6-K 1 vale20241024_6k3.htm 6-K

アメリカ

証券取引委員会

ワシントンDC20549

6-K フォーム

外国の非公開発行者の報告書

証券取引法第13a-16条または15d-16条に基づく

証券取引法

1934年証券取引法の規定第14（a）条に基づく委任状

2024年4月のための

2024年10月

（登録者）

22250-145 リオデジャネイロ、RJ、ブラジル
（主要事務所の住所）

（本社所在地の住所）

（1つを選択） 20-Fフォーム x 40-Fフォーム ¨

（チェックしてください）フォーム20-F x フォーム40-F ¨

「私は、CEOとして初めてヴァーレの業績を発表する喜びを感じています。四半期の業績についてコメントする前に、会社の将来の方針を簡潔に説明したいと考えています。ますます敏捷かつ効率的な企業に変革し、革新とパフォーマンス文化を育成することを目指します。それは言うまでもなく、安全性と運用の卓越性はこの旅の妥協できない要素です。第二に、戦略的な取り組みは、より顧客中心の優れたポートフォリオを提供することに集中されます。鉄鉱石では、高品質の製品提供を加速し、基本金属では特に銅に焦点をあてて引き続き成長を目指します。最後に、機関との関係強化に尽力し、人々と環境に肯定的な影響を与えることを約束します。」

四半期において、鉄鉱石生産は5年ぶりの最高水準に達し、運用の卓越を強調しました。ペレット生産は2019年以来のピークに達しており、高品質の製品を提供する戦略に沿っています。基本金属部門では、銅とニッケルの生産も堅調な進歩を示し、カナダでの運用改善を特徴とし、資産レビューの実施が既に成果を出しています。また、ダムの安全性に関しても改善を続け、最近にはSul Superiorダムを緊急レベル3から除去しました。最後に、マリアナ解決策を近々締結する予定であり、すべてのステークホルダーのために互恵的な合意を通じて、影響を受けた人々と社会に最大の利益をもたらすことを目指しています。」 Gustavo Pimenta、最高経営責任者はコメントしました

	選択された財務指標
	1億ドル	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	当期純売上高	9,553	10,623	-10%	9,920	-4%	27,932	28,730	-3%
	総費用および経費¹ _{(ブルマジーニョおよびダムを除く)特性評価)}¹	(6,802)	(6,921)	-2%	(6,974)	-2%	(19,673)	(18,736)	5%
	ブルマディーニョおよびダム排除に関連する経費	(126)	(305)	-59%	1	情報なし。	(166)	(687)	-76%
	調整後 EBIT	2,867	3,651	-21%	3,200	-10%	8,791	9,928	-11%
	調整後のEBITDA	3,615	4,431	-18%	3,993	-9%	11,046	12,143	-9%
	調整後EBITDAマージン（%）	38%	42%	-4 パーセントポイント	40%	-2 パーセントポイント	40%	42%	-2 パーセントポイント
	調整後のEBITDA ^{2 3}	3,741	4,736	-21%	3,992	-6%	11,212	12,830	-13%
	フリーキャッシュフロー	179	1,126	-84%	(178)	情報なし。	2,001	4,186	-52%
	ヴァレ株主に帰属する当期純利益	2,412	2,836	-15%	2,769	-13%	6,860	5,565	23%
	ネット借入金⁴	9,536	10,009	-5%	8,590	11%	9,536	10,009	-5%
	拡大した純負債	16,472	15,494	6%	14,683	12%	16,472	15,494	6%
¹ 独占取引の市場価格での実績を反映するために、3Q24に9,400万米ドル、2Q24に8,300万米ドル、9M24に24,300万米ドル、3Q23に4,700万米ドル、9M23に13,400万米ドルの調整を含む ² ブルマヂーニョに関連する費用を除く ³ 関連会社およびJVからのEBITDAを含む。過去の数字は再報告されました。 ⁴ リース（IFRS 16）を含む。

結果ハイライト

· 全ビジネスセグメントで事業および販売業績が向上しました鉄鉱石の出荷は1.3 Mt（+2%）増加し、ペレット販売が18%増加しました。これは生産量の増加と強い需要によります

· 平均実現された鉄鉱石の微粉価格は前四半期比US＄ 7.6/t低下した90.6ドル/tでした。これにもかかわらず、鉄鉱石の参照価格はUS＄12.0/t下がりました参照価格に対する低下率が商品ポートフォリオの強化とプラスの暫定価格調整に帰因しています

· Proforma調整後EBITDAは前四半期比6%減少し、前年比21%減少し、合計37億米ドルになりました鉄鉱石を中心とする高いボリュームと低単位コストの影響が一部低価格の影響を相殺しました

· 鉄鉱石微粉のC1現金コスト（第3者購入を除く）は前四半期比17%、前年比6%低下し、20.6ドル/tに達しました主に、(i) 生産量が増加したことによる固定コストの希釈；(ii) 生産ミックスの改善で、生産コストが低い北部システムからの大量生産が増加；および(iii) 継続的な効率性によって推進されました。 9月にC1生産コストは1tあたり18.2アメリカドルに達し、第4四半期には良好な業績を示しました。ヴァレは、2024年のC1現金コストガイダンスの下限を達成することに非常に自信を持っています（3を除く）^rd-パーティ購入は、1tあたり21.5-23.0アメリカドルです。

· 銅およびニッケルの全コストは、1tあたり2,851アメリカドル、および1tあたり18,073アメリカドルでした。銅の全コストガイダンスは再び下方修正され、今回は1tあたり2,900〜3,300アメリカドルになりました。ニッケルでは、1tあたり15,000-16,500アメリカドルの全コストガイダンス範囲が維持され、提供される予定です。それぞれ、銅の全コストのガイダンスが再びUS$ 2,900-3,300/tに引き下げられました。ニッケルでは、全体のコストガイダンス範囲が
US$ 15,000-16,500/tが維持され、提供される予定です。

· フリーキャッシュフローは1億7,900万米ドルで、前年同期比94700万米ドル減少し、主にEBITDAの減少を反映しています。、1億17900万米ドル、前年同期比94700万米ドル減少し、主にEBITDAの減少を反映しています。

· Samarco関連の積立金は、最新の評価に基づいてUS$ 47億に見直されましたブラジル当局との決済合意に関する最新の評価、Samarcoダムの損失に関連する請求、およびSamarcoが将来の流出資金をどの程度調達できるかに関する範囲に反映され、US$ 10億増加しました

· 9月30日時点のUS$ 165億の拡大した純負債^階主にSamarcoのダム損失に関連する追加の積立金額に起因し、前四半期比US$ 1.8億増加しました


	- 1 -

ビジネス ハイライト

鉄鉱石ソリューション

· Vargem Grande 1プロジェクトの試運転処理業務は、予定より1か月早い9月に開始されました。このプロジェクトは、Vale'sへの重要な一歩です約20Mtpyの鉄鉱石生産能力を再開し、敷地内の鉄鉱石生産量を改善することにより、2026年には340〜360万トンの鉄鉱石生産量の予想です鉄分含有量は約2％です。他に進行中の主要プロジェクト：カパネマで+15Mt、S11Dで+20Mt、91％と67％が完了し、順調に進んでいます 1H25と2H26に開始します。

· 9月、ヴァーレは合弁取引を完了しました 60000万米ドルでアポロと一緒に。この契約に基づき、ヴァーレは現在、ヴァーレ・オマーン・ディストリビューション・センター（VODC）の50％を保有しています。VODCは海事会社を運営しています大きな深海桟橋と、名目処理能力40Mtpyの鉄鉱石混合・流通センターが統合されたターミナルオマーンのソハールで。

エネルギー遷移金属

· 10月に、ヴォワジーの2番目の地下鉱山ベイ・マイン・エクステンション（VBME）プロジェクトは機械的に完成しました。これにより、鉱山は今後生産量を増やすことができるようになりますヶ月。Voisey's Bayへの移行の加速は、カナダ事業の競争力にとって重要なマイルストーンであり、ニッケル事業セグメントの単価削減をサポートします。

最近の動向

· オンサ・プーマ工場は10月に操業を再開しました 15^番目の停電のため10日間停止した後。炉でのニッケル金属生産は10月22日に再開されました^nd.

· ValeとBNDESは民間の設立で進歩しましたブラジルのクリティカルミネラル開発を促進するための投資ファンドです。このファンドは、最大10億レアルを調達することを目指しています。そのうちValeとBNDESはそれぞれ10000万レアルから25000万レアルの間の金額で寄付します。集められた金額は約20人のジュニアに投資されるべきですおよび鉱物の研究、開発、ブラジルでの新しい戦略的鉱山の実施を行う中規模企業。

ESG

テーリングダム

· ヴァーレはDique 1Aのデキャラクタライズを完了し、 9月と10月はそれぞれ10億ダイク。2019年以来、ヴァーレは上流の53％を占める16の建造物の特性を明らかにしましたダム脱特性評価プログラム。

· バラン・デ・コカイスにあるスル・スペリオル・ダム地質・地盤工学調査の実施と安全性向上のため、8月に緊急レベルが3から2に引き下げられました対策。

サーキュラーマイニング

· ヴァーレの廃棄物を価値に変えるプログラムは廃棄物を変えていますそして貴重な資源への尾鉱。鉄鉱石の尾鉱を高品位に転用するなど、150以上の取り組みが含まれていますカラハスのペレット飼料、そしてミナスで円形の鉄鉱石製品を製造するための再処理によって廃岩の備蓄を排除していますジェライス州。プログラムの一環として、2024年にはさらに7Mtの鉄鉱石生産量が確認されています。

脱炭素化

· ヴェイル・アンド・グリーン・エナジー・パーク、統合型ヨーロッパの水素会社は、力を合わせて世界の鉄鋼セクターに脱炭素化ソリューションを提供しています。企業はうまくいきますブラジルの将来のメガハブに供給するためのグリーン水素製造施設を開発するための実現可能性調査について、工業団地を目指しています低炭素鉄鋼製品の製造で .

· ヴァーレとペトロブラスは10月に戦略的提携を締結しました脱炭素化に焦点を当てた製品とサービスの供給のため。コプロセッシング製品の潜在的な商業化のための条件を確立します再生可能成分のディーゼル、天然ガス、再生可能な含有量24％のバンカー燃料。

賠償

ブルマジーニョ

· ブルマジーニョ統合賠償契約は継続します合意された約束の70％以上が完了し、和解期限に従って進んでいます。

マリアナさん

· レノバは引き続き賠償プログラムを進めていますが、 9月末までに、380億レアルが支払われ、44.6万人以上が補償を受けました。

· マリアナ諸島の和解に向けて、高度な交渉が進行中です人々、地域社会を支援するという過去および将来の義務を考慮した、総額約1700億レアルの契約とダム崩壊の影響を受けた環境。


	- 2 -

Financials

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Proforma Adjusted EBITDA
	Net operating revenues	9,553	10,623	-10%	9,920	-4%	27,932	28,730	-3%
	COGS	(6,281)	(6,309)	0%	(6,349)	-1%	(17,997)	(17,198)	5%
	SG&A	(139)	(150)	-7%	(137)	1%	(416)	(407)	2%
	Research and development	(192)	(188)	2%	(189)	2%	(537)	(492)	9%
	Pre-operating and stoppage expenses	(89)	(115)	-23%	(91)	-2%	(272)	(342)	-20%
	Brumadinho & decharacterization of dams¹	(126)	(305)	-59%	1	n.a.	(166)	(687)	-76%
	Other operational expenses²	(101)	(159)	-36%	(208)	-51%	(451)	(297)	52%
	EBITDA from associates and JVs	242	254	-5%	253	-4%	698	621	12%
	Adjusted EBIT	2,867	3,651	-21%	3,200	-10%	8,791	9,928	-11%
	Depreciation, amortization & depletion	748	780	-4%	793	-6%	2,255	2,215	2%
	Adjusted EBITDA	3,615	4,431	-18%	3,993	-9%	11,046	12,143	-9%
	Proforma Adjusted EBITDA^3,4	3,741	4,736	-21%	3,992	-6%	11,212	12,830	-13%
	Reconcilation of Proforma EBITDA to Net Income
	Proforma Adjusted EBITDA^3,4	3,741	4,736	-21%	3,992	-6%	11,212	12,830	-13%
	Brumadinho and decharacterization of dams¹	(126)	(305)	-59%	1	n.a.	(166)	(687)	-76%
	Impairment and results on disposal of non-current assets^2,5	1,050	(122)	n.a.	928	13%	1,905	(279)	n.a.
	EBITDA from associates and JVs	(242)	(254)	-5%	(253)	-4%	(698)	(621)	12%
	Equity results on associates and JVs and other results	(574)	94	n.a.	112	n.a.	(338)	44	n.a.
	Financial results	(374)	(385)	-3%	(1,252)	-70%	(2,063)	(1,072)	92%
	Income taxes	(336)	(127)	165%	34	n.a.	(750)	(2,337)	-68%
	Depreciation, depletion & amortization	(748)	(780)	-4%	(793)	-6%	(2,255)	(2,215)	2%
	Net income	2,391	2,857	-16%	2,769	-14%	6,847	5,663	21%
	(Net income)/loss attributable to non-controlling interests	21	(21)	n.a.	-	n.a.	13	(98)	n.a.
	Net income attributable to Vale's shareholders	2,412	2,836	-15%	2,769	-13%	6,860	5,565	23%
¹ Find more information on expenses in Annex 4: Brumadinho & Decharacterization. ² Includes adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24, US$ 243 million in 9M24, US$ 47 million in 3Q23 and US$ 134 million in 9M23 to reflect the performance of the streaming transactions at market price. ³ Excluding expenses related to Brumadinho. ⁴ Starting from 1Q24 the EBITDA will be reported including the EBITDA proportionate from associates and JVs and the previous periods were restated. Previously, the EBITDA reflected solely the dividends received from associates and JVs. ⁵Net.

EBITDA

Proforma Adjusted EBITDA of US$ 3.7 billion, 21% lower y/y and 6% lower q/q, mainly as a result of weaker realized iron ore fines prices and higher freight costs, partially offset by the positive effect of BRL depreciation, lower costs and expenses and higher sales volumes.


	- 3 -

Proforma Adjusted EBITDA 3Q24 vs. 3Q23 - US$ million

¹ Excluding Brumadinho expenses. 3Q23 EBITDA was restated including associates and JV’s EBITDA (US$ 254 million). ² Including by-products (US$ 66 million), EBITDA Energy (US$ 5 million) and Associates and JVs EBITDA (US$ -12 million).

Net Income

Net income attributable to Vale’s shareholders of US$ 2.4 billion, 15% lower y/y and 13% lower q/q, mainly due to lower Proforma EBITDA and the negative effect from Associates & JV's as a result of Samarco’s dam failure potential settlement agreement. This was partially offset by a positive effect from the disposal of non-current assets related to VODC's 50% stake sale.

Net income attributable to Vale’s shareholders 3Q24 vs. 3Q23 – US$ million

¹ Considers equity results and EBITDA from associates and JVs. ² Impairment and disposal of non-current assets, net. Includes the sale of 50% of VODC's share capital to Apollo of which: US$ 600 million in proceedings received from the sale, US$ 600 million related to the fair value of 50% interest retained and US$ 22 million in other effects related to the deconsolidation. Includes adjustment of US$ 94 million in 3Q24 and US$ 47 million in 3Q23 to reflect the performance of the streaming transactions at market price. ³Includes (i) US$ 32 million in depreciation, depletion & amortization, (ii) US$ 11 million in financial results and (iii) US$ 42 million net income/loss attributable to non-controlling interests.


	- 4 -

Capital Expenditures

Total CAPEX

US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
Iron Ore Solutions	1,000	963	4%	906	10%	2,907	2,438	19%
Energy Transition Metals	376	453	-17%	405	-7%	1,148	1,209	-5%
Nickel	298	365	-18%	344	-13%	948	936	1%
Copper	78	88	-11%	61	28%	200	273	-27%
Energy and others	22	48	-54%	17	29%	66	155	-57%
Total	1,398	1,464	-5%	1,328	5%	4121	3,802	8%

Growth Projects

US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
Iron Ore Solutions	323	354	-9%	293	10%	936	845	11%
Energy Transition Metals	49	96	-49%	33	48%	121	263	-54%
Nickel	46	67	-31%	29	59%	107	151	-29%
Copper	3	29	-90%	4	-25%	14	112	-88%
Energy and others	4	18	-78%	2	100%	14	62	-77%
Total	376	468	-20%	328	15%	1,071	1,170	-8%

Investments in growth projects totaled US$ 376 million, US$ 92 million (-20%) lower y/y, mainly as a result of (i) lower expenditures with the Salobo 3 copper project; (ii) the deconsolidation of PTVI in our Energy Transition Metals business; and (iii) lower disbursements for the Tubarão Briquette project as the physical progress is at an advanced stage.

Sustaining Investments

US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
Iron Ore Solutions	677	609	11%	613	10%	1,971	1,593	24%
Energy Transition Metals	327	357	-8%	372	-12%	1,027	946	9%
Nickel	252	298	-15%	315	-20%	841	785	7%
Copper	75	59	27%	57	32%	186	161	16%
Energy and others	18	30	-40%	15	20%	52	93	-44%
Total	1,022	996	3%	1,000	2%	3,050	2,632	16%

Sustaining investments totaled US$ 1.022 billion, US$ 26 million (+3%) higher y/y mainly as a result of higher investments in equipment and asset reliability improvements partially compensated by lower expenditures in the Voisey’s Bay Mine Expansion nickel project.


	- 5 -

Free cash flow

US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
Proforma Adjusted EBITDA	3,741	4,736	-21%	3,992	-6%	11,212	12,830	-13%
Working capital	(570)	(186)	206%	(1,111)	n.a.	(213)	(45)	373%
Brumadinho and de-characterization expenses	(420)	(559)	-25%	(480)	-13%	(1,262)	(1,595)	-21%
Income taxes and REFIS	(471)	(720)	-35%	(466)	1%	(1,443)	(1,631)	-12%
Capex	(1,398)	(1,464)	-5%	(1,328)	5%	(4,121)	(3,802)	8%
Associates & JVs	(242)	(254)	-5%	(253)	-4%	(698)	(621)	12%
Others	(461)	(427)	8%	(532)	-13%	(1,474)	(950)	55%
Free Cash Flow	179	1,126	-84%	(178)	n.a.	2,001	4,186	-52%
Cash management and others	(2,121)	(2,087)	2%	3,056	n.a.	(860)	(5,023)	-83%
Increase/Decrease in cash & equivalents	(1,942)	(961)	102%	2,878	n.a.	1,141	(837)	n.a.

Free Cash Flow generation reached US$ 179 million in 3Q24, US$ 947 million lower y/y, mainly explained by lower Proforma EBITDA (US$ 995 million lower y/y).

In the quarter, EBITDA-to-cash conversion was impacted by a negative working capital of US$ 570 million, largely explained by an increase in accounts receivables, given higher provisional prices and accrued iron ore sales at the end of the quarter.

Vale’s cash position was impacted by: (i) the distribution of US$ 1.6 billion to shareholders in interest on capital, (ii) the continuation of debt liability management, with a negative US$ 632 million net effect, (iii) the acquisition of the 45%-stake of Aliança Energia for US$ 493 million, all partly offset by the proceeds from the sale of a 50%-stake at VODC for US$ 600 million.

Free Cash Flow 3Q24 - US$ million

¹ Includes US$ 342 million in disbursements related to the Brumadinho and de-characterization provisioned expenses and US$ 78 million in Brumadinho incurred expenses. ² Related to Associates and Joint Ventures EBITDA that was included in the Proforma EBITDA. ³Includes interest on loan, derivatives, leasing, payments related to Samarco dam failure and others. ⁴Includes disbursements of US$ 1.586 billion in interest on capital, US$ 20 million in shares buyback, US$ 493 million for the acquisition of Aliança Energia and US$ 1.584 billion in debt repayment. These were partially offset by US$ 962 million in new loans& bonds and US$ 600 million received from VODC transaction.


	- 6 -

Debt

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
	Gross debt¹	13,420	12,556	7%	13,770	-3%
	Lease (IFRS 16)	765	1,480	-48%	1,360	-44%
	Gross debt and leases	14,185	14,036	1%	15,130	-6%
	Cash, cash equivalents and short-term investments	(4,649)	(4,027)	15%	(6,540)	-29%
	Net debt	9,536	10,009	-5%	8,590	11%
	Currency swaps²	(128)	(722)	-82%	(26)	392%
	Brumadinho provisions	2,390	3,197	-25%	2,412	-1%
	Samarco & Renova Foundation provisions³	4,674	3,010	55%	3,707	26%
	Expanded net debt	16,472	15,494	6%	14,683	12%
	Average debt maturity (years)	8.9	8.2	9%	9.2	-3%
	Cost of debt after hedge (% pa)	5.6	5.6	1%	5.8	-3%
	Total debt and leases / adjusted LTM EBITDA (x)	0.8	0.9	-11%	0.8	0%
	Net debt / adjusted LTM EBITDA (x)	0.5	0.6	-17%	0.5	0%
	Adjusted LTM EBITDA / LTM gross interest (x)	22.4	23.0	-3%	23.6	-5%
¹ Does not include leases (IFRS 16). ² Includes interest rate swaps. ³ Provisions in 3Q23 do not include Germano which was reported separately at the time. With Germano, the provisions in 3Q23 would have been US$ 3,219.

Gross debt and leases reached US$ 14.2 billion as of September 30^th, 2024, US$ 0.9 billion lower q/q, mainly as a result of the net effect of liability management in the quarter (~US$ 0.6 billion) and the deconsolidation of Vale Oman Distribution Center’s liabilities (US$ 0.6 billion) after the sale of the 50% stake.

Samarco & Renova Foundation provisions: This quarter, Vale recognized an additional provision of US$ 956 million for Samarco/Renova based on advanced negotiations with Brazilian authorities for an agreement which defines the measures for the reparation and compensation related to the collapse of the Samarco dam. The amount of the additional provisions considers the extent to which Samarco may be able to fund future outflows. Total provisions for Samarco & Renova Foundation now stand at US$ 4.7 billion.

Expanded net debt increased by US$ 1.8 billion q/q, totaling almost US$ 16.5 billion, mainly as a result of a reduction in cash and cash equivalents to US$ 4.7 billion (US$ 1.9 billion lower q/q) and the increase in provisions related to Samarco and the Renova Foundation (~ US$ 1 billion). Vale’s expanded net debt target remains at US$ 10-20 billion.

Average debt maturity declined to 8.9 years at the end of 3Q24 from 9.2 years at the end of 2Q24. The average annual cost of debt after currency and interest rate swaps was 5.6%, falling from 2Q24’s 5.8%.

In October, Moody’s upgraded Vale S.A and Vale Overseas Limited’s issuer rating and senior unsecured notes rating to “Baa2” from “Baa3” and reaffirmed the positive outlook on the ratings. The rating agency also upgraded the senior unsecured notes issued by Vale Canada Ltd. to “Baa3” from “Ba1” and changed the ratings outlook from stable to positive.


	- 7 -

Segments’ Performance

Proforma Adjusted EBITDA from continuing operations, by business area:

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Iron Ore Solutions	3,731	4,696	-21%	3,887	-4%	11,077	12,236	-9%
	Fines	2,844	3,799	-25%	3,071	-7%	8,422	9,670	-13%
	Pellets	790	751	5%	724	9%	2,396	2,200	9%
	Other	97	146	-34%	92	5%	259	366	-29%
	Energy Transition Metals¹	248	385	-36%	407	-39%	912	1,434	-36%
	Nickel	(66)	100	n.a.	108	n.a.	59	663	-91%
	Copper	360	269	34%	351	3%	995	725	37%
	Other	(46)	16	n.a.	(52)	-12%	(142)	46	n.a.
	Others^{2 3}	(238)	(345)	-31%	(302)	-21%	(777)	(840)	-8%
	Total	3,741	4,736	-21%	3,992	-6%	11,212	12,830	-13%
¹ Includes adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24, US$ 243 million in 9M24, US$ 47 million in 3Q23 and US$ 134 million in 9M23, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. ² Including a negative y/y effect of provisions related to communities’ programs, reversal of tax credit provisions, and contingency loss. ³Includes US$ 20 million in unallocated expenses from Vale Base Metals Ltd ("VBM") in 3Q24. Considering the unallocated expenses, VBM’s EBITDA was US$ 228 million in 3Q24.

Segment information 3Q24

	US$ million	Net operating revenues	Cost¹	SG&A and others¹	R&D¹	Pre operating & stoppage¹	Associates and JVs EBITDA	Adjusted EBITDA
	Iron Ore Solutions	7,970	(4,255)	(45)	(87)	(63)	211	3,731
	Fines	6,281	(3,371)	(15)	(76)	(58)	83	2,844
	Pellets	1,502	(747)	(2)	(3)	(3)	43	790
	Other	187	(137)	(28)	(8)	(2)	85	97
	Energy Transition Metals	1,583	(1,313)	30	(74)	(1)	23	248
	Nickel²	904	(936)	(17)	(34)	(1)	18	(66)
	Copper³	759	(366)	(3)	(30)	-	-	360
	Others⁴	(80)	(11)	50	(10)	-	5	(46)
	Brumadinho and decharacterization of dams	-	-	(126)	-	-	-	(126)
	Others⁵	-	-	(211)	(32)	(3)	8	(238)
	Total	9,553	(5,568)	(352)	(193)	(67)	242	3,615
¹ Excluding depreciation, depletion and amortization. ² Including copper and by-products from our nickel operations. ³ Including by-products from our copper operations. ⁴ Includes an adjustment of US$ 94 million increasing the adjusted EBITDA in 3Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. ⁵ Includes US$ 20 million in unallocated expenses from Vale Base Metals Ltd ("VBM") in 3Q24. Considering the unallocated expenses, VBM’s EBITDA was US$ 228 million in 3Q24.


	- 8 -

Highlights

		3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Average Prices (US$/t)
	Iron ore - 62% Fe price	99.7	114.0	-13%	111.8	-11%	111.5	116.9	-5%
	Iron ore fines realized price, CFR/FOB	90.6	105.1	-14%	98.2	-8%	96.1	103.7	-7%
	Iron ore pellets realized price, CFR/FOB	148.2	161.2	-8%	157.2	-6%	158.7	161.3	-2%
	Volume sold (‘000 metric tons)
	Fines	69,344	69,714	-1%	68,512	1%	190,402	178,904	6%
	Pellets	10,143	8,613	18%	8,864	14%	28,232	25,556	10%
	ROM	2,351	2,232	5%	2,416	-3%	6,822	6,132	11%
	Total - Iron ore	81,838	80,559	2%	79,792	3%	225,456	210,591	7%
	Financials indicators (US$ million)
	Net Revenues	7,970	8,862	-10%	8,298	-4%	23,293	23,049	1%
	Costs¹	(4,255)	(4,164)	2%	(4,415)	-4%	(12,222)	(10,883)	12%
	SG&A and Other expenses¹	(45)	(79)	-43%	(81)	-44%	(190)	(101)	88%
	Pre-operating and stoppage expenses¹	(63)	(89)	-29%	(67)	-6%	(194)	(258)	-25%
	R&D expenses	(87)	(75)	16%	(94)	-7%	(264)	(179)	47%
	EBITDA Associates & JVs	211	241	-12%	246	-14%	654	608	8%
	Adjusted EBITDA	3,731	4,696	-21%	3,887	-4%	11,077	12,236	-9%
	Depreciation and amortization	(515)	(508)	1%	(574)	-10%	(1,570)	(1,413)	11%
	Adjusted EBIT	3,216	4,188	-23%	3,313	-3%	9,507	10,823	-12%
¹ Net of depreciation and amortization.

Adjusted EBITDA per segment

US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
Fines	2,844	3,799	-25%	3,071	-7%	8,422	9,670	-13%
Pellets	790	751	5%	724	9%	2,396	2,200	9%
Other	97	146	-34%	92	5%	259	366	-29%
Adjusted EBITDA	3,731	4,696	-21%	3,887	-4%	11,077	12,236	-9%

Iron Ore Solutions EBITDA was US$ 3.7 billion, 21% lower y/y, driven by lower prices. Cost and expenses were flat y/y.

In Iron Ore Fines, EBITDA decreased by 25% y/y, totaling US$ 2.8 billion, mostly explained by lower realized prices (US$ 1.016 billion) and higher freight costs (US$ 104 million). These effects were partially offset by the positive effect of the BRL depreciation (US$ 144 million) and slightly lower cost and expenses (US$ 63 million).

In Iron Ore Pellets, EBITDA increased by 5% y/y, totaling US$ 790 million, mostly explained by 18% higher sales volumes (US$ 139 million) and the positive effect of the BRL depreciation (US$ 57 million), partially offset by lower average realized prices (US$ 137 million).


	- 9 -

EBITDA variation – US$ million (3Q24 vs. 3Q23)

¹ Includes associates and JV’s EBITDA and others.

Iron Ore Fines

Product mix

	'000 metric tons	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Volume sold
	Fines¹	69,344	69,714	-1%	68,512	1%	190,402	178,904	6%
	IOCJ	11,709	14,758	-21%	13,180	-11%	34,290	39,599	-13%
	BRBF	34,797	36,454	-5%	30,528	14%	91,018	89,134	2%
	Pellet feed - China (PFC1)^²	3,328	4,234	-21%	3,337	0%	9,201	10,056	-9%
	Lump	1,971	2,367	-17%	1,782	11%	5,562	5,626	-1%
	High-silica products	8,050	6,131	31%	11,372³	-29%	26,584³	18,090	47%
	Other fines (60-62% Fe)	9,489	5,770	64%	8,313³	14%	8,256³	16,399	-50%
¹ Including third-party purchases. ² Products concentrated in Chinese facilities. ³ Restated from historical figures.

Revenues

The average realized iron ore fines price was US$ 90.6/t, US$ 7.6/t lower q/q, despite iron ore reference prices decreasing by US$ 12/t in the period. The lower decline vs. the reference price is attributed to the positive effect of provisional pricing adjustments, given higher-than-average forward prices in the last day of the quarter (US$ 4.7/t higher q/q) and an enhanced product portfolio (US$ 1.4/t higher q/q).

The iron ore fines premium totaled US$ -1.9/t, improving US$ 1.4/t q/q, driven by enhanced average quality of the product portfolio. This is a result of increased availability of high-quality products, mainly from the Northern System, allowing for higher BRBF sales and the proactive decision to reduce direct sales of high-silica products due to market conditions. The all-in premium improved by US$ 1.8/t, totaling US$ 1.7/t, driven by a higher share of pellet sales.

Price realization iron ore fines – US$/t 3Q24

¹ Includes quality (US$ 0.4/t) and premiums/discounts and commercial conditions (US$ -2.3/t). ² Adjustment as a result of provisional prices booked in 2Q24 at US$ 106.5/t. ³ Difference between the weighted average of the prices provisionally set at the end of 3Q24 at US$ 108.8/t based on forward curves and US$ 99.7/t from the 3Q24 average reference price. ⁴ Includes freight pricing mechanisms of CFR sales freight recognition. ⁵ Vale’s price is net of taxes.


	- 10 -

Costs and expenses

Iron ore fines and pellets all-in costs (cash cost break-even landed in China)

	US$/t	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	C1 cash cost, incl. 3^rd-party purchases¹	24.0	25.6	-6%	28.2	-15%	26.5	26.2	1%
	C1 cash cost, ex-3^rd-party purchases	20.6	21.9	-6%	24.9	-17%	22.9	22.9	0%
	3^rd-party purchases cost adjustments	3.3	3.7	-10%	3.4	-2%	3.6	3.3	9%
	Freight cost²	20.6	18.9	9%	19.0	8%	19.7	18.2	9%
	Distribution cost	2.5	2.6	-3%	2.6	-6%	2.5	2.7	-6%
	Expenses³ & royalties	5.4	6.2	-12%	6.3	-14%	6.0	5.8	4%
	Moisture adjustment	4.3	4.6	-5%	4.9	-12%	4.7	4.6	1%
	Iron ore fines quality adjustment	1.9	(0.8)	n.a.	3.3	-41%	2.3	(0.2)	n.a.
	Iron ore fines all-in costs	58.7	57.1	3%	64.3	-9%	61.7	57.3	8%
	Pellet business contribution	(3.6)	(3.4)	7%	(3.1)	15%	(3.6)	(3.2)	11%
	Iron ore fines and pellets all-in costs	55.1	53.7	2%	61.2	-10%	58.1	54.1	8%
	Sustaining investments (fines and pellets)	8.2	7.8	5%	7.9	4%	8.9	7.9	12%
	Iron ore fines and pellets all-in costs⁴	63.3	61.5	3%	69.1	-8%	67.0	62.0	8%
¹ Ex-ROM, ex-royalties and FOB (US$/t). ² Ex-bunker oil hedge. ³ Net of depreciation and associates and JV’s EBITDA . Including stoppage expenses. ⁴ Includes sustaining.

Iron ore fines C1 production costs

US$/t	3Q24	3Q23	∆ y/y	2Q24	∆ t/t	9M24	9M23	∆ y/y
C1 production costs, ex-3^rd-party purchases	18.5	21.3	-13%	24.4	-24%	24.6	24.5	0%
C1 cash cost, ex-3^rd-party purchases	20.6	21.9	-6%	24.9	-17%	25.2	23.5	7%

The C1 cash cost, ex-third-party purchases, reached US$ 20.6/t in Q3, US$ 4.3/t lower q/q.

This significant C1 reduction was driven by: (i) increased production and the resulting fixed cost dilution, particularly in the Northern System; (ii) lower maintenance costs, following the strategy to concentrate activities in the 1H24; (iii) the positive impact of the BRL depreciation; and (iv) continued progress of the efficiency program. These gains were partially offset by the impact of the inventory turnover effect. The C1 production cost reached US$ 18.2/t in September, indicating a solid performance for the upcoming quarter.

C1 cash cost, ex-third-party purchase costs - US$/t, 3Q24 vs. 2Q24

¹ Including demurrage (US$ -0.4/t) and others (US$ -0.2/t).

Vale's maritime freight cost averaged US$ 20.6/t, US$ 6.1/t lower than the Brazil-China C3 route average in Q3. The US$ 1.6/t sequential increase in freight cost is largely explained by a larger exposure to spot freight rates (US$ 1.1/t higher q/q), driven by Vale’s usual shipping seasonality and higher bunker fuel costs (US$ 0.4/t higher q/q). CFR sales totaled 59.8 Mt in Q3, representing 86% of total iron ore fines sales.


	- 11 -

Pellets

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Net revenues	1,502	1,388	8%	1,394	8%	4,481	4,123	9%
	Cash costs¹	(747)	(669)	12%	(705)	6%	(2,191)	(1,991)	10%
	Pre-operational & stoppage expenses	(3)	(6)	-50%	(2)	50%	(10)	(15)	-33%
	Expenses²	(5)	(1)	400%	(1)	400%	(1)	(8)	-88%
	Leased pelletizing plants EBITDA	43	39	10%	38	13%	117	91	29%
	EBITDA	790	751	5%	724	9%	2,396	2,200	9%
	Iron ore pellets realized price (CFR/FOB, US$/t)	148.2	161.2	-8%	157.2	-6%	158.7	161.3	-2%
	Cash costs¹ per ton (US$/t)	73.6	77.7	-5%	79.5	-7%	77.6	77.9	0%
	EBITDA per ton (US$/t)	77.9	87.2	-11%	81.7	-5%	84.9	86.1	-1%
¹ Including iron ore, leasing, freight, overhead, energy and others. ² Including selling, R&D and others.

Pellets sales reached 10.1 Mt, 14% higher q/q and 18% higher y/y, driven by higher pellet production and healthy demand.

The average realized iron ore pellets price was US$ 148.2/t, US$ 9.0/t lower q/q, due to lower 65%Fe index iron ore prices (US$ 12.0/t lower q/q), which were partially offset by the positive effect of pricing mechanisms (US$ 2.9/t).

Pellets’ cash costs per ton was 5% lower q/q, totaling US$ 73.6/t, mainly as a result of increased production and the resulting fixed cost dilution. FOB sales represented 61% of total sales.


	- 12 -

Highlights

	US$ million (unless otherwise stated)	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Net Revenues	1,583	1,718	-8%	1,622	-2%	4,639	5,622	-17%
	Costs¹	(1,313)	(1,338)	-2%	(1,171)	12%	(3,621)	(4,083)	-11%
	SG&A and Other expenses¹	30	75	-60%	22	36%	58	81	-28%.
	Pre-operating and stoppage expenses¹	(1)	(1)	0%	(3)	-67%	(5)	(5)	0%
	R&D expenses	(74)	(75)	-1%	(70)	6%	(195)	(187)	4%
	EBITDA from associates and JVs²	23	6	283%	7	229%	36	6	500%
	Adjusted EBITDA	248	385	-36%	407	-39%	912	1,434	-36%
	Depreciation and amortization	(212)	(257)	-18%	(229)	-7%	(664)	(760)	-13%
	Adjusted EBIT	36	128	-72%	178	-80%	248	674	-63%
¹ Includes an adjustment of US$ 94 million increasing the adjusted EBITDA in 3Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. ² Starting in 3Q24, PTVI EBITDA is included in EBITDA from associates and JVs, reflecting VBM's ownership of 33.9% in PTVI.

Adjusted EBITDA

US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
Nickel	(66)	100	n.a.	108	n.a.	59	663	-91%
Copper	360	269	34%	351	3%	995	725	37%
Others	(46)	16	n.a.	(52)	-12%	(142)	46	n.a.
Total	248	385	-36%	407	-39%	912	1,434	-36%

EBITDA decreased by 36% y/y, largely impacted by the nickel segment.

In Copper, EBITDA increased by 34% y/y, positively impacted by higher realized copper prices (US$ 79 million) and stronger by-product revenues (US$ 45 million), partially offset by the impact of the conveyor belt occurred at Salobo 3 (US$ -21 million) and other effects (US$ -13 million), included in Others.

In Nickel, EBITDA decreased to US$ -66 million in Q3, mainly explained by lower realized nickel prices (US$ -192 million), the PTVI deconsolidation (US$ -167 million) and higher volumes (US$ -30 million). These were partially offset by stronger by-products revenues (US$ 21 million) and Others (US$ 192 million), largely explained by a decrease in external feed costs.

EBITDA variation – US$ million (3Q24 vs. 3Q23)

¹Includes variations of (i) negative US$ 21 million in PPA, (ii) positive US$ 46 million in currency variation, (iii) positive US$ 61 million in costs and expenses and (iv) EBITDA from associates and JVs of US$20 million in others. ² Includes an adjustment of US$ 94 million increasing the adjusted EBITDA in 3Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027.


	- 13 -

Copper

	US$ million (unless otherwise stated)	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	LME copper price (US$/t)	9,210	8,356	10%	9,753	-6%	9,131	8,585	6%
	Average realized copper price (US$/t)	9,016	7,731	17%	9,202	-2%	8,651	7,969	9%
	Volume sold – copper (kt)	61	62	-2%	58	5%	176	158	12%
	Net Revenues	759	660	15%	779	-3%	2,177	1,722	26%
	Costs¹	(366)	(341)	7%	(391)	-6%	(1,086)	(930)	17%
	Selling and other expenses¹	(3)	(3)	0%	(8)	-63%	(14)	40	n.a.
	Pre-operating and stoppage expenses¹	-	-	-	-	-	-	(4)	-100%
	R&D expenses	(30)	(47)	-36%	(29)	3%	(82)	(103)	-20%
	Adjusted EBITDA	360	269	34%	351	3%	995	725	37%
	Depreciation and amortization	(39)	(49)	-20%	(41)	-5%	(120)	(120)	0%
	Adjusted EBIT	321	220	46%	310	4%	875	605	45%
¹ Net of depreciation and amortization

Adjusted EBITDA

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Salobo	311	251	24%	306	2%	878	655	34%
	Sossego	98	59	66%	44	123%	159	128	24%
	Other¹	(49)	(41)	20%	1	n.a.	(42)	(58)	-28%
	Total	360	269	34%	351	3%	995	725	37%
¹ Includes US$ 25 million in R&D expenses related to the Hu’u project in 3Q24 and the unrealized provisional price adjustments.

Revenues

Net revenues increased by 17% y/y mainly because of the increase in realized copper prices, as well as higher by-products revenues. The higher by-product revenue resulted from the increase in market prices for gold.

The average realized copper price was up 17% y/y mainly due to higher average LME price. Sequentially, the average realized copper price was down 2%, on the back of lower LME prices.

Average realized copper price 3Q24 – US$/t

Note: Vale’s copper products are sold on a provisional pricing basis, with final prices determined in a future period. The average copper realized price excludes the mark-to-market of open invoices based on the copper price forward curve (unrealized provisional price adjustments) and includes the prior and current period price adjustments (realized provisional price adjustments).
¹Current-period price adjustments: Final invoices that were provisionally priced and settled within the quarter. ²Prior-period price adjustment: Final invoices of sales provisionally priced in prior quarters. ³TC/RCs, penalties, premiums, and discounts for intermediate products


	- 14 -

Costs & Expenses

All-in costs (EBITDA breakeven)

	US$/t	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	COGS	5,962	5,512	8%	6,726	-11%	6,172	5,895	5%
	By-product revenues	(3,710)	(2,960)	25%	(3,714)	0%	(3,550)	(2,952)	20%
	COGS after by-product revenues	2,252	2,552	-12%	3,012	-25%	2,622	2,943	-11%
	Other expenses¹	96	152	-37%	168	-43%	137	70	96%
	Total costs	2,348	2,704	-13%	3,180	-26%	2,759	3,013	-8%
	TC/RCs penalties, premiums and discounts	503	560	-10%	472	7%	499	543	-8%
	EBITDA breakeven²^,³	2,851	3,264	-13%	3,651	-22%	3,258	3,556	-8%
¹ Includes sales expenses, R&D associated with Salobo and Sossego, pre-operating and stoppage expenses and other expenses. ² Considering only the cash effect of streaming transactions, copper operations EBITDA break-even would increase to US$ 4,799/t. ³ The realized price to be compared to the EBITDA break-even should be the copper realized price before discounts (US$ 9,518/t), given that TC/RCs, penalties, and other discounts are already part of the EBITDA break-even build-up.

All-in costs decreased by 13% y/y, primarily due to higher unit by-products revenues.

Unit COGS increased by 8% y/y mainly driven by higher costs at Salobo, due to repairs after the fire occurred at the conveyor belt in June. Unit COGS at Sossego performed stably.

Unit COGS, net of by-products, decreased by 12% y/y mainly reflecting the positive impact of by-products revenues, at both Salobo and Sossego.

All-in costs (EBITDA breakeven)

US$/t	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
Salobo	1,623	2,130	-24%	2,319	-30%	1,903	2,358	-19%
Sossego	3,648	3,751	-3%	5,652	-35%	4,824	4,511	7%

Unit expenses were 37% lower y/y, mainly as a result of lower R&D expenditures.


	- 15 -

Nickel

	US$ million (unless otherwise stated)	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	LME nickel price (US$/t)	16,259	20,344	-20%	18,415	-12%	17,072	22,890	-25%
	Average realized nickel price (US$/t)	17,012	21,237	-20%	18,638	-9%	17,478	23,203	-25%
	Volume sold – nickel (kt)	41	39	4%	34	19%	108	120	-10%
	Volume sold - copper (kt)	14	12	15%	18	-23%	52	53	-1%
	Net Revenues	904	1,023	-12%	879	3%	2,619	3,566	-27%
	Costs¹	(936)	(925)	1%	(731)	28%	(2,441)	(2,760)	-12%
	Selling and other expenses¹	(17)	31	n.a.	(6)	183%	(46)	(58)	-21%
	Pre-operating and stoppage expenses¹	(1)	(1)	0%	(3)	-67%	(5)	(1)	400%
	R&D expenses	(34)	(28)	21%	(31)	10%	(86)	(84)	2%
	EBITDA from associates and JVs²	18	-	n.a.	-	n.a.	18	-	n.a.
	Adjusted EBITDA	(66)	100	n.a.	108	n.a.	59	663	-91%
	Depreciation and amortization	(167)	(208)	-20%	(187)	-11%	(536)	(640)	-16%
	Adjusted EBIT	(233)	(108)	116%	(79)	195%	(477)	23	n.a.
¹ Net of depreciation and amortization. ² Starting in 3Q24, PTVI EBITDA is included in EBITDA from associates and JVs, reflecting VBM's ownership of 33.9% in PTVI. Historical figures were not restated.

Adjusted EBITDA

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Sudbury¹	16	45	-66%	16	-3%	95	419	-77%
	Voisey’s Bay & Long Harbour	(56)	(67)	-16%	(76)	-26%	(166)	(176)	-6%
	Standalone Refineries²	9	(28)	n.a.	21	-57%	24	39	-38%
	Onça Puma	17	15	14%	(17)	n.a.	(46)	51	n.a.
	PTVI (historical)	-	104	-100%	79	-100%	137	400	-66%
	Associates and JVs	18	-	n.a.	-	n.a.	18	-	n.a.
	Others³	(70)	31	n.a.	85	n.a.	(3)	(70)	-96%
	Total	(66)	100	n.a.	108	n.a.	59	663	-91%
¹ Includes the Thompson operations. ² Comprises the sales results for Clydach and Matsusaka refineries. ³ Includes intercompany eliminations, provisional price adjustments and inventories adjustments. Hedge results have been relocated to each nickel business operation. ³ Includes proportionate EBITDA from PTVI, starting from 3Q24. Historical figures include the consolidated results from PTVI.

Revenues

Revenues decreased by 12% y/y mainly as a result of lower nickel prices, partially offset by higher by-products revenues. The higher by-products revenues resulted primarily from higher copper sales and prices.

The average realized nickel price was US$ 17,012/t, down 20% y/y, mainly due to 20% lower LME nickel average price. On a sequential basis, the realized nickel price was down 9% mainly as a result of 12% lower LME prices.

In 3Q24, the average realized nickel price was 5% higher than the LME average, mainly due to the 74% share of Upper Class I products in the mix of North Atlantic, with average US$ 1,080/t premiums.

Average realized nickel price 3Q24 – US$/t


	- 16 -

Costs & Expenses

All-in costs (EBITDA breakeven)

	US$/t	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	COGS ex. external feed	28,066	23,039	22%	20,755	35%	23,316	22,180	5%
	COGS²	23,019	23,581	-2%	21,306	8%	22,253	23,061	-4%
	By-product revenues²	(5,140)	(4,807)	7%	(7,097)	-28%	(6,725)	(6,590)	2%
	COGS after by-product revenues	17,878	18,774	-5%	14,210	26%	15,528	16,471	-6%
	Other expenses³	1,208	(81)	n.a.	1,109	9%	1,203	1,194	1%
	EBITDA from associates & JVs⁴	(442)	-	n.a.	-	n.a.	(167)	-	n.a.
	Total Costs	18,644	18,693	0%	15,319	22%	16,564	17,665	-6%
	Nickel average aggregate (premium) discount	(571)	(123)	364%	(319)	79%	(474)	(77)	516%
	EBITDA breakeven⁵	18,073	18,570	-3%	15,000	20%	16,090	17,588	-9%
¹ Starting in 3Q24, COGS ex. external feed excludes 3^rd party feed and PTVI offtake. Historical figures have not been adjusted. ² Excluding marketing activities. ³ Includes R&D, sales expenses and pre-operating & stoppage. ⁴ Starting from 3Q24, it includes the proportionate results from PTVI (33.9% owned by VBM). ⁵Considering only the cash effect of streaming transactions, nickel operations EBITDA break-even would increase to US$ 18,264/t in 3Q24.

All-in costs decreased by 3% y/y, primarily due to higher by-product revenues, lower unit COGS and higher realized premiums. Sequentially, they were 22% higher, mainly due to the increase in unit costs.

Unit COGS, excluding external feed purchases, was 22% higher y/y, mainly reflecting the impact of the PTVI deconsolidation. Excluding the effect of PTVI deconsolidation, the unit COGS, excluding 3rd-party feed purchases, was US$ 515/t lower y/y.

Unit COGS, excluding external feed purchases 3Q24 vs. 3Q23 adjusted – US$/t

¹ Reflects the cost of the PTVI offtake at the purchase price and excludes the costs associated with volumes that were not entitled to Vale Base Metals.

Unit COGS was down 2% y/y as a result of lower acquisition costs for external feed in the refineries and Canadian operations, due to nickel prices, as well as because of the continued ramp-up of Voisey’s Bay. These effects were partially offset by the increase in maintenance costs in Sudbury. Unit costs also decreased at Onça Puma, driven by higher fixed costs dilution. Sequentially, unit costs increased by 8%, mainly reflecting the impact of the PTVI deconsolidation.

Unit by-product revenues were 7% higher y/y, driven by higher copper sales and prices. Q/q, they were 26% lower, mainly driven by lower copper sales, as mine and mill maintenance performed in the quarter reduced copper concentrates availability for sale, as well as lower copper prices q/q.

Unit COGS, net of by-products, by operation

	US$/t	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Sudbury¹,²	15,175	18,723	-19%	15,219	0%	13,715	14,868	-8%
	Voisey’s Bay & Long Harbour²	21,953	30,316	-28%	31,114	-29%	24,130	29,225	-17%
	Standalone refineries²^,³	16,876	23,372	-28%	16,880	0%	17,687	22,342	-21%
	Onça Puma	10,318	11,543	-11%	21,705	-52%	18,494	11,813	57%
¹ Sudbury costs include Thompson costs. ² A large portion of Sudbury, Clydach, Matsusaka and Long Harbour finished nickel production is derived from intercompany transfers, as well as from the purchase of ore or nickel intermediates from third parties. These transactions are valued at fair market value. ³ Comprises the unit cash costs for Clydach and Matsusaka refineries.

Expenses were higher y/y as 3Q23 was positively affected by one off settlement of royalties.


	- 17 -

Except where otherwise indicated, the operational and financial information in this release is based on the consolidated figures in accordance with IFRS. Our quarterly financial statements are reviewed by the company’s independent auditors. The main subsidiaries that are consolidated are the following: Companhia Portuária da Baía de Sepetiba, Vale Manganês S.A., Minerações Brasileiras Reunidas S.A., Vale Base Metals Ltd., Tecnored Desenvolvimento Tecnológico S.A., Aliança Geração de Energia S.A., Vale Holdings B.V, Vale Canada Limited, Vale International S.A., Vale Malaysia Minerals Sdn. Bhd. and Vale Oman Pelletizing Company LLC.

This press release may include statements about Vale’s current expectations about future events or results (forward-looking statements). Many of those forward-looking statements can be identified by the use of forward-looking words such as ”anticipate,” ”believe,” ”could,” ”expect,” ”should,” ”plan,” ”intend,” ”estimate” “will” and ”potential,” among others. All forward-looking statements involve various risks and uncertainties. Vale cannot guarantee that these statements will prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, especially Brazil and Canada; (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; and (e) global competition in the markets in which Vale operates. Vale cautions you that actual results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future events or for any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports that 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.

The information contained in this press release includes financial measures that are not prepared in accordance with IFRS. These non-IFRS measures differ from the most directly comparable measures determined under IFRS, but we have not presented a reconciliation to the most directly comparable IFRS measures, because the non-IFRS measures are forward-looking and a reconciliation cannot be prepared without unreasonable effort.


	- 18 -

Annex 1: Detailed Financial Information

Simplified financial statements

Income Statement
US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
Net operating revenue	9,553	10,623	-10%	9,920	-4%	27,932	28,730	-3%
Cost of goods sold and services rendered	(6,281)	(6,309)	0%	(6,349)	-1%	(17,997)	(17,198)	5%
Gross profit	3,272	4,314	-24%	3,571	-8%	9,935	11,532	-14%
Gross margin (%)	34.3	40.6	-6 p.p.	36.0	-2 p.p.	35.6	40.1	-4 p.p.
Selling and administrative expenses	(139)	(150)	-7%	(137)	1%	(416)	(407)	2%
Research and development expenses	(192)	(188)	2%	(189)	2%	(537)	(492)	9%
Pre-operating and operational stoppage	(89)	(115)	-23%	(91)	-2%	(272)	(342)	-20%
Other operational expenses, net	(321)	(511)	-37%	(289)	11%	(860)	(1,118)	-23%
Impairment reversal (impairment and disposals) of non-current assets, net	1,144	(75)	n.a.	1,010	13%	2,148	(145)	n.a.
Operating income	3,675	3,275	12%	3,875	-5%	9,998	9,028	11%
Financial income	129	100	29%	78	65%	316	327	-3%
Financial expenses	(373)	(362)	3%	(365)	2%	(1,077)	(1,079)	0%
Other financial items, net	(130)	(123)	6%	(965)	-87%	(1,302)	(320)	307%
Equity results and other results in associates and joint ventures	(574)	94	n.a.	112	n.a.	(338)	44	n.a.
Income before income taxes	2,727	2,984	-9%	2,735	0%	7,597	8,000	-5%
Current tax	(320)	(278)	15%	(638)	-50%	(1,692)	(900)	88%
Deferred tax	(16)	151	n.a.	672	n.a.	942	(1,437)	n.a.
Net income	2,391	2,857	-16%	2,769	-14%	6,847	5,663	21%
Net income (loss) attributable to noncontrolling interests	(21)	21	n.a.	-	n.a.	(13)	98	n.a.
Net income attributable to Vale's shareholders	2,412	2,836	-15%	2,769	-13%	6,860	5,565	23%
Net income	2,391	2,857	-16%	2,769	-14%	6,847	5,663	21%
Net income (Loss) attributable to Vale's to noncontrolling interests	(21)	21	n.a.	-	n.a.	(13)	98	n.a.
Net income attributable to Vale's shareholders	2,412	2,836	-15%	2,769	-13%	6,860	5,565	23%
Earnings per share (attributable to the Company's shareholders - US$):
Basic and diluted earnings per share (attributable to the Company's shareholders - US$)	0.56	0.66	-15%	0.65	-14%	1.60	1.27	26%

Equity income (loss) by business segment

US$ million	3Q24	%	3Q23	%	∆ y/y	2Q24	%	∆ q/q	9M24	%	9M23	%	∆ y/y
Iron Ore Solutions	88	112	87	93	1%	109	95	-19%	255	98	80	77	219%
Energy Transition Metals	5	6	-	-	-	-	-	-	5	2	-	-	-
Others	(14)	(18)	7	7	n.a.	6	5	n.a.	(1)	-	24	23	n.a.
Total	79	100	94	100	1%	115	100	-19%	259	100	104	100	219%


	- 19 -

Balance sheet
US$ million	9/30/24	9/30/23	∆ y/y	6/30/24	∆ q/q
Assets
Current assets	13,800	14,673	-6%	14,829	-7%
Cash and cash equivalents	4,596	3,967	16%	6,479	-29%
Short term investments	53	60	-12%	61	-13%
Accounts receivable	3,001	3,348	-10%	2,332	29%
Other financial assets	223	426	-48%	168	33%
Inventories	4,946	5,114	-3%	4,793	3%
Recoverable taxes	714	1,355	-47%	659	8%
Judicial deposits	-	-	-	-	-
Other	267	403	-34%	337	-21%
Non-current assets held for sale	-	-	-	-	-
Non-current assets	13,378	14,060	-5%	13,294	1%
Judicial deposits	606	1,296	-53%	585	4%
Other financial assets	155	586	-74%	160	-3%
Recoverable taxes	1,385	1,264	10%	1,329	4%
Deferred income taxes	9,875	9,682	2%	9,931	-1%
Other	1,357	1,232	10%	1,289	5%
Fixed assets	61,708	60,256	2%	58,492	5%
Total assets	88,886	88,989	0%	86,615	3%
Liabilities
Current liabilities	15,174	13,644	11%	13,743	10%
Suppliers and contractors	5,353	5,582	-4%	4,769	12%
Loans, borrowings and leases	842	779	8%	910	-7%
Leases	157	197	-20%	177	-11%
Other financial liabilities	1,550	1,538	1%	1,467	6%
Taxes payable	1,257	630	100%	1,242	1%
Settlement program ("REFIS")	396	407	-3%	383	3%
Provisions for litigation	117	119	-2%	115	2%
Employee benefits	887	824	8%	724	23%
Liabilities related to associates and joint ventures	2,322	899	158%	1,605	45%
Liabilities related to Brumadinho	978	1,324	-26%	974	0%
De-characterization of dams and asset retirement obligations	937	845	11%	956	-2%
Other	378	500	-24%	421	-10%
Liabilities associated with non-current assets held for sale	-	-	-	-	-
Non-current liabilities	34,000	35,858	-5%	34,485	-1%
Loans, borrowings and leases	12,578	11,777	7%	12,860	-2%
Leases	608	1,283	-53%	1,183	-49%
Participative shareholders' debentures	2,406	2,405	0%	2,451	-2%
Other financial liabilities	2,654	2,583	3%	2,656	0%
Settlement program (REFIS)	1,229	1,744	-30%	1,284	-4%
Deferred income taxes	966	1,343	-28%	806	20%
Provisions for litigation	814	1,341	-39%	765	6%
Employee benefits	1,284	1,231	4%	1,221	5%
Liabilities related to associates and joint ventures	2,352	2,320	1%	2,102	12%
Liabilities related to Brumadinho	1,412	1,873	-25%	1,438	-2%
Decharacterization of dams and asset retirement obligations	5,511	6,111	-10%	5,484	0%
Streaming transactions	1,945	1,621	20%	1,948	0%
Others	241	226	7%	287	-16%
Total liabilities	49,174	49,502	-1%	48,228	2%
Shareholders' equity	39,712	39,487	1%	38,387	3%
Total liabilities and shareholders' equity	88,886	88,989	0%	86,615	3%


	- 20 -

Cash flow
US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
Cash flow from operations	2,757	4,128	-33%	2,353	17%
Interest on loans and borrowings paid	(247)	(174)	42%	(211)	17%
Cash received on settlement of Derivatives, net	(30)	70	n.a.	81	n.a.
Payments related to Brumadinho	(188)	(292)	-36%	(265)	-29%
Payments related to decharacterization of dams	(154)	(146)	5%	(132)	17%
Interest on participative shareholders debentures paid	-	-	-	(149)	-100%
Income taxes (including settlement program) paid	(471)	(720)	-35%	(466)	1%
Net cash generated by operating activities	1,667	2,866	-42%	1,211	38%
Cash flow from investing activities
Short-term investment	67	68	-1%	28	139%
Capital expenditures	(1,398)	(1,464)	-5%	(1,328)	5%
Payments related to Samarco dam failure	(113)	(317)	-64%	(105)	8%
Dividends received from joint ventures and associates	12	-	n.a.	39	-69%
Cash received (paid) from disposal and acquisition of investments, net	107	-	n.a.	2,610	-96%
Other investment activities, net	(3)	14	n.a.	(4)	-25%
Net cash used in investing activities	(1,328)	(1,699)	-22%	1,240	n.a.
Cash flow from financing activities
Loans and financing:
Loans and borrowings from third parties	962	150	541%	1,090	-12%
Payments of loans and borrowings from third parties	(1,584)	(13)	12085%	(530)	199%
Payments of leasing	(48)	(47)	2%	(44)	9%
Payments to shareholders:
Dividends and interest on capital paid to Vale's shareholders	(1,586)	(1,678)	0%	-	n.a.
Share buyback program	(20)	(546)	-96%	(114)	-82%
Net cash used in financing activities	(2,276)	(2,134)	7%	402	n.a.
Net increase (decrease) in cash and cash equivalents	(1,937)	(967)	100%	2,853	n.a.
Cash and cash equivalents in the beginning of the period	6,479	4,983	30%	3,790	71%
Effect of exchange rate changes on cash and cash equivalents	(21)	(49)	-57%	(164)	-87%
Cash and cash equivalents from subsidiaries acquired and sold, net	75	-	-	-	-
Cash and cash equivalents at the end of period	4,596	3,967	16%	6,479	-29%
Non-cash transactions:
Additions to property, plant and equipment - capitalized loans and borrowing costs	11	5	120%	8	38%
Cash flow from operating activities
Income before income taxes	2,727	2,984	-9%	2,735	0%
Adjusted for:
Review of estimates related to Brumadinho	48	184	-	(14)	n.a.
Review of estimates for decharacterization of dams	-	-	-	(70)	-100%
Equity results and other results in associates and joint ventures	574	(94)	n.a.	(112)	n.a.
Impairment and gains (losses) on disposal of non-current assets, net	(1,144)	75	n.a.	(1,010)	13%
Depreciation, depletion and amortization	748	780	-4%	793	-6%
Financial results, net	374	385	-3%	1,252	-70%
Change in assets and liabilities
Accounts receivable	(672)	(410)	64%	(167)	302%
Inventories	(145)	(97)	49%	165	n.a.
Suppliers and contractors	471	480	-2%	(528)	n.a.
Other assets and liabilities, net	(224)	(159)	41%	(691)	-68%
Cash flow from operations	2,757	4,128	-33%	2,353	17%


	- 21 -

Reconciliation of IFRS and “non-GAAP” information

(a) Adjusted EBIT

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
	Net operating revenues	9,553	10,623	-10%	9,920	-4%
	COGS	(6,281)	(6,309)	0%	(6,349)	-1%
	Sales and administrative expenses	(139)	(150)	-7%	(137)	1%
	Research and development expenses	(192)	(188)	2%	(189)	2%
	Pre-operating and stoppage expenses	(89)	(115)	-23%	(91)	-2%
	Brumadinho event and dam decharacterization of dams	(126)	(305)	-59%	1	n.a.
	Other operational expenses, net¹	(101)	(159)	-36%	(208)	-51%
	EBITDA from associates and JVs	242	254	-5%	253	-4%
	Adjusted EBIT	2,867	3,651	-21%	3,200	-10%
¹ Includes adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24 and US$ 47 million in 3Q23 to reflect the performance of the streaming transactions at market price.

(b) Adjusted EBITDA

	EBITDA defines profit or loss before interest, tax, depreciation, depletion and amortization. The definition of Adjusted EBITDA for the Company is the operating income or loss plus EBITDA associates and joint ventures, and excluding the amounts charged as (i) depreciation, depletion and amortization and (ii) impairment reversal (impairment and disposals) of non-current assets. However, our adjusted EBITDA is not the measure defined as EBITDA under IFRS and may possibly not be comparable with indicators with the same name reported by other companies. Adjusted EBITDA should not be considered as a substitute for operational profit or as a better measure of liquidity than operational cash flow, which are calculated in accordance with IFRS. Vale provides its adjusted EBITDA to give additional information about its capacity to pay debt, carry out investments and cover working capital needs. The following tables shows the reconciliation between adjusted EBITDA and operational cash flow and adjusted EBITDA and net income, in accordance with its statement of changes in financial position. The definition of Adjusted EBIT is Adjusted EBITDA plus depreciation, depletion and amortization.

Reconciliation between adjusted EBITDA and operational cash flow

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
	Adjusted EBITDA	3,615	4,431	-18%	3,993	-9%
	Working capital:
	Accounts receivable	(672)	(410)	64%	(167)	302%
	Inventories	(145)	(97)	49%	165	n.a.
	Suppliers and contractors	471	480	-2%	(528)	n.a.
	Review of estimates related to Brumadinho	48	184	-74%	(14)	n.a.
	Review of estimates related to decharacterization of dams	-	-	-	(70)	n.a.
	Others	(560)	(460)	22%	(1,026)	-45%
	Cash flow	2,757	4,128	-33%	2,353	17%
	Income taxes paid (including settlement program)	(471)	(720)	-35%	(466)	1%
	Interest on loans and borrowings paid	(247)	(174)	42%	(211)	17%
	Payments related to Brumadinho event	(188)	(292)	-36%	(265)	-29%
	Payments related to decharacterization of dams	(154)	(146)	5%	(132)	17%
	Interest on participative shareholders' debentures paid	-	-	-	(149)	n.a.
	Cash received on settlement of Derivatives, net	(30)	70	n.a.	81	n.a.
	Net cash generated by operating activities	1,667	2,866	-42%	1,211	38%

Reconciliation between adjusted EBITDA and net income (loss)

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
	Adjusted EBITDA	3,615	4,431	-18%	3,993	-9%
	Depreciation, depletion and amortization	(748)	(780)	-4%	(793)	-6%
	EBITDA from associates and joint ventures	(242)	(254)	-5%	(253)	-4%
	Impairment reversal (impairment) and results on disposals of non-current assets,net¹	1,050	(122)	n.a.	928	13%
	Operating income	3,675	3,275	12%	3,875	-5%
	Financial results	(374)	(385)	-3%	(1,252)	-70%
	Equity results and other results in associates and joint ventures	(574)	94	n.a.	112	-613%
	Income taxes	(336)	(127)	165%	34	n.a.
	Net income	2,391	2,857	-16%	2,769	-14%
	Net income (loss) attributable to noncontrolling interests	(21)	21	n.a.	-	n.a.
	Net income attributable to Vale's shareholders	2,412	2,836	-15%	2,769	-13%
¹ Includes adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24 and US$ 47 million in 3Q23, to reflect the performance of the streaming transactions at market price.

(c) Net debt

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
	Gross debt	13,420	12,556	7%	13,770	-3%
	Leases	765	1,480	-48%	1,360	-44%
	Cash and cash equivalents	(4,649)	(4,027)	15%	(6,540)	-29%
	Net debt	9,536	10,009	-5%	8,590	11%


	- 22 -

(d) Gross debt / LTM Adjusted EBITDA

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
	Gross debt and leases / LTM Adjusted EBITDA (x)	0.8	0.9	-11%	0.8	0%
	Gross debt and leases / LTM operational cash flow (x)	0.8	0.8	0%	0.8	0%

(e) LTM Adjusted EBITDA / LTM interest payments

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
	Adjusted LTM EBITDA / LTM gross interest (x)	22.4	23.0	-3%	23.6	-5%
	LTM adjusted EBITDA / LTM interest payments (x)	23.0	21.2	8%	26.2	-12%

(f) US dollar exchange rates

	R$/US$	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
	Average	5.5454	4.8803	14%	5.2129	6%
	End of period	5.4481	5.0076	9%	5.5589	-2%


	- 23 -

Revenues and volumes

Net operating revenue by business area

	US$ million	3Q24	%	3Q23	%	∆ y/y	2Q24	%	∆ q/q	9M24	%	9M23	%	∆ y/y
	Iron Ore Solutions	7,970	83%	8,862	83%	-10%	8,298	84%	-4%	23,293	83%	23,049	80%	1%
	Fines	6,281	66%	7,331	69%	-14%	6,729	68%	-7%	18,302	66%	18,548	65%	-1%
	ROM	33	0%	33	0%	0%	27	0%	22%	87	0%	94	0%	-7%
	Pellets	1,502	16%	1,388	13%	8%	1,394	14%	8%	4,481	16%	4,123	14%	9%
	Others	154	2%	110	1%	40%	148	1%	4%	423	2%	284	1%	49%
	Energy Transition Metals	1,583	17%	1,718	16%	-8%	1,622	16%	-2%	4,639	17%	5,588	19%	-17%
	Nickel	692	7%	833	8%	-17%	639	6%	8%	1,889	7%	2,777	10%	-32%
	Copper	680	7%	567	5%	20%	699	7%	-3%	1,966	7%	1,665	6%	18%
	PGMs	44	0%	54	1%	-19%	38	0%	16%	150	1%	214	1%	-30%
	Gold as by-product¹	144	2%	147	1%	-2%	155	2%	-7%	437	2%	376	1%	16%
	Silver as by-product	13	0%	8	0%	63%	12	0%	8%	35	0%	30	0%	17%
	Cobalt¹	8	0%	14	0%	-43%	2	0%	300%	20	0%	57	0%	-65%
	Others²	2	0%	95	1%	-98%	77	1%	-97%	142	1%	469	2%	-70%
	Others	-	0%	42	0%	-100%	-	0%	0%	-	0%	93	0%	-100%
	Total	9,553	100%	10,623	100%	-10%	9,920	100%	-4%	27,932	100%	28,730	100%	-3%
¹ Exclude the adjustment of US$ 94 million in 3Q24, US$ 83 million in 2Q24, US$ 243 million in 9M24, US$ 47 million in 3Q23 and US$ 134 million in 9M23, related to the performance of streaming transactions at market price. ² Includes marketing activities.

Net operating revenue by destination

US$ million	3Q24	%	3Q23	%	∆ y/y	2Q24	%	∆ q/q	9M24	%	9M23	%	∆ y/y
North America	347	3.6	398	3.7	-13%	435	4.4	-20%	1,209	4.3	1,605	5.6	-25%
USA	291	3.0	323	3.0	-10%	254	2.6	15%	788	2.8	1,265	4.4	-38%
Canada	56	0.6	75	0.7	-25%	181	1.8	-69%	421	1.5	340	1.2	24%
South America	1,010	10.6	1,018	9.6	-1%	974	9.8	4%	3,112	11.1	3,183	11.1	-2%
Brazil	897	9.4	915	8.6	-2%	868	8.8	3%	2,771	9.9	2,828	9.8	-2%
Others	113	1.2	103	1.0	10%	106	1.1	7%	341	1.2	355	1.2	-4%
Asia	6,422	67.2	7,603	71.6	-16%	6,858	69.1	-6%	18,449	66.0	18,607	64.8	-1%
China	4,770	49.9	5,860	55.2	-19%	4,994	50.3	-4%	13,438	48.1	13,905	48.4	-3%
Japan	732	7.7	843	7.9	-13%	927	9.3	-21%	2,341	8.4	2,356	8.2	-1%
South Korea	335	3.5	289	2.7	16%	282	2.8	19%	823	2.9	975	3.4	-16%
Others	585	6.1	611	5.8	-4%	655	6.6	-11%	1,847	6.6	1,371	4.8	35%
Europe	1,142	12.0	956	9.0	19%	1,079	10.9	6%	3,230	11.6	3,746	13.0	-14%
Germany	413	4.3	261	2.5	58%	286	2.9	44%	1,025	3.7	983	3.4	4%
Italy	83	0.9	48	0.5	73%	34	0.3	144%	136	0.5	413	1.4	-67%
Others	646	6.8	647	6.1	0%	759	7.7	-15%	2,069	7.4	2,350	8.2	-12%
Middle East	281	2.9	271	2.6	4%	251	2.5	12%	798	2.9	671	2.3	19%
Rest of the World	351	3.7	377	3.5	-7%	323	3.3	9%	1,134	4.1	918	3.2	24%
Total	9,553	100.0	10,623	100.0	-10%	9,920	100.0	-4%	27,932	100.0	28,730	100.0	-3%


	- 24 -

Operating Expenses

US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
SG&A	139	150	-7%	137	1%	416	407	2%
Administrative	116	124	-6%	116	0%	351	342	3%
Personnel	40	52	-23%	42	-5%	138	149	-7%
Services	35	32	9%	41	-15%	107	90	19%
Depreciation	13	12	8%	9	44%	33	37	-11%
Others	28	28	0%	24	17%	73	66	11%
Selling	23	26	-12%	21	10%	65	65	0%
R&D	192	188	2%	189	2%	537	492	9%
Pre-operating and stoppage expenses	89	115	-23%	91	-2%	272	342	-20%
Expenses related to Brumadinho and decharacterization of dams	126	305	-59%	(1)	n.a.	166	687	-76%
Other operating expenses	195	206	-5%	290	-33%	694	431	61%
Total operating expenses	741	964	-23%	706	5%	2,085	2,359	-12%
Depreciation	36	34	6%	30	20%	102	115	-11%
Operating expenses, ex-depreciation	705	930	-24%	676	4%	1,983	2,244	-12%

Financial results

	US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Financial expenses, of which:	(373)	(362)	3%	(365)	2%	(1,077)	(1,079)	0%
	Gross interest	(208)	(192)	8%	(211)	-1%	(590)	(557)	6%
	Capitalization of interest	11	5	120%	8	38%	24	15	60%
	Others	(155)	(137)	13%	(139)	12%	(439)	(423)	4%
	Financial expenses (REFIS)	(21)	(38)	-45%	(23)	-9%	(72)	(114)	-37%
	Financial income	129	100	29%	78	65%	316	327	-3%
	Shareholder Debentures	92	30	207%	(241)	n.a.	15	304	-95%
	Derivatives¹	64	(51)	n.a.	(471)	n.a.	(405)	704	n.a.
	Currency and interest rate swaps	69	(92)	n.a.	(455)	-115%	(400)	682	n.a.
	Others (commodities, etc)	(5)	41	n.a.	(16)	-69%	(5)	22	n.a.
	Foreign exchange	4	206	-98%	53	-92%	29	(247)	n.a.
	CTA	-	-	-	-	-	-	-	-
	Monetary variation	(290)	(308)	-6%	(306)	-5%	(941)	(1,081)	-13%
	Foreign exchange and monetary variation	(286)	(102)	180%	(253)	13%	(912)	(1,328)	-31%
	Financial result, net	(374)	(385)	-3%	(1,252)	-70%	(2,063)	(1,072)	92%
¹ The cash effect of the derivatives was a lost of US$ 30 million in 3Q24.

Sustaining Investments by type

US$ million	Iron Ore Solutions	Energy Transition Metals	Energy and others	Total
Enhancement of operations	353	172	2	527
Replacement projects	11	99	0	109
Filtration and dry stacking projects	45	0	0	45
Dam management	35	8	0	44
Other investments in dams and waste dumps	38	14	0	53
Health and safety	66	21	1	88
Social investments and environmental protection	78	4	0	82
Administrative & others	50	8	14	73
Total	677	327	18	1022


	- 25 -

Annex 2: Segment information

Segment results 3Q24

	US$ million	Net operating revenues	Cost¹	SG&A and others¹	R&D¹	Pre operating & stoppage¹	Associates and JVs EBITDA	Adjusted EBITDA
	Iron Ore Solutions	7,970	(4,255)	(45)	(87)	(63)	211	3,731
	Fines	6,281	(3,371)	(15)	(76)	(58)	83	2,844
	Pellets	1,502	(747)	(2)	(3)	(3)	43	790
	Other ferrous	187	(137)	(28)	(8)	(2)	85	97
	Energy Transition Metals	1,583	(1,313)	30	(74)	(1)	23	248
	Nickel²	904	(936)	(17)	(34)	(1)	18	(66)
	Sudbury	507	(469)	(2)	(20)	-	-	16
	Voisey’s Bay & Long Harbour	184	(228)	-	(12)	-	-	(56)
	Standalone Refineries	246	(237)	-	-	-	-	9
	Onça Puma	76	(55)	(3)	(0)	(1)	-	17
	Other³	(109)	52	(12)	(2)	-	18	(52)
	Copper⁴	759	(366)	(3)	(30)	-	-	360
	Salobo	574	(262)	(1)	-	-	-	311
	Sossego	206	(104)	(1)	(3)	-	-	98
	Other	(21)	-	(1)	(27)	-	-	(49)
	Others⁵	(80)	(11)	50	(10)	-	5	(46)
	Brumadinho and decharacterization of dams	-	-	(126)	-	-	-	(126)
	Others⁶	-	-	(211)	(32)	(3)	8	(238)
	Total	9,553	(5,568)	(353)	(192)	(67)	242	3,615
¹ Excluding depreciation, depletion and amortization. ² Including copper and by-products from our nickel operations. ³ Starting in 3Q24, PTVI's EBITDA is included in "Associates and JVs" in "Other". ⁴ Including by-products from our copper operations. ⁵Includes an adjustment of US$ 94 million increasing the adjusted EBITDA in 3Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. ⁶ Includes US$ 20 million in unallocated expenses from Vale Base Metals Ltd ("VBM") in 3Q24. Considering the unallocated expenses, VBM’s EBITDA was US$ 228 million in 3Q24.

Segment results 3Q23

	US$ million	Net operating revenues	Cost¹	SG&A and others¹	R&D¹	Pre operating & stoppage¹	Associates and JVs EBITDA	Adjusted EBITDA
	Iron Ore Solutions	8,862	(4,164)	(79)	(75)	(89)	241	4,696
	Fines	7,331	(3,408)	(79)	(70)	(78)	103	3,799
	Pellets	1,388	(669)	-	(1)	(6)	39	751
	Other ferrous	143	(87)	-	(4)	(5)	99	146
	Energy Transition Metals	1,718	(1,338)	75	(75)	(1)	6	385
	Nickel²	1,023	(925)	31	(28)	(1)	-	100
	Sudbury	539	(471)	(7)	(16)	-	-	45
	Voisey’s Bay & Long Harbour	199	(271)	11	(6)	-	-	(67)
	Standalone Refineries	247	(275)	-	-	-	-	(28)
	Onça Puma	78	(58)	(4)	(1)	-	-	15
	PTVI (historical)	279	(171)	(1)	(3)	-	-	104
	Other	(319)	321	32	(2)	(1)	-	31
	Copper³	660	(341)	(3)	(47)	-	-	269
	Salobo	513	(258)	(1)	(3)	-	-	251
	Sossego	148	(83)	(1)	(5)	-	-	59
	Other	-	-	(2)	(39)	-	-	(41)
	Others⁴	35	(72)	47	-	-	6	16
	Brumadinho and decharacterization of dams	-	-	(305)	-	-	-	(305)
	Others	42	(60)	(296)	(38)	-	7	(345)
	Total	10,623	(5,562)	(606)	(188)	(90)	254	4,431
¹ Excluding depreciation, depletion and amortization. ² Including copper and by-products from our nickel operations. ³ Including by-products from our copper operations. ⁴ Includes an adjustment of US$ 47 million increasing the adjusted EBITDA in 3Q23, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027.


	- 26 -

Segment information 2Q24

	US$ million	Net operating revenues	Cost¹	SG&A and others¹	R&D¹	Pre operating & stoppage¹	Associates and JVs EBITDA	Adjusted EBITDA
	Iron Ore Solutions	8,298	(4,415)	(81)	(94)	(67)	246	3,887
	Fines	6,729	(3,556)	(56)	(82)	(53)	89	3,071
	Pellets	1,394	(705)	-	(1)	(2)	38	724
	Other ferrous	175	(154)	(25)	(11)	(12)	119	92
	Energy Transition Metals	1,622	(1,171)	22	(70)	(3)	7	407
	Nickel²	879	(731)	(6)	(31)	(3)	-	108
	Sudbury	426	(390)	(1)	(19)	-	-	16
	Voisey’s Bay & Long Harbour	136	(204)	(1)	(7)	-	-	(76)
	Standalone Refineries	243	(222)	-	-	-	-	21
	Onça Puma	18	(27)	(5)	-	(3)	-	(17)
	PTVI (historical)	249	(168)	-	(2)	-	-	79
	Other	(193)	280	1	(3)	-	-	85
	Copper³	779	(391)	(8)	(29)	-	-	351
	Salobo	614	(301)	(5)	(2)	-	-	306
	Sossego	136	(90)	1	(3)	-	-	44
	Other	29	-	(4)	(24)	-	-	1
	Others⁴	(36)	(49)	36	(10)	-	7	(52)
	Brumadinho and decharacterization of dams	-	-	1	-	-	-	1
	Others⁵	-	-	(277)	(25)	-	-	(302)
	Total	9,920	(5,586)	(335)	(189)	(70)	253	3,993
¹ Excluding depreciation, depletion and amortization. ² Including copper and by-products from our nickel operations. ³ Including by-products from our copper operations. ⁴ Includes an adjustment of US$ 83 million increasing the adjusted EBITDA in 2Q24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. ⁵ Includes US$ 1 million in unallocated expenses from Vale Base Metals Ltd ("VBM") in 2Q24. Considering the unallocated expenses, VBM’s EBITDA was US$ 408 million in 2Q24.


	- 27 -

Segment information 9M24

	US$ million	Net operating revenues	Cost¹	SG&A and others¹	R&D¹	Pre operating & stoppage¹	Associates and JVs EBITDA	Adjusted EBITDA
	Iron Ore Solutions	23,293	(12,222)	(190)	(264)	(194)	654	11,077
	Fines	18,302	(9,630)	(120)	(228)	(162)	260	8,422
	Pellets	4,481	(2,191)	4	(5)	(10)	117	2,396
	Other ferrous	510	(401)	(74)	(31)	(22)	277	259
	Energy Transition Metals	4,639	(3,621)	59	(195)	(5)	36	912
	Nickel²	2,619	(2,441)	(46)	(86)	(5)	18	59
	Sudbury	1,410	(1,256)	(8)	(51)	-	-	95
	Voisey’s Bay & Long Harbour	466	(604)	(5)	(23)	-	-	(166)
	Standalone Refineries	717	(693)	-	-	-	-	24
	Onça Puma	94	(122)	(12)	(1)	(5)	-	(46)
	PTVI (historical)	479	(338)	(1)	(3)	-	-	137
	Other	(547)	574	(22)	(7)	-	18	15
	Copper³	2,178	(1,086)	(14)	(82)	-	-	995
	Salobo	1,691	(801)	(8)	(4)	-	-	878
	Sossego	454	(285)	(1)	(9)	-	-	159
	Other	32	-	(5)	(69)	-	-	(42)
	Others⁴	(158)	(95)	120	(27)	-	18	(142)
	Brumadinho and decharacterization of dams	-	-	(166)	-	-	-	(166)
	Others⁵	-	-	(703)	(78)	(4)	8	(777)
	Total	27,932	(15,844)	(1,000)	(537)	(203)	698	11,046
¹ Excluding depreciation, depletion and amortization. ² Including copper and by-products from our nickel operations. ³ Including by-products from our copper operations. ⁴ Includes an adjustment of US$ 243 million increasing the adjusted EBITDA in 9M24, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027. ⁵ Includes US$ 66 million in unallocated expenses from Vale Base Metals Ltd ("VBM") in 9M24. Considering the unallocated expenses, VBM’s EBITDA was US$ 846 million in 9M24.

Segment information 9M23

	US$ million	Net operating revenues	Cost¹	SG&A and others¹	R&D¹	Pre operating & stoppage¹	Associates and JVs EBITDA	Adjusted EBITDA
	Iron Ore Solutions	23,049	(10,883)	(101)	(179)	(258)	608	12,236
	Fines	18,548	(8,653)	(82)	(166)	(226)	249	9,670
	Pellets	4,123	(1,991)	(6)	(2)	(15)	91	2,200
	Other ferrous	378	(239)	(13)	(11)	(17)	268	366
	Energy Transition Metals	5,588	(4,084)	116	(187)	(5)	6	1,434
	Nickel²	3,566	(2,760)	(58)	(84)	(1)	-	663
	Sudbury	1,967	(1,483)	(15)	(50)	-	-	419
	Voisey’s Bay & Long Harbour	551	(668)	(43)	(16)	-	-	(176)
	Standalone Refineries	802	(763)	-	-	-	-	39
	Onça Puma	238	(177)	(9)	(1)	-	-	51
	PTVI (historical)	938	(526)	(2)	(10)	-	-	400
	Other	(930)	857	11	(7)	(1)	-	(70)
	Copper³	1,722	(930)	40	(103)	(4)	-	725
	Salobo	1,316	(678)	27	(6)	(4)	-	655
	Sossego	407	(251)	(7)	(21)	-	-	128
	Other	-	-	19	(76)	-	-	(57)
	Others⁴	300	(394)	134	-	-	6	46
	Brumadinho and decharacterization of dams	-	-	(687)	-	-	-	(687)
	Others	93	(135)	(678)	(126)	(1)	7	(840)
	Total	28,730	(15,101)	(1,352)	(492)	(263)	621	12,143
¹ Excluding depreciation, depletion and amortization. ² Including copper and by-products from our nickel operations. ³ Including by-products from our copper operations. ⁴ Includes an adjustment of US$ 134 million increasing the adjusted EBITDA in 9M23, to reflect the performance of the streaming transactions at market prices, which will be made until the proceeds received on the streaming transactions are fully recognized in the adjusted EBITDA of the business. Based on the current projections for volumes and commodities prices, it will be fully realized by 2027.


	- 28 -

Annex 3: Additional information by business segment

Iron Ore Solutions: Financial results detailed

Volumes, prices, premium and revenues breakdown

	3Q24	% total	3Q23	% total	2Q24	% total	9M24	% total	9M23	% total
Volume sold ('000 metric tons)
Fines¹	69,344	85%	69,714	87%	68,512	86%	190,402	84%	178,904	85%
IOCJ	11,709	14%	14,758	18%	13,180	17%	34,290	15%	39,599	19%
BRBF	34,797	43%	36,454	45%	30,528	38%	91,018	40%	89,134	42%
Pellet feed - China (PFC1)²	3,328	4%	4,234	5%	3,337	4%	9,201	4%	10,056	5%
Lump	1,971	2%	2,367	3%	1,782	2%	5,562	2%	5,626	3%
High-silica products	8,050	10%	6,131	8%	11.372⁴	14%	26.584⁴	12%	18,090	9%
Other fines (60-62% Fe)	9,489	12%	5,770	7%	8.313⁴	10%	8.256⁴	4%	16,399	8%
Pellets	10,143	12%	8,613	11%	8,864	11%	28,232	13%	25,556	12%
ROM	2,351	3%	2,232	3%	2,416	3%	6,822	3%	6,132	3%
Total - Iron ore sales	81,838	100%	80,559	100%	79,792	100%	225,456	100%	210,591	100%
Share of premium products³ (%)		73%		81%		70%		72%		78%

		3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Average prices (US$/t)
	Iron ore - 62% Fe price index	99.7	114.0	-13%	111.8	-11%	111.5	116.9	-5%
	Iron ore - 62% Fe low alumina index	100.6	116.1	-13%	112.6	-11%	112.2	119.2	-6%
	Iron ore - 65% Fe index	114.1	125.5	-9%	126.1	-10%	125.1	130.0	-4%
	Provisional price at the end of the quarter	108.8	117.0	-7%	106.5	2%	108.8	117.0	-7%
	Iron ore fines Vale's CFR reference (dmt)	101.2	116.3	-13%	110.2	-8%	107.4	115.7	-7%
	Iron ore fines realized price, CFR/FOB (wmt)	90.6	105.1	-14%	98.2	-8%	96.1	103.7	-7%
	Iron ore pellets realized price, CFR/FOB (wmt)	148.2	161.2	-8%	157.2	-6%	158.7	161.3	-2%
	Iron ore fines and pellets quality premium (US$/t)
	Iron ore fines quality and premiums	(1.9)	0.8	n.a.	(3.3)	-41%	(2.3)	0.2	n.a.
	Pellets business' weighted average contribution	3.6	3.4	7%	3.1	15%	3.6	3.2	11%
	All-in premium - Total	1.7	4.1	-59%	(0.1)	n.a.	1.3	3.4	-62%
	Net operating revenue by product (US$ million)
	Fines	6,281	7,331	-14%	6,729	-7%	18,302	18,548	-1%
	ROM	33	33	0%	27	22%	87	94	-7%
	Pellets	1,502	1,388	8%	1,394	8%	4,481	4,123	9%
	Others	154	110	40%	148	4%	423	284	49%
	Total	7,970	8,862	-10%	8,298	-4%	23,293	23,049	1%
¹ Including third-party purchases. ² Products concentrated in Chinese facilities. ³Brazilian Blend Fines (BRBF), Carajás (IOCJ), pellets and pellet feed. ⁴ Restated from historical figures.


	- 29 -

Volume sold by destination – Fines, pellets and ROM

‘000 metric tons	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
Americas	10,317	9,829	5%	9,965	4%	30,067	30,764	-2%
Brazil	9,410	9,339	1%	8,977	5%	27,149	27,600	-2%
Others	907	490	85%	988	-8%	2,918	3,164	-8%
Asia	64,179	64,801	-1%	62,357	3%	173,408	159,477	9%
China	50,290	52,139	-4%	49,422	2%	136,021	125,342	9%
Japan	6,419	6,317	2%	6,543	-2%	18,027	18,131	-1%
Others	7,470	6,345	18%	6,392	17%	19,360	16,004	21%
Europe	3,528	2,299	53%	4,199	-16%	11,043	11,489	-4%
Germany	1,395	494	182%	1,185	18%	3,356	1,884	78%
France	108	189	-43%	590	-82%	1,287	2,011	-36%
Others	2,025	1,616	25%	2,424	-16%	6,400	7,594	-16%
Middle East	1,666	1,475	13%	1,386	20%	4,459	3,668	22%
Rest of the World	2,148	2,155	0%	1,885	14%	6,479	5,193	25%
Total	81,838	80,559	2%	79,792	3%	225,456	210,591	7%

Iron ore fines pricing

Pricing system breakdown (%)

	3Q24	3Q23	2Q24
Lagged	15	13	15
Current	51	44	56
Provisional	34	43	29
Total	100	100	100

Price realization

	US$/t	3Q24	3Q23	∆ y/y	2Q24	∆ q/q
	Average reference price (dmt)	99.7	114.0	-13%	111.8	-11%
	Quality and premiuns¹	(1.9)	0.8	n.a.	(3.3)	-42%
	Impact of pricing system adjustments	3.4	1.5	127%	1.6	113%
	Provisional prices in prior quarter²	(1.2)	0.6	n.a.	1.8	n.a.
	Lagged prices	1.8	(0.5)	n.a.	1.6	13%
	Current prices	(0.3)	0.1	n.a.	(0.2)	50%
	Provisional prices in current quarter³	3.1	1.3	138%	(1.6)	n.a.
	CFR reference (dmt)	101.2	116.3	-13%	110.1	-8%
	Adjustments for FOB sales⁴	(2.7)	(2.1)	29%	(3.0)	-10%
	Moisture	(8.0)	(9.1)	-12%	(8.9)	-10%
	Vale realized price (wmt)⁵	90.6	105.1	-14%	98.2	-8%
¹ Includes quality (US$ 0.4/t) and premiums/discounts and commercial conditions (US$ -2.3/t). ² Adjustment as a result of provisional prices booked in 2Q24 at US$ 106.5/t. ³ Difference between the weighted average of the prices provisionally set at the end of 3Q24 at US$ 108.8/t based on forward curves and US$ 99.7/t from the 3Q24 average reference price. ⁴ Includes freight pricing mechanisms of CFR sales freight recognition. ⁵ Vale’s price is net of taxes.


	- 30 -

Iron ore fines costs & expenses

COGS - 3Q24 vs. 3Q23

US$ million	3Q23	Volume	Exchange rate	Others	Total variation	3Q24
C1 cash costs	1,784	(8)	(116)	2	(122)	1,662
Freight	1,129	(1)	-	104	103	1,232
Distribution costs	179	(1)	-	(6)	(7)	172
Royalties & others	316	(2)	-	(9)	(11)	305
Total costs before depreciation and amortization	3,408	(12)	(116)	91	(37)	3,371
Depreciation	357	(2)	(24)	14	(12)	345
Total	3,765	(14)	(140)	105	(49)	3,716

Cash cost and freight

0		3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
0	C1 cash cost (US$ million)
0	C1 cash cost, including third-party purchase costs (A)	1,662	1,784	-7%	1,935	-14%	5,043	4,682	8%
0	Third-party purchase cost adjustment¹ (B)	377	402	-6%	409	-8%	1,132	944	20%
0	C1 cash cost, ex-third-party purchase costs (C = A – B)	1,285	1,383	-7%	1,526	-16%	3,911	3,738	5%
0	Sales volumes (Mt)
0	Volume sold² (D)	69.3	69.7	-1%	68.5	1%	190.4	178.9	6%
0	Volume sold from third-party purchases (E)	7.1	6.6	8%	7.1	0%	19.9	15.8	26%
0	Volume sold from own operations (F = D – E)	62.2	63.1	-1%	61.4	1%	170.5	163.1	5%
0	C1 cash cost², FOB (US$/t)
0	C1 cash cost, ex-third-party purchase costs (C/F)	20.6	21.9	-6%	24.9	-17%	22.9	22.9	0%
0	Average third-party purchase C1 cash cost (B/E)	52.9	60.5	-13%	57.4	-8%	56.9	59.9	-5%
0	Iron ore cash cost (A/D)	24.0	25.6	-6%	28.2	-15%	26.5	26.2	1%
0	Freight
0	Maritime freight costs (G)	1,232	1,129	9%	1,114	11%	3,207	2,671	20%
0	CFR sales (%) (H)	86%	86%	0 p.p.	85%	1 p.p.	85%	82%	3 p.p.
0	Volume CFR (Mt) (I = D x H)	59.8	59.8	0%	58.5	2%	162.8	147.1	11%
0	Freight cost (US$/t) (G/I)	20.6	18.9	9%	19.0	8%	19.7	18.2	9%
¹ Includes logistics costs related to third-party purchases. ² Excludes ROM, royalties and distribution costs.

Expenses

US$ million	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
SG&A	13	16	-19%	15	-13%	38	38	0%
R&D	76	70	9%	82	-7%	228	166	37%
Pre-operating and stoppage expenses	58	78	-26%	53	9%	162	226	-28%
Other expenses	2	63	-97%	41	-95%	82	44	86%
Total expenses	149	227	-34%	191	-22%	510	474	8%


	- 31 -

Iron Ore Solutions: Projects Details

Growth projects	Capex 3Q24	Financial progress¹	Physical progress	Comments
Northern System 240 Mtpy Capacity: 10 Mtpy Start-up: 1H23 Capex: US$ 772 MM	23	92%	~100%²	Test operations at the port have been concluded. At the mine, the structural reinforcement of the 3^rd silo has been concluded and cargo tests have been initiated.
Serra Sul +20³ Capacity: 20 Mtpy Start-up: 2H26 Capex: US$ 2,844 MM	142	46%	67%	All modules of the semi-mobile crusher have been positioned and the critical lifts of the transfer house have been completed. The assembly of the long-distance conveyor belt is in the final stages. Civil construction at the plant should be finished by Q4.
Capanema’s Maximization Capacity: 18 Mtpy Start-up: 1H25 Capex: US$ 913 MM	72	68%	91%	The project is in the final stage of mechanical completion.
Briquettes Tubarão Capacity: 6 Mtpy Start-up: 4Q23 (Plant 1) \| 1Q25 (Plant 2) Capex: US$ 342 MM	14	86%	96%	Plant 1 stabilization works continue with focus on quality control, for subsequent replication in Plant 2.
Sustaining projects	Capex 3Q24	Financial progress¹	Physical progress	Comments
Compact Crushing S11D Capacity: 50 Mtpy Start-up: 2H26 Capex: US$ 755 MM	38	34%	55%	Civil works on the secondary crusher were completed and the assembly phase was initiated.
N3 – Serra Norte Capacity: 6 Mtpy Start-up: 2H26 Capex: US$ 84 MM	1	20%	19%	The Installation License and Vegetation Suppression Authorization are pending.
VGR 1 plant revamp³ Capacity: 17 Mtpy Start-up: 3Q24 Capex: US$ 67 MM	9	71%	100%	The project started commissioning in September, one month ahead of schedule.

¹ CAPEX disbursement until end of 3Q24 vs. CAPEX expected. ² Considering physical progress of mine, plant and logistics. ³ VGR 1 is a program made up of three simultaneous projects, VGR I Waste Containment System, Water Adequacy and the VGR I Revamp, all aimed at boosting the recovery of production capacity. The progress data provided focuses on the program's main project, the VGR I Waste Containment System.

Projects under evaluation

Apolo	Capacity: Under evaluation	Stage: FEL2
Southeastern System (Brazil)	Growth project
Vale’s ownership: 100%	Open pit mine
Briquette plants	Capacity: Under evaluation	Stage: 2 plants at FEL3; 5 plants at different stages of FEL
Brazil and other regions	Growth project	Investment decision: 2025-2030
Vale’s ownership: N/A	Cold agglomeration plant
Itabira mines	Capacity: 25 Mtpy	Stage: Prefeasibility Study
Southeastern System (Brazil)	Replacement project
Vale’s ownership: 100%	Open pit mine	Diverse pits and tailing and waste stockpile projects aimed at maintaining Itabira´s long-term production volumes.
Mega Hubs	Capacity: Under evaluation	Stage: Prefeasibility Study
Middle East	Growth project
Vale’s ownership: N/A	Industrial complexes for iron ore concentration and agglomeration and production of direct reduction metallics	Vale continues to advance in negotiations with world-class players and jointly study the development of Mega Hubs
S11C	Capacity: Under evaluation	Stage: FEL2
Northern System (Brazil)	Replacement project
Vale’s ownership: 100%	Open pit mine
Serra Norte N1/N2¹	Capacity: Under evaluation	Stage: FEL2
Northern System (Brazil)	Replacement project
Vale’s ownership: 100%	Open pit mine

¹ Project scope is under review given permitting constraints.


	- 32 -

Energy Transition Metals: Copper

Revenues & price realization

		3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Volume sold
	Copper ('000 metric tons)	61	62	-2%	58	5%	176	158	11%
	Gold as by-product (‘000 oz)	85	95	-11%	89	-4%	259	232	12%
	Silver as by-product (‘000 oz)	202	242	-17%	242	-17%	632	653	-3%
	Average prices
	Average LME copper price (US$/t)	9,210	8,356	10%	9,753	-6%	9,131	8,585	6%
	Average copper realized price (US$/t)	9,016	7,731	17%	9,202	-2%	8,651	7,969	9%
	Gold (US$/oz)¹	2,591	1,874	38%	2,361	10%	2,346	1,939	21%
	Silver (US$/oz)	30	23	30%	27	11%	27	24	13%
	Net revenue (US$ million)
	Copper	553	478	16%	535	3%	1,522	1,257	21%
	Gold as by-product¹	221	177	25%	209	6%	607	450	35%
	Silver as by-product	6	5	20%	7	-14%	17	15	13%
	Total	780	660	18%	751	4%	2,146	1,722	25%
	PPA adjustments²	(21)	-	n.a.	24	n.a.	31	-	n.a.
	Net revenue after PPA adjustments	759	660	15%	775	-2%	2,177	1,722	26%
¹ Revenues presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions. ² PPA adjustments to be disclosed separately from 1Q24 onwards.On September 30th, 2024, Vale had provisionally priced copper sales from Sossego and Salobo totaling 51,876 tons valued at weighted average LME forward price of US$ 10,009/t, subject to final pricing over the following months.

Breakdown of copper realized prices

	US$/t	3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Average LME copper price	9,210	8,356	10%	9,753	-6%	9,131	8,585	6%
	Current period price adjustments¹	106	(189)	n.a.	(204)	n.a.	(26)	(134)	-81%
	Copper gross realized price	9,316	8,167	14%	9,549	-2%	9,105	8,450	8%
	Prior period price adjustments²	203	125	62%	125	62%	45	62	-28%
	Copper realized price before discounts	9,518	8,292	15%	9,674	-2%	9,150	8,513	7%
	TC/RCs, penalties, premiums and discounts³	(503)	(560)	-10%	(472)	7%	(499)	(543)	-8%
	Average copper realized price	9,016	7,731	17%	9,202	-2%	8,651	7,969	9%
Note: Vale's copper products are sold on a provisional pricing basis , with final prices determined in a future period. The average copper realized price excludes the mark-to-market of open invoices based on the copper price forward curve (unrealized provisional price adjustments) and includes the prior and current period price adjustments (realized provisional price adjustments). ¹ Current-period price adjustments: Final invoices that were provisionally priced and settled within the quarter. ² Prior-period price adjustment: Final invoices of sales provisionally priced in prior quarters. ³ TC/RCs, penalties, premiums, and discounts for intermediate products.

COGS - 3Q24 vs. 3Q23

US$ million	3Q23	Volume	Exchange rate	Others	3Q24
Costs	341	(4)	(29)	58	366
Depreciation	49	-	(4)	(6)	39
Total	390	(4)	(33)	52	405


	- 33 -

Energy Transition Metals: Nickel

Revenues & price realization

		3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Volume sold ('000 metric tons)
	Nickel	41	39	4%	34	19%	108	120	-10%
	Copper	14	12	17%	18	-22%	52	53	-2%
	Gold as by-product ('000 oz)	4	9	-56%	9	-56%	25	31	-19%
	Silver as by-product ('000 oz)	209	122	71%	206	1%	660	634	4%
	PGMs ('000 oz)	42	41	2%	38	11%	152	204	-25%
	Cobalt (metric ton)	464	399	16%	320	45%	1,249	1,679	-26%
	Average realized prices (US$/t)
	Nickel	17,012	21,237	-20%	18,638	-9%	17,478	23,203	-25%
	Copper	9,187	7,423	24%	9,137	1%	8,503	7,768	9%
	Gold (US$/oz)	2,748	1,851	48%	2,435	13%	2,305	1,902	21%
	Silver (US$/oz)	31.4	22.5	40%	28.2	11%	27.1	22.4	21%
	Cobalt	23,850	35,222	-32%	28,258	-16%	27,454	33,428	-18%
	Net revenue by product (US$ million)
	Nickel	692	833	-17%	639	8%	1,889	2,777	-32%
	Copper	127	89	43%	164	-23%	444	409	9%
	Gold as by-product¹	12	17	-29%	22	-45%	58	59	-2%
	Silver as by-product	7	3	133%	6	17%	18	14	26%
	PGMs	44	54	-19%	38	16%	150	214	-30%
	Cobalt¹	11	14	-21%	9	22%	34	56	-39%
	Others	9	13	-31%	5	80%	24	38	-37%
	Total	902	1,023	-12%	882	2%	2,616	3,566	-27%
	PPA adjustments²	2	82	-97%	-3	n.a.	3	433	-99%
	Net revenue after PPA adjustments	904	1,105	-18%	879	3%	2,619	3,999	-35%
¹ Revenues presented above were adjusted to reflect the market prices of products delivered related to the streaming transactions. ² PPA adjustments started to disclose separately in 1Q24.

Breakdown of nickel volumes sold, realized price and premium

		3Q24	3Q23	∆ y/y	2Q24	∆ q/q	9M24	9M23	∆ y/y
	Volumes (kt)
	Upper Class I nickel	22.8	21.7	5%	19.0	20%	62.7	68.2	-8%
	- of which: EV Battery	1.0	0.2	400%	0.8	25%	2.6	2.4	8%
	Lower Class I nickel	6.9	4.6	50%	3.9	77%	14.3	13.1	9%
	Class II nickel	10.3	9.4	10%	6.6	56%	21.3	26.8	-21%
	Intermediates	0.7	3.6	-81%	4.7	-85%	9.9	11.5	-14%
	Total	40.7	39.2	4%	34.3	19%	108.1	119.7	-10%
	Nickel realized price (US$/t)
	LME average nickel price	16,259	20,344	-20%	18,415	-12%	17,072	22,890	-25%
	Average nickel realized price	17,012	21,237	-20%	18,638	-9%	17,478	23,202	-25%
	Contribution to the nickel realized price by category:
	Nickel average aggregate premium/(discount)	571	123	364%	319	79%	474	77	516%
	Other timing and pricing adjustments contributions¹	182	770	-76%	(97)	n.a.	(68)	234	n.a.
	Premium/discount by product (US$/t)
	Upper Class I nickel	1,080	1,755	-38%	1,260	-14%	1,180	1,710	-31%
	Lower Class I nickel	460	1,368	-66%	610	-25%	550	1,320	-58%
	Class II nickel	(360)	(2,542)	-86%	290	n.a.	70	(2,540)	n.a.
	Intermediates	(1,330)	(4,361)	-70%	(3,650)	-64%	(3,220)	(4,980)	-35%
¹ Comprises (i) the realized quotational period effects (based on sales distribution in the prior three months, as well as the differences between the LME price at the moment of sale and the LME average price), with a positive impact of US$48/t and (ii) fixed-price sales, with a positive impact of US$134/t.


	- 34 -

Product type by operation

% of sales	North Atlantic¹	Matsusaka	Onça Puma
Upper Class I	73.7	-	-
Lower Class I	22.2	-	-
Class II	3.2	94.8	97.9
Intermediates	0.9	5.2	2.1

¹ Comprises Sudbury, Clydach and Long Harbour refineries

COGS - 3Q24 vs. 3Q23

US$ million	3Q23	Volume	Exchange rate	Others	3Q24
Costs	925	139	(15)	(113)	936
Depreciation	213	8	(4)	(50)	167
Total	1,138	147	(19)	(163)	1,103


	- 35 -

Energy Transition Metals: Projects Details

Growth projects	Capex 3Q24	Financial progress¹	Physical progress	Comments
Onça Puma 2^nd Furnace Capacity: 12-15 ktpy Start-up: 2H25 Capex: US$ 555 MM	40	37%	56%	The project is advancing slightly ahead of plan. Major equipment and materials are planned to arrive by the end of 2024, and the assembly of the 2^nd furnace is progressing well.
Sustaining projects	Capex 3Q24	Financial progress¹	Physical progress	Comments
Voisey’s Bay Mine Extension Capacity: 45 ktpy (Ni) and 20 ktpy (Cu) Start-up: 1H21² Capex: US$ 2,940 MM	76	94%	99%	All surface construction completed with commissioning of Reid Brook power plant remaining. In Eastern Deeps Mine, the Bulk Material Handling system achieved mechanical completion in early October and the focus is now on commissioning, with handover to Operations within 2024. Demobilization efforts are ongoing, with Surface contractors already fully demobilized.

¹ CAPEX disbursement until end of 3Q24 vs. CAPEX expected.

² In 2Q21, Vale achieved the first ore production of Reid Brook deposit, the first of two underground mines to be developed in the project. Eastern Deeps, the second deposit, has started to extract development ore from the deposit and is continuing its scheduled production ramp up.

Projects under evaluation

Copper
Alemão	Capacity: 60 ktpy	Stage: FEL3
Carajás, Brazil	Growth project	Investment decision: 2025
Vale’s ownership: 100%	Underground mine	115 kozpy Au as by-product
South Hub extension (Bacaba)	Capacity: 60-80 ktpy	Stage: FEL3¹
Carajás, Brazil	Replacement project	Investment decision: 4Q24
Vale’s ownership: 100%	Open pit	Development of mines to feed Sossego mill
Victor	Capacity: 20 ktpy	Stage: FEL3
Ontario, Canada	Replacement project	Investment decision: 2025-2026
Vale’s ownership: N/A	Underground mine	5 ktpy Ni as co-product; JV partnership under discussion
Hu’u	Capacity: 300-350 ktpy	Stage: FEL2
Dompu, Indonesia	Growth project	200 kozpy Au as by-product
Vale’s ownership: 80%	Underground block cave
North Hub	Capacity: 70-100 ktpy	Stage: FEL1
Carajás, Brazil	Growth project
Vale’s ownership: 100%	Mines and processing plant
Nickel
Creighton Ph. 5	Capacity: 15-20 ktpy	Stage: FEL3
Ontario, Canada	Replacement project	Investment decision: 2025
Vale’s ownership: 100%	Underground mine	10-16 ktpy Cu as by-product
CCM Pit	Capacity: 12-15 ktpy	Stage: FEL3
Ontario, Canada	Replacement project	Investment decision: 2025
Vale’s ownership: 100%	Open pit mine	7-9 ktpy Cu as by-product
CCM Ph. 3	Capacity: 5-10 ktpy	Stage: FEL3
Ontario, Canada	Replacement project	Investment decision: 2025
Vale’s ownership: 100%	Underground mine	7-13 ktpy Cu as by-product
CCM Ph. 4	Capacity: 7-12 ktpy	Stage: FEL2
Ontario, Canada	Replacement project	7-12 ktpy Cu as by-product
Vale’s ownership: 100%	Underground mine
Nickel Sulphate Plant	Capacity: ~25 ktpy	Stage: FEL3
Quebec, Canada	Growth project	Investment decision: 2024-2025
Vale’s ownership: N/A

¹ Refers to the most advanced projects (Bacaba and Cristalino).


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Annex 4: Brumadinho & Decharacterization

Brumadinho & Dam decharacterization

US$ million	Provisions balance 30jun24	EBITDA impact²	Payments	FX and other adjustments³	Provisions balance 30sep24
Decharacterization	2,738	-	(154)	99	2,683
Agreements & donations¹	2,412	48	(188)	118	2,390
Total Provisions	5,150	48	(342)	217	5,073
Incurred Expenses	-	78	(78)	-	-
Total	5,150	126	(420)	217	5,073

¹ Includes Integral Reparation Agreement, individual, labor and emergency indemnifications, tailing removal and containment works. ² Includes the revision of estimates for provisions and incurred expenses, including discount rate effect. ³ Includes foreign exchange, present value and other adjustments.

Impact of Brumadinho and Decharacterization from 2019 to 3Q24

US$ million	EBITDA impact	Payments	FX and other adjustments²	Provisions balance 30sep24
Decharacterization	5,060	(2,001)	(376)	2,683
Agreements & donations¹	9,147	(6,920)	163	2,390
Total Provisions	14,207	(8,921)	(213)	5,073
Incurred expenses	3,248	(3,248)	-	-
Others	180	(178)	(2)	-
Total	17,635	(12,347)	(215)	5,073

¹ Includes Integral Reparation Agreement, individual, labor and emergency indemnifications, tailing removal and containment works. ² Includes foreign exchange, present value and other adjustments.

Cash outflow of Brumadinho & Decharacterization commitments^{1 2}:

US$ billion	Disbursed from 2019 to 3Q24	4Q24	2025	2026	2027	Yearly average 2028-2035³
Decharacterization	(2.0)	0.1	0.5	0.5	0.4	0.2
Integral Reparation Agreement & other reparation provisions	(6.9)	0.5	0.8	0.7	0.3	0.1⁴
Incurred expenses	(3.2)	0.3	0.4	0.4	0.3	0.4⁵
Total	(12.1)	0.9	1.7	1.6	1.0	-

¹ Estimate cash outflow for 2024-2035 period, given BRL-USD exchange rates of 5.4481. ² Amounts stated without discount to present value, net of judicial deposits and inflation adjustments. ³ Estimate 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 Disbursements related to incurred expenses ending in 2028.


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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: October 24, 2024		Director of Investor Relations