Rio de Janeiro, Brazil, October 30, 2025 – “We delivered another strong quarter, with highlights including solid operating results, continued progress on our strategic agenda, and unwavering commitment to safety. Iron ore production reached its highest quarterly level since 2018, while copper production achieved its best third quarter since 2019. Meanwhile, we continued to improve the cost competitiveness of our nickel. All of this reflects the stability of our operations and the tireless efforts of our team. We advanced key growth projects within the ‘New Carajás Plan’ and successfully launched Onsabuma 2.” The successful completion of the No. 1 smelter unlocks growth potential and strengthens our long-term value creation strategy. Our flexible iron ore portfolio once again demonstrates its critical importance in enhancing our competitiveness and resilience across market cycles, made possible by extending the value chain. Safety remains our top priority, and we are delighted to have achieved a significant milestone: the removal of the mine dam, which was under Level 3 emergency – a key step in our journey towards becoming a trusted partner in the community. These results strengthen my confidence in Vale's future development and in creating value for all stakeholders,” said Mr. Gustavo Pimenta, CEO of Vale.



Performance Highlights

All business segments achieved strong sales results. Sales of iron ore, copper, and nickel increased by 4 million tons, 15,000 tons, and 2,000 tons year-on-year, respectively, representing growth rates of 5%, 20%, and 6%, supported by solid operating performance.

The average actual price of iron ore fines was US$94.4 per tonne, representing an 11% increase quarter-over-quarter and a 4% increase year-over-year, outperforming the overall increase in iron ore reference prices. This performance reflects the quality premium resulting from the product portfolio strategy.

The total cost of iron ore was US$52.9 per tonne, down 4% year-on-year, thanks to improved quality premiums and lower freight costs.

The cash cost of iron ore fines C1 (excluding third-party purchases) was US$20.7/ton, basically flat year-on-year, and is expected to achieve the full-year guidance target for 2025.

Total costs for copper were $994 per tonne, down 65% year-over-year; total costs for nickel were $12,347 per tonne, down 32% year-over-year. These cost improvements were driven by increased operational efficiency, higher production volumes, and higher revenue from by-products.

The full-year 2025 total cost guidance for copper has been further lowered to $1,000-$1,500 per tonne from $1,500-$2,000 per tonne, benefiting from rising gold prices. The full-year 2025 total cost guidance for nickel has been lowered to $13,000-$14,000 per tonne from $14,000-$15,500 per tonne, benefiting from solid operating results and strong metal prices (benefiting multi-metal assets).

Formal EBITDA (earnings before interest, taxes, depreciation, and amortization) was $4.4 billion, representing year-over-year and quarter-over-quarter increases of 17% and 28%, respectively, driven by increased production and sales volume, improved cost efficiency, and rising prices for iron ore, copper, and by-products.

Capital expenditures are $1.3 billion, down $100 million year-over-year, and are on track to achieve the 2025 guidance of $5.4 billion to $5.7 billion.

Recurring free cash flow was $1.6 billion, up $1 billion year-over-year, primarily reflecting the growth in EBITDA.

Net liabilities totaled $16.6 billion at the end of the quarter, a decrease of $800 million from the previous quarter, driven by strong free cash flow.