PT Vale Indonesia Portfolio

Indonesia-listed nickel producer operating under a Special Mining Business License (IUPK) covering 118,017 hectares across three Sulawesi blocks (Sorowako 70,566 ha in South Sulawesi, Bahodopi 22,699 ha in Central Sulawesi, Pomalaa 20,286 ha plus Sua-Sua 4,466 ha in Southeast Sulawesi), valid until December 28, 2035. Core business is open-pit lateritic nickel mining; products are nickel matte from the Sorowako pyrometallurgical smelter and saprolite ore sales (since 2025) from Bahodopi and Pomalaa. Reserves and Resources reported under KCMI and SK-1300 standards as at 31 December 2025 on 100% basis. RPEEE assumes US$18,500-21,000/t Ni and US$67,500/t Co; reserves prospects use US$17,775-18,500/t Ni. Growth pipeline (IGP) comprises three HPAL JV processing facilities (Pomalaa-KNI, Morowali-BNSI, Sorlim-HLNI) plus Tanamalia mine preparation. 2025: nickel matte production 72,027 t, saprolite ore 15.9 mt mined, revenue US$990.2 m, EBITDA US$228.2 m, net profit US$76.1 m.