<SEC-DOCUMENT>0001292814-24-000242.txt : 20240129
<SEC-HEADER>0001292814-24-000242.hdr.sgml : 20240129
<ACCEPTANCE-DATETIME>20240129164352
ACCESSION NUMBER:		0001292814-24-000242
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240129
DATE AS OF CHANGE:		20240129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		24574269

	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>vale20240129_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<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; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 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">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>

<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; margin: 0pt 0; text-align: center">January 2024</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>

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

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.7pt">&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="vale202401296k_006.jpg" ALT=""></P>

<P STYLE="color: #007E7A; font: 20pt Vale Sans,sans-serif; margin: 0 0 12pt">&nbsp;</P>

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

<P STYLE="color: #007E7A; font: 20pt Vale Sans,sans-serif; margin: 0 0 0.25in">Vale&rsquo;s production and sales in 4Q23 and 2023</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, January 29<SUP>th</SUP>, 2024</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #007E7A; 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"><FONT STYLE="font-size: 9.5pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 18.7pt"><FONT STYLE="font-size: 9.5pt"><B>Vale&rsquo;s Q4 performance was marked by solid
production and sales in all businesses. In December, iron ore achieved its highest monthly output since 2018. Copper production increased
by 50% y/y, the highest level since 2018. In nickel, price realization was 7% above LME prices.</B></FONT></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"><FONT STYLE="font-size: 9.5pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 18.7pt"><FONT STYLE="font-size: 9.5pt">Iron ore production totaled 89.4 Mt in Q4, increasing
by 11% y/y. In 2023, production reached 321.2 Mt, above our 315 Mt guidance, and 4.3% higher y/y as a result of: (i) continued initiatives
to improve asset reliability at S11D; (ii) solid performance at Itabira and Vargem Grande complexes; and (iii) higher third-party purchases.</FONT></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"><FONT STYLE="font-size: 9.5pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 18.7pt"><FONT STYLE="font-size: 9.5pt">Pellets production totaled 9.9 Mt in Q4, 19% higher
y/y. In 2023, production reached 36.5 Mt, 14% higher y/y, supported by higher pellet feed production at Brucutu. Briquettes production
started in Q4, an important step in Vale&rsquo;s strategy to support steelmaking decarbonization by expanding the iron ore agglomerates
supply. </FONT></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"><FONT STYLE="font-size: 9.5pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 18.7pt"><FONT STYLE="font-size: 9.5pt">Copper production totaled 99.1 kt in Q4, increasing
by 50% y/y. In 2023, production increased by 29% y/y, totaling 326.6 kt, slightly above our revised 325 kt guidance. The improved performance
was mainly a result of Salobo 3&rsquo;s successful ramp-up, with production at the Salobo complex increasing by 87% y/y in Q4, as well
as the better performance of Sossego&rsquo;s plant. </FONT></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"><FONT STYLE="font-size: 9.5pt">&bull;</FONT></TD><TD STYLE="text-align: justify; padding-right: 18.7pt"><FONT STYLE="font-size: 9.5pt">Nickel production decreased by 5% in Q4 vs a year
ago, while it also decreased 8% in 2023, totaling 164.9 kt, in-line with guidance. The lower production was anticipated considering the
transition to underground mining at Voisey&rsquo;s Bay as well as the planned furnace rebuild at On&ccedil;a Puma.</FONT></TD></TR></TABLE>

<P STYLE="color: #007E7A; font: 3pt/150% Vale Sans Medium,sans-serif; margin: 0 18.7pt 2pt 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: 6pt 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">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>
    <TD STYLE="background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #007E7A; padding-right: 8.5pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; padding-right: 8.5pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; padding-right: 8.5pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; background-color: #0ABB98; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="background-color: #0ABB98; padding-right: 5pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2024 guidance</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="background-color: #0ABB98; padding-right: 3.55pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&nbsp;2023 guidance&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #0ABB98; 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="background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q23</B></FONT></TD>
    <TD STYLE="background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/3Q23</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/4Q22</B></FONT></TD>
    <TD STYLE="border-top: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%; background-color: #F2F2F2; 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: 6%; background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">89,397</FONT></TD>
    <TD STYLE="width: 6%; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">86,238</FONT></TD>
    <TD STYLE="width: 6%; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">80,852</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">321,154</FONT></TD>
    <TD STYLE="width: 6%; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">307,793</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.7%</FONT></TD>
    <TD STYLE="width: 8%; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10.6%</FONT></TD>
    <TD STYLE="width: 8%; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.3%</FONT></TD>
    <TD STYLE="width: 9%; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">310-320 Mt</FONT></TD>
    <TD STYLE="width: 9%; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">~315 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: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,851</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,175</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,261</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">36,455</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">32,111</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.4%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19.2%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">13.5%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">38-42 Mt<SUP>2</SUP></FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">~37 Mt<SUP>2</SUP></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Copper</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">99.1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">81.6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">66.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">326.6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">253.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">49.5%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">320-355 kt</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">~325 kt</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 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: Black 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">44.9</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">42.1</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">47.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">164.9</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">179.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.7%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-5.3%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; 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; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">160-175 kt</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">~165 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="font: bold 12pt Arial, Helvetica, Sans-Serif; color: #747678; margin: 0 0 2pt"></P>

<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A">&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>
    <TD STYLE="background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; padding-right: 8.5pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; background-color: #0ABB98; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%; background-color: #0ABB98; 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: 6%; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/3Q23</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/4Q22</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">77,885</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">69,714</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">81,202</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">256,789</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">260,663</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">11.7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-4.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-1.5%</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">Iron ore pellets</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10,285</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,613</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,789 </FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">35,840</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33,164</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19.4%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.0%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,158</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,232</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,963</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,290</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,216</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-3.3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.9%</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">Copper</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">97.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">73.8</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">71.6</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">307.8</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">243.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">32.1%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">36.2%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">26.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #555555 1pt solid; background-color: #F2F2F2; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: Black 1pt solid; background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">47.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">39.2</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">58.2</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">167.9</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">180.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22.2%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-17.7%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-7.1%</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 1pt Vale Sans Medium,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt"></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 purchases. </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">&nbsp;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; color: #747678; 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="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; padding-right: 8.5pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; color: #555555; text-align: center">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; background-color: #0ABB98; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 28%; background-color: #0ABB98; 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: 6%; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #007E7A; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="width: 6%; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/3Q23</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/4Q22</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">118.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">105.1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">95.6</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">108.1</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">108.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.6%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">23.7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-</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">Iron ore pellets (CFR/FOB, wmt)</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">163.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">161.2</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">165.6</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">161.9</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">188.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.4%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-1.3%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-14.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,941</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,731</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,774</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,960</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,052</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.7%</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-9.5%</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-1.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 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: Black 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18,420</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21,237</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24,454</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21,830</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">23,669</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-13.3%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-24.7%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-7.8%</FONT></TD></TR>
  </TABLE>



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  <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$ </FONT>7,867<FONT STYLE="letter-spacing: 0.4pt">/t in 4Q23</FONT> and US$ 7,903/t in
    2023<FONT STYLE="letter-spacing: 0.4pt">.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">Business highlights
in 4Q23</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: #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; font-size: 9.5pt; letter-spacing: -0.1pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Northern System production increased by 3.8 Mt y/y and
0.7 Mt q/q</B></FONT><FONT STYLE="font-size: 9.5pt">, reflecting positive results from continued initiatives to improve asset reliability
and operational stability at Serra Norte and S11D.</FONT></TD>
    <TD ROWSPAN="3" STYLE="text-align: center; width: 20%"><IMG SRC="vale202401296k_007.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>The Southeastern System output was 3.2 Mt higher y/y
and 1.2 Mt higher q/q</B></FONT><FONT STYLE="font-size: 9.5pt">, driven by (i) Concei&ccedil;&atilde;o concentration plants' improved
performance in Itabira; (ii) higher mining equipment availability at Alegria; and (iii) higher third-party purchases.</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; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Southern System production increased by 1.6 Mt y/y and
1.2 Mt q/q</B></FONT><FONT STYLE="font-size: 9.5pt">, mainly driven by (i) improved performance at the Vargem Grande Complex; and (ii)
higher third-party purchases, partially offset by lower production at Viga, which resumed operations in late November, as well as lower
run-of-mine output. </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; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Pellet production increased by 1.6 Mt y/y and 0.7 Mt
q/q</B></FONT><FONT STYLE="font-size: 9.5pt">, driven by an increase in pellet feed supply from Brucutu, resulting in higher pellet output
from the Tubar&atilde;o plants, partially offset by planned maintenance at the S&atilde;o Luis and Oman plants in October. In Q4, Vale
started producing iron ore briquettes at the Tubar&atilde;o Complex, and volumes will start to be recorded in 1H24.</FONT></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">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; letter-spacing: -0.1pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Iron ore fines and pellet sales reached 88.2 Mt in the
quarter, 9.8 Mt higher q/q and flat y/y</B></FONT><FONT STYLE="font-size: 9.5pt">, driven by higher production and inventory sales, taking
advantage of favorable market conditions. </FONT></TD>
    <TD ROWSPAN="3" STYLE="text-align: center; width: 20%"><IMG SRC="vale202401296k_008.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>The average realized iron ore fines price was US$ 118.3/t</B></FONT><FONT STYLE="font-size: 9.5pt">, US$ 13.2/t higher q/q, largely attributed to higher benchmark iron ore prices and a positive impact from forward price adjustments. <FONT STYLE="color: #007E7A"><B>The
average realized iron ore pellet price was US$ 163.4/t</B></FONT>, relatively flat q/q, as the positive effect from higher benchmark iron
ore prices was offset by lower quarterly pellet premiums.</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; font-size: 9.5pt; line-height: 150%">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A; line-height: 150%"><B>The all-in premium totaled US$ 1.6/t</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9.5pt; color: #747678; line-height: 127%"><SUP>[1]</SUP></FONT><FONT STYLE="font-size: 9.5pt; line-height: 150%">,
US$ 2.2/t lower q/q and US$ 3.8/t lower y/y. Given market conditions in Q4, with lower discounts for high-silica products as well as lower
premiums for high-grade products, Vale decided to increase high-silica products&rsquo; share in the sales mix, while rebalancing premium
iron ore inventories (IOCJ and BRBF), maximizing its product portfolio value.</FONT></TD></TR></TABLE>

<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$ -1.1/t and the weighted average contribution of the pellet business of US$ 2.6/t.</P>


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<P STYLE="color: #007E7A; font: 11pt Vale Sans Medium,sans-serif; margin: 0">&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; font-size: 9.5pt; letter-spacing: -0.1pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Salobo copper production increased by 25.6 kt y/y and 5.6 kt q/q</B></FONT><FONT STYLE="font-size: 9.5pt">, with the Salobo 3 ramp-up and the continuous increase in plant availability and productivity at the Salobo 1&amp;2 plants. Salobo Complex
throughput achieved a pace of 32.3 Mtpy during a 90-day period (August-November).</FONT></TD>
    <TD ROWSPAN="3" STYLE="text-align: center; width: 20%"><IMG SRC="vale202401296k_009.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Sossego copper production increased by 6.1 kt y/y and 4.3 kt q/q</B></FONT><FONT STYLE="font-size: 9.5pt">, as the mining plan moved into higher-grade zones. In December, Sossego achieved record results: (i) the best monthly rate at the SAG mill
since 2021, and (ii) the best milling rate since 2020, as well as the highest copper contained production since 2021, achieved in November.</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; font-size: 9.5pt; line-height: 150%">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 9.5pt; color: #007E7A; line-height: 150%"><B>Copper production
in Canada increased by 1.0 kt y/y and 7.5 kt q/q</B></FONT><FONT STYLE="font-size: 9.5pt; line-height: 150%">, mainly driven by higher
copper precipitate production in Thompson and </FONT>increased copper production <FONT STYLE="font-size: 9.5pt; line-height: 150%">in
Voisey&rsquo;s Bay, </FONT>as underground mining operations ramp up<FONT STYLE="font-size: 9.5pt; line-height: 150%">. </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; font-size: 9.5pt; color: #007E7A; line-height: 150%">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 9.5pt; color: #007E7A; line-height: 150%"><B>Copper sales</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #747678; line-height: 127%"><SUP>[2]</SUP></FONT>
<FONT STYLE="font-size: 9.5pt; color: #007E7A; line-height: 150%"><B>totaled 97.5 kt in the quarter, 25.9 kt higher y/y and 23.7 kt q/q,
</B></FONT><FONT STYLE="font-size: 9.5pt; line-height: 150%">driven by higher production. </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; font-size: 9.5pt; color: gray">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.5pt"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Average copper realized price
was US$ 7,941/t, 2.7% higher q/q, </B></FONT><FONT STYLE="font-size: 9.5pt">mainly a result of positive provisional price adjustments,
as the average LME reference price was lower than the average forward curve at the end of the quarter.</FONT></TD></TR></TABLE>

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

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

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


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


<P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="line-height: 127%"><SUP>[2]</SUP></FONT>
Sales volumes are lower than production volumes due to payable copper vs. contained copper: part of the copper contained in the concentrates
is lost in the smelting and refining process, hence payable quantities of copper are approximately 3.5% lower than contained volumes.</P>


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

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

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<P STYLE="font: 11pt/150% Vale Sans Medium,sans-serif; color: #007E7A; 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; font-size: 9.5pt; letter-spacing: -0.1pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Finished nickel production from Sudbury-sourced ore decreased by 1.1 kt y/y</B></FONT><FONT STYLE="font-size: 9.5pt">, <FONT STYLE="color: #747678">mainly due to the longer planned maintenance
at Creighton mine for partial repair of the shaft, which impacted timing and flow of ore feed material to mill. </FONT><FONT STYLE="color: #007E7A"><B>Production
increased by 1.9 kt q/q</B></FONT><FONT STYLE="color: #747678">, following annual mine maintenance performed in Q3.</FONT></FONT></TD>
    <TD ROWSPAN="3" STYLE="text-align: center; width: 20%"><IMG SRC="vale202401296k_010.jpg" ALT="">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
<TD></TD><TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Finished nickel production from Thompson-sourced ore increased by 0.8 kt y/y and 1.9 kt q/q</B></FONT><FONT STYLE="font-size: 9.5pt">, mainly as a result of intermediate product recovery
from precipitates as part of the circular mining initiative.</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; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Finished nickel production from Voisey&rsquo;s Bay-sourced
ore decreased by 1.1 kt y/y and 0.4 kt q/q</B></FONT> <FONT STYLE="font-size: 9.5pt">driven by the ongoing planned transition from the
Ovoid open pit mine depletion to the underground VBME project ramp-up. Contained nickel in ore mined increased by 2.2 kt y/y as the underground
mines continue to ramp up.</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; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Finished nickel production from third parties increased
by 1.6 kt y/y and 1.8 kt q/q.</B></FONT> <FONT STYLE="font-size: 9.5pt">The consumption of third-party feed is in line with the strategy
to maximize the utilization and performance of our downstream operations.</FONT></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; font-size: 9.5pt; letter-spacing: 0pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A; letter-spacing: 0pt"><B>Finished nickel production from
Indonesia-sourced material increased by 1.8 kt y/y and 2.7 kt q/q</B></FONT><FONT STYLE="font-size: 9.5pt">, mainly reflecting the higher
availability of nickel in matte from Indonesia. Nickel in matte production was 19.1 kt in the quarter, the highest since 4Q21, as it continues
to benefit from the improved mine and furnace 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: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 9.5pt; letter-spacing: -0.1pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Nickel production at On&ccedil;a Puma <FONT STYLE="letter-spacing: -0.1pt">decreased
by 4.5 kt y/y and 5.2 kt q/q </FONT></B></FONT><FONT STYLE="font-size: 9.5pt; letter-spacing: -0.1pt">as operations are halted for the
furnace rebuild to be completed in 1Q24.</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; font-size: 9.5pt; letter-spacing: -0.1pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A"><B>Nickel sales totaled 47.9 kt in the quarter, 3.0 kt
higher than quarterly production</B></FONT><FONT STYLE="font-size: 9.5pt; letter-spacing: -0.1pt">, as expected, mainly due to inventory
sales built in Q3 to cover the On&ccedil;a Puma furnace rebuild.</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; letter-spacing: -0.1pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A; line-height: 150%"><B>Average nickel realized price was
US$ 18,420/t, down 13.3% q/q, </B></FONT><FONT STYLE="font-size: 9.5pt; line-height: 150%">mainly due to 15.2% lower LME reference prices
q/q. The average realized nickel price in Q4 was 7% higher than the LME reference price, mainly due to the impact of positive hedging
results and the higher share of Class I products in sales mix, sold at higher premiums.</FONT></TD></TR></TABLE>

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






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<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal; letter-spacing: -0.2pt">ANNEX
1 - </FONT><FONT STYLE="font-weight: normal">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>
    <TD STYLE="background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; padding-right: 8.5pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; background-color: #0ABB98; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 30%; border-bottom: white 1pt solid; background-color: #0ABB98; 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%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q23<SUP>3</SUP></B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/3Q23</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/4Q22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>48,852</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>48,188</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>45,097</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>172,968</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>171,555</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; 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; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>0.8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">28,702</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">28,833</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">26,486</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">97,986</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">102,298</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-0.5%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-4.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; 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; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">20,150</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">19,355</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18,611</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">74,982</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">69,257</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.1%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>21,595</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>20,350</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18,405</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>82,344</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>72,644</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>13.4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,979</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,619</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7,007</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">31,399</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">27,283</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">13.9%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; 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="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,658</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5,939</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5,395</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24,546</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">20,759</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.1%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">23.4%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; 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; background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,959</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,791</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6,003</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">26,398</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24,602</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; 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; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18,949</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17,701</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17,350</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>65,841</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>63,594</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3.5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,758</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,214</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,403</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">28,870</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">30,106</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.6%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.2%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-4.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 0.7pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Vargem Grande (VGR, Pico and others)</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10,191</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,488</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,947</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">37,061</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33,488</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">13.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; 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; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>89,397</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>86,238</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>80,852</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>321,154</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>307,793</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; 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; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4.3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 0.7pt; padding-left: 13.75pt; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>81,585</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>79,073</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>75,872</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>297,170</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>289,330</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2.7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 0.7pt; padding-left: 13.75pt; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7,812</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7,165</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,980</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>23,984</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18,463</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>56.9%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>29.9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; 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 SALES</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>90,328</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>80,559</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>91,954</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>300,919</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>302,042</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>12.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-1.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-0.4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 0.7pt; padding-left: 6.45pt; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>77,885</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>69,714</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>81,202</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>256,789</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>260,663</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; 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; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-4.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-1.5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 0.7pt; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>10,285</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,613</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,789 </B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>35,840</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>33,164</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.0%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8.1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 0.7pt; padding-left: 6.45pt; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,158</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,232</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,963</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,290</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,216</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-3.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9.9%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>0.9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; 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: Black 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>7,807</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>6,646</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>5,051</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #005E5B; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>23,580</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>18,497</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>17.5%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>54.6%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>27.5%</B></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>
    Including third party purchases, run-of-mine and feed for pelletizing plants. Excluding Midwestern System volumes. Vale&rsquo;s product
    portfolio Fe content reached 62.1%, alumina 1.3% and silica 7.2% in 4Q23.</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>
    <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>
    Third-party purchase distribution between Southeastern and Southern Systems complexes were reinstated.</FONT></P></TD></TR>
  </TABLE>
<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>
    <TD STYLE="white-space: nowrap; background-color: #0ABB98; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #007E7A; padding-right: 8.5pt; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #0ABB98; padding-right: 4.3pt; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: white; font-weight: bold; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; background-color: #0ABB98; font-size: 10pt; color: #747678; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; width: 30%; border-bottom: white 1pt solid; background-color: #0ABB98; 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%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">4Q23</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">3Q23</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">4Q22</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2023</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2022</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">4Q23/3Q23</FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">4Q23/4Q22</FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: white; font-weight: bold; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white">2023/2022</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; 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; background-color: #71C1AE; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>735</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>1,037</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>739</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>3,221</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>3,212</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>-29.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>-0.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>0.3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; 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; background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">735</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,037</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">739</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,221</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,212</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-29.1%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-0.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">0.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; 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; background-color: #71C1AE; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5,618</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,403</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3,616</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19,323</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>14,677</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>27.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>55.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>31.7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">739</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">801</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">960</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,495</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">2,725</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-7.7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-23.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">28.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; 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="background-color: #DFF5F1; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">892</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">720</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,669</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">23.9%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">n.m.</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">n.m.</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,585</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">837</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,131</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">4,760</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,465</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">89.4%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">40.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">37.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; 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="background-color: #DFF5F1; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">899</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">557</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">178</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,204</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">3,034</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">61.4%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">405.1%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">5.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; 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; background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,503</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,488</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,347</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">6,195</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">5,451</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1.0%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-11.6%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">13.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; 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; background-color: #71C1AE; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,175</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,107</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1,222</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,629</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4,305</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-3.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7.5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; 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; background-color: #DFF5F1; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,175</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,107</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">1,222</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">4,629</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">4,305</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">6.1%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">-3.8%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt">7.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; 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; background-color: #71C1AE; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,323</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,628</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2,684</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,283</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,919</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-11.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-13.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-6.4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; 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; background-color: #005E5B; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,851</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>9,175</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,261</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>36,455</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>32,111</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>13.5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #555555; 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: Black 1pt solid; background-color: #005E5B; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>10,285</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,613</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8,789 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #005E5B; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>35,840</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>33,164</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19.4%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>8.1%</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>
    <TD STYLE="background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; padding-right: 8.5pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; background-color: #0ABB98; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 30%; background-color: #0ABB98; 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%; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 8%; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 8%; background-color: #007E7A; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="width: 8%; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/3Q23</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/4Q22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>76.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>66.7</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>44.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>247.2</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>171.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; 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; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>70.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>44.6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Salobo</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">55.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">49.6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.6</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">180.4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">127.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">11.3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">86.5%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">41.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; 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; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.1</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.3</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">66.8</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">43.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">25.1%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">39.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">54.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; 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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>22.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>14.9</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>21.4</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>79.4</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>82.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>50.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-3.3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Sudbury</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">15.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.4</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16.1</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">57.9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">59.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">63.8%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-4.3%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-2.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Thompson</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.6</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.2</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.7</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">81.3%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">141.7%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-11.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.7</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.9</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.6</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.0%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">42.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-11.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; 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; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.2</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.2</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.2</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16.7%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-36.4%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; 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; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>99.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>81.6</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>66.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>326.6</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>253.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>21.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>49.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>29.0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; 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; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>97.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>73.8</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>71.6</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307.8&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>243.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>32.1%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>36.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>26.2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; 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="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">76.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">61.8</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">44.7</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">234.0&nbsp;</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">166.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">23.5%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">70.7%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">40.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; 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="border-bottom: Black 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">12.0</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">26.9</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">73.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">77.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">76.7%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-21.2%</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-4.8%</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>
    External feed purchased from third parties and processed into copper in our Canadian operation.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6 -->
    <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 -->5<!-- 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 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>
    <TD STYLE="background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; padding-right: 8.5pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; background-color: #0ABB98; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 30%; border-bottom: white 1pt solid; background-color: #0ABB98; 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%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/3Q23</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/4Q22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt">Canada</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>13.3</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18.2</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>59.5</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>73.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>25.6%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-8.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-18.8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt; letter-spacing: -0.2pt">Sudbury</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">10.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8.1</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">11.1</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">38.2</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">39.0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">23.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-9.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-2.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt; letter-spacing: -0.2pt">Thompson</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.3</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.4</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">7.9</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">146.2%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-20.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt; letter-spacing: -0.2pt">Voisey's Bay</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.9</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">4.6</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">13.5</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24.4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-10.3%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-23.9%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-44.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Indonesia</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>19.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; 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; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>64.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>63.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>15.8%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; 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; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>0.3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white; letter-spacing: -0.2pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>0.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>5.8</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; 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; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>17.0</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>23.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-89.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-88.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-28.0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><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; background-color: #71C1AE; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>7.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; 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; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.1</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #71C1AE; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>24.2</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>30.5%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>26.2%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #999999; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>32.2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 0.7pt; padding-left: 5.6pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>NICKEL PRODUCTION</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>44.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; 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; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>47.4</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white; background-color: #005E5B"><B>164.</B></FONT><B><FONT STYLE="font-size: 7.5pt; color: white">9</FONT></B></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>179.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>6.7%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-5.3%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-7.9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 0.7pt; padding-left: 5.6pt"><FONT STYLE="color: White">NICKEL
    SALES</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>47.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>39.2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>58.2</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #005E5B; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>167.9</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>180.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>22.2%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-17.7%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>-7.1%</B></FONT></TD></TR>
  </TABLE>

<P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt">&nbsp;</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>1</SUP>
External feed purchased from third parties and processed into finished nickel in our Canadian operations.</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: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">Energy Transition
Metals by-products - Finished production </FONT>&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 15.2pt">
  <TR>
    <TD STYLE="background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; padding-right: 8.5pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #0ABB98; padding-right: 0.7pt; padding-left: 0.7pt; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #007E7A; color: #555555; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: #0ABB98; color: #555555; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; background-color: #0ABB98; color: #555555; text-align: center"><FONT STYLE="font-size: 7.5pt; color: white"><B>% change</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 30%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 0.7pt; padding-left: 6.45pt; color: #555555">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>3Q23</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 0.7pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/3Q23</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>4Q23/4Q22</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>2023/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; 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; background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">549</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">452</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">529</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1,959</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,434</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">21.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.8%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-19.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; 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; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">25</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">125</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">102</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">29.2%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24.0%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; 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; background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">39</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">24</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #C6ECE5; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">149</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">127</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">62.5%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18.2%</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">17.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; 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; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">123</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">117</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">74</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">410</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">289</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt">5.1%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt">66.2%</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid; background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt">41.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 0.7pt; padding-left: 1.45pt">
    <P STYLE="color: white; font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 6.45pt"><B>TOTAL BY-PRODUCTS </B></P>
    <P STYLE="color: white; font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 6.45pt"><B><SUB>(000&rsquo; metric tons Cu eq.)</SUB><SUP>2
    3</SUP></B></P></TD>
    <TD STYLE="background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>45</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>38</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; 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; background-color: #005E5B; padding-right: 4.25pt; padding-left: 1.45pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>156</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>134</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>18.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>32.4%</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #555555; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>16.4%</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 (including 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>

<P STYLE="color: #A6A6A6; font: bold 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 2pt"><FONT STYLE="letter-spacing: 0.4pt">&nbsp;</FONT></P>


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<P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: 0.4pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal; letter-spacing: -0.2pt">ANNEX
2 &ndash; </FONT><FONT STYLE="font-weight: normal">Energy Transition Metals: Maintenance scheduled in 2024</FONT></P>

<P STYLE="color: #555555; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="background-color: #0ABB98">
    <TD STYLE="width: 20%; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Operation</B></FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Q1</B></FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Q2</B></FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Q3</B></FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Q4</B></FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Copper operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Salobo</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Salobo I&amp;II</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">&lt; 1 week</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">&lt;1 week</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">1.5 week</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">&lt;1 week</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Salobo III</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">1.5 week</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">1.5 week</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">1.5 week</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">1 week</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Sossego</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Sossego</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4.5 weeks</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">1 week</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">2 weeks</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">1 week</FONT></TD></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Nickel operations</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Sudbury</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Coleman</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4.5 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Creighton</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">9 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Copper Cliff North</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Copper Cliff South</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">1.5 week</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Garson</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Totten</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">2 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Clarabelle mill</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4.5 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Sudbury Smelter</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Sudbury Refinery</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">6 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Port Colborne (Co &amp; PGMs)</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">5 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Thompson</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Thompson mine</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4.5 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Thompson mill</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4.5 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR STYLE="background-color: #999999">
    <TD COLSPAN="5" STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Voisey&rsquo;s Bay &amp; Long Harbour</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Voisey&rsquo;s Bay</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">2 weeks</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Long Harbour Refinery</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4.5 weeks</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Standalone Refineries</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Clydach</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4.5 weeks</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">Matsusaka</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4.5 weeks</FONT></TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Indonesia</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">PTVI (furnaces/kilns only)</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">3 weeks</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">1 week</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">4 weeks</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">3 weeks</FONT></TD></TR>
  <TR STYLE="background-color: #999999">
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">9.5 weeks&sup1;</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">&lt;1 week</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: #F2F2F2; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">&lt;1 week</FONT></TD>
    <TD STYLE="border-top: #999999 1pt solid; border-bottom: #999999 1pt solid; background-color: white; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt">&lt;1 week</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: 0.4pt">&sup1; Refers
to the furnace rebuild. The ramp up after maintenance is not included in the number of weeks.</FONT></P>

<P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="letter-spacing: 0.4pt">Note: The maintenance
schedule may be deliberately adjusted if it proves beneficial for operations and the overall business. The number of weeks is rounded
to 0.0 or 0.5 and may involve more than one maintenance activity within the quarter.</FONT></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="color: gray; font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></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">Thiago Lofiego: thiago.lofiego@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), including in particular expectations for
production and sales of iron ore, nickel and copper on pages 1, 2, 3 and 4. 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;<B>&nbsp;</B>&nbsp;</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>

<!-- Field: Page; Sequence: 9 -->
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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/ Thiago Lofiego</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: January 29, 2024</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in"> Director 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>



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

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