Vale S.A. (“Vale” or the “Company”) informs that it has updated certain estimates previously disclosed to the market, including: (i) the inclusion of indicative guidance regarding the potential contribution of its subsidiary Vale Base Metals Ltd. (“VBM”) to the Company’s consolidated EBITDA in the long term; and (ii) an update to the sensitivity analysis of VBM’s cash flow for the 2026 fiscal year. VBM contribution to Vale’s EBITDA:

Based on its current long‑term assumptions and expectations, Vale estimates that its subsidiary VBM may account for approximately 30% to 35% of the Company’s consolidated EBITDA from 2035 onwards. This estimate considers, as its main assumptions: (i) long‑term price assumptions for copper, nickel and gold, based on the average of sell‑side analysts’ estimates available as of February 2026; and (ii) long‑term production projections for iron ore, nickel and copper, as previously disclosed to the market by Vale.

VBM Free Cash Flow:

Vale estimates that VBM’s Free Cash Flow in 2026 may range approximately between US$0.4 billion and US$1.9 billion, in real terms. This estimate is based on: (i) low and high price estimates from sell side analysts for copper (approximately US$11,600/t and US$13,200/t, respectively), for nickel (approximately US$15,000/t and US$18,100/t, respectively); and gold price (approximately US$4,300/tr. oz and US$5,500/tr. oz, respectively).

All other estimates disclosed by the Company in item 3 of its Reference Form remain unchanged. The aforementioned item of the Company’s Reference Form will be restated to reflect the updates described above in due course, in accordance with the deadline set forth in CVM Resolution No. 80/2022.

Vale clarifies that the information disclosed in this press release consists of estimates and forward‑looking statements, prepared based on assumptions and hypothetical data, and does not represent any promise, guarantee or commitment of performance by the Company or its management. Actual results may differ materially due to market conditions, macroeconomic factors, operational performance and other risks described in the Company’s periodic filings with the CVM and the SEC
Source: Vale