Vale (VALE3) Investor presentation summary

Market position and operations

• Holds #1 position in global iron ore production, #4 in nickel, and #16 in copper, with ~20% share of seaborne iron ore market and the largest pellet producer as of 2025.

• 2025 production: 336Mt iron ore, 31Mt pellets, 382kt copper, 177kt nickel; net operating revenue of $38.4bn and proforma EBITDA of $15.9bn.

• Operations span 18 countries, with 90% of workforce in Brazil and extensive logistics infrastructure including mines, ports, and railways.

• Diversified shareholder base with strong governance, majority independent board, and listings on B3 and NYSE.

• Workforce of 66,000 direct employees in 2025 and 100% renewable electricity use in Brazil.

Iron ore solutions

• Operates three integrated iron ore systems in Brazil, with 11 pelletizing plants and a total pellet production capacity of ~58.8Mtpy.

• 2025 iron ore production: 336Mt, pellet production: 31Mt, with 63% of sales to China and 17% to Asia ex-China.

• C1 cash cost for iron ore at $21.3/t and all-in costs at $54.2/t; realized prices: $91.6/t for fines and $134/t for pellets.

• Expanding blending and concentration capacity outside Brazil to serve growing markets and preserve market share.

• Product portfolio repositioned toward premium mid-grade ores, enhancing flexibility and value.

Vale Base Metals

• 2025 production: 382kt copper, 177kt nickel; proforma EBITDA of $3.4bn and CAPEX of $1.6bn.

• Revenue split: 77% copper, 23% nickel; 54% of sales to Europe, 24% to others, 11% each to China and USA.

• Vertically integrated operations in Brazil, Canada, Indonesia, and the UK, with a focus on high-growth copper and Western nickel supply.

• Project pipeline aims for ~700kt copper by 2035 and 210-250kt nickel by 2030+.

• Cost discipline: copper all-in costs at $603/t, nickel at $12,158/t, with ongoing efficiency programs.