<SEC-DOCUMENT>0001292814-25-002829.txt : 20250801
<SEC-HEADER>0001292814-25-002829.hdr.sgml : 20250801
<ACCEPTANCE-DATETIME>20250731180322
ACCESSION NUMBER:		0001292814-25-002829
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250801
DATE AS OF CHANGE:		20250731

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:		251173098

	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>valedfbrgaap2q25_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 8pt Times New Roman, Times, Serif">

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

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

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

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

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

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



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

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

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




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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="valedfbrgaap2q256k_001.jpg" ALT="" STYLE="height: 825px; width: 649px"></P>

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


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0; text-align: center; color: #007E7A"><B>Contents</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: top">
    <TD STYLE="width: 95%; padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B><A HREF="#a_001">Report on review of parent company and&nbsp;&nbsp;consolidated interim financial statements</A></B></FONT><B><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></B></TD>
    <TD STYLE="width: 5%; 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: black; line-height: 120%"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B><A HREF="#a_002">Interim Consolidated Income Statement</A> </B></FONT><B><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></B></TD>
    <TD STYLE="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: black; line-height: 120%"><B>5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B><A HREF="#a_003">Interim Income Statement of the Parent Company</A></B></FONT><B><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></B></TD>
    <TD STYLE="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: black; line-height: 120%"><B>6</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B><A HREF="#a_037">Interim Statement of Comprehensive Income</A> </B></FONT><B><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></B></TD>
    <TD STYLE="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: black; line-height: 120%"><B>7</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B><A HREF="#a_004">Interim Statement of Cash Flows</A></B></FONT><B><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></B></TD>
    <TD STYLE="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: black; line-height: 120%"><B>8</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B><A HREF="#a_005">Interim  Consolidated and Parent Statement of Financial Position</A></B></FONT><B><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></B></TD>
    <TD STYLE="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: black; line-height: 120%"><B>9</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B><A HREF="#a_006">Interim  Statement of Changes in Equity</A></B></FONT><B><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></B></TD>
    <TD STYLE="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: black; line-height: 120%"><B>10</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B><A HREF="#a_007">Interim  Value Added Statement</A></B></FONT><B><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></B></TD>
    <TD STYLE="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: black; line-height: 120%"><B>11</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_008">1. Corporate information</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_009">2.
    Basis of preparation of consolidated interim financial statements</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_010">3. Significant events and transaction related to the three-month period ended June 30, 2025</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_011">4. Information by business segment and geographic area</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_012">5. Costs and expenses by nature</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_013">6. Financial results</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_014">7. Taxes</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">20</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_015">8. Basic and diluted earnings per share</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_016">9. Cash flows reconciliation</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">23</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_017">10. Accounts receivable</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_018">11. Inventories</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_019">12. Suppliers and contractors</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">26</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_020">13. Other financial assets and liabilities</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_021">14. Investments in associates and joint ventures</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">29</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_022">15. Acquisitions and divestitures</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_023">16. Intangibles</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">32</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_024">17. Property, plant, and equipment</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">33</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_025">18. Financial and capital risk management</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_026">19. Financial assets and liabilities</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_027">20. Participative shareholders&#8217; debentures</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_028">21. Loans, borrowings, cash and cash equivalents and short-term investments</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_029">22. Leases</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_030">23. Brumadinho dam failure</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_031">24. Liabilities related to associates and joint ventures</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_032">25. Provision for de-characterization of dam structures and asset retirement obligations</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_033">26. Legal proceedings</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_034">27. Employee benefits</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_035">28. Equity</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 36pt; line-height: 120%; text-indent: -18pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><A HREF="#a_036">29. Related parties</A></FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&#9;</FONT></TD>
    <TD STYLE="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: black; line-height: 120%">53</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0"><A NAME="a_001"></A><IMG SRC="valedfbrgaap2q256k_002.jpg" ALT=""></P>

<P STYLE="font: 15pt/112% Georgia, Times, Serif; margin: 0; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090"><B></B></P>

<P STYLE="font: 15pt/140% Georgia, Times, Serif; margin: 10pt 0; color: #242424"><B>Report on review of parent company and consolidated
<FONT STYLE="background-color: white">condensed </FONT>interim financial statements</B></P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0; color: #494949">&nbsp;</P>

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

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

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Introduction</B></P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">We have reviewed the accompanying condensed interim statement of
financial position of Vale&nbsp;S.A. (&quot;Company&quot;) as at June 30, 2025 and the related condensed interim statements of income
statement and comprehensive income for the quarter and six-month period then ended, and the condensed interim statements of changes in
equity and cash flows for the six-month period then ended, as well as the accompanying consolidated condensed interim statement of financial
position of the Company and its subsidiaries (&quot;Consolidated&quot;) as at June 30, 2025 and the related consolidated condensed interim
statements of income statement and comprehensive income for the quarter and six-month period then ended, and the consolidated condensed
interim statements of changes in equity and cash flows for the six-month period then ended, and explanatory notes.</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">Management is responsible for the preparation and presentation of these
parent company and consolidated condensed interim financial statements in accordance with the accounting standard CPC 21, Interim Financial
Reporting, of the Brazilian Accounting Pronouncements Committee (CPC), and International Accounting Standard (IAS) 34 - Interim Financial
Reporting, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these condensed interim
financial statements based on our review.</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Scope of review</B></P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">We conducted our review in accordance with Brazilian and International
Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent
Auditor of the Entity, and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively).
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance
with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Conclusion </B></P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">Based on our review, nothing has come to our attention that causes us to believe
that the accompanying parent company and consolidated condensed interim financial statements referred to above are not prepared, in all
material respects, in accordance with CPC 21 and IAS&nbsp;34.</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Other matters</B></P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Condensed statements of value added</B></P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">The interim condensed financial statements referred to above include the parent
company and consolidated condensed interim value added statements for the six-month period ended June 30, 2025. These statements are the
responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected
to review procedures performed together with the review of the condensed interim financial statements for the purpose of concluding whether
they are reconciled with the condensed interim financial statements and accounting records, as applicable, and if their form and content
are in accordance with the criteria defined in the accounting standard CPC 09 - &quot;Statement of Value Added&quot;. Based on our review,
nothing has come to our attention that causes us to believe that these condensed interim value added statements have not been properly
prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent
company and consolidated condensed interim financial statements taken as a whole.</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">Rio de Janeiro, July 31, 2025</P>

<P STYLE="font: 11pt Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">/s/ PricewaterhouseCoopers</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">Auditores Independentes Ltda.</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">CRC 2SP000160/F-5</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">/s/ Leandro Mauro Ardito</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">Contador CRC 1SP188307/O-0</P>

<P STYLE="font: 11pt/97% Georgia, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais, except
earnings per share</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="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 STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="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 COLSPAN="2" STYLE="border-top: #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 June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #007E7A 1pt solid; padding-right: 2.65pt"><P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0; text-align: right; color: teal"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Six-month
period ended June 30,</B></FONT></P></TD></TR>
  <TR>
    <TD STYLE="width: 46%; 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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; 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: teal"><B>2025</B></FONT></TD>
    <TD STYLE="width: 12%; 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: teal"><B>2024</B></FONT></TD>
    <TD STYLE="width: 12%; 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: teal"><B>2025</B></FONT></TD>
    <TD STYLE="width: 12%; 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: teal"><B>2024</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">Net
    operating revenue</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(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;49,807&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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">&#9;51,735&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;97,218&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;93,626&#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">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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">5(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; 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;(34,421)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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;(33,134)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; 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;(66,232)&#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;(59,728)&#9;</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>Gross
    profit</B></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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;15,386&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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;18,601&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;30,986&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;33,898&#9;</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">&nbsp;</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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</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>Operating
    expenses</B></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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</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">Selling
    and administrative</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">5(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;(742)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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;(717)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;(1,587)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,413)&#9;</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">Research
    and development</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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;(898)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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;(988)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;(1,617)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,760)&#9;</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">Pre-operating
    and operational stoppage</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">25</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;(402)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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;(476)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;(925)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(932)&#9;</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">Other
    operating expenses, net</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">5(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;(1,252)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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;(1,481)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; 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;(2,765)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(2,719)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Impairment
                                            and gains (losses) on disposal of non-current</FONT></P>
    <P STYLE="font: 8pt Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">assets, net</FONT></P></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">15(a),
    16 and 17</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(743)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&#9;5,444&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2,199)&#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;5,415&#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>Operating
    income</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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11,349&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 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"><B>&#9;20,383&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;21,893&#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;32,489&#9;</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">&nbsp;</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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</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">Financial
    income</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">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;637&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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">&#9;406&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,315&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;944&#9;</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">Financial
    expenses</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">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(2,282)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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">&#9;(1,901)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(4,512)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3,582)&#9;</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">Other
    financial items, net</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">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2,649&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 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">&#9;(5,119)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;5,383&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(6,155)&#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">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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">14
    and 24</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(366)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&#9;580&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(24)&#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;1,200&#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
    before income taxes</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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;11,987&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 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"><B>&#9;14,349&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;24,055&#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;24,896&#9;</B></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">&nbsp;</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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DBDBDB 1pt solid; 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">Income
    taxes</FONT></TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; 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">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;200&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 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">&#9;237&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(3,695)&#9;</FONT></TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,978)&#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;</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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</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">&nbsp;</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>Net
    income </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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;12,187&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 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"><B>&#9;14,586&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;20,360&#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;22,918&#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"><B>Net
    income attributable to noncontrolling interests</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">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 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"><B>&#9;(6)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;115&#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;35&#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"><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; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;12,081&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 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"><B>&#9;14,592&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;20,245&#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;22,883&#9;</B></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">&nbsp;</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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #DBDBDB 1pt solid; 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">Basic
    and diluted earnings per share attributable to Vale S.A.'s shareholders</FONT></TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; 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">8</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;2.83&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 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">&#9;3.41&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 2.15pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;4.74&#9;</FONT></TD>
    <TD STYLE="border-top: #DBDBDB 1pt solid; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;5.34&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>&nbsp;</B>&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>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais, except earnings per share</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Parent Company</B></FONT></TD></TR>
  <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: teal"><B>Three-month period ended June 30,</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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 46%; border-bottom: #D9D9D9 1pt solid">&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: 12%; 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: 12%; 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>
    <TD STYLE="width: 12%; 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: 12%; 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; 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: #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%">4(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;32,259&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;32,870&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;60,416&#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">&#9;68,068&#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%">Cost of goods sold and services rendered</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%">5(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&#9;(18,154)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&#9;(17,269)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&#9;(33,600)&#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">&#9;(32,773)&#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>Gross profit</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: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;14,105&#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"><B>&#9;15,601&#9;</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"><B>&#9;26,816&#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"><B>&#9;35,295&#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; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&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; 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: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&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; 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: #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%">5(b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(362)&#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">&#9;(369)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(775)&#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">&#9;(710)&#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%">Research and development</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(574)&#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">&#9;(547)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(1,001)&#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">&#9;(951)&#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%">Pre-operating and operational stoppage</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%">25</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(327)&#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">&#9;(443)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(823)&#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">&#9;(884)&#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">Equity results and others results from subsidiaries</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%">14</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;484&#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">&#9;5,794&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;2,573&#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">&#9;4,520&#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%">Other operating expenses, net</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%">5(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(768)&#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">&#9;(1,030)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(2,039)&#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">&#9;(1,981)&#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%">Impairment and gains (losses) on disposal of non-current assets, net</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%">15(a), 16 and 17</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&#9;(288)&#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">&#9;(202)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&#9;(1,577)&#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">&#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; 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; text-align: right; 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"><B>&#9;12,270&#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;18,804&#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;23,174&#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;35,126&#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; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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; 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: #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%">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;372&#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">&#9;264&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;745&#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">&#9;494&#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%">Financial expenses</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%">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(2,278)&#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">&#9;(1,959)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(4,316)&#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">&#9;(3,919)&#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%">Other financial items, net</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%">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;1,604&#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">&#9;(4,206)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;4,578&#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">&#9;(4,546)&#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%">Equity results and other results in associates and joint ventures</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%">14</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&#9;(366)&#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">&#9;580&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">&#9;(24)&#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">&#9;1,200&#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; text-align: right; 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"><B>&#9;11,602&#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;13,483&#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;24,157&#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;28,355&#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; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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: 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: #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%">7</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;479&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;1,109&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">&#9;(3,912)&#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;(5,472)&#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%">&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; 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; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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: 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; 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: #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: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;12,081&#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;14,592&#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;20,245&#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;22,883&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Basic and diluted earnings per share attributable to Vale's shareholders</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">8</FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">2.83</FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">3.41</FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">4.74</FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; border-bottom: #007E7A 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">5.34</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B></B></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>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><A NAME="a_037"></A><B>Interim Statement of Comprehensive Income </B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais</B></P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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 STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30,</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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 46%; border-bottom: #007E79 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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 12%; 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: 12%; 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>
    <TD STYLE="width: 12%; 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: 12%; 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"><B>Net income</B></FONT></TD>
    <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: #F2F2F2; 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>12,187</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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>14,586</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; 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>20,360</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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>22,918</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>Other comprehensive income (loss):</B></FONT></TD>
    <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: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; 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"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <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: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&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">Retirement benefit obligations</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">314</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">289</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">219</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>314</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E79 1pt solid; border-bottom: #007E79 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>21</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E79 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>289</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #007E79 1pt solid; border-bottom: #007E79 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>219</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>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #DBDBDB 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&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">Translation adjustments of foreign operations (i) </FONT></TD>
    <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: #F2F2F2; padding-top: 2.4pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(926)</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">7,814</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 2.4pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,996)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 2.4pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">8,911</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"><I>Net investment hedge </I></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">18(a.iv)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">643</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">(1,062)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,663</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">(1,339)</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">Reclassification of cumulative translation adjustments to income statement (ii)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&ndash;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 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">(5,648)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">55</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 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">(5,394)</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; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>(283)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>1,104</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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;(4,278)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>2,178</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>Comprehensive income </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>12,218</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>15,711</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>16,371</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>25,315</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: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <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: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&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">Comprehensive income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">175</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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">1,452</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(137)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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">1,718</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>Comprehensive income attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>12,043</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>14,259</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>16,508</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>23,597</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD COLSPAN="4" 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>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: teal 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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="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="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="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>
    <TD STYLE="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="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"><B>Net income</B></FONT></TD>
    <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: #F2F2F2; 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>12,081</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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>14,592</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; 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>20,245</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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>22,883</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>Other comprehensive income (loss):</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; 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"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <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: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&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">Retirement benefit obligations</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">170</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">(7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">154</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">(17)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; 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">Equity interests in other comprehensive income of subsidiaries</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">144</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 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">28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">135</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 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">236</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; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>314</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>21</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>289</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>219</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>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 1.65pt; padding-bottom: 1.5pt">&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">Translation adjustments of foreign operations (i)</FONT></TD>
    <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: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(995)</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">6,356</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(5,744)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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">7,228</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">Net investment hedge</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">18(a.iv)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">643</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">(1,062)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">1,663</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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">(1,339)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; 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">Reclassification of cumulative translation adjustment to income statement (ii)</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&ndash;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 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">(5,648)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">55</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: #D9D9D9 1pt solid; border-bottom: #007E79 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">(5,394)</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; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2; 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>(352)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>(354)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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;(4,026)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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>495</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>Comprehensive 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="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; 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>12,043</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 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>14,259</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; 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>16,508</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 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>23,597</B></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: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">(i) Includes the effect of variation in the exchange rates used
by the Company to convert the financial information of subsidiaries operating in an international economic environment, with a currency
different from the functional currency of Vale S.A. (note 2b).</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">(ii) In the three-month and six-month periods ended June 30,
2024, the main effect is the reclassification of cumulative translation adjustments of PTVI in the amount of R$5,728 (US$1,063 million)
(note 15b).</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">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>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>&nbsp;</B>&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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: 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: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD></TR>
  <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: 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: #007E7A; line-height: 120%"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; 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="border-bottom: #007E7A 1pt solid; width: 12%; 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="border-bottom: rgb(0,126,122) 1pt solid; width: 12%; 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 STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 12%; 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="border-bottom: rgb(0,126,122) 1pt solid; width: 12%; 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 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>&nbsp;9(a) </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;31,057&#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;34,356&#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;32,162&#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;35,004&#9;</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">Interest on loans and borrowings paid</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%">&nbsp;9(c)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(2,920)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(2,019)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(3,108)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(3,073)&#9;</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">Cash received on settlement of derivatives, net</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%">18</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;1,613&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;626&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;1,611&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;599&#9;</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">Payments related to the Brumadinho event </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%">23</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,644)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(2,039)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,644)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(2,039)&#9;</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">Payments related to de-characterization of dams </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%">25</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(933)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,275)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(933)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,275)&#9;</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">Interest on participative shareholders' debentures paid </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%">20</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(760)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(766)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(760)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(766)&#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">Income taxes (including settlement program) paid</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&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%">&#9;(6,121)&#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;(4,936)&#9;</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;(5,152)&#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;(4,307)&#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>Net cash generated by operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&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;20,292&#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;23,947&#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;22,176&#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;24,143&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&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>Cash flow from investing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&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">Acquisition of property, plant and equipment and intangible assets </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(14,074)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(13,862)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(10,551)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(9,795)&#9;</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">Payments related to the Samarco dam failure</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%">24</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(6,476)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(976)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(6,476)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(976)&#9;</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">Cash received from disposal of investments, net</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%">9(b)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;13,559&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;&#8212;&#9;</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">Dividends received from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 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;448&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;218&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;397&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,844&#9;</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">Short-term investment, net</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 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;741&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(67)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;494&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(255)&#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 investing activities, net</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&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%">&#9;(49)&#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;8&#9;</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;(558)&#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;(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>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&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;(19,410)</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;(1,120)</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;(16,694)</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;(8,330)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white">&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>Cash flow from financing activities:</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&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">Loans and borrowings from third parties </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%">&nbsp;9(c) </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;18,674&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;10,166&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;8,759&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;1,802&#9;</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">Payments of loans and borrowings to third parties </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%">9(c)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(5,641)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(3,092)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,168)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(376)&#9;</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">Payments of leasing </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%">22</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(361)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(430)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(76)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(56)&#9;</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">Dividends and interest on capital paid to Vale S.A.&#8217;s shareholders</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%">&nbsp;28(d) </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(11,365)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(11,722)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(11,365)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(11,722)&#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">Shares buyback program </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%">&nbsp;28(c) </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;(1,942)&#9;</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;(1,154)&#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>Net cash generated by (used in) financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&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;1,307&#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;(7,020)</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;(3,850)</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;(11,506)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 0.75pt; 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>Net increase in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&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;2,189&#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;15,807&#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;1,632&#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;4,307&#9;</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">Cash and cash equivalents in the beginning of the period</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 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;30,671&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;17,474&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;9,084&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;4,193&#9;</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">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(2,109)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,737&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;&#8212;&#9;</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">Effect of transfer the Energy Assets to non-current assets held for sale&nbsp;&nbsp;</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%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(658)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: top; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&#8212; </TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;&#8212;&#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">Cash and cash equivalents from merged subsidiaries</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&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%">&#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;&#8212;&#9;</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;15&#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 and cash equivalents at end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&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;30,093&#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;36,018&#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;10,716&#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;8,515&#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>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 7pt; 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="font-size: 7pt; 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>Parent Company</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; width: 6%; 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="font-size: 7pt; border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2.65pt">
    <P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>June 30,</B></P>
    <P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="font-size: 7pt; border-bottom: rgb(0,126,122) 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right; line-height: 120%"><P STYLE="font-size: 7pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31,</B></FONT></P>
                                                                                <P STYLE="font-size: 7pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></P></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2.65pt">
    <P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>June 30,</B></P>
    <P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>2025</B></P></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2.65pt; text-align: right; line-height: 120%"><P STYLE="font-size: 7pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>December 31,</B></FONT></P>
                                                                                <P STYLE="font-size: 7pt; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>2024</B></FONT></P></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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">21</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;30,093&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;30,671&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;10,716&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;9,084&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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">21</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;994&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;331&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;827&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;12&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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">10</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;12,691&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;14,600&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;21,352&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;28,663&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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">13</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,701&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;331&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;1,904&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;194&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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">11</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;28,606&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;28,513&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;8,031&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;7,975&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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="font-size: 7pt; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">7(e)</FONT></TD>
    <TD STYLE="font-size: 7pt; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;7,285&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6,811&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; background-color: #F4F4F4; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5,107&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4,933&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-top: #DBDBDB 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%">Other</FONT></TD>
    <TD STYLE="font-size: 7pt; border-top: #DBDBDB 1pt solid; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-top: #DBDBDB 1pt solid; 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;2,678&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-top: #DBDBDB 1pt solid; 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;2,219&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-top: #DBDBDB 1pt solid; 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;2,221&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-top: #DBDBDB 1pt solid; 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;2,005&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;85,048&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;83,476&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;50,158&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;52,866&#9;</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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="font-size: 7pt; 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">15(a)</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;10,916&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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>
    <TD STYLE="font-size: 7pt; 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;7,127&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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 STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;95,964&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;83,476&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;57,285&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;52,866&#9;</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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">26(c) </FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;3,259&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;3,326&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;3,133&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;3,208&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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">13</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,307&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;1,429&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;1,246&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;179&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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(e)</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;8,340&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;8,030&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,872&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,580&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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(b)</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;48,977&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;51,050&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;41,010&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;43,241&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;8,054&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;8,157&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;5,382&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;4,997&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;70,937&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;71,992&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;56,643&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;57,205&#9;</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">14</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;26,108&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;28,158&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;139,978&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;152,740&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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">16</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;58,503&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;65,105&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;41,770&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;41,693&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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="font-size: 7pt; 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">17</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;241,714&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;247,594&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;153,084&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;150,812&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;397,262&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;412,849&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;391,475&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;402,450&#9;</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;493,226&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;496,325&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;448,760&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;455,316&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; width: 46%; 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>Liabilities</B></FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 6%; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 12%; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 12%; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 12%; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 12%; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 liabilities</B></FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Suppliers and contractors</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">12</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;29,762&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;26,217&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;17,978&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;15,286&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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&nbsp;&nbsp;borrowings </FONT></TD>
    <TD STYLE="font-size: 7pt; 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">21</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;3,735&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;6,316&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;909&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;819&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Leases</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">22</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;955&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;907&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;349&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;367&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 liabilities</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">13</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,701&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;7,879&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;20,232&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;22,130&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Taxes payable</FONT></TD>
    <TD STYLE="font-size: 7pt; 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(e)</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,561&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;3,559&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;3,586&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;1,948&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="font-size: 7pt; 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(c)</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,250&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,184&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,250&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,184&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">23</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;4,912&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;4,420&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;4,912&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;4,420&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">24</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;7,907&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;11,421&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;7,907&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;11,421&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 dams and asset retirement obligations</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">25</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,160&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,160&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;4,552&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;4,451&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Provisions for litigation</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">26(a)</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;842&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;736&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;842&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;736&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Employee benefits</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">27</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;4,307&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;6,266&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,846&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;3,925&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 payable</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; border-bottom: #DBDBDB 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;3,829&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;3,944&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;3,140&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;2,732&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;74,921&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;81,055&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;69,503&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;72,465&#9;</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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%">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">15(a)</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;4,041&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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>
    <TD STYLE="font-size: 7pt; 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;189&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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 STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;78,962&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;81,055&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;69,692&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;72,465&#9;</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 liabilities</B></FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">21</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;89,830&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;85,282&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;35,290&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;30,164&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Leases</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">22</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,863&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;3,507&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;819&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;956&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">20</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;13,394&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;13,727&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;13,394&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;13,727&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 liabilities</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">13</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;12,028&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;14,533&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;62,570&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;73,152&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="font-size: 7pt; 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(c)</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,297&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;6,234&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,297&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;6,234&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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="font-size: 7pt; 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(b)</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;692&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,757&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">23</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;6,710&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;7,778&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;6,710&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;7,778&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">24</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;9,988&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;11,261&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;9,988&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;11,261&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 dams and asset retirement obligations</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">25</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;28,683&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;30,529&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;18,029&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;18,870&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Provisions for litigation</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">26(a)</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;4,884&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,536&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;4,569&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;5,088&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Employee benefits</FONT></TD>
    <TD STYLE="font-size: 7pt; 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">27</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;6,385&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;6,925&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,242&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;2,205&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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%">Streaming transactions</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;10,915&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;11,651&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;1,630&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;1,830&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;5,985&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;6,644&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;193,299&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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: 7pt; color: Black"><B>&#9;201,550&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;164,893&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;176,079&#9;</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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 liabilities</B></FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;272,261&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;282,605&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;234,585&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;248,544&#9;</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt; vertical-align: bottom">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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>Equity</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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">28</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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 attributable to Vale S.A.'s shareholders</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;214,175&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;206,772&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;214,175&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #DBDBDB 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;206,772&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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 attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;6,790&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;6,948&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="font-size: 7pt; 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 STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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%">Total equity</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;220,965&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;213,720&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;214,175&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;206,772&#9;</B></FONT></TD></TR>
  <TR STYLE="font-size: 7pt">
    <TD STYLE="font-size: 7pt; 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%">Total liabilities and equity</FONT></TD>
    <TD STYLE="font-size: 7pt; border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; 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;493,226&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;496,325&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;448,760&#9;</B></FONT></TD>
    <TD STYLE="font-size: 7pt; 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;455,316&#9;</B></FONT></TD></TR>
  </TABLE>
<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>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: #007E79 1pt solid">&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: 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>Share capital</B></FONT></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>Capital reserve</B></FONT></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>Profit reserves</B></FONT></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>Treasury shares</B></FONT></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>Other reserves</B></FONT></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>Cumulative translation adjustments</B></FONT></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>Retained earnings</B></FONT></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>Equity attributable to Vale S.A.&rsquo;s shareholders</B></FONT></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>Equity attributable to noncontrolling interests</B></FONT></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>Total equity</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: #242424"><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; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>77,300</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"><B>3,634</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"><B>114,889</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"><B>(19,785)</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"><B>(432)</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"><B>31,166</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"><B>&ndash;</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"><B>206,772</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"><B>6,948</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"><B>213,720</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Net income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #C1C1C1 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20,245</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20,245</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">115</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">20,360</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 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 comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">157</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,894)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,737)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(252)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(3,989)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends and interest on capital of Vale S.A.'s shareholders</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">28(c)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9,143)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9,143)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(9,143)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Dividends of noncontrolling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(24)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; 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: #C1C1C1 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Transaction with noncontrolling interests </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #C1C1C1 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(36)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(36)</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-bottom: #C1C1C1 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(33)</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">Share-based payment program</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">27(a)</FONT></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">&ndash;</FONT></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">&ndash;</FONT></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">&ndash;</FONT></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">4</FONT></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">70</FONT></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">&ndash;</FONT></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">&ndash;</FONT></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">74</FONT></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">&ndash;</FONT></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">74</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: #242424"><B>Balance as of June 30, 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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>77,300</B></FONT></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"><B>3,634</B></FONT></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"><B>105,746</B></FONT></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"><B>(19,781)</B></FONT></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"><B>(241)</B></FONT></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"><B>27,272</B></FONT></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"><B>20,245</B></FONT></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"><B>214,175</B></FONT></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"><B>6,790</B></FONT></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"><B>220,965</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</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: #242424"><B>Balance as of December 31, 2023</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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>77,300</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,634</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>106,181</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(17,739)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(5,831)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>27,420</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>190,965</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,360</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>198,325</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: #242424">Net income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">22,883</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">22,883</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">35</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">22,918</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: #242424">Other comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">308</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">406</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">&ndash;</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">714</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">1,683</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">2,397</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: #242424">Dividends and interest on capital of Vale S.A.'s shareholders</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: #242424">28(c)</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">&ndash;</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">&ndash;</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">(11,722)</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">(11,722)</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">&ndash;</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">(11,722)</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: #242424">Dividends of noncontrolling interests</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">(1)</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">(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; color: #242424">Transaction with noncontrolling interests (i)</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: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</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">&ndash;</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">&ndash;</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">&ndash;</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">4,593</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">&ndash;</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">&ndash;</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">4,593</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">(1,222)</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">3,371</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: #242424">Shares buyback program</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: #242424">28(b)</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">&ndash;</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">&ndash;</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">&ndash;</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">(1,942)</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">&ndash;</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">&ndash;</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">&ndash;</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">(1,942)</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">&ndash;</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">(1,942)</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: #242424">Share-based payment program </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">27(a)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; 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: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(48)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">(40)</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: #242424"><B>Balance as of June 30, 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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>77,300</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>3,634</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>94,459</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(19,673)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>(978)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>27,826</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>22,883</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>205,451</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>7,855</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>213,306</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B></B></P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; color: #242424">(i) The effect on equity attributable to noncontrolling interests
includes the derecognition of noncontrolling shareholders of PT Vale Indonesia Tbk in the amount of R$9,050 (US$1,628) (note 15b) and
the recognition of noncontrolling shareholders of Vale Base Metals Limited in the amount of R$7,828 (US$1,514) (note 15c).</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>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>&nbsp;</B>&nbsp;</P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 20pt/120% Vale Sans,sans-serif; margin: 0 0 20pt; color: #007E7A"><B><A NAME="a_007"></A>Interim  Value Added Statement</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"><B>In millions of Brazilian reais</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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>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>Parent company</B></FONT></TD></TR>
  <TR>
    <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>Three-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; 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="border-bottom: rgb(0,126,122) 1pt solid; width: 12%; 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 STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 12%; 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="border-bottom: rgb(0,126,122) 1pt solid; width: 12%; 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: #DBDBDB 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>Generation of value added</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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 revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Revenue from products and services</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;98,216&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;94,777&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;61,339&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;69,211&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Revenue from the construction of own assets</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;3,042&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;3,758&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,973&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;3,222&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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 revenues</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;676&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;622&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;484&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;534&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Less:</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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 products, goods and services sold</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(21,799)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(18,431)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(12,504)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(12,395)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Material, energy, third-party services and other</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(25,761)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(24,277)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(9,482)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(9,527)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(2,199)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;5,415&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,577)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(163)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Expenses related to Brumadinho event</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,144)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(861)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,144)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(861)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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 dams</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;362&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;682&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;362&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;682&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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 costs and expenses</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(7,089)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(8,491)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(4,080)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(4,559)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Gross value added</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;44,304&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;53,194&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;36,371&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;46,144&#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%">Depreciation, amortization and depletion</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%">&#9;(8,521)&#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;(7,677)&#9;</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%">&#9;(5,313)&#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;(4,802)&#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 value added</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;35,783&#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;45,517&#9;</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;31,058&#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;41,342&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Received from third parties</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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 </FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;1,200&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,549&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;5,720&#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%">Financial result</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%">&#9;934&#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;4,273&#9;</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%">&#9;(424)&#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;4,260&#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>Total value added to be distributed</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;36,693&#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;50,990&#9;</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;33,183&#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;51,322&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Personnel and charges</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Direct compensation</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;5,733&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;4,745&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,916&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,740&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Benefits</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,344&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,049&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;1,823&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;1,744&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">FGTS</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;260&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;271&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;232&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;244&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Taxes and contributions</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Federal taxes</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;6,925&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;4,917&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;6,853&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;8,295&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">State taxes</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,186&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,371&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,104&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,293&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Municipal taxes</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;86&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;124&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;65&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;94&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Remuneration of third-party capital</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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 (net derivatives and monetary and exchange rate variation)</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,720)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;12,738&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(1,550)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;12,223&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Leasing</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;519&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;857&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;495&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;806&#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%">Remuneration of own capital</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; 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>Reinvested net income from continuing operations</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;20,245&#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;22,883&#9;</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;20,245&#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;22,883&#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 interest</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%">&#9;115&#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;35&#9;</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%">&#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;&#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>Distributed value added</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;36,693&#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;50,990&#9;</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;33,183&#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;51,322&#9;</B></FONT></TD></TR>
  </TABLE>
<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>


<!-- Field: Page; Sequence: 11; Options: NewSection; Value: 9 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0; color: #007E7A"><A NAME="a_008"></A><B>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 36pt; text-align: justify; text-indent: -18pt; 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: 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; 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; color: teal">&#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>Iron
ore pellets and other ferrous product</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">.
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 43.2pt; text-align: justify; text-indent: -18pt">&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; color: #00807A">&#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>Nickel.</B></FONT>
<FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">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; 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) and Voisey&#8217;s Bay (located in Newfoundland and Labrador). </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; color: teal">&#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>Other
energy transition metals.</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424; line-height: 120%">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>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_009"></A>2. Basis of preparation of consolidated interim financial
statements</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The consolidated and individual interim
financial statements (equivalent to condensed interim financial statements) of the Company (&#8220;interim financial statements&#8221;)
were prepared and are statements in accordance with CPC 21 &#8211; Statement issued by the Accounting Pronouncements Committee (&#8220;CPC&#8221;),
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>

<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 July 31, 2025.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Statement of Value Added </B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">The presentation of the parent company
and consolidated statements of value added is required by the Brazilian corporate legislation and the accounting practices adopted in
Brazil for listed companies, while it is not required by IFRS. Therefore, under the IFRS, the presentation of such statements is considered
supplementary information, and not part of the set of financial statements. The Statement of Value Added was prepared in accordance with
the criteria defined in Technical Pronouncement CPC 09 - &quot;Statement of Value Added&quot;.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>b) 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: 8pt 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 STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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>Average rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&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>Closing rate</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; 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>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 22%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 13%; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; 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: #007E79 1pt solid; width: 13%; 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: #007E79 1pt solid; width: 13%; 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: #007E79 1pt solid; width: 13%; 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; 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%">US Dollar (&quot;US$&quot;)</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;5.4571&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6.1923&#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;5.6661&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.2129&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; 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">&#9;5.7591&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.0843&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Canadian dollar (&quot;CAD&quot;)</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;4.0067&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4.3047&#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;4.0932&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3.8107&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;4.0867&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;3.7426&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Euro (&quot;EUR&quot;)</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;6.4230&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6.4363&#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;6.4236&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.6132&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;6.2922&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;5.4969&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-size: 10pt"><B>c)
</B></FONT><B><FONT STYLE="font-size: 11pt">Tariffs applied by the United States of America</FONT></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 of America (&quot;USA&quot;) 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">In July 2025 (subsequent event),
the President of the USA announced the application of 50% tariffs on imports from Brazil, effective August 1, 2025. The Company's sales
to USA are not relevant. The Company is monitoring developments and, until this date, Vale does not expect any significant effects on
its operations or cash flows.</P>

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

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #242424">The Company monitors international geopolitical developments
and is subject to external risk factors related to its operations and the profile of its client portfolio and supply chains.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #242424">At this date, no significant direct effects of the
conflict on the Company's operations or on the fair value of its assets and liabilities have been identified. However, the Company is
constantly monitoring the situation and assessing potential impacts.&nbsp;</P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_010"></A>3. Significant events and transaction related to the three-month
period ended June 30, 2025</B></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/11.2pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><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"><B>Shareholder remuneration
&#8211;</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; color: #242424">In July 2025 (subsequent event), the
Board of Directors approved shareholder remuneration in the amount of R$8,091 (US$1,448 million), which will be paid in September 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; 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>Debentures
public offering &#8211;</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">In June 2025, the
Company issued Debentures of R$6 billion (US$1,080 million), maturing in 2032, 2035 and 2037. <FONT STYLE="color: #242424">Further details
are presented in note 9(c) of these interim financial statements.</FONT></FONT></TD></TR></TABLE>

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

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

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_011"></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.&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="border-top: teal 1pt solid; width: 28%; 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="border-top: teal 1pt solid; width: 72%; 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: #D9D9D9 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: #D9D9D9 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, and other metals), and copper, as well as its by-products (gold and silver). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In addition, unallocated items to
the operating segment includes corporate expenses, 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.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Adjusted EBITDA</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Six-month period ended June 30,</B></FONT></P>
                                                                              </TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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: #007E7A; line-height: 120%"><B>Notes</B></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: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 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 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>2025</B></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: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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;13,551&#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;16,013&#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;27,210&#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;28,418&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Iron ore pellets</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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;2,702&#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;3,770&#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;5,825&#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;8,139&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 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 ferrous products and logistics services</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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;594&#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;487&#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;699&#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;826&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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;16,847&#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;20,270&#9;</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%"><B>&#9;33,734&#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;37,383&#9;</B></FONT></TD></TR>
  <TR>
    <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; vertical-align: bottom">&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>
    <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: 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: #D9D9D9 1pt solid; vertical-align: bottom">&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;1,109&#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;560&#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;1,334&#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;646&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Copper</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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;3,046&#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;1,826&#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;6,226&#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;3,232&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 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 energy transition metals</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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;(112)&#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;(293)&#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;(308)&#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;(512)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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;4,043&#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;2,093&#9;</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;7,252&#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;3,366&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 1pt solid; 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: #D9D9D9 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>Unallocated items (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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;(1,743)</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;(1,524)</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;(3,650)</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;(2,897)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: rgb(242,242,242); 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; 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; vertical-align: bottom">&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;19,147&#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;20,839&#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;37,336&#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;37,852&#9;</B></FONT></TD></TR>
  <TR>
    <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; vertical-align: bottom">&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>
    <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: 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: #D9D9D9 1pt solid; vertical-align: bottom">&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;(4,416)&#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;(4,137)&#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;(8,521)&#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;(7,677)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Impairment and gains (losses) on disposal of non-current assets, net and other (ii)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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;(1,670)&#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;4,997&#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;(4,088)&#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;4,637&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 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%">EBITDA from associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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;(1,712)&#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;(1,316)&#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;(2,834)&#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;(2,323)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 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>Operating income</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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;11,349&#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;20,383&#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;21,893&#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;32,489&#9;</B></FONT></TD></TR>
  <TR>
    <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; vertical-align: bottom">&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>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; 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: 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: #D9D9D9 1pt solid; 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: #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;(366)&#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;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">&#9;(24)&#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;1,200&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 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%">Financial results </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; 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: #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;1,004&#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;(6,614)&#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;2,186&#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;(8,793)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 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>Income before income taxes</B></FONT></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: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;11,987&#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;14,349&#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;24,055&#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;24,896&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424"></P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes income (expenses) from Vale
Base Metals Limited that were not allocated to the operating segment in the amount of R$(279) (US$(49) million) and R$(419) (US$(74) million)
for the three and six-month period ended June 30, 2025, respectively. (2024: R$(3) (US$2 million) and R$ (242) (US$ (45) million), respectively).</P>

<P STYLE="margin: 0; font: 7pt Vale Sans,sans-serif; color: #242424">(ii) Includes adjustments of R$927 (US$168 million) and R$1,899 (US$335
million) for the three and six-month period ended June 30, 2025, respectively, (2024: R$447 (US$82 million) and R$778 (US$149 million),
respectively), to reflect the performance of the streaming transactions at market prices.</P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0pt 0; text-align: justify; color: #007E7A"><B>b) Net operating revenue by business
segment and geographic area</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0pt 0; text-align: justify; color: #007E7A"><B>&nbsp;</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; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD COLSPAN="9" 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 STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" 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: #007E7A; line-height: 120%"><B>Three-month period ended June 30, 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; text-align: right"><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; text-align: right"><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="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-top: #007E79 1pt solid; 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 pellets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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 ferrous products and logistics services</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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 Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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;23,623&#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;23,623&#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;599&#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;149&#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;65&#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;813&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;24,436&#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;3,170&#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;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;3&#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;3,396&#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;294&#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;294&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;3,690&#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;3,009&#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;472&#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;14&#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;3,495&#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;551&#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;1,068&#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;15&#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;1,634&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;5,129&#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;1,323&#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;1,843&#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;1,093&#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;4,259&#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;89&#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;34&#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-right: white 1pt solid; 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;4,382&#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;381&#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;385&#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;1,114&#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;42&#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;1,156&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;1,541&#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;260&#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;1&#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-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;867&#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;867&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;1,128&#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;435&#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;173&#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;608&#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;707&#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;1,239&#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;11&#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;1,957&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;2,565&#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;1,018&#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;71&#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;1,089&#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;1,391&#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;1,977&#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"><B>&#9;3,417&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;4,506&#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;2,266&#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;2,266&#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;164&#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;164&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;2,430&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; 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;32,578&#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;5,689&#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;1,115&#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;39,382&#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;5,776&#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;4,433&#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;216&#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;10,425&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;49,807&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 10pt 0 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="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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-top: #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>Three-month period ended June 30, 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; text-align: center"><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; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-top: #007E79 1pt solid; 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 pellets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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 ferrous products and logistics services</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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 Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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; color: black">&#9;25,505&#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; color: black">&#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; color: black">&#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; color: black"><B>&#9;25,505&#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; color: black">&#9;536&#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; color: black">&#9;985&#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; color: black">&#9;155&#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; color: black"><B>&#9;1,676&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;27,181&#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; color: black">&#9;3,707&#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; color: black">&#9;457&#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; color: black">&#9;2&#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; color: black"><B>&#9;4,166&#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; color: black">&#9;672&#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; color: black">&#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; color: black">&#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; color: black"><B>&#9;672&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;4,838&#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; color: black">&#9;2,640&#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; color: black">&#9;581&#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; color: black">&#9;13&#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; color: black"><B>&#9;3,234&#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; color: black">&#9;322&#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; color: black">&#9;223&#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; color: black">&#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; color: black"><B>&#9;545&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;3,779&#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; color: black">&#9;1,425&#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; color: black">&#9;2,143&#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; color: black">&#9;902&#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; color: black"><B>&#9;4,470&#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; color: black">&#9;63&#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; color: black">&#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; color: black">&#9;6&#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; color: black"><B>&#9;69&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;4,539&#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; color: black">&#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; color: black">&#9;263&#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; color: black">&#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; color: black"><B>&#9;263&#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; color: black">&#9;1,017&#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; color: black">&#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; color: black">&#9;42&#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; color: black"><B>&#9;1,059&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;1,322&#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; color: black">&#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; color: black">&#9;558&#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; color: black">&#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; color: black"><B>&#9;558&#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; color: black">&#9;720&#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; color: black">&#9;202&#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; color: black">&#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; color: black"><B>&#9;922&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;1,480&#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; color: black">&#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; color: black">&#9;253&#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; color: black">&#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; color: black"><B>&#9;718&#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; color: black">&#9;418&#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; color: black">&#9;357&#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; color: black">&#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; color: black"><B>&#9;775&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;1,493&#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; color: black">&#9;1,377&#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; color: black">&#9;55&#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; color: black">&#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; color: black"><B>&#9;1,432&#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; color: black">&#9;742&#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; color: black">&#9;1,886&#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; color: black">&#9;51&#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; color: black"><B>&#9;2,679&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;4,111&#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; color: black">&#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; color: black">&#9;2,958&#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; color: black">&#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; color: black"><B>&#9;2,958&#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; color: black">&#9;34&#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; color: black">&#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; color: black">&#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; color: black"><B>&#9;34&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;2,992&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; 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; color: black"><B>&#9;35,119&#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; color: black"><B>&#9;7,268&#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; color: black"><B>&#9;917&#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; color: black"><B>&#9;43,304&#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; color: black"><B>&#9;4,524&#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; color: black"><B>&#9;3,653&#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; color: black"><B>&#9;254&#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; color: black"><B>&#9;8,431&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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; color: black"><B>&#9;51,735&#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 R$23,877 (US$4,230 million) (2024: R$26,082 (US$4,994 million)) and Taiwan in the amount of
R$559 (US$99 million) (2024: R$1,099 (US$210 million)).</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-top: white 1pt solid; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="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>Six-month period ended June 30, 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-bottom: white 1pt solid; vertical-align: bottom; padding-top: 2.15pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-top: #007E79 1pt solid; 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 pellets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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 ferrous products and logistics services</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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 Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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;44,792&#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;44,792&#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;1,137&#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;1,115&#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;104&#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;2,356&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;47,148&#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;5,769&#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;335&#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;6,108&#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;611&#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;611&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;6,719&#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;6,134&#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;702&#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;51&#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;6,887&#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;1,115&#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;1,234&#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"><B>&#9;2,390&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;9,277&#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;2,775&#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;4,047&#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;2,025&#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;8,847&#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;224&#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;65&#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;289&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;9,136&#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;697&#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;701&#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;2,422&#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;154&#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;2,576&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;3,277&#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;542&#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;1&#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;543&#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;1,567&#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;1,567&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;2,110&#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;916&#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;412&#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;1,328&#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;1,534&#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;2,371&#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"><B>&#9;3,938&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;5,266&#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;2,303&#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;265&#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;2,568&#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;2,562&#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;4,039&#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;64&#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;6,665&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;9,233&#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;4,842&#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;4,842&#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;210&#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;210&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;5,052&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; 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;62,689&#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;11,842&#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;2,085&#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;76,616&#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;11,382&#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;8,759&#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;461&#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;20,602&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;97,218&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">&nbsp;</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="9" 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 STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="9" STYLE="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>Six-month period ended June 30, 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; text-align: center"><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; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-top: #007E79 1pt solid; 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 pellets</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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 ferrous products and logistics services</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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 Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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;43,637&#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;43,637&#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;889&#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;1,772&#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;155&#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;2,816&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;46,453&#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;6,285&#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;779&#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;4&#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;7,068&#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;1,155&#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;1,155&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;8,223&#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;4,941&#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;774&#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;26&#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;5,741&#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;779&#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;208&#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;987&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;6,728&#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;3,055&#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;4,721&#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;1,619&#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;9,395&#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;101&#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;20&#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-right: white 1pt solid; 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;9,516&#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;522&#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;522&#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;1,899&#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;105&#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;2,004&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;2,526&#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;1,158&#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;1,158&#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;1,330&#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;503&#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;1,833&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;2,991&#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;802&#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;427&#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;1,229&#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;897&#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;984&#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;1,881&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;3,110&#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;2,572&#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;258&#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;2,830&#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;1,520&#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;3,040&#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;106&#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;4,666&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;7,496&#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;33&#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;6,476&#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;6,509&#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;74&#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;74&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;6,583&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; 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;61,325&#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;15,115&#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;1,649&#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;78,089&#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;8,644&#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;6,507&#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;386&#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;15,537&#9;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; 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;93,626&#9;</B></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: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) Includes operating revenue of China
Mainland in the amount of R$46,092 (US$ 8,031 million) (2024: R$44,273 (US$8,668 million)) and Taiwan in the amount of R$1,056 (US$184
million) (2024: R$2,180 (US$429 million)).</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: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Costs of goods and services
rendered by business segment</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 1pt solid; 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>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 June 30,</B></FONT></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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 48%; border-bottom: white 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 13%; 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="width: 13%; 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: 13%; 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">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">&#9;19,142&#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">&#9;18,576&#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">&#9;35,535&#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">&#9;31,968&#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">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">&#9;3,267&#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">&#9;3,676&#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">&#9;6,531&#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">&#9;7,334&#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">Other ferrous products and logistics 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">&#9;797&#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">&#9;800&#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;1,593&#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">&#9;1,350&#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"><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"><B>&#9;23,206&#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"><B>&#9;23,052&#9;</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"><B>&#9;43,659&#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"><B>&#9;40,652&#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>
    <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">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">&#9;4,428&#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">&#9;3,804&#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">&#9;9,731&#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">&#9;7,637&#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">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">&#9;2,279&#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">&#9;2,043&#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">&#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">&#9;3,673&#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">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">&#9;206&#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">&#9;258&#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;431&#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">&#9;429&#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"><B>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"><B>&#9;6,913&#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"><B>&#9;6,105&#9;</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"><B>&#9;14,415&#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"><B>&#9;11,739&#9;</B></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: #F2F2F2">&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: 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"><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"><B>&#9;4,302&#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;3,977&#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;8,158&#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;7,337&#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"><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"><B>&#9;34,421&#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;33,134&#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;66,232&#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;59,728&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B></B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD COLSPAN="4" 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: #007E7A; line-height: 120%"><B>June 30, 2025</B></FONT></TD>
    <TD COLSPAN="4" 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: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; width: 28%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; 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="border-top: #007E79 1pt solid; 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="border-top: #007E79 1pt solid; 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="border-top: #007E79 1pt solid; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; 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="border-bottom: #007E79 1pt solid; width: 9%; 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="border-bottom: #007E79 1pt solid; width: 9%; 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="border-bottom: #007E79 1pt solid; width: 9%; 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;12,600&#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">&#9;48,928&#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;177,842&#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;239,370&#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;12,670&#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;54,781&#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;177,757&#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;245,208&#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;9,565&#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;53,946&#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;63,511&#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;10,315&#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;58,533&#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;68,848&#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;22&#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;22&#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;21&#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;21&#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;10,187&#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;352&#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;10,539&#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;11,676&#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;376&#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;12,052&#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;6&#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;16&#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;22&#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;3&#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;25&#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;28&#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;2&#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;3,560&#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;3,562&#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;2&#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;4,046&#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;4,048&#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;3,247&#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;3,247&#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;3,647&#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;3,648&#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;3,321&#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;2&#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;2,729&#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;6,052&#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;3,812&#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;3&#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;3,189&#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;7,004&#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;26,108&#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;58,503&#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;241,714&#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;326,325&#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>28,158</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>65,105</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>247,594</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>340,857</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_012"></A>5. Costs and expenses by nature</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="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>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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 June 30,</B></FONT></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>Six-month
    period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 52%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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="border-top: #007E79 1pt solid; 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>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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="border-top: #007E79 1pt solid; 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>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;6,764&#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;6,259&#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;12,727&#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;11,365&#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;6,482&#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;6,188&#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;12,403&#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;10,836&#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;4,302&#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;3,977&#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;8,158&#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;7,337&#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;4,016&#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;3,565&#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;7,946&#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;6,307&#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;4,179&#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;3,756&#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;7,703&#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;6,933&#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;3,541&#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;2,586&#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;6,790&#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;4,440&#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;1,730&#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;1,814&#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;3,241&#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;3,244&#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;1,633&#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;1,893&#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;3,181&#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;3,722&#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;778&#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;816&#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;1,490&#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;1,654&#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;996&#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;2,280&#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;2,593&#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;3,890&#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;34,421&#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;33,134&#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;66,232&#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;59,728&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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 STYLE="font-size: 8pt">
    <TD STYLE="font-size: 8pt; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: #007E79 1pt solid; font-size: 8pt; 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="font-size: 8pt">
    <TD STYLE="font-size: 8pt; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; 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 June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; 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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; width: 52%; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; font-size: 8pt; width: 12%; 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="border-top: #007E79 1pt solid; font-size: 8pt; width: 12%; 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>
    <TD STYLE="border-top: #007E79 1pt solid; font-size: 8pt; width: 12%; 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="border-top: #007E79 1pt solid; font-size: 8pt; width: 12%; 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="font-size: 8pt">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; 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; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;332&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;274&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;691&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;605&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; 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; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;188&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;230&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;343&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;401&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; 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; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;41&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;52&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;182&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;101&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: #007E79 1pt solid; font-size: 8pt; 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; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;181&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;161&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;371&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;306&#9;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt">
    <TD STYLE="border-bottom: #007E79 1pt solid; font-size: 8pt; 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; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black"><B>&#9;742&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black"><B>&#9;717&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; font-size: 8pt; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black"><B>&#9;1,587&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; font-size: 8pt; background-color: white; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black"><B>&#9;1,413&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Other operating 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"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 2.15pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" 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>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></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 June 30,</B></FONT></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>Six-month
    period ended June 30,</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 46%; background-color: white"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; 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="border-top: #007E79 1pt solid; width: 12%; 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="border-top: #007E79 1pt solid; width: 12%; 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>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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="border-top: #007E79 1pt solid; width: 12%; 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">Expenses
    related to Brumadinho event</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">23</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;(532)&#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;(358)&#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;(1,144)&#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;(861)&#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">Reversal
    in provisions related to de-characterization of dam and asset decommissioning obligation, net</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">25</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;292&#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;486&#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;294&#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;743&#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">Provision
    for litigations</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">26(a)</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;(190)&#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;(266)&#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;(521)&#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;(515)&#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">Profit
    sharing program</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</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;(130)&#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;(207)&#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;(361)&#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;(630)&#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">Expenses
    related with socio-environmental commitments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</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;(193)&#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;(185)&#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;(273)&#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;(242)&#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"><FONT STYLE="font-size: 8pt">&nbsp;</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;(499)&#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;(951)&#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;(760)&#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;(1,214)&#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: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-size: 8pt">&nbsp;</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;(1,252)</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;(1,481)</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;(2,765)</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;(2,719)</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_013"></A>6. Financial results</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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="4" STYLE="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>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&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 June 30,</B></FONT></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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 6%; 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="border-bottom: #D9D9D9 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 12%; 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 STYLE="border-bottom: #D9D9D9 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; width: 12%; 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"><B>Financial
    income</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&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;537&#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;390&#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;1,111&#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;791&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; 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; vertical-align: bottom; background-color: white">&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;100&#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;16&#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;204&#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;153&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%"><B>&#9;637&#9;</B></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%"><B>&#9;406&#9;</B></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%"><B>&#9;1,315&#9;</B></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%"><B>&#9;944&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; 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: #DADADA 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; 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 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(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(1,301)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(1,056)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(2,595)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(1,880)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; 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 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(c)</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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: #DADADA 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: #DADADA 1pt 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;(254)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; 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: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(244)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(227)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(473)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(456)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; 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 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(133)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(124)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(240)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(261)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; 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 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;22&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(45)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(70)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(89)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(141)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; 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">&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;(559)&#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;(424)&#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;(861)&#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;(844)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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%"><B>&#9;(2,282)</B></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%"><B>&#9;(1,901)</B></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%"><B>&#9;(4,512)</B></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%"><B>&#9;(3,582)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; 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: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Foreign exchange and indexation gains (losses), net</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;210&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(1,360)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(1,838)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(3,227)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DADADA 1pt solid; background-color: white; padding-right: 0.75pt; 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: #DADADA 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(643)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(1,254)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 1pt 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;(418)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DADADA 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;(437)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; 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: #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;18&#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;3,082&#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;(2,505)&#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;7,639&#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;(2,491)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%"><B>&#9;2,649&#9;</B></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%"><B>&#9;(5,119)</B></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%"><B>&#9;5,383&#9;</B></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%"><B>&#9;(6,155)</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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 120%"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%"><B>&#9;1,004&#9;</B></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%"><B>&#9;(6,614)</B></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%"><B>&#9;2,186&#9;</B></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%"><B>&#9;(8,793)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/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><A NAME="a_014"></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, from the application of the Pillar Two rules currently in effect.</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: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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:&nbsp;</P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</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: 8pt 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>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>Parent company</B></FONT></TD></TR>
  <TR>
    <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>Three-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 12%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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 STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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; 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"><B>&#9;11,987&#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;14,349&#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>&#9;11,602&#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;13,483&#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"><B>Income taxes at statutory rate (34%)</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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(4,076)</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;(4,879)</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;(3,945)</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;(4,584)</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"><B>Adjustments that affect the taxes basis:</B></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: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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">Tax incentives</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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;3,275&#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">&#9;1,564&#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">&#9;2,687&#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">&#9;1,498&#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">Addition of tax loss carryforward</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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,070&#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">&#9;2,079&#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">&#9;1,585&#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">&#9;2,331&#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">Equity results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; 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">&#9;(81)&#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">&#9;15&#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">&#9;83&#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">&#9;1,978&#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">Effects on tax computation of foreign operations </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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;194&#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">&#9;(57)&#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">&#9;(22)&#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">&#9;9&#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">Reclassification of cumulative adjustments to the income statement</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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;&ndash;&#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">&#9;(25)&#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">&#9;&ndash;&#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">&#9;&mdash;&#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">Gain on divestment in PTVI</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; line-height: 120%">15(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">&#9;&ndash;&#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">&#9;1,931&#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">&#9;&ndash;&#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">&#9;&mdash;&#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="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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(182)&#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">&#9;(391)&#9;</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">&#9;91&#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">&#9;(123)&#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="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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;200&#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;237&#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>&#9;479&#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;1,109&#9;</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">Current tax</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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(1,627)&#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">&#9;(3,361)&#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">&#9;(857)&#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">&#9;(2,597)&#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="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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;1,827&#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">&#9;3,598&#9;</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">&#9;1,336&#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">&#9;3,706&#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="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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;200&#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;237&#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>&#9;479&#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;1,109&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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>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>Parent company</B></FONT></TD></TR>
  <TR>
    <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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: teal 1pt solid; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Notes</B></FONT></TD>
    <TD STYLE="width: 12%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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 STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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; 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"><B>&#9;24,055&#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;24,896&#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>&#9;24,157&#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;28,355&#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"><B>Income taxes at statutory rate (34%)</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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(8,179)</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;(8,465)</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;(8,213)</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;(9,641)</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"><B>Adjustments that affect the taxes basis:</B></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: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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">Tax incentives</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; 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">&#9;5,672&#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">&#9;3,889&#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">&#9;4,583&#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">&#9;3,761&#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">Addition of tax loss carryforward</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; 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">&#9;655&#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">&#9;1,224&#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">&#9;(186)&#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">&#9;(1,200)&#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">Equity results</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; 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">&#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">&#9;(19)&#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">&#9;848&#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">&#9;1,513&#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">Tax effects on temporary differences &ndash; 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; line-height: 120%">15(a)</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">&#9;(771)&#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">&#9;&mdash;&#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">&#9;(771)&#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">&#9;&mdash;&#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">Effects on tax computation of foreign operations</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; 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">&#9;(448)&#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">&#9;(109)&#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">&#9;(42)&#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">&#9;&mdash;&#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">Reclassification of cumulative adjustments to the income statement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; 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">&#9;(19)&#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">&#9;(114)&#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">&#9;&ndash;&#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">&#9;&mdash;&#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">Gain on divestment in PTVI</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; line-height: 120%">15(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">&#9;&ndash;&#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">&#9;1,931&#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">&#9;&ndash;&#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">&#9;&mdash;&#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: #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: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(578)&#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">&#9;(315)&#9;</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">&#9;(131)&#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">&#9;95&#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: #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: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(3,695)</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;(1,978)</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;(3,912)</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;(5,472)</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">Current tax</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; 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">&#9;(2,725)&#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">&#9;(6,990)&#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">&#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">&#9;(5,870)&#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: #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: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">&#9;(970)&#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">&#9;5,012&#9;</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">&#9;(2,246)&#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">&#9;398&#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: #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: #F2F2F2; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;(3,695)</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;(1,978)</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;(3,912)</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;(5,472)</B></FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0pt 0; text-align: justify; color: #007E7A"><B>b) Deferred income tax assets
and liabilities</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0pt 0; text-align: justify; color: #007E7A"><B>&nbsp;</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="3" 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: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 64%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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="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;51,050&#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;2,757&#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;48,293&#9;</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">Effect in income statement</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;(790)&#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;181&#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;(971)&#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 comprehensive income</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;10&#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;38&#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;(28)&#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">Transfer between assets and liabilities</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;(507)&#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;(507)&#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;&#8211;&#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">Translation adjustment </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;(730)&#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;(83)&#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;(647)&#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: #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;(56)&#9;</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;(1,694)&#9;</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;1,638&#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 June 30, 2025</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; color: black"><B>&#9;48,977&#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; color: black"><B>&#9;692&#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; color: black"><B>&#9;48,285&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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; color: black"><B>Balance as of December 31, 2023</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;46,307&#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;4,210&#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;42,097&#9;</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">Effect in income statement</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;4,576&#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;(501)&#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;5,077&#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">Other comprehensive income</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;3,145&#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;75&#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;3,070&#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">Transfer between assets and liabilities</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;257&#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;257&#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;&#8211;&#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">Translation adjustment</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;919&#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;439&#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;480&#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"><B>Balance as of June 30, 2024</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;55,204&#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;4,480&#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;50,724&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Income taxes - Settlement program
(&quot;REFIS&quot;)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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; 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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 76%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>June&nbsp;&nbsp;30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(217,217,217) 1pt solid; width: 12%; 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">Current liabilities </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;2,250&#9;</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">2,184</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: #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;5,297&#9;</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">6,234</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: #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;7,547&#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>8,418</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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>SELIC rate</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;15.00&#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;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: 10pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Uncertain tax positions (&quot;UTP&quot;)</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 R$38,389 (US$7,034 million) as of June 30, 2025 (December 31, 2024: R$36,773 (US$5,939 million) which may reduce
tax losses by R$3,693 (US$677 million) as of June 30, 2025 (December 31, 2024: R$3,693 (US$596 million)), if the tax authority does not
accept the tax treatment adopted by the Company in relation to these matters.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: #006666 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></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #006666 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>June 30, 2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: rgb(0,102,102) 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: 40%"><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="width: 10%; 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: 10%; 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%; 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%; 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: 10%; 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%; 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-top: #D9D9D9 1pt solid; 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">Transfer pricing over the exportation of ores to a foreign subsidiary</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; 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">&#9;21,801&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; 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">&#9;9,958&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; 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"><B>&#9;31,759&#9;</B></FONT></TD>
    <TD STYLE="border-top: #D9D9D9 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">&#9;20,974&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 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">&#9;9,958&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 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"><B>&#9;30,932&#9;</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">Expenses of interest on capital </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">&#9;8,180&#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">&#9;&ndash;&#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"><B>&#9;8,180&#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">&#9;7,814&#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">&#9;&ndash;&#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"><B>&#9;7,814&#9;</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">Proceeding related to income tax paid abroad </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">&#9;2,737&#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">&#9;&ndash;&#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"><B>&#9;2,737&#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">&#9;2,642&#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">&#9;&ndash;&#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"><B>&#9;2,642&#9;</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">Goodwill 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">&#9;4,832&#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">&#9;417&#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"><B>&#9;5,249&#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">&#9;4,603&#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">&#9;386&#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"><B>&#9;4,989&#9;</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">Payments to Renova Foundation</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">&#9;1,940&#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">&#9;2,171&#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"><B>&#9;4,111&#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">&#9;1,865&#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">&#9;2,171&#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"><B>&#9;4,036&#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: #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;2,592&#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;&ndash;&#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"><B>&#9;2,592&#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">&#9;2,568&#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">&#9;&ndash;&#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;2,568&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&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;42,082&#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;12,546&#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;54,628&#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;40,466&#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;12,515&#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;52,981&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&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"><B>UTPs recorded on statement of financial position</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&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: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Deduction of CSLL in Brazil</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;985&#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;&ndash;&#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"><B>&#9;985&#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">952</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">&#9;&ndash;&#9;</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"><B>952</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; background-color: white">&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;985&#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;&ndash;&#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;985&#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"><B>952</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;&ndash;&#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"><B>952</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>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0pt 0; text-align: justify; color: #007E7A"><B>&nbsp;</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: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Current assets</B></FONT></TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Non-current assets</B></FONT></TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Current liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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: #007E7A; line-height: 120%"><B>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: teal 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>December 31, 2024</B></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: #007E7A; line-height: 120%"><B>June 30, 2025</B></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: #007E7A; line-height: 120%"><B>December 31, 2024</B></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: #007E7A; line-height: 120%"><B>June 30, 2025</B></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: #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">Value-added tax (&quot;ICMS&quot;)</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;1,660&#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;1,609&#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;89&#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;18&#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;624&#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;211&#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">Brazilian federal contributions (&quot;PIS&quot; and &quot;COFINS&quot;) </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;910&#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;1,646&#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">&#9;6,366&#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;6,036&#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;14&#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;90&#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">Income taxes</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;4,640&#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;3,490&#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;1,885&#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;1,975&#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;3,872&#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;1,961&#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">Financial compensation for the exploration of mineral resources (&quot;CFEM&quot;)</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: 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: #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; 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;350&#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;387&#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: #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;75&#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;66&#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;&#8212;&#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>
    <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;701&#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;910&#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: #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"><B>&#9;7,285&#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;6,811&#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; color: black"><B>&#9;8,340&#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;8,030&#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;5,561&#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;3,559&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_015"></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: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 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 June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: teal 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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 52%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>2025</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; 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>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>2024</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%"><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: #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;12,081&#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;14,592&#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;20,245&#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;22,883&#9;</B></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: #F2F2F2; padding-right: -2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; 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; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Thousands of shares </B></FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Weighted average number of common shares outstanding</FONT></TD>
    <TD STYLE="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">&#9;4,268,779&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;4,274,769&#9;</FONT></TD>
    <TD STYLE="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">&#9;4,268,769&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;4,283,095&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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; letter-spacing: -0.3pt; line-height: 120%">Weighted average number of common shares outstanding and potential ordinary shares</FONT></TD>
    <TD STYLE="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">&#9;4,274,808&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;4,279,782&#9;</FONT></TD>
    <TD STYLE="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">&#9;4,274,798&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;4,288,108&#9;</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: #F2F2F2; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&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; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</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%"><B>Basic and diluted earnings per share</B></FONT></TD>
    <TD STYLE="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">&#9;2.83&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">3.41</FONT></TD>
    <TD STYLE="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">&#9;4.74&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">5.34</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_016"></A>9. Cash flows reconciliation</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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; 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>Parent company</B></FONT></TD></TR>
  <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: 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: #007E7A; line-height: 120%"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 13%; 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="border-bottom: #007E7A 1pt solid; width: 10%; 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="border-top: teal 1pt solid; 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>
    <TD STYLE="border-top: teal 1pt solid; 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="border-top: teal 1pt solid; 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: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F4F4F4">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&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>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&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;24,055&#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;24,896&#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;24,157&#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;28,355&#9;</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>Adjusted for:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&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: 2.65pt; text-align: right">&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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Equity results from subsidiaries </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%">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;&#8212;&#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;&#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;(2,573)&#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;(4,520)&#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">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; 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: #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; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,200)&#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;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;(1,200)&#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">Impairment and gains (losses) on disposal of non-current assets, net</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), 15(b), 16 and 17</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;2,199&#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;(5,415)&#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;1,577&#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;163&#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">Review of estimates related to the provision of Brumadinho</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%">23</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;280&#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;(113)&#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;280&#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;(113)&#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">Review of estimates related to the provision of de-characterization of dams</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%">25</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;(363)&#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;(683)&#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;(363)&#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;(683)&#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: white; padding-right: 2.65pt; text-align: right; 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;8,521&#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;7,677&#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;5,313&#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;4,802&#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">Financial results, net </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%">6</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;(2,186)&#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;8,793&#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;(1,007)&#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;7,971&#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>Changes in assets and liabilities:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right; 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: 2.65pt; text-align: right">&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">Accounts receivable </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%">10</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;1,074&#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;8,785&#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;5,156&#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;2,038&#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">Inventories </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%">11</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;(2,264)&#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;(2,154)&#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;(32)&#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;477&#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">Suppliers and contractors</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%">12</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;3,842&#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;(640)&#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;2,820&#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;(853)&#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: #007E79 1pt solid; vertical-align: bottom; background-color: white">&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;(4,125)&#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;(5,590)&#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;(3,190)&#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;(1,433)&#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: #007E79 1pt solid; vertical-align: bottom; background-color: white">&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;31,057&#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;34,356&#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;32,162&#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;35,004&#9;</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>b) Cash flow from investing 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">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="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>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="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>Parent company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" 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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 47%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 13%; 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="border-top: #007E79 1pt solid; 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="border-top: #007E79 1pt solid; 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>2024</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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="border-top: #007E79 1pt solid; 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>2024</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%">Proceeds from the partial disposal of VBML shares</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(c)</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;&#8212;&#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;12,697&#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;&#8212;&#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;&#8212;&#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%">Proceeds from the partial disposal of PTVI shares</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%">15(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">&#9;&#8212;&#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;862&#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;&#8212;&#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;&#8212;&#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>Cash received from disposal of investments, net</B></FONT></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: 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; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;13,559&#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">&#9;&#8212;&#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"><B>&#9;&#8212;&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Reconciliation of debt to cash
flows arising from financing activities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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; 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>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>Quoted in the secondary market</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 12%; 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>Other debt contracts in Brazil</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 12%; 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>Other debt contracts on the international market</B></FONT></TD>
    <TD STYLE="border-top: #007E7A 1pt solid; width: 12%; 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>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: #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;52,879&#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;2,088&#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;36,631&#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;91,598&#9;</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">Additions</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;10,324&#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;&#8211;&#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;8,350&#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;18,674&#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">Payments</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;(2,073)&#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;(123)&#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;(3,445)&#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;(5,641)&#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: #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;(1,760)&#9;</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;(53)&#9;</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;(1,107)&#9;</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;(2,920)&#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>Cash flow from financing activities</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; color: black"><B>&#9;6,491&#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; color: black"><B>&#9;(176)</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; color: black"><B>&#9;3,798&#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; color: black"><B>&#9;10,113&#9;</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">Transfer to held for sale (Energy Assets)</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;(1,206)&#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;(170)&#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;&#8211;&#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;(1,376)&#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">Effect of exchange rate</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;(5,530)&#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;(109)&#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;(4,348)&#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;(9,987)&#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: #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;2,209&#9;</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;50&#9;</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;958&#9;</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;3,217&#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>Non-cash changes</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; color: black"><B>&#9;(4,527)</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; color: black"><B>&#9;(229)</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; color: black"><B>&#9;(3,390)</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; color: black"><B>&#9;(8,146)</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>June 30, 2025</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; color: black"><B>&#9;54,843&#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; color: black"><B>&#9;1,683&#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; color: black"><B>&#9;37,039&#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; color: black"><B>&#9;93,565&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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; color: black"><B>December 31, 2023</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;36,182&#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;1,211&#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;22,982&#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;60,375&#9;</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">Additions</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;5,389&#9;</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">0</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;4,777&#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;10,166&#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">Payments</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;(256)&#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;(119)&#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;(2,717)&#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;(3,092)&#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: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(1,160)&#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;(55)&#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;(804)&#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;(2,019)&#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>Cash flow from financing activities</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;3,973&#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;(174)</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;1,256&#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;5,055&#9;</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">Effect of exchange rate</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;5,216&#9;</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">0</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;3,952&#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;9,168&#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: #007E79 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;1,157&#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;55&#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;739&#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;1,951&#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>Non-cash changes</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;6,373&#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;55&#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;4,691&#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;11,119&#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>June 30, 2024</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;46,528&#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;1,092&#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;28,929&#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;76,549&#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: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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 June 2025, the
Company issued debentures of R$6.000 (US$1,080 million) indexed to IPCA plus 6.76% to 6.89% per year, paid semi-annually. The issuance
was structured in three series of R$2.000 (US$360 million) each, maturing in 2032, 2035, and 2037. The proceeds will be used in infrastructure
projects related with the railway concessions.</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 June 2025, the
Company contracted loan of R$823 (US$150 million) with Bank of China indexed to SOFR plus spread adjustments and maturing in 2030.</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 June 2025, the
Company contracted a loan of R$556,5 (US$100 million) with HSBC Bank indexed to SOFR plus spread adjustments and maturing in 2028.</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 June 2025, the
Company contracted a loan of R$1.379 (US$247 million) with Industrial and Commercial Bank of China indexed to SOFR plus spread adjustments
and maturing in 2030.</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 May 2025, the Company
contracted a loan of R$565 (US$100 million) with Oversea-Chinese Banking Corporation 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 R$287 (US$50 million) 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 R$1,552 (US$270 million) 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 R$4,324 (US$750 million) 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 R$1,557 (US$270 million) 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 R$1,629 (US$271 million) with Credit Agricole Bank indexed to SOFR plus spread adjustments and maturing in
2029.</FONT></TD></TR></TABLE>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- 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 R$1,791 (US$360 million) with the Japan Bank of International Cooperation (&#8220;JBIC&#8221;) indexed to
SOFR plus spread adjustments and maturing in 2035.</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 R$300 (US$60 million) 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 R$827 (US$166 million) 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 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 R$170 (US$34 million) 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 R$1,238 (US$250 million) with Banco Bradesco with a fixed rate maturing in 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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 April 2025, the
Company paid principal and interest of debentures, in the amount of R$164 (US$28 million).</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, Vale
redeemed notes maturing in 2034, 2036 and 2039, in the total amount of R$1.890 (US$329 million) and paid a premium of R$254 (US$44 million),
recorded as &#8220;Bond premium repurchase&#8221; in the financial results for the six-month period ended June 30, 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 R$862 (US$150 million).</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 R$226 (US$46 million).</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: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>d) Non-cash transactions</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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: 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: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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: #007E7A; line-height: 120%"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 12%; 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="border-top: teal 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&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>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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">Additions to PP&amp;E with capitalized loans and borrowing costs</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">71</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;69&#9;</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">71</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;69&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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: #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>Consolidated</B></FONT></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>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Receivables from contracts with customers</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</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%">Iron Solutions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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;7,580&#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;9,536&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;1,797&#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;2,339&#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%">Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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;4,529&#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;4,880&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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: #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%">Other</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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;73&#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;121&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;38&#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;75&#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%">Related parties</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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%">29(b)</FONT></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%">&#9;804&#9;</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;385&#9;</FONT></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%">&#9;19,601&#9;</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;26,329&#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>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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;12,986&#9;</B></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%"><B>&#9;14,922&#9;</B></FONT></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;21,436&#9;</B></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%"><B>&#9;28,743&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Expected credit loss</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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%">&#9;(295)&#9;</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;(322)&#9;</FONT></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%">&#9;(84)&#9;</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;(80)&#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>Accounts receivable, net</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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;12,691&#9;</B></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%"><B>&#9;14,600&#9;</B></FONT></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;21,352&#9;</B></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%"><B>&#9;28,663&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 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: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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>June 30, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>Thousand metric tons</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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>Provisional price (US$/ton)</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Variation</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Effect
    on revenue (R$ million)</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%">Iron ore</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;20,353&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;94&#9;</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%">+/- 10%</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%">+/- 1,086</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%">Copper</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;63&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;9,483&#9;</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%">+/- 10%</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%">+/- 336</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&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>Consolidated</B></FONT></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>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Finished products</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</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%">Iron Solutions</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;15,307&#9;</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%">&#9;15,435&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;5,481&#9;</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%">&#9;5,355&#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%">Energy Transition Metals</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;3,570&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;3,535&#9;</FONT></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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%"><B>&#9;18,877&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;18,970&#9;</B></FONT></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;5,481&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;5,355&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</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%">Work in progress</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;3,946&#9;</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%">&#9;4,282&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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%">&#9;3&#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%">Consumable inventory</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;5,804&#9;</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%">&#9;6,119&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;2,566&#9;</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%">&#9;2,733&#9;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&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%">Net realizable value provision (i)</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;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;(858)&#9;</FONT></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%">&#9;(16)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;(116)&#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>Total of inventories</B></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%"><B>&#9;28,606&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;28,513&#9;</B></FONT></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;8,031&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;7,975&#9;</B></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: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) In the six-month period ended June
30, 2025, the effect of provision for net realizable value was R$444 (US$78 million) (2024: R$265 (US$53 million)).</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><A NAME="a_019"></A>12. Suppliers and contractors</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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: #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>Consolidated</B></FONT></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>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Third parties</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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;28,205&#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;24,797&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;16,861&#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;14,398&#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%">Related parties </FONT></TD>
    <TD STYLE="border-bottom: #007E79 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%">29(b)</FONT></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%">&#9;1,557&#9;</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;1,420&#9;</FONT></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%">&#9;1,117&#9;</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;888&#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>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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;29,762&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;26,217&#9;</B></FONT></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;17,978&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;15,286&#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>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: teal; line-height: 112%"><B>Consolidated</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: teal; line-height: 112%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal; line-height: 112%"><B>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; vertical-align: top; width: 12%; border-bottom: #007E79 1pt solid; padding-top: 1.15pt; padding-bottom: 1pt; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal; line-height: 112%"><B>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; 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="border-bottom: #D9D9D9 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; 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: #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;7,481&#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;8,313&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;6,225&#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;6,816&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; 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: teal 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: 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%">&#9;36&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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: 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; line-height: 112%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; line-height: 112%"><B>Total carrying amount relating to Arrangements with suppliers and contractors</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;7,481&#9;</B></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%"><B>&#9;8,349&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;6,225&#9;</B></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%"><B>&#9;6,816&#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 six-month period ended June 30, 2025 and 2024 due to the Arrangements totaled, respectively, R$473 (US$82 million) and R$456 (US$90
million).</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_020"></A>13. Other financial assets and liabilities</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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="4" 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>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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>Current</B></FONT></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>Non-Current</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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>
    <TD STYLE="border-bottom: #D9D9D9 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;46&#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;78&#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%">Derivative financial instruments </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;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;2,285&#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;331&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;1,552&#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;91&#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%">Investments in equity securities </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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>
    <TD STYLE="border-bottom: #D9D9D9 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;310&#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;337&#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%">Loans - Related parties</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%">29(a)</FONT></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%">&#9;416&#9;</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; 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;399&#9;</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;923&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;2,701&#9;</B></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%"><B>&#9;331&#9;</B></FONT></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;2,307&#9;</B></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%"><B>&#9;1,429&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">Derivative financial instruments </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;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;633&#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;1,220&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;610&#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;2,650&#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%">Other financial liabilities - Related parties </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%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;1,053&#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;1,803&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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: #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%">Liabilities related to the concession grants</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%">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;2,940&#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;2,895&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;11,417&#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;11,684&#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</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;1,075&#9;</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;1,961&#9;</FONT></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%">&#9;1&#9;</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;199&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;5,701&#9;</B></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%"><B>&#9;7,879&#9;</B></FONT></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;12,028&#9;</B></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%"><B>&#9;14,533&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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="4" 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>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&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>Current</B></FONT></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>Non-Current</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">Restricted cash</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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>
    <TD STYLE="border-bottom: #D9D9D9 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;26&#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;24&#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%">Derivative financial instruments </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;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;1,904&#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;194&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;1,106&#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;35&#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%">Investments in equity securities </FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</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; 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;114&#9;</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;120&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;1,904&#9;</B></FONT></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;194&#9;</B></FONT></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;1,246&#9;</B></FONT></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;179&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">Derivative financial instruments </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;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;405&#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;1,124&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;378&#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;2,491&#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%">Pre-export payments - Related parties </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%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;14,172&#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;14,731&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;50,774&#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;58,976&#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%">Other financial liabilities - Related parties </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%">29(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;2,715&#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;3,380&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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: #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%">Liabilities related to the concession grants</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%">13(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;2,940&#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;2,895&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;11,417&#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;11,684&#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</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</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; 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: #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;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;20,232&#9;</B></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%"><B>&#9;22,130&#9;</B></FONT></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;62,570&#9;</B></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%"><B>&#9;73,152&#9;</B></FONT></TD></TR>
  </TABLE>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B>a) Liabilities related to the concession grants</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" 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>Consolidated</B></FONT></TD>
    <TD COLSPAN="3" 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>Discount rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 20%; border-bottom: #D9D9D9 1pt solid">&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>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 10%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 10%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 10%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 10%; 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>June 30, 2025</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>June 30, 2025</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>December 31, 2024</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>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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Payment obligation</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;6,924&#9;</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;90&#9;</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;293&#9;</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;(157)&#9;</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;7,150&#9;</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%">6.94% - 11.04%</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%">7.32% - 11.04%</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%">32 years</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%">Infrastructure investment</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;7,655&#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;166&#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;296&#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;(910)&#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;7,207&#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%">6.82% - 8.13%</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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%">7.43% - 8.12%</FONT><FONT STYLE="font-size: 8pt; line-height: 120%">&nbsp;</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%">8 years</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: 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;14,579&#9;</B></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%"><B>&#9;256&#9;</B></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%"><B>&#9;589&#9;</B></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%"><B>&#9;(1,067)</B></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%"><B>&#9;14,357&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&nbsp;</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%">Current liabilities</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;2,895&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&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%">&#9;2,940&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&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: 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;11,684&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</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;11,417&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&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>Liabilities</B></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%"><B>&#9;14,579&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</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%"><B>&#9;14,357&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white">&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.&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_021"></A>14. Investments in associates and joint ventures</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="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 30%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; 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>Business</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; 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="border-bottom: #007E79 1pt solid; width: 7%; 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="border-bottom: #007E79 1pt solid; width: 7%; 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>Additions and capitalizations</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; 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="border-bottom: #007E79 1pt solid; width: 7%; 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="border-bottom: #007E79 1pt solid; width: 7%; 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="border-bottom: #007E79 1pt solid; width: 7%; 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>Transfer to assets held for sale (note 15a)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 7%; 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="border-bottom: #007E79 1pt solid; width: 7%; 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>June 30, 2025</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>Direct subsidiaries</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</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>In Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. (i)</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%">Iron ore</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%">100.00</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%">&#9;5,995&#9;</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;&#8211;&#9;</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;168&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;(5,489)&#9;</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;(674)&#9;</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;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia Portu&aacute;ria da Ba&iacute;a de Sepetiba</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%">Iron ore</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%">100.00</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%">&#9;557&#9;</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;&#8211;&#9;</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;68&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;26&#9;</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;651&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Minera&ccedil;&otilde;es Brasileiras Reunidas S.A.</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%">Iron ore</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%">100.00</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%">&#9;1,401&#9;</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;&#8211;&#9;</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;63&#9;</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;(20)&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;1,444&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Minera&ccedil;&otilde;es Brasileiras Reunidas S.A. &#8211; Goodwill</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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">&#9;4,060&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;4,060&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Tecnored Desenvolvimento Tecnol&oacute;gico S.A.</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%">Iron ore</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%">100.00</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%">&#9;133&#9;</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;133&#9;</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;(58)&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;208&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Valepar &#8211; Goodwill</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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">&#9;3,073&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;3,073&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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</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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">&#9;865&#9;</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;183&#9;</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;19&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;153&#9;</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;1,220&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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>Abroad</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Vale Holdings B.V.</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%">Holding</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%">100.00</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%">&#9;108,208&#9;</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;&#8211;&#9;</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;2,528&#9;</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;&#8211;&#9;</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;(8,079)&#9;</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;&#8211;&#9;</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;330&#9;</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;102,987&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 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</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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;290&#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;185&#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;(215)&#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;&#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;(34)&#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;&#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;1&#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;227&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;124,582&#9;</B></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%"><B>&#9;501&#9;</B></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%"><B>&#9;2,573&#9;</B></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%"><B>&#9;(20)</B></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%"><B>&#9;(8,113)</B></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%"><B>&#9;(5,489)</B></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%"><B>&#9;(164)</B></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%"><B>&#9;113,870&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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>In Brazil</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">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: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy</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%">51.00</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%">&#9;459&#9;</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;&#8211;&#9;</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;(61)&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;398&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Anglo American Min&eacute;rio de Ferro do Brasil</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%">Iron ore</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%">15.00</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%">&#9;4,104&#9;</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;7&#9;</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;180&#9;</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;(205)&#9;</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;(478)&#9;</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;&#8211;&#9;</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;1&#9;</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;3,609&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</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%">Pellets</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%">50.00</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%">&#9;468&#9;</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;&#8211;&#9;</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;40&#9;</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;(36)&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;472&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</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%">Pellets</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%">50.89</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%">&#9;257&#9;</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;&#8211;&#9;</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;20&#9;</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;(21)&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;256&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</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%">Pellets</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%">50.90</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%">&#9;377&#9;</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;&#8211;&#9;</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;24&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;30&#9;</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;431&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</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%">Pellets</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%">51.00</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%">&#9;800&#9;</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;&#8211;&#9;</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;59&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;2&#9;</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;861&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Samarco Minera&ccedil;&atilde;o S.A. (note 24)</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%">Pellets</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%">50.00</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%">&#9;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">MRS Log&iacute;stica S.A.</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%">Logistics</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%">49.01</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%">&#9;3,659&#9;</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;&#8211;&#9;</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;376&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;(1)&#9;</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;4,034&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">VLI S.A.</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%">Logistics</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%">29.60</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%">&#9;2,111&#9;</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;&#8211;&#9;</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;203&#9;</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;(92)&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;2,222&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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</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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">&#9;435&#9;</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: #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;4&#9;</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;(4)&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;(126)&#9;</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;317&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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>Abroad</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">PT Vale Indonesia Tbk</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%">Energy transition metals</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%">33.88</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%">&#9;11,676&#9;</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;&#8211;&#9;</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;(40)&#9;</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;(67)&#9;</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;(1,382)&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;10,187&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 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%">Vale Oman Distribution Center</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%">Logistics</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%">50.00</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;3,812&#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;&#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;74&#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;(114)&#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;(451)&#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;&#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;&#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;3,321&#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>Consolidated total investment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;28,158&#9;</B></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%"><B>&#9;15&#9;</B></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%"><B>&#9;879&#9;</B></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%"><B>&#9;(539)</B></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%"><B>&#9;(2,311)</B></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%"><B>&#9;&#8211;&#9;</B></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%"><B>&#9;(94)</B></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%"><B>&#9;26,108&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Parent Company's total investment</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;152,740&#9;</B></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%"><B>&#9;516&#9;</B></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%"><B>&#9;3,452&#9;</B></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%"><B>&#9;(559)</B></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%"><B>&#9;(10,424)</B></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%"><B>&#9;(5,489)</B></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%"><B>&#9;(258)</B></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%"><B>&#9;139,978&#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">Other results in investments (ii)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</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;(903)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&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>Equity results and other results</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</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%"><B>&#9;2,549&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(i) The value presented in the column
&quot;Other&quot; refers to the impairment loss in the amount of R$674 (US$117 million), allocated to goodwill on the investment in Alian&ccedil;a
Gera&ccedil;&atilde;o de Energia S.A. (note 15a).</P>

<P STYLE="font: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">(ii) It refers substantially to the addition
in the provision related to Samarco dam failure (note 24b).</P>

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


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_022"></A>15. Acquisitions and divestitures</B></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>Effects 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="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #007E79 1pt solid; padding-top: 2.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Reference</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; 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: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; 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: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; 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: #007E79 1pt solid; width: 12%; padding-top: 1.15pt; padding-bottom: 1pt; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Energy Assets</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%">15(a) and 16</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;&#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>
    <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;(674)&#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: #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%">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%">15(b)</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;&#8211;&#9;</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;5,710&#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;&#8211;&#9;</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;5,710&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%"><B>&#9;&#8211;&#9;</B></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%"><B>&#9;5,710&#9;</B></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%"><B>&#9;(674)</B></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%"><B>&#9;5,710&#9;</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 R$4.8 billion (US$837 million).</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 R$5.6 billion (US$1 billion), net of an estimated reduction of R$0.8 billion (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, in March 2025, the assets and liabilities associated with the Energy Assets were classified as held for sale and the Company recognized
an impairment loss in the amount of R$674 (US$117 million) in the income statement as &quot;Impairment and gains (losses) on disposal
of non-current assets, net&quot;, which was allocated to goodwill (note 16).</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="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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>Notes</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 12%; 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>March 31, 2025 (date of the  classification)</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>Assets</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</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%">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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;663&#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;658&#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%">Deferred income taxes</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%">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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;56&#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%">Intangible assets</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;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;5,193&#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;5,192&#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%">Property, plant, and equipment</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%">17 and 22</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;4,786&#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;4,769&#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%">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;215&#9;</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;205&#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>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;10,916&#9;</B></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%"><B>&#9;10,880&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</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>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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: 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: #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(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;1,362&#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;1,376&#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%">Deferred income taxes</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%">7(b)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;1,697&#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;1,694&#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%">Others</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;982&#9;</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;941&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;4,041&#9;</B></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%"><B>&#9;4,011&#9;</B></FONT></TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>b)
Divestment on PT Vale Indonesia Tbk (&#8220;PTVI&#8221;) &#8211; </B></FONT><FONT STYLE="font-size: 10pt; color: #242424">In June 2024,
the Company reduced its interests in PTVI in approximately 10.5%. This divestment was carried out through (i) the issuance of PTVI&#8217;s
new shares, thereby diluting Vale in 2.1%, and (ii) by the direct sale of 8.4% of Vale&#8217;s shares to MIND ID. As a result of the transaction,
MIND ID became PTVI's largest shareholder, holding approximately 34.0% of the issued shares, with the Company and SMM holding approximately
33.9% and 11.5%, respectively. The completion of the transaction satisfied a key condition for PTVI to extend its mining license until
2035, with potential extension beyond this period subject to certain requirements.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">With the transaction, Vale received
R$862 (US$155 million) for its shares and lost control over PTVI, which was accounted for as an associate under the equity method due
to the significant influence retained by Vale over PTVI.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">As result, in June 2024, the Company recognized a gain of R$5,710
(US$1,059 million) in the income statement as &quot;Other operating expenses, net&quot;. This gain was due to the reclassification of
cumulative translation adjustments of R$5,728 (US$1,063 million) and the gain on remeasurement of the interest retained at fair value
of the R$3,654 (US$657 million), net of the loss on the reduction in PTVI stake in the amount of R$3,672 (US$661 million). The effects
of this transaction are summarized 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="width: 77%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 23%; 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>June 28, 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cash consideration received</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%">862</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Fair value of 33.9% interest retained (i)</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%">10,621</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Effects of the deconsolidation:</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Derecognition of net assets of PTVI</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%">(20,551)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Gain on derecognition of noncontrolling shareholders</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%">9,050</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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%">Gain on the reclassification of cumulative translation adjustments</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%">5,728</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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>Gain on the transaction recorded in the income statement</B></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%"><B>5,710</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; text-align: justify">(i) The fair value of the 33.9% retained interest
was estimated based on a third-party valuation report. The valuation considered the discounted cash flow method. The key assumptions considered
were (i) discount rate of 7.75% with incremental risk premium of around 1.00% on certain assets, (ii) asset life through to 2065, and
(iii) range of expected nickel prices from US$/t 17,501 to US$/t 21,000.</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-size: 11pt; color: #007E7A"><B>c)
Strategic partnership in the Energy Transition Metals business &#8211; </B></FONT><FONT STYLE="font-size: 10pt; color: #242424">In April
2024, the Company concluded the transaction with Manara Minerals to sell 10% of the business for R$12,697 (US$2,455 million), which
was fully contributed to VBM thereby diluting Vale to a 90% equity interest, retaining control over VBM. As a result, Vale recognized
a gain from the sale in the amount of R$4,593 (US$895 million), of which R$7,828 (US$1,514 million) was attributable to noncontrolling
interests recorded in the equity as &quot;Transactions with noncontrolling interests&quot;.&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_023"></A>16. Intangibles</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" 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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 34%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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>Goodwill</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>Concessions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>Software</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>Research and development project</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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 STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;18,811&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;42,991&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;519&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;2,784&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;65,105&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;847&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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: #D9D9D9 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;938&#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%">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;(20)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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: #D9D9D9 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;(20)&#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%">Amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;(789)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;(127)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;(916)&#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</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%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;(674)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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: #D9D9D9 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: #D9D9D9 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;(674)&#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%">Transfer to held for sale (Energy Assets)</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%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;(752)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;(4,419)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;(5,192)&#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%">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;(732)&#9;</FONT></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%">&#9;&#8211;&#9;</FONT></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%">&#9;(6)&#9;</FONT></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%">&#9;&#8211;&#9;</FONT></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%">&#9;(738)&#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>Balance as of June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;16,653&#9;</B></FONT></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;38,610&#9;</B></FONT></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;476&#9;</B></FONT></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;2,764&#9;</B></FONT></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;58,503&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 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;16,653&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;48,800&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;3,563&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;2,764&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;71,780&#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%">Accumulated amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></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%">&#9;(10,190)&#9;</FONT></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%">&#9;(3,087)&#9;</FONT></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%">&#9;&#8211;&#9;</FONT></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%">&#9;(13,277)&#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>Balance as of June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;16,653&#9;</B></FONT></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;38,610&#9;</B></FONT></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;476&#9;</B></FONT></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;2,764&#9;</B></FONT></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;58,503&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;15,799&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;37,226&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;502&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;2,782&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;56,309&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Additions</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">&#9;&#8211;&#9;</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%">&#9;94&#9;</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%">&#9;154&#9;</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%">&#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;248&#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%">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">&#9;&#8211;&#9;</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%">&#9;(22)&#9;</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%">&#9;&#8211;&#9;</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%">&#9;(23)&#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;(45)&#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%">Amortization</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">&#9;&#8211;&#9;</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%">&#9;(640)&#9;</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%">&#9;(148)&#9;</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%">&#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;(788)&#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%">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;938&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 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;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #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;949&#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>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;16,737&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;36,658&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;519&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;2,759&#9;</B></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%"><B>&#9;56,673&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">&#9;16,737&#9;</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%">&#9;45,584&#9;</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%">&#9;3,371&#9;</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%">&#9;2,759&#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;68,451&#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%">Accumulated amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 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;(8,926)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;(2,852)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #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;(11,778)&#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>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;16,737&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;36,658&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;519&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;2,759&#9;</B></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%"><B>&#9;56,673&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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>Parent company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>Concessions</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>Software</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>Research and development project</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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 STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;38,509&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;430&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;41,693&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Additions</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;834&#9;</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;67&#9;</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;&#8211;&#9;</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;901&#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%">Disposals</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;(21)&#9;</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;&#8211;&#9;</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;&#8211;&#9;</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;(21)&#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%">Amortization</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;(713)&#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;(90)&#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;&#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;(803)&#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>Balance as of June 30, 2025</B></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%"><B>&#9;38,609&#9;</B></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%"><B>&#9;407&#9;</B></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%"><B>&#9;2,754&#9;</B></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%"><B>&#9;41,770&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost</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;48,799&#9;</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;2,059&#9;</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;2,754&#9;</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;53,612&#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%">Accumulated amortization</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;(10,190)&#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;(1,652)&#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;&#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;(11,842)&#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>Balance as of June 30, 2025</B></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%"><B>&#9;38,609&#9;</B></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%"><B>&#9;407&#9;</B></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%"><B>&#9;2,754&#9;</B></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%"><B>&#9;41,770&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&nbsp;</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"><B>Balance at December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;37,226&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;386&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;40,366&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Additions</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%">&#9;94&#9;</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%">&#9;103&#9;</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%">&#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;197&#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%">Disposals</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%">&#9;(22)&#9;</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%">&#9;&#8211;&#9;</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%">&#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;(22)&#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%">Amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;(640)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;(83)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #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;(723)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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 June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;36,658&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;406&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;39,818&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cost</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%">&#9;45,584&#9;</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%">&#9;1,881&#9;</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%">&#9;2,754&#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;50,219&#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%">Accumulated amortization</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;(8,926)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;(1,475)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #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;(10,401)&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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 June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;36,658&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;406&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;2,754&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;39,818&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_024"></A>17. Property, plant, and equipment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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="9" 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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 24%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 4%; padding-top: 0.15pt; 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="border-bottom: teal 1pt solid; width: 8%; padding-top: 0.15pt; 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>Building and land</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-top: 0.15pt; 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>Facilities</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-top: 0.15pt; 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>Equipment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-top: 0.15pt; 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>Mineral properties</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-top: 0.15pt; 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>Railway equipment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-top: 0.15pt; 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>Right of use assets</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-top: 0.15pt; 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>Other</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-top: 0.15pt; 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>Constructions in progress</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; padding-top: 0.15pt; 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: #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 December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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;53,597&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;50,061&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;25,002&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;28,153&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,932&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;4,089&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;13,575&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;60,185&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;247,594&#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 (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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: silver 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: silver 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;195&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;12,577&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;12,772&#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">Disposals and impairments</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;(80)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(74)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(16)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(38)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(41)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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;(1,040)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(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"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">Assets retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: silver 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%">25(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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;193&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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: silver 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;193&#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: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;(1,283)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,696)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,741)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,252)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(433)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(437)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,075)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;(7,917)&#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 to held for sale (Energy Assets)</FONT></TD>
    <TD STYLE="border-bottom: silver 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%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(135)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,753)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(2,058)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;(212)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(279)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(326)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(4,769)&#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="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;(762)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(626)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(762)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(418)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(292)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(410)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,586)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(4,862)&#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">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&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;2,711&#9;</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;4,355&#9;</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;4,309&#9;</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;(5,058)&#9;</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;684&#9;</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;&#8211;&#9;</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;1,309&#9;</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;(8,310)&#9;</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;&#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"><B>Balance as of June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&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%"><B>&#9;54,048&#9;</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%"><B>&#9;50,267&#9;</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%"><B>&#9;24,734&#9;</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%"><B>&#9;21,574&#9;</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%"><B>&#9;13,136&#9;</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%"><B>&#9;3,343&#9;</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%"><B>&#9;13,112&#9;</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%"><B>&#9;61,500&#9;</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%"><B>&#9;241,714&#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">Cost</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;94,477&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;82,777&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;58,925&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;67,236&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;23,135&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;8,185&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;29,937&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;61,500&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;426,172&#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">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&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;(40,429)&#9;</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;(32,510)&#9;</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;(34,191)&#9;</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;(45,662)&#9;</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;(9,999)&#9;</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;(4,842)&#9;</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;(16,825)&#9;</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;&#8211;&#9;</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;(184,458)&#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 June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&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%"><B>&#9;54,048&#9;</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%"><B>&#9;50,267&#9;</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%"><B>&#9;24,734&#9;</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%"><B>&#9;21,574&#9;</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%"><B>&#9;13,136&#9;</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%"><B>&#9;3,343&#9;</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%"><B>&#9;13,112&#9;</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%"><B>&#9;61,500&#9;</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%"><B>&#9;241,714&#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: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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"><B>Balance as of December 31, 2023</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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;48,989&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;44,730&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;21,543&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;33,524&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,645&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;6,579&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,028&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;54,264&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;234,302&#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 (i)</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(27)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;13,970&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;13,943&#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">Disposals</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(85)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(16)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;(3)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(322)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(485)&#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">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; color: black">25(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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;(771)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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: silver 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;(771)&#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; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;(1,137)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,402)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,786)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,150)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(409)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(454)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(830)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(7,168)&#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="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;965&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;621&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;951&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;2,037&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;714&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;539&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;2,167&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;8,005&#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">Transfers</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</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%">&#9;1,594&#9;</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%">&#9;2,568&#9;</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%">&#9;1,443&#9;</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%">&#9;785&#9;</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%">&#9;251&#9;</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%">&#9;&#8211;&#9;</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%">&#9;644&#9;</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%">&#9;(7,285)&#9;</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%">&#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"><B>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</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%"><B>&#9;50,387&#9;</B></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%"><B>&#9;46,432&#9;</B></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%"><B>&#9;22,118&#9;</B></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%"><B>&#9;34,423&#9;</B></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%"><B>&#9;12,482&#9;</B></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%"><B>&#9;6,812&#9;</B></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%"><B>&#9;12,378&#9;</B></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%"><B>&#9;62,794&#9;</B></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%"><B>&#9;247,826&#9;</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; color: black">Cost</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 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;88,696&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 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;76,290&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 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;53,953&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 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;81,904&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 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;21,773&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 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;11,615&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 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;27,403&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 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;62,794&#9;</FONT></TD>
    <TD STYLE="border-bottom: rgb(182,182,182) 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;424,428&#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">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</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%">&#9;(38,309)&#9;</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%">&#9;(29,858)&#9;</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%">&#9;(31,835)&#9;</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%">&#9;(47,481)&#9;</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%">&#9;(9,291)&#9;</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%">&#9;(4,803)&#9;</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%">&#9;(15,025)&#9;</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%">&#9;&#8211;&#9;</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%">&#9;(176,602)&#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 June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&nbsp;</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%"><B>&#9;50,387&#9;</B></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%"><B>&#9;46,432&#9;</B></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%"><B>&#9;22,118&#9;</B></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%"><B>&#9;34,423&#9;</B></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%"><B>&#9;12,482&#9;</B></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%"><B>&#9;6,812&#9;</B></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%"><B>&#9;12,378&#9;</B></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%"><B>&#9;62,794&#9;</B></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%"><B>&#9;247,826&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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="9" 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: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 24%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 4%; 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="border-bottom: teal 1pt solid; width: 8%; 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>Building and land</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; 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>Facilities</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; 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>Equipment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; 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>Mineral properties</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; 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>Railway equipment</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; 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>Right of use assets</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; 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>Other</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; 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>Constructions in progress</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 8%; 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: #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>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&nbsp;</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%"><B>&#9;34,819&#9;</B></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%"><B>&#9;38,762&#9;</B></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%"><B>&#9;13,119&#9;</B></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%"><B>&#9;8,652&#9;</B></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%"><B>&#9;12,829&#9;</B></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%"><B>&#9;1,142&#9;</B></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%"><B>&#9;7,349&#9;</B></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%"><B>&#9;34,140&#9;</B></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%"><B>&#9;150,812&#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%">Additions (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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: silver 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: silver 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;72&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;8,971&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;9,043&#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: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;(80)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(10)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(38)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(41)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(539)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(715)&#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: silver 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%">25(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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;211&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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: silver 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;211&#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: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;(788)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,145)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,010)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(381)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(428)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(134)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(746)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;(4,632)&#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: silver 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%">15(a)</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;(1,290)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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;(178)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(165)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,635)&#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%">Transfers</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&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;1,349&#9;</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;2,133&#9;</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;1,436&#9;</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;12&#9;</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;698&#9;</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;&#8211;&#9;</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;1,101&#9;</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;(6,729)&#9;</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;&#8211;&#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>Balance as of June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</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%"><B>&#9;35,300&#9;</B></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%"><B>&#9;38,454&#9;</B></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%"><B>&#9;13,534&#9;</B></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%"><B>&#9;8,456&#9;</B></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%"><B>&#9;13,058&#9;</B></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%"><B>&#9;902&#9;</B></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%"><B>&#9;7,702&#9;</B></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%"><B>&#9;35,678&#9;</B></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%"><B>&#9;153,084&#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: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;51,579&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;57,129&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;29,566&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;14,229&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;22,957&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;2,811&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;18,827&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;35,678&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;232,776&#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%">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&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;(16,279)&#9;</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;(18,675)&#9;</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;(16,032)&#9;</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;(5,773)&#9;</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;(9,899)&#9;</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;(1,909)&#9;</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;(11,125)&#9;</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;&#8211;&#9;</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;(79,692)&#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>Balance as of June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom">&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%"><B>&#9;35,300&#9;</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%"><B>&#9;38,454&#9;</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%"><B>&#9;13,534&#9;</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%"><B>&#9;8,456&#9;</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%"><B>&#9;13,058&#9;</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%"><B>&#9;902&#9;</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%"><B>&#9;7,702&#9;</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%"><B>&#9;35,678&#9;</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%"><B>&#9;153,084&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;31,675&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;34,918&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,093&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;9,452&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,538&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;1,284&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;6,635&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;32,814&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;141,409&#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; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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: silver 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: silver 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;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;9,816&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;9,821&#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; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(84)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(14)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;(16)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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>
    <TD STYLE="border-bottom: silver 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;(248)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(389)&#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; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">25(b)</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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;(529)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 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: silver 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;(529)&#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; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;(700)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(916)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(974)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(380)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(403)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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>
    <TD STYLE="border-bottom: silver 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;(663)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;(4,222)&#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%">Transfers</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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;1,556&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;2,379&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;1,154&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(19)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;249&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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: teal 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;778&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(6,097)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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: #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>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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;32,507&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;36,297&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,259&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;8,524&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,368&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;1,103&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;6,747&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;36,285&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;146,090&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 2.25pt 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</FONT></TD>
    <TD STYLE="border-bottom: silver 2.25pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;47,337&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;52,935&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;26,660&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;13,510&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;21,515&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;2,701&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;16,568&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;36,285&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;217,511&#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%">Accumulated depreciation</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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;(14,830)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(16,638)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(14,401)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(4,986)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(9,147)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(1,598)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(9,821)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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: teal 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;(71,421)&#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>Balance as of June 30, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 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;32,507&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;36,297&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,259&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;8,524&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,368&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;1,103&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;6,747&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;36,285&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;146,090&#9;</B></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: 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: 32 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_025"></A>18. Financial and capital risk management</B></P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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="4" 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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&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>June 30, 2025</B></FONT></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>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-top: #007E79 1pt solid; width: 12%; 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>Liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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: #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%">Foreign exchange and interest rate risk</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">3,526</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">920</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">321</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">3,723</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%">Commodities price risk</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;311&#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;323&#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;101&#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;145&#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%">Embedded derivatives</FONT></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%">&#9;&#8211;&#9;</FONT></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%">&#9;&#8211;&#9;</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; 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&#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>Total</B></FONT></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;3,837&#9;</B></FONT></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;1,243&#9;</B></FONT></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;422&#9;</B></FONT></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;3,870&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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: 76%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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 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>June 30, 2025</B></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: #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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Foreign exchange and interest rate 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">2,606</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">(3,402)</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%">Commodities price risk</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)&#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;(44)&#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%">Embedded derivatives</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;&#8211;&#9;</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;(2)&#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>Total</B></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%"><B>&#9;2,594&#9;</B></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%"><B>&#9;(3,448)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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="4" 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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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>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: #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 June 30,</B></FONT></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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-top: #007E79 1pt solid; width: 12%; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Foreign exchange and interest rate 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">3,142</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">(2,420)</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">7,698</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">(2,484)</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%">Commodities price risk</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;(61)&#9;</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">(92)</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;(61)&#9;</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">(10)</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%">Embedded derivatives</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;1&#9;</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%">7</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;2&#9;</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%">3</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>Total</B></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%"><B>&#9;3,082&#9;</B></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%"><B>&#9;(2,505)</B></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%"><B>&#9;7,639&#9;</B></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%"><B>&#9;(2,491)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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="vertical-align: bottom; background-color: white">
    <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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Financial settlement inflows (outflows)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 76%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-top: #007E79 1pt solid; width: 12%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Foreign exchange and interest rate 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">1,697</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">584</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%">Commodities price risk</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;(84)&#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;42&#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>Total</B></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%"><B>&#9;1,613&#9;</B></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%"><B>&#9;626&#9;</B></FONT></TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0pt 0; text-align: justify; color: #007E7A"><B>a) Market risk</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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>Notional</B></FONT></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>Fair value</B></FONT></TD>
    <TD COLSPAN="3" 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>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 30%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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: #007E79 1pt solid; 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 Derivatives</FONT></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">US$ 9,719</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; 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: #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">2,606</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">(3,402)</FONT></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">1,212</FONT></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">901</FONT></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">493</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>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>&nbsp;</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: #007E79 1pt solid; width: 37%; 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>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 21%; 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="border-bottom: #007E79 1pt solid; width: 21%; 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="border-bottom: #007E79 1pt solid; width: 21%; 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: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$ depreciation</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;2,606&#9;</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;(6,142)</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;(14,889)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$ interest rate inside Brazil decrease</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;2,606&#9;</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;1,727&#9;</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;711&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Brazilian interest rate increase</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;2,606&#9;</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;485&#9;</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;(1,239)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">TJLP interest rate decrease</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;2,606&#9;</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;2,592&#9;</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;2,578&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">IPCA index decrease</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;2,606&#9;</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;1,287&#9;</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;141&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">SOFR interest rate decrease</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;2,606&#9;</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;2,411&#9;</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;2,212&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US Treasury rate increase</FONT></TD>
    <TD STYLE="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;2,606&#9;</FONT></TD>
    <TD STYLE="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;2,606&#9;</FONT></TD>
    <TD STYLE="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;2,606&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a.ii) Protection program for product
prices and input costs</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: teal 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>Notional</B></FONT></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>Fair value</B></FONT></TD>
    <TD COLSPAN="3" 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>Fair value by year</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 30%; border-bottom: #007E79 1pt solid"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Flow</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>June 30, 2025</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>December 31, 2024</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>June 30, 2025</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>December 31, 2024</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-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>2026</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>2027+</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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%">Options</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;18,954,750&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;24,050,625&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;33&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;67&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;(53)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;86&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;&ndash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt">Freight forwards </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;4,380&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;3,240&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;(29)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;(65)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;(25)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;(4)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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;&ndash;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1.5pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt 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>Fixed price nickel sales protection (ton)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1.5pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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%">Nickel forwards</FONT></TD>
    <TD STYLE="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;3,478&#9;</FONT></TD>
    <TD STYLE="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;4,978&#9;</FONT></TD>
    <TD STYLE="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;(16)</FONT></TD>
    <TD STYLE="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;(46)</FONT></TD>
    <TD STYLE="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;(15)</FONT></TD>
    <TD STYLE="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;(1)</FONT></TD>
    <TD STYLE="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;&ndash;&#9;</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="border-bottom: #007E79 1pt solid; width: 36%; 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>Instrument</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 34%; 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>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 2.15pt 0 0; text-align: right; color: #007E7A"><B>Scenario II </B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0 0 1pt; text-align: right; color: #007E7A"><B>(&#8710; of 50%)</B></P></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%">Brent crude oil (bbl)</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%">Decrease in fuel oil 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">33</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">(761)</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">(2,125)</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%">Forward Freight Agreement (days)</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Decrease in freight price</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%">(29)</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%">(136)</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%">(243)</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%">Hedge for fixed-price nickel sales (tons)</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Decrease in nickel price</FONT></TD>
    <TD STYLE="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%">(16)</FONT></TD>
    <TD STYLE="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%">(87)</FONT></TD>
    <TD STYLE="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%">(159)</FONT></TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; 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="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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>Notional </B></FONT></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>Fair value</B></FONT></TD>
    <TD COLSPAN="3" 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>Fair value by year</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; width: 37%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A; line-height: 120%"><B>Flow</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; 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="border-bottom: #007E79 1pt solid; width: 9%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; 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="border-bottom: #007E79 1pt solid; width: 9%; 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="border-bottom: #007E79 1pt solid; width: 9%; 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="border-bottom: #007E79 1pt solid; width: 9%; 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: #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>Embedded derivative (pellet price) in natural gas purchase (volume/month)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</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%">Call Options</FONT></TD>
    <TD STYLE="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;746,667&#9;</FONT></TD>
    <TD STYLE="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;746,667&#9;</FONT></TD>
    <TD STYLE="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="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)</FONT></TD>
    <TD STYLE="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="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="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></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>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 38%; 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="border-bottom: #007E79 1pt solid; width: 32%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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>Fair value</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; background-color: white; 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="border-bottom: #007E79 1pt solid; width: 10%; background-color: white; 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: #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>Embedded derivative (pellet price) in natural gas purchase agreement (volume/month)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</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%">Embedded derivatives - Gas purchase</FONT></TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pellet price increase</FONT></TD>
    <TD STYLE="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="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;(1)</FONT></TD>
    <TD STYLE="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;(6)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>h) 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="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&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 June 30,</B></FONT></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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-top: #007E79 1pt solid; width: 12%; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Net investments hedge</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;643&#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;(277)</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;1,663&#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;(1,339)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-size: 10pt"><B>b)
</B></FONT><B><FONT STYLE="font-size: 11pt">Credit risk management</FONT></B></P>

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

<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: #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>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&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>June 30, 2025</B></FONT></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>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 16%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 21%; 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="border-top: #007E79 1pt solid; width: 21%; 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>Derivatives</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 21%; 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="border-bottom: #007E79 1pt solid; width: 21%; 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: #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%">Aa2</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;3,231&#9;</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;31&#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;2,421&#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;3&#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%">A1</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;10,608&#9;</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;847&#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;11,605&#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;172&#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%">A2</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;2,682&#9;</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;475&#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;3,220&#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;83&#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%">A3</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;5,425&#9;</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;274&#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;4,391&#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;12&#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%">Baa1</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;&#8211;&#9;</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;&#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;6&#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: #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%">Baa2</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;32&#9;</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;&#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;25&#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: #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%">Ba1 (i)</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;4,174&#9;</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;1,208&#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;4,453&#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;111&#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%">Ba2 (i)</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;4,935&#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;1,002&#9;</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;4,881&#9;</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;41&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%"><B>&#9;31,087&#9;</B></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%"><B>&#9;3,837&#9;</B></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%"><B>&#9;31,002&#9;</B></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%"><B>&#9;422&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 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>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_026"></A>19. Financial assets and liabilities</B></P>

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

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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="8" 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>Consolidated</B></FONT></TD></TR>
  <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: #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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" 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>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 31%; 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>Financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 5%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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>Amortized cost</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 8%; 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>At fair value through OCI</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 8%; 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>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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>Amortized cost</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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>At fair value through OCI</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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: #D9D9D9 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>Current</B></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: 2.65pt; text-align: right">&nbsp;</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: 2.65pt; text-align: right">&nbsp;</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: 2.65pt; text-align: right">&nbsp;</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: 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 STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Cash and cash equivalents </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%">&#9;21&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;30,093&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;30,093&#9;</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%">&#9;30,671&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;30,671&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Short-term investments </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%">&#9;21&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;994&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;994&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;331&#9;</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%">&#9;331&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Derivative financial instruments </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%">&#9;18&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;2,285&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;2,285&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;331&#9;</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%">&#9;331&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Accounts receivable </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%">&#9;10&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;1,557&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;11,134&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;12,691&#9;</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%">&#9;2,313&#9;</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%">&#9;&#8211;&#9;</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%">&#9;12,287&#9;</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%">&#9;14,600&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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;31,650&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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;14,413&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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;46,063&#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;32,984&#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;&#8211;&#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;12,949&#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;45,933&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Judicial deposits</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%">26(c)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;3,259&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;3,259&#9;</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%">&#9;3,326&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;3,326&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Restricted cash</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%">&#9;13&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;46&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;46&#9;</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%">&#9;78&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;78&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Derivative financial instruments </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%">&#9;18&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;1,552&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;1,552&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;91&#9;</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%">&#9;91&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Investments in equity securities </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%">&#9;13&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;310&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;310&#9;</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%">&#9;&#8211;&#9;</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%">&#9;337&#9;</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%">&#9;&#8211;&#9;</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%">&#9;337&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;3,305&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;310&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;1,552&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;5,167&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;3,404&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;337&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;91&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;3,832&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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>Total of financial assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;34,955&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;310&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;15,965&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;51,230&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;36,388&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;337&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;13,040&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;49,765&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; 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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; 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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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>Financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; 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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; 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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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>Current</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; 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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; 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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Suppliers and contractors </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%">&#9;12&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;29,762&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;29,762&#9;</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%">&#9;26,217&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;26,217&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Derivative financial instruments </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%">&#9;18&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;633&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;633&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;1,220&#9;</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%">&#9;1,220&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Loans and borrowings </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%">&#9;21&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;3,735&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;3,735&#9;</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%">&#9;6,316&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;6,316&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Leases </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%">&#9;22&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;955&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;955&#9;</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%">&#9;907&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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%">&#9;907&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Liabilities related to the concession grants</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%">13(a)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;2,940&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;2,940&#9;</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%">&#9;2,895&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;2,895&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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 financial liabilities - Related parties </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%">&#9;29&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;1,053&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;1,053&#9;</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%">&#9;1,803&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;1,803&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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 financial obligations </FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;13&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;1,075&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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="background-color: rgb(242,242,242); border-bottom: #007E79 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="background-color: rgb(242,242,242); border-bottom: #007E79 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;1,075&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;1,961&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 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: #007E79 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;1,961&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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;39,520&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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;633&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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;40,153&#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;40,099&#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;&#8211;&#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;1,220&#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;41,319&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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>Non-current</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; 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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; 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 STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Derivative financial instruments </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%">&#9;18&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;610&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;610&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;2,650&#9;</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%">&#9;2,650&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Loans and borrowings </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%">&#9;21&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;89,830&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;89,830&#9;</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%">&#9;85,282&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;85,282&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Leases </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%">&#9;22&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;2,863&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;2,863&#9;</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%">&#9;3,507&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;3,507&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Participative shareholders' debentures </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%">&#9;20&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;13,394&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;13,394&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;13,727&#9;</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%">&#9;13,727&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">Liabilities related to the concession grants</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%">13(a)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;11,417&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;11,417&#9;</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%">&#9;11,684&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;11,684&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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 financial obligations</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;13&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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&#9;</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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="background-color: rgb(242,242,242); border-bottom: #007E79 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="background-color: rgb(242,242,242); border-bottom: #007E79 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;198&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;199&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;104,111&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;14,004&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;118,115&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;100,671&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;16,378&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;117,049&#9;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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>Total of financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;143,631&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;14,637&#9;</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;158,268&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;140,770&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;17,598&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;158,368&#9;</B></FONT></TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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 STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" 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>Consolidated</B></FONT></TD></TR>
  <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: #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>June 30, 2025</B></FONT></TD>
    <TD COLSPAN="4" 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>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 31%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 5%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 8%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 8%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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: #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>Financial assets</B></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; background-color: #F3F3F3; 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: #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>
    <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: white; 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; 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: #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%">&#9;21&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;178&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;816&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;994&#9;</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%">&#9;331&#9;</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%">&#9;&#8211;&#9;</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%">&#9;&#8211;&#9;</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%">&#9;331&#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%">Derivative financial instruments </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%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;3,837&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;3,837&#9;</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%">&#9;&#8211;&#9;</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%">&#9;422&#9;</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%">&#9;&#8211;&#9;</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%">&#9;422&#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%">Accounts receivable </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%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;11,134&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;11,134&#9;</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%">&#9;&#8211;&#9;</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%">&#9;12,287&#9;</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%">&#9;&#8211;&#9;</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%">&#9;12,287&#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%">Investments in equity securities </FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;13&#9;</FONT></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%">&#9;&#8211;&#9;</FONT></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%">&#9;310&#9;</FONT></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%">&#9;&#8211;&#9;</FONT></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%">&#9;310&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 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;337&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 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;337&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&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;178&#9;</B></FONT></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;16,097&#9;</B></FONT></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;&#8211;&#9;</B></FONT></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;16,275&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;331&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;13,046&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;13,377&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</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>Financial liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; padding-left: 2.65pt">&nbsp;</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%">Derivative financial instruments </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%">&#9;18&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;1,243&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;1,243&#9;</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%">&#9;&#8211;&#9;</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%">&#9;3,870&#9;</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%">&#9;&#8211;&#9;</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%">&#9;3,870&#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%">Participative shareholders' debentures </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%">&#9;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;13,394&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #D9D9D9 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;13,394&#9;</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%">&#9;&#8211;&#9;</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%">&#9;13,727&#9;</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%">&#9;&#8211;&#9;</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%">&#9;13,727&#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 financial obligations</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;13&#9;</FONT></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%">&#9;&#8211;&#9;</FONT></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%">&#9;1&#9;</FONT></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%">&#9;&#8211;&#9;</FONT></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%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 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&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 0.75pt; text-align: right">&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;&#8211;&#9;</B></FONT></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;14,638&#9;</B></FONT></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;&#8211;&#9;</B></FONT></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;14,638&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;17,598&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;17,598&#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: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>c) Fair value of loans and borrowings</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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: #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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&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>June 30, 2025</B></FONT></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>December 31, 2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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: #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>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">&nbsp;Bonds</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;41,925&#9;</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;42,156&#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;45,003&#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;44,866&#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%">Debentures</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;12,918&#9;</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;12,808&#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;7,876&#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;7,897&#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>Debt contracts in Brazil in:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; 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%">&nbsp;</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; background-color: white; padding-right: 0.75pt; 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: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;852&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;852&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,144&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;1,144&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Basket of currencies and bonds in US$ indexed to SOFR</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;831&#9;</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;871&#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;944&#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;960&#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>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; 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%">&nbsp;</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; background-color: white; padding-right: 0.75pt; 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: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$, with variable and fixed interest</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;36,684&#9;</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;38,276&#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;36,186&#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;36,673&#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%">Other currencies, with fixed interest</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;306&#9;</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;317&#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;55&#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;47&#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 currencies, with variable interest</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;49&#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;44&#9;</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;390&#9;</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;396&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 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>Total</B></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%"><B>&#9;93,565&#9;</B></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%"><B>&#9;95,324&#9;</B></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%"><B>&#9;91,598&#9;</B></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%"><B>&#9;91,983&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_027"></A>20. Participative shareholders&#8217; debentures</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; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="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>Financial result</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #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>Average price (R$)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: teal 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>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: teal 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>Six-month period ended June 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid">&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: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: teal 1pt solid; width: 28%">&nbsp;</TD>
    <TD STYLE="border-top: teal 1pt solid; width: 9%; border-bottom: teal 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>2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; width: 9%; border-bottom: teal 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>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; 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>2025</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 9%; 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>2024</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; 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>2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; 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>2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 9%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 9%; 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>
    <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%">Participative shareholders&#8217; debentures </FONT></TD>
    <TD STYLE="border-bottom: teal 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%">34.47</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%">35.06</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;(643)</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%">&#9;(1,254)</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(418)</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%">&#9;(437)</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;13,394&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;13,727&#9;</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, the
Company made available for withdrawal as remuneration the amount of R$760 (US$132 million) for the second semester of 2024 (2024: R$766
(US$153 million) for the second semester of 2023).</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_028"></A>21. Loans, borrowings, cash and cash equivalents and short-term
investments</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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: 8pt 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: #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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 70%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 6%; 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="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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="border-bottom: #D9D9D9 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%">Loans and borrowings</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;93,565&#9;</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%">&#9;91,598&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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%">Leases</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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%">22(b)</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;3,818&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;4,414&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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>Gross debt</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;97,383&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;96,012&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 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%">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;30,093&#9;</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%">&#9;30,671&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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%">(-) Short-term investments (i)</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;994&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;331&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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>Net debt </B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;66,296&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;65,010&#9;</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 senior notes and exclusive investment fund, which portfolio is made by committed transactions and certificate of deposits (&#8220;CDB&#8221;).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; vertical-align: bottom; width: 76%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 12%; 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="border-bottom: #D9D9D9 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%">R$</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;11,008&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10,580&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); 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%">&#9;18,157&#9;</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%">&#9;18,877&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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 currencies</FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;928&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;1,214&#9;</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 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>Total</B></FONT></TD>
    <TD STYLE="background-color: rgb(242,242,242); border-bottom: #007E79 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;30,093&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 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;30,671&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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: 10pt; 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: 10pt"><B>i)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt"><B>Outstanding balance of loans and borrowings
by type and currency</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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: #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>Consolidated</B></FONT></TD></TR>
  <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: #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>Current liabilities</B></FONT></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>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 50%; border-bottom: #007E79 1pt solid">&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>Average interest rate (i)</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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,121) 1pt solid; width: 10%; 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: #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>June 30, 2025</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>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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Quoted in the secondary market:</B></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: 2.65pt; padding-left: 2.65pt">&nbsp;</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: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</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%">US$ Bonds </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;6.05%&#9;</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;&ndash;&#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;&ndash;&#9;</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;41,513&#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;44,502&#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%">R$ Debentures</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;7.06%&#9;</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;308&#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;419&#9;</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;12,504&#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;7,375&#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>Debt contracts in Brazil in (ii):</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; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;9.96%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;253&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;610&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;887&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Basket of currencies and bonds in US$ indexed to SOFR</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;6.03%&#9;</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;&ndash;&#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;&ndash;&#9;</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;819&#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;929&#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>Debt contracts in the international market in:</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; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$, with variable and fixed interest</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;5.48%&#9;</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;2,183&#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;4,433&#9;</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;34,098&#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;31,222&#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%">Other currencies, with fixed interest</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%">4.83%&#9;</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;67 </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;71 </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;237 </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;312 </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%">Other currencies, with variable interest</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%">3.80%&#9;</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;&ndash;&#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;&ndash;&#9;</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;49&#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;55&#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>Accrued charges</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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;938&#9;</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;1,140&#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: #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;&ndash;&#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>Total</B></FONT></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: #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;3,735&#9;</B></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%"><B>&#9;6,316&#9;</B></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%"><B>&#9;89,830&#9;</B></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%"><B>&#9;85,282&#9;</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<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="5" 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>Parent company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="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>Current liabilities</B></FONT></TD>
    <TD COLSPAN="2" STYLE="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>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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 interest rate (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Quoted in the secondary market:</B></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: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</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: #F3F3F3; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt">&nbsp;</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%">US$,Bonds </FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;5.66%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;2,681&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;3,042&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$, Debentures</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;7.02%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;308&#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;195&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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;12,504&#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;6,417&#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>Debt contracts in Brazil in (ii):</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; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;10.18%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;240&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;239&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;610&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&#9;729&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 2.65pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Basket of currencies and bonds in US$ indexed to SOFR</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;6.09%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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>
    <TD STYLE="border-bottom: #D9D9D9 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;819&#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;929&#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>Debt contracts in the international market in:</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; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</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; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 0.75pt; 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: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">US$, with variable interest</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;5.57%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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>
    <TD STYLE="border-bottom: #D9D9D9 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;18,628&#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;18,992&#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%">Other currencies, with variable interest</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;3.94%&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 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: #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>
    <TD STYLE="border-bottom: #D9D9D9 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;48&#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;55&#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>Accrued charges</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&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%">&#9;361&#9;</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;385&#9;</FONT></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%">&#9;&#8211;&#9;</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></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>Total</B></FONT></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: #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;909&#9;</B></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%"><B>&#9;819&#9;</B></FONT></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;35,290&#9;</B></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%"><B>&#9;30,164&#9;</B></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: 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 June 30, 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 3.21%
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: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>ii) Future flows of principal and interest
of loans and borrowings payments</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 17pt; text-align: justify; text-indent: -17pt; color: #007E7A"><B>&nbsp;</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: #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>Consolidated</B></FONT></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>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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>Principal</B></FONT></TD>
    <TD STYLE="vertical-align: middle; border-bottom: rgb(0,126,121) 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Estimated future interest payments
(i)</B>&nbsp;</P></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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>Principal</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; padding-right: 2.65pt">
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B>Estimated future interest payments (i)</B></P>
    <P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: right; color: #007E7A"><B></B></P></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%">2025</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;2,798&#9;</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;2,694&#9;</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;548&#9;</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;1,176&#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%">2026</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;735&#9;</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;5,333&#9;</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;184&#9;</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;1,608&#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%">2027</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;9,222&#9;</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;4,979&#9;</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;4,105&#9;</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;1,451&#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%">2028</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;5,138&#9;</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;4,692&#9;</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;5,067&#9;</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;1,237&#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%">From 2029 to 2031</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;26,604&#9;</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;11,215&#9;</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;8,459&#9;</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;2,462&#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%">2032 onwards</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;48,130&#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;24,545&#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;17,475&#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;3,839&#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>Total</B></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%"><B>&#9;92,627&#9;</B></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%"><B>&#9;53,458&#9;</B></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%"><B>&#9;35,838&#9;</B></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%"><B>&#9;11,773&#9;</B></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: 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 June 30, 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: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_029"></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>
    <TD STYLE="vertical-align: bottom; width: 28%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 12%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 12%; 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>
    <TD STYLE="vertical-align: bottom">&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: #007E7A; line-height: 120%"><B>December 31, 2024</B></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: #007E7A; line-height: 120%"><B>Additions and contract modifications</B></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: #007E7A; line-height: 120%"><B>Depreciation and impairments</B></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: #007E7A; line-height: 120%"><B>Transfer to held for sale (note 15a)</B></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: #007E7A; line-height: 120%"><B>Translation adjustment</B></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: #007E7A; line-height: 120%"><B>June 30, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Ports</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;316&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(74)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(13)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;229&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,188&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;114&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(137)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(254)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;1,911&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;677&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(72)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(89)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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: #DBDBDB 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;516&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Properties</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;584&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;135&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(46)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(212)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;459&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;172&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(17)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(12)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;143&#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%">Others</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;152&#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;18&#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;(74)&#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;&#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;(11)&#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;85&#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>Total</B></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%"><B>&#9;4,089&#9;</B></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%"><B>&#9;195&#9;</B></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%"><B>&#9;(437)</B></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%"><B>&#9;(212)</B></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%"><B>&#9;(292)</B></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%"><B>&#9;3,343&#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>b) Leases 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: 23%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 11%; 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>
    <TD STYLE="vertical-align: bottom">&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: #007E7A; line-height: 120%"><B>December 31, 2024</B></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: #007E7A; line-height: 120%"><B>Additions and contract modifications </B></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: #007E7A; line-height: 120%"><B>Payments (i)</B></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: #007E7A; line-height: 120%"><B>Interest </B></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: #007E7A; line-height: 120%"><B>Transfer to held for sale (note 15a)</B></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: #007E7A; line-height: 120%"><B>Translation adjustment</B></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: #007E7A; line-height: 120%"><B>June 30, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Ports</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;333&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(60)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;6&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(13)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;266&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Vessels</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;2,202&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;114&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(172)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(260)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;1,922&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Pelletizing plants</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;778&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(72)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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: #DBDBDB 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;707&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Properties</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;664&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;135&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(62)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;15&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;(217)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;535&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Energy plants</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;268&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;7&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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: #DBDBDB 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;(18)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;242&#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%">Others</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;169&#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;18&#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;(37)&#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;7&#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;&#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;(11)&#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;146&#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>Total</B></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%"><B>&#9;4,414&#9;</B></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%"><B>&#9;195&#9;</B></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%"><B>&#9;(361)</B></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%"><B>&#9;89&#9;</B></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%"><B>&#9;(217)</B></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%"><B>&#9;(302)</B></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%"><B>&#9;3,818&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #DBDBDB 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%">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 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;907&#9;</FONT></TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #DBDBDB 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;955&#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%">Non-current liabilities</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;3,507&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</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;2,863&#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>Total</B></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%"><B>&#9;4,414&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</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%"><B>&#9;3,818&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 8pt/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 R$304 (US$53 million) recorded in the income statement in the six-month
period ended June 30, 2025 (2024: R$598 (US$117 million)).</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>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>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 11%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 9%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom">&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: #007E7A; line-height: 120%"><B>2025</B></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: #007E7A; line-height: 120%"><B>2026</B></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: #007E7A; line-height: 120%"><B>2027</B></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: #007E7A; line-height: 120%"><B>2028</B></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: #007E7A; line-height: 120%"><B>2029 onwards</B></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: #007E7A; line-height: 120%"><B>Total</B></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: #007E7A; line-height: 120%"><B>Remaining term (years)</B></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: #007E7A; line-height: 120%"><B>Discount rate</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%">Ports</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;76&#9;</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;76&#9;</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;5&#9;</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;5&#9;</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;98&#9;</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%"><B>&#9;260&#9;</B></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 to 18</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%">4% to 5%</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%">Vessels</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;186&#9;</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;338&#9;</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;333&#9;</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;278&#9;</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;1,026&#9;</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%"><B>&#9;2,161&#9;</B></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 to 8</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% to 4%</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%">Pelletizing plants</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;186&#9;</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;147&#9;</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;131&#9;</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;131&#9;</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;147&#9;</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%"><B>&#9;742&#9;</B></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 to 8</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%">2% to 6%</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%">Properties</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;60&#9;</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;120&#9;</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;115&#9;</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;109&#9;</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;622&#9;</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%"><B>&#9;1,026&#9;</B></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 to 14</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%">2% to 6%</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%">Energy plants</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;27&#9;</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;33&#9;</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;27&#9;</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;27&#9;</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;186&#9;</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%"><B>&#9;300&#9;</B></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 to 5</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%">5%</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%">Others</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;33&#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;55&#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;27&#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;16&#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;5&#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%"><B>&#9;136&#9;</B></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 to 4</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% to 6%</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>Total</B></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%"><B>&#9;568&#9;</B></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%"><B>&#9;769&#9;</B></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%"><B>&#9;638&#9;</B></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%"><B>&#9;566&#9;</B></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%"><B>&#9;2,084&#9;</B></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%"><B>&#9;4,625&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 1pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #FF0090">&nbsp;</P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><A NAME="a_030"></A><B>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 income statements</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="background-color: white; 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="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #007E79 1pt solid; 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  June 30,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #007E79 1pt solid; 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>Six-month period ended  June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 36%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 16%; 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(0,126,121) 1pt solid; width: 16%; 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: #007E79 1pt solid; width: 16%; 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: #007E79 1pt solid; width: 16%; 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;98&#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;170&#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;260&#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;(81)&#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;(15)&#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;(450)&#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;(147)&#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;(476)&#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;(470)&#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;(895)&#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;(1,013)&#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;&#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;29&#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;31&#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;39&#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;(532)</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;(358)</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;(1,144)</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;(861)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #007E7A"><B>Changes in the provision in
the period</B></P>

<P STYLE="font: 12pt/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 STYLE="background-color: white">&nbsp;</TD>
    <TD COLSPAN="5" 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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; 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-top: #007E79 1pt solid; 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>Revision to estimates</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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>Monetary and present value adjustments </B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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>Disbursements</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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>June 30, 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; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&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">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;1,885&#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; 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>
    <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;(540)&#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;1,475&#9;</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">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;2,025&#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;(92)&#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;131&#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;(166)&#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;1,898&#9;</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">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;3,300&#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;(52)&#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;219&#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;(350)&#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;3,117&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; 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;7,210&#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;(170)</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;506&#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;(1,056)</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;6,490&#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; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&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">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;3,121&#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;84&#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;192&#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;(326)&#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;3,071&#9;</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">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;301&#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;42&#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; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">&#9;(99)&#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;270&#9;</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</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;1,566&#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;324&#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;64&#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;(163)&#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;1,791&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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;4,988&#9;</B></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"><B>&#9;450&#9;</B></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"><B>&#9;282&#9;</B></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"><B>&#9;(588)</B></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"><B>&#9;5,132&#9;</B></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: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #F3F3F3">&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>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;12,198&#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;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;788&#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;(1,644)</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;11,622&#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 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 8.51% on June 30, 2025.</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: top; background-color: #F3F3F3">
    <TD STYLE="border-bottom: #A6A6A6 1pt solid; width: 100%; padding-top: 2.65pt; padding-bottom: 1.5pt; 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 Global Settlement 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">In addition, the Global Settlement
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>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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 Global Settlement. For the execution of the environmental recovery, actions has no cap
limit, despite having been estimated in the Global Settlement 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: top; background-color: #F3F3F3">
    <TD STYLE="border-right: white 1pt solid; width: 100%; border-bottom: #A6A6A6 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-right: white 1pt solid; width: 100%; border-bottom: #A6A6A6 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; 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>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">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 pending since December 2023.</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.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #F3F3F3">
    <TD STYLE="border-right: white 1pt solid; width: 100%; border-bottom: #A6A6A6 1pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; 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 R$1,800 (US$330 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 R$3,900 (US$715 million), subject to interest and monetary adjustments. In the
procedure presented by minority shareholders, the applicants estimated the alleged losses at approximately R$3,000 (US$550 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>




<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><A NAME="a_031"></A><B>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: 12pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&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 R$170 billion (US$31.7 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 STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt; line-height: 120%">R$38 billion (US$7.9
billion) <FONT STYLE="color: #242424">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></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">R$100 billion (US$18 billion) <FONT STYLE="color: #242424">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></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%">R$32 billion (US$5.8
billion) <FONT STYLE="color: #242424">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></FONT></TD></TR></TABLE>

<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>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<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 Company recognized an addition
to the provision in the amount of R$1,068 (US$193 millions) in the six-month period ended June 30, 2025, substantially related to a revision
on the costs to complete individual indemnification programs. The changes on the provision are presented below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 88%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; 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;22,682&#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;1,068&#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;621&#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">Disbursements </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;(6,476)&#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 June 30, 2025</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;17,895&#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 cash outflows to meet the obligations are discounted to
present value at an annual rate in real terms, which decreased from 7.30% on December 31, 2024, to 6.90% on June 30, 2025.</P>

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

<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>

<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: top; background-color: #F2F2F2">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; width: 100%; 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/12pt Vale Sans,sans-serif; margin: 10pt 0; 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/120% Vale Sans,sans-serif; margin: 10pt 0; 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.</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">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, and an estimate may become quantifiable as the case progresses.</P>

<P STYLE="font: 10pt/12pt Vale Sans,sans-serif; margin: 10pt 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 R$6,134 (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. With the adherence of three municipalities (Iapu, Ponte Nova
and Rio Casca) to the Definitive Settlement, their lawsuit was discontinued, with the attachment being reduced to R$4,788 (EUR745.4 million).
</FONT></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 initial phase, it is not yet possible to reliably estimate the amount of a potential
loss, and an estimate may become quantifiable as the case progresses.</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>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>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #242424">In December 2023, Samarco&#8217;s
existing R$24 billion (US$4.8 billion) of financial debt held by creditors was exchanged for approximately R$19 billion (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 R$5 billion (US$1 billion) from 2024 to 2030, of which R$1,770 (US$326 million) 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/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_032"></A>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 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: 8pt 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: #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>Consolidated</B></FONT></TD>
    <TD COLSPAN="4" 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>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&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 June 30,</B></FONT></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>Six-month period ended June 30,</B></FONT></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 June 30,</B></FONT></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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 30%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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 STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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 STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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 STYLE="border-bottom: #007E79 1pt solid; width: 8%; 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="border-bottom: #007E79 1pt solid; width: 8%; 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: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">313</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%">381</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%">363</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%">683</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%">313</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%">381</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%">363</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%">683</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: 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: 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%">102</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%">(68)</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%">168</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%">(58)</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%">138</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>
    <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%">242</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: #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: 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%">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: 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%">(108)</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%">(3)</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</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%">(3)</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%">(116)</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; vertical-align: bottom; 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>292</B></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%"><B>486</B></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%"><B>294</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>743</B></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%"><B>252</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>524</B></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%"><B>287</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>809</B></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>Provision changes during the period</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="background-color: white; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; background-color: white; 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="border-top: #007E7A 1pt solid; 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>De-characterization of upstream geotechnical structures (i)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><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; color: black"><B>Balance as of December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&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; color: black"><B>13,706</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>19,234</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>2,749</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>35,689</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">Revision to estimates - amounts for closed plants charged to the income statement</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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; color: black">(363)</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">68</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">1</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">(294)</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">Revision to estimates &#8211; capitalized value for operational plants</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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; 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">196</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">21</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">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">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: #B6B6B6 1pt solid; vertical-align: bottom">&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">(933)</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">(486)</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">(438)</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">(1,857)</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">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom">&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">505</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">401</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">88</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">994</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 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; color: black">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; 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">(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">(128)</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">(141)</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 adjustments</FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&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">&#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">(736)</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">(29)</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">(765)</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 June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom">&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>12,915</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>18,664</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>2,264</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>33,843</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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>Parent Company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; 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>De-characterization of upstream geotechnical structures (i)</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; width: 12%; 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: #007E7A; line-height: 120%"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 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, 2024</B></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%"><B>&#9;13,706&#9;</B></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%"><B>&#9;7,810&#9;</B></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%"><B>&#9;1,805&#9;</B></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%"><B>&#9;23,321&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Revision to estimates - amounts for closed plants charged to the income statement</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(363)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;73&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(287)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 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%">Revision to estimates &#8211; capitalized value for operational plants</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;211&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;12&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;223&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 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%">Disbursements</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(933)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(389)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(224)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(1,546)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 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%">Monetary and present value adjustments</FONT></TD>
    <TD STYLE="border-bottom: teal 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;505&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;293&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;72&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;870&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 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 June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;12,915&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;7,998&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;1,668&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;22,581&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0; 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 decreased from 7.36% to 6.97%.</P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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: 10pt 0 0; text-align: justify; color: #007E7A"><B>Operational stoppage and idle
capacity</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; text-align: justify; color: #242424">The Company has suspended some
operations due to judicial decisions or technical analysis performed by Vale regarding the safety of 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 R$59 (US$10 millions) and R$118 (US$20 million) for the three and six-month period ended June 30, 2025, respectively
(2024: R$184 (US$36 millions) and R$399 (US$79 million), respectively).</P>

<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<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: 8pt 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: #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>Consolidated</B></FONT></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>Parent Company</B></FONT></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>Discount rate</B></FONT></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>Cash flow maturity</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #007E79 1pt solid; 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>December 31, 2024</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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; 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; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">Brazil</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;10,971&#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;11,052&#9;</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;9,666&#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;9,616&#9;</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;6.95%&#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;7.38%&#9;</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;2132&#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;2132&#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%">Canada</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;8,451&#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;9,412&#9;</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;&#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>
    <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;1.59%&#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;1.44%&#9;</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;2152&#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;2152&#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%">Oman</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;775&#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;879&#9;</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;&#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>
    <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;3.70%&#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;3.66%&#9;</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;2035&#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;2035&#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 regions</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;731&#9;</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;640&#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;&#8211;&#9;</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; 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;2.55%&#9;</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;2.77%&#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;&#8211;&#9;</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></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%"><B>&#9;20,928&#9;</B></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%"><B>&#9;21,983&#9;</B></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%"><B>&#9;9,666&#9;</B></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%"><B>&#9;9,616&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">Operating plants</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;15,366&#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;15,526&#9;</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;6,184&#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;5,516&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&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%">Closed plants</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;5,562&#9;</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;6,457&#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;3,482&#9;</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;4,100&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%"><B>&#9;20,928&#9;</B></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%"><B>&#9;21,983&#9;</B></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%"><B>&#9;9,666&#9;</B></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%"><B>&#9;9,616&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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>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 R$6,219 (US$1,140 million) as of June 30, 2025 (December 31, 2024: R$6,756 (US$1,091 million),
in connection with the asset retirement obligations for its Energy Transition Metals operations. The financial cost of these guarantees
is immaterial.</P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_033"></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: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD COLSPAN="2" 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: #007E7A; line-height: 120%"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; width: 36%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 16%; 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(0,126,121) 1pt solid; width: 16%; 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: #007E79 1pt solid; width: 16%; 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: #007E79 1pt solid; width: 16%; 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;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;(8)&#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;(13)&#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">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;321&#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;(15)&#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;226&#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;(77)&#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;(327)&#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;(237)&#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;(548)&#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;(398)&#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;(182)&#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;(6)&#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;(183)&#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;(13)&#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;(187)</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;(266)</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;(518)</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;(515)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0 0; color: #FF0090">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; 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="border-bottom: #007E7A 1pt solid; width: 12%; 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="border-bottom: #007E7A 1pt solid; width: 12%; 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="border-bottom: #007E7A 1pt solid; width: 12%; 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="border-bottom: #007E7A 1pt solid; width: 12%; 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;1,245&#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;1,790&#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;2,989&#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;248&#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;6,272&#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;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; color: black">&#9;(226)&#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;548&#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;183&#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;518&#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;(98)&#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;(172)&#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;(271)&#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;(168)&#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;(709)&#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;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;58&#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;100&#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;168&#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 and payables taxes</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;(340)&#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;(28)&#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;(1)&#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;(154)&#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;(523)&#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 June 30, 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;825&#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;1,422&#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;3,365&#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;114&#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;5,726&#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; color: black"><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; color: black"><B>&#9;441&#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;1,834&#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;2,490&#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;72&#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;4,837&#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; color: black">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; color: black">&#9;27&#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;77&#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;398&#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;13&#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;515&#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; 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;(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;(303)&#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;(271)&#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)&#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;(584)&#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; color: black">Indexation and interest</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;38&#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;72&#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;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;122&#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; color: black"><B>Balance as of June 30, 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;497&#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;1,680&#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;2,623&#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;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; color: black"><B>&#9;4,890&#9;</B></FONT></TD></TR>
  </TABLE>
<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"></P>

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


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" 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: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 17%; 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">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">&#9;37,812&#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">&#9;37,122&#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">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">&#9;7,880&#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">&#9;7,891&#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">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">&#9;1,904&#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">&#9;1,809&#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">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">&#9;6,398&#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;6,499&#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"><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"><B>&#9;53,994&#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;53,321&#9;</B></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>c) Judicial deposits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" 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: teal"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 66%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 17%; 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;1,979&#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;2,096&#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;569&#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;481&#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;647&#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;681&#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;64&#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;68&#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;3,259&#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;3,326&#9;</B></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>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 R$18.3 (US$3.4 billion) (December 31, 2024: R$17.8 (US$2.9
billion)) in guarantees for its lawsuits, as an alternative to judicial deposits.</P>

<P STYLE="font: 11pt/115% Vale Sans,sans-serif; margin: 0; color: #007E7A"><B><A NAME="a_034"></A>27. Employee benefits</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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; 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>Consolidated</B></FONT></TD></TR>
  <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; 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>
    <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 liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; width: 46%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 6%; 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="border-bottom: teal 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 12%; 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="border-bottom: teal 1pt solid; width: 12%; 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>June 30, 2025</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 12%; 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: 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%">Payroll, related charges and other remunerations </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;3,812&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;5,783&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: 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%">Charges related to share-based payments</FONT></TD>
    <TD STYLE="border-bottom: silver 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%">27(a)</FONT></TD>
    <TD STYLE="border-bottom: silver 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;162&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;98&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: 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%">Employee post-retirement obligation</FONT></TD>
    <TD STYLE="border-bottom: teal 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%">27(b)</FONT></TD>
    <TD STYLE="border-bottom: teal 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;333&#9;</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%">&#9;385&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;6,385&#9;</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%">&#9;6,925&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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;4,307&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;6,266&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;6,385&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;6,925&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Share-based payments</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">For the long-term incentive programs,
the Company compensation plans includes Matching Program and Performance Share Unit program (&#8220;PSU&#8221;), with three-year-vesting
cycles, respectively, with the aim of encouraging employee&#8217;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 &#8220;Employee benefits&#8221;.</P>

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

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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 six-month period ended June 30, 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="border-bottom: silver 1pt solid; vertical-align: bottom; width: 55%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 15%; 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 Program</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 15%; 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 Program</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 15%; 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>2023 Program</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%">Granted shares</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;2,453,783&#9;</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%">&#9;2,244,659&#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;1,330,503&#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%">Share price</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;57.69&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;60.05&#9;</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%">&#9;81.82&#9;</FONT></TD></TR>
  </TABLE>



<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>Performance Shares Units (&quot;PSU&quot;)</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 six-month period ended June 30, 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="border-bottom: silver 1pt solid; vertical-align: bottom; width: 55%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #007E7A"><B>2025 Program</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; 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="border-bottom: #007E7A 1pt solid; width: 15%; 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></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%">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;1,973,979&#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;1,873,175&#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></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%">Date shares were granted</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">May 06, 2025</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">April 29, 2024</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">January 2, 2023</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%">Share price</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;53.00&#9;</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%">&#9;63.90&#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;88.88&#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%">Expected volatility</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;33.82%&#9;</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%">&#9;35.60%&#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;48.33%&#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%">Expected term (in years)</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; padding-right: 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: 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%">3</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%">Expected shareholder return indicator</FONT></TD>
    <TD STYLE="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;87.67%&#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;66.95%&#9;</FONT></TD>
    <TD STYLE="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;72.42%&#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%">Expected performance factor</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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%">&#9;93.83%&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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%">&#9;87.71%&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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%">&#9;69.17%&#9;</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: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 3pt 17pt; text-align: justify; text-indent: -17pt; color: #007E7A"><B>b) Employee
post-retirement obligation</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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>Consolidated</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: teal 1pt solid; 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: #007E7A; line-height: 120%"><B>June 30, 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>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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>Overfunded pension plans </B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid; 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>Underfunded pension plans and other benefits</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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>Overfunded pension plans </B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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>Underfunded pension plans and other benefits</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 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>Movements of assets ceiling</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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>Balance at beginning of the period</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;5,329&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;&#8211;&#9;</B></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%"><B>&#9;5,194&#9;</B></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%"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 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 income</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 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;175&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 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: #BFBFBF 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;403&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 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: #BFBFBF 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%">Changes on asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 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;241&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 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: #BFBFBF 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;(442)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 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: 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%">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(83)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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: 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%">&#9;174&#9;</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%">&#9;&#8211;&#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>Balance at end of the period</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;5,662&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;&#8211;&#9;</B></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%"><B>&#9;5,329&#9;</B></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%"><B>&#9;&#8211;&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</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%"><B>Amount recognized in the statement of financial position</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(19,394)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(11,112)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(20,718)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(11,911)&#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%">Fair value of assets</FONT></TD>
    <TD STYLE="border-bottom: silver 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;25,688&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;4,394&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;26,727&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;4,601&#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%">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(5,662)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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: 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%">&#9;(5,329)&#9;</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%">&#9;&#8211;&#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>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;632&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;(6,718)</B></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%"><B>&#9;680&#9;</B></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%"><B>&#9;(7,310)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</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%">Current liabilities</FONT></TD>
    <TD STYLE="border-bottom: silver 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;55&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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;(333)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;(385)&#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%">Non-current assets (liabilities) (i)</FONT></TD>
    <TD STYLE="border-bottom: teal 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;577&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 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;(6,385)&#9;</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%">&#9;680&#9;</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%">&#9;(6,925)&#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>Assets (liabilities)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;632&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 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;(6,718)</B></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%"><B>&#9;680&#9;</B></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%"><B>&#9;(7,310)</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>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_035"></A>28. Equity</B></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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 June 30, 2025, the share capital
was R$77,300 (US$61,614 million) 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt 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: #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>June 30, 2025</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 70%; border-bottom: #007E79 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>Shareholders </B></FONT></TD>
    <TD STYLE="width: 10%; 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>Common shares</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E79 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>Golden shares</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: #007E79 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>Total</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%">Previ (i)</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;394,305,082&#9;</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;&ndash;&#9;</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;394,305,082&#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%">Mitsui&amp;co (i)</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;286,347,055&#9;</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;&ndash;&#9;</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;286,347,055&#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%">Blackrock, Inc (ii)</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;289,063,618&#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;&ndash;&#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;289,063,618&#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>Total shareholders with more than 5% of capital </B></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%"><B>&#9;969,715,755&#9;</B></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%"><B>&#9;&ndash;&#9;</B></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%"><B>&#9;969,715,755&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Free floating</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;3,299,063,020&#9;</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;&ndash;&#9;</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;3,299,063,020&#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%">Golden shares</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;&ndash;&#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;12&#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;12&#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>Total outstanding (without shares in treasury)</B></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%"><B>&#9;4,268,778,775&#9;</B></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%"><B>&#9;12&#9;</B></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%"><B>&#9;4,268,778,787&#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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Shares in treasury</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;270,228,793&#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;&ndash;&#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;270,228,793&#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>Total capital</B></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%"><B>&#9;4,539,007,568&#9;</B></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%"><B>&#9;12&#9;</B></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%"><B>&#9;4,539,007,580&#9;</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: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><FONT STYLE="font-size: 10pt"><B>b)
</B></FONT><B><FONT STYLE="font-size: 11pt">Share buyback program</FONT></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: 8pt 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: #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>Total of shares repurchased</B></FONT></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>Effect on cash flows</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: white 1pt solid; vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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 STYLE="border-bottom: #007E79 1pt solid; width: 10%; 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="border-bottom: #007E79 1pt solid; width: 10%; 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; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%"><B>Shares buyback program up to 150,000,000 shares (i)</B></FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</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%">Acquired by Parent</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;&#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;17,413,659&#9;</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;&#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;1,154&#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%">Acquired by wholly owned subsidiaries</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;&#8211;&#9;</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;11,645,514&#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;&#8211;&#9;</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;788&#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>Total</B></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%"><B>&#9;&#8211;&#9;</B></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%"><B>&#9;29,059,173&#9;</B></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%"><B>&#9;&#8211;&#9;</B></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%"><B>&#9;1,942&#9;</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: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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; 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 July 31, 2025 (subsequent event),
the Board of Directors approved JCP to its shareholders in the total amount of R$8,091 (US$1,448 million), which will be paid in September
2025 as an anticipation of the remuneration for the year ending on December 31, 2025. </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"><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: #242424; line-height: 120%">On
February 19, 2025, the Board of Directors approved dividends to shareholders in the total amount of R$9,143 (US$1,596 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; line-height: 120%">.</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"><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: #242424; line-height: 120%">On
February 22, 2024, the Board of Directors approved dividends to shareholders in the total amount of R$11,722 (US$2,364 million), for the
year ended December 31, 2023. This remuneration was fully paid in March 2024. </FONT></TD></TR></TABLE>




<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 11pt/120% Vale Sans,sans-serif; margin: 0 0 10pt; color: #007E7A"><B><A NAME="a_036"></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/12pt 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>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; color: #007E7A"><B>a) Transactions with related parties</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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 STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="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 June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: teal 1pt solid; 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>2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; 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>2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></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%"><B><I>Joint Ventures</I></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(127)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(56)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(390)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(39)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(631)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(658)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(85)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(80)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;51&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;(349)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;40&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;79&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;51&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(1,086)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(56)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;40&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(1,176)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(39)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</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%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;550&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(56)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;567&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(24)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(3)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(779)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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: silver 1pt solid; vertical-align: bottom; 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;(270)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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: #007E79 1pt solid; vertical-align: bottom; 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: #007E79 1pt solid; vertical-align: bottom; 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;(32)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;(2)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;550&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(1,105)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;567&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(26)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</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%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;596&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(994)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Mitsui</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;291&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cosan</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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;8&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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;(47)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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: silver 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;4&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;164&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;(47)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;597&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;291&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;(8)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;(990)</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%"><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; vertical-align: bottom; 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;765&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;(2,238)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;541&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;898&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;(1,210)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;(1,032)</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>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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 STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: teal 1pt solid; 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>2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: teal 1pt solid; 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>2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: teal"><B>Financial result</B></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%"><B><I>Joint Ventures</I></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(261)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(173)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(113)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(770)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(83)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(1,226)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(1,104)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(162)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(156)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;91&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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;(725)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;85&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;(26)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;(15)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;91&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(2,286)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(113)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;85&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(2,317)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(98)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</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%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;945&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(125)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(13)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;976&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(52)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(6)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(1,707)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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: silver 1pt solid; vertical-align: bottom; 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;(270)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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;38&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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: #007E79 1pt solid; vertical-align: bottom; 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: #007E79 1pt solid; vertical-align: bottom; 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;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;(5)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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%">&#9;15&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;945&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(2,102)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;10&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;976&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(57)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;9&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</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%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;1,350&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(1,189)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;352&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;595&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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;46&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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;(93)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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: silver 1pt solid; vertical-align: bottom; 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%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;(14)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;4&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;398&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;(93)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;1,351&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;596&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;(14)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%"><B>&#9;(1,185)</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%"><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; vertical-align: bottom; 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;1,434&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;(4,481)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;1,248&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;1,657&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;(2,388)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: bottom; 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;(1,274)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 0; color: #FF0090">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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 June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: teal 1pt solid; 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: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: teal 1pt solid; 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: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; 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>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; 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="border-bottom: teal 1pt solid; width: 10%; 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>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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></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%"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 21.25pt; line-height: 120%; text-indent: -7.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale International</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;28,111&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(607)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;28,144&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(440)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 21.25pt; line-height: 120%; text-indent: -7.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;72&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;(400)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;(71)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;58&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;(245)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;(82)&#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%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;28,183&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(400)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(678)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;28,202&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(245)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(522)</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%"><B><I>Joint Ventures</I></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(127)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(21)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(9)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(390)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(10)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(631)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(658)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(85)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(80)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;51&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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%">&#9;40&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;79&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#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%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;51&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(737)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(9)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;40&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(1,176)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(10)</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%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;550&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(41)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(6)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;567&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(16)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(3)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(270)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#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%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;550&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(311)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(19)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;567&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(16)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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)</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%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white;background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;595&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(1,001)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(39)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&#9;&#8211;&#9;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(8)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;1&#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%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;5&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(39)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;595&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;&#8211;&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(8)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(1,000)</B></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; vertical-align: top; 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;28,789&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;(1,487)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;(111)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;28,809&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(1,445)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(1,535)</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: 7pt/120% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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: #007E7A; line-height: 120%"><B>Parent Company</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: teal 1pt solid; 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: #007E7A; line-height: 120%"><B>2025</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: #007E7A 1pt solid; 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: #007E7A; line-height: 120%"><B>2024</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 10%; 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>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; width: 10%; 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="border-bottom: #007E7A 1pt solid; width: 10%; 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>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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></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%"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 21.25pt; line-height: 120%; text-indent: -7.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale International</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;51,750&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(1,727)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;58,186&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(1,185)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 21.25pt; line-height: 120%; text-indent: -7.2pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;133&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;(730)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;(159)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;110&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;(388)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;(176)&#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%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;51,883&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(730)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(1,886)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;58,296&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(388)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(1,361)</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%"><B><I>Joint Ventures</I></B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(261)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(173)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(17)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(770)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(20)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(1,226)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(1,104)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(162)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(156)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;91&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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%">&#9;85&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;(26)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;(15)&#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%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;91&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(1,561)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(17)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;85&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(2,317)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(35)</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%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;945&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(95)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(13)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;976&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(40)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(6)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;(270)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&#9;&#8211;&#9;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&#9;&#8211;&#9;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&#9;&#8211;&#9;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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;(15)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;(1)&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;15&#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%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;945&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(365)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(26)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;976&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(41)</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;9&#9;</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%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;1,349&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(1,197)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;20&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;(67)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&#9;&#8211;&#9;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;1&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;(14)&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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: teal 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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%">&#9;1&#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%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;20&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(67)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;1,349&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;1&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(14)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(1,196)</B></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; vertical-align: top; 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;52,939&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;(2,723)</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; 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;(580)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;59,358&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(2,760)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;(2,583)</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>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Outstanding balances with related
parties</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" 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: #007E7A; line-height: 120%"><B>June 30, 2025</B></FONT></TD>
    <TD COLSPAN="3" 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: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; width: 40%; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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 receivable and other assets</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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 receivable and other assets</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%"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">71</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">210</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">197</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">79</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">201</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; 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; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">26</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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%">2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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: silver 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</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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>268</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>107</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>413</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white">&nbsp;</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%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;595&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;119&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;981&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: top; 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;923&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;16&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;8&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt 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: silver 1pt 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;602&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt 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;997&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;124&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;931&#9;</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%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">2,271</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">598</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">1,616</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">100</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">171</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">134</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">78</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">41</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">16</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#8211;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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>2,442</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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>78</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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>598</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,750</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>57</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>100</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%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pension plan</FONT></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">&#8211;</FONT></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">98</FONT></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">&#8211;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black">97</FONT></TD>
    <TD STYLE="border-bottom: #007E79 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></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>Total</B></FONT></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>2,442</B></FONT></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>804</B></FONT></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>1,863</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,750</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>385</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>1,444</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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: #007E7A; line-height: 120%"><B>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="4" 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: #007E7A; line-height: 120%"><B>Liabilities</B></FONT></TD></TR>
  <TR>
    <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>June 30, 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>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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>Supplier and contractors</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; 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 instruments and other liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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>Supplier and contractors </B></FONT></TD>
    <TD STYLE="border-bottom: teal 1pt solid; width: 10%; 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 instruments and other liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: silver 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>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;340&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;1,053&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;304&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;1,803&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;106&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;198&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;328&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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%">&#9;412&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; vertical-align: bottom; background-color: white">&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;774&#9;</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;1,053&#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;914&#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;1,803&#9;</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%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.15pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;24&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;763&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;292&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTVI</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;394&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;414&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;363&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt 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;783&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt 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;763&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;435&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;293&#9;</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%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">168&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;1,008&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Cosan</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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%">&#9;5&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt 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: silver 1pt 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;168&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black"><B>&#9;1,008&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pension plan</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;&#8211;&#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;&#8211;&#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;66&#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;&#8211;&#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%"><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: #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;1,557&#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;1,984&#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;1,420&#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;3,104&#9;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-top: 1.15pt; padding-bottom: 1pt">&nbsp;</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>



<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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: #007E7A; line-height: 120%"><B>Parent company</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" 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: #007E7A; line-height: 120%"><B>Assets</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" 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: #007E7A; line-height: 120%"><B>June 30, 2025</B></FONT></TD>
    <TD COLSPAN="3" 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: #007E7A; line-height: 120%"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; 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: #007E7A; line-height: 120%"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; 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>Accounts receivable</B></FONT></TD>
    <TD STYLE="border-bottom: Teal 1pt solid; width: 10%; 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 receivable and other assets</B></FONT></TD>
    <TD STYLE="width: 10%; 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: #007E7A; line-height: 120%"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="width: 10%; 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: #007E7A; line-height: 120%"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="width: 10%; 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: #007E7A; line-height: 120%"><B>Dividends receivable and other assets</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>Subsidiaries</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: #F2F2F2">&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: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale International S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">17,641</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">24,768</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minera&ccedil;&otilde;es Brasileiras Reunidas S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">305</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">285</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salobo Metais</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">1,163</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">1,165</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">74</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">40</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">58</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">185</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; 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"><B>&#9;&ndash;</B></FONT></TD>
    <TD STYLE="vertical-align: top; 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"><B>&#9;18,878</B></FONT></TD>
    <TD STYLE="vertical-align: top; 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"><B>&#9;345</B></FONT></TD>
    <TD STYLE="vertical-align: top; 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"><B>&#9;&ndash;</B></FONT></TD>
    <TD STYLE="vertical-align: top; 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"><B>&#9;25,991</B></FONT></TD>
    <TD STYLE="vertical-align: top; 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"><B>&#9;470</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>Joint Ventures</B></FONT></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: #F2F2F2; padding-right: 0.75pt; text-align: right">&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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; 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: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">71</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">210</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Logistica S.A.</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">38</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">79</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">38</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">26</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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="vertical-align: top; border-bottom: #007E79 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%">2</FONT></TD></TR>
  <TR>
    <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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;&ndash;</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"><B>&#9;26</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"><B>&#9;109</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"><B>&#9;&ndash;</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"><B>&#9;107</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"><B>&#9;250</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>Associates</B></FONT></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: #F2F2F2; padding-right: 0.75pt; text-align: right">&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>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; 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: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">595</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">119</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; 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%">166</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 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%">&ndash;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">17</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">2</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">8</FONT></TD></TR>
  <TR>
    <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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;&ndash;</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"><B>&#9;599</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"><B>&#9;183</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"><B>&#9;&ndash;</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"><B>&#9;121</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"><B>&#9;8</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%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F2F2F2; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">692</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">598</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">945</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">100</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: silver 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="vertical-align: top; border-bottom: silver 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%">&ndash;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 0.1in; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">18</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">38</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #007E79 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%">&ndash;</FONT></TD></TR>
  <TR>
    <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: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;710</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"><B>&#9;&ndash;&#9;</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"><B>&#9;598</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"><B>&#9;983</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"><B>&#9;13</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"><B>&#9;100</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 1pt solid; background-color: white; padding-top: 0.15pt; padding-bottom: 1pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Pension Plan</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;&ndash;</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;98</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;&ndash;</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;&ndash;&#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;97</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;&ndash;&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E79 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</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;710</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;19,601&#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;1,235&#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;983</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;26,329</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;828</B></FONT></TD></TR>
  </TABLE>

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



<P STYLE="font: 7pt/8.4pt Vale Sans,sans-serif; margin: 0; text-align: justify; color: #242424">&nbsp;</P>

<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>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&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="font: 11pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P></TD></TR><TR><TD STYLE="text-align: center"><P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0; text-align: left; color: #242424"><B>Expressed in millions of Brazilian reais, unless otherwise stated</B></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<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>Parent company</B></FONT></TD></TR>
  <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>Liabilities</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&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>June 30, 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="border-bottom: silver 1pt solid; vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 10%; 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>Supplier and contractors</B></FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; width: 10%; 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>Export Pre-Payments</B></FONT></TD>
    <TD STYLE="border-bottom: Silver 1pt solid; width: 10%; 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 instruments and other liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 10%; 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>Supplier and contractors</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 10%; 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>Export Pre-Payments</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; width: 10%; 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 instruments and other liabilities</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%"><B>Subsidiaries</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: #F3F3F3">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vale International S.A. </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;64,946&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;5,255&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;73,707&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;5,923&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salobo</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;11&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;135&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: white; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;135&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;236&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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;2,853&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;205&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;3,518&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;247&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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;64,946&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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;8,243&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;214&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;73,707&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;9,576&#9;</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%"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: #F3F3F3; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 0.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;340&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;304&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 9.6pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;106&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;198&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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;36&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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%">&#9;90&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;482&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;592&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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></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%"><B>Associates</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI </FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;23&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;763&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;10&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;292&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">Anglo American</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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;363&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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%">&#9;9&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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;388&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 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;763&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;19&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: silver 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: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;293&#9;</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%"><B>Shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; background-color: #F3F3F3; padding-top: 1.65pt; padding-bottom: 1pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 1pt solid; padding-right: 0.75pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: silver 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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: silver 1pt solid; vertical-align: top; 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;168&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: silver 1pt solid; vertical-align: top; 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%">&#9;1,008&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; background-color: white; padding-right: 2.65pt; padding-left: 7.2pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: #242424; line-height: 120%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cosan</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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: #007E79 1pt solid; vertical-align: top; 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%">&#9;2&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#9;</FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: top; 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%">&#9;&#8211;&#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%">&nbsp;</TD>
    <TD STYLE="border-bottom: silver 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: silver 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: silver 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: silver 1pt solid; 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: silver 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: silver 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt"><B>&#9;1,008&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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>Pension plan</B></FONT></TD>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; 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; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; 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; vertical-align: bottom; background-color: #F2F2F2; padding-top: 1.65pt; padding-bottom: 1pt; 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: 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: #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;&#8211;&#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">&#9;&#8211;&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #007E79 1pt solid; vertical-align: bottom; 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</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;1,117&#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;64,946&#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;9,174&#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;888&#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;73,707&#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;10,877&#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: 12pt/115% Vale Sans,sans-serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify; 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 six-month period ended
June 30, 2025, the compensation of the Company&#8217;s key management personnel was R$88 (US$15 million) (2024: R$77 (US$15 million)).</P>

<!-- Field: Page; Sequence: 56; Options: NewSection; Value: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></FONT></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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



<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: July 31, 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>



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



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>valedfbrgaap2q256k_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 valedfbrgaap2q256k_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X0!F17AI9@  34T *@    @ ! $:  4
M   !    /@$;  4    !    1@$H  ,    !  (   $Q  (    0    3@
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MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$
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MI_A5)\KV_6BTOYBO9T^Q-)JER!Q!'5>2'(Y;]:+2_F#V=/L*^LS(V&6%?]Y
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M47V"<CA35^TID^SJ#O[3G_YX)^G^%1/I\J= :?M*8>SJ$O\ :<__ #P3]/\
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MR5TLJN%3_P =KH(K:(I]VCZR'U8P/[-;LG_CM=''9Q,V-M'UEA]6.?6Q=?\
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M]:YJ/61%'M9\UI]6#VQUMIXI_L4&=9V&[C[U<-=ZN)!L=CCKUH^JA[<Z>_\
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MH^O4^X_[/F<[#)N.T5T$GAZUB0O:Q-\IQN[5,\8I1M!DRP/LU>1DPE\=*O\
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MIZ5QO]J3?\]OUH^J1[A]8K'6W&IVVW&*XXZK(>K_ /CU3RO8.>/4Z8ZK;@\
M5RSZ@<\']:GEEW*YJ9U!U:U/# 5RWV]CQG]:.6?<J-2*^'<ZC^T[+^ZM<O\
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M$6*12R/"=CPFS_9XNK-5:.7/X5]!0Z'VV"LY\08J1I')L&NAY'I'PMU:PC6
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MQWXA\7Z5)]BMKJ?:5. OUK2CE,*B;C+^OO.>KFU6@TI*Q[V=8TC=Y8U2'?\
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M<D9B/^[4WDQ^OZ47 KF(L<J.*M+$F.*M 0112O\ *35@[8^13 A:R!ZK4GG
M<FJ38F5182EFD,FU14ES.\ULR@X&*TUOJ91D<[XKU&RMM/F6"ZVS;>QK"\8:
M4Z0M<(2Q:N["N%]4<N(]HUHV>=7VM:E<O)!<S,PW9W-WJ+4[.2&[8S%MI[;:
M^@I>SFK)'BU%5CJFQ;;XB7.C1?91(WE_W<UD^*$TJ/3%:!PTFX9^6MXX%5#D
MJ5ZT>K^\_+^BOV$_S4"B@ HH ** "B@ HH ^DOV.]:TS3?AG?0W]HLG_ !/I
M6W%>WDP\?I6+^S"[K\.[P#[O]L2'I_TRBKX/BB-\PCK]A?G(_KSP!G*/!M=+
M_H(G_P"FZ1]*:+>>%+Z-%BMXU9_[V*\O_M6X2575V7;]W:<5\G4HSELS]\P^
M,5/XD=O\1_$=MX8NXK73!'G;A@M<#JES/?W1O)Y=S=MW-:4J$8I<S9%7%.=1
MN*T%O/$=]>32%YE53R!6;)"\TF7'3G@5V1]BEN_Z^9@ZU3LB[8:OJ-M*)5G'
M#9QZU5C80]$J91HOJ_Z^9G[2KV1WFB?%&UB5;;5=/7_>VUPDEZ\H >/I[5RU
M\+[3X6=-#&3I_$CVZTU/PW<^'I_$<0C"PKG;QS7CB:YJ*:5)IL<S"&7[ZUQQ
MRZJI7;.V69Q<;)'53?&329+DR-I>5Z+\O?\ *O/G38JHL?"G*\5V+"+ELV<3
MQM7FT1Z7<_&#0A9J\6C_ +S_ '?_ *U><(Y#;V7G]*3P4'U&L?6[(]4\/_%?
MP]J3*-1L]GR_W:\L?4O+;S&90?9163R]=S6.95NW]?<>NV/Q"\'R:DVEI'\K
M-\K'MFO)=/O[)Y&(?;)_"U3/+X^SW+AFM12LT?0T.@V9MED@*R1MR&6O._AO
M\4[G198]'UNX$T+'"\=/?-?.XK+Z].5TSW\+F5.>Z/1!H%N1GRJVH9;&]B2[
MTZZCE5ESY889%<<:E6GHVSU8U*<MK&/_ &*,\1K65XY^)%IX6@EM[:'S+A?N
MD-G]*UHX/$5GHSGK8K#T5LC931XHX<ND:_[3$"O#_%/QD\3:K\SS-#\OW5X_
M&O6AD->2NY+[V>35SRC#9?@CV9YM+LY/LMQY6.N0PKY]C\8:I/\ O[C49B>G
M^L-*63\FTCG_ +?CV_!'T%)-82S"6SA5HQUP17B^E_$/7-.M/L]G>?*?[_S5
MG_953N;0SR+Z'O%I'8R+Y*LOZ5XSH?Q.UJVNA+? L/:LGD]7^;\3JAG%^A[8
MMC%*<JZ_+Q7'^'O$S>(K-KNQF,<BO@QLV<\=:XJV!K8>5KG92QD<0KL[.*TP
M?F"XJIH5_/+;E;OYF'H*X91EU.R+3VL:45J@[4GG*JYBZ^E3[&4BO:<O4F0*
M1EAP*J7^IVVG6YGOG$<?<LU5&BI:6+E*<(W;1,U[:!]A<"N:N+JQOI/M&F7R
MR_[*MTK3ZKY'-]=CS6.LMUC=U9)*P;34VLK9I-4G\E%'+-VK/V-]$G<UE6?L
M^:Z.G*=]R_G7#WOQ \.VZL5U]<_A_C1]5J=F8+&17VD=H'AE.T'YEXKC;3XG
M^$[>V6;^UE9_XNG^-'U27\K-(XZG_,=M',4^40[OZ5YIXK^.>E6_[K1KG>V.
MOI711RRM6BW%6MW,:V<4:+2>M^QZ@)HD7S&0#'^U7B]C\6-0NW62YU#'/3%$
MLKKPWL3'.:-3:Y[(][')_JZX31OB!:J5%]=*V[IVKGEA:D=T=$<?&6S.^2YC
M"C<*P8-<BNAYD2;E;D?-6,L/(Z(UE+J;WG1/TK!GUB>W&8H?,SV]*S]F:<S-
MX-'GJ*YNV\0Z@\ZK+9_+NYK18:35S/V]I6.HW1^HK*34))?NPU/L?,KVDNQJ
M>8!T(JDMRVT<<]Q4^SB5S2+AD]ZA@=Y<@+TJ7&**2D]R4N",;JC+.&QY/_CU
M'+$?*+3F5^T>/QHY(BT[%6]LX[E2"Q#5/]WAA5<MMF9R@Y.YSE_X1NW#-!.W
MS5T32A%QCK6D6NK)]G(Y!O!NMVL.X798?[U=:LZ@;,'\:UC4ID^SD<*/#.O6
MMRS).VUJ[B=(6&/,'%'MJ;Z,R]C4[HY/PWX=U&SU;S[FX^6NBN$3/RG\14<R
MD7:42\]W8QN%:3[M8LME'<-L8MU_O&ERWV#GY=S<61)_](ADJI8PQV5OY2%L
M?[35E+W2XOFV1;GJ%GG8\D?E1&28W>)(D"R#<W\J6#S2N#2YN5V81]Z-QLUJ
MNS@=_2K<<+,>:8KF?-I<5VNUQ6@ML5^[6<JT(;FL:4I;&))X3T\_/Y(W5OFV
MSU%:QK3)]C3[G.?V%'G!AX%=&T#'@+^E'MJG8%1I]S"M]#M%8$1C/O6S+9?)
MD#FH]M.3Y=ANC&G'FW,NXTKSD\MHEQ6EY$S+M-7'GZR(YH_RF$-%@MU,<<?6
MMT68QRM7[3EW8TXO[)R&I>"=+N@9)K)68]V'2NO>Q\P@;:N..K4M*3^\SJX7
M#XC6I'[CRO5?ASIDFY3I:LI_AVUZB=)CSN\NNVGFF,CJW_7W')/)L+4V1\_>
M(_@E'N^U6FF8'7;BO>KC2X6X,==*X@K4][G'/AVF]K'RNGP4\27]\T<5HRIY
MAV_+TYKZFCTF&*51':K@]36W^LV)Y=+G-_J_1YOA/GZP_9GNOLOF7MQM8]*^
MAY=)0[A,O!^Z*A\18B75G73R'#QW2/GI/V9TG;"W@S7OT>D6T#_*@ZTO[;Q-
MK\QM_8^%2L['A'_#+DFS NEKWF>%$&U$IPSK&2^T8SRG QWC_7WGSMK/[/$^
MEPC[,OF-7O5Q"GS$)G/7-:?VYBZ>[,XY/@Y[(^<[3X':^S[GMU"U[W-9$OE%
M(^E51SZO4NF]A5,AHQ2Y4CQ7_A2J0Q[[J'YEYQMKV5])WMN=,UM_;-;N9?V%
M3[(\*F^#\<T_$#*O^[7N;Z)&_6#\EH_MFMW#^PJ?9'@MS\&;CS3'##\O\)Q7
MO2Z.BIL$/3VJ_P"VJG<REP[AY2NSP=O@E?I$&VDU[VFD*>#%^E/^VJG<7^KN
M'/GR7X/W\?/E_I7T$?#T#MS!1_;52.MQ?ZNX?H?/=A\([ZXG\MH]OX5]#IX.
M@\SS?)YK.IQ!6E\+8Z>11C\5CQJS^!@0 SC)[U[E%H,2*-\7-8+.L5?5G1+*
M:%MCQQ_@Y811 F#Z\5[--H,=Q'Y6T*/]VM?[8J27O,SCDT)-Z'AFL^ =,L;5
M5BC^:O6[_P"',%Z_S ]?6NREFD;:R9SU,FUT1XYI_@F2Z7>+7_QVO<M.\#6M
MFNP6_%9ULVC'9LTHY'S;V/'K?P RA93!W]*]K?P;:OPL/%8PSN7)9-E5,BBJ
MFR/,=$\#+YJF2WR#QTKU6S\.I9."D7TKGJ9M6ELS2GE%*.Z.<M/A]:FT6&.'
M:?I7;V]L-WF%*XY8_&/9G='+\*MT><:O\)'/SVT>[ZUZ@47& E7#-L='=FDL
MJPLNQY/8?"2:\/E75JH;=_=[5ZW!9QXW*O>M?[:Q;[F:R7#KL<II'P[TO3[
M64E@K-Z[:[:&V7HZUS3S+&5-&S99?A:>MD>:^(?@[9WA,EG9JI/M7IWV>+TJ
MX9A7CO)F,L#AY?91YCX8^"]K:W"RG:WU%>J06B)PL8_*B685Y?:8H8'#QWBC
M#L?!MA:((6MHC_P&NCBMEC'W*YWBL1+[1TQP^%BK<I@OX5TPMM:UC_[YKH?(
M5F^9*/K&)_F)E0P_2)S:>!-)+[_LR?\ ?-=0J[1@1K_WS1]8Q/\ ,8O#4?Y4
M8<7@S3P!BWC_ .^16YF4'A/TJ?K&*[LVAA\*MTC+C\&Z46VR6D9_X"*UT\QS
MN8=*?UC$=V;^SP=M$C)?P)HKN-]@FW/]VMN-W#@MTI_6L1'6[.:6&H2[$>EZ
M+8Z?'Y=I:*OX5:$R@Y!K.>*Q%0NGAZ$"U;6Z+R:KF[=1\IJ8<]]3248\MHLT
MK9XH]S9 P>]8MS)=SJ423&[KBNF,82W.:3]GO^!T3:O8Q1&6>Z7:O+?-7$W'
MARZN<[KF0*W7YS1[.F0Y*1TUQ\1M"M7V+-FN3@^'EDTF^2[;=_O4N6D0XRD>
MC:-XEL=3M%N(SQMS7,Z-IITF+[/ QV].O6N>4==#2,)<IV\5_')'NS6!#?2Q
MQB-#TI6'R2.B6[BW=:YYM0G(P3347)V%R2.E^U0?\]!7,?:Y2/O'_OJJE3E'
M<+>:.F_M")?E%8,-R_EKEOUJ5'F#YG0)J4>:P?M;@_*:T]G*.K8I(Z#^TH_2
ML-+ECU-'*3RR-S^TH_2L;S^<$U7LY%>SD;'VY#SOK&+ECD&BW+H2URZ&O+?*
M!PU9*NR]#0(TCJ"@9S6;YST+<3V$U75+Z2,I8C;]:9/NDY'Z5T2C?8RC3E'<
MS;1=3&XZF@?'.*O!)!GW]:JG)Q94H<R.%\9Z;=7LK36=GWQP*[8V2*#B,<]<
MBO0IXOEV.*KA921X7K_@_P 17\>(X2/FKVQ]&M7&&AKNI9HZ?<Y)9>I;GXHT
M5^Z'^7844 %% !10 44 %% 'NG[,DXB\!W:M_P!!B0_^0HJS/V?K[[+X+ND_
MZB;G_P AQU\3Q)&^.C_A7YL_K;P%ER\'U_\ K_+_ --TCT^YNHP^56L.36!Z
MU\]R'[;[0TI+XER,5BMJH)S2Y!\YM#4%BYVYS6&VIAJ?('.;9U"W;J17/R:C
M\V11[,7.=#]K@]JYW^UO>H]C,?.=%]OB4;17._VM[T>RF'.= ][$>@KG9=5)
M'#4>QF',;CWBY^YQ7/G5#C[]'L:@<YN2RV$O4USO]K>]'LIASF\[:>JJ(SAE
M/6N=DU=@_%5&G+ELQ>TLSJ3JULR@X;<O\0KE!J\AX'%2\+"6Y<<54CL=M9>-
MO$&DKNTW5)E_V6:N).J3]Y*S_L[#OH7_ &CB8]3J+OQ'J%_))=7%VSLQZ$US
M<>J@"JIX6G39SQQF(JZ-G0/)%/"!,P9L?>]/:L7^TR>CXK:2>R+Y9/5FM%:Q
M!LAQ]*QVU21/NR5SK#SYKL39L)>"WDVMTK'6Y,OWY*T]B-5.4Z'^U$4YRQKG
M#=3]-]'L36.*Y3NO#GCU_#MXMS"69=WS1UPHU"2.0*QJ)8*-178_[2E"5D>Z
M2?'*W6)6L419&7YL]!7BT&I,ZXS7G5,NIWV.^GFE2VYZS_PNWQ!;W'GQS1N/
M[O\ D5Y?%>/U\RG3RZGV%/-*G<]>UCXL:5XL\/-8:BKP2X^F:\CDUD8YIPRV
MGS;&DLWJRC:YUF@^*;CPWJ2W.G73M"K99';J:Y!=97'6NAY=3Y3CEF%2]ST?
MQ+\4K_Q,HMV/EH5PP'>O.3K0 RK<USK TZ513ML5_:52M'V;>YK7$CSR-YC,
M!]36.VL._>NCW?Y3'WOYCIM*L+958RW0QLR,M6#!JD^U<2=J/=_E#WOYC7CT
MQ7NA(TFU<X.>]9TFIS;-WF=.U1*'-LK%1GR[NYT 86,BFXM)-G\+>M9?_"2B
MZME@E'S+2]C'J5[>70TM0\1M,5^S%H]GW<FL0W"/)G-'U7#]0^L5ULSO? OQ
M2FTV80Z@'D7I7+:)-:J^YQRM<M;!49;'90S"M&R;/9+3QQ#>GS[.RDQ_%D5Y
M3?\ B^XML0VDK*.^WO7EU,O4I:'K4\T:CJ>M7?C6.&)FV%6"YR1TKQB77-5N
MU($TC;NWK54LKE*2OL14S=1BVMSU=/BM% VW[3'GTS7C,L]S')ND1]U=DLEP
MO<XHY]BNQ[?'\;]+LBL=\R*WJQZUXI;7%Q/)OBM&F9>JGM6,LEPO<WCGV*['
MM3_&^Q\T,D7RG^):\D:WU*Y3S(=.D#=-OI4_V-A([LUCG6,ELCW;3/BYX9N8
M=\UTJL%S@FO!X-!\63OB"RE7)ZUG+*\''J;QS3&2Z'T';?$OPW<#][=JGU->
M,V7@?QHZ+O9JYY8'!QZG1''8Q]#W.'Q;X>N6Q;ZO"?\ 9W<UY-:^"/&R#]W<
M;17'/!87FT9JL9C+;'KLFO:6HR;^/_OJO)5^&WC6ZEW3ZVVWT'_ZJGZEAOYA
M_6\9V/5#XGT,'#:A%_WU7F]K\,-<4CS]4=O7FCZGAXZW&L5C&[6/29/$OA\#
M_D(Q_P#?5<,GPQF,F7OI-OUK%>SEL='[R.YVB^(-$G?RHM2C+'HNZN;B^'>F
M631W,][(NWK)NXJEAW/8GZQR[G413*S;HCNK!M-=\-V$K64>OH6#=V_^M5?4
M:G0(YA1C+WCJHY8'7#2@5C1Z_H$<?F2:W%Z_>KGEEM9G5'-,+%&VMTK#*MTK
MR'QY^T,UM=7&F^'+96B/ D%=%')ZTCGK9UAD>RK<>1%YDPVKUR:^5KWXF^,-
M23RI-<D4-_"&KL_L*K*5SS99]16Q]2?\)GX<@E\F?6K=6Z;2]?)0U>Z+;Y+^
MX:;KO+5M_8-;E.?^WJ5S[&CO$EA%S&^Z,\[A7SM\+?C3?^&IO+UQY)X1PH8U
MY];(:QW4<^HGT<UVB'8S -67I=]9ZE;Q76ENLBS#.XMTKR:E/%T^A[E*I@ZF
MMS720D9(JA->V4(>"?4$CCC^9VW=/:HIK&3E:QI4E@XQO<O-/&!AC7D_C?\
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M%CQ_M4<LD/VD9:E1;&,\_A5V$6\14>26\Q<J11RS#F@518@':$K0VNPPMO\
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M(\V,C_A7YL_K#P)?_&(U_P#K_+_TW2.T:Z9NK5E_:S_STKP_9G[5S&B;I@<
MUE-=G=_K*/9AS&H;UTZ&LF2[/_/2CV8<QI/>.03FLHW;8_UE/V8<QH_:G_O5
ME_:S_P ]*?+(.9&I]J?^]67]K/\ STHM(.8U#<L>"]9?VL_\]*+2#F-(S''W
MZS3=G^_1:0<Q;\\_WJI?:!1[P^9%SSL]35/[0*.60KQ+;W#*,J:I-.".#2Y
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MCV<@NC4BU(E]I/ K)%R1R*7L7V#FIF\]T'3$9^M8D-\ZG.?UH]B+GB:\,DB
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M)=0U*=[VYD_TAN]<KINN/92%EY-8O+X+H=5/$UEN?EW17[(?YFA10 44 %%
M!10 44 ==X!CC?192_\ S\M_Z"M'@-PNAS*?^?AO_05KY'/^;ZY&W\J_-G]8
M^!,;\(U_^O\ +_TW2-KR8*BW+ZUX?[P_:N3R'&%<_+43,N>M'[PM>S6Y(\0
MZ5"T@7H:/W@_W8V1%S0TH*D9H_>"?L[#=@J/>*V,2PB#;UJOO% %D1@U6:0
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M&":A,9//]*.8/>+"3H.E0B)NS54=2H^98$Z$XJN(G!SOJK%6+7F)_>JOM?\
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M/+<M2L22#S#ANE%3[.(2J2L-$,8Z+3J?(9\TC\MZ*_53_.,** "B@ HH **
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M/"WBR#P0/B'97NI3+(6M[5CF/8,G.0!6GL9/9"^L4>Y^?-%?I!_G2%% !10
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M.,4@'1Q1^E3Q0>JT )Y:?W:F2 D]* (TC'85<BMA_=H 9!$N[D5;CM@!]V@
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MC3J ZU.)#Y9BC^U7 ^6L/XJ_$[X:> --MSXV\96NGV>I))%;W(NUD+2?,!@
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M% !10 44 %% !10!]$?LDV*7?PUOBT2G_B=2C<W;]S#5G]CW_DF=]_V'9?\
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M_,<D_P#1,-0_LER;?AS>C_J-R?\ HF&OQOQ$CS9U3_Z]K_TJ9_>?T796\/\
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M3]* N5?LY]*N>3CG'Z4PN0QVYSD5<BAK0DK^2?[E7-@W;<4 5X(#OY7M5Z&
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M?X0M4(HU,7V.**1I.O>F [4KE+B2.7[/MD7[NWN*H76H7=O*()K0J%XWL.E
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M^GQE4_(US+ XQ_\ +MB_M#!?SH[+^SU_NUSMK\?_ (63F\EGUV+R[5V2%H9
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MYJW<L374?GX#5%Y$3?-NJBB>ZFW1?NVXJ&2)'BRKT -MPQRP/S8IJCR06WT
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M,C_EG[T61:'W$"$++$,;E_6F7$WDP1QL>5;!HL Z(3%3YC\ =*072JF0:>B
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MDBNO]$D01!>1CUHN!5N;F8MLD?=_=;%-%K>R/Y4,!8?WJI,!(KMK5M[R;O\
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MYH>NXI0=-7,6VO+J]TO[+:0GAA3Y%N_#9R(\QMT:ERQ[$<S/INBO5/XU"B@
MHH ** "B@ HH \D^/UO-)XIMYHI,%=-7Y?7]Y)5OXU9/BRW'EY_XEZG/_;1Z
MTA\)^Z>&,K9#5_Z^R_\ 2('G^F7DT:LDA^:G^0WVAI!UK2Q^C\Q=TV^>%MTB
MELU'I=VL4^UE!.?2L^4?M(E\-+)(9%&,]J?(V\[A\OTHY&/VD6 $I.&QCO4#
M2N#]XT<H^8NLT3Q[(_X:HZ9<QL\F\'VYK2R)U&WFH.TBPA>U1R@N=RI\PZ46
M0%.WTM[J:1GDP,YJ3RKI"2AQN-*R!RL6(8TM?D8Y[5%'%,<%Z=B>8THC&G4U
M#NC]_P Z5D'.7%E$G"U4AE*LRI^&:5TC2,M"9[I1+Y1JNMM,Y\^4]\<4N:(^
M8F5C)<;6_P!700RP^2%X_6CFB',0R6[J?.!W5<M865?*0<?[5+GB7[Q#;2S7
M<7F[<8.*O6]GY*;3MZYHYXA[QE21N+@;A6A?V\447G$_Q4I2B&HR%_,F5,=*
MC\^&$^9%)\WNM1S"NRX[SW0\DQ@8J&:\9XO-B.'I\PKDD19;CRR_1<53ABF6
M3S0Q9FZ\TKEQ+-M$&O\ +/QS415XAY[ T<PR]+8P(?,W"J(ODF^23=_WU3Y@
M+2,7; /2H[>XA4X"M^-+F.BG'EW+4=VXD$:U#)<0QK\AY]Z.9&_-&Q-J6];1
MYEF^91TK-OVG.&$GRM]ZCFT.:4+[&;,LMQ<?O'J;[.-^\[JD(TY$<D4ZD")Z
MDSL8X_6CJ:10Q6>&50PW;A5F.- -_P#$?6LY%6N7=&6;?YB'I3]-25"'W +W
MHBPY6:T<DL:^8 -U1X5EX1F_W6K55(ARDT=T]WN65>:C>Y2.!4A3:V/FS64G
M>1I&!1N QG9)FRO\-%S97$R[@W4YJ32.A1B+^0S2_P"LW<?2KEQITQVS?Q8P
M?2F4Y1Y2&QO)!)LS3H[0V\GF8H:<3-23+DLLFRD,O"ATW;^@%92J1B:1BY%2
M::38RXJXNGR1W*+<*%1_[U3[:FR_8S,^%GABR(ZU)888UQD-M;Y=M"E&0O8S
M(5+%%EF; _NTR\CN+AMY&$'\(K11OU#V<B6[ND>:)[<8 7YJKPJWS*D+9;A=
MU1*48NS8*,MK$CSVEVK$'[K9JN_AVZL)?+2;_6#/S>M1[:GW-%2J2Z FR1_+
M7UJ:WMH-.&VZ?=)_LFIEB*:C=,T6&JOH+_9D^YBC?*OO2WWB:&RLWAMUS*PZ
M]:\Y9EB/(U^IM="$7$,B;9)/NY[US-MJ,OVEEN&.2<U<<?B'U7]?(CZO;H=!
M<>)TM8_L]M@,O+<]JY;5'C>7>DI]\'M2EC,1):M?U\@5%7V-75?$8O+7:C;6
M[XK%@NX'7R(T_P"^JR=:I+<+13+6DV%WJ^J1BWO;6WC9L-(Y''ZTF@Z?X7U*
MX>#5=2:USQ'"L//YUGON;TXQD>MVWPH^#VFZ3%>>(_BS:K)]YK:%N?T)KE]+
M_9ZTV*UA\1WNBSW,4K,(VD<\],<8K*MB:N%I<Z5XW^=SN^JQC0]K+:]CUS0]
M5_9"\.0PPZ<ZW=Q-;M&TTB\!R.#]VO)=9^%$?AK36U8Z0L,;G=;LT6X;AVJ:
MV:5L+*TU]QO/ ^SH^T:T/6K']ISX):5I*VJZC>,)+'["T=FC?*5+?-]T]=_Z
M5X'I^CPW&GLD=F(=T7E[8;3:Q(SR"._/6M_[3K1J*FUK:Y7]GVH^UMIL>W7'
M[9?PPN+*Z\.VMK?7#ZC:^5&V#\N<C^[7C$?PT7PX]OJ]MI<\F8MPVS$D8).>
ME<E3.JE/5Q?W%XG /"4?:36FFWF>J6?[7?A_2ENK.+PM?_Z0HCDF93AQC&/N
MUQ6J>"M4TWPQ97D<WVI;J(O'"&^9,$D9]\TIYW4IQYG%_</%9?+"8?V\UIIM
MOJ=<G[8.H7VHR6VF_#6\M8[Q5CGFE7Y9$''H.U<WX9\"^.;J]T^X;Q2C6\\6
MV2SE7<5^8].>/RK2CFE;$R4$F7# J$54EM_F=);_ +77C)3=66G_  JFA\YU
M@:Y9>"HQCM7;ZKX"6UTVUM9+QH_/A+'=W9<XQ^598/'ULRK.E1O>[6NFQTU\
M'1P\4YVUU.$_X7K\;_B.+CP[+X@7PKIME S7;09!N0>$Z'^\5%<G\4;Y-/\
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M3+T.?J:^R/VC_"'AE/V"O >L6>BW-G.T<@>^$*8;I[UY&09_F&:9I[#E_F_
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M)+(HVG(!&2#QFOE^+<OX=6/HQQ44FXZ;]_(^JX9QV95Z;<)V2=OP/JSX#_M
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MW_!%5\1<VG&UD>Y^ _BQ\,OB1X[A\5^*;'[3HT?EM-:RJ/+^4'?WSW%<)??
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M5,YO39)+!9/M2[OG^4>M;\UI9NI81_-U%41[,Q/(ANI?M$MKL?VJU<VLH&:
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M=CFV9=WYBO0[+]H']K&&^DEM=3TZV6U;:\<<('/YUG*O2D5'!U$:7PX_9/\
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MG<MQRRR?Q&N'$<\]CNPWLX;G>:#\1?#FNZ7<>&-9L83"\022XD_A '!%>/\
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MP5?>%++3=8EU*W:&^DS&L:M\N5//(KT3XSW=OK'PJ\,2V^DR6\D2*LTK?Q@
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M;=SFFI2ZE2<;:%JVU".U/D-5/[*+BY\R1J9G(^PJ*^L/X-"B@ HH ** "B@
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M8RG2QSBXQE&R^&SU^5SE_@A\/;?XK_"'1/#GB#73H<%C)>!HK.0R"[R4ZJW
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M4[=,?+7GMKJXS,US TS1_=5FZ5O3J4X[Q.652E)^[&QV.B?%;QU#XTO->N-
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MCG2A#"?S=/7R/K98S,<1A;SGV_0\.^(OQMEU[5'O=3U69ED;SHA@\?YQ6/\
M%SP%X?T3PWH]_P"&[QIYG9DNXVFW<9/3TK]'R>&7X?'P=3"VT?3R]#\[S&MF
MU.I[DOZN<W?ZI>)=27-I?)')J2^=&EQZ _AUQ^M5_$%BT>KVOVZR\R,01A8Y
ME_>%."0H//XU]1C,5AZ\>6E[I\_#ZQ7J-/<[3P;X?'PU\;:;=?$'18-0AVK>
M-#:L&62.1<C/)Y&[]*U?AWX6;7+J.QEN)C?R+YC6\C'$-N.0&]/DQC.*Y*.5
MXBM&\JJMZGI4\/B\.N9(]I\!_M/^%_AEIMQH5M;7"R7UV]Q9V\,9\J.,L<*Q
MQC[I]17DWC^&_CU"2PM+18X(E4>?#]UH]N #CJ0<'\*\7'9'@YRY7\7<WI\1
M8S"U%%7-OXB>+++QS\2/[?@MA##<6_F=.IQ5"'PK<W/@_2=<MI&DDM9&MYML
M9"SY!*L#_#P/>O8RM8' Q4)S73KV1XV9PS#-9<]G_P .[E"*U.JWK726VZ%5
MSGWJ]XAT76OAM96^DWLC+/=QBZ>W:,[A&XW 9^A%=^(HX>M[]*29YE/!UJ/N
MR1S\\5P]]");)O\ 69S^!J[I^KRWUXLHCZ'_ %><MMQ58.-7FM-WML<^*P_L
MY*_4RM8T6'1)+=;;<#-NE:,=^G^-=!JNGI>'2=<F1HMVZ%ED/4<?X5Z.*?+1
M^1A&!QM_=SW(\R.-XPG5?6M36+59-\Z2JVUN%2O"I5K5?F;1@7O#KVQ\+M>)
M8ON\F9F'J?EJY8W]WI_AO=;V:LWV4D[L #=CC]*^CYE+#1;['F>]+%.*[F7X
M1\*Z]XEU/^T-(\.WDY;@+;V[/CZX''XUW/P9^('QQTG3_M'P\D2W$CK'<K#'
MC<PSZ'GK7B5ZN%IRO-GM8;+<1B(Z(T?"G[*GQS\1A9['P-<)')(!YUU,JHH]
M64D$BNR_X7)^V'<Z?M2:X=!&K/MW>I]Z5+/\IPDE*4EIZ?YG15X8Q^(IN,8O
M5=F=1X0_8*^).M:)>V&NZYI]C]J4#]S$?Z,:R?"'Q0_:W-ZL5S?"&.)=W[P'
MYO;K75_KEDN(TNOO1Y$N#LXP_1_<SI])_P"">7@G2I67Q/KEQJ$J_P"LV_*A
M/MD5YGXK_:1_:7'B673XX[Q(V.%W!MK-[&JCGF3SUT_ F.19K#3_ #/9]+_9
M*_9_\%S+J</ANQCNF^0RW4B=_P J^==8U+X[Z[>177B*WN9?,D!\O[=D9SZ5
MT1SO+;?NOT-*F2XZ*3J+\SZ$\:6WP1\,1K87GB73EB;AH[5@<$<]LU\QV/AC
M7;SQ-!I>I>%HSND>1_,4,PP.QQ[5Q8C/,-W"GEN*ALCW#4/BW^S_ .&M N/L
MMI)>?],5MV^8_P#?->%^+?%\O]I1Z=:>')8Q:Q,&6.,J3C//2O.EC\/6V9V0
MHXZ&R9O>,_CO%XALCI7AW1VL+..3S$M_N[VZ<CZ5YO/=:UJ5Y%_9]CME5MQ-
MT=S,N.>O2NIX6CC<+%>S3MKO;]#HIULP7N69M>(?%NO:[:PV.L3E;>U'[F)9
M.$#=3^IJKHO@/Q%XAF:W@@Q)*2'5K@81?O;B>PQQ7-+'8/ TOJ\J<>WQ=_D>
MA3P>95E>S(KWQ"Q%MY^LSW%OIO-K"6R%)]/S-;H\ >#-'\-QS7VLV_V^WOBM
MU;17JR%HBC8(P>N[;7%A\5E^#GS.$==/B_X!I_9F9QUY69,WQ)U9;9;*XU.\
MFD;YK>-\XBW>G'O5'6/#4-S/;WB_$)85:-FFC;3V#(JMA1NW<\8K:>,P^#K2
MKJ,?>7+\7_ \CGQ%'.*DM8O[G_D3'QGXNO3-YEQ>2^5;^2LWG@;2"/7Z5;T>
MW!M+BWT2.\UE61I;QH]-?*+Z]\9S7'A\V>'D^6$=5;XN_P CU,+EN8>S]Z+'
M>"_B/XU7QQI\&HZVUZLVV%HIIPX50AYZ_2N%M8-#T/6#KNA17AEMKC/[S<O+
M9^7)%;1J8S"T53C36_1M[_(\^=%X6MS5E='9_#CXH7O@CQ3J%W=W:K((;HA?
M1MZ?_7KS_5K!=>U22_FO/L;32,[0A=[?,<GD8I9UDN!Q%'VF+I+=;GJ8?.<5
M15J$69OQ,\7:S<^/]0U;3];N(VN,^2ZR?=J2\\!Z9=N9+G4[MFD9F1OL[ ^6
M/:NS*9\,X7!<L**>K[''C,1Q%CN_]?(Y;PWXBN6UEH[B:21VMW$EQ(_S%N]=
MGIWP63^R?^$XM=,U>33H;1Y9+J+2Y9(]HQN^8#&?Y5XU/-,AIS]G*DHOMH<>
M&P6;4:-JC=[F#\.K+6U^(ND1NV^UFF7<7?WKHO#-UX2CU>PLK>WG:^AF4J[,
M4 7/&4(ZU[V'K9=6C>DC"I]=CNSA?'6CZQ,\QB=5:/5'#8;^#Y:[37M8^&UC
MJ]YIFJV-P9&D^9@3CG\**D:WV&8JCB*F[/+X-'UB*>&0.&7=W:O0)M8^#]KM
M#:;J06+ECY+_ /Q-:*XW4Z')_P!AW]IXCM9GG$:M@E5/7GK6]-XG\#:A>K)8
M6MQOW8MO.4K^A'-;1.>2YCE?&5KJ2>(/[0MKK<(F5BGK@UO:A-H\DTLVK1NK
M*PW&.,_AQ6CLHZF/LCE-6L]1UW41K GVK,NQ8E['I7;Z9I^BH/[5T]7W?PB:
M [?R-1S0Z#5/E+%[HFKG3],UW4+D9L[9$7Z;L5-XJ\?:9I6G0Z1JEHS+-;[]
MRC'(.1_*E[270M2Y3-F'_$IF,4NYGN&W?B<UGQ^(K35K7S;0&&%90)1Y9.3C
M.:Z\/*3B[G-B)<TDREXBEU"STT0Z;+M8#+>P[U?FU?P5&]Q]KFF;"#Y=I]15
M3CS$1ERF3H'B2VFB6WU*X/E9Q'(>I:GWFL_#12J"TGV]0JH>/?I7-+#N1U1K
MV(;O1+--6DNXY/\ 6Y+8]34\?BOP*_[E;2Y/S<,TA_PK2W+&QRWO-LCM8TLE
M;39OFBDC++GUR*M:AK7AZ:&-DL)CMP.'YQ^572^(TG\)W'P/M_-74X"W[S^R
M+@*/;<E-^#,BS>)KZ6T@=8VTNX2/YNGS)7JQC&5.S//G\1EZ#87*6VSC_5&K
M.FR1&*,)*RLT)W$MQGBL98>C'8"AJ]S=Z7?*[WG&_&WT6H-1FB;6Q9W<B2-(
MO9>E<LXJ.P&1XJO8;75EN[>Y)BD7HOK5K3=!7Q-XMT_PA9P*LDEXH7=SO!/2
MBG):W$XREL9NA:@(9)I;F!_.925!'45WGQA\,KX1U*-AI7V=;K$-GN7J!U/3
MWHE*F"C.)@VVN:9>6GV:;3V5_P"]3=-GL(9)5DM&D\M<_*U8RE3+52<1S;84
MCC@NCM_B3TK2M(/#_P!H:\:%U6;G8W.*YY8A1E8KF<M69-_;)$H?[3N5OX?2
MMBYTKP_=.T<:R9Q\JJ>M3]:0'.Q)'G'FFMNQ\#M>RN@(@"C.9&H^M 83FY@_
MU<ZM4WB#39/#HC>]"-'))CS(V'3Z5I3J>T,S&U,1W>ZXU0;?)(\MEJ6YU32F
M1HQ#YB-T9NAKKMRJYC(:S:9+:QP:3<[@RYDR:9HVCZ6]UNAF,8DX W4HXC6Q
MGR\V@UM3OF3^S//^1>0,U;L_#!EEF,EY\RM^[_.J]L:1HC?M-VT*B6/=6C!I
MB@+;E_W@ZDMQ1[8VC1(!(J6RR!=K>E.U;3KK[1F$CRPO--2YM37EY58 ZO%O
M!^;-48[S8K'.-K8YIF<MP,(EO<SCBH&U3?+NE(_X#08,MFXTV%&+-M9JY[7-
M3%T?W<!%8HED=RD%O>O,LA;/.*J?:9UD#M'[<BJ,9&MI,U[=9"$*G7FJ+WVP
MK%&[+W.TU)-/XC>413_NY)=I]:H/EK(7-NQ]R351.@LWQD!D-FVXJ*@=%@MB
MZ3_,P^;FMH@/T[5;Z.VVWXR/[M5XY5! $FX;>=W-49RW+UG?6K%G:#*_W163
M+J2V4W[IAF@DVGN(HX&F>(@_PK6#//J%W.KNS;?]F@#:\*ZM'YLDEWN99%;D
MM]P]JQ8#-:QNBJRRW#?-N;C'L.W%3R%<QW&O7?AO5=)TG3]&N)3=?: VJ2=V
M&XC'3TQ5#PG:A]6L4M=NYKA!)M[\BCV8<QW,?Q"\'_!WXIVWBKX5P2S2QZ>(
M+J+5H6EBW%.?E 4UQOQ)U![?QU>099&BD!&WC!V8HY8K5@I2>Q:\;>-!XRU<
M^(V\/6>F75Q(=T-A"8XYC[Y)Q^=8MX;^^M529'VQJKX92<YQ_C50K4(]294:
MTNA>L]7O+:!E;$,OF'A6X7GIFLZXM[Q8%2]LY%#2$JRJ5PO:M.:C4TN9\M>G
MT-"X\0237'ES-E_XG]:PM0N1;QL"I4Q\9]:SE1C'X3.I4E4MS%[4-5AMY &?
M<QZ5@O ]] ;NWD^Z,X:IY#$U?[4E>-&(^7=5>UN[>[LA% FWR^7W=Z.0#3UZ
MX;4E@CAZJHS5&RU2))2T9_>'[H:J*!OM,<WD!MN>M6M-N&FUA4OHE;S!_"OI
M0!#+/<+'Y<;YVCD5--J=O;7\ELEN.N&RO04,".?4TFMUBMH/WB_>:IEB\I&G
MMU7:P^;<M9DF?Y\@OEC*Y9ER:$:XMIVNI[?Y0,0MZB@"U!=Q2MO5 2IPU4[*
M:U/F(7;S)/PQ6U&/-<F1K23QW"?:(D7[NVL(:R-.8Z>$8[FR6SP*SJ0U")NZ
M?8V=_JH-Q-Y6V:/=[]*PKS6?.OU\A2NUE)?=P2,5I3@;Q-_QA<6AUR\L;6-F
MC"#RV]>!_6H-?M!#>QZF]Q_K(U^5?H,T35I&4J=YW'V'FRVT'R%66/!^F:CM
M[YWNDB 94"_+N[U)I'W38M+F.SCS*,G%44N7O!);I =R_P 5!T1J%TS.X6Z$
MN!_=K,F>10D<SG@]%J?9V-Z=0V+P27-MN"_+BIH[SSM&^S(N/+7]XVWKFJ3Y
M2JE30QXI)H8&19?E4Y/-9-]>M:03,FY=S8R?[M6JG-H>94J/H=4=6L"Q,UQM
M41KT-<7I.JP7<;V-U*NYN4;V%,SC4F?=5%?:'\.A10 44 %% !10 44 >$_M
M.3>5\0+<GMH<94^_FS5+^TK$[_$"S;R695TF/=M7)/[V7BOE\\_WJ/\ A7YL
M_I[P5IJ?"M9O_G]+_P!(IG#Z;<SFS\S/:K5GXA\&64L>DW&G:E+<3<!$A7_&
MO)C+EZ'Z_P"PCW*1O?M7RS/PIQNJQK.C217<T-K"T*Q-S',N& QGFNB/-*-S
MBJ4XQJ-7+%CI<5U;LR3+M=<,V:IV+W,,)!G7:W"@4_>,^6/<L2Z=%:;( JLN
M\?,/K4;W",GEM/\ =YIVD.,8W)KWRK7[B!O]VL>\ODW\77ZU7*S>\30@WS/Y
MOELN?X<5F0ZB(Y-QN?E^M'*PO$T;R>2W&Y%W<\^U0K=0W2'8^>/FJ6I%0Y6R
MQ9ZAYQ4M<JN#W-1J]A%&@";FW"CWC;W47S%%)=M-(X :JVH:D\%UY!M^E'O%
M<T4:5QI\$6F/);RYVGDK[T:?JZ/X<N&>$??45G*.NIT0C3E&[9'9)IVGJE_,
M)&D5?FISW4%W"(BF.E9NQ7+%;$BWD&K77]IC=Y:_\LZCC:^L5\N:RVPMT85'
M-'J.\NB-:%HYK59+C!C:3[H[4S3Y([;3-EQU6HQ7OQYL'[T?/\=CMI2PLI\N
M(;4O+_@FAX+:ST7Q<2HVK*KF-FZ<XK1\,Z>=5L]/\0PVF^/[<UM)[9QBOGY5
M?K?N4W[Q]A@Z:P-/FJKW3K)?!^B3^3J;^);-;A8PWEM<!2#Z&N3^'-O/XAUV
MXT;5KR.WQ,9)+BX.%6-3R*\ROA:4/<J3?-V6UCMHYA3I5/;QBG#;7N=3\3]9
MAGTC2])G6&:ZL[II(GCFR&4!<5B^.K339KYO[!UNUNI;7G"2'[OY5WX?!9?R
MW4->_P#3/-QN<XF<O=G9=C"N[.>0"\N?*7YOWD*XR*HF#5G22^G8A9.*ZJ<:
MM.6M1I=M#R_KU.7Q4DWWNR_#=P6D\933B[;B8?E[_P"%37FFM916M[/)A/)P
M/][FNRKB,+3IWA-_@.CBJWMERJQW_C*WUJU\!^&_%6KW[_Z3 X5?,.T9=EP/
M?%9*^([O4/ .A:!K*&2UM&W;O3,IQ^M?)8'!_5\P^L1][?>W4^DEBL9*E;G:
M//\ 5UFU=HXM'OB986<F)F]<]JU[:RALM8NM0L=/9ER/FQ_MU[&,Q#E-5'[K
M2Z''1I3J2]ZH_P #>TW1].\<^*M'\)^*]-E6\FL52UOK6/YXWSCE1CC\>E>R
MK\+/&EK\5O"=KX$\/Z@WAZ^CLS>:E>6:*8Y)"I<*PR<#)[]*^(XNSJ,<-:C5
MA%V75WW]#ZK)^&ZTJG-:]_\ (]K^)/\ P3LUWX'? RW^+U_K=FC>([.WB:_:
M0*PC15S_ +I*ICKWJ/XR?$?XU:=I.J^'-?O_ +1HGA[5%L]):5BR2PM'RA!&
M,[F//6OA\AQF;8C$)_7(VN]+^7^$][&9;C*$97@FM+;W6WWGR?)XDC\*>(IM
M-T>&/6+'SOW:S-NW\8QGGO\ K77^(/ OCV]U:&Z\$^$H-)N7^=89%W;MW.X;
M@>N<U^HSQM2G@6JE6GLO>N[K;RZGR<<CQ%;%*3AU>Q]@?L7_ +&?AG]H/P7>
M7EE9W&F0C38;JZTO4K?RVAF1HVW)DYV'!&1@?-7%_ ?QO\:OA5HFAPZI?1VE
MUJ4DB:L\]TZ$P*CQHH '<[&_"OQ[.Z^*GBKPQD+:]7W_ ,)]9A\KQ<:2C2HM
M;7NKZ6]3Q;]K[PI\/O"/QSU2X\1>*+BXU2XEEB@TV&/,=JBMPH^;[H  Z5J_
M&?PMX\^)OCB32O%%O8ZI#9/((-6MUVR0J#@!B%&[CN<DU]=PSCYX>FO;8R#V
MZOM_A/$S?AW'2DYPHRZ]/,^>?#MU8QZM/<6O58V6,L>&.17H7@S]GGQ?'J=Y
M<O?VLT%PKFWF7H2#CT]Z_2,#Q)EM-VEB(/YO_(^.Q7#N=8J2_<-6.3EU#^V=
M/C:]E7R;"[4J8SP>&XKJ--^!'B[3M/U+3]1U&WV^2TH5O[V?I[UWXSB;)O8Z
MUX[=&<O^JV<1_P"7,CS*V:*6]FF5BL2/EMW0"O0M"^ 6JVEW;VZ:A8S-(BRS
MJTS<J.W2OFX<29'[7^-U#_5W-X_\N9%:#P#9>/-,C\*RZI)9O/#YHEA;& HX
M'!'7->W_ /#+?Q9\8;O'WPSUC2;"&*7STDE8E%4?P'*FOH:_$V71P,?92OH<
M-/AW&4\2Y2CK?9FC_P $X?A]!KG@U[>[TOSVM]3=&:8?,3QUKOO!=_XS^'O[
M/FH>*M5U.R.M0ZC&ZKI48"@'.6/RCKCTK\ZS?.)8KFL[;['W^286I1Y5*"Z=
MSW3X9^#]#O[/4-(_X1BWF:&W7S%506526P>GL:Z[X)Z+>6LTVK)J*W!OK.(L
ML:C)5<GT_P!JOR[-LQC2DW[5]=-#]%PL:$*/-**T.$B^&WAM?!NI2ZQH2BXA
M9GAF7^!??VKT7XP^&]6TG1?$%C86GE+!8Y;=WR&KCR+.OK6,=*4FK-?B<>,C
MA\12<J=CPOQ#\.O"=[\)YO$=WH'F307FR*XCB^6,'&,M7HGPTT'6/'7[,'B:
M-(%:-5W[E_A9?_U5^@8;%RE7=*,NQ\373IUK.*W/ ?$7@[0Y/@X-;DT%XKRW
MU-D^VQR$H?E4A2?Q_6NX\-_#_P 6_$+X'VO@S3;9I([SQ.I\Y1R-OE[L_P#
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MZ,^5):W"LH^8M"<C]*^HOA]XNUWQ%KBZ4WPWLKB:5MGS0?>/3CFMH8G6QC+
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MXIU:X&HZQ?QZ=92, OG-\Y4]P!FM+7-:/A4R7?CJ^DO-55=WV:XD#ER>P(X
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M&TG##WH&$^J1W-XI6WCB"KC SS6?J$4=[/YR,5S_ ':J),F?=E%?;'\&A10
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MBZMKJ$L(;=%#.RDYQ@!O3I7BOZ[A\TJJ'E^A]E@< Z>5T6_ZU,CXT>"H-,^
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MV5G;QS1M>W&TX&T[,D?-FKQ-"3C[E?F^9.'_ +0IR]_^OQ/1/AK\$_&WC3Q
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M)\/P-_:=I:V\4G(F$A.?UK'ZR'U&G/7F.F\ :I91_LZ^*EO+U?M#-#_9N?\
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M>T_!3XL7>G^'_L6J?#R;1X[EFVQA.'&X$@$GVKFO!DJ^)?&&F>%U\<H;9K.
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M.XD @@\=NU?$YUFF:<.T*CP^(<XWNURM];+6^A[5*C''4_:U:'-;33_AC?\
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M^ O%'@1O%MI<233:-J%P@7RH#(=IR"I. 1US7WG#7#]3 Q4L9%K_ +>OUO\
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M!'@6YCN-%U:.V6SD;YW!E4%ONC^\>U?+<.QH<59@XQT<.67WM'3',E%W;O\
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M'R?]GX6GBI.*>C/7OBIX?_9LT7X6>#=:\">*[B\U[4K*2;7K!O\ EPGXVIG
MX'U-<*/AQXNO+>::U\.S26;2#;(V!M/^[U_'I7+3PM.6LIO^OD>A*MAXT^11
M?X%>\U"^T/3Q-X6N##-O\N2W;_EH#_\ KK>F^#?B3Q/)'KUO!=1R6]PJX7\*
M[J:R^C\3E^!Y,J-2I.\3+ANM;\9:)'/+%<%S&_EV^%VJ5&01[DU;;X<?$2T?
MR;RWU*.&.3="T?KZ]*[(5H^QG&-1\LE9+33\#:.%P.\Z-Y=7=ZO[S*\/"XT#
M4K+Q/IWARZOH]%7S=UQM_>R!BQ0X(XK:LM#\2P)/ITU[J$*O$?GFC)SZXP*\
MN6#P,L-[.I[SLUU.NFY4OX2<3<^(?QS75O"%Y>GX9:58W'B6U?S)HVF\RVVK
MMW##$9^7/UK&T+P5X\U6S6ZT;Q GE6L;^8MY W(P<XZ5RQRO)U1ITU27-%[W
MEWZ:G?''9ER\OM96^7^1E6'C_6K7P]I&@:EX.L(YM+47$=Y,LA-PO4%N>M:&
MJ1>.IY@D=S;L9(Q'-F,[67T//2O0PV7X##UZDYIOF5M#DE]8Z5G^'^1C?$#X
MH>(_B)<V?B#676TM=/D'ER64955QSW'(K9NO^$OBT/\ LJ]T:QO/EQ'MC.$7
MVYHIX'*>62<7JK$QEC(O2L_P_P BU^U9^UAKG[1WA[P=9W7AJWTY=!T@:?;S
MZ='M^VJI/S/D]>/:N=M;74PT/F>#;-EA4I'N@+!>YQ@UGEN3X' QTNO3U\R,
M5+$UJ:C.HW;O;]$._91^.VA?"+QQ?W'C7P0OB*WFT^:!;.Z/RP,R%0X^8<@G
M/6LF]M[(7S7D/P_@A:4X=X82.?7K[5Z$L+A9?:E^'^1P^SG'J<WH3WU_XLOK
MZWN/)LY)IBT+?Q L2,?A73P:EX:N(O,?PS;QRR-Y<;>6>'7@G\<&JCAZ,=IR
M_#_(/W:^(WOCOXG^!7BOX6>#+'X5^%KK3_$&G6[P^)-0\SY+EAP!C<>GT%<Y
MIUE8SW+^7X<\R3S#)YA=54$G.<'O4RP]ZG,I77GO^!7-!QM$Y=M.@T73X[C6
M=+>>3:66X[!>..M==KL.I^*,1/X>O(ROR*L+*RS?@,UM'$4Z*U9PU,+4J/0X
MV630]6TG=9VIC9_<UZ7X'_8V^)OQ"VW<J+HMG_#_  DC\ZB6;86+U9DLOK/0
M\4C@8@:)(J^6^WY_6OL&R_85^$5K86MK>ZAJ5U>6_P#K)(V&&/O\M98SBC!<
MMDG^!$>'<5AI>_)/[_\ (\L\)>$O@=?_  "U+1-:\*W+>,%\0!['5H6^4Q#I
M$1N[GV_&O:K7]F[P9X!T^XN(_$HT^:XG5X9Y/F>/&>>![U\_+-H5]4['N8?+
M7RW/'H[A-#AE\)S^6=4N;2,S0Q_ZBVC^;:H_VNN>O:M#Q?\ #MK*"&WLDDOH
MXI,S7L2E3*Q/)YY[5C#%QJ5.7F,ZT(T]+'+:QX=M+[6?M-Q=HUO<6?[O;T#C
M-22Z8+;PM:W&E6;PI87I^T><.2O&1]*]"E*G_,B)8>7+=(\UU70?MFJ7-S=(
M\T6,1%>U:WB+Q!K7A>\_LBTTY5CSNZ=<UZM)R?PR1Y-3$TXRLXLQ[IH[2QT^
MUM9'W0WBO<0CNN1UJJ\WBRYU,ZK;Z?&WF+AU4= .1WKHJQE*C:6K+HUE[92C
MHK'Z ?LJ:M*_PHM8Q+'%&;AOE8\\J,'\Z^=/"7QQ\=:!XQF\.>%-)LI-/2WA
M)$WW86V+G'S#J:_/,QR?$5JETU_3/OLOSO#TZ=I)_P!(]E^.G@_P?XQ@U_4+
MK7/LMUILC76P=;D"%5P./45XC\1OC1XSOM1EM+KP"D\ACVQW%HP&T=>Y]:[<
MMRVK1^)7_P"&./,,9#%?"[>OJ<K81PV6MVOB5(9I%AD1_+:/.-K9!Z>O%=5X
M=_:"L=)M!8>(OA9J#2+&%:2&9.QS_/FN^K[:GA9TN5ZL\I8?KSK\3F[+5="B
M\0:NU]$1_;DS'YE^ZV-V/TK4\5>*/ _Q \,ZEJEOH=QI][:8>U:1@6!+#)&!
MZ$BMJ.)J5J/LE%IZ?@<F(IQC'XD>J^"=!36?@M=:/=7W[H2QF'=VP!2>%M1L
MM,^ XU5"LOF6T:XD&?GX&?K7T&8QKULLO'3EBE^1Y>%</KT?F?/_ ,>OA1<7
M6K_:[3456.)?F8?_ *JZ+QA\0_ *V@L_$$B2.TGES+Y+<D_A7AX+$5L/\:N=
M6.BI;(\W\*_#JXUBZT](V\Q#+M5!_>_O5NZO\8?"/PXO18^&K 27/D_Z/,BG
M='QVKTJE2MBXV@K>IYM%>SEJCT'7;O3_ (;Z&NBV$RMJ,BE)F7MFO';7XMR:
MQ!<7>N:?(]XTF?.9?F/6N.GD^+2=2<UIZ_Y'K?6*+I\MF7/B#<:AXBTFW-_<
MF9+2XPK+WZ\5)9^([%_#%P;/3XU=?WB+-&67?ZD#K7?A)QC+V=O(\;%1CS<R
M.J_9LT]+.YOM/E5EW6H*Y']WC^M6/V<-4\1^(?'#07FAA_.CV)Y#"-#D_P"T
M:C,N2C#FE)+<[\KC&K)*W8TOBII=OX7\%:]%#=QK>7^K([*/O&,[N*]VT_\
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MOC+4/"/]FW=O:^6608"D>V!6U267.G&">QI'#YE3O*2^(Y?XL_'S58]>O9?
M=XMO:W&Z.&$S R1D>HX..>F*R8/@['>W\ES=:=)'<*V^2ZR</G_]53[/!2CH
MR72QTI;'3>#/B'X^:P6;2/%4,C-('E67Y,=/5JC\-_"DZ);3;@\XE'R@,>*\
M_$87#/9G=0PN.?0Z"/XR_%JWEC#7.F707[\;72<<_P"]7$7OPJUVWO?M&EW7
MS'DPNWW?:LX8:CRI)FDJ.,C*UCOV^/\ XGF9I;WPMI\FU<9V*X4]SQ7,VG@K
MQ9J6B+9M91QF-F+M#U;CV%:+!49=3/\ VN/0]>?XL>&O"?A;3]0UOP197BW2
MEI4B@5>.XZ&O)M;T3Q+JVDVFF0QS?Z-&VY68\XS6D<OHQ=TR'/&;6+%W\:/!
M/BGQ1/'IOA:&U@CDRUOM'3\JYI/ =II-[)<KH=Q]H>,$X9J*E.H8^QK'>:IX
MY^'-I'(MGX:DCN)E41HJY X'M7%7^F:]>!I;?2)(\*/FY]/I6,:<^8/85B;Q
M5XUT+0M.8VUX]O(64A0I&22!C\JYS7/!EI?Z9OOOM#7/F LKDX !S79&,HK4
MB=.I%:G<?#3QY\*;Q=<TOQCI%]-=):J]@T=UP7.WD_+[UX_9:SY'C=UL(-L4
MEOY4C#L0,?TJ95.4E4ZDCT#6="\&2VZSV=JK21XD6*+#-YA^]P.>YJ'1_A5+
M96\.MZ!J-Q-<RC,TDDA('ZURRQ7*4L+-F7KFM:)H$2R76B2F.8#Y&MR&&/PK
MJ'^&LGB_3KC4;;7&NIM+4RSV[#EE[CK52K2>'YD5'#N,K,[?X07-KK_A-/&?
MA+P_;D6J^5Y<B@$>_P!>*TOV=KK36^&<EQH]MY=O>7BC8PY# -7Y_F^:UZ;L
MGV/4P]&'4[&R\0_$6^TV.ZOM%C>-O]7''.%XKNM'L+:+2X86B&5KXFKG&,E+
M1GL4Z.'/.?$?Q'\5:'$+*ST?[#YZY8F0,V/PQ5KXIR:A>^/K73+33X9(&@)O
MI&P#;].G'U]*^HR'!XS,]_/\+'FYEC*-/\#S'6O%.H7NHO"1)J%U)#\IO(SL
M'H,-6/X\^)OA+PEXY32=4N?EVJ(F5>2,]37K9AE.,PCLO(X\+F5.2L3>-+GX
MC^(7M4\/M#I\-O./,\N/:K#TQD5G_&#Q?L\!R7FA:E,LCSQF.6W7.%Y]#6V4
M9+C<96LO,Y<PQU"C#G?D=-/X3TW7;22PU7R]SH!+$F!N?UKR7]G#QCXA\3?$
M-CJ5]-/8W6GL8Y)<XWKG_P"M71B\KQN#EJSTL'B\/B*)3_:-\'3^%+O3;N-5
MF:XF6-E#<]1@5W_[0VCV=[+I=S=@M)&_F*$YQ@UZV4U*O-:7F>#C*-.52Z/$
MI9M5TS7)3:Z=LAL;</>0EAR.N1Z\5K7D&GF?4=5O-0;_ $V/RU&.@QCUK[:,
M8N&IY]6GRR5CCV^)+W&M7&OVFFW-O#*,,(8V8L1QG %7(=-TW1K6XM+>::?:
M59%@7+;B>!Q[UC+#T;W:(C*KT(;GXEK<VI\G6=3AD/WAY,BL/PQ7LGP?_9KU
M?Q/HO]N^)X([62_&+=[B,?*/7FJC+"TSKIX7%5#P:/4_%MQYCQ>,=0C\WA8Y
MI&#?7!Z"OIWQ_P#L>V5YHNBZ?H^I1V^K64CO?W4V ERF6PO)],5%3$8.II8S
M^IXQ'SSIGB"RT2TET2WUW[1<36X-X9YMWS;AT/TKNM2_85^(VHZK)JFA:YI>
MV>3YK=67='@]/ZU>'IX5RND<M>AB(QU.PN=6:V_9>N%6Y:&96C>*:,_=4R*,
MY[=:T-4^#_C&[^%^I?"'3H//U-;&-8U3[I8.A_EFO<E&C/#./I^AY-/V]/$*
M4=SPWXB>$?#L%CI.O67B-KSSY,W@-Q]UP#V_"NJTW]ECXK:5:WWAS5?"[R7$
MELOV;)/$G&<<?6O'J8:A'H>HI8^KT/(X[_2I-1N=5DL!)(LS>66_NYXYKNO^
M&7?B]I*21WG@>Z?:O.U6_P *FG*C!F<J..CK8YZPUK2KFW68V"YD^]A<XJW#
M\./&6@YEU#P#J2QQJRMMC?'UZ5U25"O3;;M8F%/$RE[Y8TN?18HI6GG!7;GR
MXVP6]@:;X,\ MX@BGL-1E;35C;=&US\A;VR:SP<LMISLWJ3B(N,=3US]D#2]
M UGXI7&DW-W<3V\EJTD2R,?DP1GDCWK=_9-\%:1X3\?QWW]LV\[-IV/^/SKN
MQ_A7P_'-3#RHOV3Z2_0]O(JD%)7\CW5_AQI5G#BWU*ZA5N=WG;LGZ"N@DELI
M[-6BF7=G^%\C\Z_'*^.S&--0CLMCZWFI\USD?$O@>^M?#]Q?KXHO8]D9:1?-
M(5ABN@\?S1_\(5J,<MRK-]E)CCS]]@.E>AE.(Q]26J[!.M&,3QZ?X0>+?#GA
MV;5]>T>ZM&U"!FT^]OK=MKYZ,K$ '\Z]H^/?[6&H?'3X,>%? SZ-9V__  CM
MF(I8X(U5@?4D#/:OI?\ :G)71Y\\5'FL>)6]TT>C1VVH7>]XN&D#8S61Y-Y=
MQR+.JK'N^]NK:.%J5W9F53$QBM1WB'Q+I\<*Z;%K*0W4GS1INSN'T!KZ"_X)
MA?\ !+'QU_P4,_:&61K*YT[P/X?N$'B3Q:MOE(HQAC;0LPVO<N&  YV [V!
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MI% 3I5?6$B?[-J=Q-)\9Z>=/N0+<'A2IVBM+3?A==PV\D F55]:M8B'5&]/
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M7!#H%K&=0OBLF=T+!!Q_C6[XCO=$UF*,@0KY8^7?4WG+>'X&?]CX6.U;\?\
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M?E1SFO+E\)0DK'=>(8XP>_/^%81A1IZV3)K9ABI62F_O9ZE/^TM?P\;%DW
M_*.W2O.9O $-JJ/%K:S1OU9<\?I5>U@MH+[CG^N8K^=_>STY?VD=;>%1;Q*O
M_ 17FUGH.@WLRV-IXD5IE^]&H/'Z5C*M'^5?<7',,=':I+[V>EI^T1XF@&\1
M0MG_ *9C/\J\ZNM&\/:%<>5JFNE68X&<_P"%<LL4XR^%$?6<PG*_M)?>SMKK
MXY^)9'$ZW;0$9*^4HYS7*7'@?3A8?VR^J2+:XSYBU<<<_P"5&_ML7;6;^]F]
MJ'QF\1W2*!<2L>C-]W@_2N!W_#M)2+KQ'<;2=H;;QG\JW6(J.-['-+$8KF2Y
MW][.QNOB[XC@<[;R1OEV\^E9-G\,],U"V74+,7TT+\K(NWFL99A&.YT>UK?S
M/[R\GQ9U[80;]ACHK/TJO+\("KK/%IUT5/\ >(S_ #KG>:0Z![6M_,_O+DGQ
M<UHVBK/=JOS$;MH.>*9+\-I@J+%HDQ7_ &B/\:J&8=V3*5:>G,_O,.T\2:)#
M<S2>9^\DW'[W\1K2E^&3^?N.CR?F/\:T^OTWN3RU_P"9_>0Z;\4_&&EZ7?-!
MJT:FWM<VR^8>#Q[<TG_"N["WF\N\L=GF'#*6/3\ZCZY1[(/]H_G?WEKX/?'_
M .(]EXODO5U:./[5IZQS_N596RHW=1ZTS3O"^@V,OF6]MY2QAOF4]@:UGB.?
M"V@C-5JT:UG)_>>\_L]>/;1XVTG4[B...&8O'_"H.?04G[('A'2-;GN'+,K;
M<[N#GFOS7.*E&C*]7R/J,'4CRZGT)9>,_#\D"#^VX%X_O5*WPVTU5RVI,H4?
MW5_PKY&4\OKR]R?W'9*O%:'C/[0?B"X@^+FBZE9WL*PVUBQFECN&"L?EZCH>
M_6M+]HJ7P;\*_"DVJ^+M1TGSFMXULXY&DW2\'(&/PZXK[7AK'8Z4DJ<7'?;3
ML>+F>'P[6L^W4^=/&FN^$=<^-%U=WDUI-;-*HW/,0J\GBN>;]I#X9OYIO?A7
M;RW3;0K*S88\_P"W7Z7&I6WK0YO74\-8.FX^Y4M\SU_Q/X]T[P:XT#P#X@\.
M+;SP?/%<S>;CW^=37D-G\8]$U6>1;;X!6L[2<1R>9)D>O_+2OH,)GF'I1Y:6
M'C?R23^^Q\_7RW%5:O*ZLFNUW_F=9X;U3Q)I-W':V6NZ7<K'N,<=BJC;NZC(
M4&LGP[\2]0T.5CI'PE@MVZLRR$[?S<URXO%RQ6^&O\U_D>AA\/BL.K>T?WG9
MQ:SXAG1+JYU!;@QY7;)&&P/3D5@6WQ\\50\1_#N'RL\O_EJ\N-&O&5XX>WI)
M?Y'7)U.LG]YK>(U\)#1&N-3T98UQ_KAT#US_ (R^)]_XTTU=,N=&BMX]V66/
M_P#7792CBI?$G'RO<CZQ4IJUKEGP'XN^&/@B\;5+G3TNYI/XI.1CZ9Q7&);V
M@#!+7(485?6O2IX>I):L%C)_R'O=A^V-X;T:6"2.TC^SCAHRH('^%?/LVE60
MC59HN-WS#TK.I@S:.98B.R/JWQ!^TAX&\86"M'<Q1&15R<].*^4!I5JAPCR;
M<\8:LJF!C&-TCNJ9JN5>A]=^%?B]\.M#O;6YGUJ%EVG<N1SQ7R&MFHFW+/,J
MH#]YN]10P]135F+Z]3J4]4?9/AWQGX=N/&VK^/+6Y7[*EFKM\W7YU%>1?#K2
MIK_X,Z[_ *4ZS?V.3MSSQ(M>X\/5^K.S?3]#YA8V,<RAII=_J>Z6/QL\":N_
MV]IXO.64F-O,^N:^%]+;6XDA":K-\H8R?-TYXKRY8.L_M/[SZ..94ULC[VT3
MXK>$=9\0MHXN(U^3<9FP01Z5\.VWBKQ;I6V"UUUL[0WG9.?]WI7/+ U%U9NL
MRIO='WG8_P#"*:S?26]O<VLBMGY6B4X_2OAS3_B[X_T:07T&JR&1N-H:I^KU
MHJS;U#ZWAY[Q1]3?M$^#_#+Z#;RP3V=G#:R;KNXBMDRJ],]*^7[SXV>.KY)/
M[1NI)(Y!\ZMS7+++YR=T9SJX>>\5]R/6O!EMX,T7Q##J?AOXLZ6WEQJAAN%1
M>!T' ->"OXC#M]M^Q,TK-R.F/RKAQ'#\\5\>OKJ91J4Z?P)+T/L'_A)(KV#_
M (EWC#1)&Z^7'>'CV^[7R!+JVG*S3C36CED.6DBF?)/KUQ7BXC@FI4UCHNUC
MMCF48Q43ZD^)U[K[?#^]FGGA55VLTD,Y((&>">WX5\H>(M?U-?#TTFCZUJ$C
M*O[S36<$3#U_#ZCK79@>'XY?'WTNG3L85,9*ILSU'P-JGBO7]3NH="TQKB:2
M+S'M[>1G&Q<\D]A7TY_P0J_X)I_&S]NGXB6^N27=QX?\#Z3(O_";>(H8_F:W
M/(L;<N"#<2C//(C7+MGY%?#$8"OB,2E2V3^70X:F(]BU*4C<_P""77_!,?XT
M?\%(?&-QI[S-H?@;2-0C7Q5XG;(:!.IM;88(DN&7H#\J [F_A5OZ+/@;\!_A
M#^S7\-K'X0_ SP'8^'/#NF[C:Z;8AB-S'+R.[DO)(QY9W9F8]2:]?"Y3&G[U
M65WV6W_!.+$9I4J:05OS#X%? CX3?LU?"[2O@S\$?!5IH'AW1X?+L]/M%/4\
MM(['+22,<LSL2S$Y)-==7KQC&*LCS&W)W844Q!10 44 %% !10 44 %% !10
M 44 %% '\M=%?K!_G^%% !10 44 %% !10!X_P#M%_#U?$OB"+7O.AW0Z8L0
MA8_,V))&X_[ZK+_:@O\ 4;3QQ8I87'EM_9D9W>A\V3FOA>)JDHYE!+^5?^E2
M/ZN\"Y4UPC74O^?\O_3=(X!?#]WX7O%U>RL/)DL[A/+;ZFH[WQ+KUY8K8I<"
M8M(#(SKGI7GX?$N.[/U^K3IU-CT'Q-::E<>.;R_M&AD6/8VWNWR*:P+:SUNZ
MU&/6_P"T<23*#,D;8[8]?2N6O6E*LVF=N'K2I4U%+8V]&\03M,\][X&,A4D9
MC45G7FL>)-!OEFLM2FCBDX8!SS67M)=SLAC+;HOP?$'0?-DMG\)36Y9L%O+Z
M>_2JXUOQ)):-?12V\B[LMYT>[/ZT<\GI<Z8YA370T(O%/A'RY%GU&2-@OR_N
MS_A6//KS>6NHWVBV;1AL-Y=OCFG&G(MYC'L5W\0Z4[R21ZDS;ONLRG_"KCW_
M (/DE)UGPJV;A<Q_9_EXQ]#6D8KJ92Q[Z(S8Y+^=?,T_5X6W?P2-TIYT/X7W
MLH"V>I6K;B-WVC<,X]-M7RP(^M2J:%:]E\0V@\W[)#)CG<K#_&K3:#X.NO+L
M[+Q=+;EB58RQD_X4N6 O:2,J+6?$MR?/CM?O>];^F_#LPJ8++Q[!-C[F]=G\
MVHY8#]K(D^'WA3QAXSU=;6=?*@5LLQ;K^M7+'1/B9HH\W2M;LW"]TO%^;\-U
M3RQ*CB.4[#QAX:T3P_?06(CW;8OG([]*XS6=:^)MU']N?2_.VKL9D0N3^7TK
M-T[EK&%W4=$TO4+K=$A$=8":]XMMK'==Z!>8]%M7_P *S]BS18Z)=O?"NC-/
MY2%@V[#,*IV_Q BTAI/[7TF3<S?>+\#]*SC&HA>TB>F:5^RIIGB'PY#J^D^)
MX89)#EHI8V+?7BKWPZ_:.\+:+X?AM[J:-9-Q^\N[ XKJA*VX>TB<WK?[,/B/
M2[I%CU^TE0<[1&RY/XUV>N?'+PAK3QCSO-\R0!E7C ]:TG*$HV,JLJ<X69YK
MH/PZ\13:AKO@F)5FU*&WAEMH5;@\O[^U=G\(/$NE'XX:CXK)01?880UQNP
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M-:*O&6XE7G3^%G2?8/A)JTS20ZEJFFK_  EEC\M?KU.*I6]]IJW?G-I[2?\
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M5?62/95#*;Q'IKG+$_\ ?-:O_"$1?\^Y_*E]8B+V53N8CZOHK'<R$Y]JWO\
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M?4_^"3W_  4&LQ_HO[)/Q"N!_$4\&WOS?^0Z_J(H^I4^YI'-JT?LH_E=NO\
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M=8D>^NU;IN62=F\LXX^0+W]3GV:KC3IQU27W&,JE26C;^\**LS"B@ HH **
M"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH _EK
MHK]8/\_PHH ** "B@ HH ** /V<_X-UO^3)_%'_94K[_ --NFT?\&ZW_ "9/
MXH_[*E??^FW3:^(XE_WZ/^%?G(_J#P4_Y)6M_P!?I?\ INF??%%?/'[ %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10!_+717ZP?Y_A10 44
M%% !10 44 ?LY_P;K?\ )D_BC_LJ5]_Z;=-H_P"#=;_DR?Q1_P!E2OO_ $VZ
M;7Q'$O\ OT?\*_.1_4'@I_R2M;_K]+_TW3/OBBOGC]@"B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
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MTO\ TW3/OBBOGC]@"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
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M?B3AW%5HT:&,I3G+11C4@VWV23N_D?0-%<I[044 %% !10 44 %% !10 44
M%% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44
M%% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44
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M35F?=8?$8?%T8UJ$U.$M4TTT_1K0V*^6_P#@I1_P4J_X=Y0>$YO^%+?\)?\
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MNG'/5'),PE&[BE\U^E]_^'/G9>+/!<:W(JLFM/>4)6_%)Z==.FES]CJ^<?\
M@GM_P4F^%'[?OA:^_L#1YO#_ (JT6.-]<\,WEP)2B-P)X) !YT1;*D[593@,
MH#*6Y<5E^,P<5*K"R?7=>EUI?RW/K,EXGR'B&+_L^O&;6K6JDEW<6D[>=K7T
MN?1U%<9[P5\+?MK_ /!='X&_LV>*KSX8?![PHWC_ ,1Z?,T&I3Q7XMM-LI1P
M4\X*[3NIX*HH4'(W@@BNC#X3$XM7HP;7?9?)NR?R9\WF_&'#.1U'3QN*C&:W
MBKRDO)QBG)?-+OL?=-?C79?\'&_[6T?B!;G4?@Q\.9=*^T,6LX;6_CN#%DX7
MSC=,N[&,MY>#_=&<#N629@XWLO2Z^[M^A\Q_Q%K@OVG+[65KVOR2MZ][?*_D
M?LI7D/["O[4EQ^V5^S1H7[0%WX*3P_+JTMU%)I<>H&Z6-H)WA+!S&G#%-V-O
M&<9.,GCQ>#Q&!J^SK*SLGNGH]GI_PY]MDV=9;G^!6+P,^>FVU>S6JW5I)/3[
MNQ^5?[6?_!(W_@H7\3/VH/'WQ$\$?L^_;M'UKQ=?7NF7G_"6:3'YT$D[,C[)
M+M77*D'# $=P*^F/VA_^"_\ _P *%^/'BOX)_P##)G]K?\(QKUQIO]I_\)YY
M'VGRG*^9Y?V!]F<9V[FQZFO6R&IFD<!0A@J:E!)*+>[L[*_O+KY(_'N-,J\-
M:W$V)J9MC:M/$2:<XQ3<5>,6K6HSWC9_$]_D?H)X$TV]T;P/HVCZE!Y=Q::3
M;PW$>X-M=8E5AD$@X(/0XJ]H^H?VMI%KJOD^7]JMXY?+W9V[E!QGOUKQ\5.I
M4Q4Y5%:3DVTN]]>_4_:LOIT*67T84&W!1BHM[M)*S>BU:\EZ%BOS=_;%_P""
M^&I_ ?XS>)/@C\,OV>8+^Z\,ZE<:?=:QKVM,L<L\;,N4@B3.S(!R9 2,C"]:
MK"X+%8VBJU&-XO9W2O\ >T?/YQQSPMD.-E@\;B.6I&UXJ,Y-75U=QBULT[7O
MJ?I%7XU^'O\ @XV_:YMM7AF\5_!KX<WNGKG[1;:?9W]K,_!QMD>[E5><'E&R
M 1QG([O[#Q_9?>?/T_%O@R4DG4FO-P=E]UW^!^RE?+?[ ?\ P5:^!O[=D\O@
MVQTFY\*^-+:V,\WAK4;E9EN(P!N>VF 43!2>051P.=N.:Y,1EV-PL>:I!V[[
MKYM7M\SZK)^+.'<^ERX'$QG+^752_P# 9)/\#W+]HS_DWWQU_P!B?J?_ *2R
M4?M&?\F^^.O^Q/U/_P!)9*\7,?\ <I^A]3A?]XAZH_"W_@CS_P I'_AE_P!A
M"]_](+FC_@CS_P I'_AE_P!A"]_](+FOU>O_ ,BW$_\ 7M_G$_BK@/\ Y++
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M%'U. "1Y]_>45N]DM6_1;L^FKUZ&%HRK5IJ$(ZN4FDDN[;LE\SM*_)'XR?\
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M,JTJE"K*G-6E%M-=FM&?H6'Q%'%8>%>D[QFE)/NFKI_-&E169L%% !10 44
M%% '\M=%?K!_G^%% !10 44 %% !10!^SG_!NM_R9/XH_P"RI7W_ *;=-H_X
M-UO^3)_%'_94K[_TVZ;7Q'$O^_1_PK\Y']0>"G_)*UO^OTO_ $W3/OBBOGC]
M@"B@ HH ** /EW_@LQ_RCC^(?_7&Q_\ 2Z"C_@LQ_P HX_B'_P!<;'_TN@HH
M_P#(TPG_ %\_]MD?.\8?\D?F/_7F7Z'Y]_\ !NW_ ,GL>(/^R<WG_I;94?\
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MEH^B3MK8_D[AN.,QV>J:PWUNI[TW"3?O.ZO*6MY6;NT[W;UNKGZP_&#X/_\
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MJZ&DZ'J2G[!81PSR6Y+Q9Q<.Q1F_>90 J FX;C]+?\$4/^4;'P__ .NFJ_\
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MVZOCCJ$?Q&O+F/P;X2M8KS7X[.0I+?22,PAM0_6-7V2,SCYMJ$#:6#+]1?\
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MK"T_;<JES\D>?F=6%Y<UN;F=W=WN[N^Y^<?_  12_9/^ '[7'QR\6^#OVA/
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M ]CX\\2>+-!MM5/_  D5H)K&QBN(UE6".U?,;%5*@R2!F)SMV@[:^H/V$/\
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M5I5.S#!RV03WYKW;]K+_ )-;^)'_ &(NK?\ I'+7PN*Q>*I056,VI*4=;O\
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M))]TN9NW=+L?T;XG9QF&2<'5*^";C.<X4W);QC)3DVGT;Y%&_12=M;-?$?\
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M17<5X=6G[2-KV:::?9III_)I,^]E&G4IRIS5XR3BUWC)--?--K34_FY_9O\
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M?_T$U.Z)(ACD0,K##*PX(KYK$TG7P\Z:TYDU]ZL?JE.7LZD9=FF?SA?LE_\
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M@HH ** "B@ HH _EKHK]8/\ /\** "B@ HH ** "B@#]G/\ @W6_Y,G\4?\
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M"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH **
M"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH **
M"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH **
M"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH **
M"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH **
M"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH _EKHK]8/\_P *
M* "B@ HH ** "B@#]G/^#=;_ ),G\4?]E2OO_3;IM'_!NM_R9/XH_P"RI7W_
M *;=-KXCB7_?H_X5^<C^H/!3_DE:W_7Z7_INF??%%?/'[ %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 %% !
M10 44 %% !10 44 %% !10 44 %% !10!_+717ZP?Y_A10 44 %% !10 44
M?LY_P;K?\F3^*/\ LJ5]_P"FW3:/^#=;_DR?Q1_V5*^_]-NFU\1Q+_OT?\*_
M.1_4'@I_R2M;_K]+_P!-TS[XHKYX_8 HH ** "B@ HH ** "B@ HH ** "B@
M HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
M HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
M HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
M HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
M HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
M HH ** "B@ HH ** /Y:Z*_6#_/\** "B@ HH ** "B@#]G/^#=;_DR?Q1_V
M5*^_]-NFT?\ !NM_R9/XH_[*E??^FW3:^(XE_P!^C_A7YR/Z@\%/^25K?]?I
M?^FZ9]\45\\?L 44 %% !10 44 ?%_@K_@HM\;?$?_!2^Z_8TOO"_A5?"\.L
M7MHM]#8W(ORD-G),I+FX,>2R ']WC&< 'FO _A5_RGDO_P#L:-5_]-DU5D7^
MTX*O.KJXJ=O*U7E7W+0K./\ 9ZD%3TO[+_R:,6_ONS]3*^"_^"N7[:/[2_[,
M/Q6\&>&_@;\2?[#LM6T>6?4(?['L[GS9!/M!S<0N5^7C (%1A7]:QWU2'Q>[
MJ]O>;2\^COI]Y52G*GAU6>S;7G[J3?YJQ]Z53ENIUT%KU7_>"S+[L#[VS.?S
MJ<14CA:<YRVBFW;R[&6'?UE0<?M6M?S[ERO@W_@D9^V?^TK^T]\4/&GAWXY?
M$G^W+/2=(AGT^'^Q[.V\J0SE2<V\,9;CC!)%=$:,IX9UULFEYZIM?DQ5IJCB
M_J\OBM)^7NM)_P#I2MH?>5?F[\7O^"G/[2WP._;_ /&7PLC2[\8>';.XDL/#
M?@FQTFV622\DMXS !+'#Y[CS&Y&YB0< 'C'/AZBQ5*4X7T;5NK<9<KM:_5-Z
MM:*[L:5XRP]2,)];._1)QYDW>WII?5V5S](J_+_XV?M6_P#!:?X&Z?'\=/BG
MX7M- \*O<1AM-CTC3)[2+?PJ2A&DNH@20,O(IW8&<G%4I1YE&;Y6^_\ P+AR
MN47*'O)=O6W]?YGZ@5X;\ /VX? WQ4_8W'[6WC.!=&L]-L+A_$=K&=X@N("5
MD2/)RV\[2@)R?,4'FKQ,?JD4ZCLG9I[WOHK=[O2V]]+7T,\/+ZU)QIK5.S79
MVOK\M;[6UO8]RK\S++]NK_@J?^VQKVJ:Y^Q7\/(=%\,Z7=>4K0VVGNQXR$EN
M-1/EO+@ABL04J",@CYC$>=P4W%I/J_Z_KJ7+EC+EYDWV7]?UT/TSKX:_8#_X
M*2?&;QU\=+C]D?\ ;!\,0:;XNC62+3]02Q^RRRW,2;W@GC'R;F0,ZN@53C !
MW*:UIT_;4W4IM22WMVVOZ>FW6QE4J>QJ*%1.-^_GLO*_2^_0^Y:*S- KY-_;
MI^(?_!2Z'XIVOPX_8F^'L,FD-H45S=>(FL;7>ETTLNZ(2WT@M^$C7Y=A(\SD
MY*XSC4YY223]UV;Z;)_JC25/E@I-K6_KI_6A]95^7_B#]N__ (*N?L4>(M-U
M3]K[P1;:QHNJ7 18K^QL$5PO+I%<Z;\D<I7D"0/TSMQFM8\DI<G,D^W]>O\
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M?!V3Q'^S'^UU;^%]%MM4EANO#\?CS5;&2VGP"7>"UA9%WC!#9RP^E>U^+O\
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M10 44 %% !10 44 %% !10 44 %% !10 44 %% !10 44 ?RUT5^L'^?X44
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M4K[_ --NFU\1Q+_OT?\ "OSD?U!X*?\ )*UO^OTO_3=,^^**^>/V ** "B@
MHH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
MHH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
MHH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
MHH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@
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M1/!WQ=^'NA_%3X>:Q_:&@^)-)M]3T6_^SR0_:+6>-9(I-DJJZ;D8':RAAG!
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M)EC^TMIVH>#_ !(OA^6358=+_M/25GDLY-AD2S>W-UYOE$1.GFE\@,1G@_\
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M.,CRRTEV_P C^8N,O#O,N&ZGM:2=2B]I):KRDEMZ['Y=T;LU[7F?G'*PHH)
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MH!:\._)224<)M(Q&Q_OX7]#M/T^RTFP@TK3+2.WMK:%8K>"% J1QJ,*J@<
M  #M7%)86FN3"T8TH+:,8J*_!'[[P_POA\F@JE:I*M7>\YMMWZVOLOQ)J*S/
MJ@KXW\3_ +<7[07PB_X*6Z7^RW\5['0U\#>*+I%\.:A#I[QW$D=Q$PM_WAD*
ML1<KY+?*,X) Z4 ?9%0ZGJ5CH^G7&KZI<K#:VL+S7$TGW8XU!9F/L ": )J^
M3_\ @G+^V/\ 'C]M#QOX^\;^(/#]CI_P[TF_-IX5VZ>R7,DCR%UCDEWLK/'!
MY?F!1C=,I'&,@'UA7SS_ ,%*?VPM5_8X^ ">+_!;Z?)XHU?5H;+0K74(S(A
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M\4?]E2OO_3;IM?$<2_[]'_"OSD?U!X*?\DK6_P"OTO\ TW3/OBBOGC]@"B@
MHH ** *,OACPW/XC@\8S^'K%]7M;.2SMM5:T0W,-O(R/)"LN-RQLT<;,H."8
MU)!*C%ZA:7MUM?SM>U_2[MVN^X;VOT"B@ HH ** "B@ HH ** "B@ HH **
M"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH AO[*'4K&;3[AYECN(FCD:WN
M'BD"L,$JZ$,C>C*00>00:FJ91C*+C)73'&4HRNMSSGX1_LH_!3X)^)[CQSX/
MTO7K[7KBR-DVO^,/&VK>(=0CM2RN;:*YU6ZN)882Z*QBC94+*&()&:]&K12D
MHN*>CM==':]ONN[>K(<8RDI-:K;ROO;U"BI*"B@ HH ** "B@ HH ** "B@
MHH \T^*O[(WP0^-_BH>*OBI8>)-84PQQ3^'Y_'VLKH5TB$E1/I"7:V%QR<GS
M(&W$*3G:,>ET4_W4^>&CO>ZT=UL[]U9:^02_>1Y9:JUK/:W;T!55%"(N%'
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M/);.<=1UH ]JHH ** "B@ HH ** "B@ HH _EKHK]8/\_P ** "B@ HH **
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MI_R2M;_K]+_TW3/OBBOGC]@"B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
M** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH ** "B@ HH
*** "B@ HH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>valedfbrgaap2q256k_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 valedfbrgaap2q256k_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !L (L# 2(  A$! Q$!_\0
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M@?\ '^__ %S/\Q6N"Q^(EB(4W+2Y\EB\-2C&4DM3J****^P/""BBB@ HHHH
M**** "BBDS0 M%5)]3L;63R[B\MX7QG;)*%./QJ/^W-*_P"@E9_]_P!?\:5T
M4H2>J1>/2OG.^G'V^Y^7_EJW\S7OC:YI6.-2L_\ O^O^->$W>D:E)>SNFGW;
M(TC$,L+$$9Z]*X<6N9*VI[N3I1E/GTVWT[D%I<A;@'9V/>M2'4 DRMY9X]ZH
M0:/J@E&=-O!Q_P \&_PJZFDZEN'_ !+[K_ORW^%>35HW>Q]91E1<&G)?>O\
M,W+;Q"L<6WR">?[U:VD>+([>[+&T<Y3'WJY>/2]0V_\ 'A=?]^F_PJU9Z;?K
M/DV-R!C_ )Y-_A487#1C7C+EZG+6P^%G%IM??_P3U'0]=76O/VP-%Y6WJV<Y
MS_A6O7)^"H)X/MWG0R1Y\O&]2,_>KK*^I9\3C:<*=>4:>W_ "BBBD<@449HS
M0 4444 %(12YHS0!P'B_P'?^(=;^W6]U;1Q^4J;9-V<C/H/>L'_A4VK?\_\
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ME7$,<T><[)%##\C0(^9/A%X+'BCQ$;R\3=IM@5>13TD?^%?T)/\ ]>M7X_\
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# /_9

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