Vale S.A. Updates 2025 Copper and Nickel All-In Cost Guidance

Vale S.A. has announced an update to its 2025 copper and nickel all-in cost estimates, reflecting strong operational performance and higher-than-expected gold by-product prices. The new all-in copper cost estimate is between US$1,000 and US$1,500 per ton, down from the previous estimate of US$1,500 to US$2,000. The all-in nickel cost estimate is now between US$13,000 and US$14,000 per ton, reduced from the previous range of US$14,000 to US$15,500. These estimates are based on a gold price range of US$3,500 to US$4,100 per troy ounce for the fourth quarter of 2025. Vale reiterates that these estimates are hypothetical and subject to market conditions beyond the company's control. The company will refile item 3 of its Reference Form in accordance with CVM Resolution No. 80/2022.