Vale Copper Portfolio

Vale Base Metals' copper portfolio. Brazilian assets in Carajás (Pará): Sossego and Salobo concentrate plants — Salobo 3 progressed with second processing test in March 2025, achieving 35 Mtpa for 90 days, triggering Wheaton milestone payment. Canadian polymetallic assets in Sudbury (Ontario) also contribute copper as byproduct. Growth pipeline: Bacaba (part of New Carajás Program, install license granted, ~50 ktpa Cu over 8 years, start-up H1 2028 to extend Sossego complex life), Alemão. Northern Hub and Southern Hub in Carajás targeted for accelerated development to reach ~700 kt Cu by 2035. Vale owns 90% of Vale Base Metals; Manara Minerals holds the residual 10% (since April 2024).