Vale S.a. · BMFBOVESPA:VALE3
Vale — Investor Presentation (January 2026)
100 slides from Vale's investor presentation, Jan 13, 2026
Slide 1: Presentation Investor Relations December 2025
Presentation | Investor Relations December 2025
Slide 2: Agenda
a = S Vale Base Our Capital Strategy Allocation
Slide 3: About Vale
Slide 4: Leading iron ore, nickel and copper producer globally
Won We are one of the leading Iron ore, Nickel and Copper producers globally “4 Ps : a #£2 in iron ore Largest #6 #11 in copper production iron ore pellet in nickel reserves ~20% of seaborne market prod ucer production ~20 Bt
Slide 5: 2024 Production
2024 Production Iron ore Pellets Copper Nickel \ . Lf Y : VALE A i i ‘LF a Expanded net debt of 100% of Net operating revenue Us 3.6 bn ty consumed in 2024 Proforma EBITDA in 2024 Key Markets - by revenue (2024) ideas Reve wo spetethamerea china (8 as of October 31, 2025 Becilveay CAPEX in 2024 in d
Slide 6: Vale Worldwide
zp Vale Worldwide: Located in 19 countries @ e - abl a? a G mata 2 a 2e Syctant a¢ A e 2 stoner China? oui IN weg, CF) on ie _ceenese Stra 208 io ‘= Peru a sewn 2 ee K a ba sw C Beloatin <P damVentee Potts) Hauer ©) Operation © Port F Raitroad c Mega Hub, Te ena rere sel ee Fla oa isapeneed pau nemo
Slide 7: Diversified shareholder base and strong governance
War Diversified shareholder base and strong governance Shareholder structure g Novo Mercado 83's highest corporate governance segment. Vale's shareholder composition November 2025 i others Ii Shareholders with 5% ot more of the total capital Others Stock Exchanges 83 (Brazil) ~ VALE3 NYSE (ADR) - VA
Slide 8: Corporate Governance
——z Wve ~_ Corporate Governance Members independent Members Average Tenure Women Racially/ethnically diverse Non Brazilians 2 CEO { [ To =a I T T l Finance &1R \0 Operations Commercial and Technical People Legal Affairs sustainability EVP Eve New Business EVP eve EVP Eve EVP
Slide 9: Vale history timeline
# inauguration Vale do Rio Doce was founded s 2 / Tubaréoport ~. Carajas 1st ore produced at Carajas and inauguration of the Carajas Railway (EFC) discovery . @. o First pellet s 4 see” production e coat ere vRb's privatization SN ¢ , @- s ¢ s ~ INcO s. acquisition 2) . cveD -- rebranding
Slide 10: Vale history timeline continued
Portfolio: divesting the a ts aluminum Portfolio: divesting Portfolio: divesting business the fertilizer the manganese business and Brumadinho’s dam collapse @ Samarco’s dam collapse . ‘ Migration to the =) of . ==" oman @ Novo Mercado =" briquette oes - ‘operations: operations start arajas start-up
Slide 11: Vale Today
ese Sy Vale Today A focused company with two unique and irreplicable businesses Iron Ore Solutions Vale Base Metals
Slide 12: Iron Ore Solutions
Slide 13: From the Mines to the Customers
War From the Mines tothe Customers sales and Marketing Planning Blending and Distribution Centers Mineral Processing Products and Quality Mineral Exploration and Projects Mine Operation Iron Ore for the Steel Industry Geology and ‘Mine Planning
Slide 14: Vale's main iron ore products
Vale’s main iron ore products Won Iron ore fines Carajas fines Brazilian Blend Fines Mid-Grade Carajés Pellet Feed China (PFC) 65% Fe Low contaminants (silica, alumina and others) Mined from the Northern system, 63% Fe Low-alumina Produced from blending Carajés and high-silica fines ~63%Fe Low-alumi
Slide 15: Vale operates three iron ore production systems in Brazil
Wa Vale operates st bonta da adel port : (pont stot A three iron ore — production systems in Brazil, Pe 2 which include mines, processing: ~ plants, railways and port facilities ‘Tubardo Port - Vitoria - ES ier Raguai Port (CPBS) - RI Guaiba Port (T1s}-RI Braniiat states: MA=Marantiao PAS Parg MG=Mi
Slide 16: Vale operates three iron ore production systems in Brazil
Vale operates three iron ore production systems in Brazil ‘= Northern System Southeastern System Southern System nee hoo abe ae NotecEFCi the Cj Ratnay and eR
Slide 17: Vale has a total of pelletizing plants
a) Vale has a total of 11 pelletizing plants Wa S80 Luis Plant Start-up Cap. (Mtpy) Séoluls 2002 75 Total 75 Total 20 Fabrica & Vargem Grande Plants start-up Cap. (Mtpy) 7F 45 ver 5 Total 15 Plants Start-up Cap. (Mtpy) 38 1977-204 HS a brea lant (45 Mtpy) and to tus lant 75 My) haveremalned suspende
Slide 18: Strengthening supply chain flexibility to better serve growing markets
i] Strengthening supply chain flexibility to Vor better serve growing markets Concentration and blending capacity Vale's supply chain capillarity (ex-Brazil, Mt) (il 2025 BE 2030 (potential) co seh Concentration Blending Expanding capacity Preserving market 4 close to growing share in key regions re
Slide 19: 2024 operational performance
Wa 2024 operational performance Iron Ore Agglomerates production production (mt) (mt) 328 1) Northern system 36 32 I southeastern system I southern system oman 2022 2023 Note incu party purses -
Slide 20: 2024 iron ore financial and operating results
US$ 15.0 bn Proforma EBITDA 21.8 US$/t C1cash cost ex-3rd party purchases 55.9 US$/t all-in costs 328 Mt 37 Mt US$ 4.0 bi Iron ore production volume Pellets production volume CAPEX Sales by destination 260 Mt 38 Mt (iron ore fines and pellets) Iron ore fines sales volume Pellets sales volume Midate
Slide 21: Vale Base Metals
7 Vale Base Metals
Slide 22: Vale Base Metals history
Construction of mines, smelters, PT Inco Indonesia is refineries and formed to develop power plants nickel deposits in 2 island of Sulawesi The International Z @ Nickel Company @ (INCO) is formed Nickel Discovery of the discovered in Voisey’s Bay the Sudbury nickel-copper- area cobalt deposit Start-
Slide 23: Significant endowment with substantial value potential
Significant endowment with substantial value potential Wa Mineral Reserves & Resources!?3.4 © Bubble size: contained metal Average metal grade
Slide 24: Located in attractive mining jurisdictions
located 4 attractive mining jurisdictions < major global supplier of iron ore, copper, nickel and gold, among other metals work force availability regulatory background Vale S.A operations with solid Consistently ranked for investment attractiveness work force availability Ready access to In close p
Slide 25: A global flowsheet to produce the right product mix
Slide 26: Advancing our project pipeline
Advancing our project pipeline ~700kt LT volumes (2035) ~210-250kt LT volumes (2030+)
Slide 27: 2024 operational performance
Wun 2024 operational performance (kt) 253 m1 82 2022 348, 327 247 202 79 83 2023 2024 = Salobo ill ramp-up (kt) 179 a 165 160 73 canada 60 & Indonesia (5rd party feed 64 64 35 14 = 2 ical 2022 2023 2024 - Voisey’s Bay underground mine transition me,
Slide 28: 2024 Vale Base Metals results
USS 1.5 bi Proforma EBITDA 2,616 US$/t Copper all-in costs! 15,420 US$/t Nickel all-in costs! 348 kt Copper production volume 327 kt Copper sales volume 8,811 US$/t Copper realized price Nickel production volume 155 kt Nickel sales volume 17,078 US$/t Nickel realized price US$ 2.0 bi CAPEX Revenue b
Slide 29: Our Strategy
Slide 30: Vale's strategy
dA Vale’s strategy Our business <—- ei Iron Ore flexibility Leading value creation Gi Copper in the mining industry Accelerating through ethical and eS sustainable practices Connecting today to tomorrow ”
Slide 31: Transformation
Metals rmation
Slide 32: Safety is our core value
a ' oe Safety is our core value TRIFR"1.1 Industry leader 19 dams? <orformance No dams at with Decharacterized, comitncase, «= GISTM Emergency of the program Level 3 ad ’ -_
Slide 33: Becoming a benchmark in Safety
=a yv Becoming a benchmark in Safety High-potential recordable Total recordable injury TRIFR? comparison against major peers injuries (N2)* (unit) frequency rate (TRIFR)? (2024) Seurce: international Counc on Mining and Metals ICM Ye 35 ff 32 11 ae =f 27 [20 124, sa19 Jo 1 LEE tle 2019 2024 Vale Pee
Slide 34: Upstream dam decharacterization program
Won Upstream dam decharacterization program a ~US$ 4.7 billion (~$2.4 billion disbursed’), zz = Dams at emergency leveP mLevel 3 MLevel 2 3! MiLevel1 Bx Q 10 6 EE == Now/2025 2026 ae Soper 38, ron prem ae nt 2oemncie eta feces omni rece Shelia nanbercswurtune stem ee 00
Slide 35: Embracing new ways to operate
BI Embracing new ways to operate Reducing the need for dams Ore processing method (%) 40 No disposal 8s of tailings in dams ; | ars 5 J " 2015 2024 Talings<isposed Jl Tallingsdisposed Mf ritrationand if Natural . hears oe ee, es (wet processing) (wet processing) Tailings generation? reduced by 35% ©
Slide 36: Base Metals Transformation
Base M I isformation
Slide 37: Steel fundamentals are supported by long-term structural drivers
— a Steel fundamentals are supported Won by long-term structural drivers Steel production (Mt) Wichina [il india, SEA, MENA' i others —_&—; ~2,020 ‘nda, sutneast aa and Miele ast Mert Arie Steel regional trends China Flat steel production growth, driven by manufacturing and export demand India, SEA,
Slide 38: Iron ore demand to remain stable while shifting to low-carbon needs
Iron ore demand to remain stable while gradually Vos shifting to low-carbon needs China i Seaborne demand moderating, yet atrobust levels 4 wl India, SEA, MENA‘ ( 7544 Growing demand for iron complementary to dom: Consumption profile cal Need for supply secu steelmaking processe: Iron ore seaborne d
Slide 39: EAF projects - new production capacity
EAF projects - new production capacity (Mt)! MiPlanned Under construction as of 2025 40 > = a = 10 7 35 40 a 2025 2026 «© 2027-:« «2028 62 — @ = 40 42 2030 93 42 2035 Electric furnaces are steelmakers’ main decarbonization strategy This shift will drive higher demand for metallics (prime scrap, pig
Slide 40: Iron ore seaborne supply and ore quality degrading
degrading reshapes portfo ios Projects’ [5 approval and execution risk ~1,630 -230 2025 Depletion’ Iron ore seaborne supply (Mt) 225 ~1,540 ~1,520 Fe(%) mee 85 60.08 59.89 2020 2024 2030 Alumina (%) Spears, Projects w/ 2030 2030 w/ cost incentive price (supply at (demand) A 2.43 aussioo/e? <sioo/e “
Slide 41: Maximizing product portfolio value in any scenario
Maximizing product portfolio value in any scenario Short-term Coal-based steelmaking routes’ p> Adjusting portfolio for value optimization Wva Low-carbon steelmaking routes Developing solutions for greener steelmaking processes Portfolio re-design
Slide 42: Vale's product portfolio evolution
Vale’s product portfolio evolution (%) High-silica 49% Premium Ghe mid-grade’ 2 18% High-grade? War Proactive strategy to maximize value & Repositioning portfolio towards premium mid-grade ores Strategically allocating high-grade products Ba Enhancing flexibility through our supply chain _.
Slide 43: Expanding our premium mid-grade offering
Expanding our premium mid-grade offering with Von a strong focus on customer needs Al,O,/SiO, relation’ SZ 40 Highalumina High High silica & < &.Low silica alumina R35 30 25 20 @Mid-grade on Caraiés e ° EEG High silica 1s 10 OG 1S 20 25 3,0 35 40 45 50 55 60 65 7,0 7,5 8,0 % SiOz Vale'siron @ Austra
Slide 44: Mid-grade Carajás production
bity pa acing = 4 Gos Production apie. - stri Serra Norte ; * No blending required Basis 100% cs i _ = Competitive C1 cash cost, 3% -4% } i (sir Improvement f . Strip ratio improvement vs. prior rise portfolio = Maximizing ore recovery review = Reduction of 4% vs. the prior portfolio review Flexibil
Slide 45: Concentration as an enabler for portfolio repositioning
Concentration as an enabler for portfolio — repo itiogine, PEC product sales (Mt) Unlocking concentration capacity through partnerships 210. Q Pellet Feed China (PFC): 63% Fe, = low Al/Si(<0.2 ratio) 3 i) Mass recovery improving processes to reduce mass loss 2022 2024 2025 2026
Slide 46: Developing competitive solutions for greener steelmaking
Developing competitive solutions for greener steelmaking — Won Partnerships Se Building asset-light solutions with cjentsand investorsin.multiple “techn6lgies™= 2" iron oreconcentrationplant under construction in Oman with innan Stee! ae Discussions with over 10 clients, with potential to lock-in 30
Slide 47: Generating value through the cycle
; Generating value through the cycle Value maximization through our flexible portfolio and extended =s| | — supply chain Solutions provider for different decarbonization pathways
Slide 48: Agenda: Iron Ore Market, Growth projects, Vale Base Metals
Safety first (o> ) Iron Ore Market Growth projects SP Vale Base Metals ¥Y 7 Transformation
Slide 49: Novo Carajás: unique mineral endowment
Wve Novo Carajas: unique mineral endowment ORAS {3 erat 10% of global iron ore seaborne market Unique iron ore and copper endowments, with significant growth potential 5.2bn tons @ 65.2% Fe 1.2bn tons @ 0.62% Cu Positioning Brazil as a key player in RP ee, critical minerals and a leader in decarboni
Slide 50: Building flexibility for Iron Ore Solutions
a Building flexibility for lron Ore Solutions “ Fes Serra Leste Serra Sul expansion +20 20Mtpy 2H26 Compact Crusher 50 Mtpy? isi 2H26 Y (replacement/ S |_ mix improvement) _| Capanema 15 Mtpy spe i ie RA corr mot SL ae poner eae pit ta ~ a ee ; _
Slide 51: Scaling operational excellence for continued growth
Scaling operational excellence for continued growth A a Ensuring safety and consistency through technology-driven solutions Increasing flexibility to deliver guidance with reliability Executing strategic projects to elevate performance to the next level Wun
Slide 52: Agenda: Vale Base Metals Transformation
Safety first lron Ore Market Growth projects Vale Base Metals Transformation ®
Slide 53: The new Vale Base Metals
The new Vale Base Metals Creating a leading critical minerals company cu) High-Growth Copper = 1 Quartile Producer * Longlife assets " District level growth = Low'capex intensity Ni Leading Western Nickel Producer = Polypi@tallic A people-driven business with a high-performance culture APR Won
Slide 54: Building a foundation for value
=) Building a foundation for value Wa ao 2025: a year of transformation & delivery Simplify Drive excellence Deliver growth Strong team in place All-in costs down Advancing Licensing winner of multiple awards in 2025 Lower overhead ~30% reduction of overhead in 2025 Portfolio optimization under exec
Slide 55: Project pipeline
5 Project pipeline 2023-2028 (approved projects) Onga pums'and | VEME 5 ktpy furnace (Sustaining) 15 ktpy ~ Ci S Vale Base Metals Former Victor projec Figure elects 0% dynein [wa Nickel 2029 onwards oe & ca Copper CCM384 2-22 ktpy CCM Pit 12-15 ktpy Won
Slide 56: High-Growth Copper
29 High-Growth Copper
Slide 57: A new approach for Bacaba
ee | » = “ A new approach for er "eae ae etn Won Revamped Bacaba development. approach >40% decrease in project CAPEX * Revisited construction model : = Revised CAPEX from US$ 500 M to US$ 290 M : es gy i = Early works started in 2025 ie a
Slide 58: Coarse Particle Flotation at Salobo
Coarse Particle Flotation = ~6 Mtpy processing capacity addition = ~10% reduction in energy consumption Revised mining strategy = Increase in total mine movement by 15 Mtpy to 145 Mtpy, supporting mine plan optimization = Maintain Salobo's production at 230-250 kt : « CPF (Feasibility study) -) nga
Slide 59: Revised mining method
Revised mining method * From sublevel caving to sublevel stoping = Lower environmental impact, supporting licensing = Around US$ 500 M in CAPEX savings a 1% quartile asset S = Significant gold production (140 kozpy Au) = 1.7:1 Au to Cu production ratio! EY, BMG ta hee om ‘_
Slide 60: Framework agreement with Glencore
Framework agreement with Glencore = Exploring significant synergies of mining Victor (VBM) and Nickel Rim South (Glencore) properties = Expected FID by mid-2027 * Transition to a Joint Venture as equal partners ‘Accessing VBM ore bodies through new access drifts from NRS Significant synergies = Deep
Slide 61: Efficiently expanding exploration
Wa Efficiently expanding exploration . Drilling Program in Carajas (A Improving endowment knowledge km per ie 3 I 100-110 through MIRA’, drilling, a new core shed and data recovery program 60-70 edi ~20% production upside potential post-2035 through brownfield drilling 29 31 ~30% drilling unit cost
Slide 62: Brownfield upside as we advance drilling
cas Wun Brownfield upside as we advance drilling Sossego case study Mineralization at Sossego W_surce Sequetiano Pit © sesamin 2025 Results ~20km of drilling - improved geological understanding sossego Pt ata 2 2026 Plans “esd >60km drilling for further UG exploration of South Hub deposits Our visio
Slide 63: The roadmap to copper production growth
ceed The roadmap to 700 ktpy Copper production ktpy 60-80 70-100 2050 << — — - 5-15 | =! 350-380 15-25 30:30" = 2026 Bacaba/ Salobo Polymetal-Ramp-up 2030 Ramp-up Victor/ North South Sossego tics Alemao Alemao Polymetallic Hub Hub Exp. 2035 Brownfield drilling ehu'u 2035 w/ upside
Slide 64: Key enablers
n enablers Exploration Drilling and R&D ~ Advance on drilling and scoping studies Define deposits suitable for partnership strategy — Accelerate the engineering development 7 Processing capacity Develop additional processing capacity Licensing Obtain license & permits on time for all projects
Slide 65: Leading Western Nickel Producer
Leading Western Nickel Producer
Slide 66: Nickel AISC reduction and efficiency program
= Current operation AISC ~65% lower vs. early 2024 = Further reduction expected with ramp-up completion Efficiency program = ~§240 Min savings in the Nickel Business in 2025, comprising lower G&A, costs and capital = Improvements on controllable cash flow items to persist in the next years
Slide 67: Short-term payback projects
‘G) Short-term payback projects Low CAPEX projects that add lower grade ore tons = Mining strategy Change in cut-off grades and extraction strategies enn Increase in mine development to support an increase in production a 2024 2025 2027 and lower costs g Yau Clarabelle mill expansion Erolnze2e 60202
Slide 68: Value and optionality over volume
Value and optionality over volume Wa Our goals Nickel production kt Business operating at optimal capacity 175-200 210-250 Increased mill throughput in ~175 Sudbury Long Harbour refinery at nameplate capacity | Onga Puma operating with 2025 2026 2030 ce 2 furnaces -
Slide 69: De-risking copper growth through a new approach
Wun De-risking Copper growth through a new approach translating into more efficient project development Improving Copper projects’ returns below average capital intensity and strong IRRs Delivering cost and capital efficiency on Nickel with targetcash flow neutral by early 2027 Healthy balance sheet
Slide 70: Capital Allocation
> Capital Allocation
Slide 71: Efficiency program securing structural cost improvement
=z Efficiency program securing structural cost improvement Wun 6.3 Fixed spending — Iron Ore Solutions (US$ bn)! =oz= —O- 2023 10% fixed spending improvement in nominal terms (2026 vs. 2023) Cost efficiency culture increasing accountability (Gi Leaner organization
Slide 72: Costs have gone up across the iron ore industry
= Won Costs have gone up across the iron ore industry in the past years Peers’ C1 cash cost (US$/t)' Vale's C1 cash cost (US$/t)' 23.0 215) 19.2 19.3 == BE _os- el 18.2 14a Ps] 2018 2023 2024 2018 2023 2024 2018 20232024 2018 FXand Geological New Lower Efficiency Others Pert Peer2 Peer3 inflation in
Slide 73: Advancing towards US$ ~20/t C1 cash costs
= v Advancing towards US$ ~20/t C1 cash costs ies Vale’s C1 cash cost — nominal terms (US$/t)'? a > : ; | J ee 2023 2024 2025 2026 2025 Fxand Geological Newassets efficency 2026 inflation inflation andnew program? operating ‘model Assuming 28 Xf $60 for 2026 ven oe fine casncost~ex 2dr pureaee."incu
Slide 74: Cost discipline driving competitiveness in all businesses
== Cost discipline driving competitiveness in all businesses Won Costs guidance (US$/t)! 2025 2026 Main assumptions for 2026 76) a1 ~21.3 20.0-21.5 = Product portfolio strategy optimization Ee , . + Efficiency program =: All-in ~55 52-56 = Long-term affreightment strategy asso suming old res of USS
Slide 75: Scaling CAPEX below US$ 6 billion
Scaling CAPEX below USS 6 billion, while growing in core commodities Sustaining 4.3 2025 CAPEX (USS bn)! a4 2026 <6 Vale Base Metals ~45 Iron Ore Solutions 2027+ Business breakdown Assuming 2 FX ot $60 for2026 and 65 or 7027~ Copper eqsen bass g Wa Accretive growth opportunities Growth CAPEX shiftin
Slide 76: Expected cash disbursement schedule
Expected cash disbursement schedule (US$ bn)".? 125 "26- \ '27eni28 ‘29 “30 ‘31-35 aa a a Including UK claim provision Samarco 25 1.0 0.6 04 0.8 0.3 im = Samarco fully funding reparation 2031+ Brumadinho agreements? 1.0 0.8 0.5 0.3 0.2 0.2 <0.1 '~80% of Reparation Agreement completed ~63% of dam dec
Slide 77: Comfortable with our current expanded net debt target
=z Wa Comfortable with our current expanded net debt target Expanded net debt (USS bn) Expandednet _ Disciplined capital allocation debt target range ? . sf US$ 20 bn Current target will continue G to guide the company in the next cycle = Buss 10 bn Remaining committed 18,5 16,6 to our dividend poli
Slide 78: Closing the value gap
Closing-the value gap P/NAV (X, 12mma) 14 — Vale — Peers’ average’ 10 0.9 0.8 07 06 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Vale discount vs peers (P/NAV, %) eo oe Sl 10% = 0% Pa 10% $2015-2018 average: 3% seave Soe Dees ncade SHE, Ro Tine, Fortescue encore and Ane Amercan, Closi
Slide 79: Disciplined approach to capital allocation
s iplined approach ‘on-capital allocation ae Investments New Carajas Program Accelerating copper growth Optimal CAPEX level below USS 6 billion gy Balance sheet = Asset-light approach = Value accretive liability management = Expanded net debt range of US$ 10-20
Slide 80: ESG
Slide 81: Our sustainability strategy is built on three pillars
Slide 82: Rebuilding trust with society
Slide 83: Mariana
Slide 84: Brumadinho
Slide 85: Commitments that reflect our objective to become a trusted partner
Slide 86: Leaving a positive legacy for nature and people
Slide 87: Building a people-driven organization
Slide 88: Human Rights: UN Guiding principles as our reference framework
Slide 89: Social Performance: Local development and community relationships
Slide 90: Help lift 500,000 people out of extreme poverty
Slide 91: Social Performance: Strengthening relationships with Indigenous communities
Slide 92: Delivering on our commitments for climate and nature
Slide 93: Pioneering transparency in climate-related risks & opportunities
Slide 94: Embedding Nature in our Strategy
Slide 95: A Governance structure to oversee sustainability related risks and opportunities
Slide 96: Consistently improving ESG risk perception
Slide 97: Agenda
Slide 98: Key takeaways
Slide 99: We are building an even better Vale
Slide 100: Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Vale S.A. (Registrant) By: /s/ Thiago Lofiego Date: January 12, 2026 Director of Investor Relations