VALE BUSINESS RESULTS

• Iron ore shipments increased by 5.4 Mt (+7%) y/y and 16.0 Mt (25%) q/q, driven by record production for a second

quarter since 2018, as well as by inventory sales.

• The strong shipment performance led to a Proforma EBITDA of US$ 4.0 billion. Year-on-year, Proforma EBITDA was

slightly lower (-6%), mainly due to higher freight costs and concentration of maintenance activities to maximize

performance in the 2H24. Proforma EBITDA increased 15% sequentially.

• Iron ore fines C1 cash cost ex-3rd party purchases was 6% higher q/q, reaching US$ 24.9/t, mainly due to a seasonal

inventory turnover impact and concentration of maintenance activities. These effects were partially offset by the positive

impact of higher production volumes and the BRL depreciation. We remain highly confident in achieving our C1 cost

guidance of US$ 21.5-23.0/t in 2024, especially as lower-cost volumes from the Northern System ramp-up in the 2H, while

the heavier maintenance activities during the 1H set the stage for a stronger cost and operating performance in the 2H.

2

• Iron ore fines freight cost decreased US$ 0.3/t q/q, reaching US$ 19.0/t, US$ 6.8/t lower than the Brazil-China C3 route

average in Q2, driven by our long-term affreightment contracts exposure.

• Copper and nickel all-in costs were US$ 3,651/t and US$ 15,000/t in the quarter, respectively, with both businesses on

track to deliver their respective cost guidances for the year.

Disciplined capital allocation

• Capital expenditures of US$ 1.3 billion in Q2, US$ 0.1 billion higher y/y, in line with the year’s guidance (US$ ~6.5

billion).

• Gross debt and leases of US$ 15.1 billion as of June 30th, 2024, US$ 0.5 billion higher q/q. In the quarter, Vale

implemented a liability management strategy with a US$ 1.0 billion bond offering and a US$ 1.0 billion tender offer and

redemption program. The bond offering was concluded in June and the settlement of the tender offer and redemption

in July, resulting in a temporary increase in gross debt, which was partially offset by a US$ 0.5 billion debt repayment.

• Expanded net debt of US$ 14.7 billion as of June 30th, 2024, US$ 1.7 billion lower q/q, mainly driven by the proceeds

received from Manara Minerals, following the Vale Base Metals partnership deal. Vale’s expanded net debt target

remains at US$ 10-20 billion.

Value creation and distribution

• US$ 1.6 billion in interest on capital to be paid in September 2024, consistent with Vale’s minimum dividend policy

applied to 1H24 results.

• Allocation of US$ 114 million as part of the 4th buyback program in the quarter. As of the date of this report, the 4th

buyback program was 22% complete1, with 33.1 million shares repurchased.

Recent developments

• The Onça Puma nickel mine and the Sossego copper mine resumed activities in June, after the Pará State

environmental authority reinstated their operating licenses, which were halted since April.

• The Salobo 3 processing plant operations resumed in July, after being halted for 31 days due to a fire at the conveyor

belt. Vale’s 2024 copper production guidance of 320-355 kt has been maintained.

Focusing and strengthening the core

• Gaining momentum on Iron Ore Solutions:

• Key growth projects are underway: +15 Mt at Vargem Grande and +15 Mt at Capanema are 96% and 83%

complete and on track to start-up in 4Q24 and in mid-2025, respectively.

• Vale signed, in July, a partnership to build an iron ore concentration plant in Sohar, Oman. With an initial

production capacity of 12 Mtpa of high-grade iron ore concentrates, primarily suitable for direct reduction

agglomerates, the plant will feed Vale’s pellet plants and future briquette plants in the region. The start-up is

expected in 2027. The partner will wholly own and operate the plant, and Vale will invest in the infrastructure to

connect the concentration plant to its agglomeration facilities in the region. The concentration plant development

is an important step in Vale’s strategy to develop low-carbon solutions for the steel industry. Vale aims to

replicate this asset-light investment model for metallics production in the Mega Hubs.

• Building a unique Energy Transition Metals vehicle:

• In April, Vale completed the strategic partnership with Manara Minerals, a joint venture between Ma’aden and

Saudi Arabia’s Public Investment Fund. Manara invested US$ 2.5 billion for a 10% equity interest in Vale Base

Metals Limited (VBM), the holding company of Vale’s Energy Transition Metals business.

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