17 INCREASING PROFITABILITY Adjusted EBITDA Margin 1 1. Please see notes on appendix slides GEOs and Non - GAAP Measures 2. 2022 Annual Margins as at December 31, 2022 84% Adjusted Net Income Margin 1 53% - 200 400 600 800 1,000 1,200 1,400 2017 2018 2019 2020 2021 2022 US $ (Millions) G&A Cost of Sales Depletion Taxes/Other Adjusted Net Income