Vale S A : Webinar - Energy Transition Metals' Asset Review

Vale Base Metals

Asset Review

Webinar

June 20, 2024

Webinar on Vale Base Metals' Asset Review

Disclaimer

"This presentation may include statements that present Vale's expectations about future events or results, including without limitation (i) our asset performance expectation on slides 16, 19, 20, 22, 25 and 27; (ii) production guidance on slide 10, 33 and 34, (iii) cost guidance on slide 10, (iv) projects' start-up and capacity additions on slides 25, 26, 27, 29, 30, 33 and 34; (v) expectations on the consolidated outcomes for the Asset Review initiatives on slides 10, 33, 34 and 35; (vi) expenditures to implement Asset Review initiatives on slides 9 and 35; (vii) potential for increase in resources on slides 17 and 23; (viii) expectations for supply and demand of nickel and copper on slides 39, 41, 42 and 45; and (ix) expectations for EV sales on slide 44.

These risks and uncertainties include factors relating to our ability to perform our production plans and to obtain applicable environmental licenses.

It includes risks and uncertainties relating to the following:

1. the countries where we operate, especially Brazil, Canada and Indonesia;
2. the global economy;
3. the capital markets;
4. the mining and metals prices and their dependence on global industrial production, which is cyclical by nature;
5. global competition in the markets in which Vale operates;
6. the estimation of exploration target, mineral resources and mineral reserves as well as the development of mining facilities, our ability to obtain or renew licenses, the depletion and exhaustion of mineral reserves.

To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward-Looking Statements" and "Risk Factors" in Vale's annual report on Form 20-F."

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Webinar on Vale Base Metals' Asset Review

1. Pathway to Value

Mark Cutifani

VBM Chairman

2. Market update

Tina Litzinger

Chief Commercial Officer

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Webinar on Vale Base Metals' Asset Review

1. Pathway to Value

Mark Cutifani

VBM Chairman

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Webinar on Vale Base Metals' Asset Review: Pathway to Value

We have progressed towards creating a standalone organization…

Successful business

Carve-out

• Seamless transition from Vale SA
• New governance in place with a dedicated Board and Executives
• Deal closed with Manara Minerals
• Building tailored strategy and corporate support structures

…but there is still work to be done in 2024 and beyond

PTVI divestment on the right path

• Security of land package
• Securing PTVI's long-term license to operate
• VBM will maintain Ni matte offtake
• Joint governance structure enabling continued stability of operations

…to determine our long-term value proposition and focal points

1st phase of the Asset Review concluded

• Comprehensive assessment of operational sites and projects
• Findings will be embedded into the business processes and plans
• Key focus on operational stability and realization of resource potential

…significant value potential

recognized in resources and assets

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Webinar on Vale Base Metals' Asset Review: Pathway to Value

A "Salt-and-Pepper Review" used to identify and unlock VBM's full potential

Voisey's Bay &

Long Harbour

Thompson

Sudbury

Clydach

		Matsusaka
		PTVI
Salobo	Sossego	Onça Puma

Key Levers...

Resource Endowment

Mining Methods

Asset Management

Flowsheet Optimization

Project Development

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Webinar on Vale Base Metals' Asset Review: Pathway to Value

We have a clear path to achieve our full business capabilities…

Process Indicator

Process Indicator

ILLUSTRATIVE

time

ILLUSTRATIVE

time

Step 1:

Control and stabilize

Reduce process variability by managing inputs and process parameters...

Step 2:

Continuously improve

Increase averages with controls to support consistent delivery.

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Webinar on Vale Base Metals' Asset Review: Pathway to Value

"Sustainable Business Improvement" starts with safety…

Total Recordable Injury Frequency Rate	Lost Time Incident Frequency		High Potential Recordable Injuries (N2)
(TRIFR)			(LTIF)				# of events
3.00			0.39	0.37		6	6
2.27					5
			0.29
1.97				4
1.90
						0.13		2

2021	2022	2023	2024	2021	2022	2023	2024	2021	2022	2023	2024
			YTD¹				YTD¹				YTD¹ ²

8 ¹ As of April 30th. ² Annualized.

Webinar on Vale Base Metals' Asset Review: Pathway to Value

The first phase of execution started this year, leveraging value with targeted investment

Total Expenditure¹

in the next 3 Years

Secure stability…

Identify early wins…

Pathway to Value…

Capacity run rate & reliability

Enable operating stability and reaching production potential

Sudbury:

Fill the mill with own sourced metals with higher margins

Salobo:

Improve physical performance to reduce costs and improve margins

Exploration & Project development

Delivering long-term value

US$ 650

million

	Phase 1:
	~$2 billion
	potential value
US$ 150	creation²
million

US$ 350

million

¹ Includes costs, expenses and capital expenditures. About 50% refers to CAPEX and 50% to one-off costs & expenses. ² Assuming potential EBITDA Generation of circa US$ 400 million and a 7x EV/EBITDA target multiple, based on market consensus.

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Webinar on Vale Base Metals' Asset Review: Pathway to Value

Focus on a 5-10% growth in volume and a 10% decrease in unit costs compared to our 2026 baseline

Copper

production

kt

Cu All-in¹

'000 per metric ton

Nickel

production

kt

Ni All-in¹

'000 per metric ton

2023

321

$3.4

165

$16.9

2026

375-410

$3.5-4.0

190-210

(210-230kt incl. Indo JVs)

$11.5-13.5

Early wins

vs. 2026

+5%

-10%

+10%

-10%

Phase 1 Target uplift

30% productivity uplift in Sudbury

10% reduction in costs at Salobo

30% productivity uplift in Sudbury

Fixed cost dilution at Sudbury

¹ EBITDA breakeven. It does not include sustaining capital.

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