Slide 1: Institutional Presentation
Institutional Presentation Investor Relations
Slide 2: Solutions, Transition Metals, Strategy, Capital Allocation, ESG
Solutions Transition Metals . / Strategy - Capital Allocation ESG
Slide 3: Agenda
"Trorrore) Solutions Transition l Metals Our Strategy ae Capital Allocation ESG
Slide 4: One of the leading iron ore, nickel and copper producers
e— War We are one of the leading Iron ore, Nickel and Copper producers globally #£2 iniron ore Largest #6 #11 in copper production iron ore pellet in nickel reserves ~20% of seaborne market producer production ~20 Bt oie Weer”
Slide 5: Vale key figures
Wun ce 2024 Production US$ 38.1 bn Expanded net debt of 100% of Net operating revenue US$ 18.2 bn electri ty consumed | 328Mt in 2024 as of March 31,2025 eligi renewable sources Iron ore US$ 15.4 bn US$ 6.0 b Industry leader in i .' n | frotarme EBITDA in ne TREe (1.1) Key Markets ~ by revenue 0m) (
Slide 6: Vale Worldwide
(OL Wa Vale Worldwide: Located in 19 countries Brazil
Slide 7: Diversified shareholder base and strong governance
Oise Diversified shareholder base and strong governance Won Shareholder structure | Best governance practices | Q - Majority independent BoD Novo Mercado Stock Exchanges 83's highest corporate 83 (Brazil) - VALE - All BoD members are non-executive directors governance segment. NYSE (ADR) - VALE - Ch
Slide 8: Board of Directors
Board of Directors’ B 8 (62%) 2.7 years Members Independent Members Average Tenure 4 3 4 Racially/ethnically Women Wenn Non Brazilians Executive Board CEO Gustavo Pimenta i ! ' Hey : ' Corporateand ! Finance&iR 10 Operations Sommercialand technical People External Affairs Sustainability EVP EVP EVP
Slide 9: Our journey
2 Wa Our journey First pellet production INCO acquisition 1st ore produced at Carajés and inauguration of the Carajas Railway (EFC) CVRD rebranding to Wrae Carajas discovery Tubardo port inauguration privatization
Slide 10: Our journey
2 Vv ALE Our journey Portfolio: divesting the manganese business and Brumadinho’s dam collapse Portfol divesting the aluminum business Samarco’s dam collapse Portfolio: divesting the coal Portfol oman Gee operations divesting the eins start-up fertilizer business Vargem Grande and Capanema project s
Slide 11: Vale Today
Vale Today ve A focused company with ey two unique and irreplicable Iron Ore Ly businesses Solutions Energy Transition Metals
Slide 12: Solutions
"Trorrore) Solutions Transition Metals our Strategy — Capital Allocation
Slide 13: From the Mines to the Customers
Psd: » A From the Mines to the Customers Blending and Distribution centers sales and Marketing Planning. Mineral Processing, Railroad Logistics Mineral Mine Exploration eres Iron Ore for the and Projects Steel industry Port oueSVand Logistics Mine Planning
Slide 14: Vale's main iron ore products
Won Vale’s main iron ore products Iron ore fines = 65% Fe = Low contaminants (silica, alumina and others) = Mined from the Northern System ~ 62%Fe ~ Low-alumina ~ Produced from blending Carajés and high-silica fines ~ High-silica iron ore, typically used for blending ~ Flexible product, with concent
Slide 15: Vale operates three iron ore production systems in Brazil
Wa Vale operates three re iron ore production pe setae ss systems in Brazil, which include mines, processing plants, railways and port facilities > bardoport ~ Vitoria - ES ‘agual Port {CPBS)- RI SGualba Port Ti6)- Ri Beha ‘Ea Rd =Rlo de anero
Slide 16: Vale operates three iron ore production systems in Brazil
Qiwciiaen Wa Vale operates three iron ore production systems in Brazil hte riba ve [espana te ¥ TGrintepess at i Sosmariana complex ect wet 3 mining complexes EFC - 997 km railway 5 berths (3 Valemax berths) 3 mining complexes EFVM - 905 km railway 3 berths (1 Valemax berth) 2 mining complexes MRS L
Slide 17: Vale has a total of pelletizing plants
aa Wa Vale has a total of 11 pelletizing plants cap Mtpy 75 75 Fébrica & Vargem Grande Plants Start-up Cap (Mtpy) Plants start-up cap.(mtpy) 3 a 25 Fabrica w7 45 VGR 2009 79 Total 75 Total pellet production capacity ~ 59.3Mtpy’ Lineal capac. The brea Pele Plane 5 epy has Deen nepertivesnce 2019 tart
Slide 18: Integrated supply chain: bringing our mines closer to clients
(Ono Integrated supply chain: bringing our mines closer to clients Capacity(me) ® concentration ® elending ® Aaglomeration Wun 20 blending ports world-wide, reducing time to market ~150 Mtpy of concentration capacity to offer an optimized portfolio Market Leader in agglomerates (pellets and briquett
Slide 19: 2024 operational performance
‘ E 2024 operational performance \ Iron Ore Agglomerates 3 production production (Mt) (Mey 308 321 328 36 i Northern system 32 Southeastern system Il Southern system Homan 203 37 2024
Slide 20: Iron Ore business
Orson: : Iron Ore business’ Kt a be Us$ 15.0 bn if Proforma EBITDA. 21.8 US$/t C1cash cost ex-3rd party purchases 55.9 USS/t all-in costs 328 Mt 37 Mt tron ore production volume Pellets production volume 260 Mt 38 Mt Iron ore fines sales volume Pellets sales volume 95.3 US$/t 154.6 US$/t Iron ore fi
Slide 21: Energy Transition Metals
YO , Solutions 6S) Strategy = Capital Allocation ESG
Slide 22: Vale Base Metals history
Q iret is . Wun Vale Base Metals history _——— New caledonin = Start-up of Long Harbour Nickel discovered ue Ra processing in the Sudbury Bie dT lant, Salobo Il, Sossego copper " Leer u area ect ay aaa Vale acquires and Amendment | S2lebe ll (INCO) is forme Inco of PTVICoW to B 2025 Partnership ; Ext
Slide 23: Significant endowment with substantial value potential
— Wore Significant endowment with substantial value potential << oa Mineral Reserves & Resources'?3.4 @ copper © Bubble size: contained metal Nickel HEB Average metal grade
Slide 24: Operations are located in attractive mining jurisdictions
Cores | VALE Operations are e located in. attractive mining jurisdictions Brazil sis Canada s One of the premier mining jurisdictions globally — major global Aye of iron ore, copper, nickel and ‘among other metals Premier mining district globally Consistently ranked among the most favorable mining s
Slide 25: A global flowsheet to produce the right product mix
A global flowsheet to produce the right product mix
Slide 26: Salobo III ramp-up - Voisey's Bay underground mine transition
79 2023 2022 2023 2024 = Salobo lll ramp-up - Voisey’s Bay underground mine transition
Slide 27: Advancing our project pipeline
Advancing our project pipeline (Cu) ~700kt weg | (Ni) ~210-250kt LT volumes (2035) = LT volumes (2030+)
Slide 28: Base metals 2024 results
US$ 1.5 bi 348 kt 160 kt US$ 2.0 bi Proforma EBITDA ‘Copper production Nickel production, CAPEX volume volume Revenue by destination 2,616 US$/t 327 kt 155 kt (cones ansiit Copper all-in costs? Copper sales volume Nickel sales volume one mare 15,420 US$/t 8,811 US$/t 17,078 US$/t cine Nickel all-in
Slide 29: Strategy
<@ Strategy = Capital Allocation ESG
Slide 30: Vale 2030
Qeriner Vale 2030: inga hich ality, and flexible iron ore portfolio A trusted partner with the most Focusing on competitive and sebraay orien resilient portfolio Accelerating copper growth GS) Cultivating Reference in safety and Telationships operational excellence . ee Securing competitiveness oe O
Slide 31: Safety first
©) Safety first ‘Qa ai orolects (4 )) Energy Transition -- Y/ Metals:Transformation Iron Ore Market 2
Slide 32: Safety is our core value
LAR Safety is our core value T R I FR! 1.1 | Solid progress in 2024 Industry leader Decharacterized, completing 57% of the program Removed from emergency level Removed from Lowered from emergency level level 3 to level 2 and continuing into 2025 Lowered from level 2 to level 1
Slide 33: Becoming a benchmark in Safety
a ARG - Becoming a benchmark in Safety High-potential recordable Total recordable injury TRIFR? comparison against major peers injuries (N2)' (unit) frequency rate (TRIFR)? (2024) 3.5 "ie 2019 2024 vale Peer1 Peer2 Peer3 Peer4
Slide 34: Progressing on dam safety
Wa Progressing on dam safety Upstream Dam Decharacterization Program Dams at emergency level" Complete 35 Level3 ‘mOngoi 1 ngoing ~~ Mi tevel2 @ ee Mitevels 30 B 2025-27 2019-2024 2029+ “Geotechnical “Monitoring Center scdtomengvennt cane et ofc el 23 et »
Slide 35: New way to operate
(Ox New way to operate to reduce tailings and the use of dams Gi 4 filtration plants in operation te USS 2.5 bn invested
Slide 36: De-risking production plan
(Mt Iron ore) Production’ 30+ 12.7 2024 2030 (potential) O®® De-risking production plan Clearing licensed operational areas -5% CO, emissions vs. standard operations? Embracing circularity and Vor creating new business models Waste-to-value program Gelado: Producing high-quality pellet feed by repro
Slide 37: Iron Ore Market
©) Safety first @ Iron Ore Market OS eee @« wth projects (4 )) Energy Transition -- Y/) Metals:Transformation
Slide 38: Steel demand is backed by secular trends
Se dO ARG Steel demand is backed by secular trends Steel production by region (Mt) Steel drivers ~2,350 ~2,100 ti Urbanization and steel intensity ~1,910 ~1,940 | al ell Population & economic growth & Energy Transition ~1,020 ~1,010 ~970 ~940 2024 2025 2030 2040 45) Restoring China [i india Mj MENA’
Slide 39: Iron ore demand to hold steady in the coming years
Wva Iron ore demand to hold steady in the coming years = China Soft decline in seaborne demand ongoing, Cl, but still at a high level Seaborne iron ore demand (Mt) ©) Gradual rise of scrap consumption ~1,550 += ~1,545 =_— = SEA, MENA and India SEA: new blast furnaces start-up, demanding seaborne iro
Slide 40: Supply challenges are consistently underestimated
Or Supply challenges are consistently underestimated Seaborne iron ore supply (Mt) ~1,600 ~1,495 ~1,545 2024 Depletion’ Come Projects w/ 2030 2030 w/costs anincentive . (upplyat_ (demand) >uss90/t? price ike, uss90/ ine (0M) of 20 years tasedon the caret Wa <a Volume and 0°0 quality depletion Comple
Slide 41: Adjusting the portfolio for value optimization
(On Adjusting the portfolio for value optimization alongside the decarbonization journey Phase 2 a New steelmaking Phase 1 routes Traditional steelmaking routes feo. Developing solutions that provide supply security for new steelmaking Adjusting our porfolio for processes the market reality and deca
Slide 42: Upstream steelmaking chain will relocate to cost-competitive energy regions
— Wa Part of the upstream steelmaking chain will relocate to regions with cost-competitive energy i LZNS os a Typical mining and steel chains New chain configuration with Mega Hubs as ON EL ogee ey BO gs eras eee ePE Ass Reduction Reduction Mining concentration pelletizing “{@F/DR) Steelmaking Minin
Slide 43: The Mega Hub business model
(Orc Wa The Mega Hub business model is designed for faster implementation and capital efficiency gS Agreements signed for studies in Asset-light business model 5 countries" Concentration | Partnerships for fast and cost- plants efficient implementation using a 4.5 Mtpy tolling model In advanced disc
Slide 44: Optimizing our portfolio
= Won Optimizing our wees Vale’s flexible portfolio strategy portfoli In response to market needs hemene price Market dynamics (prices and premiums) require different strategies Quality specs should be adjusted according to market scenarios Portfolio decisions should be centered on value optimizatio
Slide 45: Filling the supply-demand gap for agglomerates
Co War Filling the supply-demand gap for agglomerates i , Increasing feed availability Pellets and briquettes production (Mt) Praductignplan adjustments 60-70 Minas-Rio offtake New Sohar concentration plant 45-50 ante Mega Hub concentration plants 31-35 Blast furnace : agglomerates New agglomeration
Slide 46: Delivering a flexible and superior portfolio
Owain Delivering a flexible and superior portfolio Iron ore supply will require a price above US$ 90/t to match demand rs Vale will focus on portfolio and supply chain flexibility to maximize value 2 # Weare partnering with clients to decarbonize ironmaking through the Mega Hubs strategy S
Slide 47: Growth projects
Safety first Iron Ore Market er: @ crowth projects (fo Energy Transition. ~~ Y/) Metals:Transformation a
Slide 48: Project pipeline 2023-2026 (approved projects)
wer | maar Project pipeline eh ¢ ‘/ 2023-2026 (approved projects)
Slide 49: Novo Carajás: unique mineral endowment
a, Wve Novo Carajas: unique mineral endowment 10% of global iron ore seaborne market Unique iron ore and copper endowments, with significant growth potential 5.2bn tons @ 65.2% Fe 1.2 bn tons @ 0.62% Cu Positioning Brazil as a key player in Investment (2025-2030) of critical minerals and a leader in
Slide 50: Scaling up operational performance
, Wa Scaling up operational performance : lron ore production (Mt) Management model implementation bearing fruit = ~360 325-335 340-360 FAB Strategic projects to expand O80 iron ore production and quality Accelerating initiatives to take 2024 2025 2026 2030 our operations to the next level
Slide 51: Energy Transition Metals Transformation
©) Safety first @ Iron Ore Market Energy Transition Metals Transformation
Slide 52: Successful business carve-out
Successful business Carve-out = m Seamless transition from Vale SA = New governance in place with a dedicated Board and Executives ™ Deal closed with Manara Minerals Building a tailored strategy and corporate support structures ...but there is still work to be done PTVI divestment completed m Securi
Slide 53: Asset review to unlock full potential
Owner In 2023-24, an asset review was to identify and unlock VEM's. full pote tial. q SAL Key Levers... Resource Endowment Mining Methods Asset Management Flowsheet Optimization Project Development
Slide 54: Sossego
= Sossego Redefine production Maximize production based on the full while addressing potential of the asset mine plan Sworn
Slide 55: Unlocking Salobo copper potential
Unlocking Salobo copper potential A long-life, expandable, world-class asset Wu bd Mine & mill productivity ~ Ramp-up of Salobo 3 and stability of feed grades ~ Higher equipement utilization rate Brownfield expansion options ~ Coarse particle flotation: 20-30+ ktpy = Salobo 3%: 20 ktpy Ae Resource p
Slide 56: Sossego life extension
Sossego life extension SB Mine plan review Additional ore from Sequeirinho pit, offsetting mine depletion Increase in mine equipment productivity Bacaba licensing Preliminary Environmental License obtained in June/25 Start-up is planned for the first half of 2028 ~50 ktpy of copper over an 8-year mi
Slide 57: Sudbury fill the mill
Sudbury “fill the mill” Ore milled Mtpy ~7 ~5.5 43 2024 2025 2027 From 2024 to 2027 40% decrease in unit costs after by-products ~30% increase in copper production | | Wun ‘S) Short-term payback projects ~ Low CAPEX projects that add lower grade ore tons ie Mining strategy Change in cut-off grades a
Slide 58: Continued ramp-up of VBME
cons ~15% reduction in unit costs after by Continued ramp-up of VBME Start-up of Eastern Deeps The bulk material handling system has successfully commenced operations Full ramp-up of VBME project expected by 2026 ~45 ktpy nickel; ~20ktpy copper; 2.6 ktpy cobalt products from 2024 to 2026
Slide 59: Improving competitiveness in nickel
Improving competitiveness in nickel Nickel production — ktpy 20-25 0-15 210-250 oe toa os sno 160 «160-75 ey pre ~1531 “ow i 2024 2025. VBME Onca other ~—-2026 Sudbury Downstream 2030 Famp2ip eeu fillthe maximization p-UP i Furnace 2 mill Wa 5 Fixed cost dilution ~ Unlock own-sourced tons in sudbury
Slide 60: Unlocking copper tons from current assets
Unlocking copper tons from current assets Copper production — ktpy 5-15 420-500 2, 25 i —_ 50 340-370 350-380 ; : j +70-120 kt from 2026-30 2024 2025 2026 —Salobo Sossego Canada Alemao 2030 start-up » ANG Sossego mine replacement ~ Bacaba start-up expected in 2028 ~ Working on mine productivity to o
Slide 61: Fast-tracking copper growth
Fast-tracking . copper growth |. Creating theright = : pathway for ~ |) accelerated expansion. a eT ae =
Slide 62: Carajás basin compares well to large Andean deposits
Carajas basin compares relatively Ven well to large Andean deposits Copper Mineral Reserves & Resources > 20 Mt copper contained at 1.0 @ competitive grades cugrade-% 08 0.63% Cu vs. 0.46% industry average = @ 04 65 @ Bulk logistics infrastructure 0.2 i 2 3 4 5 6 7 8 Resources & Reserves - Bt ’ Reso
Slide 63: Salobo Hub
Salobo Hub Reserva ———— Belegice— Ty ras Es (ace Hes Se er ae South Hub i Neconatée) | © North Hub | anticipate the 1 Tapirapeaquiri development of “7, reecra PRN existing projects | Alemao Hub North Hub RIK RI NICO ag 1 to ne —& accelerate the pees [southtiub development of i Paulo Afonso ok 1, tah
Slide 64: Bringing projects forward
Won Bringing.projects forward 2028 2029 2030) 2031 2032 2033 2034 2035+ | ae South Hub re *« North Hub Small deposits , Bae . . . } .. Cristalino* | 118Project' ;~—, Paulo Afonso ) Small deposits | 60-70 ktpy 60-70ktpy 70-100 ktpy 35-45 ktpy LOM: ~20 Years LOM: ~10 Years a LOM: ~20 Years LOM: 5-10 Y
Slide 65: Potential to accelerate copper production
Potential to accelerate copper production Copper production - ktpy 420-500 | Current plan Ramp-up of 2030 ‘Alemao and brownfield initiatives (70-100 ‘Additional plant capacity Paulo Afonso supported by m8 and/or Cristalino North Hub. South Hub Accelerated strategy small deposits ~700 Accelerated gro
Slide 66: Copper ambition enablers
‘y az ~ Copper ambition enablers Z vA) oll Exploration Drilling and R&D { ~ Advance on drilling and scoping studies \ o7 ~ Define deposits suitable for partnership strategy ~ Accelerate the engineering development ‘ = Processing capacity — Develop additional processing capacity Licensing — Obtain li
Slide 67: Copper and nickel strategy
Copper Baseline of 420-500 ktpy by 2030 Accelerate copper growth in the Carajas region Polymetallic Pursue additional copper tons... ..while contributing to all-in cost reductions r Nickel Stable production at 210-250 ktpy by 2030 Pursue a competitive business through-the-cycle
Slide 68: Capital Allocation
C4 VALE our \ Strategy —— Capital Allocation ESG
Slide 69: Securing cost discipline through the efficiency program
Qian Securing cost discipline through the efficiency program = i a | 6.0 2023 © FXand New Efficiency 2024 © FXand New _— Efficiency 2025 inflation? assets and program Inflation? assetsand program. new way new way to operate tooperate Increasing adherence to tthe production plan Accelerated cost savi
Slide 70: Costs have gone down versus peers
Qos Costs have goneu ore industry in the Peers’ C1 cash cost (US$/t)! 23.0 21.5) . 19.3 ae 18.2 i I i 2018 2023 2024 2018 2023 2024 2018 2023 2024 Peer1 Peer 2 Peer 3 roncreies sae eseoaty purcnases USI). = Considers te .y Vale’s C1 cash cost (USS/#)' 53 5 | B41 20) 2018 © FXand Geological New infla
Slide 71: Our goal is to deliver C1 in the US$ 18-19.5/t range by 2030
©) Our goal is to deliver C1in the US$ 18-19.5/t range by 2030 2023 2024 2025 2026 2030 2024 FXand Geological Efficiency Higher «2030 i inflation? inflation program volumes and mix ee.
Slide 72: Competitiveness through the cycle
Competitiveness through the cycle 2024 2025 2026 Main assumptions for 2026 21.8 20.5-22 <20 Higher volumes and fixed cost dilution Efficiency program 55.9 53-57 50-54 © Better portfolio mix? . 1,500- 3,200- Asset review initiatives in place Copper? All-in 2,616 “ a Postponed Bacaba start-up and Soss
Slide 73: Stable capex while balancing accretive growth
Qe Won Stable capex while balancing accretive growth CAPEX (USS bn) Sustaining 45 2024 2025 5.9 Business breakdown Energy Transition Metals Iron Ore Solutions “a ey Ko Controlled and efficient capex to sustain production Assets optimization Accretive growth opportunities
Slide 74: Performing on our commitments
On) Won Performing on our commitments Expected cash disbursement schedule (USS bn) '? 2025? 2026 2027 2028 2029 2030 '31-35 Avg. Included in ‘rmetmonmeenenss 090705 a2 0a on Fay IEveanded ae “Simcoarimen’ «2509 0s ok 03s = grat Decharacterization® 04 O05 Of O02 02 0.2 0.2 stablecashoutlays = = Gradu
Slide 75: Comfortable with our current expanded net debt target
e— War Comfortable with our current expanded net debt target Expanded net debt (US$ bn) Expandednet Disciplined capital allocation debt target range paecasans Us$ 20 bn Current target will continue GS to guide the company in the 2 ext) next cycle BB uss 10 bn Remaining committed 17,8 47,4 to our div
Slide 76: Disciplined approach to capital allocation
2 Wa Disciplined approach to capital allocation Balancing growth and shareholder returns Efficient capex execution ay Investments The right limits for growth Solid returns through-the-cycle pevey Shareholder Adequate risk-adjusted shareholder remuneration fever returns Dividends and buybacks Balance
Slide 77: ESG
Solutions E iv] eu Ts G) Strategy — Capital Allocation
Slide 78: Rebuilding trust with society
Rebuilding trust with society Reparations Based on Six Principles’ Public apology Restitution Sd OS % Rehabilitation ‘Compensation (€eonomic noneconomi) Sanctions (legal & administrative) Measures for non-repetition Main Actions ~ Emergency Works ~ Indemnification Payments ~ Projects (infrastructure
Slide 79: Mariana: definitive agreement signed in Oct/24
Mariana: definitive agreement signed in Oct/24 Won Definitive Agreement Remediation and compen ady disbursed (RS billion) Pre-agreement cage ; ~R§$ 63 billion’ 100% 630k $ people compensated? +R$170 4 bn 100 a E i of housing : i obligations | | : AI 964k Mm? of tailings | removed Compensation (PID®)
Slide 80: Brumadinho reparation continues to progress
Brumadinho reparation continues to progress Additional Agreements: R$ 25.5 billion? Emergency compensation, Community Centers, Parks, Water ‘supply works and monitoring, tourism initiative, and individual compensation R$ 18.4 billion Pe payments made, including individual compensation to over 17,300
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Slide 92: 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: September 2, 2025 Director of Investor Relations