3. Information by business segment and geographic area

The reportable operating segments are aligned with the products and reflect the structure used by Management to assess the Company’s performance. The boards responsible for making operational decisions, allocating resources, and evaluating performance, which include the Executive Committee and the Board of Directors, use adjusted EBITDA as the performance measure by business segment.

The Company’s adjusted EBITDA is calculated based on operating income (loss), including the EBITDA of associates and joint ventures, which corresponds to a measure of ‘equity results’ (note 26), and excluding (i) depreciation, depletion and amortization; and (ii) impairment and other results related to non-current assets, net, and other items.

In addition, unallocated items to the operating segment include corporate expenses, research and development of greenfield exploration projects, as well as expenses related to the Brumadinho event and de-characterization of dams and asset retirement obligations.

a) Adjusted EBITDA

(i) Includes US$16 and US$(104) of results related to non-current assets net for the three and six-month period ended June 30, 2026, respectively (2025: US$(132) and US$(385)), and US$(291) and US$(548) of expenses to reflect the performance of streaming transactions at market prices, for the three and six-month period ended June 30, 2026, respectively (2025: US$(168) and US$(335)).

b) Net operating revenue by business segment and geographic area

(i) Includes operating revenue of China Mainland in the amount of US$5,179 (2025: US$4,230) and Taiwan in the amount of US$104 (2025: US$99).

(i) Includes operating revenue of China Mainland in the amount of US$9,437 (2025: US$8,031) and Taiwan in the amount of US$215 (2025: US$184).

No customer individually represented 10% or more of the Company’s revenues in the periods presented above.

c) Costs of goods sold and services rendered by business segment

d) Assets by geographic area