<SEC-DOCUMENT>0001292814-25-001635.txt : 20250425
<SEC-HEADER>0001292814-25-001635.hdr.sgml : 20250425
<ACCEPTANCE-DATETIME>20250424190448
ACCESSION NUMBER:		0001292814-25-001635
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250425
DATE AS OF CHANGE:		20250424

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		25869324

	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>valedfifrs1q25_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April 2025</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;</P>

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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>Contents</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 95%; padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><A HREF="#a_001"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Report of independent registered public accounting firm</B></FONT><B></B></A></TD>
    <TD STYLE="width: 5%; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_001"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>3</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><A HREF="#a_002"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated Interim Income Statement</B></FONT><B></B></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_002"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>4</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><A HREF="#a_003"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated Interim Statement of Comprehensive Income</B></FONT><B></B></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_003"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>5</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><A HREF="#a_004"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated Interim Statement of Cash Flows</B></FONT><B></B></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_004"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>6</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><A HREF="#a_005"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Consolidated Interim Statement of Financial Position</B></FONT><B></B></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_005"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>7</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><A HREF="#a_006"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>&nbsp;Consolidated Interim Statement of Changes in Equity</B></FONT><B></B></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_006"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>9</B></FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_007"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">1. Corporate information</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_007"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_008"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">2. Basis of preparation of condensed consolidated interim financial statements</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_008"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">10</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_009"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">3. Significant events and transaction related to first quarter of 2025</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_009"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_010"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">4. Information by business segment and geographic area</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_010"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">11</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_011"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">5. Costs and expenses by nature</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_011"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">14</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_012"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">6. Financial results</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_012"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">15</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_013"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">7. Taxes</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_013"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">15</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_014"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">8. Basic and diluted earnings per share</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_014"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">17</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_015"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">9. Cash flows reconciliation</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_015"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">18</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_016"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">10. Accounts receivable</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_016"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">19</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_017"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">11. Inventories</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_017"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">20</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_018"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">12. Suppliers and contractors</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_018"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">20</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_019"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">13. Other financial assets and liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_019"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">21</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_020"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">14. Investments in associates and joint ventures</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_020"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">22</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_021"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">15. Acquisitions and divestitures</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_021"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">23</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_022"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">16. Intangibles</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_022"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">23</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_023"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">17. Property, plant, and equipment</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_023"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">24</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_024"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">18. Financial and capital risk management</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_024"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">25</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_025"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">19. Financial assets and liabilities</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_025"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">27</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_026"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">20. Participative shareholders&#8217; debentures</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_026"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">28</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_027"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">21. Loans, borrowings, cash and cash equivalents and short-term investments</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_027"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">28</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_028"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">22. Leases</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_028"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">29</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_029"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">23. Brumadinho dam failure</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_029"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">30</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_030"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">24. Liabilities related to associates and joint ventures</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_030"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">33</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_031"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">25. Provision for de-characterization of dam structures and asset retirement obligations</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_031"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">36</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_032"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">26. Legal proceedings</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_032"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">37</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_033"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">27. Employee benefits</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_033"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">38</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_034"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">28. Equity</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_034"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">39</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 0.5in; line-height: 120%; text-indent: -0.25in"><A HREF="#a_035"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">29. Related parties</FONT></A></TD>
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><A HREF="#a_035"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%">40</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt 7.1pt; color: #FF0090">&nbsp;</P>


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<P STYLE="font: 12pt/125% Times New Roman, Times, Serif; margin: 0 0 8pt"><A NAME="a_001"></A><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 15pt/140% Georgia, Times, Serif; margin: 10pt 0; color: #242424"><B>Report of independent registered public accounting
firm</B></P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">To the shareholders and Board
of Directors of</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">Vale S.A.</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt"><B>Results of review of interim financial statements</B></P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">We have reviewed the accompanying
consolidated interim statement of financial position of Vale S.A. and its subsidiaries (the &quot;Company&quot;) as of March 31, 2025,
and the related consolidated interim income statement and statements of comprehensive income, changes in equity and cash flows for the
three-month periods ended March 31, 2025 and March 31, 2024, including the related notes (collectively referred to as the &quot;interim
financial statements&quot;). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying
interim financial statements for them to be in conformity with IAS 34 - Interim Financial Reporting, as issued by the International Accounting
Standards Board (IASB).</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">We have previously audited, in
accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statement of financial
position of the Company as of December 31, 2024, and the related consolidated income statement and statements of comprehensive income,
changes in equity and cash flows for the year then ended (not presented herein), and in our report dated February 19, 2025, we expressed
an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated
statement of financial position as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated statement
of financial position from which it has been derived.</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt"><B>Basis for review results</B></P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">These interim financial statements
are the responsibility of the Company's management. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance
with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making
inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance
with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a
whole. Accordingly, we do not express such an opinion.</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">Rio de Janeiro, April 24, 2025</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">&nbsp;</P>

<P STYLE="font: 10pt/120% Georgia, Times, Serif; margin: 0 0 10pt; text-align: justify; color: #494949">/s/ PricewaterhouseCoopers
Auditores Independentes Ltda.</P>

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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_002"></A>Consolidated Interim Income Statement</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424"><B>In millions of United States dollars,
except earnings per share</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net operating revenue</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,119&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,459&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5,451)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(5,367)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Gross profit</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,668&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,092&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Selling and administrative</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(145)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(140)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Research and development</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(123)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(156)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(90)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(92)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other operating revenues (expenses), net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5(c)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(258)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(250)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Impairment and gains (losses) on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a), 16 and 17</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(253)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,799&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,448&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Financial income</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;116&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;109&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Financial expenses</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(382)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(339)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial items, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;451&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(207)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14 and 24</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;59&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;124&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,043&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,135&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(647)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(448)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net income </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,396&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,687&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;8&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net income attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,394&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,679&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Basic and diluted earnings per share attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">8</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Common share (US$)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">0.33</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">0.39</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #242424">The accompanying notes are an integral part of these
interim financial statements.</P>


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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B><A NAME="a_003"></A>Consolidated Interim Statement of Comprehensive Income</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424"><B>In millions of United States dollars</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 74%; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net income</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,396&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,687&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other comprehensive income (loss):</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Translation adjustments of the Parent Company</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,612&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,225)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Retirement benefit obligations</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;40&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,608&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,185)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Translation adjustments of foreign operations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(753)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;178&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net investment hedge </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">18(a.iv)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;171&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(56)&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Reclassification of cumulative translation adjustments to income statement</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;51&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(573)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;173&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Comprehensive income </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,431&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;675&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Comprehensive income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Comprehensive income attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,398&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;669&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">Items above are stated net of tax, when applicable, and the
related taxes effects are disclosed in note 7.</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">The accompanying notes are an integral part of these interim
financial statements.</P>


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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B><A NAME="a_004"></A>Consolidated Interim Statement of Cash Flows</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424"><B>In millions of United States dollars</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 74%; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>9(a)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,534&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;4,479&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Interest on loans and borrowings paid </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">9(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(240)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(186)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cash received on settlement of derivatives, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">18(d)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;134&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;43&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Payments related to the Brumadinho event </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">23</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(84)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(135)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Payments related to de-characterization of dams </FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(79)&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(119)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Income taxes (including settlement program) paid</FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(596)&#9;</FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(506)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,669&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,576&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Cash flow from investing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Acquisition of property, plant and equipment and intangible assets </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,255)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,395)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Payments related to the Samarco dam failure</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">24</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(162)&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(86)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Dividends received from associates and joint ventures </FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Short-term investment</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;26&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(44)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other investing activities, net</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,371)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,519)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Cash flow from financing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Loans and borrowings from third parties </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">9(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,611&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;870&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Payments of loans and borrowings to third parties </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">9(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(940)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(62)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Payments of leasing </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">22</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(30)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(41)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Dividends and interest on capital paid to Vale S.A.&#8217;s shareholders</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28(d)</FONT></TD>
    <TD STYLE="background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,979)&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,328)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Shares buyback program </FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28(c)</FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-top: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(275)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,338)</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,836)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,040)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;221&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cash and cash equivalents in the beginning of the period</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,953&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,609&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;145&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(40)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Effect of transfer the Energy Assets to non-current assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(115)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cash and cash equivalents from subsidiaries acquired, net </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Cash and cash equivalents at end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,955&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,790&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #242424">The accompanying notes are an integral part of these
interim financial statements.</P>


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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><A NAME="a_005"></A><B>Consolidated Interim Statement of Financial Position</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424"><B>In millions of United States dollars</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 74%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,955&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,953&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;43&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;53&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Accounts receivable</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">10</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,144&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,358&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial assets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;277&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;53&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Inventories</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">11</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,919&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,605&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Recoverable taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7(e)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,093&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,100&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;362&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;359&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,793&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,481&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,894&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;14,687&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,481&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">26(c)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;580&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;537&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial assets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;262&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;231&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Recoverable taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7(e)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,381&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,297&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,309&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8,244&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,471&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,317&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,003&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;11,626&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,625&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,547&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Intangibles</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">16</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10,182&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10,514&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Property, plant, and equipment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">17</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;41,933&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;39,984&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;68,743&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;55,045&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;83,430&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;80,152&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">12</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,403&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,234&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;608&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,020&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Leases</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">22</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;176&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;147&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,365&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,543&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Taxes payable</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7(e)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;651&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;574&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7(c)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;386&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;353&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">23</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;876&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;714&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">24</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,929&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,844&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;937&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;833&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">26(a)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;156&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;119&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">27</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;664&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,012&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Dividends payable</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;330&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;385&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;367&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;12,536&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,090&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;698&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,234&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;13,090&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;14,807&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13,772&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Leases</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">22</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;605&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;566&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">20</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,350&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,217&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other financial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,227&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,347&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7(c)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,005&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,007&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;175&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;445&#9;</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 8 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 74%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="width: 6%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">23</FONT></TD>
    <TD STYLE="width: 10%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,256&#9;</FONT></TD>
    <TD STYLE="width: 10%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,256&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">24</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,908&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,819&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5,164&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4,930&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Provisions for litigation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">26(a)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;948&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;894&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Employee benefits</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">27</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,155&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,118&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Streaming transactions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,928&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,882&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;306&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;281&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;33,834&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;32,534&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;47,068&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;45,624&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Equity</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity attributable to Vale S.A.'s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;35,207&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;33,406&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,155&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,122&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total equity</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,362&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,528&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total liabilities and equity</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;83,430&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;80,152&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #242424">The accompanying notes are an integral part of these
interim financial statements.</P>


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<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B><A NAME="a_006"></A>Consolidated Interim Statement of Changes in Equity</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424"><B>In millions of United States dollars</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Share capital</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Treasury shares</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Other reserves</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Equity attributable to Vale S.A.&#8217;s shareholders</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total equity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;61,614&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,139&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18,676&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,911)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(729)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(43,383)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;33,406&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,122&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;34,528&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net income</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,394&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,394&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,396&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,337&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(16)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;683&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,004&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;31&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,035&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Dividends and interest on capital of Vale S.A.'s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28(c)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,596)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,596)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,596)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Transaction with noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Share-based payment program </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">27(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;61,614&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,139&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18,417&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,910)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(747)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(42,700)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,394&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;35,207&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,155&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;36,362&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;61,614&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,139&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;21,877&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,504)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,774)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(39,891)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;39,461&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,520&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;40,981&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net income</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,679&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,679&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,687&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other comprehensive income</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(606)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;50&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(454)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,010)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(1,012)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Dividends and interest on capital of Vale S.A.'s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28(c)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,364)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,364)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(2,364)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Shares buyback program</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(275)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(275)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(275)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Share-based payment program </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">27(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(4)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Balance as of March 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;61,614&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,139&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;18,907&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(3,777)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(1,730)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;(40,345)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,679&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;37,487&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,526&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;39,013&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">The accompanying notes are an integral part of these interim
financial statements.</P>


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<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_007"></A>1. Corporate information</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Vale S.A. (the &#8220;Parent Company&#8221;)
is a public company headquartered in the city of Rio de Janeiro, Brazil. Vale&#8217;s share capital consists of common shares, traded
on the stock exchange.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In Brazil, Vale's common shares are
listed on B3 under the code VALE3. The Company also has American Depositary Receipts (ADRs), with each representing one common share,
traded on the New York Stock Exchange (NYSE) under the code VALE. Additionally, the shares are traded on LATIBEX under the code XVALO,
which is an unregulated electronic market established by the Madrid Stock Exchange for the trading of Latin American securities. The Company's
shareholding structure is disclosed in note 28.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Vale, together with its subsidiaries
(&#8220;Vale&#8221; or the &#8220;Company&#8221;), is one of the world's largest producers of iron ore and nickel. The Company also produces
iron ore pellets and copper. Nickel and copper concentrates contain by-products such as platinum group metals (PGM), gold, silver, and
cobalt. Most of the Company&#8217;s products are sold to international markets, through the Company's main trading Company, Vale International
S.A. (&#8220;VISA&#8221;), a wholly owned subsidiary located in Switzerland.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is engaged in greenfield
mineral exploration in six countries, including Brazil, USA, Canada, Chile, Peru and Indonesia. It also operates extensive logistics systems
in Brazil, Oman and other regions worldwide, including railways, maritime terminals, and ports integrated with mining operations. Additionally,
the Company has distribution centers to support its iron ore shipments globally.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Vale also holds investments in energy
businesses to meet part of its energy consumption needs through renewable sources.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company's operations are organized
into two operational segments: &quot;Iron Solutions&quot; and &quot;Energy Transition Metals&quot; (note 4).</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Iron Solutions &#8211;</B></FONT>
<FONT STYLE="color: #242424">Comprise iron ore extraction and iron ore pellets and briquettes production. </FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: teal">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Iron ore. </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">Currently,
Vale operates three systems in Brazil for the production and distribution of iron ore. The Northern System (Caraj&aacute;s, State of Par&aacute;,
Brazil) is fully integrated and comprises three mining complexes, a railway and a maritime terminal. The Southeast System (Quadril&aacute;tero
Ferr&iacute;fero, Minas Gerais, Brazil) is fully integrated, consisting of three mining complexes, a railway, a maritime terminal, and
a port. The Southern System (Quadril&aacute;tero Ferr&iacute;fero, Minas Gerais, Brazil) consists of two mining complexes and two maritime
terminals. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: teal">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Iron ore pellets and
other ferrous product</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">.Currently, Vale has
a diversified portfolio of agglomerates, which includes iron ore pellets and briquettes. Vale operates eight pelletizing plants in Brazil
and two in Oman. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 0.6in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Energy Transition Metals
&#8211;</B></FONT> <FONT STYLE="color: #242424">Includes the production of nickel, copper and its by-products.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00807A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Nickel.</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">The Company's primary nickel operations are conducted
by Vale Canada Limited (&quot;Vale Canada&quot;), which owns mines and processing plants in Canada and Brazil and nickel refining facilities
in the United Kingdom and Japan. Vale also holds investments in nickel operations in Indonesia. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: teal">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Copper.</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">In Brazil, Vale produces copper concentrates at Sossego
and Salobo operations, in Caraj&aacute;s, State of Par&aacute;. In Canada, Vale produces copper concentrates and copper cathodes associated
with its nickel mining operations in Sudbury (located in Ontario), Voisey&#8217;s Bay (located in Newfoundland and Labrador), and Thompson
(located in Manitoba). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: teal">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Other energy transition
metals.</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">The ore extracted by Vale Canada in
Sudbury yields cobalt, PGMs (Platinum Group Metals), silver, and gold as by-products, which are processed at refining facilities in Port
Colborne, Ontario. In Canada, Vale also produces refined cobalt at its Long Harbour facilities in Newfoundland and Labrador. The copper
operations in Sossego and Salobo in Brazil also yield silver and gold as by-products. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><A NAME="a_008"></A><B>2. Basis of preparation of condensed consolidated
interim financial statements</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The condensed consolidated interim
financial statements of the Company (&#8220;interim financial statements&#8221;) have been prepared and are being presented in accordance
with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). All material
information for the interim financial statements, and only this information, are presented and consistent to those used by the Company's
Management.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The interim financial statements
have been prepared to update users on the relevant events and transactions that occurred in the period and must be read together with
the financial statements for the year ended December 31, 2024. All accounting policies, accounting estimates and judgments, risk management
and measurement methods are the same as those adopted in the preparation of the latest annual financial statements.</P>


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<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">These interim financial statements
were authorized for issue by the Board of Directors on April 24, 2025.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Functional currency and presentation currency</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The interim financial statements
of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which each
entity operates (&#8220;functional currency&#8221;), in the case of the Parent Company it is the Brazilian real (&#8220;R$&#8221;). For
presentation purposes, these interim financial statements are presented in the United States dollars (&#8220;US$&#8221;) as the Company
believes that this is how international investors analyze the financial statements.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The main exchange rates used by the
Company to translate its foreign operations are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Average rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Closing rate</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US Dollar (&quot;US$&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5.7422</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6.1923</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5.8522</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4.9515</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Canadian dollar (&quot;CAD&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3.9937</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4.3047</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4.0802</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3.6723</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Euro (&quot;EUR&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6.1993</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6.4363</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6.1608</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5.3768</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Tariffs applied by the United States of America</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is subject to external
risk factors related to its operations and its customer portfolio and supply chain profile.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In February 2025, the President of
the United States signed an executive order imposing tariffs on products from several countries. The program establishes individualized
import tariffs per country, based on a minimum tariff of 10%. The effective date and tariff amounts vary from country to country.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">New announcements have been recently
disclosed, and the Company is monitoring developments. Until this date, Vale does not expect any significant direct effects on its operations.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_009"></A>3. Significant events and transaction related
to first quarter of 2025</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/11.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Divestment on Energy
Assets &#8211; </B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">In March 2025, the Company
signed an agreement with Global Infrastructure Partners for the sale of 70% of its stake in Alian&ccedil;a Gera&ccedil;&atilde;o de Energia
S.A., including the assets of Sol do Cerrado solar plant and Risoleta Neves hydroelectric plant (together: &quot;Energy Assets&quot;),
for the amount of US$837. As a result, Vale classified the Energy Assets as non-current assets held for sale and recognized an impairment
of US$117 in the income statement. Completion of the transaction is expected for 2025 and is subject to customary precedent conditions.
Further details are presented in note 15(a) of these interim financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/11.2pt Vale Sans,sans-serif; margin: 0 0 0 24.25pt; text-align: justify; color: #007E7A">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Shareholder
remuneration &#8211;</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">In
February 2025, the Board of Directors approved shareholder remuneration in the amount of US$1,596 (R$9,143 million), which was paid in
March 2025. Further details are presented in note 28(c) of these interim financial statements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 14pt; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A"><B>Bond issuance and
repurchase &#8211;</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">In February 2025, the Company
issued bonds in the amount of </FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">US$750 <FONT STYLE="color: #242424">maturing
in </FONT>2054<FONT STYLE="color: #242424">. In March 2025, these proceeds were partially used to redeem bonds maturing in </FONT>2034,
2036 and 2039 <FONT STYLE="color: #242424">in the total amount of </FONT>US$329<FONT STYLE="color: #242424">. As a result of the early
redemption, Vale paid a premium of </FONT>US$44<FONT STYLE="color: #242424">, which was recorded in the income statement for the period
as a financial expense. Further details are presented in note 9(b) to these interim financial statements.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 17pt; text-align: justify; text-indent: -17pt; color: #007A7E">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_010"></A>4. Information by business segment and geographic
area</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company&#8217;s adjusted EBITDA
is defined as operating income or loss, including the EBITDA from interests in associates and joint ventures; and excluding (i) depreciation,
depletion, and amortization; and (ii) impairment and gains (losses) on disposal of non-current assets, net and other.</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 28%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Segment</B></FONT></TD>
    <TD STYLE="width: 72%; border-top: teal 1pt solid; border-bottom: teal 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Main activities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">Comprises the extraction and production of iron ore, iron ore pellets, other ferrous products, and its logistic related services.&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">Includes the extraction and production of nickel and its by-products (gold, silver, cobalt, precious metals and others), and copper, as well as its by-products (gold and silver). </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%"><B>Other</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">Includes corporate expenses not allocated to the operating segment, research and development of greenfield exploration projects, as well as expenses related to the Brumadinho event and de-characterization of dams and asset retirement obligations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>a) Adjusted EBITDA</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 61%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron ore </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,333&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,507&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Iron ore pellets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;536&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;882&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other ferrous products and services</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;70&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,887&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,459&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;41&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;17&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Copper</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;546&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;284&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other energy transition metals</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(33)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(44)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;554&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;257&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(326)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(278)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,115&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,438&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(704)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(714)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Impairment and gains (losses) on disposal of non-current assets, net and other (ii)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(420)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(73)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">EBITDA from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(192)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(203)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,799&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,448&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;59&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;124&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Financial results </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;185&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(437)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,043&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,135&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes US$25 related to expenses
of Vale Base Metals Limited that were not allocated to the operating segment for the three-month period ended March 31, 2025.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) Includes adjustments of US$167 for
the three-month period ended March 31, 2025 (2024: US$67), to reflect the performance of the streaming transactions at market prices.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Net operating revenue by shipment destination</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: white 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 28%; border-bottom: #DBDBDB 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and services</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Iron Solutions</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel and other products</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other energy transition metals</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Energy Transition Metals</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">China (i)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3,625&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,625&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;92&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;162&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;261&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,886&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Japan</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;444&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;19&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;463&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;54&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;517&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;535&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;579&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;98&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;29&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;131&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;710&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;249&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;377&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;160&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;786&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;23&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;28&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;814&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;54&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;223&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;243&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;297&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;49&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;49&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;120&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;120&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;169&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;82&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;41&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;123&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;142&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;194&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;340&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;463&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;219&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;252&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;201&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;356&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;559&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;811&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;444&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;444&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;452&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,154&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,055&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;166&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,375&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;961&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;741&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;42&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,744&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,119&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31, 2024</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron Solutions</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: white 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 37%; border-bottom: #DBDBDB 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Iron ore pellets</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other ferrous products and services</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Iron Solutions</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Nickel and other products</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Copper</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other energy transition metals</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total Energy Transition Metals</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Net operating revenue</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">China (i)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,662&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,662&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;72&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;156&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;228&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,890&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Japan</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;520&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;65&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;585&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;97&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;97&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;682&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Asia, except Japan and China</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;465&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;507&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;91&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;91&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;598&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;329&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;521&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;145&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;995&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,006&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">United States of America</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;52&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;52&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;191&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;191&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;243&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;121&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;121&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;123&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;62&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;185&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;306&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;68&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;35&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;103&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;96&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;127&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;223&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;326&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Europe, except Germany</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;241&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;41&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;282&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;168&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;232&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;400&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;682&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;711&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;718&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;8&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;726&#9;</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;5,292&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,585&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;148&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;7,025&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;854&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;577&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,434&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; border-left: white 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;8,459&#9;</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">(i) Includes operating revenue of
China Mainland in the amount of US$3,801 (2024: US$3,674) and Taiwan in the amount of US$85 (2024: US$216).</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">No customer individually represented
10% or more of the Company&#8217;s revenues in the periods presented above.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>c) Costs of goods and services rendered</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended March 31</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 72%; border-bottom: white 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: teal 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron Ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,810&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,703&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron Ore Pellets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;559&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;739&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other ferrous products and services</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;137&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;110&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,506&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,552&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;907&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;773&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Copper</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;339&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;329&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;35&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&nbsp;Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,284&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,137&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Depreciation, depletion and amortization</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;661&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;678&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cost of goods sold and services rendered</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,451&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,367&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>d) Assets by geographic area</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 26%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Intangible</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Intangible</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,140&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,515&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;30,600&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;41,255&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,046&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;8,847&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;28,706&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;39,599&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,665&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,531&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;11,196&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,666&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,452&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;11,118&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Americas, except Brazil and Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Europe</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;580&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;580&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;589&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;589&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indonesia</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,886&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;63&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,949&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,885&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,946&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Asia, except Indonesia and China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;646&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;646&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;654&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;654&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">China</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Oman</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;599&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;506&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,106&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;616&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;515&#9;</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,131&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,625&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;10,182&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;41,933&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;56,740&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,547</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,514</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>39,984</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>55,045</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_011"></A>5. Costs and expenses by nature</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Cost of goods sold, and services rendered</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 80%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E79 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Services</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,022&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,031&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,015&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;938&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Personnel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;673&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;553&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;661&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;678&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Materials</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;604&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;641&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquisition of products</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;557&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;374&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Fuel, oil and gas</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;265&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;369&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Royalties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;259&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;289&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;122&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;169&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;273&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;325&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,451&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,367&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>b) Selling and administrative expenses</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 80%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Personnel</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;62&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;67&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Services</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;27&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;34&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation and amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;24&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;32&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;29&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;145&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;140&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>c) Other operating revenues (expenses), net</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 67%; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expenses related to Brumadinho event</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(106)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(102)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Reversal in provisions related to de-characterization of dam and asset decommissioning obligation, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;52&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(57)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(50)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Profit sharing program</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(40)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(85)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expenses related with socio-environmental commitments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(14)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(12)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(42)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(53)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(258)</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(250)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><A NAME="a_012"></A><B>6. Financial results</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March, 31</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 74%; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial income</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Short&#45;term investments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">98</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">81</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">18</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">28</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>116</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>109</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans and borrowings interest </FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(220)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(166)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Bond premium repurchase</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(44)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on supplier finance arrangements</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(39)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(46)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on REFIS</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(18)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(28)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest on lease liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(8)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 2.25pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(14)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(53)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(85)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(382)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(339)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Foreign exchange and indexation losses, net </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(352)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(373)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">38</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">164</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments, net</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">765</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>451</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(207)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>185</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(437)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_013"></A>7. Taxes</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In December 2021, the Organization
for Economic Co-operation and Development (&#8220;OECD&#8221;) released the Pillar Two model rules to reform international corporate taxation.
Multinational economic groups within the scope of these rules are required to calculate their effective tax rate in each country where
they operate, the &#8220;GloBE effective tax rate&#8221;.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">When the effective GloBE rate of
any entity in the economic group, aggregated by jurisdiction where the group operates, is lower than the minimum rate defined at 15%,
the multinational group must pay a supplementary amount of tax on profit, referring to the difference between its rate effective GloBE
and the minimum tax rate.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is subject to OECD Pillar
Two model rules in  Australia, Brazil, Canada, Indonesia, Japan, Luxembourg, Malaysia, Netherlands, Singapore, Switzerland and United
Kingdom. Therefore, the impacts from Pilar Two are already being considered on the calculation of income tax for these jurisdictions.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">However, the Company does not expect
material impacts on the calculation of income tax or on the financial statements for the current and future periods, mainly due to the
application of the simplifying rules (&#8220;Safe Harbor&#8221;) in the GloBE computation.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company applied the relief from
the requirement to recognize and disclose deferred taxes arising from enacted or substantively enacted tax law that implements the Pillar
Two model rule, according to IAS 12 &#8211; Income taxes.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Income tax reconciliation</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Income tax expense is recognized
based on the estimate of the weighted average effective tax rate expected for the full year, adjusted for the tax effect of certain items
that are recognized in full on the interim tax calculation. Therefore, the effective tax rate in the interim financial statements may
differ from management&#8217;s estimate of the effective tax rate for the year. The reconciliation of the taxes calculated according to
the nominal tax rates and the amount of taxes recorded is shown below:</P>

<P STYLE="font: 10pt/132% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 75%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,043&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,135&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes at statutory rate (34%)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(695)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(726)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Adjustments that affect the taxes basis:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Tax incentives</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;412&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;469&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Addition of tax loss carryforward</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(60)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(156)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Divestment on Energy Assets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(135)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Effects on tax computation of foreign operations </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(112)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(10)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Reclassification of cumulative adjustments to the income statement</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(17)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(54)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(8)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(647)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(448)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Current tax</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(186)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(734)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deferred tax</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(461)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;286&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Income taxes </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(647)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(448)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>b) Deferred income tax assets and liabilities &#9;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 49%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,244&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;445&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;7,799&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effect in income statement</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(423)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(461)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer between assets and liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(52)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(52)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;548&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;36&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;512&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale (Energy Assets) </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(295)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;285&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of March 31, 2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,309&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;175&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,134&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;9,565&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;870&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,695&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effect in income statement</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;245&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(52)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;297&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;136&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;17&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;119&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer between assets and liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;31&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;31&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(278)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(18)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(260)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of March 31, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;9,699&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;848&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,851&#9;</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><BR>
c) Income taxes - Settlement program (&#8220;REFIS&#8221;)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 72%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;386&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;353&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,005&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,007&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>REFIS liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,391&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,360&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>SELIC rate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;14.25&#9;%</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;12.25&#9;%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The balance mainly relates to the
settlement program of claims regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and
associates from 2003 to 2012. This amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly
installments until October 2028 and the impact of the SELIC over the liability is recorded under the Company&#8217;s financial results
(note 6).</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>d) Uncertain tax positions (&#8220;UTP&#8221;)</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The amount under discussion with
the tax authorities is US$6,534 as of March 31, 2025 (December 31, 2024: US$5,939), which may reduce tax losses by US$643 as of March
31, 2025 (December 31, 2024: US$596), if the tax authority does not accept the tax treatment adopted by the Company in relation to these
matters.</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 2.25pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 38%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assessed (i)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Potential (ii)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assessed (i)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Potential (ii)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>UTPs not recorded on statement of financial position (iii)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer pricing over the exportation of ores to a foreign subsidiary</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,719&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,734&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;5,453&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,387&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,608&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,995&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Expenses of interest on capital </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,397&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,397&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,262&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,262&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Proceeding related to income tax paid abroad </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;468&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;468&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;427&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;427&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Goodwill amortization </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;802&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;71&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;873&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;743&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;62&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;805&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments to Renova Foundation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;330&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;378&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;708&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;301&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;351&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;652&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;461&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;461&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;415&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;415&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;7,177&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,183&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,360&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;6,535&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,021&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;8,556&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>UTPs recorded on statement of financial position</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deduction of CSLL in Brazil</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;168&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;168&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;154&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;154&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;168&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;168&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;154&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;154&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes the tax effects arising from
the reduction of the tax losses and negative basis of the CSLL without fines and interest.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) Includes the principal, without fines
and interest.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(iii) Based on the assessment of its internal
and external legal advisors, the Company believes that the tax treatment adopted for these matters will be accepted in decisions of the
higher courts on last instance.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>e) Recoverable and taxes payables</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Non-current assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Value-added tax (&quot;ICMS&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;247&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;260&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;34&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;34&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian federal contributions (&quot;PIS&quot; and &quot;COFINS&quot;) </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;179&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;266&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,053&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;975&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;26&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;12&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;654&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;564&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;325&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;319&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;426&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;317&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Financial compensation for the exploration of mineral resources (&quot;CFEM&quot;)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;55&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;63&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;13&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;110&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;148&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,093&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,100&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,381&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,297&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;651&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;574&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_014"></A>8. Basic and diluted earnings per share</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The basic and diluted earnings per
share are presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 80%; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net income attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,394&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,679&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Thousands of shares </B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Weighted average number of common shares outstanding</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,268,759&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,285,865&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Weighted average number of common shares outstanding and potential ordinary shares</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,273,772&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,289,631&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Basic and diluted earnings per share</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Common share (US$)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;0.33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;0.39&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_015"></A>9. Cash flows reconciliation</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Cash flow from operating activities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 67%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from operating activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,043&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,135&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Equity results and other results in associates and joint ventures </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(59)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(124)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Impairment and gains (losses) on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15(a), 16 and 17</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;253&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Review of estimates related to the provision of Brumadinho </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(6)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Review of estimates related to the provision of de-characterization of
dams </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(61)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;704&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;714&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Financial results, net </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(185)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;437&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Changes in assets and liabilities:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;316&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,935&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Inventories </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(239)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(626)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;378&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(308)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(309)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from operations </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,534&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,479&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>b) Reconciliation of debt to cash flows arising from
financing activities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 56%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Quoted in the secondary market</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other debt contracts in Brazil</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Other debt contracts on the international market</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,539&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;337&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,916&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;14,792&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;750&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;861&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,611&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(349)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(11)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(580)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(940)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest paid (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(116)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(120)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(240)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;285&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(15)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;161&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;431&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale (Energy Assets)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(210)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(30)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(240)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effect of exchange rate</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;139&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;15&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;156&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest accretion</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;187&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;86&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;276&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;116&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(12)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;88&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;192&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,940&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;310&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;6,165&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;15,415&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;7,474&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;250&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,747&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;12,471&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;870&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;870&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(40)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(12)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(62)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest paid (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(92)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(88)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(186)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(132)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(18)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;772&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;622&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effect of exchange rate</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(16)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest accretion</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;85&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;80&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;171&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;76&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;80&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;155&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>March 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;7,418&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;231&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;5,599&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13,248&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Classified as operating activities
in the statement of cash flows.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Funding</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In March 2025, the
Company contracted a loan of US$50 with DBS Bank indexed to SOFR plus spread adjustments and maturing in 2026.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In March 2025, the
Company contracted a loan of US$270 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2029.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In February 2025,
the Company issued bonds of US$750 with a coupon of 6.40% per year, payable semi-annually, and maturing in 2054.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In February 2025,
the Company contracted a loan of US$270 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2029.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In January 2025, the
Company contracted a loan of US$271 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2029.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In March 2024, the
Company contracted a loan of US$360 with the Japan Bank of International Cooperation (&#8220;JBIC&#8221;) indexed to SOFR plus spread
adjustments and maturing in 2035.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 19 -->
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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In March 2024, the
Company contracted a loan of US$60 with the CIBC indexed to SOFR plus spread adjustments and maturing in 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In February 2024,
the Company contracted a loan of US$166 with Banco Santander indexed to SOFR plus spread adjustments and maturing in 2025. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In February 2024, the Company contracted a loan
of US$34 with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in 2025.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">From January to February
2024, the Company contracted a loan of US$250 with Banco Bradesco with a fixed rate maturing in 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>Payments</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In March 2025, Vale
redeemed notes maturing in 2034, 2036 and 2039, in the total amount of US$329 and paid a premium of US$44, recorded as &#8220;Bond premium
repurchase&#8221; in the financial results for the three-month period ended March 31, 2025.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In March 2025, the
Company partially settled the loan contracted with The New Development Bank (&quot;NDB&quot;), in the amount of US$150.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In January 2024, the
Company paid principal and interest of debentures, in the amount of US$46.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 17pt; text-align: justify; text-indent: -17pt">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>c) Non-cash transactions</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended March 31</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions to PP&amp;E with capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 2.25pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_016"></A>10. Accounts receivable</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 66%; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Receivables from contracts with customers</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron Solutions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,197&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,540&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;861&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;788&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;19&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Related parties </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;131&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;63&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,199&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,410&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expected credit loss</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(55)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(52)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Accounts receivable, net</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,144&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,358&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Provisionally priced
commodities sales -</B></FONT> <FONT STYLE="color: #242424">The Company is mainly exposed to iron ore and copper price risk. The determination
of the final sales price for these commodities is based on the pricing period outlined in the sales contracts, typically occurring after
the revenue recognition date. Consequently, the Company initially recognizes revenue using a provisional invoice. Subsequently, the receivables
associated with provisionally priced products are measured at fair value through profit or loss (note 19). Any fluctuations in the value
of these receivables are reflected in the Company's net operating revenue.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The sensitivity of the Company&#8217;s
risk related to the final settlement of provisionally priced accounts receivables is detailed below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>March 31, 2025</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Thousand metric tons</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Provisional price (US$/ton)</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Variation</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Effect on Revenue&nbsp;&nbsp;(US$ million)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;14,300&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;102&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/-146</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Copper</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;50&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9,351&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/- 10%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">+/-51</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #FF0090">&nbsp;</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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_017"></A>11. Inventories</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 72%; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Finished products</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Iron Solutions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,688&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,493&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;631&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;571&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,319&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,064&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Work in progress</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;677&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;691&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Consumable inventory</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,064&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;988&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net realizable value provision (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(141)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(138)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total of inventories</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,919&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,605&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) In the three-month period ended March
31, 2025, the effect of provision for net realizable value was US$4 (2024: US$49).</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><A NAME="a_018"></A><B>12. Suppliers and contractors</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 66%; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,253&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,004&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Related parties </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;150&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;230&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,403&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;4,234&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The financial liabilities presented
as Suppliers and contractors in the Company's statement of financial position represent the outstanding balance of invoices with suppliers
for purchases of goods and services, being the average due date usually approximately 60 days.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company enters into supplier
finance arrangements (&quot;Arrangements&quot;) as part of the working capital strategy used in the Company's usual operating cycle, being
the payment term extension limited to a short-term period. The Company is also party in agreements structured so that certain suppliers
can advance their receivables with Vale due to purchases of materials and services, without any type of change in value or payment terms
for the Company. These supplier finance arrangements continue to be presented as suppliers in the Company's statement of financial position,
as the terms and conditions of the original liabilities were not substantially modified. The carrying amount related to these transactions
is shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 74%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; border-bottom: #007E7A 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal; line-height: 112%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: #007E7A 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal; line-height: 112%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 112%">Carrying amount of accounts payable included in the Arrangements of which suppliers have already received payment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,429&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,343&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 112%">Carrying amount of accounts payable included in the Arrangements of which suppliers have not yet received payment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 112%"><B>Total carrying amount relating to Arrangements with suppliers and contractors</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,429&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,349&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Financial charges related to the
increase in payment terms are recognized in the financial results as interest on supplier finance arrangements (note 6). The financial
charges recognized in the income statement for the three-month period ended March 31, 2025 and 2024 due to the Arrangements totaled, respectively,
US$39 and US$46.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><A NAME="a_019"></A><B>13. Other financial assets and liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
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    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Current</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Non-Current</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 54%; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;274&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;53&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;51&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Investments in equity securities </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;56&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;54&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans - Related parties</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;147&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;149&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;277&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;53&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;262&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;231&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;44&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;197&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;222&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;428&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;283&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;291&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;517&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;467&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,005&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,887&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;521&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;588&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;32&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,365&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1,543&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,227&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;2,347&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>a) Liabilities related to the concession grant</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Discount rate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 18%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Revision to estimates </B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Monetary and present value adjustments</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Disbursements</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Remaining term of obligations</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payment obligation</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,118</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(3)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(13)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">88</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,215</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7,41% - 11,04%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7,32% - 11,04%</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">33 years</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Infrastructure investment</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,236</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">16</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">27</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(68)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">96</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,307</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7,18% - 8,19%</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">7,43% - 8,12%</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">8 years</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>2,354</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>13</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>52</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(81)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>184</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>2,522</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">467</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">517</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,887</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2,005</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>2,354</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>2,522</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In December 2020, the Company entered
into an agreement with the Federal Government to continue operating its concessions of the Estrada de Ferro Caraj&aacute;s (&#8220;EFC&#8221;)
and Estrada de Ferro Vit&oacute;ria a Minas (&#8220;EFVM&#8221;) for thirty years more, extending the maturity date from 2027 to 2057.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Vale, the Brazilian National Land
Transportation Agency (&#8220;ANTT&#8221;) and the Brazilian Federal Government, through the Ministry of Transportation (together: &#8220;Parties&#8221;),
had been discussing the general conditions for concession contracts and on December 30,2024, the general basis for the renegotiation were
agreed among the Parties and will comply with usual formalities and will be submitted for the authorities&#8217; evaluation and approval.
The renegotiation will be performed under the terms of the concession contracts, which remain in force, aiming to promote their modernization
and updating.</P>


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<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_020"></A>14. Investments in associates and joint ventures</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 29%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>% ownership</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Equity results in income statement</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Dividends declared</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Other</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Anglo American Minerio de Ferro Brasil S.A</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;15.00&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">663</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(4)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">676</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;50.00&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">75</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">83</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;50.89&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">42</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">46</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;50.90&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">61</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">67</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;51.00&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">129</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">11</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">142</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;49.01&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">591</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">23</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">47</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">661</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">VLI S.A.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;29.60&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">341</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(12)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(15)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">26</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">340</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Samarco Minera&ccedil;&atilde;o S.A. (note 24)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;50.00&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vale Oman Distribution Center</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;50.00&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">616</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(20)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">599</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">20</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(21)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>2,538</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>33</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(39)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>99</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(17)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>2,614</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">PT Vale Indonesia Tbk</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;33.88&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,885</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,886</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>1,885</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>1</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>1,886</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Others</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;51.00&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">74</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(7)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">73</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">50</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">4</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">52</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>124</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(7)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>10</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>125</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Equity results in associates and joint ventures </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>4,547</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>27</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(40)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>109</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>(18)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>4,625</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Equity results and other results in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>59</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><A NAME="a_021"></A><B>15. Acquisitions and divestitures</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 39%; padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Reference</B></FONT></TD>
    <TD STYLE="width: 26%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 26%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy Assets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15(a) and 16</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(117)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(117)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/11.2pt Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>a) Divestment
on Energy Assets &#8211; </B></FONT><FONT STYLE="color: #242424">In March 2025, the Company signed an agreement with Global Infrastructure
Partners (&#8220;GIP&#8221;) for the sale of 70% of its stake in Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. (&quot;Alian&ccedil;a
Energia&quot;), including the operations of Sol do Cerrado solar plant and Risoleta Neves hydroelectric plant, which are assets of the
Company and will be transferred to Alian&ccedil;a Energia upon closing of the transaction, for the amount of US$837.</FONT></P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The transaction amount for Vale comprises
an estimated cash inflow of US$1 billion, net of an estimated reduction of US$0.2 billion in the remaining investment in Alian&ccedil;a
Energia due to a loan that will be assumed by the investee in the context of the transaction.</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Alian&ccedil;a Energia operates power
generation assets in Brazil, with a portfolio of six hydroelectric plants in the state of Minas Gerais and three operational wind farms
in the states of Rio Grande do Norte and Cear&aacute; that, together with Sol do Cerrado solar plant and Risoleta Neves hydroelectric
plant, both located in Minas Gerais, will henceforth be referred to as the &quot;Energy Assets&quot;.</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Upon closing, Vale will have energy
supply contracts for own use and will lose control over Alian&ccedil;a Energia, being the remaining interest treated as an associate and
accounted at the equity method. Completion of the transaction is expected for 2025 and is subject to customary precedent conditions.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As a result of the agreement with
GIP, the assets and liabilities associated with the Energy Assets were classified as held for sale in these interim financial statements
and the Company recognized an impairment loss in the amount of US$117 in the income statement as &quot;Impairment and gains (losses) on
disposal of non-current assets, net&quot;.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Energy Assets classified as held
for sale</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 82%; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>March 31, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;115&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;10&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Intangible assets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;904&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Property, plant, and equipment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17 and 22</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;831&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;34&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,894&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;240&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Deferred income taxes</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;295&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;163&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;698&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/112% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_022"></A>16. Intangibles</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 38%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Goodwill</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Concessions</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Software</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Research and development project</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>3,038</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>6,942</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>84</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>450</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>10,514</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">75</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">8</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">83</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(2)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(2)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(74)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(12)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(86)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Impairment</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(117)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(117)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Transfer to held for sale (Energy Assets)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(131)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(770)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(3)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(904)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">110</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">544</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">6</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">34</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">694</FONT></TD></TR>

<TR>
    <TD STYLE="width: 38%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>2,900</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>6,715</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>86</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>481</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>10,182</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2,900</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">8,435</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">613</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">481</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">12,429</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accumulated amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1,720)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(527)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(2,247)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>2,900</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>6,715</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>86</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>481</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>10,182</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>3,263</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>7,689</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>104</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>575</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>11,631</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">37</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">14</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">51</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposals</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(5)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(5)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(62)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(18)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(80)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(80)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(239)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(3)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(17)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(339)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>3,183</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>7,425</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>97</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>553</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>11,258</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3,183</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">9,150</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">632</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">553</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">13,518</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accumulated amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1,725)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(535)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(2,260)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2024</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>3,183</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>7,425</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>97</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>553</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>11,258</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 0; color: #007E7A"><A NAME="a_023"></A><B>17. Property, plant, and equipment</B>&nbsp;</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Building and land</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Facilities</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Equipment</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="width: 6%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Other</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;8,655&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;8,085&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,038&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,547&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,088&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;660&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,192&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,719&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;39,984&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;108&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,068&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,176&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposals and impairments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(7)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(12)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(120)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(149)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;86&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;86&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(105)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(138)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(155)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(94)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(37)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(34)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(77)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(640)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer to held for sale (Energy Assets)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(306)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(358)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(37)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(48)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(57)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(831)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"> </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;556&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;552&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;216&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;172&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;166&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;107&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;520&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,307&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfers</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;277&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;373&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;215&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,059)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;89&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;108&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,353&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;8,564&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,954&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,644&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,306&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;715&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,270&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11,127&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;41,933&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;16,270&#9;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;14,079&#9;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;9,822&#9;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;11,442&#9;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,018&#9;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,531&#9;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;5,099&#9;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;11,127&#9;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;73,388&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(6,917)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(5,515)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(5,868)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(7,798)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,712)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(816)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2,829)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(31,455)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,353&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;8,564&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,954&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;3,644&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,306&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;715&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,270&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11,127&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;41,933&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;10,119&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,239&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,450&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;6,925&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,612&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,359&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,484&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11,208&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;48,396&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;15&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,307&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,322&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(36)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(57)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25(b)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(53)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(53)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(113)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(143)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(186)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(127)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(40)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(47)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(83)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(739)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(292)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(274)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(104)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(185)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(81)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(11)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(63)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(307)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,317)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfers</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;167&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;245&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;145&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;137&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;32&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;62&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(788)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,878&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,052&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,304&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;6,697&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,521&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,316&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,400&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11,384&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;47,552&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Cost</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;17,069&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;14,705&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;10,272&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;15,371&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4,342&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,180&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;5,297&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;11,384&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;80,620&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(7,191)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(5,653)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(5,968)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(8,674)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,821)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(864)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2,897)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(33,068)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,878&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,052&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;4,304&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;6,697&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,521&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,316&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2,400&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11,384&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;47,552&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes capitalized interest, when
applicable.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">For more details regarding right
of use and lease liability see note 22.</P>


<!-- Field: Page; Sequence: 25 -->
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    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><A NAME="a_024"></A><B>18. Financial and capital risk management</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Effects of derivatives on the statement of financial
position</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 56%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Foreign exchange and interest rate risk</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">319</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">262</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">52</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">601</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Commodities price risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Embedded derivatives</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>325</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>266</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>68</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>625</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>Net exposure </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 72%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Foreign exchange and interest rate risk</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(549)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Commodities price risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Embedded derivatives</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>59</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(557)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>Effects of derivatives on the income statement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Gain (loss) recognized in the income statement</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 72%; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Foreign exchange and interest rate risk</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">764</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(14)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Commodities price risk</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Embedded derivatives</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>765</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>Effects of derivatives on the cash flows</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial settlement inflows (outflows)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 72%; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Foreign exchange and interest rate risk</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">143</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">41</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Commodities price risk</FONT></TD>
    <TD STYLE="background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>134</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>43</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>a) Market risk </B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a.i) Foreign exchange and interest rates</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notional</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 37%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E79"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2026</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2027+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Foreign Exchange and Interest Rate Derivatives</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$10.267</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$11.490</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(549)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">209</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(157)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The sensitivity analysis of these
derivative financial instruments is presented as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 37%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Scenario I&nbsp;&nbsp;(&#8710; of 25%)</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Scenario II (&#8710; of 50%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$ depreciation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,925)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,907)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(122)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(328)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(334)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(656)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">TJLP interest rate decrease</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;55&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;52&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">IPCA index decrease</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(56)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(154)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">SOFR interest rate decrease</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;17&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(24)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US Treasury rate increase</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;57&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;57&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a.ii) Protection program for product prices and input
costs</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notional</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 37%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E79"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 9%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2026</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2027+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Options</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19,288,125</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">24,050,625</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Freight forwards </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,430</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,240</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(11)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Fixed price nickel sales protection (ton)</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Nickel forwards</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,870</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,978</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The sensitivity analysis of these
derivative financial instruments is presented as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 36%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="width: 34%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Scenario I (&#8710; of 25%)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Scenario II (&#8710; of 50%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Brent crude oil (bbl)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Decrease in fuel oil price</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(49)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(345)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Forward Freight Agreement (days)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Decrease in freight price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(25)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Hedge for fixed-price nickel sales (tons)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Decrease in nickel price</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(2)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(17)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">(33)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>a.iii) Embedded derivatives in contracts</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notional</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 30%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Flow</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2026</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2027+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Embedded derivative (pellet price) in natural gas purchase (volume/month)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Call options</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">746,667</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">746,667</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The sensitivity analysis of these
derivative financial instruments is presented as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 45%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument</B></FONT></TD>
    <TD STYLE="width: 25%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario I </B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 25%)</B></P></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Scenario II</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>(&#8710; of 50%)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Embedded derivative (pellet price) in natural gas purchase agreement (volume/month)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Embedded derivatives - Gas purchase</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Pellet price increase</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>a.iv) Hedge accounting</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 72%; border-bottom: #D9D9D9 2.25pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Net investments hedge</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">171</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(56)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Credit risk management</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b.i) Financial counterparties&#8217; ratings</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The transactions of derivative instruments,
cash and cash equivalents, as well as short-term investments are held with financial institutions whose exposure limits are periodically
reviewed and approved by the delegated authority. The financial institutions credit risk is performed through a methodology that considers,
among other information, ratings provided by international rating agencies.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The table below presents the ratings
in foreign currency as published by Moody&#8217;s regarding the main financial institutions used by the Company to contract derivative
instruments, cash and cash equivalents transaction.</P>

<!-- Field: Page; Sequence: 27 -->
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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 24%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Derivatives</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Derivatives</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Aa2</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">516</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">391</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>

<TR>
    <TD STYLE="width: 13%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A1</FONT></TD>
    <TD STYLE="width: 24%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,918</FONT></TD>
    <TD STYLE="width: 21%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">87</FONT></TD>
    <TD STYLE="width: 21%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,874</FONT></TD>
    <TD STYLE="width: 21%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A2</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">238</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">520</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">A3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">524</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">709</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baa1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Baa2</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba1 (i)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">417</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">121</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">719</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">18</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Ba2 (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">380</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">788</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,998</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>325</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,006</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>68</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) A substantial part of the balances
is held with financial institutions in Brazil which are deemed investment grade in local currency.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_025"></A>19. Financial assets and liabilities</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>a)</B></FONT></TD><TD><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Classification</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company classifies its financial
instruments in accordance with the purpose for which they were acquired, and determines the classification and initial recognition according
to the following categories:</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 29%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial assets</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,955</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,955</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,953</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,953</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">43</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">43</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">53</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">53</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">274</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">274</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">53</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">53</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">245</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,899</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,144</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">374</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,984</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,358</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,200</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,216</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,416</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,327</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,090</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,417</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Judicial deposits</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">26(c)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">580</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">580</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">537</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">537</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Investments in equity securities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">54</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">54</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>588</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>56</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>51</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>695</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>550</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>54</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>15</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>619</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total of financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,788</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>56</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,267</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>7,111</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>5,877</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>54</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,105</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8,036</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Suppliers and contractors</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,403</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,403</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,234</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,234</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">44</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">44</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">197</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">197</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans and borrowings </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">608</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">608</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,020</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,020</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Leases</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">176</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">176</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">147</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">147</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">517</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">517</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">467</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">467</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other financial liabilities - Related parties </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">29</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">283</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">283</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">291</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">291</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Advances and other financial obligations </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">521</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">521</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">588</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">588</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,508</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>44</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,552</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,747</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>197</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>6,944</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">222</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">222</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">428</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">428</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans and borrowings </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,807</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,807</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13,772</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13,772</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Leases</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">605</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">605</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">566</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">566</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,350</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,350</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,217</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,217</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Liabilities related to the concession grant </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,005</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,005</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,887</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,887</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other financial obligations</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>17,417</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,572</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>19,989</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>16,257</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,645</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>18,902</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total of financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>23,925</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,616</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>26,541</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>23,004</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>2,842</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>25,846</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>b) Hierarchy of fair value</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 39%; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 5%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 1 </B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 1</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 2</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Level 3</B></FONT></TD>
    <TD STYLE="width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;43&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;43&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;53&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;53&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;325&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;325&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;68&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;68&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Accounts receivable </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,899&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,899&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,984&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,984&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Investments in equity securities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;56&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;56&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;54&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;54&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;43&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,280&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,323&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;53&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,106&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,159&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Derivative financial instruments </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;266&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;266&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;625&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;625&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Participative shareholders' debentures </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,350&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,350&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,217&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,217&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,616&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,616&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,842&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,842&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">There were no transfers between levels
1, 2 and 3 of the fair value hierarchy during the period presented.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>c) Fair value of loans and borrowings</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 52%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Fair value</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><I>Bonds</I></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,729</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,748</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,267</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7,245</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Debentures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,211</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,193</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,272</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,275</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">159</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">159</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">185</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">185</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ indexed to SOFR</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">150</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">156</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">152</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">155</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,101</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6,294</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,844</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5,922</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">56</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">63</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">64</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>15,415</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>15,615</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14,792</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>14,854</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_026"></A>20. Participative shareholders&#8217; debentures</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 48%; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Average price (R$)</B></FONT></TD>
    <TD STYLE="width: 8%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial result</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Average price (R$)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Financial result</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Participative shareholders&#8217; debentures </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34.73</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">38</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">33.70</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">164</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,350</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,217</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">On April 1<SUP>st</SUP>, 2025 (subsequent
event), the Company made available for withdrawal as remuneration the amount of US$132 for the second semester of 2024 (2024: US$153
for the second semester of 2023).</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><A NAME="a_027"></A><B>21. Loans, borrowings, cash and cash equivalents
and short-term investments</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Net debt</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company monitors the net debt
with the objective of ensuring the continuity of its business in the long term.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 66%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Loans and borrowings</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15,415</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">14,792</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Leases</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">781</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">713</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Gross debt</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>16,196</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>15,505</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,955</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4,953</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(-) Short-term investments (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">43</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">53</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Net debt</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>12,198</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10,499</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Substantially comprises investments
in an exclusive investment fund, which portfolio is made by committed transactions and certificate of deposits (&#8220;CDB&#8221;).</P>


<!-- Field: Page; Sequence: 29 -->
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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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Cash and cash equivalents</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 72%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">R$</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,312</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,709</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">US$</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2,444</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3,048</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other currencies</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">199</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">196</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3,955</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4,953</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>c) Loans and borrowings</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt; color: #007E7A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt"><B>i)</B></FONT></TD><TD><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 11pt"><B>Outstanding balance of loans and borrowings by type and currency</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Average interest rate (i)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$ Bonds</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.04%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,607</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,187</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$ Debentures</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7.02%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,130</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,191</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Debt contracts in Brazil in (ii):</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11.03%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">117</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">143</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Basket of currencies and bonds in US$ indexed to SOFR</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">6.06%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">150</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.49%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">300</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">716</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,752</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5,042</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">5.08%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">50</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3.98%</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Accrued charges</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">202</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">184</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>608</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1,020</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>14,807</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>13,772</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) In order to determine the average interest
rate for debt contracts with floating rates, the Company used the rate applicable as of March 31, 2025.</P>

<P STYLE="font: 7pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) The Company entered into derivatives
to mitigate the exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 3.22%
per year in US$.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424"><FONT STYLE="background-color: #F8F9FA">The
reconciliation of loans and financing with cash flows arising from financing activities is presented in note 9(C).</FONT></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>ii) Future flows of principal and interest of loans
and borrowings payments</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 56%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Principal</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Estimated future </B></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>interest payments (i)</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2025</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">406</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">710</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2026</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">156</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">881</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2027</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,686</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">816</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2028</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">838</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">760</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Between
    2029 and 2031</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,478</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">1,780</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2032 onwards</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7,649</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">4,260</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>15,213</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>9,207</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Based on interest rate curves and foreign
exchange rates applicable as of March 31, 2025 and considering that the payments of principal will be made on their contracted payments
dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the annual financial statements.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Covenants</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company's main financial covenants
require it to maintain certain ratios, such as the leverage ratio and interest coverage ratio. Vale is also subject to non-financial covenants
normally practiced in the market, such as compliance with certain governance and environmental standards, among others.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is required to comply
with these covenants at the end of each annual reporting period and there are no indications that Vale would have difficulties complying
with them on the next measurement date, which will be as of December 31, 2025.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_028"></A>22. Leases</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Right of use</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 28%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Depreciation</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Transfer to held for sale (note 15a)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(6)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">47</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">353</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(11)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">342</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">109</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">92</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">198</FONT></TD></TR>

<TR>
    <TD STYLE="width: 28%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="width: 12%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">94</FONT></TD>
    <TD STYLE="width: 12%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="width: 12%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="width: 12%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(37)</FONT></TD>
    <TD STYLE="width: 12%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="width: 12%; border-top: #B6B6B6 1pt solid; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">76</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>660</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>108</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(34)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(37)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>715</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>b) Leases liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 23%; border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Additions and contract modifications </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Payments (i)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Interest</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Transfer to held for sale (note 15a)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">54</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">52</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">356</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(14)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">345</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">126</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">92</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">227</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">107</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(37)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">91</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">43</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">43</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(4)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">23</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>713</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>108</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(30)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>8</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>(37)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>19</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>781</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">147</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">176</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">566</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">605</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>713</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>781</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) The total amount of the variable lease
payments not included in the measurement of lease liabilities was US$8 recorded in the income statement in the three-month period ended
March 31, 2025 (2024: US$56).</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Annual minimum payments and remaining lease term</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The following table presents the
undiscounted lease obligation by maturity date. The lease liability recognized in the statement of financial position is measured at the
present value of such obligations.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2026</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2027</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2028</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2029 onwards</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Remaining term (years)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Discount rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>53</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2
    to 19</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4% to 5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">44</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">54</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">53</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">188</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>390</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 7</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3% to 4%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">52</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">44</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">41</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">41</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">70</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>248</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 8</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">106</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>175</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 14</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">33</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>55</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2 to 6</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>22</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1 to 4</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3% to 6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>144</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>143</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>122</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>118</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>416</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>943</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_029"></A>23. Brumadinho dam failure</B></P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In January 2019, a tailings dam (&#8220;Dam
I&#8221;) experienced a failure at the C&oacute;rrego do Feij&atilde;o mine, in the city of Brumadinho, state of Minas Gerais, Brazil.
The failure released a flow of tailings debris, destroying some of Vale&#8217;s facilities, affecting local communities and disturbing
the environment. The tailings released have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam
failure in Brumadinho (&#8220;event&#8221;) resulted in 270 fatalities or presumed fatalities and caused extensive property and environmental
damage in the region.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As a result of the dam failure,
the Company recognized provisions to meet its assumed obligations, including indemnification to those affected by the event, remediation
of the impacted areas and compensation to the society. In addition, the Company has incurred expenses, which have been recognized straight
to the income statement, in relation to tailings management, communication services, humanitarian assistance, payroll, legal services,
water supply, among others.</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>Effects in the income statements</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended in March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 58%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Integral Reparation Agreement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;25&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;33&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other obligations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(64)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(27)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Incurred expenses</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(72)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(110)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Insurance </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Expenses related to Brumadinho event</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(106)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(102)</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>Changes in the provision in the period</B></P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 39%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Revision to estimates</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Monetary and present value adjustments </B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Disbursements </B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; text-indent: 4.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Integral Reparation Agreement</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payment obligations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;304&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;24&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;333&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for socio-economic reparation and others</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;327&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(11)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;25&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;342&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Provision for social and environmental reparation </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;533&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(25)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;41&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;557&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,164&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(25)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;38&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(35)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;90&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,232&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Other obligations</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tailings containment, geotechnical safety and environmental reparation</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;504&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(30)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;535&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Individual indemnification</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;49&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;43&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Other </FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;253&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;59&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;21&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;322&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;806&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;64&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;16&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(49)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;63&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;900&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,970&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;39&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;54&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(84)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;153&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;2,132&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0 0 9pt; text-align: justify; color: #242424">The cash flow for obligations are
estimated for an average period ranging from 5 to 7 years and were discounted to the present value at a rate in real terms, which increased
from 7.88% on December 31, 2024, to 8.47% on March 31, 2025.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="width: 100%; border-bottom: #D9D9D9 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Judicial Settlement for Integral Reparation</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">On February 4, 2021, the Company
entered into a Judicial Settlement for Integral Reparation (&#8220;Global Settlement&#8221;), which was under negotiations since 2019,
with the State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public
Prosecutors Offices, to repair the environmental and social damage resulting from the Dam I rupture. As a result of the Global Settlement,
the requests for the reparation of socioenvironmental and socioeconomic damages caused by the dam failure were substantially resolved.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Settlement for Integral Reparation
includes: (i) payment obligations, of which the funds will be used directly by the State of Minas Gerais and Institutions of Justice for
socioeconomic and socioenvironmental compensation projects; (ii) socioeconomic projects in Brumadinho and other municipalities; and (iii)
compensation of the environmental damage caused by the dam failure. These obligations are projected for an average period of 5 years.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Settlement for Integral Reparation
addresses the diffuse and collective socioeconomic damages resulting from the disaster, with the exception of supervening damages, individual
damages and homogeneous individual damages of a divisible nature, in accordance with the claims of the lawsuits not extinguished by the
Global Settlement.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">For the measures described in items
(i) and (ii), the amounts are specified in the agreement. For the execution of the environmental recovery, actions has no cap limit, despite
having been estimated in the Settlement for Integral Reparation due to the Company's legal obligation to fully repair the environmental
damage caused by the dam failure.. Therefore, although Vale is monitoring this provision, the amount recorded could materially change
depending on several factors that are not under the Company&#8217;s control.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="width: 100%; border-bottom: #D9D9D9 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Other obligations</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/11.5pt Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #242424">The Company is also working to
ensure geotechnical safety of the remaining structures at the C&oacute;rrego do Feij&atilde;o mine, in Brumadinho, and the removal and
proper disposal of the tailings of Dam I, including dredging part of the released material and de-sanding from the channel of the river
Paraopeba.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">For the individual indemnification,
Vale and the Public Defendants of the State of Minas Gerais formalized an agreement on April 5, 2019, under which those affected by the
Brumadinho&#8217;s dam failure may join an individual or family group out-of-court settlement agreements for the indemnification of material,
economic and moral damages. This agreement establishes the basis for a wide range of indemnification payments, which were defined according
to the best practices and case law of Brazilian Courts, following rules and principles of the United Nations.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Legal Proceedings</B></P>

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    <TD STYLE="width: 100%; border-bottom: #D9D9D9 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Class action in the United States</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Vale is defending itself against
a class action brought before a Federal Court in New York and filed by holders of securities - American Depositary Receipts (&quot;ADRs&quot;)
- issued by Vale.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">The Court will review the admissibility
of Vale's Motion for Summary Judgment through the consideration of a pre-motion letter submitted by Vale. Additionally, in 2024, there
was a hearing with the Judge to consider Motion for Class Decertification filed by Vale and oral arguments on the relevance of expert
opinions presented by the Plaintiffs' experts. A decision from the Court on Vale's requests is currently pending.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In November 2021, a new complaint
was filed by eight investment funds that chose to seek redress for alleged damages independently and separately from the class members
of the main action, with the same allegations presented in the main class action. A decision from the Court on Vale's preliminary defense
(&quot;motion to dismiss&quot;) is currently pending.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The likelihood of loss of these proceedings
is considered possible. However, considering the current phase of these lawsuits, it is not yet possible to reliably estimate the amount
of a potential loss. The amount of damages sought in these claims is unspecified.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="width: 100%; border-bottom: #D9D9D9 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Arbitration proceedings in Brazil filed by shareholders, a class association and foreign investment funds</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In Brazil, Vale is a defendant
in one arbitration filed by 385 minority shareholders and three arbitrations filed by foreign investment funds. Vale was also
a defendant in two arbitrations filed by a class association allegedly representing all Vale&#8217;s noncontrolling shareholders, which
were dismissed in August 2024.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In the four ongoing proceedings,
the claimants argue that Vale was aware of the risks associated with the dam and failed to disclose it to its shareholders. Based on such
argument, they claim compensation for losses caused by the decrease in share price.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The expectation of loss is classified
as possible for the four procedures and, considering the initial phase, it is not possible at this time to reliably estimate the amount
of a possible loss.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In one of the proceedings filed
by foreign legal entities, the Claimants initially estimated the amount of the alleged losses would be approximately US$313 (R$1,800
million), subject to interest and monetary adjustments. In another proceeding filed by foreign legal entities, the Claimants
initially estimated the amount of the alleged losses would be approximately US$679 (R$3,900 million), subject to interest and
monetary adjustments. In the procedure presented by minority shareholders, the applicants estimated the alleged losses at
approximately US$522 (R$3,000 million), subject to interest and monetary adjustments, which could be increased later, as alleged by
the applicants.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company disagrees with the ongoing
proceedings and understands that, in this case and at the current stage of the proceedings, the probability of loss in the amount claimed
by the claimants is remote.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_030"></A>24. Liabilities related to associates and joint
ventures</B></P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In November 2015, the Fund&atilde;o
tailings dam owned by Samarco Minera&ccedil;&atilde;o S.A. (&#8220;Samarco&#8221;) experienced a failure, flooding certain communities
and impacting communities and the environment along the Doce River. The dam failure resulted in 19 fatalities and caused property and
environmental damage to the affected areas. Samarco is a joint venture equally owned by Vale S.A. and BHP Billiton Brasil Ltda. (&#8216;&#8216;BHPB&#8217;&#8217;).</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Thus, Vale, Samarco, and BHPB entered
into agreements with the Federal Union, the States of Minas Gerais and Esp&iacute;rito Santo, and some other federal and state agencies,
establishing the creation of socioenvironmental and socioeconomic programs aimed at adopting measures for mitigation, remediation, and
compensation of damages. However, the requirements established reparation measures in the agreements could not be fully implemented within
the established period, and the involved parties began initiated further negotiations to seek a definitive agreement for the resolution
of all obligations related to the dam collapse.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Definitive Settlement for the full reparation
</B></P>

<P STYLE="font: 10pt/11.5pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">In October 2024, Vale, Samarco and BHPB,
together with the Brazilian Federal Government, the State Governments of Minas Gerais and Esp&iacute;rito Santo, the Federal and State
Public Prosecutors&#8217; and Public Defenders&#8217; Offices and other Brazilian public entities (jointly, &#8220;the Parties&#8221;)
entered into a new agreement (&#8220;Definitive Settlement&#8221;) on integral and definitive reparation of the impacts of Fund&atilde;o
dam collapse, in Mariana, Minas Gerais. The agreement was ratified in November 2024.</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Definitive Settlement replaced
all of the previously signed agreements, and addressed Brazilian public authorities the claims related to the Fund&atilde;o dam collapse,
from the perspective of socioenvironmental and socioeconomical damages.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The total amount of the Definitive
Settlement is US$31.7 billion (R$170 billion), comprising past and future obligations, to serve the people, communities and environment
impacted by the dam failure. It includes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">US$7.9 billion (R$38 billion) already incurred, from the date of
the dam collapse until the Definitive Settlement, by Vale, Samarco and BHPB with remediation and compensation measures and, therefore,
do not constitute the Company&#8217;s provision balance;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">US$18 billion (R$100 billion) paid over
20 years to the Federal Government, the States of Minas Gerais and Esp&iacute;rito Santo, the municipalities and which will also be used
by Justice Institutions, to fund compensatory actions tied to public policies; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">US$5.8 billion (R$32
billion) in performance obligations executed by Samarco, including initiatives for individual indemnification, resettlement, and environmental
recovery. The expectation is that the cash disbursement related to these obligations will occur substantially over the next 3 years.</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Samarco has primary responsibility
for funding the obligations related to the Definitive Settlement. Vale and BHPB have secondary funding obligations in the proportion to
their 50 per cent shareholding in Samarco, in extent to which Samarco may not be able to fund the future cash outflows.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The judicial ratification of the
Definitive Settlement ended a series of relevant lawsuits, moved in Brazil. Vale, jointly with BHPB and Samarco, is requiring the archive
of these proceedings.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Provision related to the Samarco dam failure</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The changes on the provision are
presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 88%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,663&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Revision to estimates</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;54&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Disbursements </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(162)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustments</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;284&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;3,837&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">The cash outflows to meet the obligations are discounted to
present value at an annual rate in real terms, which increased from 7.30% on December 31, 2024, to 7.35% on March 31, 2025.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>c) Remaining legal proceedings</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0 0 6pt; text-align: justify; color: #242424">With the Definitive Agreement, the
public civil actions brought by the Brazilian Justice Institutions and Brazilian public authorities were substantially resolved and the
parameters for compliance with the reparation and compensation for damages were defined. Thus, the remaining most relevant legal proceedings
are shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #F3F3F3">
    <TD STYLE="width: 100%; border-bottom: #D9D9D9 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B>Claims in the United Kingdom and the Netherlands</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In July 2024, Vale and BHP have entered
into a confidential agreement without any admission of liability pursuant to Vale and BHP will share equally any potential payment obligations
arising from the UK and Dutch Claims, described below.</P>

<P STYLE="font: 10pt/11.2pt Vale Sans,sans-serif; margin: 0 0 3pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>London claim -</B></FONT>
<FONT STYLE="color: #242424">As a result of the rupture of Samarco&#8217;s Fund&atilde;o dam failure, BHP Group Ltd (&#8220;BHP&#8221;)
was named as defendant in group action claims for damages filed in the courts of England and Wales for various plaintiffs, between individuals,
companies and municipalities from Brazil that were supposedly affected by the Samarco dam failure (the &#8220;UK Claim&#8221;). </FONT></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 9pt; text-align: justify; color: #242424">The proceedings against BHP are
still progressing in London and the oral testimony phase of the first stage of the trial, in which the liability issues of the BHP group
companies are dealt with, took place between October 2024 and March 2025. If BHP's liability is confirmed, a second stage trial will be
held to discuss and determine the amount of damages, scheduled to begin in October 2026 and is expected to last 22 weeks. The likelihood
of loss of these proceedings is considered possible. However, considering the current phase, it is not yet possible to reliably estimate
the amount of a potential loss.</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 1pt 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Netherlands proceeding
-</B></FONT> <FONT STYLE="color: #242424">In March 2024, a court in Amsterdam granted a preliminary injunction freezing the shares in
Vale Holdings B.V., a wholly owned subsidiary incorporated in the Netherlands, and the economic rights attached to those shares, in guarantee
of an amount of approximately US$1,031 (EUR955 million). The freezing orders were issued in anticipation of a legal action to be brought
against Vale by certain Brazilian municipalities and an organization that represents individuals and small businesses that claim to have
been affected by the collapse of Samarco&#8217;s Fund&atilde;o dam in 2015. </FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0 7pt; text-align: justify; color: #242424">In addition, in 2024, three rogatory
letters were fulfilled in Brazil, sent by the Amsterdam court, so that Vale could be notified about the filing of the lawsuit and the
seizure orders. In the records of these rogatory letters, Vale has already anticipated its understanding about the lack of jurisdiction
of the Dutch Justice to analyze the claims of the initial petition.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In the months that followed, Vale
was served with notices of these asset freezes in Brazil, some of which have already been lifted due to the adherence of certain municipalities
that were claimants in this case to the Definitive Settlement.</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0 0 6pt; text-align: justify; color: #242424">The likelihood of loss of these
proceedings is considered possible. However, considering the initial phase, it is not yet possible to reliably estimate the amount of
a potential loss.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>d) Judicial reorganization of Samarco</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In April 2021, Samarco filed for
Judicial Reorganization (&#8220;JR&#8221;) with the Courts of Minas Gerais to renegotiate its debt, which was held by bondholders abroad.
The purpose of JR is to restructure Samarco&#8217;s debts and establish an independent and sustainable financial position, allowing Samarco
to keep working to resume its operations safely and to fulfill its obligations related to the Renova Foundation.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In May 2023, Vale S.A. entered into
a binding agreement jointly with BHPB, Samarco and certain creditors which hold together more than 50% of Samarco's debt, setting the
parameters of Samarco&#8217;s debt restructuring to be implemented through a consensual restructuring plan, which was approved by the
creditors, submitted to the JR Court in July 2023, and confirmed by the judge in September 2023.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In December 2023, Samarco&#8217;s
existing US$4.8 billion of financial debt held by creditors was exchanged for approximately US$3.9 billion of long-term unsecured debt,
bearing interest from 2023 to 2031.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">After the execution of the plan,
Samarco has a lean capital structure, in line with its operational ramp-up and cash flow generation. The plan considers the fund of the
reparation and compensation programs capped at US$1 billion from 2024 to 2030, of which US$213 has already been incurred, and additional
contributions after that period due to the Samarco&#8217;s projected cash flows generation.</P>

<P STYLE="font: 10pt/132% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P>


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<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><A NAME="a_031"></A><B>25. Provision for de-characterization of dam structures
and asset retirement obligations</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is subject to local laws
and regulations, that requires the decommissioning of the assets that Vale operates at the end of their useful lives, therefore, expenses
related to the demobilization occur after the end of operational activities and also throughout the life of operations through progressive
closures. These obligations are regulated in Brazil at the Federal and State levels by ANM (National Mining Agency) and Environmental
Agencies, respectively. Among the requirements, the closure plans must consider the physical, chemical and biological stability of the
areas and post-closure actions for the period necessary to verify the effectiveness of the decommissioning. These obligations are accrued
and are subject to critical estimates and assumptions applied to the measurement of costs by the Company. Depending on the geotechnical
characteristics of the structures, the Company is required to de-characterize the structures, as shown in item a) below.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Effects in the income statement</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended in March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 54%; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">De-characterization of upstream geotechnical structures</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;61&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Obligation for asset decommissioning</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;13&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Environmental obligations</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">25(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;(22)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;1&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;52&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Provision changes during the period</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 41%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>De-characterization of upstream geotechnical structures (i)</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: white 2.25pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: white 2.25pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt">
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Environmental obligations</B></P>
    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="width: 12%; border-top: white 2.25pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,213</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,106</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>444</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>5,763</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Revision to estimates - amounts for closed plants charged to the income statement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Revision to estimates &#8211; capitalized value for operational plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">86</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">88</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(79)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(35)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(133)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">38</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">89</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer to assets held for sale </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(22)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">173</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">119</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">319</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>2,342</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,320</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>439</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>6,101</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">(i) The cash flow for de-characterization
projects are estimated for a period up to 13 years and were discounted to present value at an annual rate in real terms, which increased
from 7.36% to 7.46%.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) De-characterization of upstream geotechnical structures
</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As a result of the Brumadinho dam
failure (note 23) and, in compliance with laws and regulations, the Company has decided to accelerate the plan to &#8220;de-characterize&#8221;
of all its dams and dikes built under the upstream method, located in Brazil. The Company also operates tailings dams in Canada, including
upstream compacted dams. However, the Company decided that these dams will be decommissioned using other methods, thus, the provision
to carry out the decommissioning of dams in Canada is recognized as &#8220;Obligations for decommissioning assets and environmental obligations&#8221;,
as presented in item (b) below.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">These structures are in different
stages of maturity, some of them still in the conceptual engineering phase, for which the estimate of expenditures includes in its methodology
a high degree of uncertainty in the definition of the total cost of the project in accordance with best market practices.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Operational stoppage and idle capacity</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company has suspended some operations
due to judicial decisions or technical analysis performed by Vale on its geotechnical structures located in Brazil. The Company has been
recording losses in relation to the operational stoppage and idle capacity of the Iron Solutions segment in the amounts of US$10 for the
three-month period ended March 31, 2025, respectively (2024: US$43).</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Asset retirement obligations and environmental
obligations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Liability</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Discount rate</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Cash flow maturity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Liability by geographical area</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazil</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,890</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,784&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7.37%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;7.38%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2132</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2132</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Canada</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">1,616</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,520&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1.31%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1.44%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2152</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2152</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Oman</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">142</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;142&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3.57%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3.66%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2035</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2035</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Other regions</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">111</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;104&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2.76%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2.77%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">-</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>3,759</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,550&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Operating plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">2,762</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,509&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Closed plants</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">997</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,041&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>3,759</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>&#9;3,550&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>Financial guarantees</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company has guarantees issued
by financial institutions in the amount of US$1,080 as of March 31, 2025 (December 31, 2024: US$1,091), in connection with the asset retirement
obligations for its Energy Transition Metals operations. The financial cost of these guarantees is immaterial.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_032"></A>26. Legal proceedings</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company is a defendant in numerous
legal and administrative actions in the ordinary course of business, including civil, tax, environmental and labor proceedings.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company makes use of estimates
to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments and on management&#8217;s
assessment. Provisions are recognized for probable losses of which a reliable estimate can be made.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Arbitral, legal and administrative
decisions against the Company, new jurisprudence and changes of existing evidence can result in changes regarding the probability of outflow
of resources and on the estimated amounts, according to the assessment of the legal basis.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The lawsuits related to Brumadinho
event (note 23) and the Samarco dam failure (note 24) are presented in its specific notes to these financial statements and, therefore,
are not disclosed below.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Provision for legal and administrative proceedings</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Effects in income statements</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Three-month period ended in March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 58%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tax litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(4)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Civil litigations </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(16)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(12)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(39)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(33)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(57)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(50)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>Changes in the provisions in the period</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 35%; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Tax litigation</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Total of litigation provision </B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;201&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;290&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;482&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;40&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,013&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Additions and reversals, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;39&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;57&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(11)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(29)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;15&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transfer to held for sale</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(5)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(27)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(32)&#9;</FONT></TD></TR>

<TR>
    <TD STYLE="width: 35%; border-top: #B6B6B6 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="width: 13%; border-top: #B6B6B6 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;16&#9;</FONT></TD>
    <TD STYLE="width: 13%; border-top: #B6B6B6 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;23&#9;</FONT></TD>
    <TD STYLE="width: 13%; border-top: #B6B6B6 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;38&#9;</FONT></TD>
    <TD STYLE="width: 13%; border-top: #B6B6B6 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3&#9;</FONT></TD>
    <TD STYLE="width: 13%; border-top: #B6B6B6 1pt solid; border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;80&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;220&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;317&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;551&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;16&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,104&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;90&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;380&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;514&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;15&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;999&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Additions and reversals, net</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;50&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(25)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(22)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(47)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Indexation and interest</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;25&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;32&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(12)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(16)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(32)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Balance as of March 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;98&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;380&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;508&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;16&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,002&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company has considered all information
available to assess the likelihood of an outflow of resources and in the preparation on the estimate of the costs that may be required
to settle the obligations.</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Tax litigations &#8211;
</B></FONT><FONT STYLE="color: #242424">The Company is party to several administrative and legal proceedings related mainly to the incidence
of Brazilian federal contributions (&quot;PIS&quot; and &quot;COFINS&quot;), Value-added tax (&quot;ICMS&quot;) and other taxes.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Civil litigations
&#8211; </B></FONT><FONT STYLE="color: #242424">Refers to lawsuits for: (i) indemnities for losses, payments and contractual fines due
to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to real estate Vale's operational
activities. </FONT></P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0 0 9pt; text-align: justify"><FONT STYLE="color: #007E7A"><B>Labor litigations
&#8211; </B></FONT><FONT STYLE="color: #242424">Refers to lawsuits for claims by in-house employees and service providers, primarily involving
demands for additional compensation for overtime work, moral damages or health and safety conditions. </FONT></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Environmental litigations
&#8211; </B></FONT><FONT STYLE="color: #242424">Refers mainly to proceedings for environmental damages and issues related to environmental
licensing. </FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Contingent liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #929292 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tax litigations</FONT></TD>
    <TD STYLE="border-bottom: #929292 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,457&#9;</FONT></TD>
    <TD STYLE="border-bottom: #929292 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,995&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #929292 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Civil litigations</FONT></TD>
    <TD STYLE="border-bottom: #929292 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,402&#9;</FONT></TD>
    <TD STYLE="border-bottom: #929292 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,274&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #929292 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: #929292 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;339&#9;</FONT></TD>
    <TD STYLE="border-bottom: #929292 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;292&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,146&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,050&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;9,344&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;8,611&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>c) Judicial deposits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Tax litigations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;370&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;338&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Civil litigations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;86&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;78&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Labor litigations</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;113&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;110&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Environmental litigations</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;11&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;580&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;537&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 10pt 0 0; color: #007E7A"><B>d) Guarantees contracted for legal proceedings</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In addition to the above-mentioned
tax, civil, labor and environmental judicial deposits, the Company contracted US$3.1, billion (December 31, 2024: US$2.9 billion) in guarantees
for its lawsuits, as an alternative to judicial deposits.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_033"></A>27. Employee benefits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: #F2F2F2 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Payroll, related charges and other remunerations</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #F2F2F2 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;585&#9;</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;934&#9;</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Charges related to share-based payments</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27(a)</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8212;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Employee post retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">27(b)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;63&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;62&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,155&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,118&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;664&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,012&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,155&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,118&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>a) Share-based payments</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">For the long-term incentive programs, the Company compensation plans includes Matching Program and Performance Share Unit program (&ldquo;PSU&rdquo;),
with three-year-vesting cycles, respectively, with the aim of encouraging employee&rsquo;s retention and encouraging their performance.
The fair value of the programs is recognized on a straight-line basis on equity, with a corresponding entry in the income statement, over
the three-year required service period, net of estimated losses. The charges related to these programs are recorded in liabilities as
&ldquo;Employee benefits&rdquo;.The fair value of the programs is recognized on a straight-line basis over the three-year required service
period, net of estimated losses.</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- 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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Matching Program</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The fair value of the Matching program
was estimated using the Company's share price and ADR and the number of shares granted on the grant date. The information by valid programs
during the three-month period ended March 31, 2025 is shown below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 58%; border-bottom: #D9D9D9 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024 Program</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023 Program</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022 Program</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;2,244,659&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,330,503&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,437,588&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Share price</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;12.02&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;15.94&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;20.03&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>Performance Shares Units (&#8220;PSU&#8221;)</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The fair value of the PSU program
was measured by estimating the performance factor using Monte Carlo simulations for the Return to Shareholders Indicator and health and
safety and sustainability indicators. The assumptions used for the Monte Carlo simulations are shown in the table below by valid program
during the three-month period ended March 31, 2025, as well as the result used to calculate the expected value of the total performance
factor.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 58%; border-bottom: #929292 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024 Program</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2023 Program</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2022 Program</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Granted shares</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,873,175&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,177,755&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,709,955&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Date shares were granted</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;April 29, 2024</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">January 2, 2023</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">January 3, 2022</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Share price</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;12.49&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;16.60&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;13.81&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expected volatility</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;35.60%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;48.33%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;39.00%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expected term (in years)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expected shareholder return indicator</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;66.95%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;72.42%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;51.20%&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #929292 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Expected performance factor</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;81.56%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;69.17%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;44.12%&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; color: #007E7A"><B>b) Employee post-retirement obligation</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>Reconciliation of assets and liabilities recognized
in the statement of financial position</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 44%">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans </B></FONT></TD>
    <TD STYLE="width: 14%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans and other benefits</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Underfunded pension plans and other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Movements of assets ceiling</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at beginning of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;860&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,071&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Interest income</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;29&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;69&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Changes on asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(76)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;52&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(204)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Balance at end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;948&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;860&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Amount recognized in the statement of financial position</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,449)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,961)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(3,346)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,923)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Fair value of assets</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,504&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;743&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,316&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;743&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(948)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(860)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;107&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,218)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;110&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,180)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(63)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(62)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Non-current assets (liabilities) (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;107&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,155)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;110&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,118)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;107&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,218)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;110&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;(1,180)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Overfunded pension plans assets are
recorded as &#8220;Other non-current assets&#8221; in the balance sheet.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_034"></A>28. Equity</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Share capital</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As of March 31, 2025, the share capital
was US$61,614 corresponding to 4,539,007,580 shares issued and fully paid without par value. The Board of Directors may, regardless of
changes to by-laws, approve the issue and cancelation of common shares, including the capitalization of profits and reserves to the extent
authorized.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>March 31, 2025</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; width: 58%; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Common shares</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B><I>Golden shares</I></B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Previ (i)</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">395,783,782</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">395,783,782</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Mitsui&amp;co (i)</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286,347,055</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">286,347,055</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Blackrock, Inc (ii)</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">289,063,618</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">289,063,618</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total shareholders with more than 5% of capital </B></FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>971,194,455</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>971,194,455</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Free floating</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,297,584,320</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3,297,584,320</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Golden shares</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total outstanding (without shares in treasury)</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,268,778,775</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,268,778,787</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Shares in treasury</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">270,228,793</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">270,228,793</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total capital</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,539,007,568</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>4,539,007,580</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Number of shares owned by shareholders,
as per statement provided by the custodian, based on shares listed at B3.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) Number of shares as reported in BlackRock,
Inc.&#8217;s Schedule 13G/A, filed with the SEC.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Share buyback program</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">On February 19, 2025, the Board of
Directors approved the common shares buyback program, limited to a maximum of 120,000,000 common shares or their respective ADRs, with
a term of 18 months started from the end of the ongoing program, detailed below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Total of shares repurchased</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Effect on cash flows</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 44%; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 14%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Shares buyback program up to 150,000,000 shares (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquired by Parent</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">10,493,300</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">147</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Acquired by wholly owned subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">9,137,714</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">128</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>19,631,014</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>275</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) On October 26, 2023 a new share buyback
program limited to a maximum of 150,000,000 common shares and their respective ADRs, over the next 18 months started from the end of the
program previously on going.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>c) Remuneration approved </B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company's By-laws determines
as its minimum mandatory remuneration to Vale shareholders an amount equal to 25% of the net income, after appropriations to legal and
tax incentive reserves. The remuneration approved as interest on capital (&#8220;JCP&#8221;) is gross up with the income tax applicable
to Vale&#8217;s shareholders. The remuneration to Vale&#8217;s shareholders was based on the following resolutions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">On February 19, 2025,
the Board of Directors approved dividends to shareholders in the total amount of US$1,596 (R$9,143 million), approved as additional remuneration
for the year ended December 31, 2024. This remuneration was fully paid in March 2025</FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #FF0090">.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt; color: #242424"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.2pt"></TD><TD STYLE="width: 17.05pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">&#8226;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">On February 22, 2024, the Board of Directors
approved dividends to shareholders in the total amount of US$2,364 (R$11,722 million), for the year ended December 31, 2023. This remuneration
was fully paid in March 2024. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 20pt 0 10pt; color: #007E7A"><B><A NAME="a_035"></A>29. Related parties</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The Company&#8217;s related parties
are subsidiaries, joint ventures, associates, shareholders and its related entities and key management personnel of the Company.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Related party transactions were made
by the Company on terms equivalent to those that prevail in arm&acute;s-length transactions, with respect to price and market conditions
that are no less favorable to the Company than those arranged with third parties.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Net operating revenue relates to
sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the variable
lease payments of the pelletizing plants.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">Purchases, accounts receivable and
other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates related to
the pelletizing plants operational lease and railway transportation services.</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%"><P STYLE="text-align: left; font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B>Notes to the Consolidated Interim Financial Statements</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify; color: #242424">&nbsp;</P></TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Transactions with related parties</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 31%">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="width: 35%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="width: 34%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2024</B></FONT></TD></TR>

<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: #B6B6B6 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Financial result</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(27)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(26)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(77)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(9)&#9;</FONT></TD></TR>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(102)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(90)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(13)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
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    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(65)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3)&#9;</FONT></TD></TR>
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    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;7&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(206)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(10)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(230)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(12)</B></FONT></TD></TR>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;68&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(12)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;82&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1)&#9;</FONT></TD></TR>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(159)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
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    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3&#9;</FONT></TD></TR>
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    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;68&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(171)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;82&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(7)</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;2&#9;</B></FONT></TD></TR>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;129&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(39)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;34&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;61&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;41&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(8)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;129&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;61&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(1)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(39)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;116&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(385)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;121&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;152&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(238)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(49)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Outstanding balances with related parties</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>March 31, 2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Dividends receivable and other assets</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007A7E"><B>Dividends receivable and other assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">36</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 8pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">34</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">32</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>4</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>70</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>18</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>66</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Associates</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI </FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">113</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anglo American</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">150</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">149</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>113</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>169</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#8211;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>19</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>150</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">156</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">261</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>176</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>3</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>51</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>283</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>10</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>16</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Pension plan</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>176</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>131</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>290</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>283</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>63</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>232</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>


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    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
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  <TR>
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  <TR>
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    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;291&#9;</B></FONT></TD></TR>
  <TR>
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    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;144&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;47&#9;</FONT></TD></TR>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
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    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;53&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;144&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;71&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;47&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Shareholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #B6B6B6 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
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    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;80&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;163&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
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    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>1</B></FONT></TD>
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  <TR>
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    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;150&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;507&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;230&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;501&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>c) Key management personnel compensation</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">During the three-month period ended
March 31, 2025, the compensation of the Company&#8217;s key management personnel was US$10 (2024: US$11).</P>



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

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

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

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



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

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

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

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<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 24, 2025</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>



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