Vale S A : ´s Performance in 1Q24 - Conference Call Presentation

Vale's

Performance 1Q24

April 25th, 2024

Disclaimer

"This presentation may include statements that present Vale's expectations about future events or results, including without limitation our performance expectation at some sites on slide 7, and cost guidance on slides 13 and 14.

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

It include 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 mineral resources and reserves, the exploration of mineral reserves and resources and the development of mining facilities, our ability to obtain or renew licenses, the depletion and exhaustion of mines and mineral reserves and resources.

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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1. Opening remarks

3

1. Opening remarks

Progressing on our drivers

Safety Journey

Iron Ore Operational

Stability

Iron Ore Growth

and Quality

Energy Transition

Metals Transformation

ESG Leadership

Stay disciplined

ETM: Energy Transition Metals

4 1 C1 cash cost, ex-third-party purchases.

• Technology enhancements supported a 77% reduction in incidents on critical activities.
• Peneirinha dam removed from emergency level 1.
• Iron ore production reached 70.8 Mt, highest output for Q1 since 2019.
• Iron ore shipments increased 15% y/y, driven by improved operating stability.
• Vargem Grande project is 89% completed. On track to start-up in Q4.
• C1 cash-cost1 slightly lower y/y, despite FX and inflationary impacts.
• Briquette plant project awarded negotiation for IRA funding in the US.
• Copper production increased 22% y/y driven by Salobo complex performance.
• Sudbury operations delivered stronger performance y/y.
• ETM partnership: all the regulatory approvals secured; closing in the upcoming weeks.
• 100% renewable electricity consumption in Brazil, 2 years ahead of schedule.
• Aliança Energia: asset-light energy platform to accelerate decarbonization.
• Mariana: R$ 36 billion disbursed and ~85% of housing solutions delivered.
• US$ 2.3 billion dividend paid in March.

Safety Journey

IO Operational Stability

Safety

Transformation

Program

IO Growth and Quality	Energy Transition Metals	ESG Leadership	Stay disciplined
Transformation

Number of high-potential consequences events (N2) by critical activity

	11			2019
4	3	7		2023
2
0
Automotive	Mobile	Eletricity
Vehicles	equipment	Control

Peneirinha dam removed from level 1

Dams at emergency level (1, 2 and 3)
	24/7 geotechnical monitoring
35			centres
	19		100% of the population
		close to risk areas removed
			Backup dams for level 3
			structures
2020	Apr-24

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Safety Journey	IO Operational Stability	IO Growth and Quality	Energy Transition Metals
Transformation

Robust iron ore production and sales

Iron ore production	S11D production
(Mt)			(Mt)
67	6%	71	9%	18
	16

1Q23

1Q24

1Q23

1Q24

ESG Leadership

Stay disciplined

Iron ore sales

(Mt)

15% 64

56

1Q23 1Q24

• Highest production for Q1 since 2019
• S11D achieved the highest Q1 production since 2020

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Safety Journey	IO Operational Stability	IO Growth and Quality	Energy Transition Metals	ESG Leadership	Stay disciplined
Transformation

Accelerating breakthrough solutions in iron ore

Tubarão plant ramping-up to produce ~1.5Mt of briquettes in 2024

MoU with Hydnum Steel	Vale selected by US
signed to develop iron ore	Government to begin
briquette plant at a green	award negotiations for
steel project in Spain	briquette plant

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Safety Journey	IO Operational Stability	IO Growth and Quality	Energy Transition Metals	ESG Leadership	Stay disciplined
Transformation

Strong copper production at Salobo and better nickel performance at Sudbury

Copper production

(kt)

22%

82

67

1Q231Q24

Salobo 3

~90% average throughput rate

Salobo 1 & 2 performance increased 14%

Nickel: improved productivity at Sudbury

Clarabelle mill throughput (kt)

Third-party feed			Own sourced-ore
7%				Canadian
3,782	4,043	operations
			delivered stronger

performance y/y

Lower third-partyfeed consumption

LTM Mar/23

LTM Mar/24

LTM: Last twelve months

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Safety Journey	IO Operational Stability	IO Growth and Quality	Energy Transition Metals	ESG Leadership	Stay disciplined
Transformation

Walking the talk on ESG practices and disclosure

100% renewable electricity

consumption in Brazil, 2 years ahead of schedule

Aliança Energia:

asset-light energy platform to accelerate decarbonization

Sustainalytics:

Score improved from 35.3 to 31.2 points in April

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2. Financial Performance

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