. • Resource taxes, royalties and other Government levies or interests include Crown and Freehold royalty payments, mineral lease payments and Canadian resource taxes. Income taxes are excluded. The total operating costs supporting the 2024 LOM plan are estimated for 2025 to 2084 at US $13,893M (Table 18- 2). Date: December 31, 2024 18-4 Table 18-2: Historical and LOM Plan Cash Costs Year Status Production M tonnes Mining and Processing Cash Costs M US$ Other Operating Costs M US$ Resource Taxes, Royalties and Other Government Levies or Interests M US$ Total Site Cash Costs of Production M US$ 2020 Actual 2.8 119 23 100 242 2021 Actual 2.8 137 21 144 302 2022 Actual 2.8 219 16 406 640 2023 Actual 2.8 173 16 190 379 2024 Fcast. 3.0 152 15 126 293 2025 Plan 3.0 182 18 34 234 2026 Plan 3.0 183 21 34 238 2027 Plan 3.0 185 21 34 240 2028 Plan 2.9 184 21 33 239 2029 Plan 2.9 186 21 33 240 2030 to 2084 Plan 142.9 9,909 1,153 1,640 12,702 Total LOM Plan 157.7 10,829 1,254 1,810 13,893

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Date: December 31, 2024 19-1 Economic Analysis 19.1 Methodology Used For the Economic analysis, the price needed to get an after-tax net present value equal to zero (USD $0) was calculated. Such price identified, if met, will ensure a return on a present value equivalent to the current cost of capital. This is referred to as the “Internal Transfer Price” or ITP. If ITP < LOM price, then the operation is profitable. The greater the difference between those two values the more profitable it is. If ITP > LOM price, then the operation is not profitable The ITP and LOM price do not influence each other, they are simply two values used for comparison. ITP depends on actual costs and LOM price depends on market conditions (Refer to Section 16.0) 19.2 Financial Model Inputs, Parameters and Assumptions The financial model treats 2025 as the base year cash flows and does not discount these results. The model projects the cashflows generated from the Belle Plaine Potash Facility from the base year to the end of assumed mineral reserve mine life in 2084. The sum of the discounted cashflows reflects the discounted value as of December 31, 2024. The following outlines the input, parameters and assumptions used in the financial model. • The mineral reserves included in the financial model is 738M tons (632M tonnes). The mineral reserve life is estimated to extend to Year 2084 based on the 2024 LOM plan. The LOM plan assumes that the Mining area begins a production ramp down approximately 20 years prior to end of mine life whereby Mining area production drilling will cease. The refinery will move to single line evaporation as flow capability from the Mining area declines, and production tonnes will reduce accordingly. • The planned production life based on mineral reserves is from 2025 to 2084. • The LOM plan potash prices and exchange rates are discussed in Section 16 and applied in the financial model. • Total capital and sustaining costs for the LOM plan is estimated at US $3,453M (Table 18-1). This includes all the sustaining capital required to maintain the equipment and infrastructure and to support continuing operations through to 2084. • The operating costs reflect costs for mining, refining and processing, sales, general and administrative costs as outlined in Section 18. (Table 18-2) • Royalties are estimated using the royalty structure discussed in Section 3.2.4. They are impacted by the quantity of tonnes produced as well as the assumed sales price in each period. The 2024 to 2084 royalty cost assumptions use 3% of the average sales price per the cashflow analysis divided by 62.59%, the K2O factor, times the K2O production tonnes times the percentage of crown land assumed to be produced and mined over the LOM plan. • The taxes in the cash flow model include the following: o Mosaic pays Canadian resource taxes consisting of the Potash Production Tax and resource surcharge. The Potash Production Tax is a Saskatchewan provincial tax on potash production and consists of a base payment and a profits tax. Mosaic also pays a resource surcharge equal to 3% of the value of resource sales from the Saskatchewan potash facilities. o Belle Plaine is subject to income tax at the federal and provincial level on its taxable income. The total tax rate is 27% and consists of 15% federal tax rate, and 12% provincial tax rate. Date: December 31, 2024 19-2 o Belle Plaine is treated as a Foreign Branch in the U.S. Consolidated Tax Return that means Belle Plaine is taxed in the local jurisdiction (Canada) and then also taxed on the U.S. Tax Return. To avoid double taxation, the U.S. tax system allows a company to claim a Foreign Tax Credit to offset U.S. taxes payable. o A 6% Saskatchewan provincial sales tax (PST) applies to most goods and services acquired by Belle Plaine. The PST is not a recoverable tax and is charged to the corresponding expense account of the good or service acquired. The economic cash flows over the LOM plan assumes the Belle Plaine operating, maintenance supplies and contract service costs that are normally charged PST will continue. • The discounted cashflow analysis applies end of year discounting and uses a discount rate of 10.6%, which reflects Mosaic’s weighted average cost of capital in Canada. 19.3 Economic Analysis The net present value analysis reflects that there is significant economic value associated with mining, refining and selling the potash mineral reserves at Belle Plaine, given the economic assumptions and operating parameters considered. The financial model reflects an after-tax Internal transfer price associated with a zero Net Present Value of $108 USD/Tonne Table 19-1 outlines the results of the economic analysis of the mineral reserves in the LOM plan. Table 19-2 shows the annualized cash flow for the 2024 LOM plan. Table 19-11: Cash Flow Analysis Date: December 31, 2024 19-3 19.4 Sensitivity Analysis A sensitivity analysis is shown in the Figure 19-1 utilizing the following factors. • Potash commodity price • Foreign exchange rate • Total operating cost • Total capital cost The sensitivity analysis of the 2024 LOM plan is presented in Figure 19-1. The 2024 LOM plan NPV is most sensitive to the potash price followed by foreign exchange rate, operating costs and capital costs. • The commodity price sensitivity tests the impact that a 20% change would have on sales revenue along with the resulting expense impacts of royalties, resource taxes and income taxes. A 20% decrease in commodity price will generate a significant positive NPV. • The exchange rate sensitivity indicates that a +/-20% variation in the exchange rate will yield a positive NPV. • If the operating costs were to increase 20% from those currently estimated, the Facility will remain viable, yielding a positive NPV. • The capital spending sensitivity assumes a 20% change to annual capital spending requirements each year. If the capital costs were to increase 20% from those currently estimated, the Facility will remain viable, yielding a positive NPV. Figure 19-1: Sensitivity Results on NPV Date: December 31, 2024 20-1 Adjacent Properties No information from adjacent properties has been included in the preceding sections of this Report. All information used and included in this report is the result of geology, engineering, mining, environmental and processing etc. activities completed on the Belle Plaine property. The following information regarding the K+S Potash Canada Bethune Potash mine was obtained from a Mining Technology e-Newsletter (https://www.mining-technology.com/projects/legacy-potash-project-saskatchewan/) and the K+S 2020 Annual Report: The K+S Potash Canada Bethune Potash mine (formerly the Legacy Potash Project) is located adjacent to the Belle Plaine Potash Facility (Figure 20-1). This is the first solution mine to be built in Saskatchewan in approximately 40 years. Construction of the potash mine began in June 2012. The mine opened in May 2017 and produced the first tonnes of marketable potash in June 2017. The Bethune potash mine has an estimated mine life of more than 55 years and creates more than 400 permanent jobs. Estimates are reported in the 2023 K+S Annual Report in finished product tons. The Bethune Potash mine estimates 220M tons (200M tonnes) of mineral reserves and 992M tons (900M tonnes) of indicated and inferred mineral resource at an average grade of 26% KCl (16.4% K2O). In 2024, approximately 2M tonnes of finished product was produced for sale. Further expansion to 4.0M tons/year (3.6M tonnes/year) of potassium chloride is expected after an initial ten-year period. Potash products from the mine are transported by Canadian Pacific rail to the bulk handling terminal in Port Moody, British Columbia. Pacific Coast Terminals is responsible for the handling and storage of the potash products.

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Date: December 31, 2024 20-2 Figure 20-1: Adjacent Properties Date: December 31, 2024 21-1 Other Relevant Data and Information All data relevant to the estimation of the Belle Plaine mineral resources and mineral reserves has been included in the sections of this Technical Report Summary. Date: December 31, 2024 22-1 Interpretation and Conclusions 22.1 Mineral Resources The following is a summary of the key interpretations and conclusions relating to the Belle Plaine mineral resource estimates: • The geologist has a strong understanding of the lithology, stratigraphy and potash mineralization and deems the available data appropriate to support the geological interpretation for this style of mineralization. • The geology and deposit related knowledge have been considered and applied in support of exploration, interpretation, and mineral resource estimation processes used. • Exploration data collection methods follow industry standard practices that were in place at the time of the various past and current exploration campaigns. • Data that does not meet the standards for reliability are removed from the mineral resource estimation process. • The geologist has conducted appropriate internal data verification and data validation work on historical and recent exploration data to ensure the geological information is reliable, representative, and free of material errors or omissions. • The sample preparation, security, and analytical procedures that have been applied are suitable to support mineral resource and mineral reserve estimation. • The validated geological information is considered reliable, representative and fit for purpose in developing a geological model and for mineral resource estimates, as well as for use in other modifying factors studies including mine design, scheduling and mineral reserve estimation. • The mining history of the Belle Plaine Potash Facility combined with the understanding of the continuity of the potash mineralization, supports the establishment of reasonable prospects for economic extraction for the mineral resource estimates. • The Belle Plaine Potash Facility is a well-established operation that has been in production since 1964. There are no issues that require further work relating to relevant technical and economic factors that are likely to influence the prospect of economic extraction. • The classification of mineral resources into confidence classes measured, indicated, and inferred considers geological confidence, uncertainty and data distribution. Risks or uncertainties associated with the Belle Plaine mineral resource estimates are: • There are a number of uncertainties (Section 11.9) that exist at Belle Plaine that could impact the mineral resource estimates. They have been identified as areas of future process improvements. • The information supporting the mineral resources and mineral reserves consists of drilling data from 1960 through to as recent as 2020, core and geophysical logging results and seismic surveys. This data includes historical information that was collected prior to current standards. However, the uncertainty and risk associated with this historic data has been mitigated through the addition of modern drilling that has been subjected to strict QA/QC protocols that met or exceeded the industry best practices at the time. • The exploration data collection methods and results are documented. A fully updated potash database to include all historical and recent exploration campaigns is recommended to allow for improved data retention standards. • Historically, there has not been external third-party data verification and mineral resource estimation audits completed. Date: December 31, 2024 22-2 22.2 Mineral Reserves The following is a summary of the key interpretations and conclusions relating to the mineral reserve estimates and supporting modifying factors. • The Belle Plaine Potash Facility is a well-established operation. The mineralization, mining, processing, and environmental aspects of the facility are very well understood. The operational and technical knowledge has been appropriately used in the development of the LOM plan and mineral reserve estimates. • Historical operational data and observations have been adequately documented. • The mineral reserve estimate has been prepared to comply with all disclosure standards for mineral reserves under S-K 1300 reporting requirements. • The mineral reserve estimates are based on a 2024 LOM plan, employing practical methods of solution mining applicable to the type of mineralization and are demonstrated to be economic through a supporting economic evaluation. • Belle Plaine has the appropriate equipment for solution mining and has identified and scheduled the capital spending required to provide the required equipment and capacity, and labor staffing to support the mineral reserves. • Process recovery relies upon standardized metallurgical and analytical testing. The metallurgical and analytical testing and historical data is adequate for the estimation of recovery factors supporting the mineral reserves. • There is currently sufficient infrastructure in place to support the mining and processing activities and mineral reserves at Belle Plaine. • The management of all environmental aspects, permitting and social considerations at all Mosaic facilities is guided by Mosaic’s Environmental, Health and Safety Policy, the Mosaic Management System Program and Procedures, and current regulatory requirements. Mosaic understands the sustainability of their business and communities are indelibly linked and strives to be a thoughtful and engaged neighbor who invests carefully and generously and seeks long-term partnerships with organizations that are making a difference. • Mosaic has monitoring plans in place to evaluate the environmental performance to standards as prescribed by applicable law and permit conditions. • Closure plans are completed, representing current land disturbance conditions and anticipated land disturbance conditions at the end of the LOM plan. • The economic results and sensitivity analysis for the mineral reserves indicates that the Belle Plaine Potash Facility is a robust potash producing facility that can withstand 20% variations in the key cash flow components. • The potential new technology and innovations that could come to bear on this facility are difficult to conceptualize. The technological and process efficiencies that are being targeted by the site have not been factored into this analysis. The benefit of achieving these targets along with the operational efficiencies that will be enabled by new technologies in the years that follow, create potential for significant upside to the cashflows presented. Risks or uncertainties associated with the Belle Plaine mineral reserve estimates are: • There are a number of uncertainties (Section 12.5) that exist at Belle Plaine that could impact the mineral reserve estimates. They have been identified as areas of future process improvements. • A possible future uncertainty to the economic analysis is the unknown impact that the carbon tax policy will have on the Belle Plaine Potash Facility. At the present time, the future direct and indirect impacts of carbon taxation in Canada are still evolving and subject to further discussion and review before accurate long-term forecasts are possible.

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Date: December 31, 2024 22-3 • There is a risk and opportunity associated with the variation of pricing on product sale prices and the prices of operational and capital materials and services. The sensitivity analysis is provided to help the reader understand the impact that this risk could have on net present value. • Over the lengthy time span there is risk that the amount of annually invested capital required to sustain the plant could fluctuate above the levels estimated. Date: December 31, 2024 23-1 Recommendations The following recommendations for additional work are focused on improving and maintaining important processes and ensuring execution of the 2024 LOM plan. • The Land and Minerals Strategy will continue to develop and align with the LOM plan to ensure timely acquisition of Mineral Rights to support the mineral resource and mineral reserve estimates and LOM plan. • Mosaic will continue to investigate and consider new innovations in mining and processing technology. • Additional density information will be obtained from future core drilling campaigns. • Additional 3D seismic data should be collected and processed in strategic areas to ensure the continuity of available data for mine planning. • Mosaic will continue to update and maintain the geological databases. • A thorough production reconciliation process will be considered to further improve and support the mineral resource and mineral reserve estimates. • A comparison of company owned gamma ray tools with full suite log data collected by a third-party well logging company is recommended to provide additional review of the GREC calculation applied at Belle Plaine. All future coring should be assayed to confirm that the GREC calculation applied at Belle Plaine is sufficient to estimate the mineral reserves and mineral resources. • The seismic model supporting the mineral resource and mineral reserve estimates will continue to be developed and improved as seismic data collection and interpretation improves. Date: December 31, 2024 24-1 References Alberta Environment and Parks (AEP), 2014a. Alberta Tier 1 Soil and Groundwater Remediation Guidelines. Land and Forestry Policy Branch, Policy Division. pp. 195. AEP, 2014b. Alberta Tier 2 Soil and Groundwater Remediation Guidelines. Land and Forestry Policy Branch, Policy Division. pp. 151. Alger, R.P. and Crain, E.R., 1966. Defining evaporite deposits with electrical well logs. In: L.L. Raymer, W.R. Hoyle and M.P. Tixier (Editors), Second Symposium on Salt. North Ohio Geol. Soc., pp. 116-130. Bannatyne, B.B. (1983), Devonian Potash Deposits in Manitoba, Manitoba Department of Energy and Mines: Mineral Resources Division - Open File Report of 83-3. CIM Council, 2003. Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines – Guidelines Specific to Particular Commodities, p.36-37. Crain, E.R. and Anderson, W.B. (1966), Quantitative Log Evaluation of the Prairie Evaporite Formation in Saskatchewan, 17th Annual Technical Meeting, The Petroleum Society of C.I.M. Danyluk, T.K., G.D. Phillips, A.F. Prugger and M.S. Pesowski (1999), “Geophysical Analysis of an Unusual Collapse Structure at PCS Potash, Lanigan Division,” Mining: Catalyst for Social and Economic Growth, 101st Annual General Meeting of CIM, May 2–5. Fuzesy, A. (1982). Potash in Saskatchewan, Saskatchewan Industry and Resources Report 181, pp. 44. Holter, M.E. (1969), The Middle Devonian Prairie Evaporite of Saskatchewan, Report No. 123, Department of Mineral Resources, Regina, Saskatchewan, pp. 133. K+S 2020 Annual Report. Mackintosh, A.D. and G.A. McVittie (1983), “Geological Anomalies Observed at the Cominco, Ltd., Saskatchewan Potash Mine,” Potash 83 Potash Technology—Mining, Processing, Maintenance, Transportation, Occupational Health and Safety, Environment, Pergamon Press, Toronto, pp. 59–64. MDH, 2009a. Mosaic Potash Belle Plaine Expansion Environmental Impact Statement. Internal Reference File No. R1620-1500208. MDH, 2009b. Surface Water Hydrology Assessment for the Mosaic Potash Belle Plaine Expansion. File No. R1544- 1500208. Orris, G.J., Cocker, M.D., Dunlap, P., Wynn, J. Spanski, G.T., Briggs, D.A., and Gass, L. with contributions from Bliss, J.D., Bolm, K.S., Yang, C., Lipin, B.R., Ludington, S., Miller, R.J., and Slowakiewicz, M. (2014) Potash—A Global Overview of Evaporite-Related Potash Resources, Including Spatial Databases of Deposits, Occurrences, and Permissive Tracts, Scientific Investigations Report 2010–5090–S. Saskatchewan Research Council (SRC), 2012. Method Summary 29.4 Potash by ICP-OES Saskatchewan Research Council (SRC), 2012. Method Summary 62.3 Assay Potash Analysis Saskatchewan Research Council (SRC), 2008. Mosaic Potash Belle Plaine Air Dispersion Modelling for TSP, PM2.5, NOx, and CO. SRC Publication No. 12089-11C08. The Oil and Gas Conservation Act. Minister’s Order 291/21, Interim Requirements for Potash Wells. Yang, C., Jensen, G. and Berenyi, J., 2009. “The Stratigraphic Framework of the Potash-rich Members of the Middle Devonian Upper Prairie Evaporite Formation, Saskatchewan,” Summary of Investigations 2009, Volume 1, Saskatchewan Geological Survey, Sask. Ministry of Energy and Resources, Misc. Rep. 2009-4. 1, CD-ROM, Paper A-4, pp. 28. Date: December 31, 2024 25-1 Reliance on Information Provided by the Registrant Table 25-1 outlines the information provided from the Registrant (Mosaic) for use by the QPs in the writing of the Belle Plaine Potash Facility TRS. Table 25-1: Information Provided by the Registrant QP Name TRS Section Subjects Jarid Hancock 16. Market Studies Marketing information including commodity price and exchange rates Jarid Hancock 18. Capital and Operating Costs 19. Economic Analysis Royalties and other accommodations; Taxes and other governmental factors; Mine closure

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