Vale (VALE3) Investor presentation summary

Strategic positioning and market outlook

• Structurally rising demand for critical minerals driven by industrialization, electrification, and geopolitical trends, with policy support in the West and growing tech supply chains accelerating metals demand.

• Copper supply faces significant challenges from mine depletion, long project development timelines, and rising input costs, requiring over 10 Mt of new capacity by 2035.

• Nickel market supported by Indonesian policy changes and cost pressures, with sulfur price spikes impacting global supply and cost structures.

Portfolio and operational excellence

• Diverse, vertically integrated portfolio of polymetallic assets in strategic, low-risk jurisdictions, including Canada, Brazil, Indonesia, and the UK.

• Focus on safe, consistent production and decentralized management, with strong cost controls and productivity gains in copper and nickel operations.

• Voisey's Bay and Long Harbour ramp-ups increasing nickel and copper output, supported by predictive maintenance and tele-remote mining.

Growth, scalability, and exploration

• Roadmap to ~700 ktpy copper by 2035 through low-capital, high-return projects like Bacaba, CPF, and Alemão, with significant exploration underway.

• Systematic approach to technical excellence, debottlenecking, and brownfield-first exploration, with over 270 km of drilling in Canada in 2026.

• Sudbury and Voisey's Bay expansions target higher throughput and margins, leveraging existing infrastructure and new mining methods.