Vale: Iron Ore Production Down During 1Q25 in Commodity News 10/02/2026 Highlights Vale’s performance in Q1 was marked by higher y/y iron ore sales and progress in the commissioning of the VGR1 and Capanema projects, ensuring greater operational flexibility and adherence to the 2025 production guidance. Copper and Nickel operational performance was strong, reflecting the consistent performance across all assets, as well as the ramp-up of the VBME project in Canada. Iron ore production totaled 67.7 Mt, 4% (3.2 Mt) lower y/y, as per Vale’s mine plan, while high rainfall levels further impacted the Northern System. S11D continued to perform well, reaching the highest production ever for a first quarter. Pellets production totaled 7.2 Mt, 15% (1.3 Mt) lower y/y, due to lower pellet feed availability. Iron ore sales totaled 66.1 Mt, 4% (2.3 Mt) higher y/y, driven by Vale’s supply chain flexibility using advanced inventories. Copper production totaled 90.9 kt, 11% (9.0 kt) higher y/y, with a strong operational performance at Salobo, Sossego and Voisey’s Bay following the ramp-up of Salobo 3 and Voisey’s Bay’s underground mines. Nickel production totaled 43.9 kt, 11% (4.4 kt) higher y/y, mainly reflecting higher production at Onça Puma after the furnace rebuild in 1Q24 and stronger asset performance in Canada, further fueled by VBME’s ramp-up. Iron ore and pellets operations Northern System: production decreased by 0.9 Mt y/y, impacted by Serra Norte’s licensing restrictions, already considered in the production plan, intensified by higher rainfall levels. These effects were partially offset by solid operational performance at S11D, achieving the highest production ever for a Q1, driven by the ongoing asset reliability initiatives. • Southeastern System: output decreased by 1.2 Mt y/y, driven by a 49-day corrective maintenance period at the Cauê plant, which impacted Itabira’s production. This decline was partially offset by (i) improved performance at Fazendão as a result of enhancements implemented at the processing plant throughout 2024, and (ii) increased third-party purchases. The Capanema project is ramping-up on schedule and is expected to reach full capacity in the first quarter of 2026. • Southern System: production was 1.1 Mt lower y/y, mainly driven by our plan to prioritize the production of higher-margin products in response to current market conditions. The VGR1 project ramp-up continues to advance and is expected to be completed in the second quarter of 2026. • Pellets: production was 1.3 Mt lower y/y, due to (i) lower production at the Tubarão plants resulting from lower pellet feed availability from Itabira and (ii) increased rainfall levels in the Northern System, which impacted the moisture grade of the pellet feed and, as a result, the performance of the São Luis plant. • Iron ore sales totaled 66.1 Mt, 2.3 Mt higher y/y, supported by the sale of advanced inventories formed in previous quarters to counterbalance the shipment restrictions due to rains in the Northern System. Given current market conditions, Vale has prioritized offering medium-grade products such as our blended products (BRBF) and concentrated products in China (PFC1), aiming at maximizing value generation of our portfolio. • The all-in premium totaled US$ 1.8/t1, US$ 2.8/t lower q/q, driven by the lower iron ore fines premiums (US$ -1.3/t vs. US$1.0/t in 4Q24), impacted by seasonally lower availability of Northern System ores and lower market premiums. • Th