Vale S A : Dados Econômico-Financeiros

S11D - Pará, Brazil

Consolidated Interim

Financial Statements

March 31, 2024

Contents
Report of Independent Registered Public Accounting Firm	3
Consolidated Interim Income Statement	4
Consolidated Interim Statement of Comprehensive Income	5
Consolidated Interim Statement of Cash Flows	6
Consolidated Interim Statement of Financial Position	7
Consolidated Interim Statement of Changes in Equity	8
1. Corporate information	9
2. Basis of preparation of condensed consolidated interim financial statements	10
3. Significant events and transaction related to the three-month period ended March 31, 2024	10
4. Information by business segment and geographic area	11
5. Costs and expenses by nature	13
6. Financial results	14
7. Taxes	14
8. Basic and diluted earnings per share	16
9. Cash flows reconciliation	16
10. Accounts receivable	18
11. Inventories	18
12. Suppliers and contractors	18
13. Other financial assets and liabilities	19
14. Investments in associates and joint ventures	20
15. Acquisitions and divestitures	20
16. Intangibles	22
17. Property, plant, and equipment	22
18. Financial and capital risk management	23
19. Financial assets and liabilities	28
20. Participative shareholders' debentures	29
21. Loans, borrowings, cash and cash equivalents and short-term investments	29
22. Leases	31
23. Brumadinho dam failure	32
24. Liabilities related to associates and joint ventures	35
25. Provision for de-characterization of dam structures and asset retirement obligations	37
26. Legal proceedings	38
27. Employee benefits	40
28. Equity	41
29. Related parties	42

2

Report of Independent Registered Public Accounting Firm

To the shareholders and Board of Directors of

Vale S.A.

Results of Review of Interim Financial

Statements

We have reviewed the accompanying consolidated interim statement of financial position of Vale S.A. and its subsidiaries (the "Company") as of March 31, 2024, and the related consolidated interim income statement and statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2024 and March 31, 2023, including the related notes (collectively referred to as the "interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB).

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated statement of financial position of the Company as of December 31, 2023, and the related consolidated income statement and statements of comprehensive income, changes in equity and cash flows for the year then ended (not presented herein), and in our report dated February 22, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of financial position as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.

Basis for Review Results

These interim financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

3

Consolidated Interim Income Statement

In millions of United States dollars, except earnings per share

Three-month period ended

March 31,

	Notes	2024	2023
Net operating revenue	4(b)	8,459	8,434
Cost of goods sold and services rendered	5(a)	(5,367)	(4,949)
Gross profit		3,092	3,485
Operating expenses
Selling and administrative	5(b)	(140)	(118)
Research and development		(156)	(139)
Pre-operating and operational stoppage	25	(92)	(124)
Other operating expenses, net	5(c)	(256)	(223)
Operating income		2,448	2,881
Financial income	6	109	121
Financial expenses	6	(339)	(320)
Other financial items, net	6	(207)	(331)
Equity results and other results in associates and joint ventures	14 and 24	124	(55)
Income before income taxes		2,135	2,296
Income taxes	7	(448)	(418)
Net income		1,687	1,878
Net income attributable to noncontrolling interests		8	41
Net income attributable to Vale's shareholders		1,679	1,837
Basic and diluted earnings per share attributable to Vale's shareholders	8
Common share (US$)		0.39	0.41

The accompanying notes are an integral part of these interim financial statements.

4

Consolidated Interim Statement of Comprehensive Income

In millions of United States dollars

		Three-month period ended March 31,
	Notes	2024	2023
Net income		1,687	1,878
Other comprehensive income:
Items that will not be reclassified to income statement
Translation adjustments of the Parent Company		(1,225)	944
Retirement benefit obligations		40	(7)
		(1,185)	937
Items that may be reclassified to income statement
Translation adjustments of foreign operations		178	(157)
Net investment hedge	18(h)	(56)	49
Cash flow hedge	18(h)	-	19
Reclassification of cumulative translation adjustment to income statement		51	-
		173	(89)
Comprehensive income		675	2,726
Comprehensive income attributable to noncontrolling interests		6	48
Comprehensive income attributable to Vale's shareholders		669	2,678

Items above are stated net of tax when applicable and the related taxes are disclosed in note 7.

The accompanying notes are an integral part of these interim financial statements.

5

Consolidated Interim Statement of Cash Flows

In millions of United States dollars

		Three-month period ended March 31,
	Notes	2024	2023
Cash flow from operations	9(a)	4,479	4,280
Interest on loans and borrowings paid	9(c)	(186)	(169)
Cash received on settlement of derivatives, net	18(d)	43	38
Payments related to Brumadinho event	23	(135)	(124)
Payments related to de-characterization of dams	25	(119)	(78)
Income taxes paid (including settlement program)		(506)	(337)
Net cash generated by operating activities		3,576	3,610
Cash flow from investing activities:
Capital expenditures	4(c)	(1,395)	(1,130)
Payments related to Samarco dam failure		(86)	(77)
Additions to investments		-	(7)
Payments from disposal of investments, net	9(b)	-	(67)
Dividends received from associates and joint ventures		3	-
Short-term investment		(44)	(55)
Other investing activities, net		3	10
Net cash used in investing activities		(1,519)	(1,326)
Cash flow from financing activities:
Loans and borrowings from third parties	9(c)	870	300
Payments of loans and borrowings from third parties	9(c)	(62)	(39)
Payments of leasing	22	(41)	(47)
Dividends and interest on capital paid to Vale's shareholders	28(d)	(2,328)	(1,795)
Dividends and interest on capital paid to noncontrolling interest		-	(3)
Shares buyback program	28(c)	(275)	(763)
Net cash used in financing activities		(1,836)	(2,347)
Net increase (decrease) in cash and cash equivalents		221	(63)
Cash and cash equivalents in the beginning of the period		3,609	4,736
Effect of exchange rate changes on cash and cash equivalents		(40)	32
Cash and cash equivalents at end of the period		3,790	4,705

The accompanying notes are an integral part of these interim financial statements.

6

Consolidated Interim Statement of Financial Position

In millions of United States dollars

	Notes	March 31, 2024	December31,2023
Assets
Current assets
Cash and cash equivalents	21	3,790	3,609
Short-term investments	21	44	51
Accounts receivable	10	2,233	4,197
Other financial assets	13	420	271
Inventories	11	5,195	4,684
Recoverable taxes	7(e)	840	900
Judicial deposits	26(c)	672	611
Other		364	444

		13,558	14,767
Non-current assets held for sale	15(b)	3,970	3,933
		17,528	18,700
Non-current assets
Judicial deposits	26(c)	669	798
Other financial assets	13	336	593
Recoverable taxes	7(e)	1,384	1,374
Deferred income taxes	7(b)	9,699	9,565
Other		1,358	1,257
		13,446	13,587
Investments in associates and joint ventures	14	1,893	1,872
Intangibles	16	11,258	11,631
Property, plant, and equipment	17	47,552	48,396
		74,149	75,486
Total assets		91,677	94,186
Liabilities
Current liabilities
Suppliers and contractors	12	5,546	5,272
Loans and borrowings	21	1,286	824
Leases	22	192	197
Other financial liabilities	13	1,708	1,676
Taxes payable	7(e)	1,698	1,314
Settlement program ("REFIS")	7(c)	492	428
Liabilities related to Brumadinho	23	1,063	1,057
Liabilities related to associates and joint ventures	24	923	837
De-characterization of dams and asset retirement obligations	25	1,045	1,035
Provisions for litigation	26(a)	117	114
Employee benefits	27	602	964
Other		464	376
		15,136	14,094
Liabilities associated with non-current assets held for sale	15(b)	540	561
		15,676	14,655
Non-current liabilities
Loans and borrowings	21	11,962	11,647
Leases	22	1,234	1,255
Participative shareholders' debentures	20	2,621	2,874
Other financial liabilities	13	3,043	3,373
Settlement program ("REFIS")	7(c)	1,515	1,723
Deferred income taxes	7(b)	848	870
Liabilities related to Brumadinho	23	1,831	2,003
Liabilities related to associates and joint ventures	24	3,267	3,590
De-characterization of dams and asset retirement obligations	25	6,261	6,694
Provisions for litigation	26(a)	885	885
Employee benefits	27	1,288	1,381
Streaming transactions		1,956	1,962
Other		277	293
		36,988	38,550
Total liabilities		52,664	53,205
Equity	28
Equity attributable to Vale's shareholders		37,487	39,461
Equity attributable to noncontrolling interests		1,526	1,520
Total equity		39,013	40,981
Total liabilities and equity		91,677	94,186

The accompanying notes are an integral part of these interim financial statements.

7

Consolidated Interim Statement of Changes in Equity

In millions of United States dollars

																		Equity
															Equity	attributable
												Cumulative		attributable	to
		Share	Capital	Profit	Treasury	Other	translation	Retained	to Vale's	noncontrolling
	Notes	capital	reserve	reserves	shares	reserves adjustments	earnings	shareholders	interests	Total equity
Balance as of December 31, 2023		61,614		1,139		21,877		(3,504)	(1,774)	(39,891)	-	39,461			1,520			40,981
Net income		-		-		-		-		-		-		1,679	1,679			8			1,687
Other comprehensive income		-		-		(606)	-		50		(454)	-	(1,010)		(2)		(1,012)
Dividends and interest on capital of Vale's shareholders	28(d)	-		-		(2,364)	-		-		-		-	(2,364)		-			(2,364)
Shares buyback program	28(c)	-		-		-		(275)		-		-		-	(275)		-			(275)
Share-based payment program	27(a)	-		-		-		2		(6)		-		-	(4)		-			(4)
Balance as of March 31, 2024		61,614		1,139		18,907		(3,777)		(1,730)		(40,345)	1,679	37,487			1,526			39,013
Balance as of December 31, 2022		61,614		1,139		20,744		(4,980)	(1,675)	(40,975)	-	35,867			1,491			37,358
Net income		-		-		-		-		-		-		1,837	1,837		41		1,878
Other comprehensive income		-		-		500	-		5		336		-	841		7		848
Dividends and interest on capital of Vale's shareholders	28(d)	-		-		(437)	-		-		-		-	(437)	-		(437)
Dividends of noncontrolling interest		-		-		-		-		-		-		-	-		(4)	(4)
Shares buyback program	28(c)	-		-		-		(763)	-		-		-	(763)	-		(763)
Treasury shares used and canceled	28(b)	-		-		(4,164)	4,189		-		-		-	25		-		25
Share-based payment program	27(a)	-		-		-		-		(24)	-		-	(24)	-		(24)
Balance as of March 31, 2023		61,614		1,139		16,643		(1,554)	(1,694)	(40,639)	1,837	37,346			1,535			38,881

The accompanying notes are an integral part of these interim financial statements.

8

Notes to the Consolidated Interim Financial Statements

Expressed in millions of United States dollar, unless otherwise stated

1. Corporate information

Vale S.A. (the "Parent Company") is a public company headquartered in the city of Rio de Janeiro, Brazil. Vale's share capital consists of common shares, traded on the stock exchange.

In Brazil, Vale's common shares are listed on B3 under the code VALE3. The Company also has American Depositary Receipts (ADRs), with each representing one common share, traded on the New York Stock Exchange (NYSE) under the code VALE. Additionally, the shares are traded on LATIBEX under the code XVALO, which is an unregulated electronic market established by the Madrid Stock Exchange for the trading of Latin American securities. The Company's shareholding structure is disclosed in note 28.

Vale, together with its subsidiaries ("Vale" or the "Company"), is one of the world's largest producers of iron ore and nickel. The Company also produces iron ore pellets and copper. Nickel and copper concentrates contain by-products such as platinum group metals (PGM), gold, silver, and cobalt. Most of the Company's products are sold to international markets, through the Company's main trading Company, Vale International S.A. ("VISA"), a wholly owned subsidiary located in Switzerland.

The Company is engaged in greenfield mineral exploration in six countries, including Brazil, USA, Canada, Chile, Peru and Indonesia. It also operates extensive logistics systems in Brazil and other regions worldwide, including railways, maritime terminals, and ports integrated with mining operations. Additionally, the Company has distribution centers to support its iron ore shipments globally.

As part of its strategy, Vale also holds investments in energy businesses through associates and joint ventures to meet energy consumption needs through renewable sources.

The Company's operations are organized into two operational segments: "Iron Ore Solutions" and "Energy Transition Metals" (note 4).

Iron Ore Solutions - Comprise iron ore extraction and iron ore pellet production, as well as the North, South, and Southeast transportation corridors in Brazil, including railways, ports and terminals linked to mining operations.

• Iron ore: Currently, Vale operates three systems in Brazil for the production and distribution of iron ore. The Northern System (Carajás, State of Pará, Brazil) is fully integrated and comprises three mining complexes and a maritime terminal. The Southeast System (Quadrilátero Ferrífero, Minas Gerais, Brazil) is fully integrated, consisting of three mining complexes, a railway, a maritime terminal, and a port. The Southern System (Quadrilátero Ferrífero, Minas Gerais, Brazil) consists of two mining complexes and two maritime terminals.
• Iron ore pellets: Vale operates six pelletizing plants in Brazil and two in Oman.

Energy Transition Metals - Includes the production of nickel, copper and its by-products. In 2023, the Company transferred the assets related to this segment to a new entity, "Vale Base Metals Limited".

• Nickel: The Company's primary nickel operations are conducted by Vale Canada Limited ("Vale Canada"), which owns mines and processing plants in Canada and Indonesia and nickel refining facilities in the United Kingdom and Japan. In February 2024, the Company signed a definitive agreement related to the divestment obligation in PT Vale Indonesia Tbk ("PTVI"), which will result in the loss of control over this operation (note 15b). Vale also has nickel operations in Onça Puma, located in the State of Pará.
• Copper: In Brazil, Vale produces copper concentrates at Sossego and Salobo in Carajás, State of Pará. In Canada, Vale produces copper concentrates and copper cathodes associated with its nickel mining operations in Sudbury (located in Ontario), Voisey's Bay (located in Newfoundland and Labrador), and Thompson (located in Manitoba).
• Cobalt, PGM, and other precious metals: The ore extracted by Vale Canada in Sudbury yields cobalt, PGMs (Platinum Group Metals), silver, and gold as by-products, which are processed at refining facilities in Port Colborne, Ontario. In Canada, Vale Canada also produces refined cobalt at its Long Harbour facilities in Newfoundland and Labrador. The copper operations in Sossego and Salobo in Brazil also yield silver and gold as by-products.

9

Notes to the Consolidated Interim Financial Statements

Expressed in millions of United States dollar, unless otherwise stated

2. Basis of preparation of condensed consolidated interim financial statements

The condensed consolidated interim financial statements of the Company ("interim financial statements") have been prepared and are being presented in accordance with IAS 34 - Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"). All relevant information for the interim financial statements, and only this information, are presented and consistent to those used by the Company's Management.

The interim financial statements have been prepared to update users on the relevant events and transactions that occurred in the period and must be read together with the financial statements for the year ended December 31, 2023. Accounting policies, accounting estimates and judgments, risk management and measurement methods are the same as those adopted in the preparation of the latest annual financial statements.

These interim financial statements were authorized for issue by the Board of Directors on April 24, 2024.

a) Functional currency and presentation currency

The interim financial statements of the Company and its associates and joint ventures are measured using the currency of the primary economic environment in which each entity operates ("functional currency"), in the case of the Parent Company it is the Brazilian real ("R$"). For presentation purposes, these interim financial statements are presented in United States dollars ("US$") as the Company believes that this is how international investors analyze the financial statements.

The main exchange rates used by the Company to translate its foreign operations are as follows:

								Average rate
			Closing rate		Three-month period ended March 31,
	March 31, 2024	December 31, 2023		2024	2023
US Dollar ("US$")	4,9962		4.8413		4,9515		5.1963
Canadian dollar ("CAD")	3,6924		3.6522		3,6723		3.8422
Euro ("EUR")	5,3979		5.3516		5,3768		5.5763

3. Significant events and transaction related to the three-month period ended March 31, 2024

• Acquisition of Aliança Geração de Energia S.A. ("Aliança Geração") - In March 2024, the Company entered into an agreement with Cemig Geração e Transmissão S.A. ("Cemig GT") for the acquisition of the entire interest held in Aliança Geração, for US$500 (R$2,700 million). Upon completion of the transaction, which is subject to usual conditions precedent, Vale will hold 100% of Aliança Geração's share capital and will consolidate the entity. Further details are presented in note 15(a) of these interim financial statements.
• Shareholders remuneration - In March 2024, the Company paid dividends and interest on capital to its shareholders in the amount of US$2,328. Further details are presented in note 28(d) of these interim financial statements.
• Divestment of PT Vale Indonesia Tbk ("PTVI") - In February 2024, the Company and Sumitomo Metal Mining Co., Ltd. ("SMM") signed a definitive agreement with PT Mineral Industri Indonesia ("MIND ID") to sell a portion of the investment held in PTVI. Upon completion of the transaction, Vale will receive US$160 for its stake in PTVI. The closing of the transaction is subject to usual conditions precedent and expected to occur in 2024. Further details are presented in note 15(b) of these interim financial statements.
• Acquisition of equity interest in Anglo American Minério de Ferro Brasil S.A. ("Anglo American Brasil") - In February 2024, the Company entered into an agreement for the acquisition of 15% interest in Anglo American Brasil of which Vale will contribute with Serra da Serpentina iron ore resources and a cash contribution of US$157.5. The closing of the transaction is subject to the usual conditions precedent. Further details are presented in note 15(c) of these interim financial statements.

10