<SEC-DOCUMENT>0001292814-24-001407.txt : 20240417
<SEC-HEADER>0001292814-24-001407.hdr.sgml : 20240417
<ACCEPTANCE-DATETIME>20240416184810
ACCESSION NUMBER:		0001292814-24-001407
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240417
DATE AS OF CHANGE:		20240416

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:		24849016

	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>vale20240416_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>

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<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">April 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>

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<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<B>&nbsp;</B>&nbsp;<IMG SRC="vale202404166k_001.jpg" ALT=""></P>

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


<P STYLE="margin: 0; font-family: Vale Sans,sans-serif; color: #007E7A"><B>Vale&rsquo;s production and sales in 1Q24</B></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, April 16<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 Q1 performance was marked by robust
iron ore sales, which increased by 15% y/y, and by consistent improvement in iron ore operations. On copper, Salobo 3 reached ~90% average
throughput rate in the quarter. On nickel, Canadian and Indonesian operations delivered stronger performance y/y. </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 70.8 Mt, increasing
6% y/y, driven by S11D&rsquo;s improved operating performance, continued asset reliability initiatives and higher 3<SUP>rd</SUP> party
purchases. Pellets production totaled 8.5 Mt, up 2% y/y, driven by higher pellet feed availability. Iron ore sales reached 63.8 Mt in
1Q24, 15% higher y/y.</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 81.9 kt, 22% higher y/y,
driven by a continued solid ramp-up at Salobo 3, as well as by better operational performance at the Salobo 1 &amp; 2 plants. </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 totaled 39.5 kt, decreasing by
4% y/y, mainly reflecting the On&ccedil;a Puma furnace rebuild, partially offset by stronger performance at the Canadian and Indonesian
operations.</FONT></TD></TR></TABLE>



<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">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="width: 28%; 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: 12%; 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>1Q24</B></FONT></TD>
    <TD STYLE="width: 12%; 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>4Q23</B></FONT></TD>
    <TD STYLE="width: 12%; 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>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-bottom: white 1pt solid; background-color: #0ABB98; padding-right: 4.25pt; padding-left: 6.5pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 12%; 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>&#8710; y/y</B></FONT></TD>
    <TD STYLE="width: 12%; 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>2024 guidance</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<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">70,837</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">89,397</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-20.8%</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">66,774</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">6.1%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">310-320 Mt</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Pellets</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">8,467</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,851</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-14.0%</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">8,318</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">1.8%</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">38-42 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">81.9</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">99.1</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-17.4%</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">67.0</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">22.2%</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">320-355 kt</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">39.5</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">44.9</FONT></TD>
    <TD STYLE="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">-12.0%</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">41.0</FONT></TD>
    <TD STYLE="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">-3.7%</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">160-175 kt</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Including third-party purchases, run-of-mine and feed for pelletizing plants. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>2</SUP>
    Iron ore agglomerates guidance, including iron ore pellets and briquettes. </FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 15.2pt">
  <TR>
    <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: 14%; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>4Q23</B></FONT></TD>
    <TD STYLE="width: 14%; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&#8710; q/q</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>1Q23</B></FONT></TD>
    <TD STYLE="width: 14%; background-color: #007E7A; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&#8710; y/y</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</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">63,826</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">90,328</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-29.3%</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">55,659</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">14.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 0.7pt; padding-left: 12.7pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Fines<SUP>1</SUP></FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">52,546</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">77,885</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-32.5%</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">45,861</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">14.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.7pt; padding-left: 12.7pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Pellets</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,225</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">10,285</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-10.3%</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">8,133</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">13.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 0.7pt; padding-left: 12.7pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">ROM</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2,056</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">2,158</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-4.7%</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">1,665</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">23.5%</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">Co<FONT STYLE="background-color: #F2F2F2">pper</FONT></FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">76.8</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">97.5</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; 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; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">62.7</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; 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: #555555 1pt solid; background-color: white; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">33.1</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">47.9</FONT></TD>
    <TD STYLE="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">-30.9%</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">40.1</FONT></TD>
    <TD STYLE="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">-17.5%</FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD>
    <P STYLE="color: #A6A6A6; font: 7.5pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt"><SUP>1</SUP>
    Including third-party purchases. </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="color: #747678; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; margin-bottom: 15.2pt">
  <TR>
    <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">US$/t</FONT></TD>
    <TD STYLE="width: 14%; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>4Q23</B></FONT></TD>
    <TD STYLE="width: 14%; background-color: #007E7A; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&#8710; q/q</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>1Q23</B></FONT></TD>
    <TD STYLE="width: 14%; background-color: #007E7A; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&#8710; y/y</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">100.7</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">118.3</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-14.9%</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">108.6</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-7.3%</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">171.9</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">163.4</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.2%</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">162.5</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">5.8%</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">7,687</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">7,941</FONT></TD>
    <TD STYLE="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; background-color: #F2F2F2; padding-right: 4.25pt; padding-left: 0.7pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9,465</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-18.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: white; padding-right: 0.7pt; padding-left: 7.1pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #555555 1pt solid; background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">16,848</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">18,420</FONT></TD>
    <TD STYLE="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">-8.5%</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">25,260</FONT></TD>
    <TD STYLE="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">-33.3%</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>
    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$ 7,632/t in 1Q24.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 10pt Vale Sans Medium,sans-serif; margin: 0"><B>&nbsp;</B></P>


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

<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">Business highlights
in 1Q24</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: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 47%"><P STYLE="font: 10pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="font-size: 9.5pt; color: #007E7A; line-height: 150%"><B>Northern
System: S11D&rsquo;s production is the main positive highlight, up 1.4 Mt y/y</B></FONT><FONT STYLE="font-size: 9.5pt; line-height: 150%">.
S11D achieved the highest Q1 output since 2020, with continued asset reliability initiatives securing greater operational stability during
the rainy season. At Serra Norte, production decreased y/y due to </FONT>reduced ROM availability, as expected in the mine development
plan. <FONT STYLE="font-size: 9.5pt; line-height: 150%">Shipments at Ponta da Madeira port improved by 17% y/y as a result of several
initiatives to minimize the impact of rainfall, like cargo moisture management and others.</FONT></P></TD>
    <TD STYLE="text-align: center; width: 50%">&nbsp;<IMG SRC="vale202404166k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Southeastern
System: output was 1.0 Mt higher y/y</B></FONT>, driven by: (i) Brucutu and Timbopeba plants&rsquo; solid operational performance and
(ii) higher third-party purchases. These effects were partially offset by lower production at Alegria, caused by plant adjustments aiming
to increase higher quality ore processing.</P>
</TD>
    <TD STYLE="text-align: center">&nbsp;<IMG SRC="vale202404166k_003.jpg" ALT=""></TD></TR>
                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Southern
System: production increased by 2.9 Mt y/y</B></FONT>, mainly driven by greater stability at Vargem Grande and Mutuca, with initiatives
to minimize rainfall impact bearing fruit and (ii) higher third-party purchases.</P>
</TD>
    <TD rowspan="3" STYLE="text-align: center">&nbsp;<IMG SRC="vale202404166k_004.jpg" ALT=""></TD></TR>
                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    </TR>
                                           <TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Pellets:
  production was 0.1 Mt higher y/y</B></FONT>, due to increased pellet feed availability from the Southeastern and Southern System mines,
  driving higher pellet output in the Tubar&atilde;o and Vargem Grande plants.</P>
</TD>
    </TR>
                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Iron
  ore sales increased by 8.2 Mt y/y, totaling 63.8 Mt.</B></FONT> The strong performance was driven by the absence of port loading restrictions
  that negatively impacted the Ponta da Madeira port in 1Q23. The difference between production and sales is explained by Vale&rsquo;s supply
  chain effects and inventories formation driven by cargos transiting to distribution centers.</P>
</TD>
    </TR>
                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Average
  realized iron ore fines price was US$ 100.7/t</B></FONT>, US$ 17.6/t lower q/q, largely impacted by provisional pricing adjustments due
  to lower-than-average forward prices on the last day of the quarter. <FONT STYLE="color: #007E7A"><B>The average realized iron ore pellet
    price was US$ 171.9/t</B></FONT>, US$ 8.5/t higher q/q, as quarterly contract pellet premiums increased, while pellet sales are generally
  not impacted by provisional pricing adjustments.</P>
</TD>
    </TR>
                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>

                                           <TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A; line-height: 150%"><B>The
  all-in premium totaled US$ 2.2/t</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #747678; line-height: 127%"><SUP>1</SUP></FONT><FONT>,
    slightly higher q/q. Given current market conditions with a lower price spread for low-grade materials, Vale continued to prioritize the
    sale of blended and high-silica products in Q1, in order to maximize its product portfolio value.</FONT></P>

</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 fines premium of US$ -1.6/t and the weighted average contribution of the pellet business of US$ 3.8/t.</P>

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<P STYLE="color: #747678; font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Vale Sans Medium,sans-serif; font-size: 11pt; color: #007E7A"><BR STYLE="clear: both">
</FONT></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: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 47%"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 4.5pt; margin-bottom: 2pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E79"><B>Salobo:
copper production increased by 15.6 kt y/y </B></FONT>mainly due to the continued ramp-up at Salobo 3, which reached ~90% average throughput
in Q1. Salobo 1 &amp; 2 plants also posted strong performance in the quarter, with 14% higher throughput rate, 10% higher productivity
and 3% higher asset availability y/y. On a sequential basis, production decreased by 6.8 kt, mainly due to lower feed grades, which was
expected as per the mine development plan.</P>
</TD>
    <TD STYLE="text-align: center; width: 50%"><IMG SRC="vale202404166k_005.jpg" ALT="">&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
  <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 4.5pt; margin-bottom: 2pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Sossego:
    copper production decreased by 1.0 kt y/y and 9.1 kt q/q </B></FONT>due scheduled maintenance shutdown and lower ore grades, as expected.
    Maintenance works are anticipated to be completed by late April. In January, the SAG mill achieved record results, namely: (i) highest
    monthly throughput since August 2018, (ii) highest productivity since October 2018 and (iii) highest operational efficiency since December
    2020.</P>
</TD>
    </TR>
                                           <TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
  <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 4.5pt; margin-bottom: 2pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Canada:
    copper production was 0.4 kt higher y/y and decreased by 1.1 kt q/q</B></FONT>. Copper production was positively impacted by a 1.6 kt
    increase in production from Canadian mines, especially as result of an 8% y/y increase in own sourced ore production at the Clarabelle
    mill in Sudbury. The weaker q/q performance was impacted by the winter season at the Thompson site.</P>
</TD>
    </TR>
                                           <TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
 <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 4.5pt; margin-bottom: 2pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A; line-height: 150%"><B>Payable
    copper sales</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #007E7A; line-height: 127%"><SUP>2</SUP></FONT></B><B>
  <FONT STYLE="color: #007E7A; line-height: 150%">totaled 76.8 kt in the quarter, up 14.1 kt y/y and down 20.7 kt q/q, </FONT></B><FONT STYLE="line-height: 150%">in
    line with production levels. </FONT></P>

</TD>
    </TR>
                                           <TR STYLE="vertical-align: top">
  <TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
  <TD STYLE="width: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 4.5pt; margin-bottom: 2pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Average
    copper realized price was US$ 7,687/t, 3% lower q/q, </B></FONT>mainly a result of the impact of purchase price adjustments in Q4.</P>
</TD>
    </TR>
                                           </TABLE>




<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>


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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">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: 3%"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD><TD STYLE="text-align: justify; width: 47%"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Sudbury-sourced
ore: finished nickel production increased by 0.7 kt y/y and 0.2 kt q/q, </B></FONT>as a result of better performance of the Sudbury mines,
supported by the ramp-up of the Copper Cliff South mine, which was partially offset by corrective maintenance at the Copper Cliff Refinery.</P>
</TD>
    <TD ROWSPAN="3" STYLE="text-align: center; width: 50%"><IMG SRC="vale202404166k_006.jpg" ALT="">&nbsp;</TD></TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD>&nbsp;</TD>
                                             <TD STYLE="text-align: justify">&nbsp;</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD>
                                             <TD STYLE="text-align: justify"><P STYLE="color: #747678; font: 9.5pt/127% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #007E7A"><B>Thompson-sourced ore:
finished nickel production was flat y/y and 0.8 kt lower q/q</B></FONT>. The q/q decrease was mainly a result of internal inventory rebuild
after a strong quarter in 4Q23.</P>
</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD>&nbsp;</TD>
                                             <TD STYLE="text-align: justify">&nbsp;</TD>
                                             <TD>&nbsp;</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD>
                                             <TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Voisey&rsquo;s
                                               Bay-sourced ore: finished nickel production was flat y/y and increased by 0.9 kt q/q</B></FONT>, driven by the availability of Voisey&rsquo;s
                                               Bay-sourced feedstock at Long Harbour. Contained nickel in ore mined at Voisey&rsquo;s Bay increased by 55% y/y as the underground mines
                                               continued to ramp up.</P>
</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD>&nbsp;</TD>
                                             <TD STYLE="text-align: justify">&nbsp;</TD>
                                             <TD>&nbsp;</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD>
                                             <TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Third-party
                                               feed: finished nickel production decreased by 2.1 kt y/y and 3.9 kt q/q</B></FONT>, as planned. The consumption of third-party feed is
                                               in line with the strategy to maximize the utilization and performance of our downstream operations.</P>
</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD>&nbsp;</TD>
                                             <TD STYLE="text-align: justify">&nbsp;</TD>
                                             <TD>&nbsp;</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD>
                                             <TD colspan="2" STYLE="text-align: justify"><P STYLE="color: #747678; font: 9.5pt/127% Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="color: #007E7A"><B>Indonesia-sourced
                                               material: finished nickel production increased by 4.7 kt y/y</B></FONT>, mainly reflecting the robust performance of the Indonesia-Matsusaka-Clydach
                                               flowsheet. <FONT STYLE="color: #007E7A"><B>Production decreased by 1.1 kt q/q</B></FONT> as result of planned maintenance at the Matsusaka
                                               refinery in March. Nickel in matte production at PTVI was 18.4 kt in the quarter, representing a 1.4 kt increase y/y and a 0.9 kt decrease
                                               q/q.</P>
</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD>&nbsp;</TD>
                                             <TD STYLE="text-align: justify">&nbsp;</TD>
                                             <TD>&nbsp;</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD>
                                             <TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>On&ccedil;a
                                               Puma: nickel production <FONT STYLE="letter-spacing: -0.1pt">decreased by 4.9 kt y/y and 0.6 kt q/q </FONT></B></FONT><FONT STYLE="letter-spacing: -0.1pt">as
                                                 operations have been halted since October 2023 for the furnace rebuild. The rebuild works were completed in mid-March. Currently, the
                                                 electrical furnace is heating up and the plant is on track to resume production in early May.</FONT></P>
</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD>&nbsp;</TD>
                                             <TD STYLE="text-align: justify">&nbsp;</TD>
                                             <TD>&nbsp;</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD>
                                             <TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Nickel
                                               sales totaled 33.1 kt in the quarter, 6.4 kt lower than quarterly production</B></FONT><FONT STYLE="letter-spacing: -0.1pt">, mainly due
                                                 to VBM&rsquo;s inventory strategy to meet committed sales during planned maintenance at the refineries in Q2.</FONT></P>
</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD>&nbsp;</TD>
                                             <TD STYLE="text-align: justify">&nbsp;</TD>
                                             <TD>&nbsp;</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&#183;</FONT></TD>
                                             <TD colspan="2" STYLE="text-align: justify"><P STYLE="font: 9.5pt/150% Arial, Helvetica, Sans-Serif; color: #747678; margin-right: 0pt; margin-bottom: 12pt; margin-left: 0pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Average
                                               nickel realized price was US$ 16,848/t, down 33% y/y and 9% q/q, </B></FONT>mainly driven by a 36% and 4% decrease in LME nickel reference
                                               prices y/y and q/q, respectively (US$ 16,589/t in 1Q24 vs. US$ 25,983/t in 1Q23 vs. US$ 17,247/t in 4Q23). In the quarter, the average
                                               realized nickel price was 1.6% higher than the LME mainly as a result of higher share of Class I products sales, which are sold at a premium
                                               to the market reference price.</P>
</TD>
                                           </TR>
                                           <TR STYLE="vertical-align: top">
                                             <TD>&nbsp;</TD>
                                             <TD STYLE="text-align: justify">&nbsp;</TD>
                                             <TD>&nbsp;</TD>
                                           </TR>
                                           </TABLE>



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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>

<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 62.0%, alumina 1.2% and silica 6.5% in 1Q24.</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>
    Products concentrated in Chinese facilities.</FONT></P></TD></TR>
  </TABLE>
<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="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-bottom: 15.2pt">
  <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: 14%; 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>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>4Q23</B></FONT></TD>
    <TD STYLE="width: 14%; 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>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>1Q23</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&#8710; y/y</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>35,929</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>48,852</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>-26.5%</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>35,771</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>0.4%</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">18,218</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">28,702</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-36.5%</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">19,450</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-6.3%</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">17,711</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">20,150</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">-12.1%</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">16,321</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">8.5%</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>19,561</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>21,595</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>-9.4%</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>18,604</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>5.1%</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">7,599</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">7,979</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-4.8%</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">7,439</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">2.2%</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">6,408</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">6,658</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-3.8%</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">5,411</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">18.4%</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">5,555</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">6,959</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">-20.2%</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">5,753</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">-3.4%</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>15,347</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>18,949</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>-19.0%</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>12,399</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>23.8%</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">6,525</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">8,758</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-25.5%</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">4,326</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">50.8%</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">8,822</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">10,191</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">-13.4%</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">8,074</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">9.3%</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>70,837</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>89,397</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>-20.8%</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>66,774</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>6.1%</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>65,024</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>81,585</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>-20.3%</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>63,490</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>2.4%</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>5,813</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>7,812</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>-25.6%</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>3,284</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>77.0%</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; 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>63,826</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>90,328</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>-29.3%</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>55,659</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>14.7%</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>52,546</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>77,885</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>-32.5%</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>45,861</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>14.6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">IOCJ</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">9,453</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">13,074</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">-27.7%</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">11,215</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">-15.7%</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; letter-spacing: -0.2pt">BRBF</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">25,715</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">45,199</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">-43.1%</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">20,345</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">26.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">Pellet feed &ndash; China (PFC1)<SUP>3</SUP></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">2,536</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">3,279</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">-22.7%</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">2,642</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">-4.0%</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; letter-spacing: -0.2pt">Lump</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">1,809</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">1,871</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">-3.3%</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">1,394</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">29.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #F2F2F2; padding-right: -9.35pt; padding-left: 12.95pt; color: #555555"><FONT STYLE="font-size: 7.5pt; color: #747678; letter-spacing: -0.2pt">High-silica products</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">8,490</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">8,646</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">-1.8%</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">5,536</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">53.4%</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; letter-spacing: -0.2pt">Other fines (60-62% Fe)</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">4,543</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">5,816</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">-21.9%</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">4,739</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">-4.1%</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>9,225</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>10,285</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>-10.3%</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>8,133</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>13.4%</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>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>2,056</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>2,158</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>-4.7%</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>1,665</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>23.5%</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>5,648</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>7,807</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>-27.7%</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>3,545</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>59.3%</B></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>

<P STYLE="color: #007E7A; font: 1pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 1pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="color: #007E7A; font: 1pt 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">Pellets</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-bottom: 15.2pt">
  <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: 14%; 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">1Q24</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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</FONT></TD>
    <TD STYLE="width: 14%; 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">&#8710; q/q</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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">1Q23</FONT></TD>
    <TD STYLE="width: 14%; 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">&#8710; y/y</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>766</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>735</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>4.2%</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>784</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>-2.3%</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">766</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">735</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">4.2%</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">784</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">-2.3%</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>4,852</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>5,618</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>-13.6%</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>4,668</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>3.9%</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">557</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">739</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">-24.6%</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">951</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">-41.4%</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;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">688</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">892</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">-22.9%</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">-</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">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">1,153</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">1,585</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">-27.3%</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">1,208</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">-4.6%</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">852</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">899</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">-5.2%</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">948</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">-10.1%</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">1,601</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">1,503</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">6.5%</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">1,562</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">2.5%</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>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>1,219</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>1,175</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>3.7%</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>1,147</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>6.3%</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: #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: #C6ECE5; 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">1,219</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">1,175</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">3.7%</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">1,147</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">6.3%</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>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>1,629</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>2,323</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>-29.9%</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>1,719</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>-5.2%</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>8,467</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>9,851</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>-14.0%</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>8,318</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>1.8%</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>9,225</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>10,285</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>-10.3%</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>8,133</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>13.4%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 12pt Vale Sans Medium,sans-serif; margin: 0 0 2pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="color: Gray; text-align: center; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><!-- 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">&nbsp;</P>

<P STYLE="color: #747678; font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 2pt">&nbsp;</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: 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="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-bottom: 15.2pt">
  <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: 14%; 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>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>4Q23</B></FONT></TD>
    <TD STYLE="width: 14%; 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>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>1Q23</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&#8710; y/y</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>60.6</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>76.7</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>-21.0%</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>46.1</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>31.5%</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">48.4</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">55.2</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-12.3%</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">32.8</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">47.6%</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">12.3</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">21.4</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">-42.5%</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">13.3</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">-7.5%</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>21.3</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>22.4</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>-4.9%</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>20.9</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>1.9%</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">16.8</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">15.4</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">9.1%</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">16.3</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">3.1%</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">0.4</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">2.9</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-86.2%</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">0.1</FONT></TD>
    <TD STYLE="background-color: #DFF5F1; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">300.0%</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: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">0.0%</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">2.0</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">35.0%</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">1.3</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">1.4</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">-7.1%</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">2.5</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">-48.0%</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>81.9</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>99.1</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>-17.4%</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>67.0</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>22.2%</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>76.8</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>97.5</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>-21.2%</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>62.7</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>22.5%</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">56.4</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">76.3</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">-26.1%</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">43.2</FONT></TD>
    <TD STYLE="background-color: #C6ECE5; padding-right: 4.25pt; color: #555555; text-align: right"><FONT STYLE="font-size: 7.5pt; color: #747678">30.6%</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">20.4</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">21.2</FONT></TD>
    <TD STYLE="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">-3.8%</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">19.5</FONT></TD>
    <TD STYLE="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">4.6%</FONT></TD></TR>
  </TABLE>
<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: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</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 finished nickel in our Canadian 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 intermediates produced in Thompson and PTVI, tolling and others.</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>
    <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>
    <P STYLE="color: #A6A6A6; font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 0 0 0 4.3pt; text-indent: -4.3pt"><FONT STYLE="letter-spacing: 0.4pt">&nbsp;</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="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A">Nickel</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-bottom: 15.2pt">
  <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: 14%; 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>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>4Q23</B></FONT></TD>
    <TD STYLE="width: 14%; 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>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>1Q23</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&#8710; y/y</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; letter-spacing: -0.2pt"><B>FINISHED PRODUCTION BY SOURCE</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right">&nbsp;</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>16.9</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>16.7</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>1.2%</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>16.3</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>3.7%</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; letter-spacing: -0.2pt">Sudbury</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">10.2</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">10.0</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">2.0%</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">9.5</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">7.4%</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">Thompson</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">2.4</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">3.2</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">-25.0%</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">2.5</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">-4.0%</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">Voisey's Bay</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">4.4</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">3.5</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">25.7%</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">4.3</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">2.3%</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>18.7</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>19.8</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>-5.6%</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>14.0</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>33.6%</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>-</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>0.6</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>-100.0%</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>4.9</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>-100.0%</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>3.8</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>7.7</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>-50.6%</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>5.9</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>-35.6%</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; letter-spacing: -0.2pt"><B>FINISHED PRODUCTION BY SITE</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right">&nbsp;</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">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; background-color: #005E5B; padding-right: 4.25pt; color: #555555; text-align: right">&nbsp;</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">Sudbury </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">13.8</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">16.2</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">-14.8%</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">14.0</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">-1.4%</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">Voisey&rsquo;s Bay &amp; Long Harbour</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">7.7</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">8.3</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">-7.2%</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">8.7</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">-11.5%</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">On&ccedil;a Puma</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">-</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">0.6</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">-100.0%</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">4.9</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">-100.0%</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">Clydach</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">10.2</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">10.5</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">-2.9%</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">8.2</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">24.4%</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">Matsusaka</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">3.3</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">3.9</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">-15.4%</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">1.9</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">73.7%</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">Others<SUP>2</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">4.5</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">5.4</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">-16.7%</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">3.4</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">32.4%</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>39.5</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>44.9</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>-12.0%</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>41.0</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>-3.7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #555555; padding-right: 0.7pt; padding-left: 6.45pt; font-size: 10pt; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>NICKEL SALES</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"><B>33.1</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>47.9</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"><B>-30.9%</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>40.1</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"><B>-17.5%</B></FONT></TD></TR>
  </TABLE>
<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: 5pt 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>

<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, Silver, Platinum, and Palladium: Bloomberg; for other PGMs: Johnson Matthey. </FONT></P></TD></TR>
  </TABLE>
<P STYLE="margin: 0; font-family: Vale Sans Medium,sans-serif; color: #007E7A"><FONT STYLE="font-weight: normal">Energy Transition Metals
by-products - Finished production </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-bottom: 15.2pt">
  <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: 14%; 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>1Q24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>4Q23</B></FONT></TD>
    <TD STYLE="width: 14%; 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>&#8710; q/q</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; 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>1Q23</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: white 1pt solid; background-color: #007E7A; padding-right: 4.25pt; font-size: 10pt; color: #747678; text-align: right"><FONT STYLE="font-size: 7.5pt; color: white"><B>&#8710; y/y</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>(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">482</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">549</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">-12.2%</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">597</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">-19.3%</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">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">30</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">31</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">-3.2%</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">34</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">-11.8%</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">39</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">0.0%</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">40</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">-2.5%</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">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">104</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">123</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">-15.4%</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">79</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">31.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 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="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>38</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>45</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"><B>-15.6%</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>34</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"><B>11.8%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify">&nbsp;</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>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="color: Gray; text-align: center; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #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: Preventive 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: 24%; border-bottom: white 1pt solid; font-size: 10pt; text-align: left; color: #747678">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: white 1pt solid; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Q1</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: white 1pt solid; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Q2</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: white 1pt solid; font-size: 10pt; text-align: center; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Q3</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: white 1pt solid; 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">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 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>
    <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">&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">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 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="border-bottom: #999999 1pt solid; 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="border-bottom: #999999 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: #999999 1pt solid; padding-top: 1pt; padding-bottom: 1pt; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: white 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-bottom: white 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-bottom: white 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="vertical-align: top; border-bottom: white 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 weeks</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: white 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></TR>
  <TR STYLE="background-color: #555555">
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; text-align: left; color: #747678"><FONT STYLE="font-size: 7.5pt; color: white"><B>Nickel operations</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; font-size: 10pt; text-align: center; color: #747678">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; 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 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"><FONT STYLE="font-size: 7.5pt">1 week</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">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">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">3.5 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">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">2.5 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">3 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">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>
    <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 (Ni, 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">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 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"><FONT STYLE="font-size: 7.5pt">1 week</FONT></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">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">6.5 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">0 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">1.5 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"><FONT STYLE="font-size: 7.5pt">1 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">&lt;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>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">11 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">&nbsp;&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>

<P STYLE="color: gray; font: 11pt/130% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></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">Patr&iacute;cia Tinoco: patricia.tinoco@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>


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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: April 16, 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>
