Vale S A : Production and Sales in 2Q22

Vale

80 years in Brazil

On June 1, 2022, Vale completed 80 years of operations in Brazil, always with the purpose of improving life and transforming the future.

VALE'S PRODUCTION AND SALES IN 2Q22

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Investor Relations Department

Ivan Fadel

André Werner

Mariana Rocha

Samir Bassil

B3: VALE3

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This press release may include statements about Vale's current expectations about future events or results (forward -looking statements). Many of those forward-looking statements can be identified by the use of forward -looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" "will" and "potential," among others. All forward - looking statements involve various risks and uncertainties. Vale cannot guarantee that these statements will prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, 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; and (e) global competition in the markets in which Vale operates. Vale cautions you that actual results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale undertakes no obligation to publicly update or revise any forward -looking statement, whether as a result of new information or future events or for any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports that 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.

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Production and sales in 2Q22

Rio de Janeiro, July 19th, 2022

• Iron ore production increased 17% q/q to 74.1 Mt, mainly driven by the Southeastern and Southern Systems' solid performance into the dry season. Northern System production improved 4% q/q, benefiting from favorable weather seasonality with partial offset by one-off stockpiles homogenization activities in Ponta da Madeira to adjust for moisture levels.
• • As a result of this one-off event, the sale of our Midwestern System (~3.5 Mt) and in order to account for greater flexibility in our production due to current market conditions, Vale is revising its annual production guidance for 2022 to 310-320 Mt. The revised guidance is in line with our value over volume philosophy.
• Nickel production was 24% lower q/q mostly due to scheduled maintenance of our downstream facilities, which was partially offset by strong performance at Onça Puma. Mines operated in a steady pace through the quarter, with North Atlantic mines building up feedstock for planned mine-mill maintenance in 3Q22. Sales were largely in line q/q as inventories built in 1Q22 were sold in 2Q22.
• Copper production was in line with Q1 as the effect of Sossego SAG mill resumption in early June and stronger performance of Canadian mines were offset by both planned and corrective maintenance at Salobo plant.
• • As a result of a longer-than-expected maintenance at Sossego mill and additional maintenance at Salobo mill identified for 2022, Vale is revising its annual production guidance for Copper to 270-285 kt.

Production summary

									% change
	000' metric tons	2Q22	1Q22	2Q21		1H22	1H21	2Q22/1Q22	2Q22/2Q21	1H22/1H21	2022
		Guidance
	Iron ore1	74,108	63,128	75,001		137,236	142,531	17.4%	-1.2%	-3.7%	310-320 Mt2
	Pellets	8,672	6,924	8,008	15,596	14,295	25.2%	8.3%	9.1%	34-38 Mt
	Nickel	34.8	45.8	41.5		80.6	89.9	-24.0%	-16.1%	-10.3%	175-190 kt
	Copper	55.9	56.6	73.5	112.5	150.1	-1.2%	-23.9%	-25.0%	270-2852 kt

1. Including third-party purchases, run -of-mine and feed for pelletizing plants. Excluding Midwestern System volumes.
2. Iron ore and copper production guidance were reviewed from 320 -335 Mt and 330-355 kt, respectively.

Sales summary

							% change
000' metric tons	2Q22	1Q22	2Q21	1H22	1H21	2Q22/1Q22	2Q22/2Q21	1H22/1H21
Iron ore1	64,318	52,347	65,849	116,665	123,906	22.9%	-2.3%	-5.8%
Pellets	8,843	7,011	7,647	15,854	13,918	26.1%	15.6%	13.9%
Nickel	39.3	39.0	47.4	78.3	95.4	0.8%	-17.1%	-17.9%
Copper	51.5	50.3	74.2	101.8	145.4	2.4%	-30.6%	-30.0%

1 Including third-party purchases and run -of-mine. Excluding Midwestern System volumes .

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Businesses' highlights in 2Q22

Iron Ore and Pellets operations

• Northern System production improved	Iron ore fines production (2Q22 vs. 1Q22)

benefiting from better weather seasonality in June while still restricted by tie-in effects from the primary crushers' installation to process jaspilite materials at S11D, which was concluded in May. Moreover, production was negatively impacted by (i) one-off supply

chain restrictions as result of changes in stockpile formation procedures in Ponta da Madeira Terminal to manage moisture level in some cargos produced at S11D during the rainy season; and (ii) the ongoing lower ROM availability, caused by slower licensing processes.

• Improvements in the performance of Southeastern System are mainly attributed to (i) higher production at Brucutu of products to be concentrated in Chinese beneficiation plants;
• 1. higher productivity at Itabira Complex, with the reassessment of tailings management solutions; and (iii) Timbopeba production improvement after the impact of the heavy rains in January and lower maintenance activities vs. 1Q22.
• After being strongly impacted by heavy rains in 1Q22, production level at Southern System improved, driven by (i) better performance in all operations, especially at Vargem Grande and Mutuca; and (ii) higher third-party purchase.
• Pellets production increased due to (i) lower maintenance activities at Oman plant; and
• 1. higher pellet feed availability at Vargem Grande plant.
• Iron ore fines and pellets sales totalled 73.2 Mt, 23% higher q/q, while all-in premium reached US$ 7.3/t1 (vs. US$ 9.1/t in 1Q22). The higher pellet premiums2 were offset by sales of high-silicaores. High-silicaores can be blended into BRBF, concentrated in China or sold separately. Vale sold a higher percentage of high-silicaores separately to anticipate sales and to benefit from 2Q22 higher market prices for such products. Vale´s supply-chainflexibility allows us to adjust its sales strategy according to market conditions.

1. Iron ore premium of US$ 1.1/t and weighted average contribution of pellets of US$ 6.2/t.
2. Including seasonal dividends received from our pellet's JVs in Q2 and Q4.

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Nickel production (2Q22 vs. 1Q22)

Nickel operations

• Production from Sudbury sourced ore was lower q/q mainly due to a 28-day planned maintenance shutdown at the Copper Cliff Smelter and Refinery, which began in early April and reached full production again in June. Ontario mines' run rates improved during

Q2, allowing for an inventory build-up to cover for planned maintenance across the underground mines and at the Clarabelle mill in Q3.

• Production from Thompson sourced ore was down q/q due to scheduled maintenance during the quarter at Long Harbour Refinery.
• Production from Voisey's Bay sourced ore was lower q/q as we proceed on the ongoing transitional period between the depletion of Ovoid mine and ramp-upto full production of the Voisey's Bay underground project.
• Meanwhile, consumption of feed from third parties is planned to stay higher than in recent years, aiming to maximize the utilization and performance of our downstream operations. Finished nickel produced from third parties was lower q/q, as nickel downstream facilities were in maintenance.
• Production of finished nickel from Indonesia source was lower q/q, mainly due to scheduled maintenance at the Clydach and Matsusaka refineries during the quarter, limiting their consumption of PTVI source ore, as well as the reallocation of direct matte sales to third parties from 2Q22 to 1Q22. Overall PTVI matte deliveries to downstream operations were reduced due to the planned furnace rebuild, which started in December 2021 and concluded in June 2022. Nickel-in-matteproduction decreased 9% q/q due to a full planned maintenance shutdown in early-June.
• Production at Onça Puma was higher q/q following maintenance works performed in 1Q22.
• Nickel sales were relatively in line q/q, outpacing production by 13%, as a result of inventories strategy put in place in 1Q22 in order to fulfil sales commitments for 2Q22 as nickel refineries were in planned maintenance.

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