• Vale’s Q4 performance was marked by solid production and sales in all businesses. In December, iron ore achieved its highest monthly output since 2018. Copper production increased by 50% y/y, the highest level since 2018. In nickel, price realization was 7% above LME prices.

• Iron ore production totaled 89.4 Mt in Q4, increasing by 11% y/y. In 2023, production reached 321.2 Mt, above our 315 Mt guidance, and 4.3% higher y/y as a result of: (i) continued initiatives to improve asset reliability at S11D; (ii) solid performance at Itabira and Vargem Grande complexes; and (iii) higher third-party purchases.

• Pellets production totaled 9.9 Mt in Q4, 19% higher y/y. In 2023, production reached 36.5 Mt, 14% higher y/y, supported by higher pellet feed production at Brucutu. Briquettes production started in Q4, an important step in Vale’s strategy to support steelmaking decarbonization by expanding the iron ore agglomerates supply.

• Copper production totaled 99.1 kt in Q4, increasing by 50% y/y. In 2023, production increased by 29% y/y, totaling 326.6 kt, slightly above our revised 325 kt guidance. The improved performance was mainly a result of Salobo 3’s successful ramp-up, with production at the Salobo complex increasing by 87% y/y in Q4, as well as the better performance of Sossego’s plant.

• Nickel production decreased by 5% in Q4 vs a year ago, while it also decreased 8% in 2023, totaling 164.9 kt, in-line with guidance. The lower production was anticipated considering the transition to underground mining at Voisey’s Bay as well as the planned furnace rebuild at Onça Puma.

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