<SEC-DOCUMENT>0001292814-25-004004.txt : 20251117
<SEC-HEADER>0001292814-25-004004.hdr.sgml : 20251117
<ACCEPTANCE-DATETIME>20251117084606
ACCESSION NUMBER:		0001292814-25-004004
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251117
DATE AS OF CHANGE:		20251117

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:		251489476

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		PROVINCE COUNTRY:   	D5
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		PROVINCE COUNTRY:   	D5

	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>vale20251114_6k1.htm
<DESCRIPTION>6-K
<TEXT>
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<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>UNITED STATES SECURITIES AND EXCHANGE
COMMISSION </B></P>

<P STYLE="font: 10pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt/12pt Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>Form&nbsp;6-K</B></P>

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

<P STYLE="font: 10pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 10pt/12pt Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16
of</B></P>

<P STYLE="font: 10pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>For the month of November 2025</B></P>

<P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>Commission File Number 001-15030</B></P>

<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 10pt 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>Vale S.A.</B></P>

<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>Praia de Botafogo No. 186, rooms 901,
1101, 1601 (part), 1701 and 1801, Botafogo</B></P>

<P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><B>22250-145 Rio de Janeiro, RJ, Brazil
</B></P>

<P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0; text-align: center"><I>(Address of principal executive office)</I></P>

<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt/10.8pt Segoe UI, Helvetica, Sans-Serif; margin: 10pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 9pt/10.8pt Times New Roman, Times, Serif; margin: 10pt 0"><FONT STYLE="font-family: Segoe UI, Helvetica, Sans-Serif">Form&nbsp;20-F
</FONT><FONT STYLE="font-family: Wingdings">x</FONT> <FONT STYLE="font-family: Segoe UI, Helvetica, Sans-Serif">Form&nbsp;40-F </FONT><FONT STYLE="font-family: Wingdings">o</FONT></P>

<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 16pt/120% Vale Sans Thin,sans-serif; margin: 0 0 12pt; text-align: justify; color: #006666">TABLE OF CONTENTS</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 97%; padding: 6.7pt 22.5pt 6.7pt 9.35pt; line-height: 174%; text-indent: -9.35pt"><a href="#a_001"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 174%">RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024</FONT><FONT STYLE="font-size: 8pt; line-height: 174%">&#9;</FONT></a></TD>
    <TD STYLE="width: 3%; padding-top: 6.7pt; padding-bottom: 6.7pt; text-align: right; line-height: 174%"><a href="#a_001"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 174%">3</FONT></a></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6.7pt; padding-bottom: 6.7pt; padding-left: 9.35pt; line-height: 174%; text-indent: -9.35pt"><a href="#a_002"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 174%">LIQUIDITY AND CAPITAL RESOURCES</FONT><FONT STYLE="font-size: 8pt; line-height: 174%">&#9;</FONT></a></TD>
    <TD STYLE="padding-top: 6.7pt; padding-bottom: 6.7pt; text-align: right; line-height: 174%"><a href="#a_002"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 174%">11</FONT></a></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6.7pt; padding-bottom: 6.7pt; padding-left: 9.35pt; line-height: 174%; text-indent: -9.35pt"><a href="#a_003"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 174%">RECENT DEVELOPMENTS</FONT><FONT STYLE="font-size: 8pt; line-height: 174%">&#9;</FONT></a></TD>
    <TD STYLE="padding-top: 6.7pt; padding-bottom: 6.7pt; text-align: right; line-height: 174%"><a href="#a_003"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 174%">14</FONT></a></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6.7pt; padding-bottom: 6.7pt; padding-left: 9.35pt; line-height: 174%; text-indent: -9.35pt"><a href="#a_004"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 174%">SIGNATURES</FONT><FONT STYLE="font-size: 8pt; line-height: 174%">&#9;</FONT></a></TD>
    <TD STYLE="padding-top: 6.7pt; padding-bottom: 6.7pt; text-align: right; line-height: 174%"><a href="#a_004"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 8pt; color: black; line-height: 174%">17</FONT></a></TD></TR>
  </TABLE>
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<P STYLE="font: 20pt Vale Sans Thin,sans-serif; margin: 0; text-align: justify"><A NAME="a_001"></A>RESULTS OF OPERATIONS FOR THE NINE-MONTH PERIODS ENDED
SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024</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: 100%; border-top: white 1pt solid; border-bottom: black 1pt solid; border-left: white 1pt solid; padding-top: 2.4pt; padding-bottom: 1.5pt; padding-left: 2.75pt; text-align: justify"></TD></TR>
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<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For the nine-month period ended September 30, 2025,
we recorded a net income of US$6,226 million, compared to US$6,847 million for the same period of 2024. Our Adjusted EBITDA totaled US$10,870
million for the nine-month period ended September 30, 2025, compared to US$11,046 million for the same period of 2024.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Adjusted EBITDA is a non-GAAP financial measure;
for a reconciliation with our net income, see &#8220;&#8212;Reconciliation of Adjusted EBITDA&#8221; below.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 9.35pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-left: #1F497D 4.5pt solid; font: 12pt Times New Roman, Times, Serif; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>CONSOLIDATED INCOME STATEMENTS DATA</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/80% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #147372 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #147372 1pt solid; border-right: white 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt Vale Sans,sans-serif; margin-top: 0; margin-bottom: 0; text-align: center; color: #147372"><B><I>For the nine-month
period ended September 30,</I></B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 61%; border-left: white 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 13%; border-left: white 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2025</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: white 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2024</B></FONT></TD>
    <TD STYLE="width: 13%; border-left: white 1pt solid; border-bottom: #147372 1pt solid; border-right: white 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>% change</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(US$ million, except for %)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Net operating revenue</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: 9pt; color: black">27,343</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: 9pt; color: black">27,932</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: 9pt; color: black">&#9;(2.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">(18,168)</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">(17,997)</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;1.0&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Gross profit</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>9,175</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>9,935</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>(7.6)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Operating expenses</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Selling and administrative</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">(434)</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">(416)</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;4.3&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Research and development</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: 9pt; color: black">(433)</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: 9pt; color: black">(537)</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: 9pt; color: black">&#9;(19.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Pre-operating and operational stoppage</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: 9pt; color: black">(211)</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: 9pt; color: black">(272)</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: 9pt; color: black">&#9;(22.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Impairment and gains (losses) on disposal of non-current assets, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">(755)</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: 9pt; color: black">2,148</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: 9pt; color: black">&#9;(135.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Other operating expenses, net</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">(748)</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">(860)</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;(13.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Operating income</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>6,594</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>9,998</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>(34.0)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Financial income</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: 9pt; color: black">376</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: 9pt; color: black">316</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: 9pt; color: black">&#9;19.0&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Financial expenses</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: 9pt; color: black">(1,182)</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: 9pt; color: black">(1,077)</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: 9pt; color: black">&#9;9.7&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Other financial items, net</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">819</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: 9pt; color: black">(1,302)</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: 9pt; color: black">&#9;(162.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">151</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">(338)</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;(144.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>6,758</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>7,597</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>(11.0)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Income taxes</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: 9pt; color: black">(532)</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: 9pt; color: black">(750)</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: 9pt; color: black">&#9;(29.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Net income </B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>6,226</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>6,847</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>(9.1)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt; line-height: 120%; text-indent: -10.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black; line-height: 120%">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">30</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">(13)</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: black">&#9;(330.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Net income attributable to Vale S.A.'s shareholders</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>6,196</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>6,860</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>(9.7)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Vale Sans,sans-serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 9.35pt">&nbsp;&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: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>CONSOLIDATED REVENUE</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For the nine-month period ended September 30, 2025,
our net operating revenue decreased by US$589 million or 2.1% to US$27,343 million, from US$27,932 million for the same period of 2024.
The decrease was mainly due to the 6% and 15% drop in the realized average prices of iron ore fines and pellets, respectively, with an
impact of US$1,814 million, partially offset by higher sales volumes of iron ore fines and nickel, including its by-products, with an
impact of US$1,398 million.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Net operating revenue by geographic area</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0">The following table summarizes, for each of the periods indicated, the
distribution of our net operating revenue based on the geographical location of our customers.</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; border-top: #147372 1pt solid">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>For the nine-month period ended September 30,</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2025</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(US$ million)</I></B></FONT></TD>
    <TD STYLE="width: 15%; border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(% of total)</I></B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(US$ million)</I></B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(% of total)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">China<SUP>(1)</SUP></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: 9pt">&#9;13,910&#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: 9pt">&#9;50.9&#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: 9pt">&#9;13,972&#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: 9pt">&#9;50.0&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Japan</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: 9pt">&#9;1,785&#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: 9pt">&#9;6.5&#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: 9pt">&#9;2,341&#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: 9pt">&#9;8.4&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,706&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;9.9&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,136&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;7.6&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,371&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;8.7&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,771&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;9.9&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">United States of America</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: 9pt">&#9;844&#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: 9pt">&#9;3.1&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;788&#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: 9pt">&#9;2.8&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;549&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2.0&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;762&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2.7&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Germany</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;1,223&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;4.5&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;1,025&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;3.7&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Europe, except Germany</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,545&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;9.3&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,205&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;7.9&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;1,410&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;5.2&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;1,932&#9;</FONT></TD>
    <TD STYLE="border-top: #D9D9D9 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;6.9&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 2.75pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372; line-height: 120%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;27,343</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;100.0</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;27,932</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;100.0</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt/120% Vale Sans,sans-serif; margin: 0 0 12pt"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT> <FONT STYLE="font-size: 8pt">For
the nine-month period ended September 30, 2025, corresponds to 98% for China Mainland (2024: 96%) and 2% for Taiwan (2024: 4%).</FONT></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: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>CONSOLIDATED OPERATING COSTS AND EXPENSES</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Our cost of goods sold and services rendered increased
by 1.0%, to US$18,168 million for the nine-month period ended September 30, 2025 from US$17,997 million for the same period of 2024, mainly
due to a 5% increase in iron ore fines sales volumes (impact of US$593 million), partially offset by the positive impact on costs denominated
in Brazilian <I>real</I> and Canadian dollar following their depreciation by 8% and 3%, respectively, against the U.S. dollar (average
rate &#8211; compared to the previous period), respectively (impact of US$410 million).</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Our research and development expenses totaled US$433
million for the nine-month period ended September 30, 2025, a 19.4% or US$104 million decrease from US$537 million recorded for the same
period of 2024, mainly due to lower expenses incurred in projects related to engineering, mineral exploration, efficiency and environmental
innovation and decarbonization.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Our pre-operating and operational stoppage expenses
totaled US$211 million for the nine-month period ended September 30, 2025, a 22.4% or US$61 million decrease from US$272 million recorded
for the same period of 2024, mainly due to the resumption of operations at &Aacute;gua Limpa, Vargem Grande, Tamandu&aacute; and Tubar&atilde;o.</P>


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<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Impairment and gains or losses on disposal of non-current
assets, net, totaled a loss of US$755 million for the nine-month period ended September 30, 2025, reflecting write-offs of property, plant
and equipment and intangible assets (US$549 million), and the loss in the divestment on Alian&ccedil;a Gera&ccedil;&atilde;o de Energia
S.A. (US$206 million), compared to a gain of US$2,148 million recorded for the same period in 2024, primarily reflecting gains from divestments
on Vale Oman Distribution Center (US$1,222 million) and PT Vale Indonesia Tbk (US$1,059 million).</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Our other operating expenses, net, totaled US$748
million for the nine-month period ended September 30, 2025, a 13% or US$112 million decrease from US$860 million recorded for the same
period of 2024, mainly due to lower expenses related to socio-environmental commitments.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>RESULTS OF OPERATIONS BY SEGMENT</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Segoe UI, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; color: #2AA9A6"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Sales volumes</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">The following table sets forth our principal products
and the total volumes sold of each product in each of the periods indicated:</P>

<P STYLE="font: 9pt/80% Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #147372 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 9pt"><FONT STYLE="font: italic 9pt Vale Sans,sans-serif; color: rgb(20,115,114)"><B>For the nine-month period ended September&nbsp;30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2025</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2024</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>% change</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>(thousand metric tons, except for %)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 2.75pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372; line-height: 120%"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Iron ore fines</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: 9pt">&#9;199,461&#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: 9pt">&#9;190,402&#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: 9pt">&#9;4.8&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Iron ore pellets</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: 9pt">&#9;23,745&#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: 9pt">&#9;28,232&#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: 9pt">&#9;(15.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">ROM (run of mine)</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;6,279&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;6,822&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(8.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 2.75pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372; line-height: 120%"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Nickel</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: 9pt">&#9;123&#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: 9pt">&#9;108&#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: 9pt">&#9;14.0&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Copper </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: 9pt">&#9;197&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;176&#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: 9pt">&#9;12.2&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Copper as nickel co-product</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: 9pt">&#9;64&#9;</FONT></TD>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;52&#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: 9pt">&#9;21.6&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/120% Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Average realized prices</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">The following table sets forth our average realized
prices for our principal products for each of the periods indicated. We determine average realized prices based on our net operating revenues,
which consist of the price charged to customers, excluding certain items that we deduct in arriving at net operating revenues, mainly
value-added tax.</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #147372 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 9pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>For the nine-month period ended September&nbsp;30,</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 34%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 22%; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2025</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2024</B></FONT></TD>
    <TD STYLE="width: 22%; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>% change</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(US$ per metric ton, except for %)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 2.75pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372; line-height: 120%"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 33.05pt; text-align: right; line-height: 120%; text-indent: -30.3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Iron ore fines</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: 9pt; line-height: 120%">90</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: 9pt; line-height: 120%">96</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: 9pt">&#9;(6.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Iron ore pellets</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">135</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">159</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(14.9)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 2.75pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372; line-height: 120%"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 2.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 2.75pt; text-align: right; line-height: 120%">&nbsp;</TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; padding-left: 2.75pt; text-align: right; line-height: 120%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Nickel</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: 9pt; line-height: 120%">&#9;15,773&#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: 9pt; line-height: 120%">&#9;17,478&#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: 9pt">&#9;(9.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Copper</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: 9pt; line-height: 120%">&#9;9,252&#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: 9pt; line-height: 120%">&#9;8,651&#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: 9pt">&#9;6.9&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.75pt; padding-left: 12.85pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Copper as nickel by-product</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: 9pt; line-height: 120%">&#9;8,588&#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: 9pt; line-height: 120%">&#9;8,503&#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: 9pt">&#9;1.0&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">We discuss below, for each segment, the changes in
our net operating revenues, cost of goods sold and services rendered (excluding depreciation, depletion and amortization) and Adjusted
EBITDA. <FONT STYLE="background-color: white">The expenses incurred in connection with remediation, indemnification and donations in respect
of the Brumadinho dam failure are not directly related to our operating activities and are therefore not allocated to any operating segment.</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Net operating revenue by segment</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 12pt 0 10pt; text-align: justify">The following table summarizes our net operating
revenue by product for the periods indicated.</P>

<P STYLE="font: 9pt/80% Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #147372 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 9pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>For the nine-month period ended September&nbsp;30,</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 43%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2025</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2024</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>% change</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(US$ million, except for %)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Iron ore</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: 9pt">&#9;17,994&#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: 9pt">&#9;18,302&#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: 9pt">&#9;(1.7)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Iron ore pellets</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: 9pt">&#9;3,206&#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: 9pt">&#9;4,481&#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: 9pt">&#9;(28.5)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Other ferrous products and logistics services</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;561&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">510</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;10.0&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Total Iron Solutions</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;21,761&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;23,293&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;(6.6)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Nickel</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,981&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,605&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;14.4&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Copper</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: 9pt">&#9;2,464&#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: 9pt">&#9;1,949&#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: 9pt">&#9;26.4&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Other energy transition metals</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;137&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">85</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;61.2&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Total Energy Transition Metals</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;5,582&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;4,639&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;20.3&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;27,343&#9;</B></FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;27,932&#9;</B></FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;(2.1)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans Black,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans Black,sans-serif; margin: 0 0 12pt 17.85pt; text-align: justify; text-indent: -17.85pt; color: #006666"><B>Net
operating revenues from sales of:</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; color: #006666"><B>Iron
Solutions</B></FONT><B><FONT STYLE="font-family: Vale Sans,sans-serif; color: #006666">.</FONT></B> <FONT STYLE="font-family: Vale Sans,sans-serif">Total
of US$21,761 million for the nine-month period ended September 30, 2025, a 6.6% or US$1,532 million decrease from US$23,293 million for
the same period of 2024, mainly reflecting a 6% and 15% drop in the average realized prices of iron ore fines and pellets, respectively
(impact of US$1,814 million), and a 16% decrease in the sales volumes of iron ore pellets (impact of US$683 million), partially offset
by a 5% increase in the sales volumes of iron ore fines (impact of US$914 million).</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; color: #006666"><B>Energy
Transition Metals.</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif">Total of US$5,582 million for the nine-month period
ended September 30, 2025, a 20.3% or US$943 million increase from US$4,639 million for the same period of 2024, mainly reflecting
higher sales volumes of nickel, including its by-products, primarily due to ramp up of Voisey's Bay underground mine and the
resumption of operations at On&ccedil;a Puma following
the furnace rebuild (impact of US$484 million), and higher average realized prices of copper, including its by-products (impact of US$482
million).</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Cost of goods sold and services rendered by segment (excluding depreciation, depletion and amortization)</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 12pt 0 10pt; text-align: justify">The following table presents, for each period
indicated, our cost of goods sold and services rendered (excluding depreciation, depletion and amortization) by segment and the percentage
change from period to period.</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; border-top: #147372 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 9pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>For the nine-month period ended September&nbsp;30,</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 49%">&nbsp;</TD>
    <TD STYLE="width: 17%; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2025</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2024</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>% change</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(US$ million, except for %)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Iron Ore</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: 9pt">&#9;9,870&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;9,630&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2.5&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Iron Ore Pellets</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: 9pt">&#9;1,813&#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: 9pt">&#9;2,191&#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: 9pt">&#9;(17.3)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Other ferrous products and logistics services</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;458&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;401&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;14.2&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;12,141&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;12,222&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;(0.7)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Nickel</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,559&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,441&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;4.8&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Copper</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: 9pt">&#9;1,178&#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: 9pt">&#9;1,086&#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: 9pt">&#9;8.5&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Other Energy Transition Metals</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;135&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;95&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;42.1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&nbsp;Energy Transition Metals</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;3,872&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;3,622&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;6.9&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Costs of goods sold and services rendered (excluding depreciation, depletion and amortization)</B></FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;16,013&#9;</B></FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;15,844&#9;</B></FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;1.1&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,155&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;2,153&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;0.1&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Cost of goods sold and services rendered&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;18,168&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;17,997&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;1.0&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/120% Vale Sans,sans-serif; margin: 12pt 0 0; text-align: justify; color: #2AA9A6"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/120% Vale Sans Black,sans-serif; margin: 0; text-align: justify; color: #006666"><B>Cost of goods sold and services
rendered from (excluding depreciation, depletion and amortization):</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; color: #006666"><B>Iron
Solutions.</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif">Decreased by 0.7% or US$81 million for the nine-month period ended
September 30, 2025 to US$12,141 million from US$12,222 million for the same period of 2024. This decrease mainly reflects the positive
impact on costs denominated in Brazilian <I>real</I> following its depreciation (average rate &#8211; compared to the previous period)
by 8% against the U.S. dollar (impact of US$307 million), and a 16% decrease in iron ore pellets sales volumes (impact of US$305 million),
partially offset by a 5% increase in iron ore fines sales volumes (impact of US$593 million).</FONT></P>

<P STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666"><B>Energy
Transition Metals</B></FONT><B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #006666">. </FONT></B><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Increased
by 6.9% or US$250 million for the nine-month period ended September 30, 2025 to US$3,872 million from US$3,622 million for the same period
of 2024. <FONT STYLE="background-color: white">This increase primarily reflects higher sales volumes of nickel, including its by-products,
mainly due to ramp up of Voisey's Bay underground mine and the resumption of operations at On&ccedil;a Puma following the furnace rebuild
(impact of US$398 million), partially offset by a </FONT>positive impact on costs denominated in Brazilian <I>real</I> and Canadian dollar
following their depreciation by 8% and 3%, respectively, against the U.S. dollar (average rate &#8211; compared to the previous period),
respectively (impact of US$103 million)<FONT STYLE="background-color: white">.</FONT></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Adjusted EBITDA by segment</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 12pt 0 10pt; text-align: justify">Our management uses Adjusted EBITDA as the measure
to assess the contribution of each segment to our performance and to support decision-making in allocating resources. Adjusted EBITDA
for each segment is defined as operating income or loss, for such segment, including the EBITDA from interests in associates and joint
ventures;</P>


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<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 12pt 0 10pt; text-align: justify">and excluding (i) depreciation, depletion
and amortization; and (ii) impairment and gains (losses) on disposal of non-current assets, net and other.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">The following table summarizes our Adjusted EBITDA
for each of our segments.</P>

<P STYLE="font: 9pt/120% Vale Sans,sans-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; border-top: #147372 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 9pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>For the nine-month period ended September&nbsp;30,</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 43%">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2025</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2024</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>% change </I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(US$ million, except for %)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Iron ore </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: 9pt">&#9;8,147&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;8,422&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(3.3)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Iron ore pellets</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: 9pt">&#9;1,525&#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: 9pt">&#9;2,396&#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: 9pt">&#9;(36.4)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Other ferrous products and logistics services</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;164&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;259&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(36.7)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Iron Solutions</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;9,836&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;11,077&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;(11.2)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Nickel</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;356&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;59&#9;</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;503.4&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Copper</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: 9pt">&#9;1,698&#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: 9pt">&#9;995&#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: 9pt">&#9;70.7&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Other energy transition metals</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(92)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(142)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(35.2)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Energy Transition Metals</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;1,962&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;912&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;115.1&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt; line-height: 120%"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Unallocated items<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(928)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(943)&#9;</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(1.6)&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Adjusted EBITDA </B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;10,870&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;11,046&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;(1.6)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Vale Sans,sans-serif; margin: 0"><FONT STYLE="font-size: 9pt"><SUP>(1) </SUP></FONT><FONT STYLE="font-size: 8pt">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.</FONT></P>

<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans Black,sans-serif; margin: 0 0 12pt; text-align: justify; color: #006666"><B>Adjusted EBITDA from:</B></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; color: #006666"><B>Iron
Solutions.</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif">Total of US$9,836 million for the nine-month period ended September
30, 2025, a decrease of US$1,241 million or 11.2% compared to US$11,077 million in the same period of 2024. This reduction was mainly
driven by lower average realized prices of iron ore fines and pellets (impact of US$1,814 million), partially offset by a positive impact
on costs and expenses following the 8% Brazilian <I>real</I> depreciation (average rate &#8211; compared to the previous period) against
the U.S. dollar (impact of US$351 million).</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; color: #006666"><B>Energy
Transition Metals.</B></FONT> <FONT STYLE="font-family: Vale Sans,sans-serif">Total of US$1,962 million for the nine-month period ended
September 30, 2025, an increase of US$1,050 million or 115.1%, when compared to our Adjusted EBITDA of US$912 million for the same period
of 2024, mainly reflecting higher average realized prices of copper, including its by-products (impact of US$482 million), higher sales
volumes of nickel and copper, including its by-products (impact of US$236 million), and a positive impact on costs following the Brazilian
<I>real</I> and Canadian dollar depreciation against the U.S. dollar (average rate &#8211; compared to the previous period) by 8% and
3%, respectively (impact of US$103 million).&nbsp;</FONT></P>


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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></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: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>FINANCIAL RESULTS</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">The following table details our financial results
for the periods indicated.</P>

<P STYLE="font: 9pt/80% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #147372 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center; line-height: 9pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>For the nine-month period ended September&nbsp;30,</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: #147372 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2025</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: #147372 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2024</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 16%; border-bottom: #147372 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>% change</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(US$ million, except for %)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding: 1.65pt 3.1pt 1.5pt 13.1pt; line-height: 120%; text-indent: -10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Financial income <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;376</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;316</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;19.0&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding: 1.65pt 3.1pt 1.5pt 13.1pt; line-height: 120%; text-indent: -10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Financial expenses <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(1,182)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(1,077)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;9.7&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding: 1.65pt 3.1pt 1.5pt 13.1pt; line-height: 120%; text-indent: -10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Foreign exchange and indexation gains (losses), net</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(519)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(912)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(43.1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #D9D9D9 1pt solid; padding: 1.65pt 3.1pt 1.5pt 13.1pt; line-height: 120%; text-indent: -10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Participative shareholders' debentures</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(228)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;15</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #D9D9D9 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(1,620.0)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid; padding: 1.65pt 3.1pt 1.5pt 13.1pt; line-height: 120%; text-indent: -10pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; line-height: 120%">Derivatives financial instruments, net</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #147372 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;1,566</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #147372 1pt solid; padding-top: 1.65pt; padding-right: 2.75pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(405)</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: #147372 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">&#9;(486.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid; padding-top: 1.65pt; padding-bottom: 1.5pt; padding-left: 3.1pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Financial results</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;13</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;(2,063)</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;(100.6)</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Vale Sans,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt"><SUP>(1)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes short-term investments and other financial income (see note 6 to
our Interim Financial Statements).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Vale Sans,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 9pt"><SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Includes loans and borrowings interest, interest on supplier finance arrangements,
interest on REFIS (a tax settlement program), and others financial expenses (see note 6 to our Interim Financial Statements).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/80% Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For the nine-month period ended September 30, 2025,
our financial results were mostly impacted by a gain of US$1,566 million related to mark-to-market adjustments in our derivatives financial
instruments, following the Brazilian <I>real</I> appreciation by 14% against the U.S. dollar year to date, compared to a loss of US$405
million associated with a 13% depreciation of the Brazilian <I>real</I> against the U.S. dollar for the same period in 2024. These derivatives
financial instruments are mainly swaps, primarily used to convert debt denominated in Brazilian <I>reais</I> into U.S. dollars to protect
our cash flow from exchange rate volatility.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 9.35pt">&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: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>EQUITY RESULTS AND OTHER RESULTS IN ASSOCIATES AND JOINT VENTURES</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For the nine-month period ended September 30, 2025,
we recorded a gain in equity results and other results in associates and joint ventures of US$151 million, compared to a loss of US$338
million for the same period of 2024.This increase of US$489 million was mainly driven by lower expenses associated with the provision
relating to Samarco&#8217;s dam failure.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 9.35pt">&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: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>INCOME TAXES</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For the nine-month period ended September 30, 2025,
we recorded an income tax expense of US$532 million, a reduction of US$218 million compared to the income tax expense of US$750 million
recorded for the same period of 2024, driven by a reversal of US$128 million in income taxes liabilities, following an administrative
decision issued in July 2025 by the Brazilian Administrative Council of Tax Appeals (CARF) regarding the deductibility of a social contribution
payable in Brazil (CSLL). The reconciliation of taxes calculated at nominal tax rates and the amount of taxes recorded at effective rate
is presented in note 7(a) to our Interim Financial Statements.</P>

<P STYLE="font: 10pt Vale Sans,sans-serif; margin: 0 0 0 9.35pt">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>NET INCOME AND LOSSES </I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For the reasons discussed above, our net income attributable
to our shareholders for the nine-month period ended September 30, 2025 was US$6,196 million, compared to US$6,860 million for the same
period of 2024.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>RECONCILIATION OF ADJUSTED EBITDA</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Adjusted EBITDA is a non-GAAP measure, which 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. Our management uses Adjusted
EBITDA as an additional measure of our consolidated performance.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">The table below shows a reconciliation of our Adjusted
EBITDA with our consolidated net income for the periods indicated.</P>

<P STYLE="font: 9pt/120% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; border-top: #147372 1pt solid; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: center; line-height: 9pt"><FONT STYLE="font: italic 9pt Vale Sans,sans-serif; color: rgb(20,115,114)"><B>For the nine-month period ended September&nbsp;30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 58%; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2025</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: #147372 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font: italic bold 9pt Vale Sans,sans-serif; color: rgb(20,115,114)"><I>(US$
    million)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Net income </B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;6,226&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;6,847&#9;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Income taxes</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: 9pt">532</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: 9pt">750</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">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: 9pt">(151)</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: 9pt">338</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Financial results </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: 9pt">(13)</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: 9pt">2,063</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Depreciation, depletion and amortization</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: 9pt">2,245</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: 9pt">2,255</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">EBITDA from 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: 9pt">786</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: 9pt">698</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Impairment and gains (losses) on disposal of non-current assets, net and other<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">1,245</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">(1,905)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;10,870&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;11,046&#9;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/120% Vale Sans,sans-serif; margin: 0">(1) Includes an adjustment of US$490 million for the nine-month period ended
September 30, 2025, (2024: US$242 million), to reflect the performance of the streaming transactions at market prices.</P>

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

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


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<P STYLE="font: 20pt Vale Sans Thin,sans-serif; margin: 0pt 0 0"><A NAME="a_002"></A>LIQUIDITY AND CAPITAL RESOURCES</P>

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  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Our principal funding requirements are for capital
expenditures, dividends payments, share buybacks, debt service, tax payments, dam de-characterization and satisfaction of our obligations
relating to the remediation and compensation of damages in connection with the Brumadinho and Fund&atilde;o dam failures. We expect to
meet these requirements, in line with our historical practice, by using cash generated from operating activities and financing activities.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">We are constantly evaluating opportunities for additional
cash generation. Finally, we are committed to further reducing our costs and expenses, and maintaining sound leverage levels and discipline
in capital allocation.</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>SOURCES OF FUNDS</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/80% Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Our principal sources of funds are our operating
cash flow and financing activities. For the nine-month period ended September 30, 2025, the net cash flow generated by operating activities
was US$6,102 million, in line with US$6,454 million for the same period of 2024.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For the nine-month period ended September 30, 2025,
our cash, cash equivalents and short-term investments totaled US$6,091 million compared to US$5,006 million as of December 31, 2024.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 12pt; text-align: justify">For the nine-month period ended September 30, 2025,
we borrowed US$4,298 million, including (a) an amount in Brazilian reais equivalent to US$1,080 million in Brazilian debentures, in three
series, at a rate of IPCA plus an additional spread ranging from 6.76% to 6.89% per year, maturing in 2032, 2035 and 2037, (b) US$750
million in bonds, with a 6.40% coupon per year, maturing in 2054; and (c) other loans and borrowings, indexed to SOFR or LPR, with spread
adjustments, maturing from 2026 to 2030.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 0 0 12pt; text-align: justify">For the nine-month period ended September 30, 2024,
we borrowed US$2,922 million, including US$1,000 million in bonds, with a 6.45% coupon per year, maturing in 2054, and other loans and
borrowings, indexed to SOFR plus a spread, maturing from 2024 to 2035.</P>

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    <TD STYLE="width: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>USES OF FUNDS</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/80% Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Reparation obligations</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 12pt 0 10pt; text-align: justify"><FONT STYLE="background-color: white">For the
nine-month period ended September 30, 2025, we used a total amount of cash of US$826 million (US$866 million for the same period of 2024)
in matters related to the Brumadinho dam failure, of which US$</FONT>338 <FONT STYLE="background-color: white">million were used in connection
with obligations assumed under settlement agreements (US$333 million for the same period of 2024), US$</FONT>256 <FONT STYLE="background-color: white">million
in individual indemnification and other commitments (US$255 million for the same period of 2024) and US$</FONT>232 <FONT STYLE="background-color: white">million
in connection to incurred expenses (US$</FONT>278 <FONT STYLE="background-color: white">million for the same period in 2024). For more
information, see note 23 to our Interim Financial Statements.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="background-color: white">For the nine-month
period ended September 30, 2025, we used a total of US$2,122 million in cash for remediation obligations related to Samarco&#8217;s dam
failure, compared to US$304 million for the same period of 2024. For more information, see note 24 to our Interim Financial Statements.
</FONT></P>


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<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="background-color: white">For the nine-month
period ended September 30, 2025, we also used US$272 million in cash for matters related to the de-characterization of dams, compared
to US$405 million for the same period of 2024. For more information, see note 25 to our Interim Financial Statements.</FONT></P>

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  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Acquisition of property, plant and equipment and intangible assets</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 12pt 0 10pt; text-align: justify"><FONT STYLE="background-color: white">Our acquisition
of property, plant and equipment and intangible assets for the nine-month period ended on September 30, 2025 totaled US$3,817 million,
in line with US$4,121 million for the same period of 2024. These investments were dedicated to sustaining our existing operations project
execution (construction in progress) and to fulfill the contractual obligations of the railway concessions. For more information, see
notes 13(a) and 17 to our Interim Financial Statements. </FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 12pt 0 10pt; text-align: justify">Our investment guidance for capital expenditures
in 2025, including investment for growth and maintenance investment, ranges from US$5.4 billion to US$5.7 billion.</P>

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  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Distribution and share buyback</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 12pt 0 10pt; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; color: #006666"><B>Distributions.
</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif; background-color: white">For the nine-month period ended September 30, 2025,
the Board of Directors approved dividends and interest on capital to shareholders in a total amount equivalent to US$3,044 million (US$3,972
million in the same period of 2024), which was already paid. </FONT></P>

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    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Tax payments</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="background-color: white">For the nine-month
period ended September 30, 2025, we paid US$1,324 million in income tax, excluding the payments in connection with REFIS (a tax settlement
program), compared to US$1,139 million in the same period of 2024.</FONT></P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify"><FONT STYLE="background-color: white">For the nine-month
period ended September 30, 2025, we paid US$298 million in connection with the REFIS, compared to US$304 million for the same period of
2024.</FONT></P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

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  <TR>
    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Liability Management</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/80% Vale Sans,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="background-color: white">For the nine-month
period ended</FONT> September 30, 2025, we repaid US$1,431 million (compared to US$2,176 million for the same period of 2024) under our
financing agreements.</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-left: #1F497D 4.5pt solid; padding-top: 2.65pt; padding-bottom: 1.5pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans Black,sans-serif"><B><I>DEBT</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/80% Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="background-color: white">As of September
30, 2025, our total outstanding debt (loans and borrowings) was US$17,843 million (including US$17,598 million of principal and US$245
million of accrued charges) compared to US$14,792 million as of December 31, 2024.</FONT></P>

<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="background-color: white">As of September
30, 2025, we had loans and borrowings amounting to US$1,114 million secured by fixed assets and the weighted average of the remaining
term of our debt was 8.7 years, compared to 8.7 years as of December 31, 2024.</FONT></P>


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<P STYLE="font: 10pt/112% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="background-color: white">As of September
30, 2025, our current loans and borrowings totaled US$470 million compared to US$1,020 million as of December 31, 2024, including accrued
interest.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><FONT STYLE="background-color: white">Our major categories
of non-current loans and borrowings are described below. The principal amounts shown below, excluding accrued interest.</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/120% Times New Roman, Times, Serif; margin-top: 10pt; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">U.S. dollar-denominated fixed rate notes
as of September 30, 2025, was US$7,607 million compared to US$7,187 million as of December 31, 2024. We have issued in public offerings
several series of fixed rate debt securities, directly by Vale and through our wholly owned finance subsidiary Vale Overseas Limited (debt
securities guaranteed by Vale) totaling US$7,328 million, compared to US$6,908 million as of December 31, 2024. Our subsidiary Vale Canada
has outstanding fixed rate note in the amount of US$279 million as of September 30, 2025, compared to US$279 million as of December 31,
2024.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">U.S. dollar-denominated debt contracts
in the international market as of September 30, 2025, was US$6,624 million compared to US$ 5,042 million as of December 31, 2024. This
category includes export financing lines, loans from export credit agencies, and loans from commercial banks and multilateral organizations.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Other loans and borrowings as of September
30, 2025, was US$3,142 million compared to US$1,543 million as of December 31, 2024. We have outstanding debt, principally owed to BNDES,
Brazilian commercial banks and holders of infrastructure debentures, denominated in Brazilian reais and other currencies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">As of September 30, 2025, we have two revolving credit
facilities with syndicates of international banks, which will mature in 2026 and 2029. The revolving credit lines, which are committed,
allow more efficient cash management, consistent with our strategic focus on reducing cost of capital. We currently have US$5 billion
available under these two revolving credit lines which can be drawn by Vale, Vale Canada and Vale International.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Some of our long-term debt instruments contain financial
covenants and most include cross acceleration provisions. 14.6% of the aggregate principal amount of our total debt requires that we maintain,
as of the end of each fiscal year, (i) a consolidated ratio of total debt to adjusted EBITDA for the past 12 months not exceeding 4.5
to one and (ii) a consolidated interest coverage ratio of at least 2.0 to one. These covenants appear in our financing agreements with
BNDES, with other export and development agencies and with some other lenders. We complied with these covenants as of December 31, 2024
and there are no indications that we would have difficulties complying with them on the next measurement date, which will be as of December
31, 2025.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">As of September 30, 2025, the corporate financial
guarantees we provided (within the limit of our direct or indirect interest) for certain associates and joint ventures totaled US$242
million, compared to US$210 million as of December 31, 2024.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Gross and Net debt are non-GAAP measures. These measures
are presented to provide additional insight into our capital structure and liquidity, but should not be considered in isolation or as
a substitute for measures prepared in accordance with IFRS Accounting Standards. These non-GAAP measures may differ from similarly titled
measures used by other companies, and therefore may not be comparable. The table below sets forth a calculation of our Gross and Net debt
as of the dates indicated:</P>


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

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  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>September&nbsp;30, 2025</B></FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #147372 1pt solid; padding-right: 0.75pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>December 31, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.65pt; text-align: center"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B><I>(US$ million)</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Loans and borrowings</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: 9pt">&#9;17,843</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: 9pt">&#9;14,792&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Leases</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">700</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">713</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Gross debt</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;18,543&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;15,505</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">5,902</FONT></TD>
    <TD STYLE="border-top: #147372 1pt solid; border-bottom: #D9D9D9 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">4,953</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 12.85pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">Short-term investments</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">189</FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt">53</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 2.65pt; padding-left: 2.75pt"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>Net debt</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>&#9;12,452&#9;</B></FONT></TD>
    <TD STYLE="border-bottom: #147372 1pt solid; padding-right: 0.75pt; text-align: right"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 9pt; color: #147372"><B>10,499</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For purposes of capital allocation our management
considers the sum of our net debt (US$12,452 million), with other commitments with respect to gains of currency swaps (US$173 million),
and liabilities related to Brumadinho and provisions related to the Samarco dam failure (US$1,960 million and US$2,401 million, respectively),
which as of September 30, 2025 totaled US$16,640 million. As of December 31, 2024, the sum of our net debt (US$10,499 million), with
other commitments with respect to gains of currency swaps (US$334 million), and liabilities related to Brumadinho and provisions related
to the Samarco dam failure (US$1,970 million and US$3,663 million, respectively), totaled US$16,466 million.</P>


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<P STYLE="font: 20pt Vale Sans Thin,sans-serif; margin: 12pt 0 0"><A NAME="a_003"></A>RECENT DEVELOPMENTS</P>

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

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    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B><I>Second furnace operation &#8211; On&ccedil;a Puma site</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">In September 2025, our subsidiary Vale Base Metals
Ltd. successfully commenced the second furnace operation at its On&ccedil;a Puma site. The second electric furnace will add 15 ktpy to
the site's capacity, increasing its nominal capacity to 40 ktpy. The furnace rebuild project involved an investment of approximately US$480
million.</P>

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    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B><I>Operating license for Serra Sul +20 Mtpy Project</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">In September 2025, we received from the Brazilian
Institute of Environment and Renewable Natural Resources (IBAMA) the operating license for mine activities of the Serra Sul +20 Mtpy Project.
The operating license is a significant milestone for the project, with commissioning expected to begin in the second half of 2026. The
project involves expanding the annual capacity of the S11D mine-plant, located in the Northern System, by 20 million tons.</P>

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    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B><I>Dam safety</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">In August 2025, the emergency level of the Forquilha
III dam, located at the F&aacute;brica mine in the municipality of Ouro Preto (MG) was reduced from level 3 to level 2, in accordance
with a decision by the Brazilian National Mining Agency. With this reduction, we no longer have any dams classified at emergency level
3 in our portfolio.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">As of September 30, 2025, we de-characterized 18
out of 30 upstream structures.</P>

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    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B><I>Preliminary License for the Bacaba copper project</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">In June 2025, we obtained the Preliminary Environmental
License for the Bacaba copper project, located in Cana&atilde; dos Caraj&aacute;s, Par&aacute;, Brazil. The Bacaba project is designed
to extend the life of the Sossego Mining Complex, contributing with an average annual copper production of approximately 50 ktpa over
an 8-year mine life. We expect to invest approximately US$290 million during the project&acute;s implementation phase, and the production
start-up is planned for the first half of 2028.</P>

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    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #007E7A; line-height: 120%"><B><I>Updates on tax proceedings</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">Below is an update on our ongoing tax proceedings
reported on pages 170 and 171 of our Annual Report on Form 20-F:</P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; color: #006666"><B>Transfer
pricing tax assessments</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif">. As reported in note 7.d of our Interim Financial Statements,
as of September 30, 2025, the total amount in dispute involving possible losses associated with transfer pricing tax assessments received
was US$4.2 billion. We are already contesting or expect to contest these assessments in due course.</FONT></P>

<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; color: #006666"><B>Proceeding
related to deductions for compensation expenses</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif">. In October 2025, we received
a tax assessment charging IRPJ and CSLL for the 2020 fiscal year, in the amounts of R$1.8 billion and R$1.7 billion, relating to the deduction
of expenses incurred with Funda&ccedil;&atilde;o Renova and the remediation efforts related to the Brumadinho dam failure, respectively.
This assessment is in addition to the assessments reported in our 20-F. This proceeding is at an early stage, and we expect to contest
it in due course.</FONT></P>


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<P STYLE="font: 10pt/120% Times New Roman, Times, Serif; margin: 10pt 0; text-align: justify"><FONT STYLE="font-family: Vale Sans Black,sans-serif; color: #006666"><B>Assessment
related to the deduction of interest and negative exchange variation related to export prepayment agreements</B></FONT><FONT STYLE="font-family: Vale Sans,sans-serif">.
In November 2025, we received a tax assessment charging IRPJ and CSLL for the 2020 fiscal year, in the amount of R$24.7 billion. This
assessment is in addition to the assessment reported in our 20-F. This proceeding is at an early stage, and we expect to contest it in
due course.</FONT></P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For an update of our tax contingencies, please refer
to notes 7.c, 7.d and 26 of our Interim Financial Statements.</P>

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

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    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Board of Directors</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">At our annual shareholders&#8217; meeting held on
April 30, 2025, our shareholders approved the new composition of our Board of Directors. The members of the Board will hold office until
our annual shareholder&#8217;s meeting to be held in 2027. Listed below are the current and alternate members of our Board of Directors:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Daniel Andr&eacute; Stieler (chairman)</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Marcelo Gasparino da Silva (vice-chairman)</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Andr&eacute; Viana Madeira (director)</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Anelise Quint&atilde;o Lara (independent
director)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Fernando Jorge Buso Gomes (director)</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Franklin Lee Feder (independent director)</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Heloisa Belotti Bedicks (independent
director)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Jo&atilde;o Luiz Fukunaga (director)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Manuel Lino Silva de Sousa Oliveira (independent
director)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Rachel de Oliveira Maia (independent
director)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Reinaldo Duarte Castanheira Filho (independent
director)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Shunji Komai (director)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Wilfred Theodoor Bruijn (independent
director)</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Wagner Vasconcelos Xavier (alternate
director)</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/120% Vale Sans Black,sans-serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Fiscal Council</I></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">At the annual shareholders&#8217; meeting held on
April 30, 2025, our shareholders approved the installation of the Fiscal Council and elected its members and alternates. The members of
the Fiscal Council will hold office until our annual shareholder&#8217;s meeting to be held in 2026. Listed below are the current members
of our Fiscal Council:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Dario Carnevalli Durigan (effective member)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Rog&eacute;rio Ceron de Oliveira (alternate
member)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">M&aacute;rcio de Souza (effective member)</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Alessandra Eloy Gadelha (alternate member)</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Arist&oacute;teles Nogueira Filho (effective
member)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Leda Maria Deiro Hahn (alternate member)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Raphael Manh&atilde;es Martins (effective
member and chairman)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Jandaraci Ferreira de Araujo (alternate
member)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Adriana de Andrade Sol&eacute; (effective
member)</FONT></TD></TR></TABLE>
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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Pedro Zanoni (alternate member)</FONT></TD></TR></TABLE>


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    <TD STYLE="width: 100%; padding-right: 2.65pt; padding-left: 2.65pt; text-align: justify; line-height: 120%"><FONT STYLE="font-family: Vale Sans Black,sans-serif; font-size: 10pt; color: #006666; line-height: 120%"><B><I>Audit and Risks Committee</I></B></FONT></TD></TR>
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<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">In May 2025, our Board of Directors approved the
new composition of our Audit and Risks Committee for the 2025-2027 term and in July 2025, it appointed Ms. Helo&iacute;sa Belotti Bedicks
as coordinator of the Audit and Risk Committee. The Committee is composed entirely of independent members and currently has four members:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Manuel Lino Silva de Sousa Oliveira (financial
expert)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Reinaldo Duarte Castanheira Filho</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Rachel de Oliveira Maia</FONT></TD></TR></TABLE>

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<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">On April 30, 2025, our Board of Directors appointed
Mr. Sami Arap Sobrinho as Executive Vice President, Legal Affairs, to fulfill the term of office until May 26, 2027. Listed below are
our current executive officers, and biography of the newly appointed officer.</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Gustavo Duarte Pimenta (Chief Executive
Officer)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Marcelo Feriozzi Bacci (Executive Vice-President,
Finance and Investor Relations)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Sami Arap Sobrinho (Executive Vice-President,
Legal Affairs)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Carlos Henrique Senna Medeiros (Executive
Vice-President, Operations)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Rafael Jabur Bittar (Executive Vice-President,
Technical)</FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: #006666">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Vale Sans,sans-serif; font-size: 10pt">Rog&eacute;rio Tavares Nogueira (Executive
Vice-President, Commercial and Development)</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify"><I>Sami Arap Sobrinho.</I> Partner at Arap Nishi
&amp; Uyeda Advogados from July 2006 until July 2025. Mr. Arap was a member of the Board of Directors of Cabral Gold Inc. from October
2022 until June 2025, member of ethics committee of the Brazilian Olympics Committee from March 2018 until May 2025, and worked as a <I>Foreign
Legal Consultant</I> at Fox Horan &amp; Camerini LLP from January 2023 until May 2025. He was also an officer and board member of other
institutions and companies in Brazil. Mr. Arap holds a Bachelor&#8217;s degree in Law from Pontif&iacute;cia Universidade Cat&oacute;lica
de S&atilde;o Paulo obtained in December 1987, a Master&#8217;s degree in Comparative Jurisprudence from the New York University &#8211;
School of Law obtained May 1991 and a diploma from the Program of Instruction for Lawyers from Harvard Law School obtained in July 1991.</P>

<P STYLE="font: 10pt/120% Vale Sans,sans-serif; margin: 10pt 0; text-align: justify">For the biographies of our other executive officers
and our directors, please see pages 143-149 of our Form 20-F for the year ended December 31, 2024.&nbsp;&nbsp;</P>


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<P STYLE="font: 20pt Vale Sans Thin,sans-serif; margin: 0"><A NAME="a_004"></A>SIGNATURES</P>

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<P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 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: 9pt/120% Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 2.65pt"><FONT STYLE="font-family: Segoe UI, Helvetica, Sans-Serif; font-size: 9pt">By:</FONT></TD>
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    <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt/9pt Segoe UI, Helvetica, Sans-Serif; margin: 0">&nbsp;/s/&nbsp;Adriana Barbosa Areias&#9;</P></TD></TR>
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 1.65pt 0 0">Name: Adriana Barbosa Areias</P>
    <P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 0 0 1pt">Title: Attorney-in-Fact</P></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; padding-right: -2.65pt; padding-left: 2.65pt; line-height: 10.8pt"><FONT STYLE="font-family: Segoe UI, Helvetica, Sans-Serif; font-size: 9pt">/s/&nbsp;Tacio Ulisses de Carvalho Neto&#9;</FONT></TD></TR>
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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 2.65pt; padding-left: 2.65pt">
    <P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 1.65pt 0 0">Name: Tacio Ulisses de Carvalho Neto</P>
    <P STYLE="font: 9pt/120% Segoe UI, Helvetica, Sans-Serif; margin: 0 0 1pt">Title: Attorney-in-Fact</P></TD></TR>
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    <TD STYLE="vertical-align: top; padding-top: 2.15pt; padding-bottom: 1pt; padding-left: 2.65pt"><FONT STYLE="font-family: Segoe UI, Helvetica, Sans-Serif; font-size: 9pt">Date: November 17, 2025</FONT></TD>
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