Core Viewpoint - Vale's Q3 2025 performance exceeded expectations, with significant revenue and profit growth driven by increased sales and cost efficiency improvements [1][2]. Financial Performance - Q3 revenue increased by 9% year-on-year to $10.42 billion, surpassing analyst expectations of $10.33 billion [1][2]. - Net income attributable to shareholders reached $2.744 billion, a 78% increase compared to the previous year, exceeding the forecast of $2.1 billion [1][2]. - Pro forma EBITDA was $4.399 billion, up 17% year-on-year, while adjusted EBITDA rose by 21% to $4.369 billion [1][2]. Segment Performance - Iron ore segment revenue was $8.423 billion, with adjusted EBITDA of $3.972 billion [2][3]. - The energy transition metals segment generated $1.997 billion in revenue, with adjusted EBITDA of $687 million [2][3]. Cost Management - Total costs and expenses (excluding Brumadinho-related costs) increased by 5% year-on-year to $7.229 billion [2]. - Expenses related to Brumadinho and dams decharacterization decreased by 76% to $30 million [2]. Production and Cost Outlook - Iron ore production reached its highest quarterly level since 2018, while copper production was the best since Q3 2019 [3]. - The company expects 2025 copper costs to range between $1,000 and $1,500 per ton, down from previous estimates of $1,500 to $2,000 [3]. - Nickel costs are projected to be between $13,000 and $14,000 per ton, lower than earlier forecasts of $14,000 to $15,500 [3].

THIRD QUARTER 2025 CONFERENCE CALL October 22, 2025 CAUTION REGARDING FORWARD-LOOKING STATEMENTS Both these slides and the accompanying oral presentation contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ...

Group 1 - Ivanhoe Mines reported a significant year-on-year increase of 11% in copper production at its Kamoa-Kakula mine, reaching 112,009 tons in Q2 [1] - Despite operational disruptions earlier this year due to an earthquake, production growth was achieved, and the company has lowered its 2025 production guidance by nearly 30% to between 370,000 and 420,000 tons [1] - The company has initiated mining in the low-grade Kakula West area, producing ore with a copper content of 3%-4%, and is implementing a two-phase drainage plan to access the flooded eastern region [1] Group 2 - The high-grade mining area in Kakula West, with a copper content of approximately 5%, is expected to resume operations by the end of the year [2] - Kamoa-Kakula is preparing to enhance its annual production capacity to 500,000 tons of copper concentrate by September, with the first production expected in October [2] - The Kamoa-Kakula mining area is one of the largest copper mines globally and is crucial for global supply amid increasing demand for energy transition metals [2]