Vale S.A.

Vale S.A. filed a Form 6-K for the month of October 2026, reporting on its securities and derivatives transactions. The company stated that no transactions involving securities and derivatives were carried out by itself, its subsidiaries, or affiliates during September 2026. The filing details the company's holdings in its own securities, as well as those held by Mineração Brasileiras Reunidas S.A. and Vale Holdings B.V.

Vale S.A. announced that its subsidiary, Vale Base Metals Ltd. (VBM), is advancing the Coarse Particle Flotation (CPF) project at its Salobo Copper Complex in Brazil. The project's start-up is now expected in 1H2028, approximately one year ahead of schedule, due to optimization initiatives. This expansion will add 6 million tonnes to the annual ore processing capacity, increasing overall capacity to 42 million tonnes per year, and is projected to boost annual copper production by up to 30,000 tonnes, along with 15,000 ounces of gold as a by-product. Wheaton Precious Metals has agreed to provide $40 million in funding, which helps reduce VBM's capital expenditure for the project to an estimated $175 million.

Vale S.A. has updated its 2026 estimates for various cost components and production volumes. The C1 cash cost and all-in cost for iron ore have increased, while the all-in costs for copper and nickel have decreased. Estimated production volumes for both copper and nickel have seen slight upward adjustments for 2026.

Vale S.A. issued a clarification regarding recent press reports concerning charges of mining royalties (CFEM) by the Brazilian National Mining Agency. The company stated that it regularly pays CFEM in accordance with applicable regulations and constitutional limits. Vale believes these charges are unfounded and intends to respond to the competent authorities.

Vale S.A.'s Board of Directors met on July 30, 2026, and approved several corporate governance changes. The board unanimously elected Reinaldo Duarte Castanheira Filho as Vice-Chairman and ratified Wilfred Theodoor Bruijn as Lead Independent Director, both effective August 1, 2026. Additionally, the internal regulations of the Nomination and Governance Committee were revised. Director Marcelo Gasparino da Silva abstained from all votes, citing suspicion related to an undisclosed business trip.

Vale S.A. has adopted new Internal Regulations for its Fiscal Council, effective August 2026. The regulations detail the council's creation, composition, and responsibilities, which include overseeing management activities, reviewing financial statements, and ensuring compliance with legal and company bylaws. The document outlines the council's meeting procedures, support structure, and the duties and liabilities of its members, emphasizing adherence to corporate governance principles and internal policies.

Vale S.A. announced that its Board of Directors approved a new share buyback program, authorizing the acquisition of up to 100 million common shares over an 18-month period. This represents approximately 2.3% of the company's outstanding shares and demonstrates management's confidence in Vale's business outlook and commitment to shareholder value. The program will become effective on August 19, 2026, following the expiration of the current buyback program, and may utilize financial instruments such as Equity Swap, Enhanced Share Repurchase (ESR), and Accelerated Share Repurchase (ASR).

Vale S.A. filed a report detailing its adherence to the Brazilian Code of Corporate Governance for Publicly-Held Companies, with information current as of July 30, 2026. The report outlines the company's practices regarding capital structure, shareholder rights, and the duties and composition of its Board of Directors and executive board. Key aspects include the board's critical analysis of defense measures, the OPA pricing mechanism, and the approval of risk management policies. The company also highlighted its Management and Directors Policy, which promotes diversity, and its annual performance assessment process for executives, incorporating ESG and DEI targets, along with Malus and Clawback provisions in its compensation policy.

Vale S.A. announced changes to its Board of Directors' composition, effective August 1, 2026. Mr. Reinaldo Duarte Castanheira Filho, an independent Board member, was elected as Vice Chairman of the Board. Additionally, Mr. Wilfred Theodoor Bruijn, also an independent Board member, was appointed as Lead Independent Director. The company emphasized its commitment to corporate governance, transparency, and sustainable value creation.

Vale S.A. reported mixed results for the second quarter and first half of 2026. Net operating revenue for Q2 2026 increased by 19.24% to $10.498 billion, and Adjusted EBITDA grew by 8.56% to $3.676 billion. However, net income attributable to shareholders for Q2 2026 decreased significantly by 35.05% to $1.375 billion, with EPS falling to $0.32. For the first half of 2026, net operating revenue increased by 16.74% to $19.756 billion, and net cash generated by operating activities rose by 21.73% to $4.291 billion. The company also approved $1.701 billion in shareholder remuneration and a new share buyback program.