Vale Site Visit Highlights Productivity-Led Growth and Polymetallic Upside

Research evidence excerpt

Vale Site Visit Highlights Productivity-Led Growth and Polymetallic Upside

A..

Disclosure 6C: Vale S.A. is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited or an

affiliate within the past 12 months: C) Non-Securities Related Services.

Disclosure 16: A research analyst has extensively viewed the material operations of Vale S.A..

Disclosure 17: Vale S.A. has provided at its expense some or all of the itinerant travel for the research analyst related to facilitating a material

site visit.

Disclosure 19: BMO Capital Markets ("BMO CM") is acting as financial advisor to Vale Base Metals (‘VBM") in connection with the formation of a

new consortium of owners for VBM's Thompson Nickel Operation ("Thompson") in Thompson, Manitoba. Vale Base Metals is 90 percent owned

by Vale S.A. and 10 percent by Manara Minerals Investment Company. BMO CM will be paid a fee. BMO CM follows information control procedures

which prevent its research analysts who are issuing research from having access to non-public information received by BMO CM investment

banking personnel in connection with the transaction. Accordingly, it is possible that individual employees at BMO CM may have material non-

public information or opinions which are not included in, and may not be consistent with, the information and advice in this research report.

Methodology and Risks to Target Price/Valuation for Vale S.A. (VALE-NYSE)

Methodology: Our target price of US$18 reflects a 75/25 blend of P/NPV (long term ~1.1x) and average 2026E and 2027E EV/EBITDA (short term

~6.0x) multiples.

Risks: Vale's price performance is subject to global demand for its key commodities (iron ore, copper and nickel) and foreign exchange factors

(mainly BRL and CAD).

Vale S.A.