Vale (VALE3) Investor Presentation summary

Strategic transformation and trust rebuilding

• New management team has met or exceeded all guidance targets, with 75% of Brumadinho reparation and 57% of dam decharacterization completed; no dams at safety level 3 by 2025.

• Mariana resettlement and concessions renegotiation are underway, supporting efforts to rebuild trust.

Portfolio and growth initiatives

• Focus on delivering a high-quality, flexible iron ore portfolio and accelerating copper growth.

• Energy transition metals capacity targeted to double to ~700 kt by 2035; iron ore output expected at 340–360 Mt in 2026 and ~360 Mt after 2030.

• Leveraging world-class Carajás province, which holds 10% of global seaborne iron ore market and significant copper resources.

Operational excellence and efficiency

• Iron ore C1 cash costs expected to fall below $20/t by 2026 and reach $18–19.5/t by 2030.

• 2025 capex optimized to $5.9bn, down from $6.5bn, through project efficiencies and de-specification.

• 20 blending ports worldwide and 150 Mt concentration capacity enable a customer-oriented value chain.