Vale (VALE3) Instutional Presentation summary

Company overview and global presence

• Leading global producer of iron ore, nickel, and copper, with #2 position in iron ore and #6 in nickel production as of 2024.

• 2024 production: 328Mt iron ore, 37Mt pellets, 348kt copper, 160kt nickel; $38.1bn net operating revenue.

• Operations in 19 countries, with 90% of workforce in Brazil and agreements with 14 ports in China.

• Diversified shareholder base, majority independent board, and strong governance practices.

• Workforce of 64,000 direct employees in 2024.

Iron ore solutions and performance

• Operates three integrated iron ore systems in Brazil, with 11 pelletizing plants and 20 global blending ports.

• 2024 iron ore production: 328Mt; iron ore fines sales: 260Mt; pellets production: 37Mt.

• Iron ore business 2024 EBITDA: $15.0bn; C1 cash cost: $21.8/t; realized price: $95.3/t for fines, $154.6/t for pellets.

• Market leader in agglomerates (pellets and briquettes), with commercial ramp-up of lower CO2 emission briquettes.

• Sales by destination: 61% China, 17% Asia ex-China, 13% Europe.

Energy transition metals and growth

• 2024 production: 348kt copper, 160kt nickel; copper sales: 327kt, nickel sales: 155kt.

• 2024 ETM EBITDA: $1.5bn; copper all-in cost: $2,616/t; nickel all-in cost: $15,420/t.

• Operations in Brazil, Canada, and Indonesia; significant resource endowment and expansion projects underway.

• Fast-tracking copper growth in Carajás, targeting 420-500ktpy by 2030 and up to 700ktpy by 2035.

• Advancing nickel competitiveness with new furnaces and mine transitions.