Slide 1: Vale's 3Q25 Performance
Vale’s 3Q25 Performance October 31st, 2025
Slide 2: Disclaimer
Disclaimer “This presentation may include statements expressing Vale’s expectations regarding future events or results, including, without limitation: (i) iron ore, copper, and nickel production guidance on slide 5; (ii) CAPEX, start-up, additional capacity, and expected cost of the second furnace p
Slide 3: 1. Opening remarks
1. Opening remarks 3
Slide 4: Vale's Vision
Vale’s Vision To be a trusted partner with Delivering a high quality, and flexible the most competitive and iron ore portfolio resilient portfolio Po erior rtfolio Focusing on customer- up oriented solutions S Trusted Accelerating copper c e D riv e n Vale growth Pa tn r er an rm o Reference in safe
Slide 5: Solid performance across all segments; on track to the upper-end of production guidances
1. Opening remarks Solid performance across all segments; on track to the upper-end of production guidances Iron Ore Guidance 325-335 Mt Copper Guidance 340-370 kt Nickel Guidance 160-175 kt production (246 Mt YTD) production (274 kt YTD) production (131 kt YTD) (Mt) (kt) (kt) +4% +6% -1% 91 94 86 9
Slide 6: Onça Puma successfully began operations of the second furnace
1. Opening remarks Onça Puma successfully began operations of the second furnace Start-up in Sep-2025 Expected ramp-up in 3 months 15 ktpy Ni capacity addition 40 ktpy total site capacity CAPEX: US$ 480 million 13% below budget 1st quartile in cost curve Expected unit cost ~US$ 9.5¹k/t ¹Unit cash co
Slide 7: Novo Carajás Program: unlocking value from unique iron and copper endowments
1. Opening remarks Novo Carajás Program: unlocking value from unique iron and copper endowments 4Alfa North East Salobo Serra Leste Copaíba Operating license Paulo Afonso AN34 granted in Aug-25 Cururu Serra Leste for expansion (SL1) Salobo Osasco Itacaiunas Gameleira Norte Capacity: Furnas 10 Mtpy (
Slide 8: Portfolio strategy: taking decision centered on value creation
1. Opening remarks Portfolio strategy: taking decision centered on value creation Active management to maximize value Vale’s iron ore fines premium (US$/t) Concentrating high- silica ores US$ 1.8/t 0.7 Launching new mid-grade products Strategy driving Adjusting Carajás specification -1.1 better pric
Slide 9: No dam at emergency level 3: delivering on our promise to society
1. Opening remarks No dam at emergency level 3: delivering on our promise to society Dams at emergency level¹ 35 4 7 -71% -74% Level 3 Level 2 24 10 9 Level 1 4 4 6 5 2020² Oct. 2025 2025e No dams at level 3 emergency Forquilha III reduced to emergency level 2 GISTM conformance 60% of decharacteriza
Slide 10: ESG ratings: improvements recognizing solid progress
1. Opening remarks ESG ratings: improvements recognizing solid progress MSCI Sustainalytics ISS (Governance) High risk Average 54.5 10 BB High risk High risk Laggard 8 Laggard 36.5 Medium risk 34 B B 27 Laggard CCC 1 1 2018 2019 2023 Today 2018 2019 2023 Today 2018 2019 2023 Today Scale: CCC to AAA;
Slide 11: 2. Financial Performance
C4 VALE 2. Financial Performance
Slide 12: EBITDA: efficiency improvements and price realization boosting results
2. Financial Performance EBITDA: efficiency improvements and price realization boosting results EBITDA Proforma 3Q25 vs. 3Q24 US$ million 92 72 4,399 439 103 -80 3,773 Proforma Energy Transition Iron ore Iron ore Iron ore Others4 Proforma EBITDA 3Q241 Metals EBITDA volumes2 prices2 costs and EBITDA
Slide 13: Iron ore sales: robust sales performance; inventories to be converted into sales
2. Financial Performance Iron ore sales: robust sales performance; inventories to be converted into sales in the next quarters Iron ore sales volumes Iron ore production-to-sales Mt Mt 5% 81.8 86.0 94.4 77.3 86.0 -3.9 -4.5 • Pelletizing: -0.7 • Cargos in transit • Moisture change and higher & adjust
Slide 14: Iron ore costs: on track to meet guidances
2. Financial Performance Iron ore costs: on track to meet guidances C1 cash cost, ex-third-party purchases Iron ore & Pellets all-in costs1 (US$/t) (US$/t) C1 cash cost All-in 0% guidance -4% guidance US$ 20.5-22.0/t US$ 53-57/t 20.6 22.2 20.7 55.1 55.3 52.9 3Q24 2Q25 3Q25 3Q24 2Q25 3Q25 Main effect
Slide 15: Base metals costs: continuous operational improvement; guidances revised downward
2. Financial Performance Base metals costs: continuous operational improvement; guidances revised downward Copper all-in costs Nickel all-in costs (‘000 US$/t) (‘000 US$/t) All-in All-in guidance guidance -32% 2.9 US$ 1.0-1.5k/t 18.1 US$ 13.0-14.0k/t -65% Lowered Lowered 12.4 12.3 1.5 1.0 3Q24 2Q25
Slide 16: FCF: robust recurring FCF generation and proceeds from Aliança Energia deal
2. Financial Performance FCF: robust recurring FCF generation and proceeds from Aliança Energia deal are the highlights Free cash flow – 3Q25 US$ million 4,399 -231 1,006 -1,250 -653 -234 1,562 -183 -286 -1,276 357 550 -1,485 Proforma Working CAPEX Net financial Associates Brumadinho Others4 Free Ca
Slide 17: Expanded net debt: trending towards mid-range
2. Financial Performance Expanded net debt: trending towards mid-range Expanded net debt US$ million US$ 20 bn 17,448 Moving towards 1,485 229 110 16,640 the mid-range of -64 the target -1,562 -1,006 US$ 10 bn Cash effects Accounting effects Expanded Recurring Aliança Shareholder Swaps Provisions De
Slide 18: Key takeaways
Key takeaways Safety is our core value No dams at Emergency Level 3; 60% of decharacterization program completed Continued focus on operational excellence Continued improvements in production and cost performance Portfolio set to generate long-term value Adding resiliency and flexibility Building th
Slide 19: Thank You.
Thank You. vale.com/investors vale.com/investors