Vale S.A. Advances Salobo CPF Project to Execution Phase

Vale S.A. has announced that its subsidiary, Vale Base Metals Ltd. (VBM), is moving forward with the Coarse Particle Flotation (CPF) project at the Salobo Copper Complex in Pará, Brazil. The project is now expected to start up in the first half of 2028, ahead of the original schedule, due to optimized initiatives and improved execution. This advancement is anticipated to increase the Salobo plant's annual ore processing capacity by 6 million tonnes, reaching 42 million tonnes per year. Copper production is projected to rise by approximately 30,000 tonnes annually, with an additional 15,000 ounces of gold as a by-product. Wheaton Precious Metals will contribute US$ 40 million to partially fund the project's capital expenditure, which has been revised to approximately US$ 215 million, with VBM's expected capital expenditure reduced to US$ 175 million after Wheaton's funding. This project is a key component of VBM's copper growth strategy in Brazil, aiming to boost copper production to around 700,000 tonnes per year by 2035.