Vale S A : IFRS 1T22 (PT)

Interim Financial Statements

March 31, 2022

IFRS in US$

Vale S.A. Financial Statements

Contents

Page
Report of Independent Registered Public Accounting Firm	3
Consolidated Income Statement	4
Consolidated Statement of Comprehensive Income	5
Consolidated Statement of Cash Flows	6
Consolidated Statement of Financial Position	7
Consolidated Statement of Changes in Equity	8
Notes to the Interim Financial Statements	9

1.

Corporate information

• 2. Basis of preparation of the interim financial statements

• 3. Significant events in the current period

• 4. Information by business segment and by geographic area

• 5. Costs and expenses by nature

• 6. Financial results

• 7. Taxes

• 8. Basic and diluted earnings per share

• 9. Accounts receivable

• 10. Inventories

• 11. Suppliers and contractors

• 12. Other financial assets and liabilities

• 13. Investments in subsidiaries, associates and joint ventures

• 14. Non-current assets and liabilities held for sales and discontinued operations

• 15. Intangibles

• 16. Property, plant and equipment

• 17. Financial and capital risk management

• 18. Financial assets and liabilities

• 19. Participative stockholders' debentures

• 20. Loans, borrowings, leases, cash and cash equivalents and short-term investments

• 21. Brumadinho's dam failure

• 22. Liabilities related to associates and joint ventures

• 23. Provision for de-characterization of dam structures and asset retirement obligations

• 24. Provisions

• 25. Litigations

• 26. Employee post-retirement obligations

• 27. Stockholders' equity

• 28. Related parties

Report of Independent Registered Public Accounting Firm

To the stockholders and Board of Directors of

Vale S.A.

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated statement of financial position of Vale S.A. and its subsidiaries (the "Company") as of March 31, 2022, and the related consolidated income statement and statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2022 and 2021, 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, 2021, and the related consolidated income statement and statements of comprehensive income, changes in equity and cash flows (not presented herein), and in our report dated February 24, 2022, 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, 2021, 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.

/s/ PricewaterhouseCoopers Auditores Independentes Ltda.

Rio de Janeiro, RJ, Brazil

April 27, 2022

Consolidated Income Statement

In millions of United States dollars, except earnings per share data

Continuing operations
Net operating revenue	4(d)	10,812	12,553
Cost of goods sold and services rendered	5(a)	(4,622)	(4,298)
Gross profit	6,190	8,255
Operating expenses
Selling and administrative	5(b)	(121)	(104)
Research and development	(121)	(98)
Pre-operating and operational stoppage	23	(154)	(145)
Brumadinho event and de-characterization of dams	21 and 23	(160)	(115)
Other operating expenses, net	5(c)	(106)	(15)
(662)	(477)
Impairment reversal (impairment and disposals) of non-current assets	14	1,072	(117)
Operating income	6,600	7,661
Financial income	6	150	58
Financial expenses	6	(445)	(1,364)
Other financial items, net	6	53	1,228
Equity results and other results in associates and joint ventures	13, 14 and 22	211	(1)
Income before income taxes	6,569	7,582
Income taxes	7
Current tax	(253)	(1,515)
Deferred tax	(1,838)	(295)
(2,091)	(1,810)
Net income from continuing operations	4,478	5,772
Net income attributable to noncontrolling interests	22	12
Net income from continuing operations attributable to Vale's stockholders	4,456	5,760
Discontinued operations	14(a)
Net income (loss) from discontinued operations	2	(295)
Loss attributable to noncontrolling interests	-	(81)
Net income (loss) from discontinued operations attributable to Vale's stockholders	2	(214)
Net income	4,480	5,477
Net income (loss) attributable to noncontrolling interests	22	(69)
Net income attributable to Vale's stockholders	4,458	5,546
Basic and diluted earnings per share attributable to Vale's stockholders:	8

2022	2021
Common share (US$)	0.93	1.08

Notes

As described in note 14, the coal segment is presented in these interim financial statements as discontinued operation, therefore, the comparative balances in the income statement were also reclassified.

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

Consolidated Statement of Comprehensive Income

In millions of United States dollars

Net income 4,480

5,477

Retirement benefit obligations (note 26) 32

291

2022	2021
Other comprehensive income:
Items that will not be reclassified to income statement
Translation adjustments	5,944	(3,348)
Fair value adjustment to investment in equity securities (i)	-	275

5,976	(2,782)
Items that may be reclassified to income statement
Translation adjustments	(1,752)	2,006
Net investment hedge (note 17)	219	(160)
Cash flow hedge (note 17)	(304)	9
Reclassification of cumulative translation adjustment to income statement (note 14)	(150)	(1,118)
(1,987)	737
Total comprehensive income	8,469	3,432
Comprehensive income (loss) attributable to noncontrolling interests	22	(69)
Comprehensive income attributable to Vale's stockholders	8,447	3,501

(i) Refers to the fair value adjustment of the shares the Company has received as part of the consideration for the sale of Vale's fertilizer business to The Mosaic Company in 2016. In November 2021, the Company sold all these shares for US$1,259 in a block trade.

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

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