#1Vale's Performance in 3Q22 October 28th, 2022 VALE#2Disclaimer "This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; (e) global competition in the markets in which Vale operates; and (f) the estimation of mineral resources and reserves, the exploration of mineral reserves and resources and the development of mining facilities, our ability to obtain or renew licenses, the depletion and exhaustion of mines and mineral reserves and resources. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward-Looking Statements" and "Risk Factors" in Vale's annual report on Form 20-F. VALE#31. Opening remarks VALE#4Vale's Performance in 3Q22: Opening remarks Business and Financial highlights Iron Ore Base Metals Climate change Focusing and strengthening the core • • • Iron ore production increased 21% q/q to 89.7 Mt C1 cash cost ex-3rd-party purchases decreased US$1.5/t q/q Nickel production increased 51% q/q while nickel sales lagged due to 4Q commitments Copper production increased 33% q/q, following extended maintenance Sol do Cerrado solar project is commissioning; ramp up until Jul/23 Two battery-powered 72t off-road trucks delivered Decarbonization MoU¹ signed with Germany steelmaker Stahl-Holding-Saar Opening of the Copper Cliff Complex South Mine Project - Phase 1 (CCM 1) Onça Puma 2nd furnace approval Reorganization of base metals in Brazil US$ 3.1 billion dividend paid in September 2022 Capital allocation • 25.2% of current buyback program completed² 1 Memorandum of Understanding. Also includes nondisclosure agreements to decarbonize ironmaking process. 2 As of Oct 28th, 2022. Approximately 126 million repurchased shares (25% of 3rd announced program) VALE#5Vale's Performance in 3Q22: Opening remarks Leading the mining transition 100% elétrico 100% elétrico Powershift: Decarbonizing our fleet Two 100% electric offroad trucks - in Brazil and in Indonesia Second 100% electric locomotive successfully delivered 49 electric vehicles currently in operation in Canada. 72t electric truck Sol do Cerrado Solar Project • Moving to 100% renewable electricity Sol do Cerrado commissioning; ramp up until Jul/23 766 MWp - one of the largest solar projects in Latin America • US$ 591 million investment • 16% of Vale's total electricity demand in Brazil¹. 1 Estimated demand for Brazil in 2025#6Vale's Performance in 3Q22: Opening remarks We have a distinct portfolio to a low carbon economy Base Metal: essential to energy transition 1st Carbon verified Quartile in scopes 1&2 CO₂ emissions¹ Low carbon emissions assurance Iron ore: committed to low-carbon solutions Green briquettes: Tubarão 1&2 plants: 6 Mtpy capacity 53% complete Start-up: 2023 40-60kg of nickel for a Ni-rich EV battery vs. 1-2kg for ICE vehicles eee ~25kg of copper for a DC fast charger ~4.6t of copper per MW in solar power systems Partnerships with clients ~30 steel companies ~50% of our scope 3 emissions 1 Nickel and copper products. Source: Skarn, Vale. VALE#7Vale's Performance in 3Q22: Opening remarks Making progress with dam safety Dam decharacterization program 40% complete No dam at critical safety condition by 2025 Dique 3, one of the 5 structures eliminated in 2022 ~53% tailings removed at B3/B4, one of the critical safety dams, and conclusion anticipated to 2025² dams removed from emergency level since the start of the year 12 eliminated since 2019, 40% of the total 7 VALE#82. Base Metals VALE#9Vale's Performance in 3Q22: Base Metals Advancing our Base Metals agenda CCM 1 Nickel, Canada Onça Puma 2nd furnace Nickel, Brazil Pomalaa Nickel, Indonesia Salobo Copper, Brazil - CCM south shaft commissioned in August - CCM Phase 1 mine opened in early October Approval of US$ 555 million investment - Adds 12-15 ktpy of nickel - Start-up in 2025 Approval to establish the Pomalaa project JV1 - Project capacity of up to 120 ktpy Salobo 3 project ended Q3 98% complete, on track to start up in December - Adds 30-40 ktpy of copper 38(4) NO INTERNAL COMBUSTION ENGINE SHALL BE INSTALLED SERVICED,GARAGED OR STORED IN OR WITHIN FIFTEEN METRES OF THE BUILDING HOUSING THE HOIST NOR WITHIN THIRTY METRES OF THE CENTER OF THE COLLAR OF A SHAFT OR OTHER ENTRANCE TO A MINE R.R.0.1990,REG.854,S.38(4). Copper Cliff Complex South Mine Grand Opening AD 1 PTVI to own 100% of the mine and has an option to acquire up to 30% of the plant. VALE#10Vale's Performance in 3Q22: Base Metals Production recovered in Q3 after maintenance period in Q2 Nickel production kt 51% 52 Sales: 44 kt +13% qoq Nickel 34 20 Canada Copper Indonesia 16 19 Brazil 9 7 3rd party feed 3 6 2Q22 3Q22 Significant operational improvements Refineries came back from Q2 maintenance - Conclusion of furnace 4 rebuild at PTVI - - Mill maintenance at Sossego in H1 Improved plant performance at Salobo Copper precipitates in North Atlantic Nickel sales-production gap - Port congestion in UK - Challenges in hiring containerships at Vila do Conde - Inventories held to meet sales commitments What to expect in Q4 Planned maintenance at Onça Puma, LHPP and Matsusaka Sales-production timing gap expected to revert Additional maintenance in South Atlantic Copper production 33% kt 74 56 35 Salobo 30 Nickel Sossego 19 Canada 5, 21 21 Copper 2Q22 3Q22 VALE#11Vale's Performance in 3Q22: Base Metals EBITDA largely impacted by lower prices, higher fuel costs and carry-over of inventories costs from Q2 Base Metals EBITDA 2022 vs. 3Q22 US$ million +154 603 -287 ~140 Timing impact Ni sales-production timing gap Ni sales lower than production Carry-over of Ni costs ~90 US$ million ~50 Refineries and smelter PMP4 in Q2 -106 364 ☐ Other relevant impacts 2022 Volume & by- products' Price² COGS & expenses³ 3Q22 Timing impact 'Including volume and price impact from by-products. 2Excluding by-products price impact. ³Including FX and fuel costs impact. 4Planned maintenance period. US$ million Fuel costs Increase in fuel prices in Indonesia 3rd party feed Production from 3rd party feed of 6 kt in Q3 vs. 3 kt in Q2 VALE#123. Iron Ore VALE#13Vale's Performance in 3Q22: Iron Ore We delivered a solid production in Q3 Iron ore production/sales Mt Production Sales 90 78 74 73 63 59 1Q22 2Q22 3Q22 Production YTD: 227 Mt Sales YTD: 210 Mt Production guidance 2022: 310-320 Mt 4Q22 Q3 production/sales gap Transiting inventories across the supply chain Larger share of Northern System production VALE#14Vale's Performance in 3Q22: Iron Ore We are progressing on assets debottleneck Serra Norte S11D Gelado project: start-up phase 1 expected in 4Q22 and ramp-up in 2023 NB: previous license granted, and start-up expected in 2024 Applying for rolling licenses to sustain production level New crushers, mobile plants and +10 Mtpy project (start-up in 4Q22) supporting production increase in 2023, but still limited by jaspilite restrictions ▲ Jaspilite restrictions: waste crusher required to process large compact blocks Itabira Itabiruçu dam: first phase raising works concluded in 3Q22 and second phase in 2Q23 ▲ Licensing and development of tailings/waste stockpiles areas Brucutu A Torto dam: works completed, pending licensing to start-up ▲ Licensing and development of tailings/waste stockpiles areas VALE#15Vale's Performance in 3Q22: Iron Ore Market conditions impacting short-term premiums, but long-term trend is intact Vale's all-in premiums Mt Pellet adjustment Quality adjustment 65%Fe index spread¹ 62% Fe LA index spread¹ 28.6 5.0 (22.9 9.1 12.5 (3.7) 1.8 7.3 6.6 4.7 6.2 6.0 4.4 1.1 0.6 1Q22 2Q22 3Q22 1 Vs. 62%Fe reference price index. 2022 YTD Lower quality market premiums driven by lower steel margins Undersupply in the pellet market Medium & long term . Industry's lower availability of low alumina products Transition to more direct reduction demand and carbon pricing • Structural higher premiums VALE#164. Finance VALE#17Vale's Performance in 3Q22: Finance EBITDA mainly impacted by lower realized prices EBITDA - 3Q22 vs. 2Q22 US$ million -1,731 5,534 יו EBITDA proforma 2Q221 1 Net of Brumadinho expenses 114 63 -166 144 44 Price Volume Costs and expenses Bunker & Oil FX effect Dividends and other 4,002 EBITDA proforma 3Q221 VALE#18Vale's Performance in 3Q22: Finance C1 cash cost reduction partially offset by freight increase and lower premiums Iron ore fines & pellets EBITDA break-even – 3Q22 US$/t 2Q22 3Q22 Vale's C1 cash cost ex-third-party purchase cost 20.9 19.4) Third-party purchases cost adjustments 3.3 3.4 Vale's iron ore cash cost (ex-ROM, ex-royalties), FOB 24.2 22.8 Iron ore fines freight cost 21.3 (22.4 Iron ore fines distribution cost 2.2 2.2 Iron ore fines expenses & royalties 6.9 5.8 Iron ore fines moisture adjustment 4.9 4.7 • Iron ore fines quality adjustment (1.1) ((0.6) Iron ore fines EBITDA break-even (US$/dmt) 58.4 57.3 Iron ore fines pellet adjustment (6.2) ((6.0) • Iron ore fines and pellets EBITDA break-even (US$/dmt) 52.2 51.3 Exchange rate: - US$ 1.0/t Fixed costs dilution: - US$ 1.0/t • Demurrage: US$ 0.4/t • Consumption of Q2 inventories: + US$ 0.5/t Diesel: + US$ 0.5/t • Seasonally larger spot affreightment: + US$ 1.4/t • Lagged effect of higher bunker costs: + US$ 0.4/t • Lower spot freight rates: - US$ 0.7/t US$ 5.6/t of cost avoidance by scrubbers' installation Lower unit market premiums: US$ 1.4/t Positive mix effect: US$ 0.9/t Record contractual pellet premium Lower 65%Fe index spread Absence of dividends received VALE#19Vale's Performance in 3Q22: Finance US$ 3.8 billion allocated through dividends and buybacks Free cash flow - 3Q22 US$ million 4,002 • Suppliers: US$ 1,169 million • Inventories: US$ 287 million • Share buyback: US$ 686 million Dividends paid: US$ 3,123 million 777 -678 -582 -1,230 -125 2,164 -3,954 -1,790 Cash Decrease in 3Q22 proforma EBITDA Working Brumadinho & Income capital decharacterization taxes & expenses REFIS CAPEX Others Free cash flow from operations management cash & cash & others equivalents 1 Includes US$ 518 million of disbursement of Brumadinho provisioned expenses and US$ 160 million of Brumadinho incurred expenses. 2 Includes interest on loans, derivatives, leasing, dividends paid to noncontrolling interest and others. 3 Includes US$ 686 million of share buyback, US$ 3,123 million of dividends paid, US$ 298 million of debt repurchased and US$ 153 million from the sale of Midwestern System. VALE#20Vale's Performance in 3Q22: Finance Expanded net debt: capital discipline and allocation Expanded net debt US$ billion 19.1 3Q22 expanded net debt (former concept) -2.2 REFIS -3.6 13.3 Net debt target range US$ 20 bn Greater leveling of the concept with the market US$ 10 bn Maintenance of items with relevant disbursement in the short-term Dams 3Q22 decharactarization expanded net debt (new concept) Exclusion of commitments linked to operational and regulatory obligations that are spread over several years 1 Includes US$ 191 million of Germano dam decharacterization provision. VALE#21Closing remarks Substantial production increase in Iron Ore, Nickel and Copper 40% on de-characterization agenda concluded Delivering on product portfolio to supply the energy transition Capital discipline and return to shareholders to remain a priority VALE#22VALE