Financial Data and Key Metrics Changes - Pro forma EBITDA reached $3.4 billion in Q2 2025, improving 7% quarter on quarter but down 14% year on year due to a 13% decline in iron ore reference prices [9] - C1 cash cost for iron ore reached $22.2 per ton, down 11% year on year, marking the fourth consecutive quarter of year on year decline [10] - Recurring free cash flow reached $1 billion in Q2, $500 million higher than in Q1, driven by higher pro forma EBITDA and lower working capital variation [12] Business Segment Data and Key Metrics Changes - Iron ore production reached 84 million tons, a 4% increase year on year, marking the highest second quarter output since 2018 [3] - Nickel production rose 44% year on year, driven by productivity initiatives and the ramp-up of Voisey's Bay underground mine [4] - Copper production increased 18% compared to the same period last year, representing the best second quarter since 2019 [5] Market Data and Key Metrics Changes - The global steel market remains volatile but is stabilizing after intense tariff negotiations, with expectations of higher margins for remaining mills [86] - Crude steel production in China has declined by 3% year on year, while pig iron production has only declined by 0.8%, indicating a shift towards higher quality ores [87] - India’s crude steel production has increased by over 9% this year, leading to increased demand for iron ore from Vale [89] Company Strategy and Development Direction - The company is focused on building a leading mining platform with a strong portfolio in copper and iron ore, aiming for operational excellence and flexibility in product offerings [1][4] - The new Carajas program aims to accelerate copper growth by developing essential projects in one of the most attractive mineral deposits globally [6] - The company emphasizes a disciplined capital allocation approach to ensure healthy shareholder remuneration and value creation [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance for both C1 and all-in costs despite inflationary pressures [11] - The company is committed to becoming more competitive and efficient, with a focus on reducing costs and increasing production [7] - Management highlighted the importance of safety and sustainability as core values, with ongoing efforts to improve performance and transparency [14] Other Important Information - The company published its first sustainability-related financial information report, outlining climate-related risks and opportunities [7] - The Board of Directors approved a distribution of $1.4 billion in interest on capital to be paid in September, reinforcing the commitment to return value to shareholders [13] Q&A Session All Questions and Answers Question: How is Vale adapting its commercial and product strategy in light of market conditions? - Management emphasized a focus on value optimization and flexibility in the supply chain to adjust product offerings dynamically based on market changes [21][22] Question: Can we expect more cost savings and profitability improvements in nickel and copper? - Management confirmed ongoing efficiency programs are yielding significant cost reductions and improvements in profitability across both nickel and copper segments [27][30] Question: What is the outlook for shareholder returns and potential buyback programs? - Management indicated that additional dividends or buybacks will depend on cash flow performance in the second half of the year, with preparations in place for potential actions [41][42] Question: How is the company addressing the decline in pellet premiums? - Management noted that the decline is linked to reduced demand due to increased steel exports from China, but expects a recovery in pellet prices as new electric arc furnaces come online globally [60][61] Question: What is the status of the Briquette projects and their market acceptance? - Management reported strong interest from clients and successful trials, indicating a positive outlook for the briquette products [74][75] Question: How does the company view the iron ore market for the second half of the year? - Management expressed a balanced outlook for the global iron ore market, with stable demand expected despite some volatility [90]

Group 1 - The article emphasizes the importance of identifying undervalued miners with upcoming catalysts to enhance portfolio performance [1] - Subscribers gain access to current portfolios and real-time buy/sell alerts, which aids in making informed investment decisions [1] Group 2 - The research focuses on in-depth analysis of specific mining companies, particularly AEM and AEM:CA, highlighting their potential for growth [1]

Operational Performance - Vale's iron ore production increased by 18% from 79 Mt in 2Q24 to 93 Mt in 2Q25[13] - Nickel production saw a significant increase of 44%, rising from 28 kt in 2Q24 to 40 kt in 2Q25[13] - Copper production experienced a modest increase of 4%, growing from 81 kt in 2Q24 to 84 kt in 2Q25[13] - The company's high-potential recordable injuries decreased by 55% from 1H24 to 1H25, showcasing improved safety[10] Cost Competitiveness - Iron ore C1 cash costs decreased by 11% from US$24.9/t in 2Q24 to US$22.2/t in 2Q25[28] - Demurrage costs decreased by 39% in 2Q25 due to enhanced shipping planning[20] - Copper all-in costs decreased significantly by 60% from US$3,700/t in 2Q24 to US$1,500/t in 2Q25[33] - Nickel all-in costs decreased by 30% from US$17,700/t in 2Q24 to US$12,400/t in 2Q25[35] Financial Performance - Proforma EBITDA decreased from US$3,997 million in 2Q24 to US$3,424 million in 2Q25, impacted by lower iron ore prices[26] Strategic Initiatives - The Bacaba project is expected to start up in the first half of 2028, with a capacity of approximately 50 ktpa and a CAPEX of around US$290 million[15] - Vale invested US$1.4 billion in decarbonization since 2020[22]

Financial Data and Key Metrics Changes - The company reported an EBITDA of BRL 2.6 billion with a margin of 23.5%, reflecting a 5% increase and a 1.4 percentage point expansion compared to Q1 2025 [5] - Gross debt was reduced by BRL 5.7 billion year-to-date, with a reduction of BRL 2.1 billion in the current quarter, leading to a leverage ratio decrease from 3.33x to 3.24x [5][12][13] Business Line Data and Key Metrics Changes - **Mining**: Achieved second highest sales volume in history, but EBITDA dropped by 36% due to falling iron ore prices [6][20] - **Steel**: Despite a 11.5% drop in sales volume, EBITDA increased by 79% year-on-year, with a margin of 10.08% [10][18] - **Cement**: Sales volume grew by 8% quarter-on-quarter, with a 10% increase in net revenue compared to Q1 2025, resulting in an EBITDA margin of 24% [8][23] - **Logistics**: Achieved a record EBITDA of BRL 519 million with a margin of 41.4% [9][24] Market Data and Key Metrics Changes - The steel market faced significant competition from imported materials, leading to a loss of market share for the company [16][33] - The company noted a 40-50% penetration of imported products in certain segments, particularly in tinplate and prepainted products [56][81] Company Strategy and Development Direction - The company is focusing on operational excellence, cost reduction, and enhancing productivity across all segments [31][84] - A strategy prioritizing value over volume in the steel segment has been adopted to improve profitability despite market challenges [7][57] - The company is actively seeking partnerships in infrastructure to reduce leverage and improve cash flow [42][46] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over the chaotic influx of imported products affecting the domestic market and emphasized the need for government intervention [33][81] - The company remains optimistic about demand in Brazil, projecting a recovery in steel production and profitability in the coming quarters [58][60] Other Important Information - The company is committed to ESG initiatives, reporting a 30% reduction in occupational health and safety incidents compared to 2020 [26] - The company is also focusing on decarbonization efforts, achieving an 11% reduction in GHG emissions compared to the baseline year 2020 [28] Q&A Session Summary Question: Details on potential infrastructure partner and Usiminas stake sale - The company is in discussions regarding infrastructure assets, with potential liquidity injection of BRL 8 billion and has not yet defined the next steps for the Usiminas stake sale [42][46] Question: Impact of recent dumping decisions on margins - The company highlighted ongoing issues with imports and the need for government action on anti-dumping measures, while maintaining a focus on product diversification and higher value products [50][57] Question: Measures for cost efficiency in steel production - The company has implemented changes in production processes and is optimistic about cost reductions in the second half of the year [62][65] Question: Expectations for CapEx flexibility and asset sales - The company aims to maintain a lower CapEx focus while exploring asset monetization opportunities, including energy partnerships [66][68] Question: Long steel market dynamics and government conversations - The company noted a decline in long steel sales and emphasized the need for protective measures against imports to stabilize the market [72][78]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights across sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Financial Performance - Net revenues for 2Q25 were US$708 million, a 13% increase compared to 1Q25 (US$627 million) but a 4% decrease compared to 2Q24 (US$736 million)[14] - Adjusted EBITDA for 2Q25 was US$161 million, a 28% increase compared to 1Q25 (US$125 million) but a 22% decrease compared to 2Q24 (US$206 million)[14] - The company's net leverage ratio was 23x in 2Q25, compared to 21x in 1Q25 and 27x in 2Q24[14] - Free cash flow for 2Q25 was US$17 million, compared to US$(226) million in 1Q25 and US$149 million in 2Q24[14] Operational Highlights - Zinc production (mining) reached 74kt in 2Q25, up 9% from 1Q25 (67kt) but down 12% from 2Q24 (83kt)[14] - Total zinc sales (smelting) were 145kt in 2Q25, up 12% from 1Q25 (130kt) but down 2% from 2Q24 (148kt)[14] - Mining segment cash cost net of by-products was US$(011)/lb in 2Q25[19] - Smelting segment cash cost net of by-products was US$123/lb in 2Q25, a 5% increase QoQ and a 3% increase YoY[26] Strategic Initiatives and Outlook - The Cerro Pasco Integration Project is progressing, with Phase I execution advancing and technical studies for Phase II underway, aiming for a 15+ year LoM extension[34, 84] - Exploration efforts continue to reinforce geological potential, with promising intercepts at Cerro Lindo, Aripuanã, Vazante, and Cerro Pasco Complex[41, 42, 43, 44, 45] - The company expects higher Adjusted EBITDA in 2H25, driven by operational improvements and cost optimization initiatives[31]

2Q25 Conference Call August 1, 2025 00 2Q25 – HIGHLIGHTS | | Business diversification and | Quarterly growth of 5% in | Solid cash and gross debt | | --- | --- | --- | --- | | | an assertive commercial | adjusted EBITDA in 2Q25, reaching | management resulted in | | | strategy generate resilience | | further deleveraging in the | | | and solid performance | R$ 2.6 billion | quarter | | | EBITDA growth in all segments | Adjusted EBITDA margin of 23.5% | Indicator reached 3.24x, down 9 | | | except mining due ...

Core Viewpoint - Element 29 Resources Inc. has announced an increase in its non-brokered private placement financing to 12,800,000 units at a price of $0.50 per unit, aiming for gross proceeds of up to $6,400,000 [1][3]. Financing Details - Each unit consists of one common share and one-half of a non-transferable common share purchase warrant, with each whole warrant exercisable for one common share at an exercise price of $0.70 for 36 months [2]. - The net proceeds will fund exploration activities at the company's projects in Peru, particularly the Phase-III drill program at the Elida deposit, and for general working capital [3]. Related Party Transactions - Certain directors and officers may participate in the financing, which qualifies as a related party transaction but is exempt from formal valuation and minority shareholder approval requirements [4]. Regulatory Approval - The financing is subject to approval from the TSX Venture Exchange, and all securities issued will have a statutory hold period of four months and one day from the issuance date [5]. Company Overview - Element 29 is focused on exploring and developing Tier-1 copper deposits in Peru, which is recognized as a low-cost and low-risk mining jurisdiction [7]. - The company's main objective is to expand the Elida Porphyry Cu-Mo-Ag deposit, alongside three other early-stage porphyry copper projects covering over 25,000 hectares [8].

As expected, Capstone filed an appeal against the judgment, challenging the court's findings based on: (1) the court's failure to quantify royalty payments in a liquid amount, violating due process and leaving defendants in uncertainty, and (2) the erroneous finding that the 2019 assignment contract was non-existent due to lack of consent. Minera Portree filed a comprehensive response to Capstone's appeal in the Third Commercial Court of Zacatecas robustly defending the trial court's judgment, addressing ea ...

Group 1 - The article discusses the investment strategies of Vasily Zyryanov, focusing on identifying underpriced equities with strong upside potential and overappreciated companies with inflated valuations [1] - Zyryanov emphasizes the importance of analyzing Free Cash Flow and Return on Capital in addition to profit and sales to gain deeper insights into investment opportunities [1] - The research covers a wide range of industries, particularly the energy sector, including oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1] Group 2 - The article highlights that while Zyryanov favors underappreciated and misunderstood equities, he also recognizes that some growth stocks may warrant their premium valuations [1] - The primary goal for investors is to investigate whether the market's current opinions on valuations are accurate [1]