Disclaimer

“This presentation may include statements that present Vale's expectations about future events or results, including without limitation: (i) iron
ore and agglomerates production guidance on slides 10, 16, 37, 48 and 51; (ii) portfolio composition expectations on slides 10, 38 and 50; (iii)
expected capacity and start-up of Mega Hubs projects on slide 11; (iv) possibility of acquiring an additional stake in Minas-Rio and potential
offtake on slide 11; (v) copper and nickel production guidance and estimates on slides 13, 63, 64, 68 and 70; (vi) fixed spending estimate and costs
guidance on slides 15, 74, 75, 76 and 77; (vii) guidance for production from reused tailings on slide 16 and 48; (viii) steel production expectations by
region on slide 26; (ix) transoceanic iron ore demand and supply on slides 27 and 28; (x) expectations for the mega-hub business model, with
potential demand lock-in on slide 36; (xi) expectation of new agglomeration plants on slide 37; (xii) expected start-up, capacity, product
composition and cost for the S11D project on slide 46; (xiii) expectation for increase the use of biodiesel in railways on slide 49; (xiv) expectations
for brownfield expansion options on slide 59; (xv) expectations for commissioning, production and obtaining construction permits for the Bacaba
project on slide 60; (xvi) expectations for ore milled, lower unit cost after by-product and higher copper production on slide 61; (xvii) full ramp-up
of VBME project and by-product unit cost reduction on slide 62; (xviii) nickel production guidance on slides 62 and 63 ; (xix) cobalt production
estimate on slide 62; (xx) copper production estimate on slides 62, 64, 69; (xxi) expected capacity and start-up for the Alemao project on slide 64;
(xxii) expectations and project capacity on slide 68; (xxiii) expectations for cost efficiency on slide 74; (xxiv) capex guidance on slide 78; (xxv)
forecast of cash disbursement schedule on slide 79; (xxvi) forecast extended net debt target on slide 80; (xxvii) expected normalised free cash flow
return on slide 85. 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: (a) the countries where we operate, especially Brazil, Canada
and Indonesia; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial
production, which is cyclical by nature; (e) global competition in the markets in which Vale operates; and (f) 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.”
3
Opening remarks
Gustavo Pimenta

4
Safety is our core value

TRIFR 1.1 Solid progress in 2024

Industry leader

Sul
+3 dams +4 dams Superior
Decharacterized, Removed from Lowered from
completing 53% emergency level level 3 to level 2
of the program

5
 Strong deliveries in 2024…
Expected
Start-up Vargem Grande, Iron Ore production,
Mariana Capanema1 and
VBME 328
Mt
upper end of
revised guidance
Definitive agreement signed
Minas-Rio, Expected at the low end of
Brumadinho Sohar
partnerships
closed ~22 iron ore cost

ESG US$/t C1
guidance
reparation

73% Ratings
improvements
Asset
complete
Being executed VBM Nickel and copper
well-below
Review at VBM Cost guidance

…paving the way for the

1 Commissioning
next phase of success
7
Vale 2030:
Delivering a high
quality, and flexible
iron ore portfolio
A trusted partner
with the most Po
Focusing on
erior rtfolio customer-oriented
competitive and up solutions
resilient portfolio

S
Accelerating copper

T r us t e d
Vale growth

e D ri v e n
2030

Pa
tn

anc
r
er

rm
f o
Cultivating P er
institutional Reference in safety and
relationships operational excellence

Generating a positive impact Securing competitiveness

for people and nature through a talent-driven
and agile company
Ensuring greater trust
through increased Fostering innovation and
transparency digital solutions
8
 Po
erior rtfolio
up

S Delivering a high quality and

T r u ste d

Vale

e D ri v e n
2030 flexible iron ore portfolio
Pa

an c
rt
ne
r
rm
r fo
Pe

Focusing on customer-
oriented solutions

Accelerating copper growth

9
 or Portfol
eri io
up

S
Growing with flexibility to maximize
value through-the-cycle

Vale’s production (Mt)

~360 Agglomerates
340-360
~328 325-335 60-70 Average
Blast portfolio by
Furnace 2030

Direct 63-64%
Fe content
Reduction

2024E 2025 2026 2030 2030

10
 Advancing on our strategy
or Portfol
eri io
up

S
through partnerships

Mega Hubs Minas-Rio

Iron ore concentration plant in Access to 3.8 Mt of high-quality
partnership with Jinnan Group pellet feed
~12 Mt of high-grade concentrates Option to acquire an additional
Start-up by 2027 15% interest
~15 Mtpy potential offtake in the
Agreements in 5 countries long term

11 11
Accelerating copper growth in Carajás
Salobo Hub

South Hub
Alvo 46

Alfa 4

North Hub anticipate the

development of
Salobo Paulo Afonso

Cururu

Breves
existing projects
PGG

Alemao

Alemão Hub North Hub

accelerate the
South Hub development of
Bacuri
Estrela
Paulo Afonso
118 Bacaba

CR 88 Cristalino
Sossego UG Visconde
Sossego Barao
Borrachudo

Small deposits
advance projects
through accretive
0km 20km
partnerships

12
Potential to accelerate up
eri
or Portfol
io

S
copper production

~350kt
Current production rate

420-500kt
with Bacaba and Alemão by 2030

~700kt 2030-35

Accelerated growth with Paulo Afonso, 118 and

small deposits (ex-Hu’u)
Future Alemão project, Pará,Brazil 13
 Po
erior rtfolio
up

S Reference in safety and

T r u ste d

Vale

e D ri v e n
2030 operational excellence
Pa

anc
rt
ne
r
rm
r fo
Pe

Securing competitiveness
through a talent-driven and
agile company

Fostering innovation and

digital solutions

14
Laser-focused on Key Levers

e D ri v e n
securing cost

an c
rm
o
rf

competitiveness
Pe

Digital solutions and

efficiency program

Fixed cost dilution as

volumes rise
C1 cash cost, nominal terms (US$/t)1
Higher volumes from
22.3 ~22 20.5-22 the Northern System
<20
18-19.5
2030
Higher share of C1: US$ 18-19.5/t
agglomerates
All-in: <US$ 50/t
De-specification
program
2023 2024 2025 2026 2030
1Iron ore fines C1
cash cost – ex. 3rd-party purchase (US$/t). Considering BRL@5.50 for
2025, 2026 and 2030.

15
 MINING REINVENTED:
creating value through

e D ri v e n
circularity

an c
rm
o
rf
Pe

Production from reused

tailings in 2024

~10 Mt

Production from reused

tailings in 2030

30+ Mt
Gelado Project
Note: Tailings and waste piles 16
 Po
erior rtfolio
up

S Cultivating institutional
T ru sted

Vale

e D ri v e n
2030 relationships
Pa

an c
rt
ne
r
rm
r fo
Pe

Leaving a positive impact

for people and nature

Ensuring greater trust through

increased transparency

17
Sharing value with society

T ruste d
Pa
rt
ne
r

Prompting a
Supporting
Leader in mining Enabling safer talent-based Empowering Fostering
indigenous
decarbonization mining diverse communities biodiversity
communities
workforce

100% -60% 26% 5 out of 11 ~50,000 800k ha

renewable energy in in high-potential women in the indigenous people beneffited in under protection in
Brasil injuries vs. 2019 workforce communities projects targeting the Carajás Mosaic
engaged for extreme poverty
UNDRIP1

Investments in the last 5 years2:

~R$ 20 billion
in socio-environmental initiatives
1 UN
18
Declaration on the Rights of Indigenous Peoples. Considering only Brazil. 2 From 2019 to 2023, excluding Brumadinho disbursements.
Continuously improving our ESG rating

T ruste d
Pa
rt
ne
r

Vale’s ESG rating¹ 2018 2019 Today²

Sustainalytics
(the lower, the better) 36.5³ 54.5 29.4

ISS Governance
(the lower, the better)
8 10 1

MSCI
(AAA highest / CCC lowest) B CCC B

DJSI4
(the higher, the better)
455 45 46

Moody’s
(the lower, the better) NA NA CIS-26

¹ There may be methodological differences between the periods analyzed. ² As of Oct. 13, 2024. ³ Note as per history shared by Sustainalytics with Vale in May 2024. The oldest Sustainalytics report available to us, which most closely aligns with the current methodology, is from July 2019. 4 Dow Jones Sustainability
Index World. Also known as CSA (S&P Global’s Corporate Sustainability Assessment). 5 Vale completed the questionnaire for the first time in 2018. After Brumadinho, the 2018 score was reviewed and decreased from 57 to 45. 6 Neutral-to-low rating, improved in comparison to 2021 (highly negative or CIS-4). 20
Building success with the
right people and culture

21
Opening remarks
Thank You

22
Iron Ore Solutions
Rogério Nogueira

23
Iron Ore Solutions
Demand
fundamentals

Short-term
strategy

Long-term
strategy

24
Iron Ore Solutions
Demand
fundamentals
Supported by secular
trends

25
 Steel demand is backed
by secular trends
Steel production by region (Mt) Steel drivers
~2,350
~2,100 Urbanization and steel intensity
~1,910 ~1,940

Population & economic growth

Energy Transition
~1,020 ~1,010 ~970 ~940

Reshoring
2024 2025 2030 2040

China India MENA1 SEA2 Others

1 Middle East and North Africa. 2 Southeast Asia. 26

Iron ore demand to hold
steady in the coming years
China
Seaborne iron ore demand (Mt) Soft decline in seaborne demand ongoing,
but still at a high level

~1,550 ~1,545 Gradual rise of scrap consumption

-145 120 20

SEA, MENA and India

SEA: new blast furnaces start-up,
demanding seaborne iron ore

MENA: growing demand for direct

2024 China SEA, Others 2030 reduction feed and agglomerates
MENA
& India
India: slight increase in seaborne demand

27
 Supply challenges
are consistently
underestimated
Volume and
Seaborne iron ore supply (Mt) quality depletion

~1,600
~1,545
~1,495
~320 Complex
~365
~150 licensing processes

Higher incentive prices

2024 Depletion1 Operations Projects w/ 2030 2030
for replacement projects
w/ cost incentive (supply at (demand)
>US$90/t2 price US$90/t)
<$90/t3

1Assuming an average annual depletion rate of ~3%, meaning an average Life of Mine (LOM) of 30 years based on the current
supply. 2 Including Chinese ores. 3 Including greenfield projects and replacement projects. 28
Adjusting the Phase 2
portfolio for New steelmaking
Phase 1 routes
value
Traditional steelmaking
optimization routes
alongside the
decarbonization Developing solutions to
journey provide security of supply
to new steelmaking
Adjusting porfolio for processes
market reality and
decarbonization pace Portfolio re-design

Portfolio optimization

Decarbonization journey

29
Iron Ore Solutions

Short-term
strategy
Maximizing value
creation

30
Optimizing our
portfolio in response Vale’s flexible portfolio strategy
to market needs
Iron ore
price
Market dynamics (price and premium) Prioritize
require different strategies High Maximize
high-grade
production
products

Quality specs should be adjusted

according to market scenarios Prioritize Optimize
Low low-cost high-grade
products portfolio
Portfolio decisions should be
centered on value optimization Low High
Steel
margins

31
 Our portfolio offers flexibility to hit the sweet
spot in blast furnace ironmaking

Al2O3/SiO2 relation1

4.0 High alumina & low silica High alumina High silica & alumina
% Al2O3

3.5
Vale’s iron
ore fines
3.0
Australian/Indian High silica
iron ore fines
2.5
High-silica
2.0
products
(SIO2 >12%)
1.5 Ideal
IOCJ sintering SSFT
BRBF
1.0 zone
PFC1
0.5
1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0
% SiO2

1 Limit proportion between Al2O3 and SiO2 percentages for an efficient sintering and blast furnace operation. 32
Flexibility supported by integrated supply chain,
bringing our mines closer to clients
Vale’s extended supply chain

20 blending ports world-wide,

Europe reducing time to market
~3 Oman China
Mtpy
~12 ~10
~13 >120 ~150 Mtpy of concentration
Mtpy Mtpy
Mtpy Mtpy capacity to offer optimized
~10 portfolio
Brazil Mtpy
~25
>125 ~50 Mtpy
Capacity (Mt) Mtpy Mtpy Leader in agglomerates market
Concentration Malaysia (pellets and briquettes)
Blending
Agglomeration

33
Iron Ore Solutions

Long-term
strategy
Developing solutions to
new steelmaking
processes

34
Part of the upstream steelmaking chain will
relocate to regions with cost-competitive energy

Typical mining and steel chains New chain configuration with Mega Hubs

Brazil Europe, Asia Brazil Mega Hubs Europe, Asia

Reduction Reduction
Mining Concentration Pelletizing (BF/DR1) Steelmaking Mining Concentration Briquetting (DR) Steelmaking

Vale Vale Vale Client Client Vale Vale Client Client Client

Miners need to provide supply security and solutions to new steelmaking processes
35
 Mega Hubs business model designed to speed-up
implementation and provide capital efficiency

Agreements signed for studies in Asset-light business model

5 countries1
Concentration Partnerships for fast and cost-
plants efficient implementation under
4.5 Mtpy tolling model
7 advanced discussions with
customers, with 2 FIDs in 2025
Briquetting Partnerships with customers that
plants may invest in and operate, reducing
3.75 Mtpy Vale’s capital requirements
Locking-in potential demand of
30+ Mt of DR feed in the next decade
DRI/HBI
Plants Customers investment
2.5 Mtpy

1 Oman, Saudi Arabia, UAE, US and Brazil. 36

Filling agglomerates’
supply-demand gap
Increasing feed availability
Pellets and briquettes production (Mt) Production plan adjustments
60-70 Minas-Rio offtake
New Sohar concentration plant
Direct reduction
45-50 agglomerates Mega Hub concentration plants
~38 38-42

Blast furnace
agglomerates New agglomeration plants
Tubarão plants ramp-up
2024 2025 2026 2030
US briquette plant
DR agglomerates share will Mega Hub briquette plants
grow as the industry shifts to
direct reduction route
37
Delivering a flexible
and superior portfolio
Vale’s product portfolio – Base Case (%)
Iron ore supply will require %Fe sales ~62.3% ~62.5% ~63% 63-64%
price above US$ 90/t to match
demand Others ~11% ~12% ~8%
~15% <2%
<5%
High-silica ~15% 5-10%

Vale will focus on portfolio and

supply chain flexibility to ~70%
~70%
maximize value IOCJ, BRBF & 62-67%
Pellet Feed ~62%

We are partnering with clients

for decarbonizing ironmaking ~20%
Agglomerates ~12% ~13% ~13%
through the Mega Hubs strategy
2024 2025 2026 2030

38
Iron Ore Solutions
Thank You

39
Iron Ore Operations
Carlos Medeiros

40
 Safety drives
operational excellence
N31 record
+423% reinforcing the preventing
vs. 2023 mindset

Process safety events2

-46% through preventive actions and
vs. 2023
critical controls integrity

-33% LTIFR3
vs. 2022 focusing on preventing accidents

110M24 figures compared with 2023. N3 are events with high potential that causes first-aid injuries and/or with no loss. By registering them, Vale learns and carries out
preventive actions to avoid N1 and N2 events. 2 10M24 figures compared with 2023. Process safety events that generate an unplanned or uncontrolled release of
hazardous material or energy involving equipment or operating assets. 3 10M24 figures. Lost Time Injury Frequency Rate measures the number of accidents at work that
result in more than three days lost for every million hours worked.
41
42
 Identifying and
monitoring deviations
to enhance reliability
Corrective maintenance ratio
S11D operations, 2022 = 100 (the lower the better)

100
59
36

2022 2023 20241 Mid-term

Early detection of failures through

integrated monitoring

Optimizing preventive maintenance

planning
1 10M24 figures. 43
Improving asset integrity strategy to
maximize availability
S11D: Combined assets’ maintenance
Maintenance interval raised from 4 to 5 weeks S2 S1 S4 S3

Truckless
Conveyor belt
Secondary
Truckless physical availability
+6% Reduction of planned shutdowns
crushing

Truckless physical productivity

+10% Synchronization of shutdowns
providing greater system uptime
Plants

Iron ore production (9M24)

Conveyor belt productivity +4.5 Mt y/y
+7% Longer simultaneous operation
increasing ore transportation

44
45
 Capanema commissioning
ahead of schedule
4Q23 Tubarão Briquette Plant +6 Mtpy
Commercial production ramping-up

Sep
2024 Vargem Grande 1 +15 Mtpy
Improving iron content by 2% in the Complex
80% of tailings to be dry-stacked

Nov
2024 Capanema +15 Mtpy
Hot commissioning started in Nov 2024
Natural moisture production
Flexible operation with low cost (< US$20/t)

2H26 S11D +20 +20 Mtpy

65%Fe iron ore production
Capanema stockyard Lowest cost operation (US$ <14/t)
Note: Projects already included in Vale’s production plan. 46
 Circular
Decarbonized

Superior Client-focused

operational
performance
47
 Embracing circularity and
Production1
creating new business models
(Mt Iron ore) 30+
Waste-to-value program
~10
Tailings Gelado: Producing high-quality pellet feed by
2024 2030 reprocessing reprocessing 37+ years of tailings at Serra Norte
(potential)

De-risking production plan Waste Serrinha: high-Fe waste processing to produce iron
processing ore and eliminate structures with low cost
Clearing licensed
operational areas

-5% CO2 emissions vs. Block factory and sustainable sand & cement:
usual operations2 Coproducts Creating coproducts from waste and transforming
tailings into viable high-quality products

1 Already included in Vale’s production plan. Including fines and ROM. 2 Average emission reduction for program initiatives. 48
 Leveraging Brazil’s competitive edge for
decarbonizing our operations

Carbon emission intensity1 - 2023 Ongoing initiatives (non-exhaustive)

kg CO2 eq./t iron ore
Trucks: ethanol and electric equipment
19.8 250+ trucks: High-power engine retrofit
technology in development
After 2030: BEVs under development by OEMs,
with scalability

10.9 10.5 Railways: biodiesel

8.7 8.3
Pilot tests to increase biodiesel content to 25%
by 2028

Innovative Processes
Peer 1 Peer 2 Peer 3 Peer 4 Vale Improve our furnaces thermal efficiency to reduce
the anthracite usage

Source: CRU and Vale analysis. 1 Including scope 1 and 2 emissions of fines operations. 49
Enhancing our portfolio to meet clients’
needs through operational upgrades

Conceição II plant: Orion Project Conceição II production1 (Mt)

Increasing high-quality production
12
10
Greater predictability of run-of-mine 9
Processing plant setup optimization

Specialized process control systems

Real-time control of mineral treatment process
9
Direct 8
Standardization and process control reduction 5
Reliable and consistent results combined with pellet feed
innovative solutions
2023 2024 Mid-term
A model to be replicated
Roll out planned for Brucutu’s lines
1 Already included in Vale’s production plan. 50
Scaling up operational
performance momentum
Iron ore production (Mt)

Management model
implementation bearing fruit
340-360 ~360
~328 325-335

Strategic projects to expand

iron ore production and quality

Accelerating initiatives to take

2024 2025 2026 2030
our operations to the next level

51
Iron Ore Operations
Thank You

52
Energy Transition Metals
Shaun Usmar

53
A business with significant
potential and optionality
A differentiated resource endowment Allowing a specific strategic
positioning for copper,
polymetallics, and nickel

Competitiveness improvement With a portfolio of assets in the

right path to deliver its potential
and provide optionality

Focus to deliver our aspiration in copper Leveraging on the pipeline of

projects and the potential in
Carajás

With the organization set to deliver Designed to deliver our priorities

and value through an agile
organization

54
Significant endowment
with substantial value potential

2.6
Mt Poly
3.0 1.3%
Mt metallic
1.6%

6.6
Mt
14.1 1.4%
2.3 Mt
Mt
1.5% 27.6
Mt
0.9%
Grant a competitive
0.6% business...

Mineral Reserves & Resources1,2,3,4 ... and accelerate Copper

Copper Bubble size: contained metal
growth
Nickel % Average metal grade
¹ As of December 31, 2023, as per Vale Form 20-F. ²Reflecting the total resources (reserve + resource, including
inferred). ³ Mineral Resources are not mineral reserves and do not have demonstrated economic viability at this 55
time 4 Figures refer to VBM’s ownership (33.9% of PTVI, 80% Hu’u and 100% for Canadian and Brazilian assets).
 TRIFR

3.0
2.3
1.9 2.0

2021 2022 2023 20241

High Potential Recordable Injuries (N2)2

6 6
Safety and risk 4 4
management are an
integral part of our
daily routine 2021 2022 2023 20241

1 Year-to-date as of Oct 31. 2 Number of events.

56
 Capability drives performance...

plant plant
Salobo Sudbury

+13% +13%
Ore milled Ore milled
(Mtpy) (Mtpy)
2023 2024¹ 2023 2024¹

mine productivity mines ramp-up

Sossego Voisey’s Bay

+25% +170%
Truck utilization Ore mined from U/G mines
(t/h) (Mtpy)
2023 2024¹ 2023 2024¹

Note: Projects already included in Vale’s production plan

¹ 2024 year forecast as of October 31st, 2024.
57
 Shaping a
competitive
business

58
Unlocking Salobo copper potential
Mine & mill productivity
− Ramp-up of Salobo 3 and feed
grades stability
− Higher utilization of equipment

Brownfield expansion options

− Coarse particle flotation: 20-30+ ktpy
− Salobo 3 ½: 20 ktpy

Resource potential
− Potential to add significant resources
through additional in-depth drilling
A long-life, expandable, world-class asset − Enables further extending the life of
the asset – design and optimization
59
 Sossego life extension

Mine plan review Bacaba licensing Fill the mill

− Additional ore from Sequeirinho pit, − Public hearings held in October − Development of near mine deposits
offsetting mine depletion to maximize ore to mill
− Construction License is expected to
− Increase in mine equipment be granted in the coming months − 1st deposit: 8-20 ktpy
productivity
− Start-up expected in 2028
− ~60 ktpy of copper – replacement
of Sossego mines

60
Sudbury “fill the mill”
Short-term payback projects
Ore milled − Low CAPEX projects that add lower
Mtpy ~7 grade ore tons

~5.5

~4 Mining strategy
− Change in cut-off grades and
extraction strategies
− Increase in mine development to
support increase in production and
lower costs

2024 2025 2027

From 2024 to 2027

Clarabelle mill expansion
− Debottleneck to process increased
40% decrease in unit costs mine production
after by-products
~30% increase in copper production
61
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

~15% reduction in unit costs after by

products from 2024 to 2026

62
Improving competitiveness in nickel
Fixed cost dilution
Nickel production – ktpy − Unlock own-sourced tons in
Sudbury
− Conclude Voisey’s Bay
0-15 210-250 transition
20-25
0-5
10-15 175-210 − Deliver Onça Puma second
5-15 furnace
~160 160-175
PTVI

~153 kt
ex-PTVI Maximize downstream
utilization
− Additional own-sourced ore
2024 2025 VBME Onça Other 2026 Sudbury Downstream 2030
ramp-up Puma fill the maximization − 3rd-party feed, according to
Furnace 2 mill market conditions

63
Unlocking copper tons Sossego mine replacement
from current assets − Bacaba start-up expected in 2028
− Working on mine productivity to
Copper production – ktpy offset depletion
− Additional tons from smaller deposits
5-15 420-500 to fill the mill
20-30
15-25
30-50
340-370 350-380
~345
Brownfield expansion
+70-120 kt from 2026-30 options at Salobo
− Increase in plants productivity
through feed stability
− Increase plant capacity through
brownfield options

Alemão
− Start-up expected in 2030
2024 2025 2026 Salobo Sossego Canada Alemão 2030 − Capacity: 60-70 ktpy of copper; 105
start-up kozpy of gold in copper
concentrates

64
Fast-tracking
copper growth

Creating the right

pathway for
accelerated expansion

65
 Carajás basin compares relatively
well to large Andean deposits
Copper Mineral Reserves & Resources
> 20 Mt copper contained at
1.0
competitive grades
Cu grade - %

0.8 0.63% Cu vs. 0.46% industry average

0.6

0.4 Bulk logistics infrastructure

mine-railway-port
0.2
1 2 3 4 5 6 7 8
Resources & Reserves - Bt
Resources potential
Vale’s Carajas basin¹ Size: Copper contained in Reserves & Resources
Large Andeans (incl. Chile)²
for further project development

¹ Comprises current Carajás Basin resources including Salobo, Sossego, Alemão and Paulo Afonso deposits, as of December 31, 2023, as per Vale Form 20-F. ² Refers to deposits with more than 10 Mt of contained copper, comprising Collahuasi, Escondida, El Teniente, Queblada Blanca, Cerro
Verde, Los Bronces (including underground), Toquepala, El Abra, Andina, Los Pelambres, Radomiro Tomic, Nueva Union, Chuquicamata, Centinela and Quellaveco.
Source: Vale and S&P Capital IQ. 66
Accelerating copper growth in Carajás
Salobo Hub

South Hub
Alvo 46

Alfa 4

North Hub anticipate the

development of
Salobo Paulo Afonso

Cururu

Breves
existing projects
PGG

Alemao

Alemão Hub North Hub

accelerate the
South Hub development of
Bacuri
Estrela
Paulo Afonso
118 Bacaba

CR 88 Cristalino
Sossego UG Visconde
Sossego Barao
Borrachudo

Small deposits
advance projects
through accretive
0km 20km
partnerships

67
Bringing projects forward
2028 2029 2030 2031 2032 2033 2034 2035+

South Hub

North Hub

Small deposits

Cristalino¹ 118 Project¹ Paulo Afonso Small deposits

60-70 ktpy 60-70 ktpy 70-100 ktpy 35-45 ktpy
LOM: ~20 Years LOM: ~10 Years LOM: ~20 Years LOM: 5-10 Years

Note: LOM as known as life of mine.

¹ Additional plant capacity supported by 118 and/or Cristalino. 68
Potential to accelerate copper production
Copper production – ktpy

~700 Target to
35-45 achieve new plan
60-70 capacity before

2035
70-100 Additional
plant capacity
420-500 Paulo Afonso supported by
118 and/or
Cristalino

Current plan Ramp-up of North Hub South Hub Small Accelerated

2030 Alemão and deposits growth
brownfield
initiatives Accelerated strategy
69
Copper ambition enablers

Exploration Drilling and R&D

− Advance on drilling and scoping studies
− Define deposits suitable for partnership strategy
− Accelerate the engineering development

Processing capacity
− Develop additional processing capacity

Licensing
− Obtain license & permits on time for all projects

70
 Copper
Baseline of
420-500 ktpy by 2030
Accelerate copper growth in Carajás
region

Polymetallic
Poly
metallic Pursue additional copper tons...
...while contributing for
all-in cost reduction

Nickel
Stable production at
210-250 ktpy by 2030
Pursue a competitive business
through-the-cycle

71
Energy Transition Metals
Thank You

72
Finance
Murilo Muller

73
 Securing cost discipline through
efficiency program

Fixed spending – Iron Ore Solutions (US$ bn)1 Cost Efficiency Program

-0.1 0.2 -0.3 0.4 Accelerated cost savings

-0.1 -0.5

Optimization of purchase
6.3 specifications
6.1 6.0

Digital solutions for a leaner

organization
2023 FX and New Efficiency 2024 FX and New Efficiency 2025
inflation2 assets and program inflation3 assets and program
new way new way
to operate to operate Continued overhead
Increasing adherence to efficiency
production plan

1 Assuming BRL FX @5.28 in 2024 and @5.50 in 2025. 2 Including FX (US$ -0.3 bn) and inflation (US$ 0.2 bn). 3 Including FX (US$ -0.2 bn) and inflation (US$ 0.1 bn).
74
 Costs have gone up across the iron
ore industry in the past years

Peers’ C1 cash cost (US$/t)1 Vale’s C1 cash cost (US$/t)1

21.5 1.0 ~22

-1.7 0.6
19.3
17.7 5.3

1.6
14.1
12.9 13.3 13.1 2.0

2018 2023 2018 2023 2018 2023 2018 FX and Geological New Lower Efficiency Others 2024
inflation inflation way to volumes initiatives
Peer 1 Peer 2 Peer 3 operate and mix

1 Iron ore fines C1 cash cost – ex. 3rd-party purchases (US$/t). 2 Considers the net effect of FX (US$ -3.7t) and inflation (US$ 5.7/t) between 2018 and 2024. 75
 Our goal is to deliver C1 in the
US$ 18-19.5/t range by 2030

Vale’s C1 cash cost, nominal terms (US$/t)1

Controllable effects
~US$ -5/t
22.3 ~22 20.5-22 0.7
~22 1.5 -3.1
<20
18.0-19.5 -2.0 18.0-19.5

2023 2024 2025 2026 2030 2024 FX and Geological Efficiency Higher 2030
inflation 2 inflation program volumes
and mix

1Iron ore fines C1 cash cost – ex. 3rd-party purchase (US$/t). Considering BRL@5.50 for 2025, 2026 and 2030. 2 Considering an annual inflation rate of ~3%
for Vale's average basket and an exchange rate of BRL 5.50 to USD in 2030 (real terms), adjusted for long-term inflation differentials between US and Brazil. 76
Competitiveness through the cycle

Costs guidance (US$/t)1

2024 2025 2026 Main assumptions for 2026

C1 ~22 20.5-22 < 20 ⚫ Higher volumes and fixed cost dilution

Iron ore ⚫ Efficiency program
All-in ~57 53-57 50-54 ⚫ Better portfolio mix2

⚫ Asset review initiatives in place

2,800- 3,200-
Copper3 All-in ~2,900 ⚫ Postponed Bacaba start-up and Sossego depletion
3,300 3,700 ⚫ Lower grades at Salobo

⚫ Asset review initiatives in place

14,000- 12,500-
Nickel All-in ~15,900 ⚫ VBME ramp-up and decrease in 3rd-party purchase
15,500 14,000 ⚫ Portfolio optimization

1 Assuming BRL FX @5.50 in 2025 and 2026. 2 Considering all-in premium of US$ 3-4/t in 2025 and US$ 4-6/t in 2026.
3 Considering the gold prices of US$ 2,470/tr. oz. for 2024, US$ 2,485/tr. oz. for 2025 and US$ 2,211/tr. oz. for 2026 77
Stable capex while balancing accretive growth

CAPEX (US$ bn)

~6.5 ~6.5 Controlled and efficient

~6.1 capex to sustain production
Growth ~1.7 2.0-2.5 Energy
2.5-3.0 Transition
Metals
Assets optimization

Sustaining ~4.4 4.0-4.5 Iron Ore

3.5-4.0 Solutions Accretive growth
opportunities

2024 2025+ Business

breakdown

78
 Performing on our commitments
Expected cash disbursement schedule (US$ bn) 1, 2
4Q24 2025 2026 2027 2028 2029 2030 ’31-35 Avg.

Decharacterization3 0.1 0.5 0.5 0.4 0.3 0.2 0.3 0.2 Stable cash outlays

Brumadinho 73% of Reparation

0.5 0.8 0.7 0.3 0.2 0.1 0.1 <0.1 Agreement completed by
agreements4 Nov/24

Samarco Considering Samarco will

0.7 2.0 1.1 0.5 0.4 0.3 0.3 - fully fund the reparation
agreement5 from 2031 onwards

Incurred 0.3 0.4 0.4 0.3 0.4 - - - Gradual reduction

expenses throughout the years

3.7 2.6
Total 1.6 1.6 1.3 0.7 0.7 0.2

1Estimated cash outflow for 2024-2035 period, given BRL-USD exchange rates of 5.4481 and amounts stated in real terms. 2 Amounts stated without discount to present value, net of judicial deposits and inflation adjustments.
3Estimated annual average cash flow for Decharacterization provisions in the 2028-2035 period is US$ 248 million per year. 4 Disbursements related to the Integral Reparation Agreement ending in 2031. 5 Includes estimates of Samarco's
contribution to the Mariana settlement 79
Comfortable with our current expanded
net debt target

Expanded net debt (US$ bn) Expanded net Disciplined capital allocation
debt target
range
US$ 20 bn Current target will continue
to guide the company in the
4.7
next cycle
4.6
2.4 Remaining committed
0.1 US$ 10 bn
16.5 to dividend policy
14.2
9.5

Extraordinary dividend
Gross Cash, cash Net debt Currency Brumadinho Samarco & Expanded subject to cash generation
debt and equivalents swaps provisions Renova net debt and expanded net debt
leases andterm
short- Foundation
provisions
investments

80
Finance
Thank You

81
 CFO
Marcelo Bacci

82
Navigating the waves:
ensuring competitiveness
through-the-cycle
Solid position in the Technology and Right incentives
1st quartile of the innovation shaping
Commodities across major sectors global cost curve as essential performance
enablers culture
% deviation from long-term trend
60
Iron Ore Copper Brent Iron ore cost curve (US$/t)
50

40 200 IO Price P50 P75 P90

30

20 150
10

0 100
-10

-20
50
-30

-40
0
-50 13 14 15 16 17 18 19 20 21 22 23 24
1923 1940 1960 1980 2000 2023
Source: World Bank Source: Woodmac 83
Disciplined approach to capital allocation

Balancing growth and shareholder returns

− Efficient capex execution

Investments − Right boundaries for growth
− Solid returns through-the-cycle

Shareholder − Adequate risk-adjusted shareholder remuneration

returns − Dividends and buybacks

Balance − Strong liquidity

sheet − Target leverage to consider challenging cycle moments

84
 Vale trades at a sizable discount vs peers
Well positioned to deliver significant returns

EV/EBITDA F12M1 2030 normalized Free Cash

5 Years peers avg. (5.1)x Flow yield, real terms (%)3, 4
Iron ore price (US$/t)
7
90 100 120

6
14k / 7k 6% 12% 23%

Nickel / Copper price

5.5x (BHP²)
5
5.2x (FMG)

(US$/t)
4.7x (Rio) 16k / 9k 8% 14% 25%
4
3.9x (Vale³)
18k / 11k 11% 16% 28%
3

2
nov-19 nov-20 nov-21 nov-22 nov-23 nov-24

Source: Bloomberg. November 29th, 2024.

¹ Analysts consensus EBITDA F12M ² Including Samarco provisions ³ Including provisions for Samarco and Brumadinho 4 Using market cap of November 29th, 2024 85
 Vale trades at a sizable discount vs peers
Well positioned to deliver significant returns
Closing the gap
EV/EBITDA F12M1
5 Years peers avg. (5.1)x
Cost competitiveness

Consistent deliveries
6
5.5x (BHP²)
5
5.2x (FMG)
4.7x (Rio) Accretive growth
4
3.9x (Vale³)
Healthy shareholder
3
remuneration
2
nov-19 nov-20 nov-21 nov-22 nov-23 nov-24
Right ESG credentials

Source: Bloomberg. November 29th, 2024.

¹ Analysts consensus EBITDA F12M ² Including Samarco provisions ³ Including provisions for Samarco and Brumadinho. 86
 CFO
Thank You

87
 Closing
Gustavo Pimenta

88
Key takeaways
Safety is our core value

Po
rior rtfolio
up
e Securing cost competitiveness across
all businesses, through the cycle
S
T r us t e d

Vale
e Driv e n Flexible iron ore portfolio
2030
to maximize value
Pa

tn
a nc
r

er
rm

f o Fast-tracking copper growth

P er
with accretive projects

Be a trusted partner for key

stakeholders and society
ale a o do
89
Thank you

90