Vale completes Thompson deal with 18.9% Exiro stake

Vale Base Metals retains an 18.9% minority interest and has a multi-year offtake agreement for nickel concentrate from the Thompson mill.

Rhea-AI Filing Summary

Vale S.A. said its subsidiary Vale Base Metals completed the transaction establishing Exiro Nickel Company as owner and operator of the Thompson Mine Complex in Manitoba. Exiro Minerals Corp., Orion Resource Partners LP and Canada Growth Fund Inc. collectively hold an 81.1% interest in Exiro Nickel, while Vale Base Metals, through Vale Canada Limited, retains an 18.9% minority interest.

Vale Base Metals also entered into a multi-year offtake agreement for nickel concentrate produced at the Thompson mill. The transaction concludes the strategic review of Thompson operations, and all customary regulatory and government authorizations have been received.

Key Figures

Interest held collectively by Exiro Minerals, Orion and Canada Growth Fund: 81.1% Vale Base Metals minority interest: 18.9%

2 metrics

Interest held collectively by Exiro Minerals, Orion and Canada Growth Fund 81.1% Interest in Exiro Nickel

Vale Base Metals minority interest 18.9% Held through Vale Canada Limited in Exiro Nickel

Key Terms

offtake agreement, nickel concentrate, minority interest

3 terms

offtake agreement financial

"entered into a multi-year offtake agreement"

A contract in which a buyer commits to purchase a set portion or percentage of a producer’s future output—such as minerals, energy, agricultural goods, or manufactured products—often over a multi‑year period. It matters to investors because it creates predictable sales and cash flow, reduces the risk of unsold inventory, and can make projects easier to finance; think of it like pre‑selling future harvests or securing long‑term customers before production begins.

nickel concentrate technical

"offtake agreement for nickel concentrate produced at the Thompson mill"

minority interest financial

"retains an 18.9% minority interest"

Minority interest represents the ownership share in a company held by investors or entities that do not control or have a majority of the company's voting rights. It shows the portion of the company's value that belongs to these smaller owners, similar to a partial stake in a shared ownership or partnership. For investors, understanding minority interest helps clarify how much of a company's value is attributable to outside owners, affecting overall financial health and decision-making.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How is ownership of Exiro Nickel divided after VALE's Thompson transaction?

Exiro Minerals Corp., Orion Resource Partners LP and Canada Growth Fund Inc. collectively hold an 81.1% interest in Exiro Nickel. Vale Base Metals, through Vale Canada Limited, retains an 18.9% minority interest.

What authorizations were received for VALE's Thompson Mine transaction?

All customary regulatory and government authorizations have been received to complete the transaction.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Available on EDGAR 10/16/2026 - 09:01 AM EDT Accepted by SEC EDGAR 10/16/2026 - 09:01 AM EDT Learn about SEC filing dates

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the

Securities Exchange Act of 1934

For the month of

October 2026

Vale S.A.

Praia de Botafogo nº 186, 18º andar, Botafogo
22250-145 Rio de Janeiro, RJ, Brazil

(Address of principal executive office)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F x Form 40-F ¨

Press Release  

Vale Base Metals completes transaction to establish new ownership of Thompson Mine Complex

Rio de Janeiro, October 16^th, 2026 - Vale S.A. (“Vale” or the “Company”) informs that its subsidiary Vale Base Metals (“VBM”) has completed the transaction to establish Exiro Nickel Company (“Exiro Nickel”) as the new owner and operator of the Thompson Mine Complex in Manitoba.

Exiro Minerals Corp. (“Exiro”), Orion Resource Partners LP (“Orion”) and Canada Growth Fund Inc. (“CGF”) collectively hold an 81.1% interest in Exiro Nickel, while VBM, through its subsidiary Vale Canada Limited, retains an 18.9% minority interest. All customary regulatory and government authorizations have been received to complete the transaction.

In addition to retaining its minority interest, VBM has entered into a multi-year offtake agreement for nickel concentrate produced at the Thompson mill.

The transaction is consistent with VBM’s strategy to actively manage its portfolio and enable dedicated ownership and investment for Thompson. The completion of the transaction concludes the strategic review of Thompson operations.

Marcelo Feriozzi Bacci

Executive Vice President, Finance and Investor Relations

For further information, please contact:

Vale.RI@vale.com

Thiago Lofiego: thiago.lofiego@vale.com

Luciana Oliveti: luciana.oliveti@vale.com

Pedro Terra: pedro.terra@vale.com

Patricia Tinoco: patricia.tinoco@vale.com

This press release may include statements that present Vale’s expectations about future events or results. All statements, when based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F. 

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Vale S.A. (Registrant)
	By:	/s/ Thiago Lofiego
Date: October 16, 2026		Director of Investor Relations