Recent Updates — VALE

Vale Overseas Limited, a wholly owned subsidiary of Vale S.A., has filed an application with the National Association of Financial Market Institutional Investors (NAFMII) to register a 2026-2028 Renminbi-denominated debt financing instruments program. The proposed program allows for up to RMB 10 billion in aggregate principal amount, which will be fully and unconditionally guaranteed by Vale S.A. This filing does not constitute an issuance of bonds; any future issuances are subject to NAFMII approval and prevailing market conditions. Vale operates in the mining and metals sector.

Vale's subsidiary Vale Base Metals has completed the transaction to transfer ownership and operation of the Thompson Mine Complex in Manitoba to Exiro Nickel Company. Exiro Minerals Corp., Orion Resource Partners LP, and Canada Growth Fund Inc. collectively hold an 81.1% interest in Exiro Nickel, while Vale retains an 18.9% minority stake through Vale Canada Limited. The company has entered into a multi-year offtake agreement for nickel concentrate produced at the Thompson mill. All customary regulatory and government authorizations were received to finalize the deal. This transaction concludes Vale's strategic review of its Thompson operations and aligns with its strategy to manage its portfolio by enabling dedicated ownership and investment. Vale S.A. is a major global mining company producing iron ore, copper, nickel, and other base metals.