On April 29, 2024, Mosaic entered into an agreement with Ma'aden to exchange its 25% ownership in MWSPC for shares of Ma'aden. This transaction is expected to close later in 2024.

The company repurchased 1,772,144 shares of common stock in the open market for approximately $50.0 million during Q3 2024.

During the third quarter of 2024, the company completed the implementation of a new enterprise resource planning (ERP) system, leading to modifications in internal controls over financial reporting.

A recent federal court decision invalidated Florida's Clean Water Act 404 permitting program, returning authority to federal agencies. This change may complicate and delay permitting for Mosaic's Florida mining projects.

The anticipated value of the Ma'aden shares to be issued in the proposed transaction at closing may be less than the value at transaction announcement.

Countervailing duty (CVD) orders on phosphate fertilizers from Morocco and Russia remain in place, but are subject to ongoing litigation at the U.S. Court of International Trade and the U.S. Court of Appeals for the Federal Circuit.

The Phosphate segment's production of crop nutrient dry concentrates and animal feed ingredients increased 2% for the three months ended September 30, 2024 from the prior year period. Our operating rate for processed phosphate production increased to 66% for the three months ended September 30, 2024, from 64% for the same period in 2023.

Capital expenditures were $240.8 million for Q3 2024 and $957.7 million for the nine months ended September 30, 2024.

Subsequent to quarter end, in October 2024, our Florida Phosphate operations suffered downtime due to Hurricane Milton. We expect production to be impacted by 200,000 to 250,000 tonnes in the fourth quarter of 2024, resulting in idle costs in the fourth quarter of 2024.