Contract analysis

1. External Auditor Review. This draft should be reviewed by Frances Whitmore, Engagement Partner, Ridgeline Accounting Partners LLP, for compliance with Public Company Accounting Oversight Board ("PCAOB") auditing standards and for consistency with IFRS and U.S. GAAP presentation and disclosure requirements. Ms. Whitmore should specifically confirm that the disclosures satisfy the requirements of IAS 37, paragraphs

2. Measurement Basis (Discounted vs. Undiscounted). The appropriate measurement basis for the environmental remediation provision — whether discounted (at the NPV amount of $311.5 million) or undiscounted (at the nominal amount of $409.9 million) — should be finalized in consultation with Ridgeline Accounting Partners LLP. The current draft footnote presents both figures and defers to management's determination in co

3. Reserve Shortfall and Insurance Recovery Estimates. The reserve shortfall analysis and the insurance recovery estimates should be confirmed with Carolyn Bracebridge (CFO, TMC) and Vivian Okafor (Northspire Capital Markets, Inc.) to ensure they are consistent with management's current expectations as of the date of issuance of the financial statements.

4. Footnote Numbering. The footnote number designation "[X]" is provisional and should be replaced with the final footnote number in the context of the complete set of notes to the consolidated financial statements.

5. Exchange Rate. The exchange rate used throughout this draft (C$1.00 = US$0.7394) is the rate as of September 30, 2024 (the date of the most recent interim financial statements). This rate should be updated to the exchange rate applicable as of December 31, 2024 (the fiscal year-end reporting date) for purposes of the final footnote. All Canadian-dollar equivalents should be recalculated accordingly.

6. SEC Disclosure Coordination. The disclosures in this footnote should be coordinated with the SEC disclosure analysis (Form 20-F risk factor and legal proceedings updates) being prepared separately under Calderwood & Harkness LLP Matter No. 1039-00003. In particular, the "Legal Proceedings" disclosure under Item 8.A.7 of Form 20-F and the "Risk Factors" disclosure under Item 3.D should be consistent with the inform

7. Privileged Status. This draft memorandum and footnote are protected by the attorney-client privilege and the work-product doctrine. Distribution should be limited to addressees and authorized members of the review team. — End of Draft Footnote — Site | Nominal Cost (US$ millions) | Estimated Duration (years) | Net Present Value at 3% discount Rate (US$ millions) Ridgecrest Copper-Molybdenum Mine | 198.6 | 30 | 134