Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 162

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 162
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10. Mineral reserves for Liberia are estimated at a cut-off grade of 40% Fe, with an average mass recovery of 57.2% for the oxide and transitional material, and at a 30% Fe cut-off grade and a mass recovery of 43.2% for all fresh material, for a life of mine of 30 years. 11. Mineral reserves for Thakurani and Ghoraburhani – Sagasahi are estimated using a long-term iron ore price of $42 per tonne based on IBM (Indian Bureau of Mines) ten years forecasted price, Mineral reserves for Thakuranii are estimated at 55% Fe cut-off grade and a mass recovery of 95%, for the life of mine of 14 years. Mineral reserves for Ghoraburhani – Sagasahi are estimated at 55% Fe cut-off grade and a mass recovery of 88.49%, for the life of mine of 12 years. 12. As per S-K 1300, reported mineral reserves as of December 31, 2024 reflect ArcelorMittal's ownership interest at each individual business unit. The following table summarizes ArcelorMittal’s mineral resources as of the end of the fiscal year ended December 31, 2024 in the aggregate, and by commodity and country and for certain individual properties (each property containing 10% or more of ArcelorMittal’s combined measured and indicated mineral resources and certain properties containing less) . Mineral resource quantities are rounded to million tonnes. The reported mineral resources reflect ArcelorMittal's ownership

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| Management report |

interest at each individual business unit and are reported, exclusive of mineral reserves, on a wet basis. Mineral resource quantities are rounded to million tonnes. Iron ore mineral resources are estimated based on the same long-term price forecast used for reserves, adjusted based on the applicable revenue factor and adjusted upwards or downwards for mine specific factors and further adjusted for grade, logistics and other modifying factors.

| Iron Ore                          |     | % ofOwnershipInterest13 |       | Measured MineralResources |                   |       | IndicatedMineral Resources |                   |       | Measured &Indicated MineralResources |                   |       | Inferred MineralResources |      |
|                                   |     |       Millions ofTonnes | % Fe1 |                           | Millions ofTonnes | % Fe1 |                            | Millions ofTonnes | % Fe1 |                                      | Millions ofTonnes | % Fe1 |                           |      |