<SEC-DOCUMENT>0001292814-23-003105.txt : 20230719
<SEC-HEADER>0001292814-23-003105.hdr.sgml : 20230719
<ACCEPTANCE-DATETIME>20230718190341
ACCESSION NUMBER:		0001292814-23-003105
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230719
DATE AS OF CHANGE:		20230718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		231095301

	BUSINESS ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Companhia Vale do Rio Doce
		DATE OF NAME CHANGE:	20051108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE RIO DOCE CO
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>vale20230718_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities and Exchange Commission</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 6-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Rule 13a-16 or 15d-16</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of the</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">July 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vale S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Praia de Botafogo n&ordm; 186, 18&ordm; andar,
Botafogo<BR>
22250-145 Rio de Janeiro, RJ, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Check One)
Form 20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT> Form 40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<B>&nbsp;</B>&nbsp;</P>

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<P STYLE="text-align: center; color: #747678; font: 12pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><IMG SRC="vale202307186k_005.jpg" ALT=""></P>



<P STYLE="margin: 0; font-family: Vale Sans,sans-serif; color: #007E7A">&nbsp;</P>

<P STYLE="margin: 0; font-family: Vale Sans,sans-serif; color: #007E7A">Vale&rsquo;s 2Q23 production and sales report</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 6pt 14.2pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt"><B>Rio
de Janeiro, July 18th, 2023</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.6pt"></TD><TD STYLE="width: 14.75pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 18.7pt">Iron ore production increased 6% y/y driven by a record output for a second quarter
at S11D, followed by solid performance at Itabira and Vargem Grande complexes, improving Vale&rsquo;s average product portfolio quality.
Torto dam received its license to operate, and commissioning is underway. Pellet production increased 5% y/y driven by the higher production
at Tubar&atilde;o plants as a result of higher pellet feed production.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.6pt"></TD><TD STYLE="width: 14.75pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 18.7pt">Iron ore fines and pellet sales increased 1% y/y as Ponta da Madeira Terminal restored
productivity during Q2, after restrictions due to heavy rains affected shipments and sales in Q1. Vale expects a lower production-to-sales
gap in Q3 with the sale of the inventories from the first semester, depending on market conditions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.6pt"></TD><TD STYLE="width: 14.75pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 18.7pt">Copper production increased 41% y/y and 18% q/q largely attributed to the successful
ramping up of Salobo III plant and the improved performance of the Sossego operation. Copper sales increased 43% y/y and 18% q/q as result
of higher production volumes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 13.6pt"></TD><TD STYLE="width: 14.75pt">&bull;</TD><TD STYLE="text-align: justify; padding-right: 18.7pt">Nickel production increased 8% y/y largely attributed to better operational performance
in Sudbury and Indonesia. Q/q, production was impacted by planned maintenance shutdowns, particularly at the Long Harbour and Clydach
refineries. Nickel sales increased 3% y/y driven by improved production, remaining relatively stable q/q due to inventory buildup in Q1.</TD></TR></TABLE>

<P STYLE="color: #007E7A; font: 3pt/150% Vale Sans Medium,sans-serif; margin: 6pt 18.7pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&nbsp;</P>


<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Production summary</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 15.2pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD>
    <TD ROWSPAN="2">
    <P STYLE="color: white; font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>2023 </B></P>
    <P STYLE="color: white; font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Guidance </B></P></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q22</B></FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/1Q23</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/2Q22</B></FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23/1H22</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="width: 20%; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore<SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">78,743</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">66,774</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">74,108</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">145,517</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">137,236</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.9%</FONT></TD>
    <TD STYLE="width: 10%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.3%</FONT></TD>
    <TD STYLE="width: 10%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.0%</FONT></TD>
    <TD STYLE="width: 10%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">310-320 Mt </FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Pellets</FONT></TD>
    <TD STYLE="background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,111</FONT></TD>
    <TD STYLE="background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,318</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,672</FONT></TD>
    <TD STYLE="background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17,429</FONT></TD>
    <TD STYLE="background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15,596</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.5%</FONT></TD>
    <TD STYLE="background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.1%</FONT></TD>
    <TD STYLE="background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">11.8%</FONT></TD>
    <TD STYLE="background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">36-40 Mt<SUP>2</SUP></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">78.8</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">67.0</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">55.9</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">145.9</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">112.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.6%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">41.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.7%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">335-370 kt</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">36.9</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">41.0</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">34.2</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">77.9</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">79.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; background-color: white; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-10.0%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.9%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-2.5%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">160-175 kt </FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 1pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Including third-party purchases, run-of-mine and feed for pelletizing plants. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>2</SUP>
    Iron ore agglomerates guidance, including iron ore pellets and briquettes. </FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&nbsp;</P>


<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Sales summary</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 15.2pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 27%; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 0.7pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/1Q23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/2Q22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23/1H22</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore fines<SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">63,329</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">45,861</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">62,769</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">109,190</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">114,080</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">38.1%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.9%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-4.3%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore pellets</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,809</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,133</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,843</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16,942</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15,854</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-0.4%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.9%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore ROM</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,236</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,665</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,550</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3,900</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,585</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">34.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">44.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">50.9%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">73.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">62.7</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">51.5</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">136.5</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">101.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.7%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">43.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">34.1%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">40.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">40.1</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">39.3</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">80.4</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">78.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.5%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.5%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.7%</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 1pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Including third-party purchase sales.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&nbsp;</P>

<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Price realization summary</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 15.2pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 27%; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">US$/t</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 8%; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 0.7pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/1Q23</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/2Q22</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23/1H22</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore fines (CFR/FOB, wmt)</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">98.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">108.6</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">113.3</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">102.7</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">126.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-9.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-13.1%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-18.5%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Iron ore pellets (CFR/FOB, wmt)</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">160.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">162.5</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">201.3</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">161.4</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">198.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-1.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-20.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-18.6%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper<SUP>1</SUP></FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,025</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,465</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,240</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,123</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,653</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-25.8%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.6%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-6.1%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">23,070</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">25,260</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">26,221</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24,162</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24,216</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-8.7%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-12.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-0.2%</FONT></TD></TR>

<TR STYLE="background-color: #F2F2F2">
    <TD STYLE="width: 27%; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Gold (US$/oz)</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,082</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,845</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,780</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,975</FONT></TD>
    <TD STYLE="width: 8%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,873</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.8%</FONT></TD>
    <TD STYLE="width: 11%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.0%</FONT></TD>
    <TD STYLE="width: 11%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.4%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Silver (US$/oz)</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22.4</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19.0</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22.3</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-0.4%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.4%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.7%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Cobalt</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">34,694</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">32,830</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">81,915</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33,790</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">80,077</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.7%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-57.6%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-57.8%</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Average realized price for copper operations only (Salobo and Sossego). Average realized copper price for all operations, including copper
    sales originated from nickel operations, was US$ 6,986/t in 2Q23.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="color: #747678; font: 10pt/127% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Semibold,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">Business highlights
in 2Q23</FONT></P>

<P STYLE="color: #007E7A; font: 11pt/150% Vale Sans Medium,sans-serif; margin: 12pt 0; text-align: justify">Iron Ore and Pellets operations</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="color: #007E7A"><B>S11D production increased by 2.6 Mt y/y, a record production for a second quarter</B></FONT>, This performance reflects the positive results from
continued initiatives to improve asset reliability and from installing new crushers in 2022. At Serra Norte, despite lower y/y production
due to reduced run-of-mine availability, mine movement at the site improved 16% y/y with increased waste removal, enabling better execution
of the mining plan in the 2H23.</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5pt; text-align: center"><IMG SRC="vale202307186k_006.jpg" ALT=""></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Southeastern System production was 2.2 Mt higher y/y</B></FONT>, mainly
driven by (i) Itabira performance as a result of better run-of-mine quality improving the plants&rsquo; productivity, and (ii) higher
third-party purchases. Torto dam at the Brucutu site received its license to operate, and commissioning is underway. The dam, together
with the tailings filtering plant, will substantially improve overall average quality, increasing the availability of pellet feed to Vale&rsquo;s
pellet plants.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Southern System production increased by 1.3 Mt y/y</B></FONT> mainly due
to (i) better performance at Vargem Grande as a result of improvements in the wet processing and tailings disposal system and from asset
reliability initiatives, and (ii) additional production and sales of run-of-mine from the Paraopeba complex, which were partially offset
by unscheduled maintenance at Viga site in April and May.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A; letter-spacing: -0.2pt; line-height: 150%"><B>Pellet production increased
by 0.4 Mt y/y</B></FONT>, driven by production at the Tubar&atilde;o plants, with more pellet feed from Itabira, partially offset by the
lower output at the S&atilde;o Luis plant due to maintenance activities. Vale expects to start-up one of two briquette plants in Tubar&atilde;o
in Q3. After the commissioning phase, both plants together will have a total capacity of 6 Mtpy.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Iron ore fines and pellet sales increased by 0.5 Mt y/y</B></FONT> as
Ponta da Madeira Terminal restored productivity during 2Q23, after loading restrictions due to heavy rains affected shipments and sales
in 1Q23. <FONT STYLE="color: #007E7A"><B>All-in premium totaled US$ 4.5/t</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #747678; line-height: 127%"><SUP>[1]</SUP></FONT>,
US$ 2.8/t lower y/y, mainly driven by the lower quality market premiums for iron ore fines and pellets. Quarter on quarter, the all-in
premium increased US$ 2.4/t, mainly driven by more Northern System products in our product mix and an increased contribution from the
pellet business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Iron ore fines realized price was US$ 98.5/t</B></FONT>, US$ 14.8/t lower
y/y, mainly due to lower benchmark prices (US$ 26.9/t lower y/y), partially offset by a lower impact of pricing system adjustments (US$
9.1/t higher y/y). <FONT STYLE="color: #007E7A"><B>Iron ore pellets realized price was US$ 160.4/t</B></FONT>, US$ 40.9/t lower y/y, mainly
due to lower 65%Fe index prices and pellet premiums.</TD></TR></TABLE>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify">&nbsp;</P>


<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 48.4pt 0 0"><FONT STYLE="font-size: 8pt; color: #A6A6A6; line-height: 127%"><SUP>[1]</SUP></FONT>
Iron ore premium of US$ 0.6/t and the weighted average contribution of the pellet business of US$ 3.9/t.</P>


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<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: 11pt/150% Vale Sans Medium,sans-serif; margin: 12pt 0; text-align: justify">Copper operations</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="color: #007E7A"><B>Salobo copper production was 13.1 kt higher y/y</B></FONT> due to the successful and ongoing ramp-up of Salobo
III, which contributed 13.2 kt to overall production from the complex, surpassing our plan for the quarter. This was partially offset
by planned maintenance activities and additional work on the crushers at Salobo I and II. The maintenance activities will continue in
2H23 as planned.</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5pt; text-align: center"><IMG SRC="vale202307186k_007.jpg" ALT=""></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: gray">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="color: #007E7A"><B>Sossego copper production increased by 9.6 kt y/y
and 1.7 kt q/q</B></FONT>, <FONT STYLE="color: gray">driven by improved operational performance, following the extended maintenance work
that impacted last year&rsquo;s performance.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: gray">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="color: #007E7A"><B>Copper production in Canada was flat y/y</B></FONT><FONT STYLE="color: gray">.
There was a slight decrease in production from Canadian ore sources, mainly due to the VBME ramp-up and changes in mining method at the
high-copper-grade Coleman mine in Sudbury. This decline was offset by higher consumption of third-party feed. Annual planned maintenance
of the Sudbury mines and mill will take place in 3Q23.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="color: #007E7A"><B>Copper sales were 22.3 kt higher y/y</B></FONT>,
in line with higher copper production in the same period.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 2pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: gray">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="color: #007E7A"><B>The average realized copper price was US$ 7,025/t
in the quarter</B></FONT><FONT STYLE="color: gray">, up 13% y/y, mainly due to the lower impact of provisional price adjustment that offset
lower LME prices (US$ 8,424/t in 2Q23 vs. US$ 9,513/t in 2Q22) and higher TC/RC discounts. The realized prices in the quarter were negatively
affected by the downward trend in prices </FONT>and the effect of associated provisional pricing adjustments.</TD></TR></TABLE>


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<P STYLE="color: #007E7A; font: 11pt/150% Vale Sans Medium,sans-serif; margin: 12pt 0; text-align: justify">Nickel operations</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="color: #007E7A"><B>Finished nickel production from Sudbury sourced ore increased by 3.5 kt y/y</B></FONT>. Sudbury mine operations continue to improve y/y. The increase is also due to the lower production in 2022 as a result of the 28-day maintenance
shutdown at the Sudbury smelter and refinery which began in early April and reached full production again in June.</TD>
    <TD STYLE="padding-bottom: 5pt; padding-left: 5pt; text-align: center"><IMG SRC="vale202307186k_008.jpg" ALT=""></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Finished nickel production from Thompson sourced ore decreased
by 1.1 kt y/y</B></FONT>, <FONT STYLE="letter-spacing: 0pt">mainly as a result of planned maintenance activities at the Long Harbour
refinery.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Annual mine-mill maintenance is planned for 3Q23 at the Sudbury and Thompson operations. Nickel concentrates
inventories accumulated in 2Q23 will offset the lower production during this period.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Finished nickel production from Voisey&rsquo;s Bay sourced ore was 5.2
kt lower y/y </B></FONT>since the annual maintenance schedule at the Long Harbour refinery (from May to July) was planned longer than
the previous year. Voisey&rsquo;s Bay continues to be impacted by the ongoing transition period between the depletion of the Ovoid mine
and ramp-up to full production of the Voisey&rsquo;s Bay underground project<I>.</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Finished nickel production sourced from third parties increased by 2.1
kt y/y</B></FONT>. For 2H23, consumption of feed from third parties is expected to remain at higher levels, as planned, to maximize the
utilization and performance of our downstream operations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Finished nickel production from Indonesia sourced material was 4.1 kt
higher y/y</B></FONT>. Nickel-in-matte production reached 16.9 kt in 2Q23. In 1H22, PTVI matte deliveries to downstream operations were
reduced as a result of the planned furnace rebuild. During the 2Q23, the Clydach refinery had to extend planned maintenance beyond the
planned period, returning to activities in early July, while the Matsusaka refinery performed well.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>On&ccedil;a Puma production was <FONT STYLE="letter-spacing: 0pt">0.6
kt lower y/y</FONT></B></FONT> <FONT STYLE="letter-spacing: 0pt">as the furnace is currently operating at a lower rate in preparation
for the furnace rebuild later in the year.</FONT></TD></TR></TABLE>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; letter-spacing: -0.1pt; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>Nickel sales were 1.0 kt higher y/y</B></FONT> as a result of higher production.
Sales remained relatively stable q/q due to inventory buildup in Q1 to meet sales commitments during planned maintenance at Long Harbour
and Clydach refineries.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #007E7A"><B>The average realized nickel price was US$ 23,070/t in the quarter</B></FONT>,
<FONT STYLE="color: gray">representing a 12% decrease y/y, mainly as a result of lower LME prices (US$ 22,308/t in 2Q23 vs. US$ 28,940/t
in 2Q22). The average realized nickel price was 3% (US$ 762/t) higher than LME average price primarily driven by a higher share of Upper
Class I products in the mix combined with higher average Class I premiums.</FONT></TD></TR></TABLE>

<P STYLE="color: #007E7A; font: 11pt/150% Vale Sans Medium,sans-serif; margin: 12pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 12pt Vale Sans Semibold,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">ANNEX - Production
and sales summary</FONT></P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #747678; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&nbsp;</P>

<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Iron ore</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 38%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/1Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/2Q22</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23/1H22</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Northern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>40,157</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>35,771</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>39,073</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>75,928</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>76,805</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>12.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-1.1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.5pt">Serra Norte and Serra Leste</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21,000</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19,450</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22,548</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">40,450</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">45,134</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-6.9%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-10.4%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">S11D</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19,156</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16,321</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16,525</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">35,477</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">31,672</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.0%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Southeastern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>21,795</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18,604</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19,557</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>40,399</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>34,512</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>11.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Itabira (Cau&ecirc;, Concei&ccedil;&atilde;o and others)</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,362</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,439</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,061</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15,801</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">13,259</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.4%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18.4%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19.2%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Minas Centrais (Brucutu and others)</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,537</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5,411</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5,950</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">11,948</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,519</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">20.8%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.9%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">25.5%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Mariana (Alegria, Timbopeba and others)</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,895</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5,753</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,547</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12,648</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">11,735</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.8%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Southern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16,792</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>12,399</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>15,477</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>29,191</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>25,918</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>35.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>12.6%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Paraopeba (Mutuca, F&aacute;brica and others)</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,483</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4,326</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,968</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">11,809</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10,978</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">73.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.4%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.6%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Vargem Grande (Vargem Grande, Pico and others)</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,308</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,074</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,510</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17,382</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">14,942</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16.3%</FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>IRON ORE PRODUCTION<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>78,743</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>66,774</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>74,108</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>145,517</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>137,236</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.9%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.0%</B></FONT></TD></TR>
  <TR STYLE="background-color: gray">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 13.7pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>OWN PRODUCTION</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>73,020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>63,490</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>69,473</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>136,511</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>130,191</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>15.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4.9%</B></FONT></TD></TR>
  <TR STYLE="background-color: gray">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 13.7pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>THIRD-PARTY PURCHASES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5,723</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3,284</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,637</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,007</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7,048</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>74.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>23.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>27.8%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>FINES AND PELLET SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>72,138</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>53,994</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>71,612</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>126,132</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>129,934</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>33.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>0.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-2.9%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 13.7pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>FINES SALES<SUP>2</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>63,329</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>45,861</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>62,769</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>109,190</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>114,080</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>38.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>0.9%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-4.3%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 13.7pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>PELLET SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,809</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,133</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,843</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16,942</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>15,854</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-0.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.9%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 13.7pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>ROM SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,236</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,665</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,550</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3,900</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,585</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>34.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>44.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>50.9%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>SALES FROM 3<SUP>RD</SUP> PARTY PURCHASE</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5,572</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3,545</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,536</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,117</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7,236</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>57.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>22.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>26.0%</B></FONT></TD></TR>
  </TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Including third-party purchases, run-of-mine and feed for pelletizing plants. Vale&rsquo;s product portfolio Fe content reached 62.3%,
    alumina 1.2% and silica 6.2% in 2Q23.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>2</SUP>
    Including third-party purchases.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">Pellets</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 15.2pt">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="white-space: nowrap; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.3pt; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="white-space: nowrap; width: 38%; border-bottom: white 1pt solid; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2Q23</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: white 1pt solid; padding-right: 4.3pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">1Q23</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2Q22</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">1H23</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">1H22</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 2.85pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2Q23/1Q23</FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2Q23/2Q22</FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">1H23/1H22</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Northern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>665</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>784</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>836</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>1,449</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>1,574</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>-15.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>-20.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>-7.9%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;S&atilde;o Luis</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">665</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">784</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">836</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,449</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,574</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-15.2%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-20.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-7.9%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Southeastern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,633</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,668</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,088</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,301</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7,777</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-0.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>13.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19.6%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Itabrasco (Tubar&atilde;o 3)</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,004</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">951</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">930</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,955</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,240</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">5.6%</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">8.0%</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">57.7%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Hispanobras (Tubar&atilde;o 4)</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">57</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">57</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">n.m.</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">n.m.</FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">n.m.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Nibrasco (Tubar&atilde;o 5 and 6)</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,130</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,208</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">921</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">2,338</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,985</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-6.5%</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">22.7%</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">17.8%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Kobrasco (Tubar&atilde;o 7)</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">800</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">948</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">963</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,748</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,932</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-15.6%</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-16.9%</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-9.5%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Tubar&atilde;o 8</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,642</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,562</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,273</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,204</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">2,619</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">5.1%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">29.0%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">22.3%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Southern System</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,200</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,147</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,136</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,347</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,815</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>29.3%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;F&aacute;brica</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">&nbsp;&nbsp;Vargem Grande</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,200</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,147</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,136</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">2,347</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,815</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">4.6%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">5.6%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">29.3%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Oman</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,613</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,719</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,612</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,332</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,430</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>52.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>0.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-2.2%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>PELLET PRODUCTION</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,111</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,318</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,672</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17,429</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>15,596</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>11.8%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>PELLET SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,809</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 4.3pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,133</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,843</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16,942</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>15,854</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 2.85pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-0.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.9%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&nbsp;</P>

<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Copper - Finished production
by source</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 38%; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 7%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 7%; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 7%; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 7%; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 0.7pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/1Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/2Q22</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23/1H22</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>57.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>46.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>35.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>103.8</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>72.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>25.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>64.9%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>42.8%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Salobo</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">42.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">32.8</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.6</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">75.5</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">63.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">30.2%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">44.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18.7%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Sossego</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">13.3</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.4</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">28.3</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.8%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">177.8%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">211.0%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>Ca<FONT STYLE="letter-spacing: -0.2pt">nada</FONT></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>21.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>20.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>20.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>42.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>39.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.8%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Sudbury</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16.3</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16.9</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33.0</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">30.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.5%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-1.2%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.1%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Thompson</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.05</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.1</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.2</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.2</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-50.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-75.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-60.0%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Voisey's Bay</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.0</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.5</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.3</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-12.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-23.2%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Feed from third parties<SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.5</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.3</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.6</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-16.0%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">61.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">58.6%</FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>COPPER PRODUCTION</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>78.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>67.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>55.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>145.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>112.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>41.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>29.7%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>COPPER SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>73.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>62.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>51.5</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>136.5</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>101.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>43.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>34.1%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper Sales Brazil</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">52.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">43.2</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">34.6</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">95.9</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">68.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22.0%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">52.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">39.6%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper Sales Canada</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19.5</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16.9</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">40.5</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.7%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22.4%</FONT></TD></TR>
  </TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    External feed purchased from third parties and processed into copper in our Canadian operations.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">Nickel - Finished
production by source</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; color: #555555; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 36%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">000&rsquo; metric tons</FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H22</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/1Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/2Q22</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23/1H22</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>13.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>29.5</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>35.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-19.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-18.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-15.7%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Sudbury</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.5</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.1</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">20.1</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.7</FONT></TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">11.6%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">49.3%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">28.0%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Thompson</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.5</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.0</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.3</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.9</FONT></TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-64.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-55.0%</FONT></TD>
    <TD STYLE="color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-32.7%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Voisey's Bay</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.3</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.9</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.1</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">14.4</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-60.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-75.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-57.6%</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Indonesia</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>13.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>14.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>27.2</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>26.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-5.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>45.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1.9%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>10.6</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>11.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-9.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-9.4%</B></FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Feed from third parties<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>10.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.5</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-18.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>77.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>64.6%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>NICKEL PRODUCTION</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>36.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>41.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>34.2</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>77.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>79.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-10.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7.9%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-2.5%</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>NICKEL SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>40.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>40.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>39.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>80.4</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>78.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>0.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.7%</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1External feed purchased from third parties and processed into finished nickel in our Canadian operations.</SUP></FONT></P>
    <P STYLE="font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; color: #A6A6A6; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>&nbsp;</sup></FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Energy Transition Metals
by-products - Finished production </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"> </TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 38%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/1Q23</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2Q23/2Q22</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-bottom: white 1pt solid; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1H23/1H22</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt">COBALT <SUB>(000&rsquo; metric tons)</SUB></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">361</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">597</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">541</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">958</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,296</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-39.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-33.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-26.1%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt">PLATINUM <SUB>(000&rsquo; oz troy)</SUB></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">36</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">34</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">70</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">44</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">71.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">59.1%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt">PALLADIUM <SUB>(000&rsquo; oz troy)</SUB></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">46</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">40</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">28</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">86</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">58</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.0%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">64.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">48.3%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt">GOLD <SUB>(000&rsquo; oz troy)</SUB><SUP>1</SUP></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">91</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">79</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">60</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">170</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">131</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.2%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">51.7%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.8%</FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: white"><B>TOTAL BY-PRODUCTS <SUB>(000&rsquo; metric tons Cu eq.)</SUB><SUP>2 3</SUP></B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>39</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>34</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>28</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>73</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>59</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>14.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>39.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>23.7%</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Includes Gold from Copper and Nickel operations. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>2</SUP>
    Includes Iridium, Rhodium, Ruthenium, and Silver.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>3</SUP>
    Copper equivalent tons calculated using average market metal prices for each quarter. Market reference prices: for copper and cobalt:
    LME spot; for Gold and Silver: LME spot for 2Q22 (also included in 1H22) and NYMEX from 3Q22 onwards; for Platinum and Palladium: NYMEX
    spot; for other PGMs: Johnson Matthey.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin: 12pt 0; text-align: justify"></P>


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<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0"><B>Further information on Vale can be found at: vale.com</B></P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #007E7A; font: 12pt/130% Vale Sans Medium,sans-serif; margin: 0">Investor Relations</P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0">Vale IR: vale.ri@vale.com</P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0">Ivan Fadel: ivan.fadel@vale.com</P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0">Luciana Oliveti: luciana.oliveti@vale.com</P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0">Mariana Rocha: mariana.rocha@vale.com</P>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0">Pedro Terra: pedro.terra@vale.com</P>

<P STYLE="color: #007E7A; font: 10pt Vale Sans Medium,sans-serif; margin: 0"><FONT STYLE="letter-spacing: -0.2pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #999999; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: #BBBBBB 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; color: #747678; line-height: 130%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #999999; font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">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 &quot;anticipate,&quot; &quot;believe,&quot; &quot;could,&quot; &quot;expect,&quot;
&quot;should,&quot; &quot;plan,&quot; &quot;intend,&quot; &quot;estimate&quot; &ldquo;will&rdquo; and &quot;potential,&quot; 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 Comiss&atilde;o de Valores Mobili&aacute;rios
(CVM) and, in particular, the factors discussed under &ldquo;Forward-Looking Statements&rdquo; and &ldquo;Risk Factors&rdquo; in Vale&rsquo;s
annual report on Form 20-F.</P>

<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>























<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 16pt Caecilia Light; margin: 0; text-align: justify; color: #007e7a"></P>

<P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: right; color: gray"><B>&nbsp;</B></P>



<P STYLE="margin: 0pt"></P>

<P STYLE="margin: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Ivan Fadel</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: July 18, 2023</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in">Head of Investor Relations</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0pt"></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
