What The Mosaic Company reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
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.
The rest of Item 2
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 Phosphate, 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 Phosphate contained in this Form 10-K is derived from the 2022 S-K 1300 report for Florida Phosphate 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 2025 S-K 1300 report titled “Esterhazy Potash Facility Technical Report Summary” effective December 31, 2025 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 Mineração 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, 2025.
Property Locations
Figure 2.1 and Figure 2.2 show the locations of each Resource and Reserve property.
Figure 2.1: North America Resource and Reserve Location Map
Figure 2.2: South America Resource and Reserve Location Map
Property Overview
Annual Production
Table 2.1 shows the production tonnage and grade for all phosphate properties for 2025, 2024 and 2023.
Table 2.1 Summary of Production - Phosphate Properties
(in millions of tonnes) · December 31,
Mine Property · Annual Operational Capacity (tonnes)(a)(b) · 2025 · 2024 · 2023
Production (tonnes) · %P2O5(c) · Production (tonnes) · %P2O5(c) · Production (tonnes) · %P2O5(c)
Phosphate (Grade: P2O5)(c)
Florida(d) · 14.0 · 9.5 · 27.9 · 8.9 · 28.3 · 9.1 · 27.8
Total United States · 14.0 · 9.5 · 27.9 · 8.9 · 28.3 · 9.1 · 27.8
Miski Mayo (e)(f) · 4.8 · 5.1 · 19.7 · 4.8 · 29.7 · 4.7 · 29.7
Total Peru · 4.8 · 5.1 · 19.7 · 4.8 · 29.7 · 4.7 · 29.7
Araxá / Patrocinio · 1.1 · 1.0 · 35.1 · 0.8 · 34.5 · 0.9 · 34.7
Cajati · 0.5 · 0.5 · 34.0 · 0.4 · 34.3 · 0.3 · 33.7
Catalão · 1.0 · 0.9 · 34.7 · 0.9 · 34.7 · 1.0 · 34.8
Tapira · 2.0 · 1.8 · 34.9 · 1.8 · 35.0 · 1.7 · 35.2
Total Brazil · 4.6 · 4.2 · 34.8 · 3.9 · 34.8 · 3.9 · 34.9
Total Phosphate · 23.4 · 18.8 · 27.2 · 17.6 · 30.1 · 17.7 · 29.9
(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.
