MINERALS TECHNOLOGIES INC

The Company's global headquarters is located in New York City, New York. The leadership team for the Company is primarily located in our New York City and Bethlehem, Pennsylvania offices.

At December 31, 2025, MTI had 113 manufacturing facilities, 12 research facilities, and 15 mining locations, which are generally owned by the Company. In addition to its global headquarters, the Company leases or owns a number of sales and administrative offices globally. Among our two segments, there are 75 manufacturing facilities in our Consumer & Specialties segment and 25 manufacturing facilities in our Engineered Solutions segment with the remaining 13 manufacturing facilities being shared between the two segments. We believe that all of our significant facilities and equipment are in good condition, well-maintained and adequate for our present operations.

The following table includes our manufacturing sites by operating segment.

Mining Properties

Information concerning our mining properties in this Annual Report on Form 10-K is disclosed in accordance with the requirements of subpart 1300 of Regulation S-K.

The Company relies on access to bentonite reserves to support our businesses. The Company has reserves of sodium and calcium bentonite at various locations in the U.S., including Wyoming, Montana, South Dakota, Nevada, and Alabama, as well as in Australia, China, Slovakia, and Turkey. Through the Company’s affiliations and joint ventures, the Company also has access to bentonite deposits in Mexico. The Company owns or controls the properties on which the bentonite reserves are located through long-term leases, royalty agreements (including easement and right of way agreements), and patented and unpatented mining claims. No single or group of mining claims or leases is significant or material to the financial condition or operations of our Company or our segments. The majority of our current bentonite mining in the U.S. occurs on reserves where our rights to such reserves accrue to us through over 80 mining leases and royalty agreements and 2,000 mining claims. A majority of these are with private parties and located in South Dakota, Montana, and Wyoming. The bentonite deposits underlying these claims and leases generally lie in parcels of land varying between 20 and 40 acres.

In general, our bentonite reserves are immediately adjacent to, or within sixty miles of, one of the related processing plants. All of the properties on which our reserves are located are either physically accessible for the purposes of mining and hauling or the cost of obtaining physical access would not be material. Access to processing facilities from the mining areas is generally by private road, public highway, or railroad. For most of our leased properties and mining claims, there are multiple means of access.

Bentonite is surface mined, generally with large earthmoving bulldozers and scrapers, and then loaded into trucks and off-highway-haul wagons for movement to processing plants. The mining and hauling of our bentonite is done by us and by independent contractors. At the processing plants, bentonite is dried, crushed, and sent through grinding mills, where it is sized to customer requirements, then chemically modified, where needed, and transferred to silos for automatic bagging or bulk shipment. Most of the production is shipped as processed rather than stored for inventory.

We also mine leonardite, a form of oxidized lignite, in North Dakota, and transport it to nearby processing facilities.

The Company’s Consumer & Specialties segment is supported by the Company’s limestone reserves located in the western and eastern parts of the United States. The Company generally owns and surface mines these reserves and processes its products at nearby processing plants.

The Company also owns mineral deposits that it is not currently mining, including deposits of bentonite in Nevada, and leases its limestone mine in Pima, Arizona to a third party.

Below is a map of our significant mines globally.

Based upon the quantitative and qualitative factors applicable, we do not consider any of our mines to be individually material to the Company’s business or financial condition. The following provides an overview of the Company’s most significant mining properties and operations.

Colony, Wyoming Mines

The Company’s Colony, WY mining operations are located in the northern Black Hills in the tri-state area of South Dakota, Wyoming, and Montana, with processing facilities located in Colony, WY and Belle Fourche, SD.

The local processing facilities are supported by bentonite clay supplied from 52 million tons of proven and probable reserves, comprised of leases (72%), unpatented claims (22%), and owned properties (6%). The area operates under 12 mining permits covering approximately 100,000 acres, with active mining and future mineral reserves located within 35 miles of the Colony processing facilities.

The Black Hills are a northward-trending anticlinal uplift approximately 200 miles long and flank the Powder River Basin to the west and southwest and the Williston Basin to the northeast. The bentonite clay in the Black Hills area is predominantly of the sodium type and was formed by the in-situ alteration of rhyolite volcanic ash.

Bentonite mining consists of shallow surface mining for bentonite beds located in the Mitten Black Shale, Gammon Ferruginous, Belle Fourche Shale, Green Horn Formations, Mowry, and Newcastle shales and sandstones. A back-cast method of mining is used whereby small pits are progressively opened and then quickly backfilled in succession as mining progresses along outcrops. The majority of pits are reclaimed in the same year that they were first disturbed.

Annual exploration and permitting activities target the replacement of the number of tons mined to support the long-term sustainability of local operations.

The Colony area mines are supported by 2 main processing plants located in Colony, WY. These plants produce both powder and granular products. A wet-processing facility is located near Belle Fourche, SD. All three facilities have direct access to rail.

Lovell, Wyoming Mines

The Company’s Lovell, WY mining operations are located in the Bighorn Basin near Lovell, WY with processing facilities located 3 miles east of the town of Lovell. One facility produces powder and granular bentonite products; the other facility produces geosynthetic clay liners and other environmental products. Both facilities have direct access to rail.

The Lovell processing facility is supported by bentonite clay supplied from 34 million tons of proven and probable reserves, comprised of leases (12%), unpatented claims (44%), and owned properties (44%). The area operates under 2 mining permits covering ~30,000 acres, with active mining and future mineral reserves located within 30 miles of the Lovell processing facilities.

The Bighorn Basin is a large sedimentary basin in northwestern Wyoming. It is Laramide in age and trends northwest-southeast. The bentonite clay in the Bighorn Basin is predominantly of the sodium type. Mining occurs from 19 different bentonite beds occurring in 3 geologic formations – the Thermopolis shale, the Mowry shale, and the Frontier shale–which were deposited during the Upper Cretaceous Period between 70 to 100 million years ago. A back-cast method of mining is used whereby small pits are progressively opened and then quickly backfilled in succession as mining progresses along outcrops. Most pits are reclaimed in the same year that they were first disturbed.

Annual exploration and permitting activities target the replacement of the number of tons mined to support the long-term sustainability of local operations.

Enez, Turkey Mines

The Company’s Enez-area bentonite mines are located near the town of Enez, Edirne Province, in the Thrace region of northwestern Turkey. These mines are operated through contract mining and hauling, using conventional open-pit truck-and-shovel methods. The properties consist of both government-issued mining claims and privately-owned lands.

The bentonite deposits belong to the Upper Miocene Ergene Formation and were formed by the diagenetic alteration of volcanic ash and tuff in a lacustrine environment. The ore is primarily calcium bentonite (Ca-smectite), with associated minerals quartz, feldspar, and calcite. The ore is suitable for applications in metalcasting, drilling fluids, animal feeds, and bleaching. Ore from the mines is transported by truck to a nearby processing facility, where it is stockpiled, dried, and milled into granular or powdered products for shipment to end-use markets.

Ünye, Turkey Mines

The Company’s Ünye-area mines, Nadirli and Konan, are located southwest of the town of Ünye, Turkey on the southern coast of the Black Sea. These mines are operated by the Company via contract mining and hauling. Both mines use conventional open-pit truck-and-shovel mining methods. The properties are comprised of both government-issued mining claims and privately-owned lands. The orebodies were produced by hydrothermal alteration and generally occur as massive deposits greater than 10 meters in thickness. The bentonite ore is notable for its high brightness.

Ore from the mines is transported by truck to a processing facility in the town of Ünye, where it is stockpiled, dried, and converted to granular products.

Uşak, Turkey Mines

The Company’s Uşak-area mines are located southwest of the town of Uşak, Turkey, in the eastern Aegean region. These mines are operated by the Company through contract mining and hauling, using conventional open-pit truck-and-shovel methods. The properties consist of both government-issued mining claims and privately owned lands. The ore bodies were formed by diagenetic alteration of rhyolitic tuff and include silica and calcite as associated minerals.

The ore is notable for its high natural porosity, characteristics that enhance its suitability for purifying edible oils using environmentally friendly manufacturing processes. Ore from the mines is transported by truck to a processing facility in the town of Banaz/Uşak, where it is stockpiled, processed, and milled.

Dongming, China Mines

The Company’s Dongming mines and processing facilities are located in Jianping County, Liaoning Province, China. The regional bentonite occurs within the Jurassic Jingangshan and Tuhulu formations, which were deposited during the Upper Jurassic Period between 135 to 144 million years ago. The thickness of the bentonite layers varies from 0.5 to 40m. The bentonite clay in the region is predominantly of the calcium type and is converted to sodium bentonite to produce the majority of products.

The Dongming mines consist of 16 small mining areas under 4 mining permits covering approximately 1,200 acres controlled by the Company. Rights to the bentonite are leased from the Chinese government and separate agreements are made with landowners for surface access and mining. Much of the bentonite supplied to the Dongming processing facility is from third-party mines, with Company-controlled mines used to supplement supply and as strategic backup reserves. In most cases, supply from third-party mines is directly supervised by local Company staff, which assists with grading and quality control.

All mines are operated by contractors with conventional open-pit truck-and-shovel mining methods. Clay from the mines is hauled by trucks to the Company’s processing facility. The primary processing facility is located approximately 50 miles west of Chaoyang, Liaoning Province near the Dongming mines.

Adams, Massachusetts Mine

The Company’s Adams mine and the associated processing facility is located in the town of Adams, in the Northwest corner of Massachusetts. The property consists of approximately 800 total acres, including the land on which the production facilities sit. Production of lime began on the site in the 1850s and continues today with GCC, lime, and PCC. The open pit mine consists mainly of a mineral deposit of limestone. The deposit is part of the Shelburne geological formation, which runs up and down the eastern coast of the United States.

The mined material is finely pulverized at the processing facility using a variety of crushing and milling equipment. It is sold as ground products, calcined into lime, or synthesized into precipitated crystals or PCC. The resulting calcium and calcium carbonate products are primarily used as food and pharmaceutical ingredients, sealant additives, high-end construction ingredients, and asphalt roofing shingles.

The deposit is wholly owned by the Company.

With over 150 years of mining on site by the Company and its predecessors, the resources are well understood. A mine plan has been developed based on the prior mining activities and a core drilling program was completed in 2019. The reserves and resources are the product of this recent life-of-mine study.

Canaan, Connecticut Mine

The Canaan mine and the associated processing facility are located in the town of North Canaan, Connecticut and consists of approximately 208 total acres. The mine is situated between Canaan Mountain to the south and Lower Road to the north. The mine is located approximately 1.0 miles south of the main processing facility.

The open pit mine consists mainly of dolomitic limestone. The mined dolomite is finely pulverized at the processing facility using a variety of crushing and milling equipment. The resulting Ground Calcium Carbonate (GCC) is primarily used by high-end, high-volume construction markets in joint compounds, floor coverings, asphalt roofing shingles, and glass.

Lucerne Valley, California Mines

The Company’s Lucerne Valley operation consists of three high-purity, calcium carbonate surface mining leases, a processing and packaging facility, and supporting infrastructure within 7,347 acres in the town of Lucerne Valley in San Bernardino County, California.

Calcium carbonate mining onsite stretches back to the early 1950s. The Marble Canyon and Arctic Canyon Leases are both still active, with Marble Canyon at a minimal rate of production. Furnace Canyon is in an advanced stage of reclamation. All mineral rights are owned by the Company.

Operating Statistics

The following table sets forth the tons usage for the fiscal years 2025, 2024, and 2023 by major mineral category.

(1)

The Company also has mined, beneficiated, and processed talc through its BMI Oldco Inc. (f/k/a Barretts Minerals Inc.) (“Oldco”) subsidiary in prior years. In the fourth quarter of 2023, Oldco filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code, and Oldco was deconsolidated from our consolidated financial statements. See Note 17 to the Consolidated Financial Statements.

Proven and Probable Reserves

The following table sets forth the Company’s proven and probable reserves, as well as the conversion factor for the conversion of in-situ materials to saleable products by major minerals category at December 31, 2025.

(1) Certain definitions:

The term “mineral reserve” represents an estimate of tonnage and grade or quality of indicated and measured mineral resources that can be the basis of an economically viable project.

The term “proven mineral reserve” represents the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.

The term “probable mineral reserve” represents the economically mineable part of an indicated and, in some cases, a measured mineral resource.

(2) Mineral reserves estimates were calculated and prepared by the Company’s in-house technical staff.

(3) Quantity of reserves that would be owned if patent was granted.

Measured, Indicated and Inferred Resources

The following table sets forth the Company’s measured, indicated, and inferred resources by major minerals category at December 31, 2025.

(1) Certain definitions:

The term “mineral resource” indicates a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction.

The term “measured resource” indicates a mineral resource for which quantity and grade or quality are estimated based on conclusive geological evidence and sampling.

The term “indicated resource” indicates a mineral resource for which quantity and grade or quality are estimated based on adequate geological evidence and sampling.

The term “inferred resource” indicates a mineral resource for which quantity and grade or quality are estimated based on limited geological evidence and sampling.

(2) Mineral resource estimates were calculated and prepared by the Company’s in-house technical staff.

(3) Quantity of resources that would be owned if patent was granted.

The estimates of total reserves and resources noted in the tables above require the Company to make certain key assumptions. These assumptions relate to consistency of deposits in relation to drilling samples obtained with respect to both quantity and quality of reserves contained therein; the ratio of overburden to mineral deposits; any environmental or social impact of mining the minerals; and profitability of extracting those minerals, including haul distance to processing plants, applicability of minerals to various end markets and selling prices within those markets, and our past experiences in the deposits, several of which we have been operating in for many decades.

The Company maintains a Mining Lead Team that develops standards and systems to ensure Company-wide use of best practices for mining and exploration. The Mining Lead Team ensures that the Company maintains robust controls over its exploration and resource and reserve estimation efforts. In particular, because the Company has a long history of operations at its mining operations, the Company is able to continuously validate its resource and reserve estimates by reference to actual production from each mine. During the process from exploration to final production, ore is tested a minimum of 3 times beginning with exploration drilling, again after overburden removal and finally on finished products after plant processing. In some cases when blending ore grades, an additional step of testing occurs on stockpiles after hauling from the mine but before plant processing. The quantities, qualities, and costs of grades obtained from mining and processing are reconciled to quantities, qualities, and costs from reserve estimates and mine models. To enable additional verification of reserves if needed, all exploration samples are retained until areas are mined out and reclaimed.

The Company believes that its facilities, which are of varying ages and different construction types, have been satisfactorily maintained, are in good condition, are suitable for the Company’s operations, and generally provide sufficient capacity to meet the Company’s production requirements. Based on past loss experience, the Company believes it is adequately insured with respect to these assets and for liabilities likely to arise from its operations.

The Company holds numerous environmental and mineral extraction permits, water rights and other permits, licenses, and approvals from governmental authorities authorizing operations at each of our mines. Permits, licenses, and approvals are obtained as needed in the normal course of business based on our mine plans and applicable regulatory provisions regarding mine permitting and licensing. Based on our historical permitting experience, we expect to be able to continue to obtain necessary mining permits and approvals to support historical rates of production.

Assuming the continuation of 2025 annualized usage rates, the Company has reserves of commercially usable sodium bentonite in excess of 50 years, commercially usable calcium bentonite for the next 18 years, and commercially usable leonardite for more than 50 years. At current usage levels, the Company has reserves in excess of 28 years at its limestone production facilities.

The Company has ongoing exploration and development activities for all of its mineral interests with the intent to increase its proven and probable reserves.